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Exhibit 10.3    
    

         SPX CORPORATION

SUPPLEMENTAL RETIREMENT SAVINGS PLAN  

As Amended and Restated December 31, 1999

(codified to include all amendments as of December 31, 2004)  

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TABLE OF CONTENTS    
    

	 
	 	 
	 	page

	ARTICLE I	 	DEFINITIONS	 	2
	1.1	 	Accounting Date	 	2
	1.2	 	Administrator	 	2
	1.3	 	Affiliated Company or Affiliate	 	2
	1.4	 	Beneficiary	 	2
	1.5	 	Board	 	2
	1.6	 	Code	 	2
	1.7	 	Company	 	2
	1.8	 	Compensation	 	2
	1.9	 	Compensation Committee	 	2
	1.10	 	Deferred Account or Account	 	2
	1.11	 	Deferred Mutual Fund Unit	 	2
	1.12	 	Dividend Date	 	2
	1.13	 	Employee	 	2
	1.14	 	EVA	 	3
	1.15	 	Participant	 	3
	1.16	 	Plan	 	3
	1.17	 	Plan Year	 	3
	1.18	 	Qualified Savings Plan	 	3
	1.19	 	Recordkeeper	 	3
	1.20	 	Severance Agreement	 	3
	1.21	 	Severance Pay	 	3
	1.22	 	Trustee	 	3
	

ARTICLE II	
 	

ELIGIBILITY	
 	

4
	2.1	 	Participation	 	4
	2.2	 	Limits on Participation	 	4
	2.3	 	Reduction in Status; Removal From Participation	 	4
	2.4	 	Participation Relative to Severance Pay	 	4
	

ARTICLE III	
 	

CONTRIBUTIONS AND DEFERRAL ACCOUNTS	
 	

5
	3.1	 	Elections To Contribute	 	5
	3.2	 	Duration of Election	 	5
	3.3	 	Disposition of Excess Contributions in the Qualified Plan	 	5
	3.4	 	Company Matching Contributions	 	5
	3.5	 	Vesting of Participant Deferrals	 	6
	3.6	 	Effect of Severance Agreement	 	6
	

ARTICLE IV	
 	

PARTICPANTS' ACCOUNT AND INVESTMENT CREDITS	
 	

7
	4.1	 	Participants' Accounts	 	7
	4.2	 	Deferred Mutual Fund Credits	 	7
	4.3	 	Selection of Deferred Mutual Funds	 	7
	4.4	 	Changing Deferred Mutual Funds	 	7
	4.5	 	Dividends	 	7
	 	 	 	 	 

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	ARTICLE V	 	PAYMENT OF ACCOUNT	 	8
	5.1	 	Form of Benefit	 	8
	5.2	 	Election of Payment Option	 	8
	5.3	 	Commencement of Benefit	 	8
	5.4	 	Source of Benefit Payments	 	8
	5.5	 	Payment at Death of Participant	 	8
	5.6	 	Beneficiary Designation	 	9
	

ARTICLE VI	
 	

ADMINISTRATION OF THE PLAN	
 	

10
	6.1	 	Administration by the Company	 	10
	6.2	 	General Powers of Administration	 	10
	

ARTICLE VII	
 	

AMENDMENT OR TERMINATION	
 	

11
	7.1	 	Amendment or Termination	 	11
	7.2	 	Effect of Amendment or Termination	 	11
	

ARTICLE VIII	
 	

GENERAL PROVISIONS	
 	

12
	8.1	 	Funding	 	12
	8.2	 	General Conditions	 	12
	8.3	 	No Guaranty of Benefits	 	12
	8.4	 	No Enlargement of Employee Rights	 	12
	8.5	 	Spendthrift Provision	 	12
	8.6	 	Applicable Law	 	12
	8.7	 	Small Benefits	 	12
	8.8	 	Incapacity of Recipient	 	12
	8.9	 	Corporate Successor	 	12
	8.10	 	Unclaimed Benefit	 	12
	8.11	 	Limitations on Liability	 	13
	8.12	 	Duties of Participants and Beneficiaries	 	13
	

ARTICLE IX	
 	

CHANGE-OF-CONTROL	
 	

14
	9.1	 	Benefit Rights Upon Change-of-Control	 	14
	9.2	 	Definition of Change-of-Control	 	14
	9.3	 	Excess Parachute Payments by the Company.	 	16
	

ARTICLE X	
 	

SPECIAL PROVISIONS	
 	

18
	10.1	 	Former Participants in the General Signal Corporation Deferred Compensation Plan	 	18

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SPX CORPORATION
  SUPPLEMENTAL RETIREMENT SAVINGS PLAN    
    

        The SPX Corporation Supplemental Retirement Savings Plan (the "Plan") was adopted effective January 1, 1990. The Plan as set forth herein has been amended
and restated effective as of December 31, 1999. The Plan is established and maintained by SPX Corporation in order to allow an Employee to (a) make pre-tax salary reduction
contributions, and (b) to receive Company matching contributions, in each case, excess of those permitted by the Company's tax-qualified 401(k) plan, known as the "SPX Corporation
Retirement Savings and Stock Ownership Plan." 

        The
provisions of this Plan are only applicable to Participants who were in the employ of SPX Corporation on or after December 31, 1999 (except as provided in
Section 10.1). Participants who retired prior to that date (or the surviving spouses or beneficiaries of such Participants) shall be eligible for benefits, if any, under the terms of the Plan
then in effect, or as subsequently amended to specifically apply to retirement under prior versions of the Plan. 

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ARTICLE I
  DEFINITIONS    
    

        Wherever used herein the following terms shall have the meanings hereinafter set forth: 

         1.1  "Accounting Date" means each business day. 

         1.2  "Administrator" means the Company, as set forth in Section 6.1. 

         1.3  "Affiliated Company" or "Affiliate" means any corporation, trade or business entity which is a member of a controlled
group of corporations, trades or businesses, or an affiliated service group, of which the Company is also a member, as provided in Code Sections 414(b), (c), (m) or (o). 

