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                                                                   EXHIBIT 10(x)

                             [SPX CORPORATION LOGO]

                               PATRICK J. O'LEARY

                               STOCK OPTION AWARD

                  THIS AGREEMENT is made on and as of June 23, 1999, by and
         between SPX CORPORATION, a Delaware Corporation ("SPX" or the
         "Company") and PATRICK J. O'LEARY ("Executive").

1.       Grant of Options. In recognition of his performance as Vice
         President-Finance, Treasurer and Chief Financial Officer of the
         Corporation, and as an inducement to his continuing in the employ of
         the Company, SPX hereby grants to Executive Options to purchase 500,000
         Shares of the Company's Common Stock, par value $10.00 ("Common Stock")
         at Option Prices set forth below and in the manner and subject to the
         terms and conditions hereinafter provided:

<TABLE>
<CAPTION>

                      Number of Shares                 Option Price Per Share
                      ----------------                 ----------------------
<S>                                                  <C>
                          125,000                             $120.00
                          125,000                             $145.00
                          125,000                             $170.00
                          125,000                             $195.00
</TABLE>

         These Options are granted to Executive by the Board of Directors of the
         Company and are in addition to the stock options granted to Executive
         under the Company's 1992 Stock Compensation Plan. The Options granted
         under this Agreement are outside of and not granted pursuant to said
         Plan. To the extent that shares of Common Stock are held by the Company
         as treasury shares at the time that the Options (or any portion
         thereof) are exercised, the Company will use treasury shares as the
         source of the Common Stock issued to the Executive in connection with
         such exercise. The Board of Directors has delegated to its Compensation
         Committee (the "Committee") the authority to make such determinations
         and interpretations of this Agreement as it deems necessary and
         appropriate to carry out its intent and terms.

2.       Nonqualified Replacement Options. This Option is granted with the right
         to receive "Nonqualified Replacement Options" in accordance with the
         terms of this Agreement. A Nonqualified Replacement Option shall be
         granted upon the exercise of the Option (including any Options granted
         under this paragraph 2) if either (i) previously-owned shares of Mature
         Common Stock (defined below) are surrendered (whether by delivery or
         attestation) in payment of the Option Price or tax withholding, or (ii)
         shares of Common Stock otherwise issuable upon such exercise are
         withheld to satisfy minimum tax withholding, subject to the following:

         a.       The number of shares of Common Stock subject to the
                  Nonqualified Replacement Option shall be the number of shares
                  of Common Stock surrendered or withheld.

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         b.       The Option Price of the Nonqualified Replacement Option shall
                  be the fair market value of a share of Common Stock on the
                  date the Nonqualified Replacement Option is granted.

         c.       The Nonqualified Replacement Option shall be fully vested and
                  shall expire on the Expiration Date set forth in paragraph 3.

         Upon exercise, a Nonqualified Replacement Option shall also be eligible
         to receive a Nonqualified Replacement Option. A Nonqualified
         Replacement Option will not be granted upon the exercise of an Option,
         including a Nonqualified Replacement Option, unless the fair market
         value of a share of Common Stock on the date of exercise is at least
         25% higher than the Option Price of such Option or Nonqualified
         Replacement Option, as applicable. "Mature Shares" means, for purposes
         of this Agreement, Common Stock that has been acquired by the Executive
         on the open market or that has been acquired pursuant to an employee
         benefit arrangement of the Company and held for at least six months.
         For purposes of this paragraph 2, fair market value shall be determined
         in accordance with paragraph 4d. For purposes of the following
         provisions of this Agreement, the term Option shall also refer to
         Nonqualified Replacement Options.

3.       Time of Exercise of Options/Vesting. The Options granted hereunder may
         be exercised in whole or in part at any time and from time to time on
         or after the Vesting Date and prior to or on the Expiration Date. The
         Vesting Date is the earliest of: (i) June 23, 2004, (ii) the date on
         which a "change-of-control" of the Company occurs as defined in the
         Executive's "Change-of-Control Executive Severance Agreement" dated
         February 15, 1999, or (iii) the date on which Executive's employment
         with the Company terminates by reason of his disability or death. The
         Expiration Date is June 22, 2009, except as otherwise provided herein.

