SPX Corporation Supplemental Retirement Plan for Top Management (Amended and Restated January 1, 2002)

Contract Categories: Human Resources › Retirement Agreements
Summary

This agreement establishes the SPX Corporation Supplemental Retirement Plan for Top Management, effective January 1, 2002. The plan provides additional retirement income benefits to select top management employees of SPX Corporation, recognizing their significant contributions to the company's growth. It outlines eligibility, benefit calculations, payment forms, and special provisions for certain individuals. The plan also addresses administration, amendment or termination procedures, and protections in the event of a change of control. Only employees actively employed on or after the effective date are eligible for the updated benefits.

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EX-10.25 3 dex1025.txt SUPPLEMENTAL RETIREMENT PLAN FOR TOP MGMT Exhibit 10.25 - -------------------------------------------------------------------------------- SPX CORPORATION SUPPLEMENTAL RETIREMENT PLAN FOR TOP MANAGEMENT (As Amended and Restated January 1, 2002) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- TABLE OF CONTENTS - -------------------------------------------------------------------------------- page ARTICLE I DEFINITIONS .................................................... 2 1.1 Actuarial Equivalent ..................................... 2 1.2 Affiliated Company or Affiliate .......................... 2 1.3 Beneficiary .............................................. 2 1.4 Board .................................................... 3 1.5 Code ..................................................... 3 1.6 Company .................................................. 3 1.7 Committee or Compensation Committee ...................... 3 1.8 Continuous Service ....................................... 3 1.9 Early Retirement Date .................................... 4 1.10 Employee ................................................. 4 1.11 Final Average Pay ........................................ 4 1.12 Normal Retirement Age .................................... 4 1.13 Normal Retirement Date ................................... 4 1.14 Participant .............................................. 4 1.15 Plan ..................................................... 5 1.16 SPX Qualified Plan ....................................... 5 1.17 SPX Qualified Plan Benefit ............................... 5 1.18 Supplemental IARP ........................................ 5 1.19 Surviving Spouse ......................................... 5 1.20 Top Management Retirement Benefit ........................ 5 1.21 Vested ................................................... 5 ARTICLE II ELIGIBILITY .................................................... 6 2.1 Participation ............................................ 6 2.2 Top Hat Requirements and Reduction in Status ............. 6 2.3 Removal From Participation ............................... 6 page ARTICLE III TOP MANAGEMENT RETIREMENT BENEFITS ............................ 7 3.1 Normal Retirement ........................................ 7 3.2 Early Retirement ......................................... 7 3.3 Alternate Benefit ........................................ 8 3.4 Form of Benefit .......................................... 8 3.5 Commencement of Benefit .................................. 8 3.6 Actuarial Equivalent ..................................... 8 3.7 Source of Benefit Payments ............................... 8 ARTICLE IV TOP MANAGEMENT PRE RETIREMENT DEATH BENEFIT .................................................. 9 4.1 Survivor Benefits ........................................ 9 ARTICLE V ADMINISTRATION OF THE PLAN ...................................... 11 5.1 Administration by the Company ............................ 11 5.2 General Power of Administration .......................... 11 ARTICLE VI AMENDMENT OR TERMINATION ....................................... 12 6.1 Amendment or Termination ................................. 12 6.2 Effect of Amendment or Termination ....................... 12 ARTICLE VII GENERAL PROVISIONS ............................................ 13 7.1 Funding .................................................. 13 7.2 General Conditions ....................................... 13 7.3 No Guaranty of Benefits .................................. 13 7.4 No Enlargement of Employee Rights ........................ 13 7.5 Spendthrift Provision .................................... 13 7.6 Applicable Law ........................................... 13 7.7 Automatic Cashout ........................................ 14 7.8 Incapacity of Recipient .................................. 14 7.9 Corporate Successor ...................................... 14 7.10 Unclaimed Benefit ........................................ 14 7.11 Limitations on Liability ................................. 14 page 7.12 Duties of Participants, Spouses of Participants, Beneficiaries, and Surviving Spouses .................. 14 ARTICLE VIII CHANGE-OF-CONTROL ............................................ 15 8.1 Benefit Rights Under Change-of-Control ................... 15 8.2 Definition of Change-of-Control .......................... 15 8.3 Excess Parachute Payments by the Company ................. 15 ARTICLE IX SPECIAL PROVISIONS ............................................. 19 APPENDIX A Special Provisions for Peter M. Turner, Donald H. Johnson, and A. David Joseph (Group "A" Participants) ................ 21 APPENDIX B Special Provisions for Budd Werner and Curt Atkisson ("Group B Participants") .................................... 22 APPENDIX C Special Provisions for Dale Johnson ............................ 23 APPENDIX D Special Provisions for David Reynolds .......................... 24 APPENDIX E Special Provisions for John Tyson .............................. 25 APPENDIX F Special Provisions for Fred Florjancic ......................... 26 TABLE A Actuarial Factors .............................................. 27 - -------------------------------------------------------------------------------- SPX CORPORATION SUPPLEMENTAL RETIREMENT PLAN FOR TOP MANAGEMENT - -------------------------------------------------------------------------------- The SPX Corporation Supplemental Retirement Plan For Top Management (the "Plan") was adopted effective October 22, 1985, amended from time to time thereafter and is now amended and restated, effective as of January 1, 2002. The Plan is established and maintained by SPX Corporation for the purpose of providing supplemental retirement income benefits to a limited number of top management employees largely responsible for enhancing the earnings and growth of SPX Corporation. Accordingly, SPX Corporation hereby adopts the Plan pursuant to the terms and provisions set forth below. The provisions set forth in this Plan are applicable only to Employees in the employ of SPX Corporation on or after the effective date of such provisions. Employees who retired with benefits commencing prior to such date, or who became disabled or separated from the employ of SPX Corporation prior to that date, or an eligible beneficiary of such Employees, shall be eligible for the benefits, if any, under the Plan as it existed at the time of retirement, disability or separation; or as subsequently amended to specifically apply to such prior occurrences. - -------------------------------------------------------------------------------- ARTICLE I DEFINITIONS - -------------------------------------------------------------------------------- Wherever used herein the following terms shall have the meanings hereinafter set forth. Words in the masculine gender shall include the feminine and the singular shall include the plural, and vice versa, unless qualified by the context. Any headings used herein are included for ease of reference only, and are not to be construed so as to alter the terms hereof. 1.1 "Actuarial Equivalent" means a benefit having the same value as the benefit it replaces. Actuarial equivalency shall be determined on the basis of the following assumptions: (a) For purposes of converting a 100% joint and survivor annuity at Normal Retirement Age to a lump sum or a lump sum at any age to a 100% joint and survivor annuity at Normal Retirement Age or at any other time, (i) mortality shall be based upon the table prescribed in Code Section 417(e)(3)(A)(ii)(I), (ii) the ages of the Participant and the Participant's spouse shall be their actual ages and (iii) the assumed interest rate shall be the annual interest on 30-year Treasury securities, as published by the Board of Governors of the Federal Reserve System, for the November prior to the Plan Year during the which the distribution is made. (b) For purposes of converting a 100% joint and survivor annuity into a single life annuity, the factors set forth in Table A (attached hereto) shall be applied. If a Participant is not married, such application shall be based on the assumption that the Participant is married and that he and his spouse are the same age. If a Participant is married, such application shall be based on the actual ages of the Participant and the his spouse. For purposes of converting into any other optional annuity form of benefit available under the Plan, the 100% joint and survivor annuity shall first be converted into a single life annuity, as describe above, after which the actuarial factors set forth in Appendix A of the SPX Qualified Plan (as amended) shall be applied. 