Document:

Exhibit
10.2

 

 

SPX Corporation Executive Long-Term Disability Plan

 

Plan Document

 

Effective January 1, 2006

 

 

Table
of Contents

 

	
  Table of Contents

  	
  2

  
	
  Schedule of Benefits

  	
  4

  
	
  Eligibility

  	
  5

  
	
  Effective Date of Coverage

  	
  5

  
	
  Cost of Coverage and Payments

  	
  5

  
	
  Definition of Disability

  	
  5

  
	
  What’s Not Covered

  	
  5

  
	
  Receiving Your Benefit

  	
  5

  
	
  Waiting Period

  	
  6

  
	
  Benefit Amount

  	
  6

  
	
  Social Security Assistance Program

  	
  7

  
	
  Maximum Benefit Period

  	
  7

  
	
  Pre-existing Condition

  	
  8

  
	
  Rehabilitation Benefit

  	
  8

  
	
  Family Care Expense Benefit

  	
  8

  
	
  Coordination with Other Income Benefits

  	
  9

  
	
  Effect on Other Benefits

  	
  9

  
	
  When Benefits End

  	
  10

  
	
  When Your Eligibility for Executive LTD Coverage Ends

  	
  11

  
	
  Returning to Work

  	
  11

  
	
  Family and Medical Leave Act of 1993 (FMLA)

  	
  11

  
	
  Recurrent Disability

  	
  11

  
	
  Claim Filing Procedure

  	
  11

  
	
  Filing a Claim

  	
  11

  
	
  When You Can Expect to Learn if Benefits Have Been Approved

  	
  12

  
	
  How You Will Learn of a Benefits Determination

  	
  12

  
	
  How You Appeal Benefit Denials

  	
  12

  
	
  General Provisions

  	
  14

  
	
  Administration of the Plan

  	
  14

  
	
  Benefits Not Transferable

  	
  14

  
	
  Cancellation of Coverage

  	
  14

  
	
  Clerical Error

  	
  14

  
	
  Conformity with Statutes

  	
  15

  
	
  Effective Date of the Plan

  	
  15

  
	
  Incapacity

  	
  15

  
	
  Limits on Liability

  	
  15

  
	
  Lost Distributees

  	
  15

  
	
  Misrepresentation

  	
  15

  
	
  No Fault Coordination

  	
  15

  
	
  Examinations Required by the Plan

  	
  15

  
	
  Plan Is Not a Contract

  	
  16

  
	
  Plan Modification and Amendment

  	
  16

  
	
  Plan Termination

  	
  16

  
	
  Recovery of Overpayment

  	
  16

  
	
  Time Effective

  	
  16

  
	
  Workers’ Compensation Not Affected

  	
  16

  
	
  Administrative Information

  	
  17

  
	
  Glossary of Terms

  	
  18

  

 

2

 

Using This Booklet

 

This benefits booklet
provides information about the SPX Corporation Executive Long-Term Disability
(Executive LTD) Plan (the Plan) effective for disabilities beginning on or
after January 1, 2006.  It describes the
most important features of the Plan in detail, including eligibility and
benefit amounts.  This booklet also
includes information on filing claims and coordinating benefits with those from
other income sources.  This information
may not apply to employees of particular SPX divisions or business units.  This booklet is the official Plan document
for the SPX Corporation Executive Long-Term Disability Plan.

 

Care
has been taken to explain the Plan as clearly as possible.  Executive LTD benefits provide financial
security in case of illness or injury. 
For a thorough understanding of how the Plan works, be sure to consult
the “Schedule of Benefits” and the “Glossary of Terms”, as well as the body of
this booklet.

 

Italicized
words are defined terms that are either defined in the text or can be found in
the “Glossary of Terms” section of this booklet.

 

Please
keep this booklet for your future reference.

 

3

 

Schedule
of Benefits

 

The following “Schedule of Benefits” is designed as
a quick reference.  For complete
provisions of the Plan’s benefits,
refer to the following sections:  “Receiving
Your Benefit”, “Benefit Amount”, and “Maximum Benefit Period”.

 

	
   

  	
   

  	
  Benefit Amount

  	
   

  	
  Duration

  
	
  After 26 weeks of continuous
  disability as defined in the Plan (except mental/nervous,
  neuromusculoskeletal or soft tissue disorders without objective medical
  evidence, or chronic fatigue syndrome)

  	
   

  	
  60% of the following:

  •      pre-disability annual base pay, minus $200,000

  •      plus
  *target bonus, minus $200,000 

  	
   

  	
  Until no longer disabled or age 65, whichever is
  earlier.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  After 26 weeks of
  continuous disability as
  defined in the Plan for
  mental/nervous, neuromusculosketal or soft tissue disorders without objective
  medical evidence, or chronic fatigue syndrome

  	
   

  	
  60% of the following:

  •      pre-disability annual base pay,
  minus $200,000

  •      plus
  *target bonus, minus $200,000

  	
   

  	
  24 months from the
  onset of disability (generally
  18 months from the start of long-term disability
  benefits), unless confined to a hospital or other institution, or the disability results from schizophrenia,
  bipolar disorder, dementia, or organic brain disease.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Participation in an
  approved Rehabilitation Services Program
  while receiving long-term disability benefits
  under this Plan

  	
   

  	
  70% of the following:

  •      pre-disability annual base pay, minus $200,000

  •      plus
  *target bonus, minus $200,000

  	
   

  	
  Until participation in Rehabilitation Services Program ends.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Day care expenses
  necessary for participation in an approved Rehabilitation
  Services Program

  	
   

  	
  Reimbursement of
  expense incurred, up to $250 per month per eligible family member.  You
  are only eligible for one family care expense benefit from all applicable SPX
  disability plans.

  	
   

  	
  Until participation in Rehabilitation Services Program ends.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pay from a modified
  job, an alternate job or from part-time work while you remain disabled
  under the Plan

  	
   

  	
  1st 18
  months of long-term disability
  benefits:  No reduction in Executive
  LTD benefits unless your Executive and other SPX LTD benefits combined with
  income from employment exceed your pre-disability earnings.

   

  After 18 months of
  Executive LTD benefits, Executive LTD benefits are reduced by 50% of income
  from other employment to a combined total of no more than 100% of your indexed pre-disability earnings.

  	
   

  	
  Until you cease other
  employment while still covered by the Plan
  or until you are no longer determined to be disabled
  under the Plan.

  

 

*For purposes of
determining the Benefit Amount, the portion of the target bonus in excess of
100% shall not be considered.

 

4

 

Eligibility

 

An employee
shall become a participant in the Plan upon
designation as such by the Board of Directors (the “Board”) or the Compensation
Committee of the Board of Directors (the “Committee”).

 

Effective
Date of Coverage

 

If you are designated to participate in the Plan, you are covered under the Plan effective as of your date of hire, or
appointment by the Board or the Committee to participate, whichever is later.

 

Cost
of Coverage and Payments

 

The Employer pays
the full cost of your Executive LTD coverage. 
Because the Employer pays
for this benefit, benefits from the Plan
are subject to certain taxes when received.

 

Executive LTD benefit payments are made by
GatesMcDonald (parent company Nationwide) monthly and are mailed to your home
address.

 

Definition
of Disability

 

You are considered disabled
under this Plan if, due to a
non-work-related illness or accidental injury, you are receiving appropriate care and treatment from a physician on a regular basis and:

•                  for the first 24 months from the onset of the
disability, you are not able to
earn 70% of your pre-disability base pay
from your regular occupation in
the local economy; or

•                  beyond 24 months, you are not able to earn
60% of your pre-disability base pay
at any occupation for which you
are reasonably qualified in the local
economy.

 

The determination of whether you are disabled,
including (without limitation) if you are receiving “appropriate care and treatment” is made by SPX and the Claims Administrator.  Your occupation
is broader than your specific job.  It
refers to the activities you regularly perform that serve as your source of
income.  It is not limited to your
specific position at SPX.

 

The Plan contains
a pre-existing condition
limitation.  Please refer to the section
of this document entitled, “Pre-existing Condition.”

 

What’s Not Covered

 

The Plan
does not cover disabilities due
to:

•                  Work-related injuries or illnesses;

•                  War or act of war or while you are in the
military service of any country at war;

•                  Commission of a felony;

•                  Elective medical or surgical care for
cosmetic reasons; or

•                  Any pre-existing
condition until the requirements for coverage of the condition have
been met.