4.       Manner of Exercise. The Options may be exercised by written notice
         which shall:

         a.       State the election to exercise the Options and the number of
                  shares and Option Price in respect of which they are being
                  exercised;

         b.       Be signed by Executive or such other person or persons
                  entitled to exercise the Options;

         c.       Be in writing and delivered to SPX's Secretary;

         d.       Be accompanied by payment in full of the Option Price for the
                  shares to be purchased. Payment may be made by: (i) check,
                  bank draft, money order or other cash payment, or (ii)
                  delivery (or deemed delivery by attestation) of previously
                  acquired shares of Common Stock with a fair market value as of
                  the exercise date equal to the aggregate Option Price for the
                  shares to be purchased (or a combination of (i) and (ii)). The
                  fair market value of the Common Stock for this purpose shall
                  be the closing price of a share of Common Stock as reported in
                  the

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                  "NYSE-Composite Transactions" section of the Midwest Edition
                  of The Wall Street Journal for the exercise date or, if no
                  prices are quoted for such date, on the next preceding date on
                  which such prices of Common Stock are so quoted;

         e.       Be accompanied by payment of any Federal, state or local taxes
                  required by law to be withheld by the Company with respect to
                  the exercise of the Options unless other satisfactory
                  arrangements are made between the Company and the Executive to
                  satisfy such withholding obligations; and

         f.       Unless a Registration Statement under the Securities Act of
                  1933 is in effect with respect to the shares of Common Stock
                  to be issued, contain a representation by the Executive or
                  other person or persons entitled to exercise the Options that
                  the shares of Common Stock are being acquired for investment
                  and with no present intention of selling or transferring them
                  and that the person acquiring them will not sell or otherwise
                  transfer the shares except in compliance with all applicable
                  securities laws and requirements of any stock exchange upon
                  which the shares may then be listed.

         If the Options shall have been exercised in full, this Agreement shall
         be canceled and retained by the Company, otherwise it shall be
         appropriately endorsed to reflect partial exercise and returned to the
         Executive or other person entitled to exercise the Options.

5.       Termination of Employment for Disability or Death. If without having
         fully exercised the Options granted hereunder, the Executive's
         employment with the Company is terminated by reason of disability, then
         the Vesting Date shall be the date of his termination and the
         Expiration Date shall be the date 90 days after termination. If without
         having fully exercised the Options granted hereunder, the Executive's
         employment with the Company is terminated by reason of death, the
         Options granted hereunder shall be fully vested and shall be
         exercisable by the person or persons who shall have acquired the
         Executive's rights hereunder by will or the laws of descent and
         distribution and the Expiration Date shall be the earlier of: (i) the
         date which is twelve months following the date of the Executive's
         death, or (ii) June 22, 2009.

6.       Other Termination of Employment. If the Executive's employment with the
         Company is terminated for reasons other than death or disability and
         prior to the Vesting Date, this Agreement and the Executive's Options
         shall terminate. If the Executive's employment with the Company is
         terminated for reasons other than death or disability and subsequent to
         the Vesting Date, then the Expiration Date shall be the earlier of: (i)
         the date which is 90 days following the date of termination of his
         employment, or (ii) June 22, 2009.

7.       Rights Prior to Exercise of Option. The Options may not be sold,
         transferred, pledged, assigned or otherwise alienated or hypothecated,
         other than by will or by the laws of descent and distribution. The
         Options shall be exercisable during the Executive's lifetime only by
         him. Executive shall not have any rights as a stockholder with respect
         to the shares of Common Stock optioned hereunder until exercise of the
         Options and delivery of the shares as herein provided.

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<PAGE>   4

8.       Adjustment in the Event of Changes Affecting Common Stock. In the event
         of any change in the outstanding shares of Common Stock that occurs by
         reason of a stock dividend or split, recapitalization, merger,
         consolidation, combination, exchange of shares, or other similar
         corporate change, the aggregate number of shares of Common Stock
         subject to the Options, and the Option Prices, shall be appropriately
         adjusted by the Committee, whose reasonable determination shall be
         conclusive, provided, however, that fractional shares shall be rounded
         to the nearest whole share.

