Document:

EXHIBIT 10.1

                   MARTHA STEWART LIVING OMNIMEDIA, INC.
                     2005 EXECUTIVE SEVERANCE PAY PLAN

The Company previously adopted the Martha Stewart Living Omnimedia, Inc.
2002 Executive Severance Pay Plan, effective as of August 9, 2002 (the
"Prior Plan"). Effective as of December 31, 2004, the Prior Plan expired.
Effective as of January 1, 2005, the Company has adopted the Martha Stewart
Living Omnimedia, Inc. 2005 Executive Severance Pay Plan.

The purpose of the Plan is to better provide for the retention of key
executives through providing them with a higher degree of financial
security, on the terms and conditions hereinafter stated. The Plan is
intended to be a severance pay plan governed by Title I of ERISA primarily
for the purpose of providing benefits for a select group of management or
highly compensated employees. All benefits under the Plan will be paid
solely from the general assets of the Company.

                                 ARTICLE I

                                Definitions

"Code" means the Internal Revenue Code of 1986, as amended.

"Company" means Martha Stewart Living Omnimedia, Inc.

"Denial Notice" has the meaning given in Section 4.03(2) of the Plan.

"Disability" means a Total Disability under the Company's long-term
disability insurance policy, or such comparable term under any successor
policy which the Company may secure after the date hereof, as interpreted
by the Plan Administrator.

"Effective Date" means January 1, 2005.

"Eligible Participant" has the meaning given in Section 2.02 of the Plan.

"Employment Severance Date" means the date of termination of employment of
a Participant.

"ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

"Good Reason" shall have the meaning given in Section 3.01 of the Plan.

"Involuntary Termination for Cause" has the meaning given in Section 3.02
of the Plan.

"Involuntary Termination for Disability" means any termination of a
Participant's employment with the Company initiated by the Company as a
result of such Participant's Disability.

"Participant" means any eligible executive who is made a participant in the
Plan by action of the Plan Administrator as specified herein.

"Plan" means The Martha Stewart Living Omnimedia, Inc. 2005 Executive
Severance Pay Plan.

"Plan Administrator" means the Compensation Committee of the Board of
Directors of the Company, or, if the Board of Directors so determines,
another committee of the Board or the Board itself.

"Pro-Rata Bonus" means, with respect to the fiscal year in which an
Eligible Participant's Employment Severance Date occurs, an amount equal to
the Eligible Participant's target annual bonus multiplied by a fraction,
the numerator of which is the number of days that have elapsed in such
fiscal year through and including the Employment Severance Date and the
denominator of which is 365; provided, however, that the Pro-Rata Bonus
shall be reduced, but not below zero, to the extent of any annual cash
bonus the Eligible Participant receives from the Company in respect of the
fiscal year in which the Employment Severance Date occurs.

"Qualifying Involuntary Termination" means any termination of a
Participant's employment with the Company initiated by the Company other
than an Involuntary Termination for Cause or an Involuntary Termination for
Disability.

"Voluntary Termination for Good Reason" has the meaning given in Section
3.01 of the Plan.

"Voluntary Termination without Good Reason" means any termination of
employment initiated by a Participant other than a Voluntary Termination
for Good Reason.

                                 ARTICLE II

                    Eligibility; Participation; Benefits

Section 2.01.       Participation in the Plan. The Plan Administrator may
                    designate any executive of the Company to be a
                    Participant, and may vary the terms of a Participant's
                    participation on a case-by-case basis. Promptly
                    following such designation, each Participant shall be
                    notified of his or her participation in a formal
                    communication from the Plan Administrator or the
                    Company, provided that any variation in the terms of a
                    Participant's participation from the default terms of
                    the Plan shall be clearly explained to the Participant
                    in such communication. Participation in the Plan shall
                    be determined in the Plan Administrator's sole
                    discretion. Once participation in the Plan has
                    commenced, a Participant shall remain a Participant
                    until the first to occur of (i) the termination of his
                    or her employment under circumstances not giving rise
                    to a right to severance benefits under the Plan, (ii)
                    the completion of the delivery of all severance
                    benefits under the Plan following the termination of
                    his or her employment under circumstances giving rise
                    to a right to such benefits and (iii) the termination
                    or expiration of the Plan pursuant to Article V before
                    termination of the Participant's employment or the
                    giving of notice by a Participant under Section 3.01
                    hereof.

Section 2.02.       Benefits Eligibility. A Participant shall become
                    entitled to severance benefits under the Plan in the
                    event he or she experiences a Voluntary Termination for
                    Good Reason or a Qualifying Involuntary Termination,
                    provided that all of the conditions set forth in
                    Section 2.03 are satisfied and the termination is not
                    described in Section 2.04. Any Participant who becomes
                    so entitled shall be deemed an "Eligible Participant."

Section 2.03.       Conditions. As a condition to entitlement of each
                    Participant to severance benefits under the Plan, the
                    Participant must, following the Employment Severance
                    Date, execute, and not revoke, a waiver and release of
                    claims pursuant to Section 6.01 of the Plan, which
                    shall provide, without limitation, the following: (i)
                    that the Participant shall have returned to the Company
                    all property of the Company held by the Participant;
                    (ii) a reaffirmation of the Participant's agreement to
                    abide by the confidentiality agreement entered into by
                    the Participant in connection with the Participant's
                    employment with the Company or, if no such agreement
                    exists, a confidentiality agreement in form and
                    substance comparable to that typically entered into by
                    comparably situated executives upon commencing
                    employment with the Company; (iii) that the Participant
                    shall reasonably cooperate with the Company to complete
                    the transition of matters with which the Participant is
                    familiar or responsible to other executives or
                    employees and to make himself or herself reasonably
                    available to answer questions or assist in matters
                    which may require attention after the Participant's
                    Employment Severance Date; (iv) that the Participant
                    shall not disparage the Company and those persons and
                    entities related to the Company; and (v) that, for two
                    years following the Employment Severance Date, the
                    Participant shall not interfere with the Company's
                    businesses, including by solicitation of the Company's
                    employees.

