Document:

Exhibit 10.56

Employment Agreement of James A. Peters

This Employment Agreement (the “Agreement”) is
effective as of January 1, 2007 (the “Effective Date”), by and between SPX
Corporation (the “Company”), and James A. Peters (the “Executive”).

WHEREAS, the Company desires to employ the Executive
as its Vice President Operations; and

WHEREAS, the Company and the Executive have reached
agreement concerning the terms and conditions of his continued employment and
wish to formalize that agreement;

NOW, THEREFORE, in consideration of the mutual terms,
covenants and conditions stated in this Agreement, the Company and the
Executive hereby agree as follows:

1.             Employment.
The Company employs the Executive and the Executive hereby accepts continued
employment with the Company and appointment as its Vice President
Operations.  During the Employment Term
(as hereinafter defined), the Executive will have the title, status and duties
of the Vice President Operations and will report directly to the Company’s
Chief Executive Officer.  The Executive’s
principal business office shall be at the Company’s principal business office
located in Charlotte, North Carolina, and Executive’s principal family
residence shall be located within 50 miles of the Company’s principal business
office for the duration of the Employment Term.   If domiciled elsewhere on the date of
Executive’s execution of this Agreement, Executive shall relocate his principal
family residence to the area specified in this Paragraph.  Executive’s failure to complete such
relocation on or before June 30, 2007 shall render this Agreement null and
void.

2.             Term of Employment.  The term of employment (“Employment Term”)
will commence on the Effective Date, and will continue thereafter until one (1)
year from the Effective Date and will be automatically extended for subsequent
one (1) day periods for each day of the Employment Term that passes after the
Effective Date, unless sooner terminated by either party in accordance with the
provisions of this Agreement.  The intent
of the foregoing provision is that the Agreement becomes “evergreen” on the
Effective Date so that on each passing day after the Effective Date the
Employment Term automatically extends to a full one-year period.

3.             Duties.  During the Employment Term:

(a)           The Executive will perform duties
assigned by the Company’s Chief Executive Officer or the Company’s Board of
Directors (the “Board”), from time to time; provided that the Executive shall
not be assigned tasks inconsistent with those of the Vice President Operations.

 

(b)           The Executive will devote his full
time and best efforts, talents, knowledge and experience to serving as the
Company’s Vice President Operations. 
However, the Executive may devote reasonable time to activities such as
supervision of personal investments and activities involving professional,
charitable, educational, religious and similar types of activities, speaking
engagements and membership on other boards of directors, provided such
activities do not interfere in any material way with the business of the
Company; provided  that, the Executive cannot serve on the board
of directors of more than one publicly-traded company without the Board’s
written consent.  The time involved in
such activities shall not be treated as vacation time.  The Executive shall be entitled to keep any
amounts paid to him in connection with such activities (e.g.,
director fees and honoraria).

(c)           The Executive will perform his duties
diligently and competently and shall act in conformity with the Company’s written
and oral policies and within the limits, budgets and business plans set by the
Company.  The Executive will at all times
during the Employment Term strictly adhere to and obey all of the rules and
regulations in effect from time to time relating to the conduct of executives
of the Company.  Except as provided in
(b) above, the Executive shall not engage in consulting work or any trade or
business for his own account or for or on behalf of any other person, firm or
company that competes, conflicts or interferes with the performance of his
duties hereunder in any material way.

4.             Compensation and Benefits.  During the Executive’s employment hereunder,
the Company shall provide to the Executive, and the Executive shall accept from
the Company as full compensation for the Executive’s services hereunder,
compensation and benefits as follows:

(a)           Base Salary.  The Company shall pay the Executive at an
annual base salary (“Base Salary”) of Three Hundred and Thirty Five Thousand
Dollars ($335,000) effective as of January 1, 2007.  The Board, or such committee of the Board as
is responsible for setting the compensation of officers, shall review the
Executive’s performance and Base Salary annually in January of each year, and
determine whether to adjust the Executive’s Base Salary on a prospective
basis.  The first review shall be in
January 2008.  Such adjusted annual
salary then shall become the Executive’s “Base Salary” for purposes of this
Agreement.  The Executive’s annual Base
Salary shall not be reduced after any increase, without the Executive’s
consent.  The Company shall pay the
Executive’s Base Salary according to payroll practices in effect for all
officers of the Company.

(b)           Incentive Compensation.  The Executive shall be eligible to
participate in any annual performance bonus plans, long-term incentive plans,
and/or equity-based compensation plans established or maintained by the Company
for its officers, including, but not limited to, the 2006 executive bonus plan
(“Bonus Plan”) and the SPX Corporation Stock Compensation Plan, all as the
Board (or appropriate Board committee) may determine from time to time in its
discretion.  For the 2007 bonus plan
year, the Executive shall be eligible for a target bonus under the Company’s
Bonus Plan equal to 80% of his Base Salary provided that all performance goals
set by the Company are met.  The Board
(or appropriate Board committee) will determine and communicate to the

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                                                Executive
his annual bonus plan participation for subsequent bonus plan years, no later than
March 31 of such bonus plan year.

 

(c)           Executive Benefit Plans.  The Executive will be eligible to participate
in any executive benefit plans offered by the Company including, without
limitation, medical, dental, short-term and long-term disability, life,
pension, profit sharing and nonqualified deferred compensation arrangements, as
the Board may determine in its discretion. 
The Company reserves the right to modify, suspend or discontinue any and
all of the plans, practices, policies and programs at any time without recourse
by the Executive, so long as the Company takes such action generally with
respect to other similarly situated officers.

(d)           Business Expenses.  The Company shall reimburse the Executive for
all reasonable and necessary business expenses incurred in the performance of
services with the Company, according to the Company’s policies and upon
Executive’s presentation of an itemized written statement and such verification
as the Company may require.

(e)           Perquisites.  The Company will provide the Executive with
all perquisites it provides to other similarly situated officers.  Such perquisites shall not be less than those
provided to the Executive on the Effective Date.  The Company will also reimburse the Executive
for annual income tax return preparation and financial planning up to $20,000
per year.

(f)            Vacation.
The Executive will be entitled to vacation in accordance with the Company’s
vacation policy for officers, but in no event less than 5 weeks per calendar
year.  The maximum vacation accrual
allowed from year to year and at any given time will equal Executive’s annual
entitlement.  Once the maximum accrual is
reached, Executive will no longer accrue vacation until the unused amount
accrued is below the maximum level allowed.