 

Receiving
Your Benefit

 

To receive benefits under the Plan, you must

•                  be disabled
as defined by the Plan;

 

5

 

•                  provide proof of your disability;

•                  be receiving appropriate
care and treatment from a physician;

•                  submit the information requested by the Claims Administrator

•                  comply with a reasonable course of treatment;

•                  comply with any rehabilitation, modified
work, or retraining programs offered to you;

•                  undergo an independent medical examination or
other examinations at the Claims
Administrator’s request;

•                  inform the Claims
Administrator of any other income you’re receiving that is listed
under “Coordination with Other Income Benefits” in this document; and

•                  apply for Social Security Disability Income
benefits, other disability benefits to which you’re entitled or other benefits
to which you are entitled that may reduce or offset your Executive LTD benefit,
in a timely manner.

 

Waiting
Period

 

The waiting
period begins the day you become disabled
and is a period of 26 weeks during which benefits are not payable from the Plan. 
If you return to work for 30 days or less during the waiting period, those days will count
toward the waiting period.  However, if you return to work for more than
30 days before satisfying the waiting period,
you will have to complete a new waiting
period.  If you work part–time
as part of a rehabilitation services program,
that time counts toward the waiting period.

 

Benefit
Amount

 

Your Executive LTD benefits are based on your earnings prior to your disability.  The Plan
provides a benefit equal to 60% of your pre-disability earnings.  Your Executive LTD benefit is based on your pre-disability earnings as of your last day worked.

 

If you are participating in an approved rehabilitation services program, your
Executive LTD benefit will be increased to 70%. In addition, you may receive
monthly payments of up to $250 per eligible
family member for family care
expenses.  Please see the Rehabilitation Benefit section
of the Plan for more information.

 

How can the Claims Administrator
help with Social Security Benefits?

 

The Plan
will provide a Social Security Assistance Program, as described below.  Under this program, while you remain disabled as defined by the Plan, the Claims
Administrator will provide assistance with the following:

•                  Selecting the
best time to apply

•                  Providing you
with a list of information Social Security will require when you apply

•                  Expert
assistance throughout the application process

•                  Expert guidance
through the appeal process, if your situation warrants continuing the appeal
process

•                  Assistance
during the appeal process may include: 
reconsideration by the Social Security Administration, a hearing before
an administrative law judge, review by an Appeals Council within the Social
Security Administration, a civil suit in Federal Court, or referral to an
attorney who specializes in Social Security law.  (The cost for the attorney may be deducted
from the amount of your repayment to the Claims
Administrator if Social Security disability benefits are awarded.)

 

6

 

Social Security
Assistance Program

 

Why apply for Social Security
Disability Benefits?

 

Protects Your Retirement Benefit

 

When you are approved for Social Security disability
benefits, the Social Security Administration will freeze your base pay record as of the date Social
Security determines that your disability began. 
This means that the time you are unable to work because of your disability will not be counted against you
in calculating your base pay for
retirement and for survivors’ benefits.

 

Provides Medicare Protection

 

Once you have received 24 months of Social Security
disability benefits, you will have Medicare protection for hospital
expenses.  You will also be eligible to
apply for the medical insurance portion of Medicare.

 

Trial Work Period

 

Social Security provides a trial work period for
purposes of rehabilitation for disabled workers who return to work while still
disabled.  Full Social Security checks
can continue for up to 9 months during the trial work period.

 

No Reduction in Executive LTD Benefits for
Cost-of-Living Increases

 

Your Executive LTD benefit will be reduced by the
amount of the Social Security benefit provided to you and your dependents when
it is first awarded.  However, future
cost-of-living increases to your Social Security benefit or to that of your
dependents will not further reduce your Executive LTD benefit.

 

Maximum Benefit Period

 

Benefits are available until the earlier of

•                  the end of your disability, or

•                  age 65, provided you become disabled prior to age 60.

 

If you become disabled
at or after age 60, you receive benefits according to the following schedule:

 

	
  If
  you become disabled at age...

  	
   

  	
  Your maximum benefit period is...

  
	
  60

  	
   

  	
  60 months

  
	
  61

  	
   

  	
  48 months

  
	
  62

  	
   

  	
  42 months

  
	
  63

  	
   

  	
  36 months

  
	
  64

  	
   

  	
  30 months

  
	
  65

  	
   

  	
  24 months

  
	
  66

  	
   

  	
  21 months

  
	
  67

  	
   

  	
  18 months

  
	
  68

  	
   

  	
  15 months

  
	
  69 and over

  	
   

  	
  12 months

  

 

Executive LTD
disability benefits are limited to 18 months of benefit payments
during a lifetime if you become disabled
due to any of the following, unless you are confined in a hospital or other
institution, or the disability
results from schizophrenia, bipolar disorder, dementia, or organic brain
disease:

•                  Mental or nervous disorder (except as noted
above);

•                  Alcohol, drug, or substance abuse or
dependency;

 

7

 

•                  Neuromusculoskeletal or soft tissue disorder,
unless there is objective medical evidence of certain conditions; or

•                  Chronic fatigue syndrome and related
conditions.

 

In addition, benefits for a disability due to alcohol, drug, or
substance abuse or dependency will not continue beyond the earlier of the
following:

•                  The date 18 monthly Executive LTD benefit
payments have been made;

•                  The date participation in a rehabilitation services program ends;

•                  The date of refusal to participate in an
available rehabilitation services program;
or

•                  The date a rehabilitation
services program is completed.

 

Pre-existing Condition

 

An injury, illness, or pregnancy for which an employee, in the three months before
coverage by this Plan:

 

•             received medical treatment,
consultation, care, or services;

•             took prescription
medications or had medications prescribed; or

•                  had symptoms or conditions that would cause a
reasonable, prudent person to seek diagnosis, care, or treatment.

 

The Plan will not provide
benefits for the pre-existing condition
or a related condition unless the onset of disability
related to the pre-existing condition occurs more than 12 months from the 1st
day the employee was covered by the Plan.

 

If you join SPX through a merger or acquisition, the pre-existing condition limitation will be
waived if you were enrolled in an LTD plan with the former company.

 

Rehabilitation Benefit

 

The Plan
is designed to support your efforts to return to productive work.  The Claims
Administrator will assess whether vocational rehabilitation services will assist you to return to work. 
The rehabilitation services program
is tailored to your situation and may include retraining, vocational analysis,
counseling, job seeking skills, and job modification services.  You will receive an additional 10% disability benefit while you are actively
participating in an approved rehabilitation
services program.  You may be
referred to professionals, including registered nurses, therapists, and
vocational rehabilitation counselors.

 

If you participate in the rehabilitation services program, during the first 18
months after the waiting period,
your benefits under the Plan will
not be reduced by base pay from
other employment — unless the combined total, including other SPX LTD benefits,
would exceed 100% of your pre-disability
earnings.  Following that 18-month period,
benefits under the Plan will be
reduced by 50% of earnings from
other employment, to a combined total of no more
than 100% of your indexed pre-disability
earnings.

 

Family Care Expense
Benefit

 

If you participate in an approved rehabilitation services program, you may
be eligible for a family care expense
benefit of up to $250 per month per eligible family member.  If you require assistance with day care
expenses for your dependent children under age 13 or another physically or
mentally impaired dependent family member for whom you provide care, who lives
in your household and is chiefly dependent on you for support, so you can
attend classes or treatments, you should discuss the situation with the Claims Administrator.  You are eligible for this benefit

 

8

 

during the first 18 months you are receiving
benefits from the Plan.  You are only eligible for one family care expense benefit from all
applicable SPX disability plans.

 

Coordination with
Other Income Benefits

 

The amount of your Executive LTD benefits will be
reduced by other income benefits to the extent any other SPX LTD plan is not
already offset by such other income benefits. 
Other income benefits include, but are not limited to the following:

 

•                  Any sick pay or
other salary continuation paid to you by SPX;

•                  Workers’
Compensation benefits;

•                  Unemployment
compensation benefits;

•                  Any state or
federal disability benefits;

•                  Automobile
no-fault wage replacement benefits;

•                  Wage
replacement benefits recovered from a third party;

•                  Any benefit
received from the SPX Supplemental Retirement Plan for Top Management;

•                  Any benefit
from a defined benefit pension plan to which SPX has contributed;

•                  Any benefit
from the SPX Corporation Supplemental Individual Account Retirement Plan; or

•                  Any Social
Security benefits that you or your dependents are eligible for due to your
disability or age (Please note that you must apply for Social Security benefits
and provide proof of application to Human Resources.).