Section 2.04.       Ineligible Terminations of Employment. A Participant
                    will not be eligible for severance benefits under the
                    Plan if his or her employment with the Company
                    terminates for any of the following reasons:

                    1)   death of the Participant;

                    2)   Involuntary Termination for Disability;

                    3)   Voluntary Termination without Good Reason; or

                    4)   Involuntary Termination for Cause.

Section 2.05.       Amount of Severance Payment. An Eligible Participant
                    shall receive each of the following as severance
                    benefits under the Plan:

                    (i) a Pro-Rata Bonus;

                    (ii) continued payment of his or her base salary during
                    the period from his or her Employment Severance Date
                    until the first anniversary of his or her Employment
                    Severance Date, at the rate in effect as of his or her
                    Employment Severance Date; and

                    (iii) a one-time bonus payment equal to 100% of such
                    Eligible Participant's target annual bonus in effect as
                    of his or her Employment Severance Date.

                    For purposes of this Section 2.05, no reduction in
                    salary or target annual bonus of an Eligible
                    Participant shall be taken into account in determining
                    his or her severance benefits, if such reduction formed
                    the basis of a claim for Voluntary Termination for Good
                    Reason or was instituted just prior to, or after, the
                    giving of an employment termination notice by the
                    Company or the Eligible Participant.

Section 2.06.       Form and Times of Payment. All severance benefits that
                    take the form of continuation of base salary shall be
                    paid according to the Company's regular payroll
                    procedure. Severance benefits that take the form of
                    payment of an Eligible Participant's target annual
                    bonus shall be paid in substantially equal periodic
                    installments from the Employment Severance Date until
                    the first anniversary of the Employment Severance Date
                    at the same time as the salary continuation payments
                    are made pursuant to the preceding sentence. The
                    Pro-Rata Bonus shall be paid in a lump sum within
                    thirty (30) days following the Employment Severance
                    Date. Notwithstanding this Section 2.06, however, if
                    payment of the foregoing severance benefits constitutes
                    deferred compensation subject to Section 409A of the
                    Code, the commencement of such severance benefits may
                    be postponed until the earliest date permitted by
                    Section 409A of the Code.

Section 2.07.       Benefit Continuation Provisions. An Eligible
                    Participant shall also be entitled to the following
                    severance benefits:

                    1)   Health and Life Insurance. The Eligible
                         Participant shall continue to be covered by the
                         Company's health and life insurance plans on the
                         same terms and conditions as apply to similarly
                         situated active employees of the Company, until
                         the earlier of (i) the end of the period during
                         which the Eligible Participant is entitled to
                         salary continuation under Section 2.06 above and
                         (ii) the date on which the Eligible Participant
                         first becomes eligible for benefits of the same
                         type under a plan or plans provided by a
                         subsequent employer.

                    2)   Equity Awards. The Eligible Participant shall
                         become immediately vested in, and restrictions
                         shall lapse on, any and all outstanding equity
                         awards of such Eligible Participant, including
                         stock options and restricted stock grants.

                    3)   Outplacement Benefits. The Eligible Participant
                         shall be entitled to reimbursement for
                         outplacement services of his or her choice if
                         utilized in good faith of up to a maximum of
                         $30,000.

Section 2.08.       An Eligible Participant shall not be required to
                    mitigate the amount of any payment or benefit provided
                    for in the Plan by seeking other employment or
                    otherwise and, except as provided in Section 2.07(1),
                    no such payment or benefit shall be offset or reduced
                    by the amount of any compensation or benefits provided
                    to the Eligible Participant in any subsequent
                    employment. The severance payments and benefits under
                    the Plan to an Eligible Participant are intended to
                    constitute the exclusive payments and benefits in the
                    nature of severance or termination pay that shall be
                    due to an Eligible Participant upon termination of his
                    or her employment and shall be in lieu of (or offset
                    by) any other such payments or benefits under any
                    agreement, plan, practice or policy of the Company or
                    any of its affiliates. The severance benefits to which
                    an Eligible Participant is otherwise entitled shall be
                    further reduced (but not below zero) by any payments or
                    benefits to which the Eligible Participant may be
                    entitled under any federal, state or local
                    plant-closing (or similar or analogous) law (including,
                    without limitation, the U.S. Worker Adjustment and
                    Retraining Notification Act).

                                ARTICLE III

                         Termination Of Employment

Section 3.01.       Voluntary Termination for Good Reason. If a Participant
                    terminates his or employment with the Company pursuant
                    to the following terms, such termination shall be
                    deemed a "Voluntary Termination for Good Reason":

                    1)   Within ninety (90) days after the Participant
                         first learns of an event that constitutes "Good
                         Reason" (as defined below), the Participant gives
                         the Company at least thirty (30) calendar days'
                         advance written notice of his or her intent to
                         terminate in a Voluntary Termination for Good
                         Reason, which notice sets forth in reasonable
                         detail the facts and circumstances giving rise to
                         the Good Reason on which such termination shall be
                         based; and

                    2)   The Company fails to remedy the facts and
                         circumstances giving rise to such Good Reason in a
                         prompt and responsive fashion taking into account
                         such facts and circumstances, but in any event
                         within such thirty-day period, provided that (i)
                         if a fact, event or circumstance is by its nature
                         not subject to remedy, the discontinuance of such
                         fact, event or circumstance on a prospective basis
                         shall be deemed a cure thereof and (ii) in the
                         event the Company takes deliberate actions with
                         respect to a Participant that repeatedly give rise
                         to Good Reasons which the Company subsequently
                         cures, the Company shall forfeit the ability to
                         cure such Good Reasons with respect to such
                         Participant.