9.       No Contract of Employment. Nothing contained in this Agreement shall be
         construed as a contract of employment between SPX and Executive, or as
         creating a right of Executive to be continued in the employment of SPX,
         or as a limitation of SPX's right to discharge Executive with or
         without cause. Except as expressly provided herein, this Agreement
         shall not be construed as a term or condition of his employment and, in
         particular, it shall neither confer upon Executive any additional
         rights or privileges relative to his existing terms and conditions of
         employment nor shall it entitle Executive to additional compensation or
         damages upon any termination of employment.

10.      Binding Effect. This Agreement shall inure to the benefit of and be
         binding upon the parties hereto and their respective executors,
         administrators, legal representatives, successors and assigns. This
         Agreement may be amended only by further written agreement of the
         Company and Executive.

11.      Governing Law. This Agreement shall be construed in accordance with and
         governed by the laws of the State of Michigan.

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<PAGE>   5

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the day and year first above written.

           SPX CORPORATION                 EXECUTIVE

By:    /s/ John B. Blystone                /s/ Patrick J. O'Leary
   --------------------------------        -------------------------------------
           John B. Blystone                    Patrick J. O'Leary

Title:  Chairman, President & CEO

                                       5<PAGE>   1

                                                                  EXHIBIT 10(xi)

                             [SPX CORPORATION LOGO]

                               PATRICK J. O'LEARY

                               STOCK OPTION AWARD

         THIS AGREEMENT is made on and as of August 22, 2000, by and between SPX
CORPORATION, a Delaware Corporation ("SPX" or the "Company") and PATRICK J.
O'LEARY ("Executive").

1.       Grant of Options. In recognition of the Executive's performance as Vice
         President Finance, Treasurer and Chief Financial Officer of the
         Corporation, and as an inducement to his continuing in the employ of
         the Company, SPX hereby grants to Executive Options to purchase 500,000
         Shares of the Company's Common Stock, par value $10.00 ("Common Stock")
         at Option Prices set forth below and in the manner and subject to the
         terms and conditions hereinafter provided:

<TABLE>
<CAPTION>

                           Number of Shares          Option Price Per Share
                           ----------------          ----------------------
<S>                                            <C>
                              125,000                    $210.00
                              125,000                    $240.00
                              125,000                    $270.00
                              125,000                    $300.00
</TABLE>

         These Options are granted to Executive by the Board of Directors of the
         Company and are in addition to the stock options granted to Executive
         under the Company's 1992 Stock Compensation Plan. The Options granted
         under this Agreement are outside of and not granted pursuant to said
         Plan. To the extent that shares of Common Stock are held by the Company
         as treasury shares at the time that the Options (or any portion
         thereof) are exercised, the Company will use treasury shares as the
         source of the Common Stock

<PAGE>   2

         issued to the Executive in connection with such exercise. The Board of
         Directors has delegated to its Compensation Committee (the "Committee")
         the authority to make such determinations and interpretations of this
         Agreement as it deems necessary and appropriate to carry out its intent
         and terms.

2.       Nonqualified Replacement Options. These Options are granted with the
         right to receive "Nonqualified Replacement Options" in accordance with
         the terms of this Agreement. A Nonqualified Replacement Option shall be
         granted upon the exercise of all or any portion of the Options
         (including exercise of any Nonqualified Replacement Options granted
         under this paragraph 2) if either (i) previously-owned shares of Mature
         Common Stock (defined below) are surrendered (whether by delivery or
         attestation) in payment of the Option Price or tax withholding, or (ii)
         shares of Common Stock otherwise issuable upon such exercise are
         withheld to satisfy minimum tax withholding, subject to the following:

         a.       The number of shares of Common Stock subject to the new
                  Nonqualified Replacement Option shall be the number of shares
                  of Common Stock surrendered or withheld.

         b.       The Option Price of the new Nonqualified Replacement Option
                  shall be the fair market value of a share of Common Stock on
                  the date the new Nonqualified Replacement Option is granted.

         c.       The new Nonqualified Replacement Option shall be fully vested
                  immediately upon grant and shall expire on the Expiration Date
                  set forth in paragraph 3.

