Form of Severance Benefit AgreementForm of Severance Benefit Agreement • November 4th, 2022 • SPX Technologies, Inc. • Metalworkg machinery & equipment • Delaware
This Severance Benefit Agreement (the “Agreement”) is effective as of [●], 2022 (the “Effective Date”), by and between SPX Enterprises, LLC (the “Company”) and [●] (the “Executive”).
October [__], 2022 [Name of employee] Re: Amendment to Confidentiality Agreement, Severance Benefit Agreement and Change of Control Agreement Dear [Name of employee]: As you know, you have entered into the following agreements with SPX Corporation...Merger Agreement • November 4th, 2022 • SPX Technologies, Inc. • Metalworkg machinery & equipment
On August 15, 2022, SPX Corporation assigned to SPX Enterprises, LLC (“SPX Enterprises”), and SPX Enterprises assumed, all of SPX Corporation’s rights and obligations under the Agreements (the “Assignment”) and you became an employee of SPX Enterprises. Later on August 15, 2022, pursuant to the Agreement and Plan of Merger, dated as of August 11, 2022 (the “Merger Agreement”) by and among SPX Corporation, SPX Technologies, Inc. (the “Parent”), which is the direct parent corporation of SPX Enterprises, and SPX Merger, LLC (“SPX LLC”), SPX Corporation merged (the “Merger”) with and into SPX LLC, with SPX LLC surviving the Merger. As a result of the Merger, each share of common stock of SPX Corporation was converted into a share of common stock of the Parent, which became listed on the New York Stock Exchange and is traded under the symbol “SPXC.”
October 5, 2022 Eugene J. Lowe, III Re: Amendment to Confidentiality Agreement, Employment Agreement and Change of Control Agreement Dear Gene:Merger Agreement • November 4th, 2022 • SPX Technologies, Inc. • Metalworkg machinery & equipment
On August 15, 2022, SPX Corporation assigned to SPX Enterprises, LLC (“SPX Enterprises”), and SPX Enterprises assumed, all of SPX Corporation’s rights and obligations under the Agreements (the “Assignment”) and you became an employee of SPX Enterprises. Later on August 15, 2022, pursuant to the Agreement and Plan of Merger, dated as of August 11, 2022 (the “Merger Agreement”) by and among SPX Corporation, SPX Technologies, Inc. (the “Parent”), which is the direct parent corporation of SPX Enterprises, and SPX Merger, LLC (“SPX LLC”), SPX Corporation merged (the “Merger”) with and into SPX LLC, with SPX LLC surviving the Merger. As a result of the Merger, each share of common stock of SPX Corporation was converted into a share of common stock of the Parent, which became listed on the New York Stock Exchange and is traded under the symbol “SPXC.” You currently serve as President and Chief Executive Officer of the Parent.
CONFIDENTIALITY AND NON-COMPETITION AGREEMENTConfidentiality and Non-Competition Agreement • November 4th, 2022 • SPX Technologies, Inc. • Metalworkg machinery & equipment • Delaware
In consideration of my employment or continued employment by SPX Enterprises, LLC, or by the particular subsidiary or affiliate of SPX Enterprises, LLC by which I am now employed, or by which I may become employed hereafter, potential future salary and benefit adjustments and/or promotions, and any other positions that I hold or may subsequently hold with SPX Enterprises, LLC or any of its subsidiaries or affiliates, and in specific consideration for SPX Enterprises, LLC and/or the applicable subsidiary or affiliate of SPX Enterprises, LLC having granted to me in the past and granting to me in the future access to Confidential and Proprietary Information (as set out in Paragraph 1 below) which I would not have obtained absent my employment with SPX Enterprises, LLC and/or the applicable subsidiary or affiliate of SPX Enterprises, LLC, I, the undersigned, hereby agree as set forth below. (For purposes of this Agreement, “SPX” means, collectively, SPX Enterprises, LLC and all of its subs