1.2 "Affiliated Company" or "Affiliate" means any corporation, trade or business entity which is a member of a controlled group of corporations, trades or businesses, or an affiliated service group, of which the Company is also a member, as provided in Code Sections 414(b),(c),(m) or (o). 1.3 "Beneficiary" means a Participant's Beneficiary under the SPX Qualified Plan, or any person or persons designated by a Participant to receive benefits payable in the event of the Participant's death before benefits under the Plan begin, or to receive the survivor benefits under any joint and survivor benefit option after benefits under the Plan begin. Any separate designation of a Beneficiary under this Plan shall not be effective for any purpose unless and until it has been filed by the Participant with the Committee on a form approved by the -2- Committee. In the event that a Participant shall not have a Beneficiary, or if for any reason a Beneficiary designation shall be legally ineffective, or if such Beneficiary predeceases the Participant, then, for purposes of the Plan, payments shall be made to the first surviving class, and in equal shares if there are more than one in each class, of the following classes of preference beneficiaries: Participant's widow or widower, surviving children, surviving parents, surviving brothers or sisters, legal representative, provided that if no legal representative is duly appointed and qualified within six months of the date of death of a deceased Participant, then payment shall be made to such persons as, at the date of the Participant's death, would be entitled to share in the distribution of such deceased Participant's estate under the provisions of the statute governing the descent of intestate property, then in force and effect in the state of Participant's residence. A Participant may, from time to time, on a form approved by and filed with the Committee, change the Beneficiary, provided that once benefit payments have commenced to be paid to a Participant, his designation of a Beneficiary may only be changed for the period certain and life benefit as described at Section 6.8, Option 5 of the SPX Qualified Plan. If payments under a period certain and life benefit have commenced to a Participant's designated Beneficiary and the Beneficiary dies before all payments under such form of payment have been made, any remaining payments shall be made to the Beneficiary's estate. A Participant's spouse shall no longer be eligible for the Top Management Retirement Benefit provided in Section 4.1(a) on the date of entry of a judgment of divorce from that spouse, provided that a Participant may designate a former spouse as his Beneficiary in a written designation filed with the Committee after the date of entry of the judgment of divorce and before his death. 1.4 "Board" means the Board of Directors of the Company. 1.5 "Code" means the Internal Revenue Code of 1986, as amended from time to time, and any regulations relating thereto. 1.6 "Committee" or "Compensation Committee" means the Compensation Committee of the Board of Directors of SPX Corporation. 1.7 "Company" means (a) SPX Corporation, a Delaware corporation, (b) any Affiliated Company or Affiliate provided that such Affiliated Company or Affiliate shall, subsequent to December 31, 1999, have been included in the definition of Company only to the extent so designated by the officer of SPX Corporation responsible for compensation and benefits, or (c), to the extent provided in Section 7.9 below, any successor corporation or other entity resulting from a reorganization, merger or consolidation into or with the Company, or a transfer or sale of substantially all of the assets of the Company. 1.8 "Continuous Service" for purposes of this Plan and effective as of January 1, 2002, shall be equal to a Participant's Continuous Service as shown on the records of the SPX Qualified Plan. For purposes of this Plan only, in the event a Participant was employed by a -3- business entity acquired by the Company, his Continuous Service Commencement Date (as that term is defined in the SPX Qualified Plan) shall be the closing date of such acquisition. For the application and calculation of Continuous Service or Credited Service (as that term is defined in the SPX Qualified Plan) for the period prior to January, 1, 2002, the definitions of Continuous Service and Credited Service in effect immediately prior to January 1, 2002, shall be used. 1.9 "Early Retirement Date" means the first day of the month coinciding with or next following the date on which a Participant or former Participant meets all of the following requirements: o terminated employment with the Company, prior to attaining Normal Retirement Age; o after such Participant is Vested under this Plan; and o when the Participant has attained at least age 55, regardless of whether he or she attained such age prior to his termination of employment. 1.10 "Employee" means an employee of the Company or of an Affiliated Company who is a participant under the SPX Qualified Plan (or any successor or replacement to the SPX Qualified Plan). 1.11 "Final Average Pay" shall mean the average monthly pay in the Participant's highest paid three calendar years out of his last ten calendar years of Company employment, but with the following modifications: (a) In a Participant's last calendar year of Company employment, Final Average Pay will be based on the full year, by annualizing the Participant's last rate of pay for that year, and including the bonus paid to the Participant during that year. (b) Those items excluded from Compensation under the SPX Qualified Plan (including the payment of the "bank" portion of a Participant's SPX Corporation Executive EVA Incentive Compensation Plan account as a result of termination of employment or Change of Control) shall also be excluded from Final Average Pay. (c) For purposes of this Plan, Final Average Pay shall be determined, regardless of the limit (if any) provided by Code Section 401(a)(17) or any other statutorily imposed limit. 1.12 "Normal Retirement Age" shall mean the Participant's age sixty-five (65). -4- 1.13 "Normal Retirement Date" means the first day of the month coinciding with or next following the date on which a Participant terminates employment with the Company on or after attainment of his Normal Retirement Age. 1.14 "Participant" means an Employee who is eligible to participate in this Plan pursuant to Article II hereof. 1.15 "Plan" means this SPX Corporation Supplemental Retirement Plan For Top Management. 1.16 "SPX Qualified Plan" means the SPX Corporation Individual Account Retirement Plan (formerly known as Pension Plan No. 3) and each predecessor, successor or replacement to the said SPX Qualified Plan. 1.17 "SPX Qualified Plan Benefit" means the aggregate benefit payable to and in respect of a Participant pursuant to the SPX Qualified Plan and any other tax-qualified (within the meaning of Code Section 401(a)) defined benefit pension plans (within the meaning of Code Section 414(j)) maintained by the Company and its Affiliates by reason of his termination of employment with the Company and all Affiliates. If benefits are paid under this Plan in a different form than the SPX Qualified Plan Benefit, the SPX Qualified Plan Benefit shall be determined as an Actuarial Equivalent benefit in the same form. SPX Qualified Plan Benefits paid prior to payment under this Plan shall (i) in the event of lump sum payments, be increased by the actual interest credits provided to SPX Qualified Plan participants between the date of payment under the SPX Qualified Plan and the date of payment under this Plan, and (ii) in the event of monthly annuity payments, such payments shall be redetermined as if paid by the SPX Qualified Plan on Normal Retirement Date or Early Retirement Date under this Plan. This redetermination shall include actual interest credits provided to SPX Qualified Plan participants between the date of payment under the SPX Qualified Plan and the date of payment under this Plan. 1.18 "Supplemental IARP" shall mean the SPX Corporation Supplemental Individual Account Retirement Plan. 1.19 "Surviving Spouse" means the person who is married to a Participant at the date of his death. 