                    "Good Reason" shall mean the occurrence, without the
                    Participant's express prior written consent, of any one
                    or more of the following:

                    (a)  a material reduction or material adverse
                         alteration in the Participant's position, title,
                         duties or responsibilities from those in effect as
                         of the Effective Date (or as subsequently amended
                         with the consent of the Participant);

                    (b)  the Company's requiring the Participant to be
                         based at a location in excess of thirty-five (35)
                         miles from the location of the Participant's
                         principal job location or office as of the
                         Effective Date, except for required travel on the
                         Company's business to an extent substantially
                         consistent with the Participant's present business
                         obligations, provided that any re-assignment from
                         the Company's Westport, CT facilities to its New
                         York City facilities, or vice versa, shall not
                         violate this provision if there is a reasonable
                         business justification for the re-assignment;

                    (c)  a reduction by the Company of the Participant's
                         base salary or target annual bonus percentage as
                         in effect on the Effective Date, or as the same
                         shall be increased from time to time;

                    (d)  the failure of the Company to provide the
                         Participant with employee benefits that are at
                         least as favorable as those provided to other
                         similarly situated executives of the Company from
                         time to time; or

                    (e)  the failure of the Company to comply with the
                         requirements of Section 5.03 below.

                    The Participant's right to terminate employment in a
                    Voluntary Termination for Good Reason shall not be
                    affected by the Participant's incapacity due to
                    physical or mental illness. Subject to the requirements
                    set forth above, the Participant's continued employment
                    shall not constitute a consent to, or a waiver of
                    rights with respect to, any circumstance constituting
                    Good Reason herein.

Section 3.02.       Involuntary Termination for Cause. If any one or more
                    of the following has occurred, and the Participant is
                    terminated accordingly, it shall be deemed an
                    "Involuntary Termination for Cause":

                    1)   the Participant has materially failed to perform
                         his or her material duties to the Company after
                         written notice and a reasonable opportunity to
                         cure such failure and to be heard by the Plan
                         Administrator regarding such failure;

                    2)   the Participant has engaged in willful,
                         intentional misconduct that has resulted in
                         material damage to the Company's business or
                         reputation after written notice and a reasonable
                         opportunity to be heard by the Plan Administrator
                         regarding such misconduct;

                    3)   the Participant has been convicted of a felony;

                    4)   the Participant has engaged in fraud against the
                         Company or misappropriated property of the Company
                         (other than incidental property); or

                    5)   the Participant has materially failed to comply
                         with the Company's employment policies and rules
                         after written notice and a reasonable opportunity
                         to cure such failure and to be heard by the Plan
                         Administrator regarding such failure, provided
                         that, pursuant to the standard policies of the
                         Company in effect at the time, whether or not such
                         policies are written, and any disciplinary
                         procedures set forth therein or commonly followed,
                         such failure to comply with such employment
                         policies and rules would otherwise give rise to
                         termination.

                                 ARTICLE IV

                         Administration of the Plan

Section 4.01.       Administrator. The general administration of the Plan
                    and the responsibility for carrying out the provisions
                    of the Plan will be placed with the Plan Administrator.
                    The Plan Administrator may be notified at the following
                    address:

                    Martha Stewart Living Omnimedia, Inc.
                    11 West 42nd Street
                    New York, New York 10036
                    Attention:   Plan Administrator
                                 c/o General Counsel

Section 4.02.       Duties and Powers. The Plan Administrator will have all
                    powers necessary and or helpful to administering the
                    Plan in all its details. This authority includes, but
                    is not limited to, determining eligibility for
                    participation and, where clearly stated in the
                    designation of Plan participation and subsequently in
                    the notice to a Participant of Plan participation,
                    varying the terms of the Plan with respect to a
                    particular Participant; making rules and regulations
                    for the administration of the Plan that are consistent
                    with the terms and provisions of the Plan; construing
                    all terms, provisions, conditions and limitations of
                    the Plan, and resolving ambiguities, correcting
                    deficiencies and supplying omissions; determining all
                    questions arising out of, or in connection with, cases
                    in which the Plan Administrator deems such a
                    determination advisable. The Plan Administrator shall
                    have the full discretion to exercise the powers
                    conferred by the Plan, and all such acts and
                    determinations will be final, binding and conclusive
                    upon all interested parties. The Plan Administrator
                    shall also have the authority to designate other
                    individuals to exercise the powers of the Plan
                    Administrator on its behalf.

Section 4.03.       Claims Procedures.

                    1)   All claims for benefits shall be in writing and
                         shall be filed with the Plan Administrator.

                    2)   The Plan Administrator shall determine whether or
                         not to accept a claim for severance benefits
                         within ninety (90) days after receiving it. If the
                         Plan Administrator wholly or partially denies a
                         Participant's claim for benefits, the Plan
                         Administrator shall give the claimant written
                         notice of such denial (a "Denial Notice") within
                         such ninety-day period, setting forth:

                         (a)  The specific reason(s) for the denial;

                         (b)  Specific reference to pertinent Plan
                              provisions on which the denial is based;

                         (c)  A description of any additional material or
                              information which must be submitted to
                              perfect the claim, and an explanation of why
                              such material or information is necessary;
                              and

                         (d)  An explanation of the Plan's review procedure
                              as set forth in Section 4.03(3) below.

                    3)   If a Participant wishes to appeal the denial or
                         partial denial of a claim for benefits under the
                         Plan, he or she shall so notify the Plan
                         Administrator in writing within sixty (60) days
                         after receiving the Denial Notice, during which
                         period the Participant shall have the right to
                         submit to the Plan Administrator written materials
                         or information in support of his or her claim
                         (which shall include any materials or information
                         requested in the Denial Notice). If the
                         Participant so requests, the Plan Administrator
                         shall afford the Participant the opportunity,
                         before the end of such sixty-day period, to meet
                         with the Plan Administrator to discuss his or her
                         claim. In addition, upon request, the Participant
                         shall be provided, free of charge, reasonable
                         access to, and copies of, all documents, records,
                         and other information relevant to the
                         Participant's claim for benefits. The Plan
                         Administrator shall make a final determination
                         with respect to such claim, and shall notify the
                         Participant of the determination, within sixty
                         (60) days following the end of the sixty-day
                         appeal period.

