AMENDMENTTO THE SPX CORPORATION 1997NON-EMPLOYEE DIRECTORS COMPENSATION PLAN

Contract Categories: Human Resources - Compensation Agreements
EX-10.2 3 a05-11381_1ex10d2.htm EX-10.2

 

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.”