(g)           Retiree
Medical.  The Executive shall be
entitled to receive retiree medical benefits in accordance with the eligibility
requirements and plan offerings for access to retiree medical benefits provided
generally to full-time employees of the Company.  The Executive may cover his spouse or
dependents eligible at the time of retirement. 
The cost of such benefits for the Executive, his spouse and eligible
dependents, will be 100% of the premiums and shall be reimbursed by the Company
on an annual basis up to the date the Executive reaches Medicare eligibility
due to age, at which point such reimbursement shall cease.  Depending on the plan, all or a portion of
the reimbursement may be taxable.  Such
benefits shall include prescription drug coverage, but not dental or vision
benefits unless included in the medical plan. 
Upon reaching Medicare eligibility due to age, Medicare shall become the
primary payor of medical/prescription benefits for the Executive, his spouse or
eligible dependents as applicable, and the reimbursement of premiums for such
coverage by the Company shall cease.  In
the event that the Company terminates retiree access to medical and/or
prescription benefits generally for retirees, the Executive shall be entitled
to an annual reimbursement from the Company upon proof of continued coverage
for comparable medical and/or prescription coverage under an individual policy
or other group policy, subject to a maximum total reimbursement of one 

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                                                and
one-half times the applicable premium of the plan in effect at the time retiree
access is terminated at the appropriate coverage level, and subject to maximum
annual inflation adjustment thereafter of five (5) percent.  Upon the death of the Executive, a surviving
spouse will continue eligibility and reimbursement as described above.  Surviving dependent children will not receive
premium reimbursement beyond the COBRA continuation period.  For all other COBRA qualifying events other than
the death of the Executive, reimbursement will cease upon commencement of the
COBRA continuation period.

 

5.             Payments on Termination of
Employment.

(a)           Termination of Employment for any
Reason.  The following payments will
be made upon the Executive’s termination of employment for any reason:

(i)            Earned but unpaid Base Salary through
the date of termination;

(ii)           Any annual incentive plan bonus, for
which the performance measurement period has ended, but which is unpaid at the
time of termination;

(iii)          Any accrued but unpaid vacation;

(iv)          Any amounts payable under any of the
Company’s benefit plans in accordance with the terms of those plans, except as
may be required under Code Section 401(a)(13); and

(v)           Unreimbursed business expenses
incurred by the Executive on the Company’s behalf.

 (b)          Termination
of Employment for Death or Disability. 
In addition to the amounts determined under (a) above, if the Executive’s
termination of employment occurs by reason of death or disability, the
Executive (or his estate) will receive a pro rata portion of any bonus payable
under the Company’s annual incentive plan for the year in which such
termination occurs determined based on the highest of (i) the actual annual
bonus paid for the bonus plan year immediately preceding such termination, or
(ii) the target bonus for the bonus plan year in which such termination
occurs.  The Executive will be deemed to
be disabled upon the earlier of (i) the end of a six (6) consecutive month
period during which, by reason of physical or mental injury or disease, the Executive
has been unable to perform substantially all of his usual and customary duties
under this Agreement or (ii) the date that a reputable physician selected by
the Board, and as to whom the Executive has no reasonable objection, determines
in writing that the Executive will, by reason of physical or mental injury or
disease, be unable to perform substantially all of the Executive’s usual and
customary duties under this Agreement for a period of at least six (6)
consecutive months.  If any question
arises as to whether the Executive is disabled, upon reasonable request
therefore by the Board, the Executive shall submit to reasonable medical
examination for the purpose of determining the existence, nature and extent of
any such disability.  In accordance with
Paragraph 10, the Board shall promptly give the Executive written notice of any
such determination of the Executive’s disability and of any decision of the
Board to terminate the Executive’s 

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                                                employment
by reason thereof.  In the event of
disability, until the date of termination, the base salary payable to the
Executive under Paragraph 4 hereof shall be reduced dollar-for-dollar by the
amount of disability benefits paid to the Executive in accordance with any
disability policy or program of the Corporation.

 

(c)           Termination by the Company Without
Cause, or Voluntary Termination by the Executive for Good Reason.  If the Company terminates the Executive’s
employment other than for Cause, or the Executive voluntarily terminates his
employment for Good Reason, in addition to the benefits payable under (a), the
Company will pay the following amounts and provide the following benefits:

(i)            The Base Salary and annual bonus
that the Company would have paid under the Agreement had the Executive’s
employment continued to the end of the Employment Term.  For this purpose, annual bonus will be
determined as the highest of (A) the actual bonus paid for the bonus plan year
immediately preceding such termination, or (B) the target bonus for the bonus
plan year in which such termination occurs.

(ii)           Continued coverage under the Company’s
medical, dental, life, disability, pension, profit sharing and other executive
benefit plans through the end of the Employment Term, at the same cost to the
Executive as in effect on the date of the Executive’s termination.  If the Company determines that the Executive
cannot participate in any benefit plan because he is not actively performing
services for the Company, the Company may provide such benefits under an
alternate arrangement, such as through the purchase of an individual insurance
policy that provides similar benefits or, if applicable, through a nonqualified
pension or profit sharing plan.  To the
extent that the Executive’s compensation is necessary for determining the
amount of any such continued coverage or benefits, such compensation (Base
Salary and annual bonus) through the end of the Employment Term shall be at the
highest rate in effect during the 12-month period immediately preceding the
Executive’s termination of employment.

(iii)          Executive perquisites on the same
basis on which the Executive was receiving such perquisites prior to his
employment termination, including: (A) reimbursement for club dues through the
end of the Employment Term; and (B) reimbursement of expenses relating to
financial planning services, tax return preparation and annual physicals
through December 31 of the calendar year that includes the first anniversary of
the Executive’s employment termination. 
The Company will bear the cost of such perquisites, at the same level in
effect immediately prior to the Executive’s employment termination.  Perquisites otherwise receivable by the
Executive pursuant to this Paragraph shall be reduced to the extent comparable
perquisites are actually received by or made available to the Executive without
cost during the period following the Executive’s employment termination covered
by this Paragraph.  The Executive shall
report to the Company any such perquisites actually received by or made
available to the Executive.

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(iv)          The
period through the end of the Employment Term shall continue to count for
purposes of determining the Executive’s age and service with the Company with
respect to eligibility, vesting and the amount of benefits under the Company’s
benefit plans to the maximum extent permitted by applicable law.