                                 ARTICLE V

                 Plan Amendment and Termination; Successors

Section 5.01.       Amendment and Termination. The Plan, and any part
                    thereof, is subject to amendment, waiver or individual
                    adjustment by the Plan Administrator at any time and
                    from time to time, for any reason, provided that no
                    such amendment, waiver, adjustment or termination shall
                    decrease or otherwise adversely affect the rights or
                    entitlements possessed by a Participant, whether prior
                    to or after such Participant's Employment Severance
                    Date, and whether with respect to benefits under the
                    Plan to which a Participant is then entitled or with
                    respect to which such Participant may become entitled
                    upon a Voluntary Termination for Good Reason or a
                    Qualifying Involuntary Termination, without such
                    Participant's written consent.

Section 5.02.       Plan Expiration. The Plan shall expire on December 31,
                    2007. No termination of employment of an individual
                    occurring after such expiration shall give rise to any
                    rights to severance benefits under the Plan, but such
                    expiration shall have no effect on the severance
                    benefits to which any Eligible Participant whose
                    Employment Severance Date occurs on or prior to such
                    date is entitled.

Section 5.03.       Successors. The Company shall cause the Plan to be
                    assumed by any successor of the Company, whether such
                    succession occurs by merger, asset acquisition or
                    otherwise, unless such assumption would occur by
                    operation of law.

Section 5.04.       Employment Status. The Plan does not constitute a
                    contract of employment or impose on the Company any
                    obligation to retain any Participant as an employee or
                    to change any employment policies of the Company.

Section 5.05.       Withholding of Taxes. The Company shall withhold from
                    any amounts payable under the Plan all federal, state,
                    local or other taxes that are legally required to be
                    withheld.

Section 5.06.       No Effect on Other Benefits. Severance benefits shall
                    not be counted as compensation for purposes of
                    determining benefits under other benefit plans,
                    programs, policies and agreements, except to the extent
                    expressly provided therein.

Section 5.07.       Validity and Severability. The invalidity or
                    unenforceability of any provision of the Plan shall not
                    affect the validity or enforceability of any other
                    provision of the Plan, which shall remain in full force
                    and effect, and any prohibition or unenforceability in
                    any jurisdiction shall not invalidate or render
                    unenforceable such provision in any other jurisdiction.

Section 5.08.       Settlement of Claims. The Company's obligation to make
                    the payments provided for in the Plan and otherwise to
                    perform its obligations hereunder shall not be affected
                    by any circumstances, including, without limitation,
                    any set-off, counterclaim, defense, recoupment or other
                    right which the Company may have against a Participant
                    or others.

Section 5.09.       Assignment. The Plan shall inure to the benefit of and
                    shall be enforceable by a Participant's personal or
                    legal representatives, executors, administrators,
                    successors, heirs, distributees, devisees and legatees.
                    If a Participant should die while any amount is still
                    payable to the Participant under the Plan had the
                    Participant continued to live, all such amounts, unless
                    otherwise provided herein, shall be paid in accordance
                    with the terms of the Plan to the Participant's estate.
                    A Participant's rights under the Plan shall not
                    otherwise be transferable or subject to lien or
                    attachment.

Section 5.10.       Governing Law. The Plan shall be governed by ERISA and,
                    to the extent not preempted thereby, the laws of the
                    State of Delaware. Without limiting the generality of
                    this Section 5.10, it is intended that the Plan comply
                    with Section 409A of the Code, and, in the event that
                    the Plan is determined to be a "deferred compensation
                    plan" within the meaning of Section 409A(d)(1) of the
                    Code, the Plan Administrator shall, as necessary, adopt
                    such conforming amendments as are necessary to comply
                    with Section 409A of the Code without reducing the
                    severance benefits due to Participants hereunder.

                                 ARTICLE VI

                     Waiver and Release of Claims Form

Section 6.01.       Signing the Waiver and Release Form. To receive
                    severance benefits under the Plan, an Eligible
                    Participant must sign, and not revoke, a waiver and
                    release of claims in the form attached hereto as
                    Exhibit A, with such changes thereto as the Company
                    shall reasonably provide.

<PAGE>

                                 Exhibit A

                        WAIVER AND RELEASE OF CLAIMS

1. General Release. In consideration of the payments and benefits to be
made under the Martha Stewart Living Omnimedia, Inc. Amended and Restated
Executive Severance Pay Plan (the "Plan"), ______________ (the "Employee"),
with the intention of binding the Employee and the Employee's heirs,
executors, administrators and assigns, does hereby release, remise, acquit
and forever discharge Martha Stewart Living Omnimedia, Inc. (the "Company")
and each of its subsidiaries and affiliates (the "Company Affiliated
Group"), their present and former officers, directors, executives, agents,
attorneys, employees and employee benefits plans (and the fiduciaries
thereof), and the successors, predecessors and assigns of each of the
foregoing (collectively, the "Company Released Parties"), of and from any
and all claims, actions, causes of action, complaints, charges, demands,
rights, damages, debts, sums of money, accounts, financial obligations,
suits, expenses, attorneys' fees and liabilities of whatever kind or nature
in law, equity or otherwise, whether accrued, absolute, contingent,
unliquidated or otherwise and whether now known or unknown, suspected or
unsuspected which the Employee, individually or as a member of a class, now
has, owns or holds, or has at any time heretofore had, owned or held,
against any Company Released Party in any capacity (an "Action"),
including, without limitation, any and all Actions (i) arising out of or in
any way connected with the Employee's service to any member of the Company
Affiliated Group (or the predecessors thereof) in any capacity, or the
termination of such service in any such capacity, (ii) for severance or
vacation benefits, unpaid wages, salary or incentive payments, (iii) for
breach of contract, wrongful discharge, impairment of economic opportunity,
defamation, intentional infliction of emotional harm or other tort and (iv)
for any violation of applicable state and local labor and employment laws
(including, without limitation, all laws concerning harassment,
discrimination, retaliation and other unlawful or unfair labor and
employment practices), any and all Actions based on the Employee Retirement
Income Security Act of 1974 ("ERISA"), and any and all Actions arising
under the civil rights laws of any federal, state or local jurisdiction,
including, without limitation, Title VII of the Civil Rights Act of 1964
("Title VII"), the Americans with Disabilities Act ("ADA"), Sections 503
and 504 of the Rehabilitation Act, the Family and Medical Leave Act, the
Age Discrimination in Employment Act ("ADEA"), the New York State
Constitution, the New York Human Rights Law, the New York Labor Law, the
New York Civil Rights Law, the New York City Human Rights Law, the New York
Retaliatory Action by Employers Law, the New York Non-Discrimination for
Legal Actions Law and the New York Wage and Hour Law, excepting only:

     (a) rights of the Employee under this Waiver and Release of Claims and
the Plan;

     (b) rights of the Employee relating to equity awards held by the
Employee as of his or her Employment Severance Date (as defined in the
Plan);

     (c) the right of the Employee to receive COBRA continuation coverage
in accordance with applicable law;

     (d) rights to indemnification the Employee may have (i) under
applicable corporate law, (ii) under the by-laws or certificate of
incorporation of any Company Released Party or (iii) as an insured under
any director's and officer's liability insurance policy now or previously
in force;

     (e) claims (i) for benefits under any health, disability, retirement,
deferred compensation, life insurance or other, similar employee benefit
plan or arrangement of the Company Affiliated Group and (ii) for earned but
unused vacation pay through the Employment Severance Date in accordance
with applicable Company policy; and

     (f) claims for the reimbursement of unreimbursed business expenses
incurred prior to the Employment Severance Date pursuant to applicable
Company policy.

2. No Admissions, Complaints or Other Claims. The Employee acknowledges and
agrees that this Waiver and Release of Claims is not to be construed in any
way as an admission of any liability whatsoever by any Company Released
Party, any such liability being expressly denied. The Employee also
acknowledges and agrees that he or she has not, with respect to any
transaction or state of facts existing prior to the date hereof, filed any
Actions against any Company Released Party with any governmental agency,
court or tribunal.

3. Application to all Forms of Relief. This Waiver and Release of Claims
applies to any relief no matter how called, including, without limitation,
wages, back pay, front pay, compensatory damages, liquidated damages,
punitive damages for pain or suffering, costs and attorney's fees and
expenses.

4. Specific Waiver. The Employee specifically acknowledges that his or her
acceptance of the terms of this Waiver and Release of Claims is, among
other things, a specific waiver of any and all Actions under Title VII,
ADEA, ADA and any state or local law or regulation in respect of
discrimination of any kind; provided, however, that nothing herein shall be
deemed, nor does anything herein purport, to be a waiver of any right or
claim or cause of action which by law the Employee is not permitted to
waive.

5.      Additional Covenants.

     (a) Confidentiality. The Employee shall not, without the prior written
consent of the Company or as may otherwise be required by law or any legal
process, or as is necessary in connection with any adversarial proceeding
against any member of the Company Affiliated Group (in which case the
Employee shall cooperate with the Company in obtaining a protective order
at the Company's expense against disclosure by a court of competent
jurisdiction), communicate, to anyone other than the Company and those
designated by the Company or on behalf of the Company in the furtherance of
its business, any trade secrets, confidential information, knowledge or
data relating to any member of the Company Affiliated Group, obtained by
the Employee during the Employee's employment by the Company that is not
generally available public knowledge (other than by acts by the Employee in
violation of this Waiver and Release of Claims).

     (b) Return of Company Material. The Employee represents that he or she
has returned to the Company all Company Material (as defined below). For
purposes of this Section 5(b), "Company Material" means any documents,
files and other property and information of any kind belonging or relating
to (i) any member of the Company Affiliated Group, (ii) the current and
former suppliers, creditors, directors, officers, employees, agents and
customers of any of them or (iii) the businesses, products, services and
operations (including, without limitation, business, financial and
accounting practices) of any of them, in each case whether tangible or
intangible (including, without limitation, credit cards, building and
office access cards, keys, computer equipment, cellular telephones, pagers,
electronic devices, hardware, manuals, books, files, documents, records,
software, customer data, research, financial data and information,
memoranda, surveys, correspondence, statistics and payroll and other
employee data, and any copies, compilations, extracts, excerpts, summaries
and other notes thereof or relating thereto), excluding only information
(x) that is generally available public knowledge or (y) that relates to the
Employee's compensation or employee benefits.

     (c) Cooperation. Following the Employment Severance Date, the Employee
shall reasonably cooperate with the Company upon reasonable request of the
Board and be reasonably available to the Company with respect to matters
arising out of the Employee's services to the Company Affiliated Group.

     (d) Nondisparagement. The Employee agrees not to communicate
negatively about or otherwise disparage any Company Released Party or the
products or businesses of any of them in any way whatsoever.

     (e) Nonsolicitation. The Employee agrees that, from the Employment
Severance Date through the second anniversary of the Employment Severance
Date, the Employee shall not, directly or indirectly, interfere with the
Company's businesses by, without limitation, (i) soliciting any of the
Company's employees or customers or (ii) requesting or causing any
customers, employees or vendors of the Company to alter, cancel or
terminate any business or employment relationship with the Company.

     (f) Injunctive Relief. In the event of a breach or threatened breach
by the Employee of this Section 5, the Employee agrees that the Company
shall be entitled to injunctive relief in a court of appropriate
jurisdiction to remedy any such breach or threatened breach, the Employee
acknowledging that damages would be inadequate or insufficient.

6. Voluntariness. The Employee acknowledges and agrees that he or she is
relying solely upon his or her own judgment; that the Employee is over
eighteen years of age and is legally competent to sign this Waiver and
Release of Claims; that the Employee is signing this Waiver and Release of
Claims of his or her own free will; that the Employee has read and
understood the Waiver and Release of Claims before signing it; and that the
Employee is signing this Waiver and Release of Claims in exchange for
consideration that he or she believes is satisfactory and adequate. The
Employee also acknowledges and agrees that he or she has been informed of
the right to consult with legal counsel and has been encouraged to do so.