1.20 "Top Management Retirement Benefit" means the benefit payable to a Participant, a Surviving Spouse or a Beneficiary pursuant to the terms of this Plan. 1.21 "Vested" A Participant shall be Vested in his benefits under this Plan if he has 5 years of Continuous Service under the SPX Qualified Plan. -5- - -------------------------------------------------------------------------------- ARTICLE II ELIGIBILITY - -------------------------------------------------------------------------------- 2.1 Participation. An Employee shall become a Participant hereunder upon designation as such by the Compensation Committee. Such designation shall be made in writing and filed with the records of the Plan. The Compensation Committee shall promptly notify those employees selected as Participants hereunder of their participation and anticipated benefits. If a Participant described in the preceding sentence dies prior to commencement of payment of a Normal or Early Retirement Benefit hereunder, a Top Management Retirement Benefit shall be paid, as provided in Article IV. 2.2 Top Hat Requirements and Reduction in Status. No Employee shall be designated as a Participant hereunder unless the employee qualifies for inclusion in a "select group of management or highly compensated employees" as defined in Sections 201(2), 301(a)(3), 401(a)(1) and 4021(b)(6) of Employee Retirement Income Security Act of 1974, as amended ("ERISA"). In the event a Participant's compensation or level of responsibility is reduced so that such Participant no longer qualifies for inclusion in a "select group of management or highly compensated employees," the individual shall cease to be a Participant. A Vested Participant shall not forfeit benefits accrued to the date he ceases to be a Participant, while a non-Vested Participant shall forfeit all rights to benefits under the Plan. 2.3 Removal From Participation. Except in the event of a Change-of-Control (as defined in Article VIII), the Compensation Committee may reexamine a non-Vested Participant's eligibility and make a new determination as to whether he shall be entitled to continue as a Participant hereunder. If an Employee is removed from Participation pursuant to this Section 2.3, he and his Surviving Spouse or Beneficiary shall forfeit all rights to benefits under this Plan, and shall again be eligible for a benefit (if any) under the Supplemental IARP. The Compensation Committee shall not be entitled to remove any Vested Participant from Participation, except as described in Section 2.2 above or in the event of the termination of the Plan as to all Participants, in which case the Participant's Vested accrued benefits shall not be forfeitable. -6- - -------------------------------------------------------------------------------- ARTICLE III TOP MANAGEMENT RETIREMENT BENEFITS - -------------------------------------------------------------------------------- 3.1 Normal Retirement. The Top Management Retirement Benefit payable to an eligible Participant on his Normal Retirement Date, shall be a monthly amount in the form of a 100% joint and survivor annuity equal to the remainder of (a) minus (b), as described below: (a) 60% of Final Average Pay multiplied by a ratio, the numerator of which is the Participant's Continuous Service (not to exceed 15) and the denominator of which is 15; minus (b) the Participant's SPX Qualified Plan Benefit determined as of the Participant's Normal Retirement Date without regard to when such benefit is actually paid. 3.2 Early Retirement. The Top Management Retirement Benefit payable to an eligible Participant on his Early Retirement Date, shall be a monthly amount equal to the Top Management Retirement Benefit to which he would be entitled at his Normal Retirement Date pursuant to Section 3.1 above, with the following adjustments: (a) Amount If Early Retirement Is Within Five Years of Normal Retirement Age. The monthly amount of Early Retirement Benefit payable hereunder to a Participant whose Early Retirement Date is within five (5) years of his Normal Retirement Age shall be an amount computed in the same manner as a benefit under Section 3.1 (without regard to Section 3.1(b) above) based on his Final Average Pay and Continuous Service as of his Early Retirement Date. (b) Amount If Early Retirement Is More Than Five Years From Normal Retirement Age. The monthly amount of the Early Retirement Benefit payable hereunder to a Participant whose Early Retirement Date is more than five years prior to his Normal Retirement Age shall be computed in the same manner as a benefit under Section 3.1 above (without regard to Section 3.1(b)), based on his Final Average Pay and Continuous Service as of his Early Retirement Date, but such amount shall be reduced by one-twelfth (1/12) of 3% for each complete calendar month by which his first Early Retirement Benefit payment precedes his age 60. (c) Reductions for Other Plans. The benefit so determined shall be reduced by the SPX Qualified Plan Benefit, or the Actuarial Equivalent thereof, if such benefit could not have been paid at such date. 3.3 Participation in Supplemental IARP. In addition to reducing a Participant's benefit under the Plan by his SPX Qualified Plan Benefit, such Plan benefit shall also be reduced by his benefit under the Supplemental IARP, if any. In the event -7- his benefit under the Supplemental IARP is higher than his benefit under the Plan, he shall receive no benefits from this Plan. 3.4 Form of Benefit. A Participant may elect to have his Top Management Retirement Benefit payable in any optional form in which the benefit from the SPX Qualified Plan is payable to the Participant (including a lump sum payment). A Participant must make a separate election for this Plan, which need not be the same as the Participant's election under the SPX Qualified Plan. However, any option other than the automatic form of benefit under the SPX Qualified Plan must have been elected at least one year prior to a Participant's Normal or Early Retirement Date. Failure to elect a different option will result in payment in the automatic form of benefit under the SPX Qualified Plan. 3.5 Commencement of Benefit. Payment of the Top Management Retirement Benefit to a Participant will commence no sooner than a date chosen by a Participant when the Participant has both terminated employment and attained at least age 55, even if the Participant has chosen to begin his SPX Qualified Plan Benefit at an earlier date. 3.6 Actuarial Equivalent. A Top Management Retirement Benefit which is payable in any other form or which commences at any time other than the Participant's Normal Retirement Date, shall be the Actuarial Equivalent of the Top Management Retirement Benefit set forth in Section 3.1 above. 3.7 Source of Benefit Payments. Any Top Management Retirement Benefit payable to a Participant, a Surviving Spouse or a Beneficiary shall be paid by the Company or from any trust created to provide such benefits. -8- - -------------------------------------------------------------------------------- ARTICLE IV TOP MANAGEMENT PRE-RETIREMENT DEATH BENEFIT - -------------------------------------------------------------------------------- 4.1 Survivor Benefits. If a Vested Participant dies before his Top Management Retirement Benefit has commenced to be paid to him, the Surviving Spouse or Beneficiary, as shall be applicable, shall receive a Top Management Retirement Benefit as described below: (a) Surviving Spouse. If the Participant was married at the time of death, the Surviving Spouse may elect (unless the Surviving Spouse has elected to waive this benefit and receive a payment made from the Supplemental IARP instead) (i) a single life annuity for the Surviving Spouse's life which is 100% of the Actuarial Equivalent of the Participant's Top Management Retirement Benefit, payable as of the first day of the month following the date the Participant would have attained age 55, or (ii) an Actuarial Equivalent lump sum of the Participant's Top Management Retirement Benefit payable to the Surviving Spouse as of the first day of the month following the date of the Participant's death If the Surviving Spouse dies after the Participant but before the Top Management Retirement Benefit is paid or commenced to be paid to the Surviving Spouse, the Actuarial Equivalent shall be paid in a lump sum to the legal representative of such deceased Surviving Spouse; or if there shall be no such legal representative duly appointed and qualified within six months of the date of death of such deceased Surviving Spouse, then to such person as, at the date of the Surviving Spouse's death, would be entitled to share in the distribution of such deceased Surviving Spouse's personal estate under the provisions of the statute governing the descent of intestate property then in force and effect in the state of the deceased Surviving Spouse's residence. (b) Other Beneficiary. If the Participant dies before his Top Management Retirement Benefit becomes payable and (1) the Participant was not married at the date of death or (2) the Participant is married