         1.4  "Beneficiary" means the person, trust or estate designated to receive the balance of the Participant's account under the
Qualified Savings Plan. 

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

         1.6  "Code" means the Internal Revenue Code of 1986, as amended from time to time, and any regulations relating thereto. 

         1.7  "Company" means (a) SPX Corporation, (b) any Affiliated Company or Affiliate, provided that any such
Affiliated Company or Affiliate shall, subsequent to December 31, 1999, be included in the definition of "Company" only to the extent determined by action of the Officer of SPX Corporation
empowered to make such employee benefit determinations, and (c) any other entity resulting from a reorganization, merger or consolidation into or with the Company, or a transfer or sale of
substantially all of the assets of the Company. 

         1.8  "Compensation" means the total amount paid to a Participant by the Company inclusive of bonuses, overtime pay, Regular
Pre-Tax Contributions to the Qualified Savings Plan, Additional Pre-Tax Contributions to the Qualified Savings Plan, and salary reduction contributions to this Plan, but
excluding therefrom those items excluded from Compensation under the Qualified Savings Plan (one such exclusion being the payment of the "bank" portion of a Participant's EVA Incentive Plan account as
a result of termination of employment or Change in Control). Notwithstanding the foregoing, (a) Compensation shall not be reduced pursuant to the application of Code Section 401(a)(17),
which applies to the Qualified Savings Plan but shall not be applied to this non-qualified plan, and (b) Severance Pay shall be treated as Compensation under the Plan if a
Participant's Severance Agreement with the Company so provides. 

         1.9  "Compensation Committee" means the Compensation Committee of the Company's Board of Directors. When used herein,
"Committee" shall also include any person or persons to whom the Committee's authority has been lawfully delegated. 

       1.10  "Deferred Account" or "Account" means the Participant's interest in the Plan and includes separate salary reduction and
Company matching contributions accounts for each of the Deferred Mutual Funds for which Deferred Mutual Fund Units are credited to Participant Deferral Accounts, as described in Sections 4.1 and 4.2. 

       1.11  "Deferred Mutual Fund Unit" means the equivalent of one share of a respective mutual fund or other security designated
by the Compensation Committee for purposes of measuring the value of a Deferred Account established pursuant to Article IV of the Plan. 

       1.12  "Dividend Date" means, with respect to the mutual funds or other securities, underlying a Deferred Mutual Fund Unit, the
payment date of any dividend declared on such mutual fund or securities. 

       1.13  "Employee" means an employee of the Company who is a participant under the Qualified Savings Plan (or any successor or
replacement to the Qualified Savings Plan). The term "Employee" 

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shall
also include an individual who has terminated employment with the Company if (and to the extent that) the individual's Severance Agreement with the Company permits the deferral of Severance Pay
under this Plan. The term "Employee" shall also include each employee of the Company who participated in the Deferred Compensation Plan of United Dominion Industries, Inc. (the "UDI Plan") or
the Deferred Compensation Plan for Employees of Litwin Engineers & Contractors, Inc. (the "Litwin Plan") and whose Account Balance (as that term is defined in the UDI Plan), as of
January 1, 2002, or Benefit Account (as that term is defined in the Litwin Plan), as of January 1, 2002, was transferred to the Plan despite the fact that such employee does not meet the
eligibility requirements to actively participate in the Plan. 

    1.13A  "ERISA" means the Employee Retirement Income Security Act of 1994, as amended. 

       1.14  "EVA" means the Company's Executive EVA Incentive Plan, and "EVA Bonus" means an annual bonus paid by that Plan. 

       1.15  "Participant" means an Employee who is eligible to participate in this Plan pursuant to Article II hereof who has
filed a deferral election and shall include a former Employee who continues to have an account under this Plan. 

       1.16  "Plan" means this SPX Corporation Supplemental Retirement Savings Plan. 

       1.17  "Plan Year" means the twelve-month period beginning December 31, effective December 31, 1999. Prior to
that date, "Plan Year" meant the calendar year. 

       1.18  "Qualified Savings Plan" means the SPX Corporation Retirement Savings and Stock Ownership Plan and each predecessor,
successor or replacement to the said Qualified Plan. 

       1.19  "Recordkeeper" means the organization selected by the Company to keep information concerning the Account of each
Participant in the Plan. 

       1.20  "Severance Agreement" means a written agreement between an individual and the Company, defining the terms and conditions
surrounding the individual's termination of employment with the Company, including (without limitation) whether, and to what extent the individual's Severance Pay may be deferred as contributions to
this Plan. 

       1.21  "Severance Pay" means cash remuneration paid to an Individual who has terminated employment with the Company, pursuant
to the Company's Severance Pay Policy or as otherwise specifically provided in the individuals' Severance Agreement. 

       1.22  "Trustee" means the person or entity chosen by the Company to hold company assets which may be used to provide benefits
under this Plan. The assets of any such trust remain the Company's property and will be subject to the claims of creditors should the Company become insolvent. 

Words
in the masculine gender shall include the feminine and the singular shall include the plural, and vice versa, unless qualified by the context. Any headings used herein are included for ease of
reference only, and are not to be construed so as to alter the terms hereof. 

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ARTICLE II
  ELIGIBILITY    
    

        2.1    Participation.    An Employee shall become eligible to be a Participant hereunder upon
designation as such by the Compensation Committee. Such designation shall be made in writing and filed with the records of the Plan, and may either be by name, position, or organizational level or as
otherwise determined by the Committee. The Compensation Committee shall promptly notify those Employees selected as Participants hereunder of their participation and shall offer to such Participants
the opportunity to make contributions hereunder, as set forth at Section 3.1 hereof. 

        2.2    [RESERVED]    

        2.3    Reduction in Status; Removal From Participation.    Except in the event of a
Change-of-Control (as defined in Article IX), if the Participant's compensation or level of responsibility is reduced, the Compensation Committee may reexamine the
Participant's eligibility and make a new determination as to whether he shall be entitled to continue to contribute as a Participant hereunder. If an Employee is removed from Participation pursuant to
this Section 2.3, he shall make no further contributions to this Plan, nor shall the Company make any further contributions on his behalf. However, his Deferred Account shall continue to be
held for his benefit pursuant to the terms of this Plan, and it shall continue to share in changes in value pursuant to Section 4.2 hereof. 