(v)           Any
outstanding stock options, restricted stock or other equity-based compensation
awards shall immediately vest upon such termination date, and any such stock
options shall be immediately exercisable at any time prior to the earlier of:  (A) one year; or (B) the stock option
expiration or other termination date.

(vi)          Outplacement
services, as elected by the Executive (and with a firm elected by the
Executive), not to exceed $35,000 in total.

(d)           Good Reason.  For purposes of this Agreement, “Good Reason”
shall mean the occurrence of any of the following without the Executive’s
consent (i) assigning duties to the Executive that are inconsistent with those
of the position of Vice President Operations for similar companies in similar
industries (except to the extent the Company promotes the Executive to a higher
executive position); (ii) requiring the Executive to report to other than the
Company’s Chief Executive Officer, other senior executive officer,  or the Company’s Board; (iii) the failure of
the Company to pay any portion of the Executive’s compensation within 10 days
of the date such compensation is due; or (iv) 
the Company’s failure to continue in effect any applicable cash or
stock-based incentive or bonus plan, pension plan, welfare benefit plan or
other benefit plan, program or arrangement, unless the aggregate value of all
such arrangements provided to the Executive after such discontinuance is not
materially less than the aggregate value as of the Effective Date (using, for purposes
of bonus plan comparisons, the target bonus potential before and after any such
discontinuance).

(e)           Cause.  For purposes of this Agreement, “Cause” shall
mean:  (i) the Executive’s willful and
continued failure to substantially perform his duties as an executive of the
Company (other than any such failure resulting from incapacity due to physical
or mental illness) after a written demand for substantial performance is
delivered to the Executive by the Board, which demand specifically identifies the
manner in which the Board believes that the Executive has not substantially
performed his duties, and which gives the Executive at least 30 days to cure
such alleged deficiencies, (ii) the Executive’s willful misconduct, which is
demonstrably and materially injurious to the Company, monetarily or otherwise,
or (iii) the Executive’s engaging in egregious misconduct involving serious
moral turpitude to the extent that his credibility and reputation no longer
conforms to the standard of officers of the Company.

(f)            Timing of Payments.  All payments described above shall be made in
a lump sum cash payment as soon as practicable (but in no event more than 10
days unless prohibited by applicable law or plan documents) following the
Executive’s termination of employment. 
If the total amount of annual bonus is not determinable on that date,
the 

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                                                Company
shall pay the amount of bonus that is determinable and the remainder shall be
paid in a lump sum cash payment at the time such bonuses are paid generally.

 

6.             Assignment; Successors.  This Agreement shall inure to the benefit of
and be binding upon the Company and its successors.  The Company may not assign this Agreement
without the Executive’s written consent, except that the Company’s obligations
under this Agreement shall be the binding legal obligations of any successor to
the Company by sale, and in the event of any transaction that results in the
transfer of substantially all of the assets or business of the Company, the
Company will use its best efforts to cause the transferee to assume the
obligations of the Company under this Agreement.  The Executive may not assign this Agreement
during his life.  Upon the Executive’s
death this Agreement will inure to the benefit of the Executive’s heirs,
legatees and legal representatives of the Executive’s estate.

7.             Interpretation.  The laws of the State of Delaware shall
govern the validity, interpretation, construction and performance of this
Agreement, without regard to the conflict of laws principles thereof.

8.             Withholding.  The Company may withhold from any payment
that it is required to make under this Agreement amounts sufficient to satisfy
applicable withholding requirements under any federal, state or local law.

9.             Amendment or Termination.  This Agreement may be amended at any time by
written agreement between the Company and the Executive.

10.           Notices.  Notices given pursuant to this Agreement
shall be in writing and shall be deemed received when personally delivered, or
on the date of written confirmation of receipt by (i) overnight carrier, (ii)
telecopy, (iii) registered or certified mail, return receipt requested,
addressee only, postage prepaid, or (iv) such other method of delivery that
provides a written confirmation of delivery. 
Notice to the Company shall be directed to:

	
   

  	
  SPX Corporation

  	
   

  
	
   

  	
  13515 Ballantyne
  Corporate Place

  	
   

  
	
   

  	
  Charlotte, NC
  28277

  	
   

  
	
   

  	
  Attention:
  General Counsel

  	
   

  

 

The Company may change the person and/or address to
whom the Executive must give notice under this Section by giving the Executive
written notice of such change, in accordance with the procedures described
above.  Notices to or with respect to the
Executive will be directed to the Executive, or to the Executive’s executors,
personal representatives or distributees, if the Executive is deceased, or the
assignees of the Executive, at the Executive’s home address on the records of
the Company.

11.           Severability.  If any provisions(s) of this Agreement shall
be found invalid or unenforceable by a court of competent jurisdiction, in
whole or in part, then it is the parties’ mutual desire that such court modify
such provision(s) to the extent and in the manner necessary to render the same
valid and enforceable, and this Agreement shall be construed and enforced to
the maximum extent permitted by law, as if such provision(s) had been
originally incorporated 

 7
 

herein as so modified or restricted, or as if such provision(s) had not
been originally incorporated herein, as the case may be.

 

12.           Entire Agreement.  This Agreement sets forth the entire
agreement and understanding between the Company and the Executive and
supersedes all prior agreements and understandings, written or oral, relating
to the subject matter hereof; provided, however, that: (i) the Executive’s Change
in Control Agreement dated December 13, 2006 shall remain in full force and
effect, and payments and benefits provided thereunder shall replace those
provided in this Agreement to the extent that such payments or benefits would
otherwise clearly be duplicative; and (ii) the Executive’s non-compete,
non-solicitation, confidentiality or similar restrictive covenants shall remain
in full force and effect.

13.           Consultation With Counsel.  The Executive acknowledges that he has had a
full and complete opportunity to consult with counsel of the Executive’s own
choosing concerning the terms, enforceability and implications of this
Agreement, and the Company has made no representations or warranties to the
Executive concerning the terms, enforceability or implications of this
Agreement other than as are reflected in this Agreement.

14.           No Waiver.  No failure or delay by the Company or the
Executive in enforcing or exercising any right or remedy hereunder shall
operate as a waiver thereof.  No
modification, amendment or waiver of this Agreement nor consent to any
departure by the Executive from any of the terms or conditions thereof, shall
be effective unless in writing and signed by the Chairman of the Company’s
Board.  Any such waiver or consent shall
be effective only in the specific instance and for the purpose for which given.

