Amendment to SPX Corporation 1997 Non-Employee Directors’ Compensation Plan
This amendment, effective January 1, 2007, modifies the SPX Corporation 1997 Non-Employee Directors’ Compensation Plan. It increases the annual flat fee retainer for non-employee directors from $60,000 to $75,000 for service after December 31, 2006, with the amount prorated for partial years of board membership. The amendment is made under the authority reserved in the plan's amendment section.
Exhibit 10.66
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 January 1, 2007, SPX Corporation hereby amends the Plan in the following manner:
1. Section 8.2 is amended by replacing the first sentence with the following:
“With respect to service during each calendar year (or portion thereof) after December 31, 2004 but before January 1, 2007, each Non-Employee Director shall be entitled to receive a flat fee retainer payment at an annual rate of $60,000 (prorated for partial years of Board membership). With respect to service during each calendar year (or portion thereof) after December 31, 2006, each Non-Employee Director shall be entitled to receive a flat fee retainer payment at an annual rate of $75,000 (prorated for partial years of Board membership).”