7. Complete Agreement/Severability. This Waiver and Release of Claims
constitutes the complete and final agreement between the parties and
supersedes and replaces all prior or contemporaneous agreements,
negotiations, or discussions relating to the subject matter of this Waiver
and Release of Claims. All provisions and portions of this Waiver and
Release of Claims are severable. If any provision or portion of this Waiver
and Release of Claims or the application of any provision or portion of the
Waiver and Release of Claims shall be determined to be invalid or
unenforceable to any extent or for any reason, all other provisions and
portions of this Waiver and Release of Claims shall remain in full force
and shall continue to be enforceable to the fullest and greatest extent
permitted by law.

8. Acceptance and Revocability. The Employee acknowledges that he or she
has been given a period of twenty-one (21) days within which to consider
this Waiver and Release of Claims, unless applicable law requires a longer
period, in which case the Employee shall be advised of such longer period
and such longer period shall apply. The Employee may accept this Waiver and
Release of Claims at any time within this period of time by signing the
Waiver and Release of Claims and returning it to the Company. This Waiver
and Release of Claims shall not become effective or enforceable until seven
(7) calendar days after the Employee signs it. The Employee may revoke his
or her acceptance of this Waiver and Release of Claims at any time within
that seven (7) calendar day period by sending written notice to the
Company. Such notice must be received by the Company within the seven (7)
calendar day period in order to be effective and, if so received, would
void this Waiver and Release of Claims for all purposes.

9. Effect of Unenforceability of Release. In the event that the Employee or
his or her successors or assigns initiates an Action in respect any portion
of the Waiver and Release of Claims set forth herein that is held to be
null and void or otherwise determined not to be enforceable by the Company
for any reason (whether as part of such Action or otherwise), then, in
addition to any other remedy available to the Company hereunder (including,
without limitation, the right to cease the severance benefits), the
Employee shall promptly repay to the Company any portion of the severance
benefits that has previously been paid or provided to him or her.

10. Governing Law. Except for issues or matters as to which federal law is
applicable, this Waiver and Release of Claims shall be governed by and
construed and enforced in accordance with the laws of the State of New York
without giving effect to the conflicts of law principles thereof.

                                             ------------------------------
                                                       EmployeeExhibit 10.1

                              SPX CORPORATION

                        2002 STOCK COMPENSATION PLAN

                         RESTRICTED STOCK AGREEMENT

                                      AWARD
                                 ----

Recipient:

----------------

Award Date:
             ------------

Total Number of Shares:          , divided into 3 tranches as follows:
                         --------

      Tranche 1:           shares
                  --------

      Tranche 2:           shares
                  --------

      Tranche 3:           shares
                  --------

     THIS AGREEMENT is made between SPX CORPORATION, a Delaware corporation
(the  "Company"),  and the Recipient  pursuant to the SPX Corporation  2002
Stock  Compensation  Plan and related plan documents (the "Plan") on and as
of the Award Date. The parties hereto agree as follows:

     1.  Grant of  Restricted  Stock.  The  Company  hereby  grants  to the
Recipient,  pursuant  to  Section  9 of the Plan,  the  number of shares of
Company common stock (the "Common Stock")  specified above (the "Restricted
Stock"),  subject  to the  terms  and  conditions  of  the  Plan  and  this
Agreement.  The Recipient must accept the Restricted  Stock award within 90
days after the Award Date in accordance with the  instructions  provided by
the Company.  The award  automatically will be rescinded upon the action of
the Company, in its discretion, if the award is not accepted within 90 days
after the Award Date.

     2.  Restrictions.  The Restricted Stock may not be sold,  transferred,
pledged,   assigned  or  otherwise   alienated  or  hypothecated,   whether
voluntarily or  involuntarily or by operation of law, until the termination
of the applicable  Period of Restriction (as defined in Section 4 below) or
as  otherwise  provided  in the  Plan or this  Agreement.  Except  for such
restrictions,  the Recipient  will be treated as the owner of the shares of
Restricted  Stock  and  shall  have  all of the  rights  of a  shareholder,
including,  but not limited to, the right to vote such shares and the right
to receive all dividends, if any, paid on such shares. If any dividends are
paid in shares of Common Stock, the dividend shares shall be subject to the
same  restrictions as the shares of Restricted  Stock with respect to which
they were paid.

     3.   Restricted   Stock   Certificates.   The   stock   certificate(s)
representing  the  Restricted  Stock  shall be issued or held in book entry
form  promptly  following  the  acceptance  of this  Agreement.  If a stock
certificate  is  issued,  it shall be  delivered  to the  Secretary  of the
Company or such other custodian as may be designated by the Company,  to be
held until the end of the  Period of  Restriction  or until the  Restricted
Stock is  forfeited.  The  certificates  representing  shares of Restricted
Stock  granted   pursuant  to  this  Agreement   shall  bear  a  legend  in
substantially the form set forth below:

     The sale or other transfer of the shares of stock  represented by
     this certificate,  whether voluntary, involuntary or by operation
     of law, is subject to certain  restrictions on transfer set forth
     in the SPX Corporation  2002 Stock  Compensation  Plan, rules and
     administration  adopted  pursuant to such Plan,  and a Restricted
     Stock award agreement with an Award Date of  ___________.  A copy
     of the Plan, such rules and such Restricted Stock award agreement
     may be obtained from the Secretary of SPX Corporation.

     4. Period of  Restriction.  Subject to the  provisions of the Plan and
this Agreement,  unless vested or forfeited earlier as described in Section
6, 7, or 8 of this  Agreement,  as  applicable,  each tranche of Restricted
Stock awarded hereunder shall become vested and freely  transferable if, as
of any Measurement Date for such tranche, Total Shareholder Return (defined
below) for the Measurement  Period associated with such Measurement Date is
greater than the S&P Return  (defined below) for such  Measurement  Period.
The following  schedule sets forth the  Measurement  Date(s) and associated
Measurement Periods for each tranche.

