\n| <\/td>\n | Autres fonctionnaires d\u00e9sign\u00e9s<\/td>\n | 1 x le salaire annuel<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Les actions d\u00e9tenues dans des trusts familiaux et les actions d\u00e9tenues dans des comptes de plans de retraite sont consid\u00e9r\u00e9es comme des actions d\u00e9tenues aux fins des pr\u00e9sentes lignes directrices. Les actions (et les unit\u00e9s d'actions) fond\u00e9es sur le temps et non acquises, ainsi que les unit\u00e9s d'actions diff\u00e9r\u00e9es acquises, sont consid\u00e9r\u00e9es comme des actions d\u00e9tenues aux fins des pr\u00e9sentes lignes directrices. Les options d'achat d'actions non exerc\u00e9es et les actions (et attributions d'unit\u00e9s d'actions) bas\u00e9es sur la performance non acquises sont exclues aux fins des pr\u00e9sentes lignes directrices.<\/p>\n Les administrateurs et les dirigeants de SPX sont invit\u00e9s \u00e0 atteindre le niveau d'actionnariat souhait\u00e9 dans un d\u00e9lai de cinq ans \u00e0 compter de la date de leur nomination \u00e0 un poste d'administrateur ou de dirigeant ou de la date \u00e0 laquelle les lignes directrices en mati\u00e8re d'actionnariat ont \u00e9t\u00e9 renforc\u00e9es.<\/p>\n Une fois qu'un dirigeant de SPX a atteint le niveau d'actionnariat souhait\u00e9, il continuera d'\u00eatre consid\u00e9r\u00e9 comme \u00e9tant en conformit\u00e9 avec les pr\u00e9sentes lignes directrices, m\u00eame si le dirigeant tombe par la suite en dessous de la \"valeur cible\" applicable mentionn\u00e9e ci-dessus, tant que le dirigeant conserve au moins 50% des actions nettes acquises lors de l'exercice d'options sur actions et au moins 50% des actions nettes acquises dans le cadre d'attributions d'actions restreintes acquises et d'attributions d'unit\u00e9s d'actions restreintes acquises, jusqu'\u00e0 ce que le nombre d'actions de la Soci\u00e9t\u00e9 d\u00e9tenues par le dirigeant soit \u00e9gal ou sup\u00e9rieur \u00e0 la \"valeur cible\" applicable mentionn\u00e9e ci-dessus. \u00c0 ces fins, on entend par \"actions nettes\" les actions restantes apr\u00e8s la cession des actions n\u00e9cessaires pour payer la dette fiscale correspondante et, le cas \u00e9ch\u00e9ant, le prix d'exercice de l'option sur actions.<\/p>\n Le comit\u00e9 de gouvernance et de d\u00e9veloppement durable r\u00e9examinera p\u00e9riodiquement les lignes directrices en mati\u00e8re d'actionnariat et recommandera au conseil d'administration les r\u00e9visions qu'il jugera appropri\u00e9es.<\/p>\n 9. Administrateurs qui modifient leurs responsabilit\u00e9s professionnelles actuelles<\/h3>\nLe conseil d'administration estime que la capacit\u00e9 d'un administrateur \u00e0 si\u00e9ger au conseil d'administration peut \u00eatre affect\u00e9e par certains changements dans le statut ou la situation personnelle de l'administrateur. Par cons\u00e9quent, le conseil a adopt\u00e9 une politique qui exige qu'un administrateur remette sa d\u00e9mission au pr\u00e9sident du conseil dans l'un des cas suivants :<\/p>\n \n- \n
un changement substantiel dans la carri\u00e8re ou la vocation du directeur ;<\/div>\n<\/li>\n - \n
l'administrateur, ou toute soci\u00e9t\u00e9 dont il est (ou a \u00e9t\u00e9 au cours des deux ann\u00e9es pr\u00e9c\u00e9dentes) un dirigeant, un partenaire g\u00e9n\u00e9ral ou un administrateur, fait l'objet d'une proc\u00e9dure de faillite ou d'insolvabilit\u00e9 ;<\/div>\n<\/li>\n - \n
le directeur a fait l'objet d'une condamnation p\u00e9nale ou est cit\u00e9 dans une proc\u00e9dure p\u00e9nale (autre que des infractions au code de la route ou d'autres d\u00e9lits mineurs) ;<\/div>\n<\/li>\n - \n
