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SPW > SEC Filings for SPW > Form 8-K on 20-Dec-2011All Recent SEC Filings

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Form 8-K for SPX CORP


Change in Directors or Principal Officers

Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On December 16, 2011, the Board of Directors (the "Board") of SPX Corporation (the "Company") appointed Peter F. Volanakis as a director, effective at the close of business on December 16, 2011. Mr. Volanakis will stand for election as director at the Company's 2012 Annual Meeting of Stockholders, for a term expiring at the Company's 2013 Annual Meeting of Stockholders.

Mr. Volanakis will receive a retainer of $90,000 per annum for his service as a director. In addition, Mr. Volanakis will participate in the Company's 2006 Non-Employee Directors' Stock Incentive Plan, under which each director is awarded an annual grant of 2,500 shares of restricted stock, divided into three equal tranches eligible for vesting over three calendar years, with the vesting of each tranche contingent on SPX stockholder return exceeding that of the S&P 500 for the measurement period. Restricted stock that does not vest within the three-year period is forfeited. Directors receive dividends on the unvested portion of their stock only upon vesting of the stock. Dividends will be forfeited if the restricted stock on which those dividends is paid does not vest.

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