        2.4    Participation Relative to Severance Pay.    An individual who has terminated employment
with the Company shall be an eligible Participant to the extent provided in the individual's Severance Agreement. 

Individuals
not initially treated and classified by their employer as common-law employees on the payroll records of their employer, including, but not limited to, leased employees,
independent contractors or any other contract employees, shall be excluded from participation irrespective of whether a court, administrative agency or other entity determines that such individuals
are common law employees. 

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ARTICLE III
  CONTRIBUTIONS AND DEFERRAL ACCOUNTS    
    

        3.1    Elections To Contribute.    A Participant who has elected to make salary reduction
contributions to the Qualified Savings Plan may also elect to have a percentage of Compensation deferred under this Plan. Such deferrals shall occur on a per payroll basis. Such an election with
respect to any Plan Year must be made, with respect to amounts paid during such Plan Year, prior to the commencement of that Plan Year, on a date prescribed by the Administrator; PROVIDED that a
newly-eligible Participant may make an election to defer Compensation to this Plan within not more than 60 days after becoming an eligible Participant, which election shall apply only to
Compensation earned after the election is made. 

        A
Participant may separately elect (i) a Basic Deferral percentage (up to 50% of Compensation, which includes, without limitation, EVA and other bonuses), and (ii) a
Supplemental Bonus Deferral percentage (in 10% increments, up to 100%), applicable only to the annual EVA bonus. The Supplemental Bonus Deferral percentage shall be reduced by the portion of the EVA
bonus already deferred pursuant to a Basic Deferral Election. 

        Having
made such an election, the percentage of Compensation a Participant has elected to defer shall be credited by the Company to this Plan for any Plan Year with respect to all
Compensation as defined by this Plan (or of an annual EVA bonus payment) and paid during such Plan Year. However, no contributions are made to this Plan with respect to a Participant until one or more
of the applicable limits in the Qualified Savings Plan has been reached. Such applicable limits under the Qualified Savings Plan are as follows: 

	(a)
	The
limit on compensation under Code Section 401(a)(17);

	(b)
	The
limit on deferrals under Code Sections 401(k) and 401(m);

	(c)
	The
limit on annual additions to accounts under Code Section 401;

	(d)
	The
Qualified Savings Plan limit of deferrals to 50% of Compensation; and

	(e)
	The
maximum deductible Contribution limits under Code Section 404(a)(3). 

Notwithstanding
the foregoing, if a Participant's Severance Agreement so provides, elections to contribute shall apply to amounts payable under that agreement, and shall be contributed to this Plan
regardless of whether the limits of (a)—(e) above have been exceeded, as further provided at Section 3.6. 

        3.2    Duration of Election.    A Participant's election to defer Compensation under this Plan
as described at Section 3.1 above shall remain in effect for each Plan Year until revised by the Participant for a subsequent Plan Year as described in Section 3.1 or, if earlier, until
the Participant's participation in this Plan terminates pursuant to Section 2.3 or otherwise. 

        3.3    Disposition of Excess Contributions in the Qualified Plan.    In any case in which a
Participant's salary reduction contributions to the Qualified Plan would be returned to the Participant by reason of the operation of Code Sections 401(k), 401(m), or 402(g), such contributions shall
not be made available to the Participant, but shall automatically be transferred from the Qualified Savings Plan to the Participant's Deferred Account under this Plan. Such contributions shall be
allocated to the Participant's Account in this Plan for the Plan Year in which such contributions are deposited in this Plan. 

        3.4    Company Matching Contributions.    For each Plan Year, a Participant's deferrals under
this Plan shall be credited with the same percentage of Compensation as matched by the Company under the Qualified Savings Plan, to the extent such deferrals have not received a match on that
percentage 

5

 

of
Compensation under the Qualified Savings Plan. The matching contribution to be made under this Plan shall follow any increase or decrease in the match made for the Qualified Savings Plan, and shall
be made only after the maximum match has been made under the Qualified Savings Plan. In the case of a Participant whose severance agreement with the Company so provides, all deferrals to this Plan
shall be eligible for Company matching contributions. 

        3.5    Vesting of Participant Deferrals.    A Participant shall be fully vested in all
allocations made to his Account pursuant to Section 3.1 and in the Company matching credits made to his Account pursuant to Section 3.4. 

        3.6    Effect of Severance Agreement.    In case of a Participant whose Severance Agreement
provides for continued participation, (a) all Severance Pay shall be treated as Compensation under this Plan, (b) prior deferral elections may continue or new deferral elections may be
made under this Plan, (c) all Qualified Savings Plan limits will be presumed to be exceeded, and (d) the Participant may prospectively elect to defer any percentage of Severance Pay to
this Plan, following such forms and procedures as the Company may prescribe. 

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ARTICLE IV
  PARTICPANTS' ACCOUNT AND INVESTMENT CREDITS    
    

        4.1    Participants' Accounts.    A separate Deferred Account shall be established by the
Recordkeeper for each Participant which shall accurately reflect his interest in this Plan. Each Account shall consist of three sub-Accounts, one for the Participant's deferrals made to
this Plan pursuant to Section 3.1 eligible for matching credits, one for deferrals which are not eligible for Company matching credits, and one for the Company matching credits made pursuant to
Section 3.4. Each Participant shall be advised at least quarterly of the status of his Account. 

        4.2    Deferred Mutual Fund Credits.    The Company shall establish a Deferred Account for
each Participant who makes an election to defer Compensation, as provided in Section 3.1. The balance of a Participant's Deferred Account is dependent upon the value per share of the mutual
fund shares or other securities underlying the Deferred Mutual Fund Units, and is therefore subject to market fluctuations in value until distributed to a Participant. 