      Measurement Date              Measurement Period
      ----------------              ------------------

      TRANCHE 1:

                                                  through
      ----------------              -------------         ---------------
                                                  through
      ----------------              -------------         ---------------
                                                  through
      ----------------              -------------         ---------------

      TRANCHE 2:

                                                  through
      ----------------              -------------         ---------------
                                                  through
      ----------------              -------------         ---------------

      TRANCHE 3:
                                                  through
      ----------------              -------------         ---------------

"Total  Shareholder  Return" shall mean the  percentage  change in the Fair
Market Value of a share of Common Stock (using total shareholder  return of
the Common Stock as reported by Interactive  Data  Corporation)  during the
applicable  Measurement  Period.  "S&P  Return"  shall mean the  percentage
return of the S&P 500 Composite  Index (using total  shareholder  return of
the S&P 500 Composite  Index as reported by Interactive  Data  Corporation)
during the applicable Measurement Period.

Any tranche which has not vested as of                 shall be permanently
forfeited.  Upon  vesting,  all vested  shares shall cease to be considered
Restricted Stock,  subject to the terms and conditions of the Plan and this
Agreement,  and the Recipient  shall be entitled to have the legend removed
from  his or her  Common  Stock  certificate(s).  The  period  prior to the
vesting date with respect to a share of Restricted  Stock is referred to as
the "Period of Restriction."

     5. Vesting upon  Termination  due to Retirement,  Disability or Death.
If, while the Restricted  Stock is subject to a Period of Restriction,  the
Recipient  terminates  employment  with the Company (or a Subsidiary of the
Company  if the  Recipient  is then in the  employ of such  Subsidiary)  by
reason of  retirement,  disability (as determined by the Company) or death,
then the portion of the Restricted Stock subject to a Period of Restriction
shall become fully vested as of the date of employment  termination without
regard  to the  Period  of  Restriction  set  forth  in  Section  4 of this
Agreement.  A Recipient  will be eligible for  "retirement"  treatment  for
purposes  of this  Agreement  if,  at the time of  employment  termination,
he/she is age 55 or older,  he/she has completed five years of service with
the Company or a Subsidiary (provided that the Subsidiary has been directly
or indirectly  owned by the Company for at least three  years),  and he/she
voluntarily  elects to retire. The term "Subsidiary" is defined in the Plan
and means a  corporation  with  respect to which the  Company  directly  or
indirectly owns 50% or more of the voting power.

     6.  Forfeiture upon  Termination due to Reason other than  Retirement,
Disability or Death.  If, while the Restricted Stock is subject to a Period
of  Restriction,   the  Recipient's  employment  with  the  Company  (or  a
Subsidiary  of the Company if the  Recipient  is then in the employ of such
Subsidiary) terminates for a reason other than the Recipient's  retirement,
disability or death,  then the  Recipient  shall forfeit any portion of the
Restricted  Stock that is subject to a Period of Restriction on the date of
such employment termination.

     7.  Vesting  upon  Change of  Control.  In the  event of a "Change  of
Control" of the Company as defined in this Section,  the  Restricted  Stock
shall cease to be subject to the Period of Restriction set forth in Section
4 of this Agreement. A "Change of Control" shall be deemed to have occurred
if:

          (a) Any "Person" (as defined  below),  excluding for this purpose
     (i) the Company or any  Subsidiary  of the Company,  (ii) any employee
     benefit  plan of the Company or any  Subsidiary  of the  Company,  and
     (iii) any entity  organized,  appointed or established for or pursuant
     to the terms of any such plan that  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:

                    (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  "Beneficial  Ownership"
          definition 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 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 acceptance 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.

     Notwithstanding  any provision of this  Agreement to the  contrary,  a
"Change  of  Control"  shall  not  include  any  transaction  described  in
paragraph (a) or (c), above,  where,  in connection with such  transaction,
the  Recipient  and/or  any party  acting  in  concert  with the  Recipient
substantially  increases 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).

     8.  Settlement  Following  Change  of  Control.   Notwithstanding  any
provision of this  Agreement to the contrary,  in connection  with or after
the  occurrence  of a Change of  Control  as  defined  in Section 8 of this
Agreement, the Company may, in its sole discretion,  fulfill its obligation
with respect to all or any portion of the  Restricted  Stock that ceases to
be subject to a Period of  Restriction  in  conjunction  with the Change of
Control by:

          (a)  delivery  of (i) the  number of shares of Common  Stock that
     have  ceased to be  subject  to a Period of  Restriction  or (ii) such
     other  ownership  interest  as such  shares  of  Common  Stock  may be
     converted into by virtue of the Change of Control transaction;

          (b) payment of cash in an amount  equal to the fair market  value
     of the Common Stock at that time; or

          (c)  delivery of any  combination  of shares of Common  Stock (or
     other converted  ownership interest) and cash having an aggregate fair
     market  value  equal to the fair market  value of the Common  Stock at
     that time.

     9.  Adjustment  in  Capitalization.  In the event of any change in the
Common Stock of the Company  through  stock  dividends or stock  splits,  a
corporate   split-off   or   split-up,    or   recapitalization,    merger,
consolidation, exchange of shares, or a similar event, the number of shares
of Restricted Stock subject to this Agreement may be equitably  adjusted by
the Committee, in its sole discretion.

     10.  Delivery of Stock  Certificates.  Subject to the  requirements of
Sections  12 and 13 below,  as  promptly  as  practicable  after  shares of
Restricted  Stock  cease  to be  subject  to a  Period  of  Restriction  in
accordance  with Section 4, 6, or 8 of this  Agreement,  the Company  shall
cause to be issued and delivered to the Recipient,  the  Recipient's  legal
representative, or a brokerage account for the benefit of the Recipient, as
the case may be, certificates for the vested shares of Common Stock.