15.           Effect on Other Obligations.  Payments and benefits herein provided to be
paid to the Executive by the Company shall be made without regard to and in
addition to any other payments or benefits required to be paid the Executive at
any time hereafter under the terms of any other agreement between the Executive
and the Company or under any other policy of the Company relating to
compensation, or retirement or other benefits. 
Except as otherwise expressly provided herein, payments or benefits
provided the Executive hereunder shall be reduced by any amount the Executive
may earn or receive from employment with another employer or from any other
source.

16.           Survival.  All Sections of this Agreement survive beyond
the Employment Term except as otherwise specifically stated.

17.           Headings. 
The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning thereof.

18.           Counterparts.  The parties may execute this Agreement in one
or more counterparts, all of which together shall constitute but one Agreement.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date shown below.

	
  EXECUTIVE
  ACCEPTANCE

  	
  SPX CORPORATION

  
	
   

  	
   

  
	
  /s/James A.
  Peters

  	
   

  	
  By:

  	
  /s/Christopher J. Kearney

  
	
  James A. Peters

  	
   

  	
  Christopher J. Kearney

  
	
   

  	
   

  	
   

  
	
   

  	
  Its: President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  Date:

  	
  2-22-07

  
	
   

  	
   

  	
  February 22 , 2007

  
					

 

 9Exhibit
  10.57

  
	
   

  	
   

  
	
  

  	
  

  

 

January 17, 2007

Mr. James A. Peters

8001 Angling Road, Suite 2C

Portage, Michigan 49024

Dear James:

SPX Corporation
(the “Company”) recognizes that your contribution to its growth and success
will be substantial and desires to assure your continued employment.  In this regard, the Board of Directors of the
Company (the “Board”) recognizes that, as is the case with many publicly held
corporations, the possibility of a Change of Control (as defined in Section 2,
below) may exist and that such possibility, and the uncertainty and questions
which it may raise among management, may result in the departure or distraction
of management personnel to the detriment of the Company and its shareholders.

The Board has
determined that appropriate steps should be taken to reinforce and encourage
the continued attention and dedication of members of the Company’s management,
including yourself, to their assigned duties without distraction, in the face
of potentially disturbing circumstances arising from the possibility of a
Change of Control.

Further, it is the
intent of the Board in adopting this Agreement to assure the Company and its
shareholders (i) of continuity of management in the event of any actual or
threatened Change of Control and (ii) that key executive employees of the
Company will be able to evaluate objectively whether a potential Change of
Control is in the best interests of the shareholders.

In order to induce
you to remain in the employ of the Company and to advance the interests of the
Company and its shareholders by providing you with appropriate financial
protection, the Board agrees that you shall receive the severance benefits set
forth in this agreement (“Agreement”) in the event that your employment is
terminated due to a Change of Control.

1.                                       Term
of Agreement.  This Agreement will
become effective on the date hereof (the “Commencement Date”) and shall
continue in effect through the third anniversary of the Commencement Date (the “Date
of Expiration”).  However, on that
initial Date of Expiration, and on each extended Date of Expiration thereafter,
the term of this Agreement will be extended automatically for one additional
year unless, not later than six (6) months prior to such Date of Expiration,
the Company gives written notice to you that it has elected not to extend this
Agreement.  However, if a Change of
Control occurs during the term of

this Agreement, this
Agreement will continue in effect for thirty-six (36) months beyond the end of
the month in which the Change of Control occurred.

2.                                       Change
of Control of the Company.  No
benefits will be payable under the terms of this Agreement unless a Change of
Control of the Company has occurred.  A “Change
of Control” shall be deemed to have occurred if:

(a)                                  Any
“Person” (as defined below), excluding for this purpose the Company or any
subsidiary of the Company, any employee benefit plan of the Company or of any
subsidiary of the Company, or any entity organized, appointed or established
for or pursuant to the terms of any such plan which acquires beneficial
ownership of common shares of the Company, is or becomes the “Beneficial Owner”
(as defined below) of twenty percent (20%) or more of the common shares of the
Company then outstanding; provided, however, that no Change of Control shall be
deemed to have occurred as the result of an acquisition of common shares of the
Company by the Company which, by reducing the number of shares outstanding,
increases the proportionate beneficial ownership interest of any Person to
twenty percent (20%) or more of the common shares of the Company then
outstanding, but any subsequent increase in the beneficial ownership interest
of such a Person in common shares of the Company shall be deemed a Change of
Control; and provided further that if the Board of Directors of the Company
determines in good faith that a Person who has become the Beneficial Owner of
common shares of the Company representing twenty percent (20%) or more of the
common shares of the Company then outstanding has inadvertently reached that
level of ownership interest, and if such Person divests as promptly as
practicable a sufficient number of shares of the Company so that the Person no
longer has a beneficial ownership interest in twenty percent (20%) or more of
the common shares of the Company then outstanding, then no Change of Control
shall be deemed to have occurred.  For
purposes of this paragraph (a), the following terms shall have the meanings set
forth below:

(i)                                     “Person”
shall mean any individual, firm, limited liability company, corporation or
other entity, and shall include any successor (by merger or otherwise) of any
such entity.

(ii)                                  “Affiliate”
and “Associate” shall have the respective meanings ascribed to such terms in
Rule 12b-2 of the General Rules and Regulations under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”).

(iii)                               A
Person shall be deemed the “Beneficial Owner” of and shall be deemed to “beneficially
own” any securities:

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(A)                              which
such Person or any of such Person’s Affiliates or Associates beneficially owns,
directly or indirectly (determined as provided in Rule 13d-3 under the Exchange
Act);

(B)                                which
such Person or any of such Person’s Affiliates or Associates has (1) the right
to acquire (whether such right is exercisable immediately or only after the
passage of time) pursuant to any agreement, arrangement or understanding (other
than customary agreements with and between underwriters and selling group
members with respect to a bona fide
public offering of securities), or upon the exercise of conversion rights,
exchange rights, rights (other than rights under the Company’s Rights Agreement
dated June 25, 1996 with The Bank of New York, as amended), warrants or
options, or otherwise; provided, however, that a Person shall not be deemed the
Beneficial Owner of, or to beneficially own, securities tendered pursuant to a
tender or exchange offer made by or on behalf of such Person or any of such
Person’s Affiliates or Associates until such tendered securities are accepted
for purchase or exchange; or (2) the right to vote pursuant to any agreement,
arrangement or understanding; provided, however, that a Person shall not be
deemed the Beneficial Owner of, or to beneficially own, any security if the
agreement, arrangement or understanding to vote such security (a) arises solely
from a revocable proxy or consent given to such Person in response to a public
proxy or consent solicitation made pursuant to, and in accordance with, the
applicable rules and regulations promulgated under the Exchange Act and (b) is
not also then reportable on Schedule 13D under the Exchange Act (or any
comparable or successor report); or

(C)                                which
are beneficially owned, directly or indirectly, by any other Person with which
such Person or any of such Person’s Affiliates or Associates has any agreement,
arrangement or understanding (other than customary agreements with and between
underwriters and selling group members with respect to a bona fide
public offering of securities) for the purpose of acquiring, holding, voting
(except to the extent contemplated by the proviso to subparagraph
(a)(iii)(B)(2), above) or disposing of any securities of the Company.

