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Exhibit 10.61    
    

 
 

SPX Corporation
  
    2002 STOCK COMPENSATION PLAN    
    

RESTRICTED
STOCK AGREEMENT

                  AWARD 

        THIS
AGREEMENT is made between SPX CORPORATION, a Delaware corporation (the "Company"), and the Recipient pursuant to the SPX Corporation 2002 Stock Compensation Plan and related plan
documents (the "Plan") in combination with an SPX Restricted Stock Summary (the "Award Summary") to be displayed at the Fidelity website. The Award Summary, which identifies the person to whom the
Restricted Stock (as defined in Section 1 below) is granted (the "Recipient") and specifies the date (the "Award Date") and other details of the award, and the electronic acceptance of this
Agreement (which also is to be displayed at the Fidelity website), are incorporated herein by reference. The parties hereto agree as follows: 

        1.    Grant of Restricted Stock.    The Company hereby grants to the Recipient, pursuant to
Section 9 of the Plan, the number of shares of Company common stock (the "Common Stock") specified above (the "Restricted Stock"), subject to the terms and conditions of the Plan and this
Agreement. The Restricted Stock is divided into three separate tranches, for purposes of determining when the Period of Restriction ends with respect to the restricted shares. The Recipient must
accept the Restricted Stock award within 90 days after notification that the award is available for acceptance and in accordance with the instructions provided by the Company. The award
automatically will be rescinded upon the action of the Company, in its discretion, if the award is not accepted within 90 days after notification is sent to the Recipient indicating
availability for acceptance. 

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

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

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

        4.    Period of Restriction.    Subject to the provisions of the Plan and this Agreement,
unless vested or forfeited earlier as described in Section 6, 7, or 8 of this Agreement, as applicable, each tranche of Restricted Stock awarded hereunder shall become vested and freely
transferable if, as of any Measurement Date for such tranche, Total Shareholder Return (defined below) for the Measurement Period associated with such Measurement Date is greater than the S&P Return
(defined below) for such Measurement Period. Such vesting shall occur upon certification by the Board of Directors (or 

 

appropriate
Board committee) that the applicable performance criteria have been met. The following schedule sets forth the Measurement Date(s) and associated Measurement Periods for each tranche. 

	Measurement Date
	 	Measurement Period

	
Tranche 1:	
 	

 	
 	

 	

 	
 	

 	
 	

 	
 	

 	
 	

 	

 	
 	

 
	 	 	 	,	 	 	 	 	 	 	,	 	 	 	through	 	 	 	 	,	 	 
	
	 	
	 	 	
	 	
	 	
	 	 	
	 	 	 	
	 	
	 	 	

	 	 	 	,	 	 	 	 	 	 	,	 	 	 	through	 	 	 	 	,	 	 
	
	 	
	 	 	
	 	
	 	
	 	 	
	 	 	 	
	 	
	 	 	

	 	 	 	,	 	 	 	 	 	 	,	 	 	 	through	 	 	 	 	,	 	 
	
	 	
	 	 	
	 	
	 	
	 	 	
	 	 	 	
	 	
	 	 	

	
Tranche 2:	
 	

 	
 	

 	

 	
 	

 	
 	

 	
 	

 	
 	

 	

 	
 	

 
	 	 	 	,	 	 	 	 	 	 	,	 	 	 	through	 	 	 	 	,	 	 
	
	 	
	 	 	
	 	
	 	
	 	 	
	 	 	 	
	 	
	 	 	

	 	 	 	,	 	 	 	 	 	 	,	 	 	 	through	 	 	 	 	,	 	 
	
	 	
	 	 	
	 	
	 	
	 	 	
	 	 	 	
	 	
	 	 	

	 	 	 	,	 	 	 	 	 	 	,	 	 	 	through	 	 	 	 	,	 	 
	
	 	
	 	 	
	 	
	 	
	 	 	
	 	 	 	
	 	
	 	 	

	
Tranche 3:	
 	

 	
 	

 	

 	
 	

 	
 	

 	
 	

 	
 	

 	

 	
 	

 
	 	 	 	,	 	 	 	 	 	 	,	 	 	 	through	 	 	 	 	,	 	 
	
	 	
	 	 	
	 	
	 	
