Exhibit 10.2


 





 


SPX Corporation


 


Relocation Agreement


 


I have been provided with
a copy of SPX Corporation’s Relocation Policy (the “Policy”). I have read the
Policy, understand my benefits and responsibilities, and agree to be bound by
its terms and conditions.  I understand
that pursuant to the terms of the Separation of Employment and Relocation
Agreement section of the policy, I may be required to reimburse SPX
Corporation for its expenditures related to my relocation, if within one (1) year
of the effective date of my position with SPX Corporation, VP, Secretary and
General Counsel, which is January 1, 2006, I terminate my employment
voluntarily and without good reason. Each month of service with SPX will reduce
my repayment obligation by 1/12 of the relocation assistance.


 


 


Dated this 6 day of
January, 2006.


 


 


	
  /s/ Kevin L.
  Lilly

  	
   

  
	
  Employee
  Signature

  
	
   

  
	
   

  
	
  /s/ Kevin L.
  Lilly

  	
   

  
	
  Employee Name
  (please print)

  



 


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Kevin Lilly


 


	
  BENEFIT

  	
   

  	
  DESCRIPTION

  
	
  Administration

  	
   

  	
  •   All
  relocation benefits will be administered through SIRVA Relocation LLC
  (SIRVA).

  
	
   

  	
   

  	
  •   Benefits
  cannot begin until employee returns a signed Relocation Agreement to Human
  Resources.

  
	
  Expense
  Reimbursement

  	
   

  	
  •   A
  relocation expense form is
  submitted to SIRVA Relocation Counselor with original receipts.

  
	
   

  	
   

  	
  •   Receipts
  required for expenses over $25.

  
	
   

  	
   

  	
  •   Do not submit expenses on a business expense form.

  
	
   

  	
   

  	
  •   If
  unsure if expense is reimbursable, contact SIRVA prior to incurring the
  expense.

  
	
   

  	
   

  	
  •   SIRVA
  will distribute reimbursement funds.

  
	
   

  	
   

  	
  •   Relocation
  expense forms are not needed for expenses covered by a lump sum.

  
	
  Home Sale
  Assistance

  	
   

  	
  •   Participation
  in the Home Sale Assistance program is mandatory.

  
	
   

  	
   

  	
  •   Qualifications:

  
	
   

  	
   

  	
  •   Employee’s
  home cannot be listed prior to initiation in SIRVA’s program.

  
	
   

  	
   

  	
  •   All
  program procedures must be followed.

  
	
   

  	
   

  	
  •   Employee
  must warrant that they own and occupied the home.

  
	
   

  	
   

  	
  •   All
  required home sale paperwork including a Homeowner’s Disclosure must be
  executed before proceeding with program.

  
	
   

  	
   

  	
  •   SIRVA
  orders Broker Market Analyses (BMA) from two SIRVA approved agents.

  
	
   

  	
   

  	
  •   Listing
  agent is chosen.

  
	
   

  	
   

  	
  •   SIRVA
  will list home for sale at a price not more than 105% higher than the most
  probable sales price based on the two BMAs.

  
	
   

  	
   

  	
  •   SIRVA
  assists in marketing the home.

  
	
   

  	
   

  	
  •   If
  after 60 days a buyer has not been procured the appraisal/inspection process
  begins.

  
	
   

  	
   

  	
  •   If
  after 90 days a buyer still has not been procured, SIRVA will make an offer
  to purchase the home subject to inspection results. This offer is available
  for up to 60 days.

  
	
  Homefinding
  Service

  	
   

  	
  •   Employee
  must allow SIRVA to make the first contact with the real estate agent(s) in
  the new location.

  
	
   

  	
   

  	
  •   Service
  includes:

  
	
   

  	
   

  	
  •   An
  evaluation of employee’s needs and wants.

  
	
   

  	
   

  	
  •   Assistance
  with agent selection.

  
	
   

  	
   

  	
  •   Assistance
  with purchase guidelines, negotiations and contracts.

  
	
   

  	
   

  	
  •   Assistance
  obtaining a new mortgage.

  
	
  Homefinding Trip

  	
   

  	
  •   Company
  will provide a lump sum payment calculated by a software program for
  anticipated homefinding expenses.

  
	
   

  	
   

  	
  •   Lump
  sum distributed upon effective date of transfer provided repayment agreement
  is signed and returned.

  
	
  Reimbursable
  Home Purchase Costs

  	
   

  	
  •   Employee
  must submit a Relocation Expense Reporting Form with appropriate
  documentation to SIRVA for reimbursement of new home purchase expenses. SIRVA
  will advance purchase closing costs off a good faith estimate.

  



 


Confidential
information—absolutely may not be distributed or used without the prior written
consent of SIRVA Relocation LLC.


 


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  BENEFIT

  	
   

  	
  DESCRIPTION

  
	
  Rented Residence

  	
   

  	
  •   Lease
  cancellation penalty fee reimbursed up to the amount of two months’ rent
  expense.

  
	
  Temporary Living

  	
   

  	
  Choice A – Lump Sum

  
	
   

  	
   

  	
  •   Employee
  may choose to receive a lump sum payment (calculated by a software program)
  for anticipated temporary living expenses.

  
	
   

  	
   

  	
  Choice
  B – Direct Reimbursement

  
	
   

  	
   

  	
  •   Employee
  and family expenses reimbursed for up to 60 days at new location while
  awaiting permanent housing.

  
	
   

  	
   

  	
  •   Reimbursable
  expenses include lodging and rental car.

  
	
   

  	
   

  	
  •   Meals
  (a supplemental stipend)

  
	
   

  	
   

  	
  •   $250
  a month if cooking facilities available

  
	
   

  	
   

  	
  •   $400
  a month if without cooking facilities

  
	
   

  	
   

  	
  •   Trips
  home

  
	
   

  	
   

  	
  •   One
  trip home for every two weeks of temporary living, 4 trip maximum.

  
	
   

  	
   

  	
  •   Spouse
  may make trip to new location in lieu of employee returning to former
  location.

  
	
   

  	
   

  	
  •   Only
  transportation is reimbursable.

  
	
  Household Goods
  Move

  	
   

  	
  •   A
  Company-approved mover is selected.

  
	
   

  	
   

  	
  •   Service
  includes packing, transporting, unloading, unpacking and reassembly.

  
	
   

  	
   

  	
  •   Any
  item(s) lost or damaged while in carrier’s custody, will be either repaired
  or replaced with a similar kind or carrier will pay replacement value of such
  item(s).

  
	
   

  	
   

  	
  •   Maximum
  liability for loss or damage shall be $7.00 per pound, times the actual
  weight of the shipment or $100,000, whichever is less.

  
	
   

  	
   

  	
  •   Storage
  in transit up to 120 days.

  
	
   

  	
   

  	
  •   Up
  to two vehicles shipped to new location if distance is greater than 500
  miles.

  
	
  Travel to the New
  Location

  	
   

  	
  •   Reimbursable
  en route expenses include meals, lodging and transportation.

  
	
  Miscellaneous
  Allowance

  	
   

  	
  •   One
  month’s base salary (grossed-up) to cover miscellaneous expenses.

  
	
  Tax Liability
  Assistance

  	
   

  	
  •   Company
  will pay the estimated tax liability (federal, state and FICA) which arises
  from the taxable portion of certain reimbursed moving expenses.

  



 


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