Notwithstanding anything in this definition of
Beneficial Ownership to the contrary, the phrase “then outstanding,” when used
with reference to a Person’s beneficial ownership of securities of the Company,
shall mean the number of such securities then issued and outstanding together
with the number of such securities not then

 3
 

actually issued and outstanding which such Person
would be deemed to own beneficially hereunder.

(b)                                 During
any period of two (2) consecutive years (not including any period prior to the
execution of this Agreement), individuals who at the beginning of such two-year
period constitute the Board of Directors of the Company and any new director or
directors (except for any director designated by a person who has entered into
an agreement with the Company to effect a transaction described in paragraph (a),
above, or paragraph (c), below) whose election by the Board or nomination for
election by the Company’s shareholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors at
the beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute at least a majority
of the Board; or

(c)                                  Approval
by the shareholders of (or if such approval is not required, the consummation
of) (i) a plan of complete liquidation of the Company, (ii) an agreement for
the sale or disposition of the Company or all or substantially all of the
Company’s assets, (iii) a plan of merger or consolidation of the Company with
any other corporation, or (iv) a similar transaction or series of transactions
involving the Company (any transaction described in parts (i) through (iv) of
this paragraph (c) being referred to as a “Business Combination”), in each case
unless after such a Business Combination the shareholders of the Company
immediately prior to the Business Combination continue to own at least eighty
percent (80%) of the voting securities of the new (or continued) entity
immediately after such Business Combination, in substantially the same
proportion as their ownership of the Company immediately prior to such Business
Combination.

Any other provision of this Agreement to the contrary
notwithstanding, a “Change of Control” shall not include any transaction
described in paragraph (a) or (c), above, where, in connection with such
transaction, you and/or any party acting in concert with you substantially
increase your, his or its, as the case may be, ownership interest in the
Company or a successor to the Company (other than through conversion of prior
ownership interests in the Company and/or through equity awards received
entirely as compensation for past or future personal services).

3.                                       Definitions.  The following definitions shall be used in
determining whether, under the terms of Section 4 hereof, you are entitled to
receive Accrued Benefits and/or Severance Benefits:

(a)                                  Disability.  “Disability” shall mean that, as a result of
your incapacity due to physical or mental injury or illness, you shall have
been absent from the full-time performance of your duties with the Company for
at least six (6) consecutive months and, within

 4
 

thirty (30) calendar days
after written notice of suspension is given, you shall not have returned to the
full-time performance of your duties.

(b)                                 Retirement.  “Retirement” shall mean your voluntary
termination of your employment (other than for Good Reason, as defined below)
at a time after you have reached age sixty-five (65).

(c)                                  Cause.  “Cause” shall mean (i) your willful and
continued failure to substantially perform your duties with the Company (other
than any such failure resulting from Disability or occurring after issuance by
you of a Notice of Termination for Good Reason), after a demand for substantial
performance is delivered to you that specifically identifies the manner in which
the Company believes that you have not substantially performed your duties, and
after you have failed to resume substantial performance of your duties on a
continuous basis within fourteen (14) calendar days after receiving such
demand, (ii) you willfully engage in conduct which is demonstrably and
materially injurious to the Company, monetarily or otherwise, or (iii) your
having been convicted of a felony which impairs your ability substantially to
perform your duties with the Company. 
For purposes of this paragraph (c), no act, or failure to act, on your
part shall be deemed “willful” unless done, or omitted to be done, by you not
in good faith and without reasonable belief that your action or omission was in
the best interest of the Company.

(d)                                 Good
Reason.  You shall be entitled to
terminate your employment for Good Reason. 
For purpose of this Agreement, “Good Reason” shall mean, without your
express written consent, the occurrence within three (3) years following a
Change of Control of the Company of any one or more of the following:

(i)                                     The
assignment to you of duties inconsistent with your duties, responsibilities,
and the status of your position as of the day prior to the Change of Control of
the Company, or a reduction or alteration in the nature or status of your
responsibilities from those in effect on the day prior to the Change of
Control;

(ii)                                  A
reduction by the Company in your base salary or in your most recent annual
target incentive award opportunity as in effect on the date hereof or as the
same shall be increased from time to time;

(iii)                               The
Company’s requiring you to be based at a location in excess of two hundred and
fifty (250) miles from the location where you are currently based;

 5
 

(iv)                              The
failure by the Company to continue in effect the Company’s Pension Plan,
Retirement Savings Plan, Supplemental Retirement Savings Plan, Supplemental
Retirement Plan, Executive Bonus Plan, Stock Compensation Plan, any plans
substituted for the above adopted prior to the Change of Control, or any other
of the Company’s employee benefit plans, policies, practices or arrangements in
which you participate, unless an equitable arrangement (embodied in an ongoing
substitute or alternative plan) to provide similar benefits has been made with
respect to such plan(s); or the failure by the Company to continue your
participation therein (or in such substitute or alternative plan) on
substantially the same basis, both in terms of the amount of benefits provided
and the level of your participation relative to other participants, as existed
as of the time of the Change of Control;

(v)                                 The
failure of the Company to reinstate your employment in full (in the same
capacity that you were employed, or in a mutually agreeable capacity) in the
event that your employment was suspended due to a Disability and, within three
years, you request to be reinstated and are ready, willing, and able to
adequately perform your employment duties;

(vi)                              The
termination, replacement, or reassignment of twenty-five percent (25%) or more
of the elected officers of the Company existing as of the day prior to a Change
of Control, unless the officer is terminated due to death, Disability, or
Retirement, or by the Company for Cause, or by the officer other than for Good
Reason (all as herein defined);

(vii)                           The
failure of the Company to obtain a satisfactory agreement from any successor to
the Company to assume and agree to perform this Agreement, as contemplated in
Section 5 hereof; and

(viii)                        Any
purported termination by the Company of your employment that is not effected
pursuant to a Notice of Termination satisfying the requirements of paragraph
(f), below, and for purposes of this Agreement, no such purported termination
shall be effective.

