SPX CORPORATION (NYSE:SPXC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
|
Departure of Directors or Principal Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Corporation (the Company) elected Robert B. Toth as director of
the Company effective July 1, 2017. Also effective July 1, 2017,
the Board appointed Mr. Toth as a member of the Boards
Compensation Committee.
Stockholders, Mr. Toth will receive a cash retainer based on the
annual cash retainer awarded to non-employee directors, but
pro-rated for his period of service beginning as of the effective
date of his election to the Board. In addition, he will receive
an equity grant of time-vested restricted stock units of the
Company having a grant date value based on the grant date value
of the annual grant of restricted stock units awarded to
non-employee directors, but pro-rated for the period of his
service beginning as of the effective date of his election to the
Board, which restricted shares vest, subject to his continued
service on the Board, the day before the Companys 2018 Annual
Meeting of Stockholders. Such annual compensation for
non-employee directors of the Company is set forth below:
|
Annual Retainer of Cash
|
$
|
75,000
|
|
Grant Date Value of Annual Award of Time-Vested
Restricted Stock Units |
$
|
130,000
|
About SPX CORPORATION (NYSE:SPXC)
SPX Corporation is a diversified, global supplier of infrastructure equipment. The Company operates through three segments: heating, ventilation and air conditioning (HVAC); Detection and Measurement, and Power. The HVAC solutions offered by its businesses include package cooling towers, residential and commercial boilers, heating and ventilation products. Its detection and measurement product lines encompass underground pipe and cable locators, and inspection equipment. Within its power platform, it is a manufacturer of medium and large power transformers, as well as equipment for various types of power plant, including cooling equipment, heat exchangers and pollution control systems. Its heating and ventilation products are sold under the Berko, Qmark, Farenheat, and Leading Edge brands, while its Marley-Wylain subsidiary sells Weil-McLain and Williamson-Thermoflo brands. Its power products are sold under the brand names of SPX Cooling, Marley, Balcke Duerr, Yuba and Ecolaire.