 

To the extent that any of the above payments are made in a lump sum but
are intended to provide coverage over an extended period of time, such as a
lump-sum pension payment, the payment will be treated for purposes of this Plan as if it had been paid over the
expected duration of the period.  For
example, a lump-sum pension payment will be treated as if it were paid out in
equal monthly installments over the remainder of your expected life span, as
determined by the Claims Administrator.  Your Executive LTD benefit payment would be
reduced by the monthly installment amount.

 

Effect
on Other Benefits

 

Participants who are
receiving Executive LTD benefits while employed by SPX and who are on “inactive” employment
status will continue to be eligible for many SPX employee benefits.

 

Effect of LTD Status on Certain Health
and Welfare Benefit Plans

 

Benefits for which employees continue to make contributions:

•                  Medical;

•                  Dental;

•                  Supplemental
Life Insurance (including supplemental employee, spouse, and child life
insurance);

•                  Supplemental
AD&D insurance; and

•                  Vision.

 

Status of Other Health and Welfare Benefit Plans

 

Benefits for which SPX
will continue to pay in full while you are receiving Executive LTD benefits and are on “inactive” employment status:

•                  Basic Life
insurance;

•                  Basic AD&D
insurance; and

•                  Employee Assistance
Program

 

9

 

Extending
Life Insurance without Premiums

 

If you are under
age 60 when you are disabled, you
may be eligible to apply for a waiver of premium for the employee Supplemental
life insurance in which you were enrolled at the onset of your disability (a “waiver of premium” means
your life insurance coverage continues but you are not responsible for monthly
premiums.).  Refer to the terms of the
SPX Supplemental Life Insurance and Accidental Death and Dismemberment Plan for
more information.  The life insurance
carrier must receive your application no later than twelve months after your
last day worked.

 

Date Your Employment Terminates

 

Should you remain disabled,
your employment status ordinarily will continue to be “inactive” until 24
months from the onset of disability but remains subject to the Company’s right,
at its discretion, to terminate the employment relationship sooner.  At that time, your employment will terminate
and you may be eligible for COBRA continuation coverage for your medical,
dental, and vision plans, for which you are enrolled in.  You may convert your Basic Life Insurance to
an individual policy; please refer to the terms of the SPX Corporation Life
Insurance and Accidental Death and Dismemberment Plan. Your termination of
employment does not affect your eligibility for continued Executive LTD
benefits.

 

When
Benefits End

 

If you have been receiving Executive LTD benefits,
your Executive LTD benefits will stop when any of the following occurs:

•                  You are no longer disabled, as determined by the Claims Administrator;

•                  You are no longer receiving
regular, appropriate care and treatment
from a physician;

•                  You are released to return
to work;

•                  during the first 24 months from the onset of disability at your occupation
at a rate of pay that is at
least 70% of your pre-disability base pay,
or

•                  after 24 months from the onset of disability
at a comparable  occupation for which you are reasonably
qualified at a rate of at least 60% of your pre-disability base pay. (A comparable  occupation
is one that you are medically able to perform and for which you are qualified
based on previous training, education, or experience);

•                  You have exceeded the
maximum benefits available under the Plan;

•                  You reach age 65, unless
your disability began after age
60, in which case, benefits could continue until a later date;

•                  You refuse to be examined by
an independent physician or
participate in other examinations, functional capacities assessments, transferable
skills analyses, as required by the Claims
Administrator;

•                  You refuse an
offer or fail to continue to participate in a program of modified duty,
rehabilitation, limited duty, or alternative employment;

•                  You fail to provide medical
documentation of your disability;

•                  You fail to comply with a
reasonable course of medical treatment;

•                  SPX terminates
the Plan;

•                  You fail to
return to work when released by a physician;
or

•                  You die.

 

10

 

When Your Eligibility
for Executive LTD Coverage Ends

 

Your Plan coverage ends
on the earliest of the following:

•                  You are no
longer eligible for coverage;

•                  You transfer to
a non-eligible employee group or your participation was discontinued by the
Board or the Committee;

•                  Your approved
leave of absence ends;

•                  You are laid
off; or

•                  Your employment
with SPX ends.

 

Returning to Work

 

The Plan
emphasizes returning to work as soon as medically appropriate.  You may be released to return to your regular
job, or another job for which you are qualified.  If you return to work at SPX in a modified
job, an alternate job or on a part-time basis, your pay will be set at the
regular pay rate for the work performed. 
The difference between that pay rate and your pre-disability earnings for the hours you work will be
paid through the Plan and
coordinated with any other SPX LTD plan. 
The hours you are not able to work will be paid at your Executive LTD
benefit level.

 

Family and Medical
Leave Act of 1993 (FMLA)

 

The Family and Medical Leave Act (FMLA) is a federal
law that sets standards for family and medical leave and protects your benefit
coverage while on such leave.

 

Recurrent
Disability

 

If you begin receiving Executive LTD benefits,
return to full-time work for six months or less and then take disability leave again due to the same
condition or a related condition, it is considered a recurrent disability.  A recurrent disability
is an illness or injury related to a prior disability
that recurs within six months.  If your
illness or injury is a recurrent disability,
you are eligible to receive the balance of the disability
pay for which you were eligible. 
You need not satisfy a new waiting
period.

 

If you return to work for more than six months and
then take disability leave again,
it will be treated as a new disability
claim, even if the condition is related to your earlier disability, and you will be required to
satisfy a new waiting period.

 

If you were receiving Executive LTD disability benefits, return to work for at
least one full calendar day and become disabled
due to a medically unrelated condition, the second disability period is treated as a new period of disability.

 

Claim
Filing Procedure

 

Filing a Claim

 

A claim for benefits is a request for a Plan benefit or benefits, made by you or
by your representative, that complies with the Plan’s
procedure for making benefit claims.  The
procedure for filing a claim is to contact the Claims
Administrator when you have been receiving short-term disability
benefits under the SPX Corporation Short-Term Disability Plan for three months
and apply for benefits under this Plan.

 

11

 

When You Can Expect to
Learn if Benefits Have Been Approved

 

The Claims
Administrator will notify you of the Plan’s benefit determination within a reasonable period of
time after receipt of the application, but not later than 45 days after receipt
of the application by the Plan.  This period may be extended by the Plan for up to 30 days provided that the
extension is necessary due to matters beyond the control of the Plan and the Claims Administrator notifies you prior to the expiration of
the initial 45-day period.  The notice
will state the reason for the extension and the date by which the Plan expects to render a decision.  If, prior to the end of the first 30-day
extension period, the Claims Administrator
determines that, due to matters beyond the control of the Plan, a decision cannot be made within
that extension period, the Plan
may take another 30-day extension. 
Again, the Plan must
notify you of the reasons for the extension and the date on which the Plan expects to render a decision.  If the extension is necessary due to your
failure to submit the information necessary to determine your qualification for
Executive LTD benefits, the notice of extension will describe the required
information.  You will then have 45 days
from receipt of the notice within which to provide the specified information.

 

How You Will Learn of
a Benefits Determination

 

The Claims Administrator
will provide you with written notification of the Plan’s benefit determination.  If benefits are denied, you will be informed
of:

•                  the specific
reasons for the denial;

•                  reference to
the specific Plan provisions on
which the determination is based;

•                  a description
of any additional material or information necessary for you to complete the
claim and an explanation of why such material or information is necessary;

•                  a description
of the Plan’s review procedures
and the time limits applicable to such procedures, including a statement of
your right to bring a civil action following an adverse benefit determination
on review;

•                  if an internal
rule, guideline, protocol, or other criterion was relied upon in the
decision-making, either (1) a copy of such rule, guideline, or protocol or (2)
a statement that a copy of such rule, guideline, or protocol will be provided
to you free of charge upon request; and

•                  if the denial
was based on a medical necessity or experimental treatment or similar exclusion
or limit, either (1) an explanation of the scientific or clinical judgment for
the determination, applying the terms of the Plan
to your medical circumstances, or (2) a statement that such explanation will be
provided free of charge upon request.