(ix)                                At
any time during the one (1)-year period beginning thirty (30) days following a
Change of Control, you shall be entitled to terminate your employment for any
reason, and such termination shall be deemed to be for Good Reason for all
purposes of this Agreement.

Your right to terminate your employment pursuant to
this paragraph (d) shall not be affected by your suspension due to
Disability.  Your continued employment
shall not

 6
 

constitute a waiver of your rights with respect to any
circumstance constituting Good Reason hereunder.

(e)                                  Notice
of Termination.  Any termination by
the Company for Cause or by you for Good Reason shall be communicated by Notice
of Termination to the other party hereto. 
For purposes of this Agreement, a “Notice of Termination” shall mean a
written notice which shall indicate the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of your employment
under the provisions so indicated.

(f)                                    Date
of Termination.  “Date of Termination”
shall mean the date specified in the Notice of Termination where required (but
not less than thirty (30) calendar days following delivery of the Notice of
Termination, except that termination for Cause may be effective immediately) or
in any other case upon ceasing to perform services to the Company; provided
that if within twenty (20) calendar days after any Notice of Termination one
party notifies the other party that a dispute exists concerning the
termination, the Date of Termination shall be the date finally determined to be
the Date of Termination, either by written agreement of the parties or by a
binding and final arbitration decision. 
In the event that a dispute exists concerning the Date of Termination,
you shall continue to receive your full compensation (including participation
in all benefit and insurance plans in which you were participating) in effect
when the notice giving rise to the dispute was given, until the Date of
Termination is finally determined.  In
such event, you will be required to reimburse the Company for all compensation
received beyond the finally determined Date of Termination either by direct
cash reimbursement within thirty (30) calendar days of resolving the conflict
or by appropriately reducing your remaining benefits to be received under the
terms of this Agreement.

(g)                                 Earned
Bonus Amount. Your “Earned Bonus Amount” means your total potential bonus
for the year as determined under the 2006 executive bonus plan or applicable
successor bonus plan (the “Bonus Plan”), according to the business performance
metric achieved, and prorated to reflect your length of service during the
Bonus Plan year.

4.                                       Compensation
Upon Termination Following a Change of Control

(a)                                  Accrued
Benefits.  In the event that your
employment is terminated for any reason during the term of this Agreement,
following a Change of Control of the Company

 7
 

(as defined in Section 2
herein), you shall receive your Accrued Benefits through the Date of
Termination.  For purposes of this
Agreement, your “Accrued Benefits” shall include the following:

(i)                                     All
base salary for the time period ending with your Date of Termination, at the
rate in effect at the time Notice of Termination is given or on the Date of
Termination if no Notice of Termination is required;

(ii)                                  A
bonus payment equal to one hundred percent (100%) of the greater of (A) your
target bonus for the year in which the Date of Termination occurs, prorated
based upon the ratio of the number of months (full credit for a partial month)
you were employed during that bonus year to the total months in that bonus
year, and (B) your Earned Bonus Amount for the year in which the Date of
Termination occurs, calculated as if the Date of Termination were the end of
that year for purposes of the Bonus Plan;

(iii)                               A
cash equivalent of all unused vacation to which you were entitled through your
Date of Termination;

(iv)                              Reimbursement
for any and all monies advanced in connection with your employment for
reasonable and necessary expenses incurred by you on behalf of the Company for
the time period ending with your Date of Termination;

(v)                                 Any
and all other cash earned through the Date of Termination and deferred at your
election or pursuant to any deferred compensation plan then in effect;

(vi)                              An
accrued benefit under the SPX Corporation Supplemental Retirement Plan for Top
Management (the “SERP”);

(vii)                           All
other amounts to which you are entitled under any compensation or benefit plan,
program, practice or policy of the Company in effect as of the Date of Termination;
and

(viii)                        The
payments provided for in paragraphs (i), (ii), (iii), (iv) and (v), above,
shall be made not later than the tenth (10th) business day following the Date
of Termination; provided, however, that if the amounts of such payments cannot
be finally determined on or before such day, the Company shall pay to you on
such day an estimate, as determined in good faith by the Company, of the
minimum amount of such payments and shall pay the remainder of such payments
(together with interest at the rate provided in Section 1274(b)(2)(B) of the
Internal Revenue Code of 1986, as amended (the “Code”)) as soon as the amount
thereof can be determined but in no event later than the thirtieth

 8
 

(30th) calendar day after
the Date of Termination.  In the event
that the amount of the estimated payments exceeds the amount subsequently
determined to have been due, such excess shall constitute a loan by the Company
to you payable on the tenth (10th) business day after demand by the Company
(together with interest at the rate provided in Section 1274(b)(2)(B) of the
Code).

(b)                                 Severance
Benefits.  In the event that your
employment is terminated during the term of this Agreement following a Change
of Control of the Company (as described in Section 2 herein), unless your
termination is (i) because of your death, Disability, or Retirement; (ii) by
the Company for Cause; or (iii) by you other than for Good Reason, you shall
receive, in addition to your Accrued Benefits, the Severance Benefits.  For purposes of this Agreement, your “Severance
Benefits” shall include the following:

(i)                                     Your
annual base salary at the rate in effect immediately prior to the Change of
Control of the Company or, if greater, at the rate in effect at the time Notice
of Termination is given, or on the Date of Termination if no Notice of
Termination is required, multiplied by two (2);

(ii)                                  An
amount equal to two (2) times the greatest of (I) the highest of your Earned
Bonus Amounts for the three (3) years immediately preceding the year in which
the Date of Termination occurs (the “Year of Termination”) or (II) your target
bonus under the Bonus Plan for the Year of Termination or (III) your Earned
Bonus Amount for the Year of Termination, calculated as if the Date of
Termination were the end of that year for purposes of the Bonus Plan;

