Retention and Severance Agreements for Transformer Solutions President

SPX Corporation and Brian G. Mason, President of Transformer Solutions, entered into a Retention Incentive Agreement and an Enhanced Severance Agreement in connection with the pending sale of Transformer Solutions. The agreements provide for retention payments, bonus payments, equity vesting acceleration, and severance benefits contingent on the transaction closing and continued employment.

“On June 7, 2021, the Company and Brian G. Mason, the President of Transformer Solutions (the “Executive”), entered into a letter agreement dated June 7, 2021 (the “Retention Incentive Agreement”).”

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