 

How You Appeal Benefit
Denials

 

If you wish to appeal an adverse benefit
determination, you must do so within 180 days of receiving the benefit
denial/adverse benefit determination. 
Your appeal should be addressed to the
Claims Administrator at the address shown in the back of this
booklet.  Correspondence should include your Social Security number, your name, the
claim information, and the service dates in question.  State the reason(s) for disagreement and
attach any relevant information, such as additional medical evidence.  You will be provided, upon request and free
of charge, reasonable access to, and copies of, all documents, records, and
other information relevant to your claim for Executive LTD benefits.  You will be notified within 45 days of the
date the Claims Administrator
receives your appeal of the outcome of your appeal.  If the
Claims Administrator determines that an extension of time for
processing the claim is necessary, written notice will be furnished prior to
the termination of the initial 45-day period. 
In no event will the extension exceed 45 days from the end of the
initial 45-day period.  The extension
notice will indicate the special circumstances requiring an extension of time
and the date by which the Plan
expects to return a determination.

 

12

 

In the case of an adverse decision, the notification
will include:

•                  the specific
reasons for the adverse determination;

•                  reference to
the specific Plan provisions on
which the benefit determination is based;

•                  a statement
that you are entitled to receive, upon request and free of charge, reasonable
access to, and copies of, all documents and records relevant to your claim for
benefits, without regard to whether such records were considered or relied upon
in making the adverse benefit determination on review, including any reports,
and the identities, of any experts whose advice was obtained;

•                  a description
of the Plan’s review procedures
and the time limits applicable to such procedures, including a statement of
your right to bring a civil action following an adverse benefit determination
on review;

•                  if an internal
rule, guideline, protocol, or other criterion was relied upon in the
decision-making, either (1) a copy of such rule, guideline, or protocol or (2)
a statement that a copy of such rule, guideline, or protocol will be provided
free of charge to the claimant upon request;

•                  if the adverse
benefit determination was based on a medical necessity or experimental
treatment or similar exclusion or limit, either (1) an explanation of the
scientific or clinical judgment for the determination, applying the terms of
the Plan to the claimant’s
medical circumstances, or (2) a statement that such explanation will be
provided free of charge upon request

 

How You Appeal A Second Time

 

If your first level appeal is denied, you may appeal
a second and final time.  You must do so
within 180 days of receiving the adverse response to your appeal.  Your second level appeal should be addressed
to the SPX Administrative Committee, 13515 Ballantyne Corporate Place,
Charlotte, NC  28277.  Correspondence should include your Social Security number, your name, the
claim information, and the service dates in question.  State the reason(s) for disagreement and
attach any relevant information, such as additional medical evidence.  You will be provided, upon request and free
of charge, reasonable access to, and copies of, all documents, records, and
other information relevant to your claim for Executive LTD benefits, including
information about your first appeal, including the names and credentials of
experts who advised the Plan on
your benefits.  If your appeal requires a
medical judgment, the SPX Administrative Committee will consult with
independent (i.e., separate from any professionals consulted on the earlier
adverse determinations) health care and/or vocational professionals about the
circumstances surrounding your claim and will provide you with the names of
medical or vocational experts whose advice was obtained on behalf of the Plan.

 

You will be notified within 45 days of the date the
SPX Administrative Committee receives your second appeal of the outcome of such
appeal.  If the SPX Administrative Committee determines that an extension
of time for processing the claim is necessary, written notice will be furnished
prior to the termination of the initial 45-day period.  In no event will the extension exceed 45 days
from the end of the initial 45-day period. 
The extension notice will indicate the special circumstances requiring
an extension of time and the date by which the Plan
expects to return a determination.

 

Notification of Outcome of 2nd Level Appeal

 

The SPX Administrative Committee will provide you
with written notification of a Plan’s benefit
determination on review.  In the case of
an adverse decision, in addition to the information required to be included in
the notification of denial of the first appeal, the notification of denial of
the second appeal will also include:

 

13

 

•                  a statement
describing any voluntary appeal procedures offered by the Plan and your right to obtain the
information about such procedures;

•                  a statement of
your right to bring a civil action following an adverse benefit determination
on review;

•                  you and the Plan may have other voluntary alternative
dispute resolution options, such as mediation. 
One way to find out what may be available is to contact your local U.S.
Department of Labor Office and your state insurance regulatory agency.

 

General
Provisions

 

Administration of the
Plan

 

SPX is the Plan
Administrator.  The Plan Administrator has full charge of the
operation and management of the Plan.  SPX has retained the services of an
independent Claims Administrator.

 

The Plan Administrator or its agent or
delegate, has the absolute authority and discretion to:

•                  Interpret the
terms of the Plan, including the Plan’s eligibility provisions and its
provisions relating to qualification for and accrual of benefits;

•                  Resolve
ambiguities in the Plan;

•                  Adopt, amend
and rescind rules and regulations pertaining to its duties under the Plan; and

•                  Make all
determinations necessary or advisable for the discharge of its duties under the
Plan.

 

Benefits shall be paid under this Plan only if the Plan Administrator, in its sole
discretion, determines that you are entitled to them.  The Plan
Administrator’s decision is final and binding on all parties.

 

SPX has delegated the responsibility for reviewing
initial appeals of adverse benefit determinations to the Claims Administrator.  The SPX Administrative Committee, or a
subcommittee thereof, will review all second level appeals.  The SPX Administrative Committee, or
subcommittee thereof, can interpret the Plan
terms and determine eligibility for and entitlement to Plan benefits in accordance with the Plan terms.

 

Benefits Not
Transferable

 

Except as otherwise stated, no person other than an
eligible employee is entitled to receive benefits under this Plan. 
The right to receive benefits is not transferable.

 

Cancellation of
Coverage

 

If you make a material misrepresentation on a claim
for this Plan’s benefits, SPX may
cancel coverage, effective on or anytime after the date of the claim, without
giving advance notice.

 

If you no longer meet the eligibility requirements,
coverage is cancelled automatically. 
(See the “Eligibility” section.)

 

Cancellation of coverage is effective on the date of
cancellation and ends all rights under this Plan.

 

Clerical Error

 

No clerical error on the part of SPX or the Claims Administrator will operate to
defeat any of the rights, privileges, services, or benefits of any employee,
nor create or continue coverage that would not otherwise validly become
effective or continue.  An equitable
adjustment of benefits will be made when the error or delay is discovered.

 

14

 

Conformity with
Statutes

 

Any Plan
provision that conflicts with statutes applicable to this Plan is amended to conform to the minimum
requirements of said statute(s).

 

Effective Date of the
Plan

 

The effective
date of the Plan is
January 1, 2006.

 

Incapacity

 

If, in SPX’s opinion, a covered person for whom a claim has been made is incapable
of furnishing a valid receipt of payment and, in the absence of written
evidence to the Plan of the
qualification of a guardian or personal representative for his or her estate,
SPX may on behalf of the Plan, at
its discretion, make any and all such payments to the service provider or other
person providing for the care and support of such person.  Any payment made will constitute a complete
discharge of the Plan’s obligation
for such payment.

 

Limits on Liability

 

Liability is limited to benefits specified in the Plan. 
SPX will not be liable for the negligence, wrongful act or omission of any
service provider or their employees or any other person.  The Plan liability
will be limited to the benefits described herein.

 

Lost Distributees

 

Any payable benefit will be deemed forfeited if:

•                  The Plan Administrator cannot locate the covered person to whom payment is due, and

•                  Such benefits
would be reinstated if the covered person
submits a claim for the forfeited benefits within the time prescribed in the “Claim
Filing Procedure” section.

 

Misrepresentation

 

If the covered
person or anyone acting on behalf of the covered person makes a false statement on the claim, or
withholds information with intent to deceive or affect the acceptance of the
claim or the risks assumed by the Plan,
or otherwise misleads the Plan,
the Plan will be entitled to recover
its damages, including legal fees, from the covered
person, or from any other person responsible for misleading the Plan, and from the person for whom the
benefits were provided.  Any material
misrepresentation on the part of the covered
person in making application for claims will render the coverage
under this Plan void.

 

No Fault Coordination

 

This Plan shall be secondary in coverage to any
no fault automobile insurance policy, regardless of any election made to the
contrary to you, your spouse or your dependents.

 

Examinations Required
by the Plan

 

The Plan,
at its own expense, will have the right to require a physical examination, a
functional capacities assessment, a transferable skills analysis, or other
examinations relevant to a claim of a person receiving benefits or for whom a
claim for benefits is pending under this Plan
when and as often as it may reasonably require during the pendency
of a claim.