but his spouse has consented to the Beneficiary designation under paragraph (c) below, an amount equal to the Actuarial Equivalent of the Participant's Top Management Retirement Benefit shall be paid to the Participant's designated Beneficiary as of the first day of the month following the date of the Participant's death. (c) Consent to Designation of Beneficiary. A married Participant may elect at any time to designate a non-spouse Beneficiary or to revoke any such election at any time. An election by a Participant to designate a non-spouse Beneficiary shall not take effect unless the Participant's spouse consents in writing to such election, such consent acknowledges the effect of such an election and the consent is witnessed by a representative of the Plan or a notary public, unless the Participant establishes to the satisfaction of the Committee that such consent may not be -9- obtained because there is no spouse, the spouse cannot be located or due to other circumstances. The consent by a spouse shall be irrevocable and shall be effective only with respect to that spouse. (d) Supplemental Individual Account Retirement Plan Benefit. A spouse (or other Beneficiary, if one has been designated by the Participant) eligible for a Top Management Retirement Benefit shall receive instead a benefit under the Supplemental IARP, in accordance with the terms of that plan if that benefit is higher. -10- - -------------------------------------------------------------------------------- ARTICLE V ADMINISTRATION OF THE PLAN - -------------------------------------------------------------------------------- 5.1 Administration by the Company. The Company, acting under the supervision of the Compensation Committee of its Board of Directors, shall be responsible for the general operation and administration of the Plan and for carrying out the provisions thereof. 5.2 General Powers of Administration. All provisions set forth in the SPX Qualified Plan with respect to the administrative powers and duties of the Company and procedures for filing claims shall also be applicable with respect to the Plan. The Company shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports furnished by any actuary, accountant, controller, counsel or other person employed or engaged by the Company with respect to the Plan. -11- - -------------------------------------------------------------------------------- ARTICLE VI AMENDMENT OR TERMINATION - -------------------------------------------------------------------------------- 6.1 Amendment or Termination. The Company reserves the right, subject to Article VIII, to amend or terminate the Plan at any time. Any such amendment or termination shall be made pursuant to a resolution of the Board and shall be effective as of the date of such resolution or as specified therein. 6.2 Effect of Amendment or Termination. No amendment or termination of the Plan shall directly or indirectly deprive any current or former Participant, Surviving Spouse, or Beneficiary of all or any portion of any Top Management Retirement Benefit or amount due to a Beneficiary, the payment of which has commenced prior to the effective date of such amendment or termination, or which is Vested at the time of such amendment or termination of the Plan. The Compensation Committee may remove an Employee from Participation as provided in Section 2.2 and Section 2.3. -12- - -------------------------------------------------------------------------------- ARTICLE VII GENERAL PROVISIONS - -------------------------------------------------------------------------------- 7.1 Funding. The Plan at all times shall be entirely unfunded within the meaning of ERISA and the Code and the Company shall not be required at any time to segregate any assets of the Company for payment of any benefits hereunder. No Participant, Surviving Spouse, Beneficiary, or any other person shall have any interest in any particular assets of the Company by reason of the right to receive a benefit under the Plan and any such Participant, Surviving Spouse, Beneficiary, or other person shall have only the rights of a general unsecured creditor of the Company with respect to any rights under the Plan. 7.2 General Conditions. Except as otherwise expressly provided herein, all terms and conditions of the SPX Qualified Plan or such other plan applicable to a SPX Qualified Plan Benefit shall also be applicable to a Top Management Retirement Benefit. Any SPX Qualified Plan Benefit shall be paid solely in accordance with the terms and conditions of the SPX Qualified Plan or such other plan and nothing in this Plan shall operate or be construed in any way to modify, amend or affect the terms and provisions of the SPX Qualified Plan or such other plan. 7.3 No Guaranty of Benefits. Nothing contained in the Plan shall constitute a guaranty by the Company or any other entity or person that the assets of the Company will be sufficient to pay any benefit hereunder. 7.4 No Enlargement of Employee Rights. No Participant, Surviving Spouse, or Beneficiary shall have any right to a benefit under the Plan except in accordance with the terms of the Plan. Establishment of the Plan shall not be construed to give any Participant the right to be retained in the service of the Company. 7.5 Spendthrift Provision. No interest of any person or entity in, or right to receive a benefit under, the Plan shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a benefit be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings. 7.6 Applicable Law. The Plan shall be construed and administered under the laws of the State of North Carolina, except as preempted by ERISA. 7.7 Automatic Cashout. Notwithstanding anything in the Plan to the contrary, if at the time any Top Management Retirement Benefit begins the Actuarial Equivalent lump sum is less than $100,000, the Company shall pay the actuarial value of such benefit to the Participant, -13- Surviving Spouse or Beneficiary in a single lump sum in lieu of any further benefit payments hereunder. 7.8 Incapacity of Recipient. If any person entitled to a benefit payment under the Plan is deemed by the Company to be incapable of personally receiving and giving a valid receipt for such payment, then, unless and until claim therefor shall have been made by a duly appointed guardian or other legal representative of such person, the Company may provide for such payment or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such payment shall be deemed to be a payment for the account of such person and a complete discharge of any liability of the Company and the Plan therefor. 7.9 Corporate Successor. The Plan shall not be automatically terminated by a transfer or sale of assets of the Company or by the reorganization, merger or consolidation of the Company into or with any other corporation or other entity, but the Plan shall be continued after such transfer, sale, reorganization, merger or consolidation only if and to the extent that the transferee, purchaser or successor entity agrees to continue the Plan, except as set forth in Article VIII. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall terminate subject to the provisions of Section 6.2. 7.10 Unclaimed Benefit. Each Participant shall keep the Company informed of his current address and the current address of his spouse. The Company shall not be obligated to search for the whereabouts of any person. If the location of a Participant is not made known to the Company within three (3) years after the date on which payment of the Participant's Top Management Retirement Benefit may first be made, payment may be made as though the Participant had died at the end of the three-year period. If, within one additional year after such three-year period has elapsed, or, within three years after the actual death of a Participant, the Company is unable to locate any Surviving Spouse or Beneficiary of the Participant, then the Company shall have no further obligation to pay any benefit hereunder to such Participant, Surviving Spouse, Beneficiary or any other person and such benefit shall be irrevocably forfeited. 