        4.3    Selection of Deferred Mutual Funds.    Each Participant (and Beneficiary, as provided
at Section 5.5) shall be permitted to direct the manner in which credits to his Account shall be treated as invested from among such Deferred Mutual Fund Units determined by the Compensation
Committee from time to time and communicated to Participants. Each Participant shall choose the percentage of his Account treated as invested in each Deferred Mutual Fund Unit provided that not less
than 10% of the Participant's contributions and Company contributions shall be designated for any one such Fund. Within each Investment Fund, each Participant shall have a separate account to which
his Account and contributions, together with investment gains or losses, shall be credited. 

        4.4    Changing Deferred Mutual Funds.    A Participant may elect to change the mix of the
Deferred Mutual Fund Units credited to the Participant's Deferred Account by providing notice to the Company (or a recordkeeper it has retained to maintain Accounts) by means of a written notice or
such other methods, including a telephone voice response system, as may be made available from time to time. Such conversion shall be effective as of the date such notice is received (if received
before 4:00 p.m., eastern time), based upon the value of the mutual fund shares or other securities underlying the Deferred Mutual Fund Units at such time. 

        4.5    Dividends.    At any time a balance in Deferred Mutual Fund Units is maintained in an
Account, there shall be credited to the Account additional Deferred Mutual Fund Units on each Dividend Date. Such additional number of Deferred Mutual Fund Units shall be determined by reference to
the number of mutual fund shares or other securities that would be issued by the mutual fund or the issuer of the other securities with respect to the reinvestment of such dividend. In the absence of
such reinvestment, the number of such additional Deferred Mutual Units shall be determined by (i) multiplying the total number of Deferred Mutual Fund Units (including fractional Deferred
Mutual Fund Units) credited to the Account immediately prior to the Dividend Date by the amount of the dividend per share of the underlying mutual fund or other security and (ii) dividing the
product by the Fair Market Value Per Share as of such Dividend Date. Additional Deferred Mutual Fund Units shall be similarly credited on each Dividend Date on which a balance Deferred Mutual Fund
Units is maintained in the Account. 

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ARTICLE V
  PAYMENT OF ACCOUNT    
    

        5.1    Form of Benefit.    At the Participant's election, a Participant's Account under this
Plan shall be paid in one of the following forms: 

        (a)    In
an immediate lump sum. 

        (b)    In
periodic annual installments payable for a period of up to ten (10) years. So long as the Participant retains funds in his Account, earnings, gains and losses
shall be credited to the Account. 

        (c)    In
periodic monthly installments, payable for a period of up to ten (10) years. So long as the Participant retains funds in his Account, earnings, gains, and
losses shall be credited to the Account. 

        (d)    A
Participant who makes no election within the time provided in Section 5.2 shall receive a lump sum payment of the Participant's Account, valued on the date of
termination, death or retirement. 

        5.2    Election of Payment Option.    The Participant shall select a form of payment at the
time that he chooses to make an election to contribute to the Plan, pursuant to Section 3.1. Thereafter, a Participant may change his election at any time that is at least one year prior to his
retirement, death, disability or other termination of employment from the Company. Notwithstanding a Participant's payment election under Section 5.1, payments shall not be made until the year
following the year of termination to the extent a payment would otherwise be subject to Code Section 162(m). 

        5.3    Commencement of Benefit.    Except in the case of a distribution upon death pursuant to
Section 5.5 hereof, payment of a Participant's Account under this Plan shall commence at the time selected by the Participant from the list below, which selection must be made at least one year
prior to the commencement of payment: 

	(a)
	upon
separation from service,

	(b)
	on
the date which is a specified number of months after separation from service, or

	(c)
	on
a specified date, 

PROVIDED
that the selection of commencement date may be changed by a Participant prior to separation from service, so long as the new choice of payment commencement date is at least one year after the
date of change in election. If the Administrator receives, within one year of the selected payment date, a new election to change commencement date, such election will be void, and the prior election
will govern. 

        In
no event shall the date for commencement of payments occur prior to separation from service, and notwithstanding any election to the contrary, benefits shall commence to be paid after
a Participant has both attained age 701/2 and separated from service. 

        5.4    Source of Benefit Payments.    Any Deferred Account payable to a Participant or a
Participant's Beneficiary shall be paid from the SPX Corporation Trust for Individual Account Defined Contribution Plans to the extent funds are available in the Participant's Account in such Trust,
with any additional amount due to be paid by the Company. 

        5.5    Payment at Death of Participant.    In the event a Participant dies before payment of
his Account under this Plan commences, or in the event a Participant dies after such payment commences but before he has received the entire balance in his Account, payment of such Participant's
Account under this Plan shall commence to the Beneficiary designated by the Participant in the payment form selected by the Participant, but with an immediate commencement of benefit payments, if
payments had not previously commenced. So long as an Account remains in this Plan with respect to a 

8

 

Beneficiary,
that Account shall continue to be credited with earnings, gains and losses, and a Beneficiary may continue to change Deferred Mutual Funds as provided in Section 4.4. 

        5.6    Beneficiary Designation.    Effective for Participant's who die on or after
December 31, 1999, the Beneficiary or Beneficiaries who shall receive the Participant's interest in this Plan in the event of the Participant's death shall be identical to the Beneficiary or
Beneficiaries identified under the Qualified Savings Plan. There shall be no separate beneficiary election with respect to this Plan. 

9

  

 
 

ARTICLE VI
  ADMINISTRATION OF THE PLAN    
    

	6.1
	Administration
by the Company. The Company, acting under the supervision of the Compensation Committee of its Board of Directors, shall be responsible for the general operation and
administration of the Plan and for carrying out the provisions thereof.

	6.2
	General
Powers of Administration. All provisions set forth in the Qualified Plan with respect to the administrative powers and duties of the Company, expenses of administration, and
procedures for filing claims shall also be applicable with respect to the Plan. The Company shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports
furnished by any actuary, accountant, controller, counsel or other person employed or engaged by the Company with respect to the Plan. 