 

15

 

Plan Is Not a Contract

 

The Plan will
not be deemed to constitute a contract between SPX and any employee or to be a
consideration for, or an inducement or condition, of, the employment of any
employee. Nothing in the Plan
will be deemed to give any employee the right to be retained in the service of
SPX.

 

Plan Modification and
Amendment

 

SPX reserves the right to amend or modify the Plan, from time to time, in its sole
discretion.  Such amendment or
modification may affect benefits on both a retroactive and prospective basis.

 

Plan Termination

 

SPX, through the Board or the Committee, reserves
the right to terminate the Plan
at any time.  Upon termination, the
rights of the covered persons to
benefits are limited to those benefits due and payable immediately prior to
such termination.

 

Recovery of Overpayment

 

SPX has
the right to recover the amount of any payments exceeding the necessary maximum
payment.  Also, such a recovery may be
paid by offset against benefits that otherwise would be payable by this Plan.  If
SPX makes any payment that, according to the Plan
terms, should not have been made, SPX may recover that incorrect payment,
whether or not it was SPX’s error, or the error of the person or entity to whom
it was made or the error of any other party.

 

In some situations, another
person, insurance policy or plan of benefits may be responsible to pay benefits
to you for injury and/or illness.  SPX
maintains the right to recover on its own behalf amounts for medical expenses
paid when responsibility lies elsewhere, which is called the “right of subrogation.”  In this regard, SPX is subrogated to all of your rights of recovery as against
any person and under any insurance policy, or plan of benefits, which would be
obligated to pay benefits to you for
any injury and/or illness, to the full extent of any payment made under the Plan.

 

You are not permitted after injury and/or
illness to prejudice SPX’s rights and you shall do everything necessary to
secure such rights, including, but not limited to, providing SPX with notice of
any and all claims you make for such injury and/or illness. Any and all amounts
recovered by you (whether by lawsuit, settlement or otherwise), regardless of
designation of said recovery, shall be apportioned as follows: SPX shall be reimbursed first to the full
extent of its payment under this Plan.  If any balance then remains from such
recovery, it shall be applied to reimburse you and any other plan providing
benefits to you as the interest may appear.

 

If SPX incurs attorneys’ fees in order to pursue
its subrogation interest, you shall
be obligated to reimburse SPX in full from any amount recovered. Under no
circumstances shall the Plan be
obligated to pay a fee or costs to your attorney.

 

Time Effective

 

The effective time with respect to any dates used in
the Plan will be 12 a.m.
(midnight) as may be legally in effect at the address of the Plan Administrator unless otherwise
stated.

 

Workers’ Compensation
Not Affected

 

This Plan is
not in lieu of, and does not affect any requirement for, coverage by Workers’
Compensation insurance.

 

16

 

Administrative
Information

 

Benefits Administration

 

This section contains information pertaining to your long-term
disability plan.  You won’t use this
information every day.  But, if you wish to
communicate with the administrator or find out where you can get more
information, this section will help you.

 

General Administrative Information

 

Name of Plan

 

SPX Corporation Executive Long-Term Disability Plan

 

Name, Address, and Phone Number of Employer/Plan
Sponsor

 

SPX Corporation

13515 Ballantyne Corporate Place

Charlotte, NC  28277

Phone: (704) 752-4400

 

Address for First Level Appeal

 

The designated Claims Administrator
is:

 

GatesMcDonald Disability
Unit

MR-08-02

PO Box 182783

Columbus,
OH  43218-2783

 

Name, Address, and Phone Number of Plan
Administrator, Fiduciary, and Agent for Service of Legal Process

 

SPX Corporation

13515 Ballantyne Corporate Place

Charlotte, NC  28277

Phone: (704) 752-4400

 

Legal process may be served upon
the Plan  Administrator.

 

Ending Date of Plan Year

 

December 31

 

Procedures for Filing Claims

 

For detailed information on submitting claims for
benefits, refer to the section entitled “Claim Filing Procedure.”

 

The designated Claims Administrator
is:

 

GatesMcDonald Disability
Unit

MR-08-02

PO Box 182783

Columbus,
OH  43218-2783

 

17

 

Glossary
of Terms

 

Certain words and terms used will be defined as
follows and are shown in italics throughout this Plan.

 

Active Work

 

“Active work” means you are performing all of the material duties of
your occupation at your usual
place of business or another location that your employer’s business requires you to be and you are a citizen
or legal resident of the United States – or Canada, but employed in a United
States-based unit.  If you are absent
from work solely due to a vacation day, holiday, scheduled day off, or approved
leave of absence unrelated to a disability,
you are considered to be actively working for purposes of participation in this
Plan.

 

Appropriate Care and Treatment

 

Medical care and treatment that is:  (1) given by a physician whose medical training and clinical specialty are
appropriate for treating your disability;
(2) consistent in type, frequency and duration of treatment with relevant
guidelines of national medical research, health care coverage organizations,
and governmental agencies; (3) consistent with a physician’s diagnosis of your disability; and (4) intended to maximize your medical and
functional improvement.

 

Base Pay

 

For most employees, your base pay is equal to your expected annual pay, exclusive of
overtime, bonuses, and shift differential. 
However, for employees receiving commissions, base pay is equal to your expected annual pay, including
commissions, and is referred to as target pay. 
SPX determines target pay before the calendar year begins or at the date
of hire or transfer into a commissioned position.

 

Claims Administrator

 

The company contracted by SPX that is responsible
for processing benefits claims under the Plan
terms and other administrative services deemed necessary for the Plan operation, as delegated by SPX.  This is GatesMcDonald.

 

Covered Person

 

A person who is eligible for coverage under this Plan upon satisfying the eligibility
requirements.

 

Disability/Disabled

 

You are considered disabled
under this Plan if you are
receiving appropriate care and treatment
from a physician on a regular
basis for a non-work-related illness or accidental injury and complying with
the requirements of such treatment:

 

•                  for the first
24 months from the onset of disability,
you are not able to perform your regular occupation
at 70% or more of your pre-disability base pay; or

 

•                  beyond 24
months, you are not able to perform any occupation
for which you are reasonably qualified at 60% or more of your pre-disability base pay.

 

18

 

Earnings

 

Earnings are based on
your annual base pay, less $200,000, plus target bonus under the annual
executive bonus plan, less $200,000.  For
purposes of determining the Benefit Amount, the portion of the target bonus in
excess of 100% shall not be considered.

 

Effective Date

 

The date this Plan
began or the date on which the covered
person’s coverage commences, whichever occurs later.

 

Eligible Family Member

 

A person who lives with you as part of your
household or who is dependent on you for support.

 

Employer

 

SPX Corporation, a Delaware Corporation, and each of
its majority owned domestic subsidiaries.

 

Family Care Expenses

 

Monthly expenses incurred to participate in a rehabilitation services program. These are
expenses incurred:

 

•                  to provide
child care for an eligible family member
under age 13, or

•                  to provide care
for an eligible family member
who is not capable of caring for himself or herself.

 

Indexed Pre-disability Earnings

 

Pre-disability earnings
increased by the lesser of:

 

•                  any annual
change in the Consumer Price Index, or

•                  7%

 

Local Economy

 

The geographic area surrounding an employee’s place
of residence which offers reasonable employment opportunities.  It is an area within which it would not be
unreasonable for a person to travel to secure employment.  If an employee moves from the place of
residence during a period of disability,
both that former place of residence and the current place of residence will be
used to determine local economy.

 

Occupation

 

Your occupation
is broader than your specific job.  It
refers to the activities you regularly perform that serve as your source of
income.  It is not limited to your specific
position at SPX.  A comparable occupation is one that you are medically
able to perform and for which you are qualified based on previous training,
education, or experience; it should pay at least 60% of your pre-disability base pay.

 

Physician

 

A doctor of medicine (M.D.) or a doctor of
osteopathy (D.O.) who is practicing within the scope of his or her license.

 

Plan

 

The SPX Corporation Executive Long-Term Disability
Plan.

 

19

 

Plan Administrator

 

The Plan Administrator is SPX and is
responsible for the day-to-day functions and management of the Plan.

 

Pre-existing Condition

 

An injury, illness, or pregnancy for which an
employee, in the three months before coverage by this Plan:

 

•                  received
medical treatment, consultation, care, or services;

•                  took
prescription medications or had medications prescribed; or

•                  had symptoms or
conditions that would cause a reasonable person to seek diagnosis, care, or
treatment.