7.11 Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, neither the Company nor any individual acting as an employee or agent of the Company shall be liable to any Participant, former Participant, Surviving Spouse, Beneficiary or any other person for any claim, loss, liability or expense incurred in connection with the Plan. 7.12 Duties of Participants, Spouses of Participants, Beneficiaries, and Surviving Spouses. The Participant and the spouse or Surviving Spouse of a Participant or Beneficiary shall, as a condition of receiving benefits under this Plan, be obligated to provide the Compensation Committee with such information as the Compensation Committee shall require in order to calculate benefits under this Plan. -14- - -------------------------------------------------------------------------------- ARTICLE VIII CHANGE-OF-CONTROL - -------------------------------------------------------------------------------- 8.1 Benefit Rights Upon Change-of-Control. (a) Notwithstanding any other provision of the Plan to the contrary, in the event of a Change-of-Control, all Participants shall immediately become Vested in their accrued benefits under this Plan, and the Company or any successor shall be prohibited from amending or terminating the Plan in any manner so as to deprive, directly or indirectly, any current or former Participant, Surviving Spouse, or Beneficiary of all or any portion of any Top Management Retirement Benefit which has commenced prior to the effective date of such amendment or termination, or which would be payable if the Participant's employment terminated for any reason, including death, on such effective date. (b) (i) Each Participant whose employment terminates, or (ii) in the event that the Plan is terminated following a Change-of-Control, each current or former Participant, Surviving Spouse, or Beneficiary shall be paid immediately a lump sum amount. This amount shall be the Actuarial Equivalent of any benefit the payment of which has commenced prior to the effective date of any such termination, or which would be payable upon any termination pursuant to a severance agreement or which would be payable if the Participant's employment terminated on the effective date of any Plan termination. Provided, however, that upon termination of employment with the Company, such Participant's benefit rights under the Plan shall be determined only after taking into account the effect of any severance agreement between the Company and the Participant (as such severance agreement may provide additional terms and conditions with respect to such benefit rights under the Plan). 8.2 Definition of Change-of-Control. For purposes of this Plan, a "Change of Control" shall have the same meaning as set forth in the SPX Corporation Executive EVA Incentive Compensation Plan. 8.3 Excess Parachute Payments by the Company. (a) Anything in this Plan to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of a Participant (whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise, but determined without regard to any additional payments required under this Section 8.3 (a "Payment") would be subject to the excise tax imposed by Section 4999 of the Code or if any interest or penalties are incurred by the Participant with respect to such excise tax (such excise tax, together with any such interest and penalties, being hereinafter collectively referred to as the "Excise Tax"), then the Participant shall be entitled to receive an additional payment (a "Gross-Up Payment") in an amount such that, after payment by the Participant of all taxes (including any interest or penalties imposed with respect to such taxes), including, without -15- limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, the Participant retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payment. (b) Subject to the provisions of paragraph (c) below, all determinations required to be made under this Section 8.3, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by the accounting firm which is then serving as the auditors for the Company (the "Accounting Firm"), which shall provide detailed supporting calculations to both the Company and the Participant within fifteen (15) business days of the receipt of notice from the Participant that there has been a Payment, or such earlier time as is required by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change of Control, the Participant shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payments, as determined pursuant to this Section 8.3 shall be paid by the Company to the Participant within five (5) days of the receipt of the Accounting Firm's determination. If the Accounting Firm determines that no Excise Tax is payable by the Participant, it shall furnish the Participant with a written opinion that failure to report the Excise Tax on the Participant's applicable federal income tax return would not result in the imposition of a negligence or similar penalty. Any good faith determination by the Accounting Firm shall be binding upon the Company and the Participant. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made ("Underpayment"), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to paragraph (c) below, and the Participant thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Participant. Further, such Underpayment shall include all interest and penalties assessed to the Participant for the failure to report and pay the Excise Tax on Participant's income tax return and shall place Participant in a position as if such Underpayment and associated Excise Tax were properly reported and paid. (c) The Participant shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of a Gross-Up Payment. Such notification shall be given as soon as practicable but no later than fifteen (15) business days after the Participant is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Participant shall not pay such claim prior to the expiration of the thirty (30)-day period following the date on which Participant gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the Participant in writing prior to the expiration of such period that it desires to contest such claim, the Participant shall: -16- (i) Give the Company any information reasonably requested by the Company relating to such claim, (ii) Take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company, (iii) Cooperate with the Company in good faith in order to effectively contest such claim, and (iv) Permit the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold the Participant harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limiting the foregoing provision of this paragraph (c), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings, and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Participant to pay the tax claimed and sue for a refund or contest the claim in any permissible manner; and the Participant agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs the Participant to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Participant on an interest-free basis and shall indemnify and hold the Participant harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Participant with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company's control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and the Participant shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. (d) If, after the receipt by the Participant of an amount advanced by the Company pursuant to paragraph (c) above, the Participant becomes entitled to receive any refund with respect to such claim, the Participant shall (subject to the Company's complying with the requirements of said paragraph (c)) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon, after taxes applicable thereto). If, after the -17- receipt by the Participant of an amount advanced by the Company pursuant to said paragraph (c), a determination is made that the Participant shall not be entitled to any refund with respect to such claim and the Company does not notify the Participant in writing of its intent to contest such denial of refund prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be required to be repaid; and the amount of such advance shall offset, to the extent thereof, the amount of the Gross-Up Payment required to be paid. -18- - -------------------------------------------------------------------------------- ARTICLE IX SPECIAL PROVISIONS - -------------------------------------------------------------------------------- The Company may determine to provide special benefits for any Participant as set forth in separate documents which may be appended hereto. To the extent that the Company has so determined, the Participant shall be entitled to the benefits provided in such documents, and to the extent that there is any inconsistency between this Plan and such document, such other document will govern. -19- IN WITNESS WHEREOF, the Company has adopted this amended and restated SPX Corporation Supplemental Retirement Plan for Top Management effective as of January 1, 2002. SPX CORPORATION By: __________________________________ Its: _________________________________ -20- TABLE A Actuarial Factors ----------------- SPX Corporation Supplemental Retirement Plan for Top Management Equivalent Benefit Payabe Under Single Life Annuity Option for Each $1.00 of Life Annuity Otherwise Payable