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ARTICLE VII
  AMENDMENT OR TERMINATION    
    

	7.1
	Amendment
or Termination. The Company intends the Plan to be permanent but reserves the right, subject to Article IX, to amend or terminate the Plan when, in the sole opinion
of the Company, such amendment or termination is advisable. Any such amendment or termination shall be made pursuant to a resolution of the Compensation Committee and shall be effective as of the date
of such resolution or as specified therein.

	7.2
	Effect
of Amendment or Termination. No amendment or termination of the Plan shall directly or indirectly deprive any current or former Participant or Beneficiary of an Account balance
which has accrued under this Plan prior to the effective date of such amendment or termination. 

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ARTICLE VIII GENERAL PROVISIONS    
    

	8.1
	Funding.    The Plan at all times shall be entirely unfunded and the Company shall not be required at any time to segregate
any assets of the Company for payment of any benefits hereunder. No Participant, Beneficiary or any other person shall have any interest in any particular assets of the Company by reason of the right
to receive a benefit under the Plan and any such Participant, Beneficiary or other person shall have only the rights of a general unsecured creditor of the Company with respect to any rights under the
Plan.

	8.2
	General Conditions.    Any accounts payable under the Qualified Savings Plan shall be paid solely in accordance with the
terms and conditions of the Qualified Savings Plan and nothing in this Plan shall operate or be construed in any way to modify, amend or affect the terms and provisions of the Qualified Plan.

	8.3
	No Guaranty of Benefits.    Nothing contained in the Plan shall constitute a guaranty by the Company or any other entity or
person that the assets of the Company will be sufficient to pay any benefit hereunder.

	8.4
	No Enlargement of Employee Rights.    No Participant or Beneficiary shall have any right to a benefit under the Plan except
in accordance with the terms of the Plan. Establishment of the Plan shall not be construed to give any Participant the right to be retained in the service of the Company.

	8.5
	Spendthrift Provision.    No interest of any person or entity in, or right to receive a benefit under, the Plan shall be
subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind; nor may such interest or right to receive a benefit be taken,
either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance
and claims in bankruptcy proceedings. No Deferred Mutual Fund Units shall be pledged, hypothecated, or transferred by a Participant other than by will or the laws of descent and distribution.

	8.6
	Applicable Law.    The Plan shall be construed and administered under the laws of the State of Michigan.

	8.7
	Small Benefits.    If at any time an Account payable under this Plan has a value of less than $25,000, the Company shall pay
such Account to the Participant or Beneficiary in a single lump sum in lieu of any further benefit payments hereunder.

	8.8
	Incapacity of Recipient.    If any person entitled to a benefit payment under the Plan is deemed by the Company to be
incapable of personally receiving and giving a valid receipt for such payment, then, unless and until claim therefor shall have been made by a duly appointed guardian or other legal representative of
such person, the Company may provide for such payment or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such
person. Any such payment shall be a payment for the account of such person and a complete discharge of any liability of the Company and the Plan therefor.

	8.9
	Corporate Successor.    The Plan shall not be automatically terminated by a transfer or sale of assets of the Company or by
the reorganization, merger or consolidation of the Company into or with any other corporation or entity, but shall be continued after such transfer, sale, reorganization, merger or consolidation.

	8.10
	Unclaimed Benefit.    Each Participant shall keep the Company informed of his current address. The Company shall not be
obligated to search for the whereabouts of any person. If the location of a Participant is not made known to the Company within three (3) years after the date on which payment of the
Participant's Account may first be made, payment may be made as though the Participant had died at the end of the three-year period. If, within one additional year after such 

12

 

three-year
period has elapsed, or, within three years after the actual death of a Participant, the Company is unable to locate any Beneficiary for the Participant, then the Company shall
have no further obligation to pay any benefit hereunder to such Participant or Beneficiary or any other person and such benefit shall be irrevocably forfeited. 

	8.11
	Limitations on Liability.    Notwithstanding any of the preceding provisions of the Plan, neither the Company nor any
individual acting as an employee or agent of the Company shall be liable to any Participant, former Participant, Beneficiary or any other person for any claim, loss, liability or expense incurred in
connection with the Plan.

	8.12
	Duties of Participants and Beneficiaries.    The Participant and any Beneficiaries of a Participant shall, as a condition of
receiving benefits under this Plan, be obligated to provide the Compensation Committee with such information as the Compensation Committee shall require in order to determine Account Balances and
calculate benefits under this Plan. 

13

  

 
 

ARTICLE IX
  CHANGE-OF-CONTROL    
    

        9.1    Benefit Rights Upon Change-of-Control.    Notwithstanding any
other provision of the Plan to the contrary, in the event of a Change-of-Control, the Company or any successor shall be prohibited from amending or terminating the Plan in any
manner so as to deprive, directly or indirectly, any current or former Participant or Beneficiary of all or any portion of any Account which has accrued under this Plan prior to the effective date of
such amendment or termination. 

        9.2    Definition of Change-of-Control.    For purposes of this Plan,
a "Change of Control" shall be deemed to have occurred if: 

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

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

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

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

	(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), 

14

 

warrants
or options, or otherwise; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, securities tendered pursuant to a tender or exchange offer made
by or on behalf of such Person or any of such Person's Affiliates or Associates until such tendered securities are accepted for purchase or exchange; or (2) the right to vote pursuant to any
agreement, arrangement or understanding; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, any security if the agreement, arrangement or
understanding to vote such security (a) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in
accordance with, the applicable rules and regulations promulgated under the Exchange Act and (b) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or
successor report); or 

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

Notwithstanding
anything in this definition of Beneficial Ownership to the contrary, the phrase "then outstanding," when used with reference to a Person's beneficial ownership of securities of the
Company, shall mean the number of such securities then issued and outstanding together with the number of such securities not then actually issued and outstanding which such Person would be deemed to
own beneficially hereunder. 

	(b)
	During
any period of two (2) consecutive years, 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. 

A
"Change of Control" shall not include any transaction described in paragraph (a) or (c), above, where, in connection with such transaction, a participant and/or any party acting in concert
with that participant shall substantially increase their, 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 

15

 

the
Company and/or through equity awards received entirely as compensation for past or future personal services). 