	 	 	
	 	 	 	
	 	
	 	 	

	 	 	 	,	 	 	 	 	 	 	,	 	 	 	through	 	 	 	 	,	 	 
	
	 	
	 	 	
	 	
	 	
	 	 	
	 	 	 	
	 	
	 	 	

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

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

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

        6.    Forfeiture upon Termination due to Reason other than Retirement, Disability or
Death.    If, prior to the end of the applicable Measurement Period(s) for any unvested tranche, the Recipient's employment with the Company (or a Subsidiary of the
Company if the Recipient is then in the employ of such Subsidiary) terminates for a reason other than the Recipient's retirement, disability or death, then the Recipient shall forfeit any such
unvested tranche on the date of such employment termination. 

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

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

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

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

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

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

        (B)  which such Person or any of such Person's Affiliates or Associates has (1) the right to acquire (whether such
right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling
group members with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange rights, rights, 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 

3

 

Exchange
Act and (b) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or successor report); or 

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

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

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

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

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

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

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

4

 

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

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

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

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

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

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

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

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

        12.    Securities Laws.    This award is a private offer that may be accepted only by a
Recipient who is an employee or director of the Company or a Subsidiary of the Company and who satisfies the eligibility requirements outlined in the Plan and the Committee's administrative
procedures. If a Registration Statement under the Securities Act of 1933, as amended, is not in effect with respect to the shares of Common Stock to be issued pursuant to this Agreement, the Recipient
hereby represents that he or she is acquiring the shares of Common Stock for investment and with no present intention 

5

 

of
selling or transferring them and that he or she will not sell or otherwise transfer the shares except in compliance with all applicable securities laws and requirements of any stock exchange on
which the shares of Common Stock may then be listed. 

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

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

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

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

6

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Exhibit 10.61

SPX Corporation 2002 STOCK COMPENSATION PLANQuickLinks
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Exhibit 10.62    
    

	 	 	

 
	

 	
 	

Kevin L. Lilly

Senior Vice President, Secretary and General Counsel

13515 Ballantyne Corporate Place

Charlotte, North Carolina 28277

November 30,
2007 

Ms. Sharon
Jenkins

13515 Ballantyne Corporate Place

Charlotte, North Carolina 28277 

Dear
Sharon: 

        As
discussed with you, the effective date of your separation from SPX Corporation (the "Company") will be November 30, 2007. This letter, otherwise known as the Separation
Agreement and General Release, sets forth the terms upon which you and the Company have agreed your employment will be terminated (hereinafter the Separation Agreement and General Release will be
referenced as the "Agreement"). 

1.     Cancellation and Termination of Employment Agreement  

        Your Employment Agreement shall be deemed terminated effective as of November 30, 2007 (the "Effective Date"). 

2.     Base, Bonus and Equity Incentive Compensation  

        Subject to the provisions of this Agreement, you will be eligible to receive an amount equal to twelve (12) months of your base salary. In addition, you
will be eligible to receive an annual bonus for 2007 determined as the highest of (A) the actual bonus paid to you for the 2006 bonus plan year, or (B) your target bonus for the 2007
bonus plan year. Also, subject to the provisions of this Agreement, any restricted stock granted to you by the Company that is unvested as of the Effective Date will vest as of the Effective Date. 

3.     Employee Benefits and Perquisites  

        You will be eligible for continued coverage under the Company's medical, dental, life, disability, pension, profit sharing and other executive benefit plans
through November 30, 2008, at the same cost to you as in effect as of the Effective Date. If the Company determines that you cannot participate in any benefit plan because you are not actively
performing services for the Company, the Company may provide such benefits under an alternate arrangement, such as through the purchase of an individual insurance policy that provides similar benefits
or, if applicable, through a nonqualified pension or profit sharing plan. To the extent that your compensation is necessary for determining the amount of any such continued coverage or benefits, such
compensation (base salary and annual bonus) through November 30, 2008 shall be at the highest rate in effect during the 12-month period immediately preceding the Effective Date. 

        Please
be aware that in order to receive certain benefits as described herein, you must take the steps described in the attached Exhibit A. It is important that you read this
information. 