EMPLOYEE'S BENEFICIARY'S AGE AGE 20 21 22 23 24 25 26 27 28 29 20 1.0486 1.0469 1.0451 1.0434 1.0417 1.0400 1.0383 1.0367 1.0351 1.0336 21 1.0524 1.0506 1.0487 1.0469 1.0451 1.0433 1.0415 1.0398 1.0381 1.0364 22 1.0565 1.0546 1.0526 1.0507 1.0487 1.0468 1.0450 1.0431 1.0413 1.0395 23 1.0609 1.0589 1.0568 1.0547 1.0527 1.0507 1.0487 1.0467 1.0448 1.0429 24 1.0656 1.0635 1.0613 1.0591 1.0570 1.0548 1.0527 1.0506 1.0486 1.0465 25 1.0707 1.0684 1.0661 1.0639 1.0616 1.0593 1.0571 1.0549 1.0527 1.0505 26 1.0761 1.0737 1.0713 1.0689 1.0665 1.0642 1.0618 1.0594 1.0571 1.0548 27 1.0819 1.0794 1.0769 1.0744 1.0719 1.0694 1.0668 1.0644 1.0619 1.0594 28 1.0880 1.0855 1.0828 1.0802 1.0776 1.0749 1.0723 1.0697 1.0670 1.0644 29 1.0946 1.0919 1.0892 1.0865 1.0837 1.0809 1.0782 1.0754 1.0726 1.0699 30 1.1017 1.0989 1.0960 1.0932 1.0903 1.0874 1.0845 1.0816 1.0786 1.0757 31 1.1092 1.1063 1.1033 1.1003 1.0973 1.0943 1.0912 1.0882 1.0851 1.0820 32 1.1172 1.1142 1.1111 1.1080 1.1049 1.1017 1.0985 1.0953 1.0921 1.0888 33 1.1257 1.1226 1.1194 1.1162 1.1129 1.1096 1.1063 1.1029 1.0995 1.0961 34 1.1347 1.1315 1.1283 1.1249 1.1215 1.1181 1.1146 1.1111 1.1076 1.1040 35 1.1444 1.1411 1.1377 1.1342 1.1307 1.1272 1.1235 1.1199 1.1162 1.1125 36 1.1547 1.1513 1.1478 1.1442 1.1406 1.1369 1.1331 1.1293 1.1254 1.1215 37 1.1656 1.1621 1.1585 1.1548 1.1510 1.1472 1.1433 1.1393 1.1353 1.1312 38 1.1773 1.1737 1.1699 1.1661 1.1622 1.1583 1.1542 1.1501 1.1459 1.1417 39 1.1897 1.1860 1.1821 1.1782 1.1742 1.1701 1.1659 1.1616 1.1572 1.1528 40 1.2029 1.1991 1.1951 1.1911 1.1869 1.1827 1.1783 1.1739 1.1694 1.1648 41 1.2170 1.2130 1.2090 1.2048 1.2005 1.1961 1.1916 1.1871 1.1824 1.1776 42 1.2320 1.2279 1.2237 1.2194 1.2150 1.2105 1.2059 1.2011 1.1963 1.1913 43 1.2478 1.2437 1.2394 1.2350 1.2304 1.2257 1.2210 1.2161 1.2110 1.2059 44 1.2647 1.2604 1.2560 1.2514 1.2467 1.2419 1.2370 1.2319 1.2267 1.2214 45 1.2825 1.2781 1.2735 1.2689 1.2640 1.2591 1.2540 1.2488 1.2434 1.2379 46 1.3012 1.2967 1.2921 1.2873 1.2823 1.2772 1.2720 1.2666 1.2611 1.2554 47 1.3211 1.3165 1.3117 1.3067 1.3016 1.2964 1.2910 1.2854 1.2797 1.2739 48 1.3420 1.3373 1.3324 1.3273 1.3221 1.3167 1.3111 1.3054 1.2995 1.2934 49 1.3641 1.3593 1.3542 1.3490 1.3436 1.3381 1.3324 1.3265 1.3204 1.3141 50 1.3875 1.3825 1.3773 1.3720 1.3664 1.3607 1.3548 1.3488 1.3425 1.3360 51 1.4122 1.4070 1.4017 1.3962 1.3905 1.3847 1.3786 1.3724 1.3659 1.3593 52 1.4383 1.4330 1.4276 1.4219 1.4161 1.4100 1.4038 1.3974 1.3907 1.3838 53 1.4659 1.4605 1.4549 1.4491 1.4431 1.4369 1.4305 1.4239 1.4170 1.4099 54 1.4953 1.4897 1.4840 1.4780 1.4718 1.4654 1.4588 1.4520 1.4450 1.4377 55 1.5264 1.5207 1.5148 1.5087 1.5023 1.4958 1.4890 1.4819 1.4747 1.4672 56 1.5596 1.5538 1.5477 1.5414 1.5349 1.5281 1.5211 1.5138 1.5063 1.4986 57 1.5950 1.5890 1.5828 1.5763 1.5695 1.5626 1.5554 1.5479 1.5402 1.5322 58 1.6329 1.6267 1.6203 1.6136 1.6067 1.5995 1.5920 1.5843 1.5764 1.5681 59 1.6735 1.6671 1.6605 1.6536 1.6464 1.6390 1.6314 1.6234 1.6152 1.6067 60 1.7171 1.7105 1.7036 1.6965 1.6892 1.6815 1.6736 1.6654 1.6569 1.6481 61 1.7639 1.7571 1.7501 1.7427 1.7351 1.7273 1.7191 1.7106 1.7018 1.6927 62 1.8144 1.8073 1.8001 1.7925 1.7846 1.7765 1.7680 1.7593 1.7502 1.7407 63 1.8687 1.8614 1.8539 1.8461 1.8379 1.8295 1.8208 1.8117 1.8023 1.7925 64 1.9271 1.9196 1.9118 1.9037 1.8953 1.8866 1.8775 1.8681 1.8584 1.8482 65 1.9900 1.9822 1.9741 1.9657 1.9570 1.9480 1.9386 1.9288 1.9187 1.9082 66 2.0574 2.0493 2.0409 2.0322 2.0232 2.0138 2.0040 1.9939 1.9834 1.9725 67 2.1294 2.1210 2.1123 2.1033 2.0939 2.0841 2.0740 2.0635 2.0525 2.0412 68 2.2066 2.1979 2.1888 2.1794 2.1697 2.1595 2.1490 2.1381 2.1267 2.1149 69 2.2900 2.2809 2.2715 2.2617 2.2516 2.2410 2.2301 2.2187 2.2068 2.1946 70 2.3806 2.3711 2.3613 2.3511 2.3406 2.3296 2.3181 2.3062 2.2939 2.2811
-21- SPX Corporation Supplemental Retirement Plan for Top Management Equivalent Benefit Payabe Under Single Life Annuity Option for Each $1.00 of Life Annuity Otherwise Payable
EMPLOYEE'S BENEFICIARY'S AGE AGE 30 31 32 33 34 35 36 37 38 39 20 1.0321 1.0306 1.0292 1.0278 1.0264 1.0251 1.0238 1.0226 1.0214 1.0203 21 1.0348 1.0332 1.0317 1.0302 1.0287 1.0273 1.0259 1.0246 1.0233 1.0221 22 1.0378 1.0361 1.0344 1.0328 1.0312 1.0297 1.0282 1.0267 1.0254 1.0240 23 1.0410 1.0392 1.0374 1.0356 1.0339 1.0323 1.0307 1.0291 1.0276 1.0262 24 1.0445 1.0426 1.0406 1.0388 1.0369 1.0351 1.0334 1.0317 1.0301 1.0285 25 1.0483 1.0462 1.0442 1.0422 1.0402 1.0383 1.0364 1.0346 1.0328 1.0311 26 1.0525 1.0502 1.0480 1.0459 1.0438 1.0417 1.0397 1.0377 1.0358 1.0340 27 1.0570 1.0546 1.0522 1.0499 1.0476 1.0454 1.0433 1.0411 1.0391 1.0371 28 1.0619 1.0593 1.0568 1.0543 1.0519 1.0495 1.0472 1.0449 1.0427 1.0405 29 1.0671 1.0644 1.0617 1.0591 1.0565 1.0539 1.0514 1.0490 1.0466 1.0443 30 1.0728 1.0700 1.0671 1.0643 1.0615 1.0588 1.0561 1.0534 1.0509 1.0484 31 1.0790 1.0759 1.0729 1.0699 1.0669 1.0640 1.0611 1.0583 1.0556 1.0528 32 1.0856 1.0824 1.0792 1.0760 1.0728 1.0697 1.0667 1.0636 1.0607 1.0578 33 1.0927 1.0893 1.0860 1.0826 1.0792 1.0759 1.0726 1.0694 1.0662 1.0631 34 1.1004 1.0969 1.0933 1.0897 1.0862 1.0826 1.0791 1.0757 1.0723 1.0689 35 1.1087 1.1049 1.1012 1.0974 1.0936 1.0899 1.0862 1.0825 1.0789 1.0753 36 1.1176 1.1136 1.1097 1.1057 1.1017 1.0978 1.0938 1.0899 1.0860 1.0822 37 1.1271 1.1230 1.1188 1.1146 1.1104 1.1063 1.1021 1.0979 1.0938 1.0897 38 1.1374 1.1330 1.1287 1.1243 1.1199 1.1154 1.1110 1.1066 1.1023 1.0979 39 1.1484 1.1438 1.1392 1.1346 1.1300 1.1253 1.1207 1.1160 1.1114 1.1068 40 1.1601 1.1554 1.1506 1.1458 1.1409 1.1360 1.1311 1.1262 1.1213 1.1164 41 1.1728 1.1678 1.1628 1.1578 1.1527 1.1475 1.1424 1.1372 1.1320 1.1268 42 1.1863 1.1811 1.1759 1.1707 1.1653 1.1599 1.1545 1.1490 1.1436 1.1381 43 1.2007 1.1953 1.1899 1.1844 1.1788 1.1732 1.1675 1.1618 1.1560 1.1502 44 1.2160 1.2105 1.2048 1.1991 1.1933 1.1874 1.1814 1.1754 1.1693 1.1632 45 1.2323 1.2265 1.2207 1.2147 1.2086 1.2025 1.1962 1.1899 1.1836 1.1772 46 1.2496 1.2436 1.2375 1.2313 1.2250 1.2186 1.2121 1.2054 1.1988 1.1920 47 1.2678 1.2617 1.2554 1.2489 1.2424 1.2357 1.2289 1.2220 1.2150 1.2079 48 1.2872 1.2808 1.2743 1.2676 1.2608 1.2538 1.2467 1.2395 1.2322 1.2248 49 1.3077 1.3011 1.2944 1.2874 1.2803 1.2731 1.2657 1.2582 1.2506 1.2428 50 1.3294 1.3226 1.3156 1.3084 1.3011 1.2936 1.2859 1.2781 1.2701 1.2620 51 1.3524 1.3454 1.3381 1.3307 1.3231 1.3153 1.3073 1.2992 1.2909 1.2824 52 1.3768 1.3695 1.3620 1.3543 1.3465 1.3384 1.3301 1.3216 1.3130 1.3042 53 1.4027 1.3951 1.3874 1.3795 1.3713 1.3629 1.3543 1.3455 1.3365 1.3274 54 1.4301 1.4224 1.4144 1.4062 1.3977 1.3890 1.3801 1.3710 1.3617 1.3521 55 1.4594 1.4514 1.4431 1.4346 1.4259 1.4169 1.4077 1.3982 1.3885 1.3785 56 1.4906 1.4823 1.4738 1.4650 1.4560 1.4466 1.4371 1.4272 1.4172 1.4068 57 1.5239 1.5154 1.5066 1.4975 1.4881 1.4785 1.4685 1.4583 1.4479 1.4371 58 1.5596 1.5508 1.5417 1.5323 1.5226 1.5126 1.5023 1.4917 1.4808 1.4697 59 1.5979 1.5887 1.5793 1.5696 1.5596 1.5492 1.5385 1.5276 1.5163 1.5047 60 1.6390 1.6296 1.6198 1.6098 1.5994 1.5886 1.5776 1.5662 1.5544 1.5424 61 1.6833 1.6735 1.6634 1.6530 1.6422 1.6311 1.6196 1.6078 1.5956 1.5830 62 1.7310 1.7209 1.7104 1.6996 1.6884 1.6769 1.6650 1.6527 1.6400 1.6270 63 1.7824 1.7719 1.7611 1.7499 1.7383 1.7263 1.7139 1.7011 1.6879 1.6743 64 1.8378 1.8269 1.8156 1.8040 1.7919 1.7795 1.7666 1.7533 1.7396 1.7255 65 1.8973 1.8860 1.8743 1.8622 1.8497 1.8368 1.8234 1.8095 1.7952 1.7805 66 1.9612 1.9495 1.9373 1.9247 1.9117 1.8982 1.8843 1.8699 1.8550 1.8396 67 2.0295 2.0173 2.0046 1.9915 1.9780 1.9640 1.9494 1.9344 1.9189 1.9029 68 2.1027 2.0900 2.0768 2.0632 2.0491 2.0345 2.0193 2.0037 1.9875 1.9708 69 2.1818 2.1686 2.1549 2.1407 2.1260 2.1107 2.0949 2.0786 2.0617 2.0442 70 2.2678 2.2540 2.2397 2.2249 2.2095 2.1936 2.1771 2.1600 2.1423 2.1241
-22- SPX Corporation Supplemental Retirement Plan for Top Management Equivalent Benefit Payabe Under Single Life Annuity Option for Each $1.00 of Life Annuity Otherwise Payable
EMPLOYEE'S BENEFICIARY'S AGE AGE 40 41 42 43 44 45 46 47 48 49 20 1.0192 1.0182 1.0172 1.0162 1.0153 1.0144 1.0136 1.0128 1.0120 1.0113 21 1.0209 1.0198 1.0187 1.0176 1.0166 1.0156 1.0147 1.0139 1.0130 1.0122 22 1.0227 1.0215 1.0203 1.0192 1.0181 1.0170 1.0160 1.0151 1.0141 1.0133 23 1.0248 1.0234 1.0221 1.0209 1.0197 1.0185 1.0174 1.0164 1.0154 1.0144 24 1.0270 1.0255 1.0241 1.0228 1.0215 1.0202 1.0190 1.0179 1.0168 1.0157 25 1.0295 1.0279 1.0263 1.0249 1.0234 1.0221 1.0208 1.0195 1.0183 1.0172 26 1.0322 1.0304 1.0288 1.0272 1.0256 1.0241 1.0227 1.0213 1.0200 1.0188 27 1.0351 1.0333 1.0315 1.0297 1.0280 1.0264 1.0248 1.0233 1.0219 1.0206 28 1.0384 1.0364 1.0344 1.0325 1.0307 1.0289 1.0272 1.0256 1.0240 1.0225 29 1.0420 1.0398 1.0377 1.0356 1.0336 1.0317 1.0298 1.0280 1.0263 1.0247 30 1.0459 1.0435 1.0412 1.0390 1.0368 1.0347 1.0327 1.0308 1.0289 1.0271 31 1.0502 1.0476 1.0451 1.0427 1.0404 1.0381 1.0359 1.0338 1.0318 1.0298 32 1.0549 1.0521 1.0494 1.0468 1.0443 1.0418 1.0394 1.0371 1.0349 1.0328 33 1.0600 1.0571 1.0541 1.0513 1.0486 1.0459 1.0433 1.0408 1.0384 1.0361 34 1.0657 1.0624 1.0593 1.0562 1.0533 1.0504 1.0476 1.0448 1.0422 1.0397 35 1.0718 1.0683 1.0649 1.0616 1.0584 1.0553 1.0523 1.0493 1.0465 1.0437 36 1.0785 1.0748 1.0711 1.0676 1.0641 1.0607 1.0574 1.0542 1.0511 1.0481 37 1.0857 1.0818 1.0779 1.0740 1.0703 1.0666 1.0631 1.0596 1.0563 1.0530 38 1.0936 1.0894 1.0852 1.0811 1.0771 1.0731 1.0693 1.0655 1.0619 1.0584 39 1.1022 1.0977 1.0932 1.0888 1.0845 1.0803 1.0761 1.0721 1.0681 1.0643 40 1.1115 1.1067 1.1019 1.0972 1.0926 1.0880 1.0836 1.0792 1.0750 1.0708 