 

Rehabilitation Services Program

 

•                  a return to active work on either a part-time or
full-time basis in an attempt to gain employment in an occupation for which you are reasonably
qualified, taking into account training, education, experience, and past base pay, as approved by the Claims Administrator; or

•                  participation
in vocational training or physical therapy that the Claims Administrator determines appropriate.

 

Waiting Period

 

The 26-week period of continuous disability before benefits will be paid by
this Plan.

 

20EXHIBIT 4.1

                          CHARYS HOLDING COMPANY, INC.
           NON-EMPLOYEE DIRECTORS AND CONSULTANTS RETAINER STOCK PLAN
                                FOR THE YEAR 2005

     1.     Introduction.  This  Plan  shall  be  known  as  the "Charys Holding
            ------------
Company, Inc. Non-Employee Directors and Consultants Retainer Stock Plan for the
Year  2005"  and is hereinafter referred to as the "Plan."  The purposes of this
Plan  are  to  enable  Charys Holding Company, Inc., a Delaware corporation (the
"Company"),  to  promote  the  interests  of the Company and its stockholders by
attracting  and  retaining  non-employee  Directors  and  Consultants capable of
furthering  the  future  success  of  the Company and by aligning their economic
interests more closely with those of the Company's stockholders, by paying their
retainer  or fees in the form of shares of the Company's common stock, par value
$0.001  per  share  (the  "Common  Stock").

     2.     Definitions.  The  following terms shall have the meanings set forth
            -----------
below:

     "Board"  means  the  Board  of  Directors  of  the  Company.

     "Change  of  Control"  has the meaning set forth in Paragraph 12(d) hereof.

     "Code"  means  the Internal Revenue Code of 1986, as amended, and the rules
and  regulations  thereunder. References to any provision of the Code or rule or
regulation  thereunder  shall  be  deemed  to  include  any amended or successor
provision,  rule  or  regulation.

     "Committee"  means  the committee that administers this Plan, as more fully
defined  in  Paragraph  13  hereof.

     "Common  Stock"  has  the  meaning  set  forth  in  Paragraph  1  hereof.

     "Company"  has  the  meaning  set  forth  in  Paragraph  1  hereof.

     "Consultants"  means  the  Company's  consultants and advisors only if: (i)
they  are  natural persons; (ii) they provide bona fide services to the Company;
and  (iii)  the  services  are  not  in  connection  with  the  offer or sale of
securities  in  a capital-raising transaction, and do not directly or indirectly
promote  or  maintain  a  market  for  the  Company's  securities.

     "Deferral  Election"  has  the  meaning  set  forth  in Paragraph 6 hereof.

     "Deferred  Stock  Account"  means  a  bookkeeping account maintained by the
Company  for a Participant representing the Participant's interest in the shares
credited  to  such  Deferred  Stock  Account  pursuant  to  Paragraph  7 hereof.

     "Delivery  Date"  has  the  meaning  set  forth  in  Paragraph  6  hereof.

     "Director" means an individual who is a member of the Board of Directors of
the  Company.

     "Dividend  Equivalent"  for  a given dividend or other distribution means a
number  of  shares  of  the  Common  Stock having a Fair Market Value, as of the
record date for such dividend or distribution, equal to the amount of cash, plus
the  Fair  Market  Value  on  the  date of distribution of any property, that is
distributed  with  respect  to  one  share  of the Common Stock pursuant to such
dividend  or  distribution;  such  Fair  Market  Value  to  be determined by the
Committee  in  good  faith.

     "Effective  Date"  has  the  meaning  set  forth  in  Paragraph  3  hereof.

     "Exchange  Act"  has  the  meaning  set  forth  in  Paragraph 12(d) hereof.

                                        1
<PAGE>
     "Fair  Market Value" means the mean between the highest and lowest reported
sales  prices  of the Common Stock on the New York Stock Exchange Composite Tape
or, if not listed on such exchange, on any other national securities exchange on
which  the  Common  Stock is listed or on The Nasdaq Stock Market, or, if not so
listed  on  any  other  national securities exchange or The Nasdaq Stock Market,
then  the  average  of  the  bid  price of the Common Stock during the last five
trading  days  on  the OTC Bulletin Board immediately preceding the last trading
day  prior  to  the  date  with  respect to which the Fair Market Value is to be
determined.  If  the  Common  Stock  is  not then publicly traded, then the Fair
Market  Value  of  the  Common  Stock shall be the book value of the Company per
share  as  determined  on the last day of March, June, September, or December in
any  year  closest  to  the  date when the determination is to be made.  For the
purpose  of  determining book value hereunder, book value shall be determined by
adding  as  of  the  applicable date called for herein the capital, surplus, and
undivided  profits  of  the  Company,  and  after  having  deducted any reserves
theretofore  established;  the sum of these items shall be divided by the number
of shares of the Common Stock outstanding as of said date, and the quotient thus
obtained shall represent the book value of each share of the Common Stock of the
Company.

     "Participant"  has  the  meaning  set  forth  in  Paragraph  4  hereof.

     "Payment  Time"  means  the  time  when  a  Stock  Retainer is payable to a
Participant  pursuant to Paragraph 5 hereof (without regard to the effect of any
Deferral  Election).

     "Stock  Retainer"  has  the  meaning  set  forth  in  Paragraph  5  hereof.

     "Third  Anniversary"  has  the  meaning  set  forth  in Paragraph 6 hereof.

     3.     Effective  Date  of  the  Plan.  This  Plan was adopted by the Board
            ------------------------------
effective  December  9,  2005  (the  "Effective  Date").

     4.     Eligibility.  Each individual who is a Director or Consultant on the
            -----------
Effective  Date  and  each  individual  who  becomes  a  Director  or Consultant
thereafter  during  the  term  of  this  Plan,  shall  be  a  participant  (the
"Participant")  in this Plan, in each case during such period as such individual
remains a Director or Consultant and is not an employee of the Company or any of
its  subsidiaries.  Each  credit  of shares of the Common Stock pursuant to this
Plan shall be evidenced by a written agreement duly executed and delivered by or
on  behalf of the Company and a Participant, if such an agreement is required by
the  Company  to  assure  compliance  with  all applicable laws and regulations.

     5.     Grants  of  Shares.  Commencing on the Effective Date, the amount of
            ------------------
compensation  for service to directors or consultants shall be payable in shares
of  the  Common  Stock (the "Stock Retainer") pursuant to this Plan.  The deemed
issuance  price  of  shares  of  the Common Stock subject to each Stock Retainer
shall  not  be less than 85 percent of the Fair Market Value of the Common Stock
on  the  date  of  the  grant.  In  the  case  of any person who owns securities
possessing  more than ten percent of the combined voting power of all classes of
securities  of the issuer or its parent or subsidiaries possessing voting power,
the  deemed  issuance  price of shares of the Common Stock subject to each Stock
Retainer  shall  be  at least 100 percent of the Fair Market Value of the Common
Stock  on  the  date  of  the  grant.

     6.     Deferral  Option.  From  and after the Effective Date, a Participant
            ----------------
may  make  an  election  (a  "Deferral  Election")  on  an annual basis to defer
delivery  of  the  Stock Retainer specifying which one of the following ways the
Stock Retainer is to be delivered (a) on the date which is three years after the
Effective  Date  for  which it was originally payable (the "Third Anniversary"),
(b) on the date upon which the Participant ceases to be a Director or Consultant
for  any  reason (the "Departure Date") or (c) in five equal annual installments
commencing  on  the Departure Date (the "Third Anniversary" and "Departure Date"
each  being  referred  to  herein as a "Delivery Date").  Such Deferral Election
shall  remain  in effect for each Subsequent Year unless changed, provided that,
any  Deferral Election with respect to a particular Year may not be changed less
than six months prior to the beginning of such Year, and provided, further, that
no  more  than  one Deferral Election or change thereof may be made in any Year.

                                        2
<PAGE>
     Any Deferral Election and any change or revocation thereof shall be made by
delivering  written  notice  thereof  to  the Committee no later than six months
prior to the beginning of the Year in which it is to be effected; provided that,
with  respect to the Year beginning on the Effective Date, any Deferral Election
or  revocation  thereof must be delivered no later than the close of business on
the  30th  day  after  the  Effective  Date.