     11. Tax  Withholding.  Whenever a Period of Restriction  applicable to
the  Recipient's  rights to some or all of the  Restricted  Stock lapses as
provided in Section 4, 6, or 8 of this Agreement,  the Company or its agent
shall  notify  the  Recipient  of the  related  amount  of tax that must be
withheld under  applicable tax laws.  Regardless of any action the Company,
any  Subsidiary  of the Company,  or the  Recipient's  employer  takes with
respect to any or all income tax, social security,  payroll tax, payment on
account or other  tax-related  withholding  ("Tax")  that the  Recipient is
required to bear pursuant to all  applicable  laws,  the  Recipient  hereby
acknowledges  and agrees  that the  ultimate  liability  for all Tax is and
remains the responsibility of the Recipient.

     Prior to receipt of any shares that  correspond  to  Restricted  Stock
that vests in accordance  with this  Agreement,  the Recipient shall pay or
make  adequate   arrangements   satisfactory  to  the  Company  and/or  any
Subsidiary of the Company to satisfy all withholding and payment on account
obligations of the Company  and/or any  Subsidiary of the Company.  In this
regard,  the Recipient  authorizes the Company and/or any Subsidiary of the
Company to withhold all  applicable  Tax legally  payable by the  Recipient
from the Recipient's wages or other cash compensation paid to the Recipient
by the Company and/or any Subsidiary of the Company or from the proceeds of
the sale of shares. Alternatively,  or in addition, the Company may sell or
arrange for the sale of Common  Stock that the  Recipient is due to acquire
to satisfy the  withholding  obligation for Tax and/or  withhold any Common
Stock,  provided  that the Company  sells or  withholds  only the amount of
Common Stock necessary to satisfy the minimum withholding amount.  Finally,
the  Recipient  agrees to pay the Company or any  Subsidiary of the Company
any amount of any Tax that the Company or any Subsidiary of the Company may
be required to withhold as a result of the Recipient's participation in the
Plan  that  cannot be  satisfied  by the means  previously  described.  The
Company may refuse to deliver Common Stock if the Recipient fails to comply
with  its  obligations  in  connection  with the tax as  described  in this
section.

     The  Company  advises  the  Recipient  to consult his or her lawyer or
accountant with respect to the tax consequences for the Recipient under the
Plan.

     The  Company  and/or  any  Subsidiary  of the  Company:  (a)  make  no
representations  or undertakings  regarding the tax treatment in connection
with the Plan;  and (b) do not  commit to  structure  the Plan to reduce or
eliminate the Recipient's liability for Tax.

     12.  Securities  Laws.  This  award  is a  private  offer  that may be
accepted  only by a Recipient who is an employee or director of the Company
or  a  Subsidiary  of  the  Company  and  who  satisfies  the   eligibility
requirements  outlined  in the  Plan  and  the  Committee's  administrative
procedures.  If a Registration  Statement under the Securities Act of 1933,
as amended,  is not in effect with respect to the shares of Common Stock to
be issued pursuant to this Agreement,  the Recipient hereby represents that
he or she is acquiring the shares of Common Stock for  investment  and with
no present  intention  of selling or  transferring  them and that he or she
will not sell or otherwise  transfer the shares except in  compliance  with
all applicable  securities  laws and  requirements of any stock exchange on
which the shares of Common Stock may then be listed.

     13. No Employment or Compensation Rights. Participation in the Plan is
permitted only on the basis that the Recipient accepts all of the terms and
conditions of the Plan and this  Agreement,  as well as the  administrative
rules  established by the Committee.  This Agreement  shall not confer upon
the Recipient any right to continuation of employment by the Company or its
Subsidiaries,  nor  shall  this  Agreement  interfere  in any way  with the
Company's or its Subsidiaries' right to terminate Recipient's employment at
any  time.  Neither  the  Plan  nor this  Agreement  forms  any part of any
contract  of  employment  between  the  Company or any  Subsidiary  and the
Recipient, and neither the Plan nor this Agreement confers on the Recipient
any legal or equitable  rights (other than those related to the  Restricted
Stock  award)  against  the  Company  or  any  Subsidiary  or  directly  or
indirectly  gives  rise to any cause of action in law or in equity  against
the Company or any Subsidiary.

     The  Restricted  Stock  granted  pursuant to this  Agreement  does not
constitute part of the Recipient's wages or remuneration or count as pay or
remuneration  for pension or other  purposes.  If the Recipient  terminates
employment with the Company or any Subsidiary, in no circumstances will the
Recipient  be  entitled  to any  compensation  for any loss of any right or
benefit  or any  prospective  right  or  benefit  under  the  Plan  or this
Agreement that he or she might  otherwise have enjoyed had such  employment
continued,  whether  such  compensation  is claimed  by way of damages  for
wrongful dismissal, breach of contract or otherwise.

     14. Plan Terms and Committee Authority.  This Agreement and the rights
of the Recipient  hereunder are subject to all of the terms and  conditions
of the Plan,  as it may be  amended  from time to time,  as well as to such
rules and regulations as the Committee (meaning the Compensation  Committee
of the Board of Directors of the Company, as defined in the Plan) may adopt
for  administration  of the  Plan.  It is  expressly  understood  that  the
Committee is authorized to administer, construe and make all determinations
necessary  or  appropriate  for the  administration  of the  Plan  and this
Agreement,  all of which shall be binding upon Recipient. Any inconsistency
between this Agreement and the Plan shall be resolved in favor of the Plan.
The Recipient  hereby  acknowledges  receipt of a copy of the Plan and this
Agreement.

     15. Governing Law and Jurisdiction.  This Agreement is governed by the
substantive and procedural laws of the state of Michigan. The Recipient and
the Company agree to submit to the exclusive jurisdiction of, and venue in,
the courts in Michigan in any dispute relating to this Agreement.

     IN WITNESS  WHEREOF,  the parties  have caused  this  Agreement  to be
executed as of the Award Date.

                          [signature page follows]

<PAGE>

                                          SPX CORPORATION

                                          -----------------------------

Attest:

                                          RECIPIENT

                                          -----------------------------

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