        9.3    Excess Parachute Payments by the Company.    

        (a)    Anything
in this Plan to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Corporation to or for the benefit of a
Participant, whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise, but determined without regard to any additional payments required under this
Section 8.3 (a "Payment") would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, (the "Code") or if any interest or penalties are
incurred by the Participant with respect to such excise tax (such excise tax, together with any such interest and penalties, being hereinafter collectively referred to as the "Excise Tax"), then the
Participant shall be entitled to receive an additional payment (a "Gross-Up Payment") in an amount such that, after payment by the Participant of all taxes (including any interest or
penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the
Gross-Up Payment, the Participant retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payment. 

        (b)    Subject
to the provisions of paragraph (c) below, all determinations required to be made under this Section 8.3, including whether and when a
Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by the accounting firm
which is then serving as the auditors for the Corporation (the "Accounting Firm"), which shall provide detailed supporting calculations both the Corporation and the Participant within fifteen
(15) business days of the receipt of notice from the Participant that there has been a Payment, or such earlier time as is required by the Corporation. In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or group effecting the Change of Control, the Participant shall appoint another nationally recognized accounting firm to make the
determinations required hereunder (which accounting firm shall then be referred to as the Account Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the
Corporation. Any Gross-Up Payments, as determined pursuant to this Section 8.3 shall be paid by the Corporation to the Participant within five (5) days of the receipt of the
Accounting Firm's determination. If the Accounting Firm determines that no Excise Tax is payable by the Executive, it shall furnish the Participant with a written opinion that failure to report the
Excise Tax on the Participant's applicable federal income tax return would not result in the imposition of a negligence or similar penalty. Any good faith determination by the Accounting Firm shall be
binding upon the Corporation and the Participant. As a result of the uncertainty in the application of
Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the
Corporation should have been made ("Underpayment"), consistent with the calculations required to be made hereunder. In the event that the Corporation exhausts its remedies pursuant to
paragraph (c) below, and the Participant thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any
such Underpayment shall be promptly paid by the Corporation to or for the benefit of the Participant. 

        (c)    The
Participant shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of a
Gross-Up Payment. Such notification shall be given as soon as practicable but no later than fifteen (15) business days after the Participant is informed in writing of such claim and
shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Participant shall not pay such claim prior to the expiration of the thirty
(30)-day period following the date on which the Participant gives such notice to the Company (or such shorter period ending on the date on which Participant gives such notice to the
Company (or such shorter period ending on the date that any payment of taxes with 

16

 

respect
to such claim is due). If the Company notifies the Participant in writing prior to the expiration of such period that it desires to contest such claim, the Participant shall: 

	(i)
	Give
the Company any information reasonably requested by the Company relating to such claim;

	(ii)
	Take
such action in connection with contesting such claim as the Company shall reasonably request in writing, from time to time, including, without limitation,
accepting legal representation with respect to such claim by an attorney reasonably selected by the Company;

	(iii)
	Cooperate
with the Company in good faith in order effectively to contest such claim; and

	(iv)
	Permit
the Company to participate in any proceedings relating to such claim; 

provided,
however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and
hold
the Participant harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limiting the foregoing provisions of this paragraph (c), the Company shall control all proceedings taken in connection with such contest and, at its sole
option, may pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the
Participant to pay the tax claimed and sue for a refund, or contest the claim in any permissible manner; and the Participant agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs the Participant shall
pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Participant on an interest-free basis and shall indemnify and hold the Participant
harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any
imputed income with respect to such advance; and further provided that any extension of the statute of limitations relating to payment of taxes for the taxable year of the Participant with respect to
which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company's control of the contest shall be limited to issues with respect to which a
Gross-Up Payment would be payable hereunder and the Participant shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any
other taxing authority. 

        (d)    If,
after the receipt by the Participant of an amount advanced by the Company pursuant to paragraph (c) above, the Participant becomes entitled to receive any
refund with respect to such claim, the Participant shall (subject to the Company's complying with the requirements of said paragraph (c)) promptly pay to the Company the amount of such refund
(together with any interest paid or credited thereon, after taxes applicable thereto). If, after the receipt by the Participant of an amount advanced by the Company pursuant to said
paragraph (c), a determination is made that the Participant shall not be entitled to any refund with respect to such claim and the Company does not notify the Participant in writing of its
intent to contest such denial of refund prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be required to be repaid; and the
amount of such advance shall offset, to the extent thereof, the amount of the Gross-Up Payment required to be paid. 

17

 
 
 

ARTICLE X
  SPECIAL PROVISIONS    
    

        10.1    Former Participants in the General Signal Corporation Deferred Compensation
Plan.    The deferrals made under the General Signal Corporation Deferred Compensation Plan (the "GSX Plan") payable after July 1, 1999 shall be held under
this Plan, as provided in this section. 

        (a)    The
GSX Plan accounts of GSX Plan participants not becoming SPX employees shall be held as part of this Plan. All amounts deferred under the GSX Plan shall be held under
this Plan and may be directed to deferred mutual fund units pursuant to the terms of this Plan. Participants may make no further deferrals and may make no change in the payment elections made under
the GSX Plan. 

        (b)    The
accounts of GSX Plan participants who became employees of SPX on January 1, 1999 and were eligible for this Plan shall also be held pursuant to the terms of
this Plan. All such deferrals shall receive earnings credits on the basis of the deferral mutual fund units to which Participants have directed them. Participants may also make transfers between
deferred mutual fund units as provided under the Plan. 

        (c)    Former
GSX plan participants described in 10.l(b) who are also eligible to be participants in this Plan under Article II shall have a one time election to be made
prior to January 1, 1999, to have their GSX Plan deferrals paid at the same time and in the same method as they have selected for deferrals under the SPX Plan made after January 1, 1999
as SPX employees actively participating in the Plan. 

Benefits
shall be paid only if the plan administrator decides in its discretion that the applicant is entitled to them. 