     7.     Deferred  Stock  Accounts.  The  Company  shall  maintain a Deferred
            -------------------------
Stock  Account for each Participant who makes a Deferral Election to which shall
be  credited,  as  of  the  applicable Payment Time, the number of shares of the
Common  Stock  payable  pursuant  to  the  Stock  Retainer to which the Deferral
Election  relates.  So  long  as any amounts in such Deferred Stock Account have
not  been  delivered  to the Participant under Paragraph 8 hereof, each Deferred
Stock  Account shall be credited as of the payment date for any dividend paid or
other  distribution  made  with  respect  to  the Common Stock, with a number of
shares of the Common Stock equal to (a) the number of shares of the Common Stock
shown  in  such  Deferred  Stock Account on the record date for such dividend or
distribution  multiplied  by  (b)  the  Dividend Equivalent for such dividend or
distribution.

     8.     Delivery  of  Shares.
            --------------------

     (a)     The  shares  of  the Common Stock in a Participant's Deferred Stock
Account  with  respect  to  any Stock Retainer for which a Deferral Election has
been  made (together with dividends attributable to such shares credited to such
Deferred  Stock  Account) shall be delivered in accordance with this Paragraph 8
as  soon as practicable after the applicable Delivery Date.  Except with respect
to  a  Deferral  Election  pursuant  to  Paragraph  6 hereof, or other agreement
between  the parties, such shares shall be delivered at one time; provided that,
if  the  number  of shares so delivered includes a fractional share, such number
shall  be rounded to the nearest whole number of shares.  If the Participant has
in  effect  a Deferral Election pursuant to Paragraph 6 hereof, then such shares
shall  be  delivered  in five equal annual installments (together with dividends
attributable  to  such shares credited to such Deferred Stock Account), with the
first  such installment being delivered on the first anniversary of the Delivery
Date;  provided  that,  if  in  order  to equalize such installments, fractional
shares  would  have  to  be  delivered,  such  installments shall be adjusted by
rounding  to  the  nearest  whole share.  If any such shares are to be delivered
after  the  Participant  has  died  or become legally incompetent, they shall be
delivered  to the Participant's estate or legal guardian, as the case may be, in
accordance  with  the  foregoing;  provided that, if the Participant dies with a
Deferral  Election pursuant to Paragraph 6 hereof in effect, the Committee shall
deliver  all  remaining  undelivered  shares  to  the  Participant's  estate
immediately.  References  to a Participant in this Plan shall be deemed to refer
to  the  Participant's  estate  or  legal  guardian,  where  appropriate.

     (b)     The  Company  may,  but  shall not be required to, create a grantor
trust  or  utilize an existing grantor trust (in either case, "Trust") to assist
it  in  accumulating  the  shares  of  the  Common  Stock  needed to fulfill its
obligations  under  this  Paragraph  8.  However,  Participants  shall  have  no
beneficial  or  other  interest  in  the Trust and the assets thereof, and their
rights  under this Plan shall be as general creditors of the Company, unaffected
by  the  existence or nonexistence of the Trust, except that deliveries of Stock
Retainers  to  Participants  from  the  Trust  shall,  to the extent thereof, be
treated  as  satisfying  the  Company's  obligations  under  this  Paragraph  8.

     9.     Share  Certificates;  Voting and Other Rights.  The certificates for
            ---------------------------------------------
shares  delivered to a Participant pursuant to Paragraph 8 above shall be issued
in the name of the Participant, and from and after the date of such issuance the
Participant shall be entitled to all rights of a stockholder with respect to the
Common Stock for all such shares issued in his name, including the right to vote
the  shares,  and  the  Participant  shall  receive  all  dividends  and  other
distributions  paid  or  made  with  respect  thereto.

     10.     General  Restrictions.
             ---------------------

          (a)     Notwithstanding any other provision of this Plan or agreements
made pursuant thereto, the Company shall not be required to issue or deliver any
certificate or certificates for shares of the Common Stock under this Plan prior
to  fulfillment  of  all  of  the  following  conditions:

               (i)     Listing  or  approval for listing upon official notice of
issuance  of  such  shares  on  the New York Stock Exchange, Inc., or such other
securities  exchange  as  may  at  the  time  be  a market for the Common Stock;

                                        3
<PAGE>
               (ii)     Any  registration  or other qualification of such shares
under  any  state  or federal law or regulation, or the maintaining in effect of
any such registration or other qualification which the Committee shall, upon the
advice  of  counsel,  deem  necessary  or  advisable;  and

               (iii)     Obtaining  any  other consent, approval, or permit from
any  state  or  federal  governmental  agency  which  the Committee shall, after
receiving  the  advice  of  counsel,  determine  to  be  necessary or advisable.

          (b)     Nothing  contained in this Plan shall prevent the Company from
adopting  other  or  additional  compensation arrangements for the Participants.

     11.     Shares  Available.  Subject  to  Paragraph  12  below,  the maximum
             -----------------
number of shares of the Common Stock which may in the aggregate be paid as Stock
Retainers pursuant to this Plan is 250,000.  Shares of the Common Stock issuable
under this Plan may be taken from treasury shares of the Company or purchased on
the  open  market.

     12.     Adjustments;  Change  of  Control.
             ---------------------------------

          (a)     In the event that there is, at any time after the Board adopts
this  Plan,  any  change  in  corporate  capitalization,  such as a stock split,
combination  of  shares,  exchange  of  shares,  warrants  or rights offering to
purchase  the  Common  Stock  at  a  price  below  its  Fair  Market  Value,
reclassification,  or  recapitalization, or a corporate transaction, such as any
merger,  consolidation,  separation,  including  a  spin-off, stock dividend, or
other  extraordinary  distribution  of  stock  or  property  of the Company, any
reorganization  (whether  or not such reorganization comes within the definition
of  such term in Section 368 of the Code) or any partial or complete liquidation
of  the Company (each of the foregoing a "Transaction"), in each case other than
any  such  Transaction which constitutes a Change of Control (as defined below),
(i)  the  Deferred  Stock Accounts shall be credited with the amount and kind of
shares  or  other  property  which  would  have been received by a holder of the
number  of  shares  of  the Common Stock held in such Deferred Stock Account had
such  shares of the Common Stock been outstanding as of the effectiveness of any
such  Transaction,  (ii) the number and kind of shares or other property subject
to  this  Plan  shall  likewise  be  appropriately  adjusted  to  reflect  the
effectiveness  of  any  such  Transaction,  and  (iii)  the  Committee  shall
appropriately  adjust  any  other  relevant provisions of this Plan and any such
modification  by  the  Committee shall be binding and conclusive on all persons.

          (b)     If  the  shares  of  the Common Stock credited to the Deferred
Stock  Accounts  are  converted pursuant to Paragraph 12(a) into another form of
property,  references  in  this  Plan to the Common Stock shall be deemed, where
appropriate,  to  refer  to  such  other  form  of  property,  with  such  other
modifications as may be required for this Plan to operate in accordance with its
purposes.  Without  limiting  the  generality  of  the  foregoing, references to
delivery of certificates for shares of the Common Stock shall be deemed to refer
to delivery of cash and the incidents of ownership of any other property held in
the  Deferred  Stock  Accounts.

          (c)     In  lieu of the adjustment contemplated by Paragraph 12(a), in
the  event  of a Change of Control, the following shall occur on the date of the
Change  of Control (i) the shares of the Common Stock held in each Participant's
Deferred  Stock  Account  shall be deemed to be issued and outstanding as of the
Change  of Control; (ii) the Company shall forthwith deliver to each Participant
who  has  a  Deferred Stock Account all of the shares of the Common Stock or any
other property held in such Participant's Deferred Stock Account; and (iii) this
Plan  shall  be  terminated.