41 1.1217 1.1165 1.1114 1.1064 1.1014 1.0966 1.0918 1.0871 1.0825 1.0780 42 1.1326 1.1272 1.1218 1.1164 1.1111 1.1058 1.1007 1.0956 1.0907 1.0858 43 1.1444 1.1386 1.1329 1.1272 1.1215 1.1159 1.1104 1.1050 1.0996 1.0944 44 1.1571 1.1510 1.1449 1.1388 1.1328 1.1268 1.1209 1.1151 1.1093 1.1037 45 1.1707 1.1642 1.1578 1.1513 1.1449 1.1385 1.1322 1.1260 1.1198 1.1138 46 1.1852 1.1784 1.1716 1.1648 1.1580 1.1512 1.1444 1.1378 1.1312 1.1247 47 1.2008 1.1936 1.1864 1.1792 1.1719 1.1647 1.1576 1.1505 1.1434 1.1365 48 1.2173 1.2098 1.2022 1.1946 1.1869 1.1793 1.1717 1.1641 1.1566 1.1492 49 1.2350 1.2271 1.2191 1.2110 1.2030 1.1949 1.1868 1.1788 1.1708 1.1628 50 1.2538 1.2455 1.2371 1.2286 1.2201 1.2116 1.2030 1.1945 1.1860 1.1775 51 1.2739 1.2651 1.2563 1.2474 1.2385 1.2295 1.2204 1.2114 1.2023 1.1933 52 1.2952 1.2861 1.2769 1.2676 1.2581 1.2486 1.2391 1.2295 1.2199 1.2104 53 1.3180 1.3085 1.2989 1.2891 1.2792 1.2692 1.2591 1.2490 1.2389 1.2287 54 1.3424 1.3324 1.3223 1.3121 1.3017 1.2912 1.2806 1.2699 1.2592 1.2485 55 1.3684 1.3580 1.3475 1.3368 1.3259 1.3148 1.3037 1.2925 1.2811 1.2698 56 1.3963 1.3855 1.3744 1.3632 1.3518 1.3403 1.3285 1.3167 1.3048 1.2928 57 1.4261 1.4149 1.4034 1.3917 1.3797 1.3676 1.3553 1.3429 1.3303 1.3176 58 1.4582 1.4465 1.4345 1.4223 1.4098 1.3971 1.3842 1.3711 1.3579 1.3445 59 1.4928 1.4805 1.4680 1.4553 1.4422 1.4289 1.4154 1.4017 1.3878 1.3737 60 1.5300 1.5173 1.5042 1.4909 1.4773 1.4634 1.4492 1.4348 1.4202 1.4053 61 1.5701 1.5569 1.5433 1.5294 1.5151 1.5006 1.4857 1.4706 1.4553 1.4397 62 1.6135 1.5997 1.5855 1.5710 1.5561 1.5409 1.5254 1.5095 1.4934 1.4770 63 1.6604 1.6460 1.6312 1.6160 1.6004 1.5845 1.5682 1.5516 1.5347 1.5174 64 1.7109 1.6959 1.6804 1.6646 1.6483 1.6317 1.6146 1.5972 1.5794 1.5613 65 1.7653 1.7496 1.7335 1.7170 1.7000 1.6825 1.6647 1.6464 1.6277 1.6087 66 1.8238 1.8074 1.7906 1.7733 1.7555 1.7373 1.7185 1.6994 1.6798 1.6598 67 1.8863 1.8693 1.8517 1.8336 1.8150 1.7959 1.7763 1.7562 1.7356 1.7146 68 1.9535 1.9357 1.9173 1.8984 1.8790 1.8589 1.8384 1.8173 1.7957 1.7736 69 2.0262 2.0076 1.9883 1.9685 1.9482 1.9272 1.9057 1.8836 1.8609 1.8377 70 2.1052 2.0857 2.0656 2.0449 2.0235 2.0015 1.9789 1.9557 1.9319 1.9074
-23- SPX Corporation Supplemental Retirement Plan for Top Management Equivalent Benefit Payabe Under Single Life Annuity Option for Each $1.00 of Life Annuity Otherwise Payable
EMPLOYEE'S BENEFICIARY'S AGE AGE 50 51 52 53 54 55 56 57 58 59 20 1.0106 1.0099 1.0093 1.0087 1.0081 1.0076 1.0071 1.0066 1.0062 1.0057 21 1.0115 1.0107 1.0100 1.0094 1.0088 1.0082 1.0076 1.0071 1.0066 1.0061 22 1.0124 1.0116 1.0109 1.0102 1.0095 1.0089 1.0083 1.0077 1.0071 1.0066 23 1.0135 1.0127 1.0118 1.0111 1.0103 1.0096 1.0089 1.0083 1.0077 1.0072 24 1.0147 1.0138 1.0129 1.0120 1.0112 1.0104 1.0097 1.0090 1.0084 1.0078 25 1.0161 1.0150 1.0141 1.0131 1.0122 1.0114 1.0106 1.0098 1.0091 1.0084 26 1.0176 1.0164 1.0154 1.0143 1.0133 1.0124 1.0115 1.0107 1.0099 1.0092 27 1.0192 1.0180 1.0168 1.0157 1.0146 1.0136 1.0126 1.0117 1.0108 1.0100 28 1.0211 1.0197 1.0184 1.0172 1.0160 1.0149 1.0138 1.0128 1.0119 1.0110 29 1.0231 1.0217 1.0202 1.0189 1.0176 1.0163 1.0152 1.0141 1.0130 1.0120 30 1.0254 1.0238 1.0222 1.0207 1.0193 1.0180 1.0167 1.0155 1.0143 1.0132 31 1.0279 1.0262 1.0244 1.0228 1.0213 1.0198 1.0184 1.0170 1.0158 1.0146 32 1.0307 1.0288 1.0269 1.0251 1.0234 1.0218 1.0202 1.0188 1.0174 1.0160 33 1.0338 1.0317 1.0296 1.0277 1.0258 1.0240 1.0223 1.0207 1.0192 1.0177 34 1.0373 1.0349 1.0327 1.0305 1.0285 1.0265 1.0247 1.0229 1.0212 1.0196 35 1.0411 1.0385 1.0361 1.0337 1.0315 1.0293 1.0273 1.0253 1.0234 1.0217 36 1.0452 1.0425 1.0398 1.0372 1.0347 1.0324 1.0301 1.0280 1.0260 1.0240 37 1.0499 1.0468 1.0439 1.0411 1.0384 1.0358 1.0334 1.0310 1.0288 1.0266 38 1.0550 1.0517 1.0485 1.0454 1.0425 1.0396 1.0369 1.0344 1.0319 1.0295 39 1.0606 1.0570 1.0535 1.0502 1.0470 1.0439 1.0409 1.0381 1.0354 1.0328 40 1.0668 1.0629 1.0591 1.0555 1.0520 1.0486 1.0453 1.0422 1.0393 1.0364 41 1.0736 1.0694 1.0653 1.0613 1.0575 1.0538 1.0502 1.0468 1.0436 1.0405 42 1.0811 1.0765 1.0721 1.0677 1.0636 1.0595 1.0557 1.0519 1.0484 1.0450 43 1.0893 1.0843 1.0795 1.0748 1.0703 1.0659 1.0616 1.0576 1.0536 1.0499 44 1.0982 1.0928 1.0876 1.0825 1.0776 1.0728 1.0682 1.0637 1.0594 1.0553 45 1.1079 1.1021 1.0964 1.0909 1.0855 1.0803 1.0753 1.0704 1.0658 1.0613 46 1.1183 1.1121 1.1060 1.1000 1.0942 1.0885 1.0831 1.0778 1.0727 1.0678 47 1.1296 1.1229 1.1163 1.1099 1.1036 1.0975 1.0915 1.0858 1.0802 1.0749 48 1.1418 1.1346 1.1275 1.1206 1.1138 1.1071 1.1007 1.0944 1.0884 1.0826 49 1.1550 1.1472 1.1396 1.1321 1.1248 1.1176 1.1107 1.1039 1.0973 1.0910 50 1.1691 1.1609 1.1527 1.1446 1.1367 1.1290 1.1215 1.1141 1.1070 1.1001 51 1.1844 1.1756 1.1668 1.1582 1.1497 1.1413 1.1332 1.1252 1.1175 1.1100 52 1.2009 1.1914 1.1821 1.1728 1.1637 1.1547 1.1459 1.1374 1.1290 1.1209 53 1.2186 1.2085 1.1985 1.1886 1.1789 1.1692 1.1598 1.1505 1.1415 1.1327 54 1.2377 1.2270 1.2164 1.2058 1.1953 1.1850 1.1748 1.1649 1.1551 1.1456 55 1.2584 1.2470 1.2357 1.2244 1.2132 1.2021 1.1912 1.1805 1.1700 1.1597 56 1.2807 1.2687 1.2566 1.2446 1.2326 1.2208 1.2091 1.1976 1.1862 1.1751 57 1.3049 1.2921 1.2793 1.2665 1.2538 1.2411 1.2286 1.2162 1.2040 1.1921 58 1.3311 1.3175 1.3040 1.2904 1.2768 1.2633 1.2499 1.2366 1.2235 1.2107 59 1.3595 1.3452 1.3308 1.3164 1.3019 1.2875 1.2732 1.2590 1.2449 1.2311 60 1.3903 1.3752 1.3600 1.3447 1.3294 1.3140 1.2987 1.2835 1.2684 1.2536 61 1.4239 1.4079 1.3918 1.3756 1.3593 1.3430 1.3267 1.3104 1.2943 1.2783 62 1.4603 1.4435 1.4264 1.4093 1.3920 1.3746 1.3572 1.3399 1.3226 1.3055 63 1.4999 1.4821 1.4641 1.4460 1.4276 1.4092 1.3907 1.3722 1.3537 1.3354 64 1.5428 1.5241 1.5051 1.4859 1.4664 1.4468 1.4272 1.4074 1.3877 1.3681 65 1.5892 1.5695 1.5495 1.5291 1.5086 1.4878 1.4669 1.4459 1.4249 1.4039 66 1.6393 1.6185 1.5974 1.5759 1.5541 1.5321 1.5099 1.4876 1.4652 1.4428 67 1.6931 1.6712 1.6489 1.6262 1.6032 1.5799 1.5564 1.5326 1.5088 1.4849 68 1.7510 1.7280 1.7045 1.6806 1.6562 1.6316 1.6066 1.5814 1.5560 1.5305 69 1.8139 1.7896 1.7649 1.7396 1.7139 1.6878 1.6613 1.6345 1.6075 1.5804 70 1.8824 1.8569 1.8307 1.8041 1.7769 1.7493 1.7212 1.6928 1.6641 1.6352
-24- SPX Corporation Supplemental Retirement Plan for Top Management Equivalent Benefit Payabe Under Single Life Annuity Option for Each $1.00 of Life Annuity Otherwise Payable
EMPLOYEE'S BENEFICIARY'S AGE AGE 60 61 62 63 64 65 66 67 68 69 20 1.0053 1.0049 1.0046 1.0042 1.0039 1.0036 1.0033 1.0031 1.0028 1.0026 21 1.0057 1.0053 1.0049 1.0045 1.0042 1.0039 1.0036 1.0033 1.0030 1.0027 22 1.0061 1.0057 1.0053 1.0049 1.0045 1.0041 1.0038 1.0035 1.0032 1.0029 23 1.0066 1.0061 1.0057 1.0052 1.0048 1.0044 1.0041 1.0037 1.0034 1.0031 24 1.0072 1.0066 1.0061 1.0056 1.0052 1.0048 1.0044 1.0040 1.0037 1.0033 25 1.0078 1.0072 1.0066 1.0061 1.0056 1.0052 1.0047 1.0043 1.0040 1.0036 26 1.0085 1.0078 1.0072 1.0066 1.0061 1.0056 1.0051 1.0047 1.0043 1.0039 27 1.0093 1.0085 1.0079 1.0072 1.0066 1.0061 1.0056 1.0051 1.0046 1.0042 28 1.0101 1.0093 1.0086 1.0079 1.0072 1.0066 1.0061 1.0055 1.0050 1.0046 29 1.0111 1.0102 1.0094 1.0086 1.0079 1.0072 1.0066 1.0060 1.0055 1.0050 30 1.0122 1.0112 1.0103 1.0095 1.0087 1.0079 1.0072 1.0066 1.0060 1.0054 31 1.0134 1.0124 1.0114 1.0104 1.0095 1.0087 1.0080 1.0073 1.0066 1.0060 32 1.0148 1.0136 1.0125 1.0115 1.0105 1.0096 1.0088 1.0080 1.0073 1.0066 33 1.0163 1.0151 1.0138 1.0127 1.0116 1.0106 1.0097 1.0088 1.0080 1.0072 34 1.0181 1.0166 1.0153 1.0140 1.0129 1.0118 1.0107 1.0097 1.0088 1.0080 35 1.0200 1.0184 1.0170 1.0156 1.0143 1.0130 1.0119 1.0108 1.0098 1.0089 36 1.0222 1.0204 1.0188 1.0173 1.0158 1.0145 1.0132 1.0120 1.0109 1.0099 37 1.0246 1.0227 1.0209 1.0192 1.0176 1.0161 1.0147 1.0134 1.0121 1.0110 38 1.0273 1.0252 1.0232 1.0213 1.0196 1.0179 1.0164 1.0149 1.0135 1.0123 39 1.0303 1.0280 1.0258 1.0238 1.0218 1.0200 1.0182 1.0166 1.0151 1.0137 40 1.0337 1.0312 1.0288 1.0265 1.0243 1.0223 1.0204 1.0186 1.0169 1.0153 41 1.0375 1.0347 1.0320 1.0295 1.0271 1.0249 1.0228 1.0208 1.0189 1.0172 42 1.0417 1.0386 1.0357 1.0329 1.0303 1.0278 1.0254 1.0232 1.0212 1.0193 43 1.0463 1.0429 1.0397 1.0366 1.0337 1.0310 1.0284 1.0260 1.0237 1.0216 44 1.0514 1.0477 1.0441 1.0408 1.0376 1.0346 1.0317 1.0290 1.0265 1.0241 45 1.0570 1.0529 1.0490 1.0453 1.0418 1.0385 1.0353 1.0324 1.0296 1.0269 46 1.0631 1.0586 1.0543 1.0503 1.0464 1.0427 1.0393 1.0360 1.0329 1.0300 47 1.0697 1.0648 1.0602 1.0557 1.0514 1.0474 1.0436 1.0400 1.0366 1.0334 48 1.0770 1.0716 1.0665 1.0616 1.0569 1.0525 1.0483 1.0444 1.0406 1.0371 49 1.0849 1.0790 1.0734 1.0680 1.0629 1.0581 1.0535 1.0491 1.0450 1.0411 50 1.0935 1.0871 1.0809 1.0751 1.0695 1.0642 1.0591 1.0543 1.0498 1.0455 51 1.1028 1.0959 1.0892 1.0828 1.0766 1.0708 1.0653 1.0600 1.0550 1.0503 52 1.1130 1.1054 1.0982 1.0912 1.0845 1.0781 1.0720 1.0663 1.0608 1.0556 53 1.1242 1.1159 1.1080 1.1004 1.0931 1.0861 1.0794 1.0731 1.0671 1.0614 54 1.1364 1.1274 1.1188 1.1105 1.1025 1.0949 1.0876 1.0807 1.0741 1.0678 55 1.1497 1.1400 1.1306 1.1216 1.1129 1.1046 1.0966 1.0890 1.0818 1.0749 56 1.1643 1.1538 1.1436 1.1338 1.1243 1.1152 1.1065 1.0982 1.0903 1.0828 57 1.1804 1.1690 1.1580 1.1473 1.1370 1.1271 1.1175 1.1084 1.0997 1.0915 58 1.1981 1.1858 1.1738 1.1622 1.1510 1.1402 1.1298 1.1198 1.1103 1.1012 59 1.2175 1.2042 1.1913 1.1787 1.1665 1.1547 1.1434 1.1325 1.1221 1.1121 60 1.2390 1.2246 1.2106 1.1970 1.1837 1.1709 1.1585 1.1466 1.1352 1.1243 61 1.2626 1.2471 1.2320 1.2172 1.2028 1.1889 1.1754 1.1624 1.1499 1.1380 62 1.2886 1.2720 1.2556 1.2396 1.2241 1.2089 1.1942 1.1800 1.1664 1.1533 63 1.3172 1.2993 1.2817 1.2644 1.2475 1.2311 1.2151 1.1997 1.1847 1.1704 64 1.3487 1.3294 1.3104 1.2918 1.2735 1.2557 1.2383 1.2215 1.2051 1.1894 65 1.3830 1.3623 1.3419 1.3218 1.3021 1.2827 1.2639 1.2456 1.2278 1.2106 66 1.4204 1.3983 1.3763 1.3547 1.3334 1.3125 1.2920 1.2721 1.2527 1.2340 67 1.4610 1.4373 1.4137 1.3904 1.3674 1.3449 1.3227 1.3011 1.2801 1.2596 68 1.5050 1.4796 1.4544 1.4294 1.4046 1.3803 1.3564 1.3329 1.3101 1.2878 69 1.5532 1.5261 1.4990 1.4722 1.4456 1.4193 1.3935 1.3681 1.3433 1.3191 70 1.6062 1.5772 1.5482 1.5194 1.4908 1.4625 1.4346 1.4072 1.3803 1.3540