(iii)                               For
a two (2)-year period after your Date of Termination, the Company will arrange
to provide to you the same health care coverage you had prior to your
termination, at the Company’s expense, which includes, but is not limited to,
hospital, surgical, medical, dental, and dependent coverages.  For purposes of the Retirement Plan health
care coverage, you will receive the same number of additional years of credited
service, for computing your benefit, as normally computed under the terms of
the Plan.  Health care benefits otherwise
receivable by you pursuant to this subparagraph (iii) shall be reduced to the
extent comparable benefits are actually received by you from a subsequent
employer during the two (2)-year period following your Date of Termination, and
any such benefits actually received by you shall be reported to the Company;

 9
 

(iv)                              For
a two (2)-year period after your Date of Termination, the Company will arrange
to provide to you, at the Company’s expense, life insurance coverage in the
amount of two (2) times your base salary in effect at your Date of Termination
and, at the end of the two (2)-year period, for the remainder of your life the
Company will provide to you life insurance coverage in the amount of your base
salary in effect at your Date of Termination;

(v)                                 Under
the Company’s Pension Plan and Supplemental Retirement Plan for Top Management,
you will receive immediate full vesting as of your Date of Termination and
receive two (2) additional full years of service credit for computing your
accrued retirement benefit under both plans. Further, in computing the accrued
retirement benefits under both plans, two (2) years will be added to your
actual age, and the definition of “Final Average Pay” (base and bonus) shall be
the greater of (A) your highest three (3)-year average or (B) the sum of your
actual base salary in effect at your Date of Termination plus the greatest of
the bonus amounts described in parts (B)(I), (II) and (III) of subparagraph (ii),
above, with the additional benefits, to the extent not payable under the
Pension Plan, to be paid through an additional unfunded arrangement at the same
time and in the same manner as you have elected under the Pension Plan;

(vi)                              Under
the Company’s Supplemental Retirement Savings Plan, you will receive a cash
lump sum payment of the full balance (vested and unvested);

(vii)                           Each
stock option which you have been granted by the Company and which is not yet
vested shall become immediately vested and exercisable and shall continue to be
exercisable for the lesser of (A) two (2) years following your Date of
Termination or (B) the time remaining until the originally designated
expiration date, unless a longer exercise period is provided for in the
applicable plan or award agreement;

(viii)                        Any
contractual restrictions placed on shares of restricted stock which you have
been awarded pursuant to the Company’s Stock Compensation Plan shall lapse as
of your Date of Termination;

(ix)                                If
any portion of the Severance Payments (in the aggregate, “Total Payments”) will
be subject to the golden parachute “Excise Tax” imposed by Section 4999 of the
Code, the Company shall pay to you an additional amount (the “Gross-Up Payment”)
such that the net amount retained by you after deduction of any Excise Tax
(including any related penalties and interest) on the Total Payments (but not
any federal, state, or local income tax on the Total Payments), and any
federal, state, and local income tax and

 10
 

Excise Tax (including any
related penalties and interest) on the Gross-Up Payment, shall be equal to the
Total Payments.  The determination of
whether any Excise Tax will be imposed and of the amount of the Gross-Up
Payment will be made by tax counsel selected by the Company’s independent auditors
and acceptable to you. For purposes of determining whether any of the Total
Payments will be subject to the Excise Tax and the amount of such Excise Tax,
(A) any other payments or benefit received or to be received by you in
connection with a Change of Control of the Company or your termination of
employment (whether pursuant to the terms of this Agreement or any other plan,
arrangement, or agreement with the Company) shall be treated as “parachute
payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess
parachute payments” within the meaning of Section 280G(b)(1) shall be treated
as subject to the Excise Tax, unless in the opinion of such tax counsel such
other payments or benefits (in whole or in part) do not constitute parachute
payments, or such excess parachute payments (in whole or in part) represent
reasonable compensation for services actually rendered within the meaning of
Section 280G(b)(4)(B) of the Code, and (B) the value of any noncash benefits or
any deferred payment or benefit shall be determined by the Company’s
independent auditors in accordance with the principles of Sections 280G(d)(3)
and (4) of the Code.  For purposes of
determining the amount of the Gross-Up Payment, you shall be deemed to pay
federal income taxes at the highest marginal rate of federal income taxation
for the calendar year in which the Gross-Up Payment is made and state and local
income taxes at the highest marginal rates of taxation in the state and
locality of your residence (at the time at which the Gross-Up Payment is made)
as effective for the calendar year in which the Gross-Up Payment is made, net
of the maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes.

The payments provided for in this subparagraph (ix)
shall be made not later than thirty (30) calendar days following your Date of
Termination; provided, however, that if the amounts of such payments cannot be
finally determined on or before such day, the Company shall pay to you on such
day an estimate, as determined in good faith by such tax counsel, of the
minimum amount of such payments and shall pay the remainder of such payments
(together with interest at the rate provided in Section 1274(b)(2)(B) of the
Code) as soon as the amount thereof can be determined but in no event later
than sixty (60) calendar days after your Date of Termination.  In the event that the amount of the estimated
payment exceeds the amount subsequently determined to have been due, such
excess shall constitute a loan by the Company to you payable on the twentieth
(20th) calendar day after demand by the Company (together with interest at the
rate provided in Section 1274(b)(2)(B) of the Code).

 11
 

Notwithstanding the foregoing, the sixty (60)- day
period for deferment of the Gross-Up Payment shall not preempt or otherwise
eliminate your right to receive any other payments to which you are entitled
under this subparagraph or otherwise under the terms of this Agreement and to
receive additional Gross-Up Payments based on such additional payments pursuant
to this subparagraph;

(x)                                   To
the full extent permitted by law, the Company shall indemnify you (including
the advancement of expenses) for any judgments, fines, amounts paid in
settlement and reasonable expenses, including attorneys’ fees, incurred by you
in connection with the defense of any lawsuit or other claim to which you are
made a party by reason of being or having been an officer, director or employee
of the Company or any of its subsidiaries. 
In addition, you will be covered by director and officer liability
insurance to the maximum extent that such insurance maintained by the Company
from time to time covers any officer or director (or former officer or
director) of the Company.

(xi)                                You
will be entitled to receive outplacement services, at the expense of the
Company, from a provider reasonably selected by you.