          (d)     For purposes of this Plan, Change of Control shall mean any of
the  following  events:

               (i)     The  acquisition  by  any  individual,  entity  or  group
(within  the  meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange
Act  of  1934,  as  amended  (the  "Exchange  Act"))  (a "Person") of beneficial
ownership  (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of  80  percent  or more of either (1) the then outstanding shares of the Common
Stock  of  the  Company  (the  "Outstanding  Company  Common Stock"), or (2) the
combined  voting  power  of  then  outstanding  voting securities of the Company
entitled  to  vote  generally  in  the  election  of directors (the "Outstanding
Company  Voting  Securities");  provided,

                                        4
<PAGE>
however,  that  the  following  acquisitions  shall  not  constitute a Change of
Control  (A) any acquisition directly from the Company (excluding an acquisition
by virtue of the exercise of a conversion privilege unless the security being so
converted was itself acquired directly from the Company), (B) any acquisition by
the Company, (C) any acquisition by any employee benefit plan (or related trust)
sponsored  or  maintained  by  the  Company or any corporation controlled by the
Company  or (D) any acquisition by any corporation pursuant to a reorganization,
merger  or  consolidation,  if,  following  such  reorganization,  merger  or
consolidation, the conditions described in clauses (A), (B) and (C) of paragraph
(iii)  of  this  Paragraph  12(d)  are  satisfied;  or

               (ii)     Individuals  who,  as of the date hereof, constitute the
Board  of  the  Company (as of the date hereof, "Incumbent Board") cease for any
reason  to  constitute at least a majority of the Board; provided, however, that
any individual becoming a director subsequent to the date hereof whose election,
or nomination for election by the Company's stockholders, was approved by a vote
of  at  least  a  majority  of the directors then comprising the Incumbent Board
shall  be  considered  as  though such individual were a member of the Incumbent
Board,  but  excluding,  for  this  purpose,  any  such individual whose initial
assumption  of  office  occurs  as  a  result  of either an actual or threatened
election  contest  (as  such  terms  are  used  in Rule 14a-11 of Regulation 14A
promulgated  under  the Exchange Act) or other actual or threatened solicitation
of  proxies  or  consents  by  or on behalf of a Person other than the Board; or

               (iii)     Approval  by  the  stockholders  of  the  Company  of a
reorganization,  merger,  binding  share  exchange  or  consolidation,  unless,
following  such  reorganization, merger, binding share exchange or consolidation
(A)  more  than  60  percent of, respectively, then outstanding shares of common
stock  of  the  corporation  resulting from such reorganization, merger, binding
share  exchange  or  consolidation  and  the  combined  voting  power  of  then
outstanding  voting securities of such corporation entitled to vote generally in
the election of directors is then beneficially owned, directly or indirectly, by
all or substantially all of the individuals and entities who were the beneficial
owners,  respectively,  of  the Outstanding Company Common Stock and Outstanding
Company  Voting  Securities  immediately  prior  to such reorganization, merger,
binding share exchange or consolidation in substantially the same proportions as
their ownership, immediately prior to such reorganization, merger, binding share
exchange  or  consolidation,  of  the  Outstanding  Company  Common  Stock  and
Outstanding  Company  Voting  Securities,  as  the  case  may  be, (B) no Person
(excluding  the  Company,  any  employee  benefit plan (or related trust) of the
Company  or such corporation resulting from such reorganization, merger, binding
share  exchange or consolidation and any Person beneficially owning, immediately
prior  to  such reorganization, merger, binding share exchange or consolidation,
directly  or  indirectly,  20  percent or more of the Outstanding Company Common
Stock or Outstanding Company Voting Securities, as the case may be) beneficially
owns,  directly  or  indirectly,  20  percent  or  more  of,  respectively, then
outstanding  shares  of  common  stock  of  the  corporation resulting from such
reorganization,  merger, binding share exchange or consolidation or the combined
voting  power of then outstanding voting securities of such corporation entitled
to  vote  generally in the election of directors, and (C) at least a majority of
the  members  of  the  board of directors of the corporation resulting from such
reorganization,  merger, binding share exchange or consolidation were members of
the  Incumbent  Board  at  the  time  of  the execution of the initial agreement
providing  for  such  reorganization,  merger,  binding  share  exchange  or
consolidation;  or

               (iv)     Approval  by  the  stockholders  of the Company of (1) a
complete  liquidation  or  dissolution  of the Company, or (2) the sale or other
disposition of all or substantially all of the assets of the Company, other than
to  a  corporation,  with  respect  to  which  following  such  sale  or  other
disposition,  (A) more than 60 percent of, respectively, then outstanding shares
of  common  stock  of  such  corporation  and  the combined voting power of then
outstanding  voting securities of such corporation entitled to vote generally in
the election of directors is then beneficially owned, directly or indirectly, by
all or substantially all of the individuals and entities who were the beneficial
owners,  respectively,  of  the Outstanding Company Common Stock and Outstanding
Company Voting Securities immediately prior to such sale or other disposition in
substantially  the same proportion as their ownership, immediately prior to such
sale  or  other  disposition,  of  the  Outstanding  Company  Common  Stock  and
Outstanding  Company  Voting  Securities,  as  the  case  may  be, (B) no Person
(excluding  the  Company and any employee benefit plan (or related trust) of the
Company  or  such  corporation  and  any Person beneficially owning, immediately
prior  to  such sale or other disposition, directly or indirectly, 20 percent or
more  of  the  Outstanding  Company  Common  Stock or Outstanding Company Voting
Securities,  as  the  case may be) beneficially owns, directly or indirectly, 20
percent  or  more  of,  respectively, then outstanding shares of common stock of
such  corporation  and  the  combined  voting  power  of then outstanding voting
securities  of  such  corporation  entitled to vote generally in the election of
directors,  and (C) at least a majority of the members of the board of directors
of  such  corporation  were  members  of  the

                                        5
<PAGE>
Incumbent  Board at the time of the execution of the initial agreement or action
of  the  Board  providing  for  such  sale or other disposition of assets of the
Company.

     13.     Administration;  Amendment  and  Termination.
             --------------------------------------------

          (a)     This  Plan  shall be administered by a committee consisting of
two  members  who  shall  be  the  current  directors  of  the Company or senior
executive  officers  or  other  directors  who  are  not  Participants as may be
designated  by  the  Chief Executive Officer (the "Committee"), which shall have
full  authority  to  construe  and  interpret this Plan, to establish, amend and
rescind  rules  and  regulations  relating  to  this  Plan, and to take all such
actions  and make all such determinations in connection with this Plan as it may
deem  necessary  or  desirable.

          (b)     The  Board  may from time to time make such amendments to this
Plan,  including  to  preserve or come within any exemption from liability under
Section  16(b)  of  the  Exchange  Act,  as  it  may deem proper and in the best
interest  of the Company without further approval of the Company's stockholders,
provided  that,  to  the  extent  required  under  Delaware  law  or  to qualify
transactions  under  this  Plan for exemption under Rule 16b-3 promulgated under
the  Exchange  Act,  no  amendment to this Plan shall be adopted without further
approval  of  the  Company's stockholders and, provided, further, that if and to
the  extent  required  for this Plan to comply with Rule 16b-3 promulgated under
the  Exchange Act, no amendment to this Plan shall be made more than once in any
six  month period that would change the amount, price or timing of the grants of
the  Common  Stock hereunder other than to comport with changes in the Code, the
Employee  Retirement Income Security Act of 1974, as amended, or the regulations
thereunder.  The  Board  may  terminate  this  Plan  at  any time by a vote of a
majority  of  the  members  thereof.

     14.     Term  of  Plan.  No  shares  of  the  Common Stock shall be issued,
             --------------
unless  and  until  the Directors of the Company have approved this Plan and all
other  legal  requirements  have  been  met.  This Plan was adopted by the Board
effective  December  9,  2005,  and  shall  expire  on  December  9,  2015.

     15.     Governing Law.  This Plan and all actions taken thereunder shall be
             -------------
governed  by,  and  construed  in  accordance  with,  the  laws  of the State of
Delaware.

     16.     Information  to Shareholders.  The Company shall furnish to each of
             ----------------------------
its  stockholders  financial  statements  of  the  Company  at  least  annually.

     18.     Miscellaneous.
             -------------

          (a)     Nothing  in this Plan shall be deemed to create any obligation
on  the  part  of  the  Board  to  nominate  any  Director for reelection by the
Company's  stockholders or to limit the rights of the stockholders to remove any
Director.

          (b)     The  Company  shall  have  the  right to require, prior to the
issuance  or  delivery  of any shares of the Common Stock pursuant to this Plan,
that  a  Participant  make  arrangements  satisfactory  to the Committee for the
withholding  of  any  taxes  required  by law to be withheld with respect to the
issuance  or  delivery  of  such  shares,  including, without limitation, by the
withholding  of  shares  that  would  otherwise  be  so  issued or delivered, by
withholding  from any other payment due to the Participant, or by a cash payment
to  the  Company  by  the  Participant.

     IN WITNESS WHEREOF, this Plan has been executed effective as of December 9,
2005.

                                   CHARYS HOLDING COMPANY, INC.

                                   By /s/ Billy V. Ray, Jr.
                                      ------------------------------------------
                                      Billy V. Ray, Jr., Chief Executive Officer

                                        6
<PAGE>

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