1

 

        You
will be eligible for executive perquisites on the same basis on which you were receiving such perquisites prior to the Effective Date, including: (A) reimbursement for club
dues through November 30, 2008; and (B) reimbursement of expenses relating to financial planning services, tax return preparation and annual physicals through December 31, 2008.
The Company will bear the cost of such perquisites, at the same level in effect immediately prior to the Effective Date. Perquisites otherwise receivable by you pursuant to this paragraph shall be
reduced to the extent comparable perquisites are actually received by or made available to you without cost during the period following your employment termination covered by this paragraph. You shall
report to the Company any such perquisites actually received by or made available to you. 

        The
period through November 30, 2008 shall continue to count for purposes of determining your age and service with the Company with respect to eligibility, vesting and the amount
of benefits under the Company's benefit plans to the maximum extent permitted by applicable law. 

        You
will be eligible to receive $100,000 to cover outplacement services and otherwise to assist you in your transition. 

        You
acknowledge that the payments and benefits specified in this Agreement exceed in value any payments and benefits to which you may already be entitled. 

4.     Release  

        By signing this Agreement, you release the Company from any known or unknown, asserted or unasserted claims that
you may have against the Company. 

        You
are giving this release on behalf of yourself and your heirs, personal representatives, assigns or any other person who could make a claim based upon your employment relationship
with the Company. 

        The
release applies to the Company and its subsidiaries, business units, divisions and affiliates, as well as their current and former directors, board of directors, managers, officers,
shareholders, agents, representatives, attorneys, employees, successors, predecessors and assigns. These parties are together called the "Released Parties" in this Agreement. Except to the extent
provided herein, the release also includes any employee benefit plans or funds sponsored or administered by the Company (except that it does not apply to claims for vested benefits, if any, arising
from Company-sponsored retirement plans). 

        This
is a general and complete release that applies to any claim, known or unknown, asserted or unasserted, and waives any claim to further compensation or benefits. It includes claims
relating to your employment with and termination of employment with the Company. 

        This
release specifically applies to claims under Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act, the Worker Adjustment and
Retraining Notification Act, the Employee Retirement Income Security Act of 1974, 42 U.S.C. § 1981 through 1988, as amended, the Age Discrimination in Employment Act, as
amended, the Older Workers Benefits Protection Act, the Immigration Reform and Control Act, as amended, the Occupational Safety and Health Act, as amended, the Equal Pay Act, any collective bargaining
agreement, any other federal, state, local civil or human rights law or any other local, state or federal law, regulation or ordinance, any federal or state common law, including claims in contract
and tort or based upon public policy, and any allegation for costs, fees, or other expenses including attorneys' fees incurred in these matters. It does not apply to any claim that arises after you
sign this Agreement, and it does not include claims that cannot be released as a matter of law. 

        You
agree to permanently withdraw with prejudice all claims, if any, you have filed against any Released Party, including a request to the EEOC or any other employment discrimination
investigation 

2

 

agencies
to withdraw any previously filed charges of discrimination. You further agree that you shall not be entitled to receive any relief, recovery, or monies in connection with any complaint or
charge brought against the Company, without regard as to who brought said complaint or charge. 

5.     Employee Affirmations  

        You affirm that you have not assigned or transferred, or purported to assign or transfer, to any person or entity, any claim against any of the Released Parties,
or any portion thereof or interest therein. You also affirm that you have not filed, caused to be filed, or presently are a party to any claim, complaint, or action against any of the Released Parties
in any forum or form. You further affirm that you have been paid and/or have received all leave (paid or unpaid), compensation, wages, bonuses, commissions,
and/or benefits to which you may be entitled and that no other leave (paid or unpaid), compensation, wages, bonuses, commissions, and/or benefits are due to you, except as provided in this Agreement.
You further affirm that you have no known workplace injuries or occupational diseases and have been provided and/or have not been denied any leave requested under the Family and Medical Leave Act. 

6.     Employee Covenants  

        You agree to resign from any appointments, directorships or other offices you may hold on behalf of SPX Corporation or any of its divisions or affiliates. You
acknowledge that any employment or contractual relationship between you and the Company will terminate by virtue of this Agreement, and that you have no future employment or contractual relationship
with the Company other than the contractual relationship created by this Agreement. In consideration of this Agreement, you hereby waive any and all employment rights that you now have with the
Company, except as otherwise expressly provided in this Agreement. You agree not to seek reinstatement, reemployment, or future employment as a new employee, and the Company has no obligation,
contractual or otherwise, to employ or reemploy, hire or rehire, or recall or reinstate you in the future. 

