Amendment to SPX Corporation 1997 Non-Employee Directors’ Compensation Plan
SPX Corporation has amended its 1997 Non-Employee Directors’ Compensation Plan, effective June 22, 2005. The amendment states that, starting June 23, 2005, the EVA bonus bank balances for non-employee directors will be converted into performance shares under the 2005 Non-Employee Directors’ Compensation Plan, and the previous bonus bank balances will be eliminated. This change affects how non-employee directors are compensated, shifting from bonus bank balances to performance shares.
EXHIBIT 10.2
AMENDMENT TO THE SPX CORPORATION
1997 NON-EMPLOYEE DIRECTORS’ COMPENSATION PLAN
Pursuant to the powers of amendment reserved in Section 10 of the SPX Corporation 1997 Non-Employee Directors’ Compensation Plan (the “Plan”), effective as of June 22, 2005, SPX Corporation hereby amends the Plan in the following manner:
1. Section 8 is amended by the addition of the following to subsection 8.1:
“Notwithstanding the foregoing, effective as of June 23, 2005, the EVA bonus bank balances of the Non-Employee Directors provided hereunder shall be converted into performance shares under the SPX Corporation 2005 Non-Employee Directors’ Compensation Plan for such Non-Employee Directors, and such EVA bonus bank balances shall be eliminated as of such date.”