-25- SPX Corporation Supplemental Retirement Plan for Top Management Equivalent Benefit Payabe Under Single Life Annuity Option for Each $1.00 of Life Annuity Otherwise Payable
EMPLOYEE'S BENEFICIARY'S AGE AGE 70 71 72 73 74 75 76 77 78 79 20 1.0024 1.0022 1.0020 1.0018 1.0016 1.0015 1.0013 1.0012 1.0011 1.0010 21 1.0025 1.0023 1.0021 1.0019 1.0017 1.0016 1.0014 1.0013 1.0012 1.0011 22 1.0027 1.0024 1.0022 1.0020 1.0018 1.0017 1.0015 1.0014 1.0012 1.0011 23 1.0028 1.0026 1.0024 1.0021 1.0019 1.0018 1.0016 1.0014 1.0013 1.0012 24 1.0030 1.0028 1.0025 1.0023 1.0021 1.0019 1.0017 1.0015 1.0014 1.0013 25 1.0033 1.0030 1.0027 1.0024 1.0022 1.0020 1.0018 1.0016 1.0015 1.0013 26 1.0035 1.0032 1.0029 1.0026 1.0024 1.0022 1.0019 1.0018 1.0016 1.0014 27 1.0038 1.0035 1.0031 1.0028 1.0026 1.0023 1.0021 1.0019 1.0017 1.0015 28 1.0041 1.0038 1.0034 1.0031 1.0028 1.0025 1.0023 1.0020 1.0018 1.0016 29 1.0045 1.0041 1.0037 1.0033 1.0030 1.0027 1.0024 1.0022 1.0020 1.0018 30 1.0049 1.0045 1.0040 1.0036 1.0033 1.0029 1.0027 1.0024 1.0021 1.0019 31 1.0054 1.0049 1.0044 1.0040 1.0036 1.0032 1.0029 1.0026 1.0023 1.0021 32 1.0059 1.0054 1.0048 1.0044 1.0039 1.0035 1.0032 1.0028 1.0025 1.0023 33 1.0065 1.0059 1.0053 1.0048 1.0043 1.0039 1.0035 1.0031 1.0028 1.0025 34 1.0072 1.0065 1.0059 1.0053 1.0047 1.0043 1.0038 1.0034 1.0031 1.0027 35 1.0080 1.0072 1.0065 1.0059 1.0053 1.0047 1.0042 1.0038 1.0034 1.0030 36 1.0089 1.0080 1.0072 1.0065 1.0058 1.0052 1.0047 1.0042 1.0037 1.0033 37 1.0099 1.0090 1.0081 1.0072 1.0065 1.0058 1.0052 1.0047 1.0042 1.0037 38 1.0111 1.0100 1.0090 1.0081 1.0073 1.0065 1.0058 1.0052 1.0047 1.0041 39 1.0124 1.0112 1.0101 1.0091 1.0081 1.0073 1.0065 1.0058 1.0052 1.0046 40 1.0139 1.0125 1.0113 1.0102 1.0091 1.0082 1.0073 1.0066 1.0059 1.0052 41 1.0156 1.0141 1.0127 1.0114 1.0103 1.0092 1.0083 1.0074 1.0066 1.0059 42 1.0175 1.0158 1.0143 1.0128 1.0116 1.0104 1.0093 1.0084 1.0075 1.0067 43 1.0196 1.0177 1.0160 1.0144 1.0130 1.0117 1.0105 1.0094 1.0085 1.0076 44 1.0219 1.0199 1.0180 1.0162 1.0146 1.0132 1.0118 1.0106 1.0095 1.0085 45 1.0245 1.0222 1.0201 1.0182 1.0164 1.0148 1.0133 1.0120 1.0107 1.0096 46 1.0273 1.0248 1.0225 1.0203 1.0184 1.0166 1.0149 1.0134 1.0121 1.0108 47 1.0304 1.0276 1.0250 1.0227 1.0205 1.0185 1.0167 1.0150 1.0135 1.0121 48 1.0338 1.0307 1.0279 1.0252 1.0228 1.0206 1.0186 1.0168 1.0151 1.0136 49 1.0375 1.0341 1.0309 1.0280 1.0254 1.0229 1.0207 1.0187 1.0168 1.0151 50 1.0415 1.0378 1.0343 1.0311 1.0282 1.0255 1.0230 1.0207 1.0187 1.0168 51 1.0459 1.0418 1.0380 1.0345 1.0312 1.0282 1.0255 1.0230 1.0207 1.0187 52 1.0508 1.0462 1.0420 1.0381 1.0346 1.0313 1.0283 1.0255 1.0230 1.0207 53 1.0561 1.0511 1.0465 1.0422 1.0382 1.0346 1.0313 1.0282 1.0254 1.0229 54 1.0620 1.0565 1.0514 1.0466 1.0423 1.0383 1.0346 1.0312 1.0282 1.0254 55 1.0685 1.0624 1.0568 1.0516 1.0468 1.0424 1.0383 1.0346 1.0312 1.0281 56 1.0757 1.0690 1.0628 1.0571 1.0518 1.0469 1.0424 1.0383 1.0345 1.0311 57 1.0837 1.0763 1.0695 1.0632 1.0574 1.0520 1.0470 1.0425 1.0383 1.0345 58 1.0926 1.0846 1.0771 1.0701 1.0636 1.0577 1.0522 1.0471 1.0425 1.0383 59 1.1027 1.0938 1.0855 1.0778 1.0707 1.0641 1.0580 1.0524 1.0473 1.0426 60 1.1139 1.1042 1.0950 1.0865 1.0786 1.0714 1.0646 1.0584 1.0528 1.0476 61 1.1266 1.1158 1.1058 1.0964 1.0877 1.0796 1.0721 1.0653 1.0589 1.0532 62 1.1408 1.1289 1.1178 1.1075 1.0978 1.0889 1.0806 1.0730 1.0660 1.0596 63 1.1567 1.1436 1.1314 1.1200 1.1093 1.0994 1.0903 1.0818 1.0740 1.0668 64 1.1744 1.1601 1.1466 1.1340 1.1223 1.1113 1.1011 1.0917 1.0831 1.0751 65 1.1941 1.1784 1.1636 1.1497 1.1367 1.1246 1.1134 1.1029 1.0933 1.0844 66 1.2160 1.1987 1.1825 1.1672 1.1529 1.1395 1.1270 1.1154 1.1047 1.0949 67 1.2399 1.2211 1.2032 1.1864 1.1707 1.1559 1.1421 1.1293 1.1174 1.1065 68 1.2663 1.2457 1.2262 1.2077 1.1904 1.1741 1.1589 1.1448 1.1316 1.1194 69 1.2957 1.2732 1.2518 1.2316 1.2125 1.1946 1.1778 1.1621 1.1476 1.1341 70 1.3285 1.3039 1.2805 1.2583 1.2374 1.2177 1.1992 1.1819 1.1657 1.1507
-26- SPX Corporation Supplemental Retirement Plan for Top Management Equivalent Benefit Payabe Under Single Life Annuity Option for Each $1.00 of Life Annuity Otherwise Payable
EMPLOYEE'S BENEFICIARY'S AGE AGE 80 81 82 83 84 85 86 87 88 89 20 1.0009 1.0008 1.0007 1.0007 1.0006 1.0005 1.0005 1.0004 1.0004 1.0003 21 1.0009 1.0009 1.0008 1.0007 1.0006 1.0006 1.0005 1.0004 1.0004 1.0004 22 1.0010 1.0009 1.0008 1.0007 1.0007 1.0006 1.0005 1.0005 1.0004 1.0004 23 1.0011 1.0010 1.0009 1.0008 1.0007 1.0006 1.0006 1.0005 1.0004 1.0004 24 1.0011 1.0010 1.0009 1.0008 1.0007 1.0007 1.0006 1.0005 1.0005 1.0004 25 1.0012 1.0011 1.0010 1.0009 1.0008 1.0007 1.0006 1.0006 1.0005 1.0004 26 1.0013 1.0012 1.0010 1.0009 1.0008 1.0007 1.0007 1.0006 1.0005 1.0005 27 1.0014 1.0012 1.0011 1.0010 1.0009 1.0008 1.0007 1.0006 1.0006 1.0005 28 1.0015 1.0013 1.0012 1.0011 1.0010 1.0009 1.0008 1.0007 1.0006 1.0005 29 1.0016 1.0014 1.0013 1.0011 1.0010 1.0009 1.0008 1.0007 1.0006 1.0006 30 1.0017 1.0015 1.0014 1.0012 1.0011 1.0010 1.0009 1.0008 1.0007 1.0006 31 1.0019 1.0017 1.0015 1.0013 1.0012 1.0011 1.0009 1.0008 1.0007 1.0007 32 1.0020 1.0018 1.0016 1.0015 1.0013 1.0012 1.0010 1.0009 1.0008 1.0007 33 1.0022 1.0020 1.0018 1.0016 1.0014 1.0013 1.0011 1.0010 1.0009 1.0008 34 1.0024 1.0022 1.0019 1.0017 1.0015 1.0014 1.0012 1.0011 1.0010 1.0008 35 1.0027 1.0024 1.0021 1.0019 1.0017 1.0015 1.0013 1.0012 1.0010 1.0009 36 1.0030 1.0027 1.0024 1.0021 1.0019 1.0017 1.0015 1.0013 1.0011 1.0010 37 1.0033 1.0029 1.0026 1.0023 1.0021 1.0018 1.0016 1.0014 1.0013 1.0011 38 1.0037 1.0033 1.0029 1.0026 1.0023 1.0020 1.0018 1.0016 1.0014 1.0012 39 1.0041 1.0037 1.0033 1.0029 1.0026 1.0023 1.0020 1.0018 1.0016 1.0014 40 1.0047 1.0041 1.0037 1.0033 1.0029 1.0026 1.0023 1.0020 1.0018 1.0015 41 1.0053 1.0047 1.0042 1.0037 1.0033 1.0029 1.0026 1.0023 1.0020 1.0017 42 1.0060 1.0053 1.0047 1.0042 1.0037 1.0033 1.0029 1.0026 1.0023 1.0020 43 1.0068 1.0060 1.0054 1.0048 1.0042 1.0038 1.0033 1.0029 1.0026 1.0023 44 1.0076 1.0068 1.0061 1.0054 1.0048 1.0043 1.0038 1.0033 1.0029 1.0026 45 1.0086 1.0077 1.0069 1.0061 1.0054 1.0048 1.0043 1.0038 1.0033 1.0029 46 1.0097 1.0087 1.0077 1.0069 1.0062 1.0055 1.0049 1.0043 1.0038 1.0033 47 1.0109 1.0097 1.0087 1.0078 1.0069 1.0062 1.0055 1.0048 1.0043 1.0038 48 1.0122 1.0109 1.0098 1.0087 1.0078 1.0069 1.0061 1.0054 1.0048 1.0043 49 1.0136 1.0122 1.0109 1.0097 1.0087 1.0077 1.0069 1.0061 1.0054 1.0048 50 1.0151 1.0135 1.0121 1.0109 1.0097 1.0086 1.0077 1.0068 1.0060 1.0053 51 1.0168 1.0151 1.0135 1.0121 1.0108 1.0096 1.0086 1.0076 1.0067 1.0060 52 1.0186 1.0167 1.0150 1.0134 1.0120 1.0107 1.0095 1.0085 1.0075 1.0066 53 1.0206 1.0185 1.0166 1.0149 1.0133 1.0119 1.0106 1.0094 1.0083 1.0074 54 1.0228 1.0205 1.0184 1.0165 1.0147 1.0131 1.0117 1.0104 1.0092 1.0082 55 1.0253 1.0227 1.0204 1.0182 1.0163 1.0146 1.0130 1.0115 1.0102 1.0090 56 1.0280 1.0251 1.0226 1.0202 1.0181 1.0161 1.0144 1.0128 1.0113 1.0100 57 1.0310 1.0279 1.0250 1.0224 1.0200 1.0179 1.0159 1.0142 1.0126 1.0111 58 1.0345 1.0310 1.0278 1.0249 1.0223 1.0199 1.0177 1.0157 1.0139 1.0123 59 1.0384 1.0345 1.0309 1.0277 1.0248 1.0221 1.0197 1.0175 1.0155 1.0137 60 1.0428 1.0385 1.0345 1.0310 1.0277 1.0247 1.0220 1.0196 1.0173 1.0153 61 1.0479 1.0431 1.0387 1.0347 1.0310 1.0277 1.0247 1.0219 1.0194 1.0172 62 1.0537 1.0483 1.0434 1.0389 1.0348 1.0311 1.0277 1.0246 1.0219 1.0193 63 1.0603 1.0543 1.0488 1.0438 1.0392 1.0350 1.0312 1.0278 1.0247 1.0218 64 1.0678 1.0611 1.0549 1.0493 1.0442 1.0395 1.0353 1.0314 1.0279 1.0247 65 1.0763 1.0688 1.0619 1.0556 1.0499 1.0447 1.0399 1.0355 1.0316 1.0280 66 1.0858 1.0774 1.0698 1.0628 1.0563 1.0504 1.0451 1.0402 1.0357 1.0317 67 1.0964 1.0871 1.0785 1.0707 1.0635 1.0569 1.0509 1.0454 1.0404 1.0358 68 1.1082 1.0978 1.0883 1.0796 1.0715 1.0641 1.0574 1.0512 1.0456 1.0405 69 1.1216 1.1101 1.0994 1.0897 1.0807 1.0724 1.0648 1.0579 1.0516 1.0458 70 1.1369 1.1240 1.1122 1.1013 1.0912 1.0819 1.0734 1.0657 1.0585 1.0521
-27-