        You
agree that all payments and benefits provided under this Agreement shall be subject to any and all applicable withholding and other employment taxes. You further agree that the
payments and benefits provided under this Agreement are in lieu of any and all rights or entitlements to severance pay under any other Company plan, policy, benefit or procedure, or any agreement
between you and the Company. 

        You
acknowledge that you will remain bound by any confidentiality, nondisclosure or noncompetition agreements you have with the Company, in addition to the protective covenants set forth
below. 

        You
further acknowledge that you may possess secret, confidential or proprietary information or trade secrets concerning the operations, future plans or business methods of the Company.
You agree never to use or disclose any such information. 

        You
further acknowledge that for a two-year period immediately after the Effective Date, you will not directly or indirectly accept employment with or render services on
behalf of a competitor of any SPX business unit at which you have been employed, or any other third party, in any capacity where the confidential information of an SPX business unit acquired by you
during your employment with an SPX business unit would reasonably be considered to be useful to the competitor or to such other third party to become a competitor based in whole or in part on such
information. 

        You
agree that, for a period of three (3) years after the date of execution of this Agreement, you will not interfere with the Company's relationship with, or endeavor to entice
away from the Company, or hire any person who at the time of the execution of this Agreement is an employee of the Company. You agree that, for a period of two (2) years after the date of
execution of this Agreement, you will 

3

 

not
interfere with the Company's relationship with, or endeavor to entice away from the Company, any customer of the Company who, during your employment at the Company, you serviced, solicited on
behalf of the Company or gained knowledge about through your employment at the Company. 

        You
also agree not to criticize the Company or any of its officers, directors, employees, shareholders, affiliates or agents. 

        You
agree that the Company would be irreparably harmed by any actual or threatened violation of the Employee Covenants described in this section, and that the Company will be entitled to
an injunction prohibiting you from committing such violation. 

7.     Tender Back  

        You agree that in the event of any breach of this Agreement, including but not limited to, your bringing any claim against any Released Party, you will
immediately repay all or any portion of the payments made to you and the Company will have no obligation to make any further payments to you under this Agreement, provided, however, that these
provisions do not apply to any claims brought pursuant to the Age Discrimination in Employment Act or the Older Workers Benefit Protection Act. 

8.     Expenses  

        The Company will reimburse you for all reasonable business expenses incurred through November 30, 2007, upon proper presentation of supporting
documentation, provided that appropriate expense reports have been submitted by December 4, 2007. Effective November 30, 2007, the Company will no longer pay for or reimburse you for any
charges or fees incurred in connection with your cellular phone. Should you decide to retain the cellular phone, you agree that all expenses incurred in connection with the phone will be paid by you. 

9.     Company Property  

        You agree that all Company property, including but not limited to, automobiles, credit cards, keys, documents, software, computer data, records, or any other
materials, will be returned by December 4, 2007. 

10.   Non-Admission  

        You agree that this Agreement is not an admission of guilt or wrongdoing by the Released Parties, and acknowledge
that the Released Parties do not believe or admit that any of them has done anything wrong. 

11.   Cooperation  

        You shall cooperate fully and voluntarily with the Company and with the Company's counsel in connection with any past, present or future, actual or threatened,
litigation, claims, investigations, hearings, actions, or administrative proceeding involving the Company that relate to events, occurrences or conduct occurring (or claimed to have occurred) during
the period of your employment by the Company. This cooperation by you shall include, but not be limited to, (i) being reasonably available for interviews and discussions with the Company's
counsel as well as for depositions and trial testimony; (ii) if depositions or trial testimony are to occur, being reasonably available and cooperating in the preparation therefore as and to
the extent that the Company or its counsel request; (iii) refraining from impeding in any way the Company's prosecution or defense of any such litigation, claims, investigations, hearings,
actions, or administrative proceeding; (iv) cooperating fully in the development and presentation of prosecution or defense of any such litigation, claims, investigations, hearings, actions, or
administrative proceeding; (v) providing, on a timely basis, advice and 