18

QuickLinks

Exhibit 10.3

TABLE OF CONTENTS

SPX CORPORATION SUPPLEMENTAL RETIREMENT SAVINGS PLAN

ARTICLE I DEFINITIONS

ARTICLE II ELIGIBILITY

ARTICLE III CONTRIBUTIONS AND DEFERRAL ACCOUNTS

ARTICLE IV PARTICPANTS' ACCOUNT AND INVESTMENT CREDITS

ARTICLE V PAYMENT OF ACCOUNT

ARTICLE VI ADMINISTRATION OF THE PLAN

ARTICLE VII AMENDMENT OR TERMINATION

ARTICLE VIII GENERAL PROVISIONS

ARTICLE IX CHANGE-OF-CONTROL

ARTICLE X SPECIAL PROVISIONSQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.42    
    

 
 

SPX CORPORATION
  RETIREMENT HEALTH PLAN
  TOP MANAGEMENT    
    

 

        The
Retirement Health Plan for Top Management provides a post-retirement health and dental expense account to named top management participants. Considering that top
management personnel may join the company late in their careers, thus affording the company the benefit of their many years of prior management and professional experience, this Retirement Health Plan
provides a full career benefit for participants retiring with 15 years of credited service. 

Who is covered by the Plan?  

        The compensation committee of the SPX Corporation Board of Directors designates those top managers who are participants in the plan. Participants in the Plan are
notified of their participation at their date of entry into the plan. Participants in this plan earn their full post retirement health plan benefit from the plan; by their participation in this plan,
top management personnel forgo their participation in any similar plan sponsored by the Corporation or its subsidiaries or divisions. 

How is my service counted?  

        Under the company's qualified Pension Plan 003, "Credited Service" is defined and used to compute the amount of your pension. For each year of credited service
earned in plan 003, a participant earns a year of service in this plan. This plan provides for a accrual of a full career benefit in 15 years. Thus, if you earn between 15 and 30 years
of credited service in this plan you will be entitled to a full career benefit. If you earn more than 30 years of actual credited service, these additional years of service over 30 are earned
in this plan also. 

What are my benefits at normal retirement age?  

        You earn Retirement Flexible Dollars during your career at SPX as follows: 

	Years of Credited

Service
	 	Retirement Flexible

Dollars Covered for Each Year

	0 to 5	 	$	3,600
	6 to 10	 	$	4,200
	11 to 15	 	$	4,800

        After
15 years of service, you have earned a "Full Career Benefit." 

        Example:

        If
you retire at your normal retirement age with 15 years of credited service, you will have earned the following Retirement Flexible Dollars: 

	5 years of service at $3,600	 	=	 	$	18,000
	 	PLUS	 	 	 	 	 
	5 years of service at $4,200	 	=	 	 	+21,000
	 	PLUS	 	 	 	 	 
	5 years of service at $4,800	 	=	 	 	+24,000
	 	 	 	 	

	 	 	TOTAL RETIREMENT FLEXIBLE DOLLARS	 	 	 	$	63,000

        In this example, if you retired after more than 15 years of service but less than 30, your Retiree Flexible Dollars are still $63,000. 

1

 

What if I have more than 30 years of service when I retire?  

        Additional Retirement Flexible Dollars are earned for credited service over 30 years as follows: 

	Years of Credited

Service
	 	Retirement Flexible

Dollars Covered for Each Year

	31 or More	 	$	2,700

        Example:

        Let's
say you retire at your normal retirement age with 38 years of credited service. Your Retirement Flexible Dollars would be as follows: 

	Amount Earned for 30 Years of Service	 	=	 	$	63,000
	8 years of service at $2,700	 	=	 	 	+21,600
	 	 	 	 	

	 	TOTAL RETIREMENT

FLEXIBLE DOLLARS	 	 	 	$	84,600

When am I vested in the Retirement Health Plan for Top Management?  

        You are vested in this plan when you first become eligible for either early or normal retirement benefits from the company's qualified Pension Plan 003 and the
Supplemental Retirement Plan for Top Management. 

How do I use my account after I retire?  

        At retirement you can choose to have the Full Value of your Retirement Flexible Dollars credited to your Retiree Account or you can annuitize the account. Once
you choose an account option it cannot be changed. 

        The
option you choose determines how many of your total Retirement Flexible Dollars you'll receive each year to spend on benefits. 

Full Value Account  

        At retirement you can choose to have all your Retirement Flexible Dollars credited to your Retirement Account. These dollars may be used to reimburse health care
expenses in any amount at any time. When you die, any unused Retiree Flexible Dollars may be used by your spouse to reimburse health care expenses. If you do not have a spouse or your spouse dies, any
unused dollars are forfeited. 

        Example: 

        You
retire after 20 years of service and choose to deposit the full $63,000 into your account at retirement. If you spend all of the money in your account before you die, you'll
have to pay any additional expenses out of your own pocket. If you die before the full account is expended, any Flexible Dollars left in your account can be used by your spouse to reimburse his/her
health care expenses. When your spouse dies, any unused dollars are forfeited. 

2

 

Individual Annuity  

        Your Flexible Dollars can be converted to an annuity which provides annual payments to your account over your lifetime. Each year a portion of the annuity goes
into your account. Any amount in your
account which is not used within the year will be carried over to following years. When you die, any unused dollars are forfeited. 

        Example: 

        Let's
say you are age 65 and retire with $63,000 in Flexible Retirement Dollars. You choose to annuitize your account on an individual lifetime annuity basis. Your flexible dollars would
be about $4,500 per year, payable until you die. Any amounts not used within the year are carried over to following years. 

50% Joint Survivor Annuity  

        You can choose a 50% joint and survivor annuity. Your Retiree Flexible Dollars are converted to an annuity which covers annual payments to your account over the
joint lifetimes of you and your spouse. Your spouse receives 50% of your payment after you die to reimburse health care expenses. After both of your deaths, any unused Flexible Dollars are forfeited. 

        Example:

        Let's
say you and your spouse are both age 65 and you retire with $63,000 in Flexible Retirement Dollars. You choose the Joint Survivor Annuity option. Your flexible dollars will be
about $4,105 per year payable until you die. If you predecease your spouse, he/she will have a benefit of $2,053 per year for the remainder of his or her life. Any amounts not used within the year are
carried over to following years. 