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         However, any other provision of this Agreement notwithstanding, a
         Nonqualified Replacement Option will not be granted upon the exercise
         of an Option, including a Nonqualified Replacement Option, unless the
         fair market value of a share of Common Stock on the date of such
         exercise is at least 25% higher than the Option Price of the Option or
         Nonqualified Replacement Option being exercised, as applicable. "Mature
         Common Stock" means, for purposes of this Agreement, Common Stock that
         has been acquired by the Executive on the open market or that has been
         acquired pursuant to an employee benefit arrangement of the Company and
         held for at least six months. For purposes of this paragraph 2, fair
         market value shall be determined in accordance with paragraph 5.d.,
         below. For purposes of the following provisions of this Agreement, the
         term Options shall also refer to Nonqualified Replacement Options
         granted under this paragraph 2.

3.       Time of Exercise of Options/Vesting.

         a.       The Options granted hereunder may be exercised in whole or in
                  part at any time and from time to time on or after the Vesting
                  Date and prior to or on the Expiration Date.

         b.       The Vesting Date is the earliest of: (i) August 22, 2005, (ii)
                  the date on which a "Change of Control" of the Company occurs
                  as defined in the Executive's "Change of Control Executive
                  Severance Agreement" dated February 15, 1999, or (iii) the
                  date on which the Executive's employment with the Company is
                  terminated by reason of his death or disability. If, prior to
                  the Vesting Date, the Executive's employment with the Company
                  terminates for any reason other than

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                  the Executive's death or disability, this Agreement and all of
                  the Options shall terminate immediately upon such termination
                  of employment.

         c.       The Expiration Date is the earliest of (i) August 21, 2010,
                  (ii) the date which is twelve (12) months after the date on
                  which the Executive's employment with the Company is
                  terminated by reason of his death, or (iii) the date which is
                  ninety (90) days after the date on which the Executive's
                  employment with the Company terminates for any reason other
                  than his death; provided, however, that if the Executive dies
                  during that ninety (90)-day period, then the Expiration Date
                  shall be the date which is nine (9) months after the
                  Executive's death.

4.       Non-Competition. If the Executive, without the prior written consent of
         the Company, directly or indirectly owns, manages, operates, controls,
         becomes employed by or otherwise participates in the management,
         operation or control of any business which is competitive with the
         business of the Company or any of its subsidiaries, all of the
         Executive's rights hereunder as to any unexercised portion of the
         Options shall be forfeited.

5.       Manner of Exercise. The Options may be exercised by written notice
         which shall:

         a.       State the election to exercise the Options and the number of
                  shares and Option Price(s) in respect of which they are being
                  exercised;

         b.       Be signed by Executive or such other person or persons
                  entitled to exercise the Options;

         c.       Be in writing and delivered to SPX to the attention of its
                  Secretary;

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         d.       Be accompanied by payment in full of the Option Price for the
                  shares to be purchased and the Executive's copy of this
                  Agreement. Payment may be made by: (i) certified or cashier's
                  check, money order or other cash payment, or (ii) delivery (or
                  deemed delivery by attestation) of Mature Common Stock with a
                  fair market value as of the exercise date equal to the
                  aggregate Option Price for the shares to be purchased (or a
                  combination of (i) and (ii)). The fair market value of the
                  Common Stock for this purpose shall be the closing price of a
                  share of Common Stock as reported in the "NYSE-Composite
                  Transactions" section of the Midwest Edition of The Wall
                  Street Journal for the exercise date or, if no prices are
                  quoted for such date, on the next preceding date on which such
                  prices of Common Stock are so quoted;

         e.       Be accompanied by payment in cash of any Federal, state or
                  local taxes required by law to be withheld by the Company with
                  respect to the exercise of the Options, unless other
                  satisfactory arrangements are made between the Company and the
                  Executive to satisfy such withholding obligations, which
                  arrangements may include the withholding of shares of Common
                  Stock with a fair market value equal to the minimum statutory
                  payroll and withholding taxes imposed as a result of such
                  exercise; and

         f.       Contain representations by the Executive or other person or
                  persons entitled to exercise the Options that the shares of
                  Common Stock are being acquired for investment and with no
                  present intention of selling or transferring them and that the
                  person acquiring them will not sell or otherwise transfer the
                  shares except in compliance with all applicable securities
                  laws and requirements of any stock

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<PAGE>   6

                  exchange upon which the shares may then be listed; provided,
                  however, that no such representations shall be required if a
                  registration statement under the Securities Act of 1933 is in
                  effect with respect to the shares of Common Stock to be
                  issued.