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consultations
as reasonably requested by the Company; (vi) attending depositions (whether or not you are deposed), hearings, investigations, trials or arbitrations, assisting in response to
discovery requests, meeting with counsel for the Company, and providing written statements and/or affidavits, all as requested by the Company's General Counsel, or his designee; and
(vii) promptly notifying the Company's General Counsel or his designee, if you are contacted by any party, third party or by counsel or a representative representing parties with respect to
claims or litigation adverse to the Company, and avoiding discussions with or otherwise providing information to such party, third party, counsel or representative prior to discussions with General
Counsel, or his designee, or his representatives, and then only in the presence of the Company's representatives (unless otherwise required by court order). 

        You
agree to provide, on a timely basis, advice and consultation upon the reasonable request of the Company's senior management team with respect to business, operational, financial,
personnel and other matters relating to the period of your employment by the Company. 

        You
shall be reimbursed by the Company for reasonable travel, lodging, telephone and similar expenses incurred in connection with such cooperation except to the extent that such
reimbursement may be prohibited, or may jeopardize the Company's legal interests, as determined by the Company. 

12.   Full Disclosure of Claims  

        You represent and affirm that (i) you have not filed or caused to be filed on your behalf any claim for relief against the Company or any Released Parties
and, to the best of your knowledge and belief, no outstanding claims for relief have been filed or asserted against the Company or any Released Parties on your behalf; and (ii) you have not
reported any purported improper, unethical or illegal conduct or activities to any supervisor, manager, department head, Human Resources representative, agent or other representative of the Company,
to any member of the Company's legal department, and have no knowledge of any such improper, unethical, or illegal conduct or activities and have disclosed to the Company any information you might
have had concerning any conduct involving the Company that you had reason to believe may be unlawful or involve any false claims to the United States or any other government having jurisdiction over
the Company; and (iii) you will not file, commence, prosecute or participate in any judicial or arbitral action or proceeding against the Company or its representatives based upon or arising
out of any act, omission, transaction, occurrence, contract, claim or event existing or occurring on or before the date of this Agreement except as otherwise provided for in this Agreement. You agree
that you will not voluntarily aid or assist, either directly or indirectly, any individual or entity in either the assertion or pursuit of any private claim or prosecution of any private lawsuit,
action, arbitration or judicial or administrative proceeding, now existing or hereafter arising, relating to any matters in which you were either involved or for which you rendered services to the
Company. Notwithstanding the above, nothing in this Agreement shall prohibit or restrict you from: (i) making any disclosure of information required by law; (ii) providing information
to, or testifying or otherwise assisting in any investigation or proceeding brought by any federal, state or local government agency, law enforcement agency or legislative body, any
self-regulatory organization, or the Company's legal department; (iii) cooperating with any other U.S. government investigation; or (iv) testifying, participating in or
otherwise assisting in a proceeding relating to an alleged violation of Sarbanes-Oxley Act or any federal, state or municipal law relating to fraud or any rule or regulation of the Securities and
Exchange Commission or any self-regulatory organization. 

13.   Testimony and Production of Documents  

        Nothing in Paragraphs 11 and 12 herein shall give the Company the right to control or dictate the content of any testimony given by you, it being
understood that you would be required to testify truthfully. Moreover, nothing in this section shall give the Company the right to control or dictate any 

5

 

documents
required to be produced by you pursuant to court order and by doing so, you will not be deemed to have violated any provision of this Agreement. 

14.   Action on Behalf of Employer  

        You shall not take any action on behalf of the Company except as expressly required by the Company's General Counsel, or his designee. 

15.   Joint Representation  

        In the event you are named in a lawsuit arising out of any alleged acts or omissions committed by the Company or by you within the scope of your employment with
the Company, the Company at the Company's cost will agree to provide you with representation either jointly, provided you execute a separate agreement in a form to be provided by the Company, or
separately. In either event, counsel for you shall be selected by the Company in its sole discretion. In the event the Company determines at any point in the matter that there exists a conflict of
interest or if representation of you jeopardizes the Company's interests, then the Company may, in its sole discretion, decline to provide or continue any such representation. 