(xii)                             The
Company also shall pay to you all legal fees and expenses incurred by you as a
result of such termination of employment (including all such fees and expenses,
if any, incurred in contesting or disputing any such termination or in seeking
to obtain or enforce any right or benefit provided by this Agreement or in
connection with any tax audit or proceeding to the extent attributable to the
application of Section 4999 of the Code to any payment or benefit provided
hereunder); and

(xiii)                          The
payments provided in paragraphs (i), (ii), (v) if a lump sum is elected, (vi)
and (xii), above, shall be made not later than the tenth (10th) business day
following the Date of Termination, provided, however, that if the amounts of
such payments cannot be finally determined on or before such day, the Company
shall pay to you on such day an estimate, as determined in good faith by the
Company, of the minimum amount of such payments and shall pay the remainder of
such payments (together with interest at the rate

 12
 

provided in Section
1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined but
in no event later than the thirtieth (30th) day after the Date of
Termination.  In the event that the
amount of the estimated payments exceeds the amount subsequently determined to
have been due, such excess shall constitute a loan by the Company to you
payable on the tenth (10th) business day after demand by the Company (together
with interest at the rate provided in Section 1274(b)(2)(B) of the Code).  As all of the payments referenced in the
first sentence of this subparagraph (xiii) are included for purposes of
determining the Gross-Up Payment, the thirty (30)-day period identified above
shall not preempt or otherwise eliminate your right to receive any other
payments to which you are entitled under the terms of this Agreement and to
receive additional Gross-Up Payments based on such additional payments.

(c)                                  Any
provision in this Agreement to the contrary notwithstanding, if a Change of
Control occurs and if your employment with the Company is terminated within six
(6) months prior to the date on which the Change of Control occurs, and if you
reasonably demonstrate that such termination of employment (i) was at the
request of a third party who has taken steps reasonably calculated to effect
the Change of Control, (ii) otherwise arose in connection with or anticipation
of the Change of Control, or (iii) would not have occurred or would be less
likely to have occurred if the Change of Control were not anticipated, then for
all purposes of this Agreement the termination of your employment shall be
deemed to have occurred following the Change of Control.

(d)                                 You
shall not be required to mitigate the amount of any payment provided for in
this Section 4 by seeking other employment or otherwise, nor shall the amount
of any payment provided for in this Section 4 be reduced by any compensation
earned by you as the result of employment by another employer after your Date
of Termination, or otherwise, with the exception of a reduction in your
insurance benefits as provided in Section 4(b)(iii).

5.                                       Successors;
Binding Agreements.

(a)                                  The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company or of any division or subsidiary thereof employing
you to expressly assume and agree to perform this Agreement in the same manner
and to the same extent that the Company would be required to perform it if no
such succession had taken place.  Failure
of the Company to obtain such assumption and agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and
shall entitle you to compensation from the Company in the same amount and on
the same terms to which you would be entitled hereunder if you terminated your
employment for Good Reason following a Change of Control, except that for
purposes of implementing the foregoing, the date on which any such succession
becomes effective shall be deemed your Date of Termination.

 13
 

(b)                                 This
Agreement shall inure to the benefit of and be enforceable by your personal and
legal representatives, executors, administrators, successors, heirs,
distributees, devisees, and legatees.  If
you should die while any amount would still be payable to you hereunder if you
had continued to live, all such amounts, unless otherwise provided herein,
shall be paid in accordance with the terms of this Agreement, to your devisee,
legatee or other designee or, if there is no such designee, to your estate.

6.                                       No
Funding of Benefits.  Nothing herein
contained shall require or be deemed to require the Company to segregate,
earmark, or otherwise set aside any funds or other assets to provide for any
payments to be made hereunder.  Your
rights under this Agreement shall be solely those of a general creditor of the
Company.  However, in the event of a
Change of Control, the Company may deposit cash or property, or both, equal in
value to all or a portion of the benefits anticipated to be payable hereunder
into a trust, the assets of which are to be distributed at such times as are
otherwise provided for in this Agreement and are subject to the rights of the
general creditors of the Company.

7.                                       Withholding
of Taxes.  The Company may withhold
from any amounts payable under this Agreement all federal, state, city, or
other taxes as legally shall be required.

8.                                       Notice.  For the purpose of this Agreement, notices
and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered or mailed by United
States registered mail, return receipt requested, postage prepaid, addressed to
the respective addresses set forth on the first page of this Agreement.

9.                                       Miscellaneous.  No provision of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by you and such officer as may be specifically
designated by the Board.  The validity,
interpretation, construction, and performance of this Agreement shall be
governed by the laws of the State of Michigan.

10.                                 Employment
Rights.  This Agreement shall not
confer upon you any right to continue in the employ of the Company or its
subsidiaries and, except to the extent that benefits may become payable under
Section 4, above, shall not in any way affect the right of the Company or its
subsidiaries to dismiss or otherwise terminate your employment at any time and
for any reason with or without cause.

11.                                 No
Vested Interest.  Neither you nor
your beneficiaries shall have any right, title or interest in any benefit under
this Agreement prior to the occurrence of all of the events specified herein as
necessary conditions to such right, title or interest.

12.                                 Prior
Agreements.  This Agreement contains
the understanding between the parties hereto with respect to severance benefits
in connection with a Change of Control of the Company

 14
 

and supersedes any prior
such agreement between the Company (or any predecessor of the Company) and
you.  If there is any discrepancy or
conflict between this Agreement and any plan, policy and program of the Company
regarding any term or condition of severance benefits in connection with a
Change of Control of the Company, the language of this Agreement shall govern.

13.                                 Validity.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

14.                                 Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

15.                                 Arbitration.  Any dispute or controversy arising under or
in connection with this Agreement shall be settled exclusively by arbitration
in accordance with the rules of the American Arbitration Association then in
effect.  Judgment may be entered on the
arbitrator’s award in any court having jurisdiction.  However, you shall be entitled to seek in
court specific performance of your right, pursuant to Section 3(f), above, to
be paid until the Date of Termination during the pendency of any dispute or
controversy arising under or in connection with this Agreement.

If this letter
properly sets forth our agreement on the subject matter hereof, kindly date,
sign and return to the Company the enclosed copy of this letter, which will
then constitute our agreement on this subject.

	
  

  	
  Sincerely,

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SPX CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By

  	
  /s/James A. Peters

  	
   

  	
  By

  	
  /s/Christopher J. Kearney

  	
   

  	
   

  	
   

  
	
   

  	
  James A. Peters

  	
   

  	
  Christopher J. Kearney

  	
   

  	
   

  
	
   

  	
   

  	
  President and

  	
   

  	
   

  
	
   

  	
   

  	
  Chief Executive Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Agreed to this
  22nd day

  of January, 2007.

  	
   

  	
   

  
									

 

 15

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