How may Retirement Flexible Dollars be used?  

        Retirement Flexible Dollars credited to your Retiree Account can only be used to pay for: 

	•
	Medical
and Dental coverage available through the Company.

	•
	Premium
payments, not only for the Company's Medical and Dental Plans, but also for HMO coverage and commercially available or group-sponsored medical plans.

	•
	Medicare
Part B premiums.

	•
	Medical
expenses not reimbursed by a medical plan.

	•
	Dental
expenses not reimbursed by a dental plan.

	•
	Vision
expenses.

	•
	Hearing
expenses. 

What coverage is available?  

        When you retire, you can choose from several Medical and Dental options. These options may change for you in retirement, just as they might change if you are
working. In addition to the current medical options, you may be able to continue your HMO coverage depending on the availability of retiree coverage from your HMO. When you retire, SPX will let you
know which options are available including any HMOs. 

        Each
benefit has a "price tag" based on the actual cost of the coverage. You decide which options are best for you and then use your Retiree Flexible Dollars to purchase that coverage. 

3

 

May I change my benefit choices after I retire?  

        Each plan year you will decide how to spend your Retiree Flexible Dollars. Your Medical choice is locked in for one year—unless you have a change in
family status. Your dental choice is locked in for two years. Examples of family status changes include: marriage, divorce, birth, adoption, death or loss of coverage because your spouse's coverage
ends. 

        If
you have a change in family status you may change your benefit option within 30 days of the change. 

How much do I pay from my Retirement Account for the plan that I choose?  

        Your annual costs depend on the amount of coverage you choose and whether you choose to cover your dependents. These costs could change from year to year, so be
sure to obtain the most current cost list when you retire. 

Will my spouse receive a benefit if I die before I retire?  

        If you have been married for at least one year and if you are vested, your spouse is entitled to benefits from this plan. (Remember, vesting occurs when you first
become eligible for Early or Normal retirement from the Plans.) The Retirement Flexible Dollars you have earned to your date of death are credited to your spouse, and he or she will have the same
rights to benefits and optional choices you would have if you had lived and retired. (For 3 months after your death, the Company continues regular company coverage as if you were still actually
employed. After that, Retirement Flexible Dollars are available.) 

        Example: 

        You
unexpectedly die at age 58 with 12 years of service. You would have been eligible for Early Retirement had you lived, so you are vested in the benefits provided by the
Retirement Health Plan for Top Management. The Retirement Flexible Dollars credited to you at your death are: 

	5 years of service at $3,600	 	=	 	$	18,000
	 	PLUS	 	 	 	 	 
	5 years of service at $4,200	 	=	 	 	+21,000
	 	PLUS	 	 	 	 	 
	2 years of service at $4,800	 	=	 	 	+ 9,600
	 	 	 	 	

	 	 	TOTAL RETIREMENT FLEXIBLE DOLLARS	 	 	 	$	48,600

Your
spouse may choose the Full Value account option, or the Individual Annuity. He or she may use the Retirement Flexible Dollars to pay for medical coverage and other qualified expenses when the
3 months of continuing coverage of the Active Health/ Dental Plan ends. 

If
you die without being vested in this Plan Benefit, your spouse will continue to have company-paid coverage in the active Medical/Dental Plan for 3 months after your death. After
that, he or she may continue to purchase Health and Dental Plan coverage under COBRA rules. 

4

 

Will my spouse receive a benefit if I die after I retire?  

        That depends on the choice you made at the time you retired. If you chose the Individual Annuity option at your retirement, then when you die there will be no
survivor benefit. If you chose the Full
Value Account option, and if you die leaving as a surviving spouse your marriage partner at the time of your retirement, the remaining unused credits in your account are automatically available to
your surviving spouse for his or her continuing use. If you chose the 50% Joint Survivor Annuity option, and if you die leaving as a surviving spouse your marriage partner at the time of your
retirement, then your spouse will receive 50% of your payment after you die to reimburse health care expenses for the remainder of his or her life. 

What happens if I remarry after I retire?  

        In this event, Benefits from your account are available to pay premiums and expenses for both you and your spouse. If you predecease your spouse, benefits to your
spouse will no longer be available. 

Can this Retirement Health Plan be amended or terminated?  

        Because future conditions cannot be anticipated of foreseen, the Company has the right to amend, modify or terminate the Plan at any time by action of the Board
of Directors. In the unlikely event that the Plan is terminated, the benefits accrued to the date of plan termination would be frozen or replaced, but future benefit accruals might be forfeited. 

What happens to this Plan in the event of a Change-of Control  

        In the event of a change-of-control of the Company, all participants in this Retirement Health Plan shall immediately become vested in
their accrued benefits under this plan. In addition, the company, or any successor shall be prohibited from amending or terminating the Plan in any manner that would deprive any current or former
participant or surviving spouse any payment which has commenced, or any accrued benefit that would be payable if the participant's employment had terminated for any reason prior to the
change-in-control. 

        After
a change-in-control, in the event a participant who qualifies for severance benefits under an Executive Severance Agreement terminates, or in the event the
Plan is terminated, current or former participants or surviving spouses shall be paid a lump sum amount of the actuarially equivalent accrued benefit or benefit already in a payment status. If any
portion of the payment required under this plan is subject to a golden parachute "Excise Tax", the company shall pay an additional amount, or gross up payment. 

About the Retirement Health Plan.  

        This description covers the main points of your Retirement Health Plan. In order to outline briefly your benefits in simple language, some of the details have
been omitted. Therefore, this summary cannot modify the Plan as intended and interpretations of intent by the Plan Administrator will govern. 

        NOTE:
If any provisions of this Plan are modified or rendered invalid or unenforceable by Federal or Sate legislation, the Plan will be modified to comply with the law. 

5

QuickLinks

Exhibit 10.42

SPX CORPORATION RETIREMENT HEALTH PLAN TOP MANAGEMENT

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