16.   Indemnification and Insurance  

        The Company shall continue to indemnify you and provide applicable directors' and officers' liability insurance coverage (including, where required, legal
defense) for actions prior to the Effective Date to the same extent it indemnifies and provides liability insurance coverage to officers and directors and former officers and directors of the Company. 

17.   Review Period  

        You acknowledge that, before signing this Agreement, you were given a period of at least 21 calendar days to consider this Agreement. If the
21-day period has not elapsed at the time you sign this Agreement, you acknowledge that you have knowingly and voluntarily chosen to sign this Agreement before the expiration of that
period. You acknowledge that (a) you took advantage of this period to consider this Agreement before signing it; (b) you carefully read this Agreement; (c) you fully understand
it; and (d) you are signing it voluntarily. You further acknowledge that the Company encouraged you to discuss this Agreement with your attorney (at your own expense) before signing it and that
you did so to the extent you deemed necessary. 

18.   Revocation of Agreement  

        You understand that you may revoke this Agreement in writing within seven (7) calendar days after you sign it, and the Agreement shall not become effective
or enforceable until the end of the seven-day period. To be effective, your written revocation must be submitted, in writing, and state "I hereby revoke acceptance of our Separation
Agreement and General Release." The revocation must be personally delivered to Douglas Hardy, or mailed to him at 13515 Ballantyne Corporate Place, Charlotte North Carolina 28277 and postmarked
within seven (7) calendar days of execution of this Agreement. This Agreement shall not become effective or enforceable until the revocation period has expired. If the last day of the
revocation period is a Saturday, Sunday, or legal holiday in the state where you reside, then the revocation period shall not expire until the next following day that is not a Saturday, Sunday, or
legal holiday. If you revoke this Agreement, the Company shall have no obligations under this Agreement. 

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19.   Miscellaneous  

        This is the entire agreement between you and the Company. This Agreement may not be modified in any manner except in writing signed by both you and an authorized
Company official. You acknowledge that the Company has made no representations or promises to you other than those in this Agreement. Should any provision of this Agreement be declared illegal or
unenforceable by any court of competent jurisdiction or by any arbitrator and cannot be modified to be enforceable, such provision shall immediately become null and void, leaving the remainder of the
Agreement in full force and effect. Notwithstanding this provision, however, the parties agree that the general release language of Paragraph 4 cannot be modified by any court or by any
arbitrator and shall remain in full force and effect. 

        This
Agreement binds your heirs, administrators, personal representatives, executors, successors and assigns, and will apply to the benefit of all Released Parties and their respective
heirs, administrators, personal representatives, executors, successors and assigns. 

        This
Agreement shall be construed as a whole according to its fair meaning. It shall not be construed strictly for or against you or any Released Party. This Agreement shall be governed
by the statutes and common law of the State of North Carolina, without regard to that state's rules regarding conflict of laws. 

        YOU HAVE BEEN ADVISED THAT YOU HAVE UP TO TWENTY-ONE (21) CALENDAR DAYS TO REVIEW THIS SEPARATION AGREEMENT AND GENERAL RELEASE AND HAVE BEEN
ADVISED THAT YOU HAVE THE RIGHT TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTION OF THIS SEPARATION AGREEMENT AND GENERAL RELEASE. FURTHER, YOU HAVE BEEN ADVISED TO CONSULT AN ATTORNEY OR TAX
PROFESSIONAL REGARDING ANY POTENTIAL I.R.C. 409A DEFERRED COMPENSATION ISSUES. YOU AGREE THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT AND GENERAL RELEASE DO NOT RESTART OR
AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD.

        HAVING ELECTED TO EXECUTE THIS AGREEMENT AND GENERAL RELEASE, TO FULFILL THE PROMISES AND TO RECEIVE THE SUMS AND BENEFITS IN PARAGRAPHS 2 AND 3 ABOVE, YOU FREELY
AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTER INTO THIS SEPARATION AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS YOU HAVE OR MIGHT HAVE AGAINST THE
COMPANY.

	ACCEPTED AND AGREED TO:	 	SPX CORPORATION
	

/s/ Sharon Jenkins
 Sharon Jenkins	
 	

/s/ Kevin L. Lilly
 Kevin L. Lilly
	

Date: 12/3/2007	
 	

Date: 12/3/2007

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QuickLinks

Exhibit 10.62

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