         As promptly as practicable after receipt of such notice and payment,
         the Company shall cause to be issued and delivered to the Executive or
         such other person or persons entitled to exercise the Options, as the
         case may be, certificates for the shares of Common Stock so purchased,
         which certificates may, if appropriate, be endorsed with restrictive
         legends to reflect any applicable restrictions on the transferability
         of such shares. If the Options shall have been exercised in full, this
         Agreement shall be canceled and retained by the Company; otherwise it
         shall be appropriately endorsed to reflect partial exercise and
         returned to the Executive or other person entitled to exercise the
         Options.

6.       Restrictions on Transfer of Options. Except as otherwise provided
         below, the Options may not be sold, transferred, pledged, assigned or
         otherwise alienated or hypothecated, other than by will or by the laws
         of descent and distribution; and the Options shall be exercisable
         during the Executive's lifetime only by him. However, the Options may
         be transferred to members of the Executive's immediate family or to one
         or more trusts for the benefit of the Executive and/or his immediate
         family members or to partnerships in which the Executive and/or his
         immediate family members are the only partners; provided that the
         Executive does not receive any consideration for such transfer and the
         Executive provides to the Company such documentation and/or information
         concerning any such transfer or transferee as the Committee may
         reasonably require. Any Options

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         held by transferees permitted under this paragraph 6 shall remain
         subject to the same terms and conditions that applied immediately prior
         to such transfer. If without having fully exercised the Options granted
         hereunder, the Executive dies, the Options remaining outstanding
         hereunder pursuant to paragraph 3, above, shall be exercisable by the
         person or persons who shall have acquired the Executive's rights
         hereunder by will or the laws of descent and distribution and may be
         exercised for a period ending on the Expiration Date as set forth in
         paragraph 3, above.

7.       Rights Prior to Exercise of Option. Executive shall not have any rights
         as a stockholder with respect to the shares of Common Stock subject to
         this Agreement until exercise of the Options and delivery of the shares
         as herein provided.

8.       Adjustment in the Event of Changes Affecting Common Stock. In the event
         of any change in the outstanding shares of Common Stock that occurs by
         reason of a stock dividend or split, recapitalization, merger,
         consolidation, combination, exchange of shares, or other similar
         corporate change, the aggregate number of shares of Common Stock
         subject to the Options, and the Option Prices, shall be appropriately
         adjusted by the Committee, whose reasonable determination shall be
         conclusive, provided, however, that fractional shares shall be rounded
         to the nearest whole share.

9.       No Contract of Employment. Nothing contained in this Agreement shall be
         construed as a contract of employment between SPX and Executive, or as
         creating a right of Executive to be continued in the employment of SPX,
         or as a limitation of SPX's right to discharge

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         Executive with or without Cause. Except as expressly provided herein,
         this Agreement shall not be construed as a term or condition of the
         Executive's employment and, in particular, it shall neither confer upon
         the Executive any additional rights or privileges relative to his
         existing terms and conditions of employment nor entitle the Executive
         to additional compensation or damages upon any termination of
         employment.

10.      Binding Effect. This Agreement shall inure to the benefit of and be
         binding upon the parties hereto and their respective executors,
         administrators, legal representatives, successors and assigns. This
         Agreement may be amended only by further written agreement of the
         Company and Executive.

11.      Construction of Pronouns. Pronouns in the masculine used in this
         Agreement shall be construed as either masculine or feminine, as
         appropriate in the particular context.

12.      Governing Law. This Agreement shall be construed in accordance with and
         governed by the laws of the State of Michigan, as applicable to a
         contract entered into and performed entirely within the State of
         Michigan.

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         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the day and year first above written.

          SPX CORPORATION                     EXECUTIVE

         /s/ John B. Blystone                 /s/ Patrick J. O'Leary
----------------------------------            ----------------------------------
             John B. Blystone                     Patrick J. O'Leary
         Chairman, President and
         Chief Executive Officer

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