le directeur faisant l'objet d'une ordonnance, d'un jugement ou d'un arr\u00eat\u00e9, non renvers\u00e9, suspendu ou annul\u00e9 par la suite, de la part d'un tribunal comp\u00e9tent, lui enjoignant, de mani\u00e8re permanente ou temporaire, d'exercer les activit\u00e9s suivantes ou de les limiter d'une autre mani\u00e8re :<\/div>\n<\/li>\n<\/ul>\n (1) agir en tant que marchand de contrats \u00e0 terme, courtier introducteur, conseiller en n\u00e9goce de mati\u00e8res premi\u00e8res, op\u00e9rateur de pool de mati\u00e8res premi\u00e8res, courtier en bourse, marchand de transactions \u00e0 effet de levier, toute autre personne r\u00e9glement\u00e9e par la Commodity Futures Trading Commission, ou personne associ\u00e9e \u00e0 l'une de ces personnes, ou en tant que conseiller en investissement, souscripteur, courtier ou n\u00e9gociant en valeurs mobili\u00e8res, ou en tant que personne affili\u00e9e, administrateur ou employ\u00e9 d'une soci\u00e9t\u00e9 d'investissement, d'une banque, d'une association d'\u00e9pargne et de pr\u00eat ou d'une compagnie d'assurance, ou se livrer ou continuer \u00e0 se livrer \u00e0 une conduite ou \u00e0 une pratique en rapport avec une telle activit\u00e9 ;<\/p>\n (2) se livrer \u00e0 tout type de pratique commerciale ; ou<\/p>\n (3) l'exercice d'une activit\u00e9 li\u00e9e \u00e0 l'achat ou \u00e0 la vente d'un titre ou d'une marchandise ou li\u00e9e \u00e0 une violation des lois f\u00e9d\u00e9rales ou \u00e9tatiques sur les valeurs mobili\u00e8res ou des lois f\u00e9d\u00e9rales sur les marchandises ;<\/p>\n \n- le directeur a fait l'objet d'une ordonnance, d'un jugement ou d'un arr\u00eat\u00e9, non renvers\u00e9, suspendu ou annul\u00e9 par la suite, d'une autorit\u00e9 f\u00e9d\u00e9rale ou \u00e9tatique interdisant, suspendant ou limitant de toute autre mani\u00e8re pendant plus de 60 jours le droit de cette personne d'exercer une activit\u00e9 d\u00e9crite au point 1) de la puce pr\u00e9c\u00e9dente, ou d'\u00eatre associ\u00e9e \u00e0 des personnes exer\u00e7ant une telle activit\u00e9 ;<\/li>\n<\/ul>\n
\n- le directeur est reconnu par un tribunal comp\u00e9tent dans le cadre d'une action civile ou, le cas \u00e9ch\u00e9ant, par la Securities and Exchange Commission ou la Commodity Futures Trading Commission, comme ayant viol\u00e9 une loi f\u00e9d\u00e9rale ou \u00e9tatique sur les valeurs mobili\u00e8res ou les mati\u00e8res premi\u00e8res, et ce jugement ou cette action civile n'a pas \u00e9t\u00e9 renvers\u00e9, suspendu ou annul\u00e9 par la suite ;<\/li>\n
- le directeur faisant l'objet d'une ordonnance, d'un jugement, d'un d\u00e9cret ou d'une constatation judiciaire ou administrative f\u00e9d\u00e9rale ou \u00e9tatique, ou y \u00e9tant partie, qui n'a pas \u00e9t\u00e9 par la suite renvers\u00e9, suspendu ou annul\u00e9, en rapport avec une violation pr\u00e9sum\u00e9e de la loi :<\/li>\n<\/ul>\n
(1) toute loi ou r\u00e9glementation f\u00e9d\u00e9rale ou \u00e9tatique sur les valeurs mobili\u00e8res ou les mati\u00e8res premi\u00e8res,<\/p>\n (2) toute loi ou r\u00e9glementation concernant les institutions financi\u00e8res ou les compagnies d'assurance, y compris, mais sans s'y limiter, une injonction temporaire ou permanente, une ordonnance de d\u00e9gorgement ou de restitution, une sanction p\u00e9cuniaire civile, une ordonnance temporaire ou permanente de cessation et de d\u00e9sistement, ou une ordonnance d'expulsion ou d'interdiction, ou<\/p>\n (3) toute loi ou r\u00e9glementation interdisant la fraude par courrier ou par fil ou la fraude en rapport avec une entit\u00e9 commerciale ;<\/p>\n \n- l'administrateur faisant l'objet ou \u00e9tant partie \u00e0 toute sanction ou ordonnance, non renvers\u00e9e, suspendue ou annul\u00e9e par la suite, d'un organisme d'autor\u00e9glementation (tel que d\u00e9fini \u00e0 la section 3(a)(26) de l'Exchange Act (15 U.S.C. 78c(a)(26)), toute entit\u00e9 enregistr\u00e9e (telle que d\u00e9finie \u00e0 la section 1(a)(29) du Commodity Exchange Act (7 U.S.C. 1(a)(29)), ou toute bourse, association, entit\u00e9 ou organisation \u00e9quivalente disposant d'un pouvoir disciplinaire sur ses membres ou les personnes associ\u00e9es \u00e0 un membre ;<\/li>\n
- l'administrateur, ou toute soci\u00e9t\u00e9 dont il est un dirigeant ou un associ\u00e9 g\u00e9n\u00e9ral, est cit\u00e9 comme plaignant dans toute proc\u00e9dure judiciaire engag\u00e9e contre la soci\u00e9t\u00e9 ou tout client de la soci\u00e9t\u00e9 ; ou<\/li>\n
- l'administrateur devient dirigeant ou administrateur d'un concurrent ou d'un client de l'entreprise.<\/li>\n<\/ul>\n
Si un administrateur pr\u00e9sente sa d\u00e9mission dans l'une de ces circonstances, le pr\u00e9sident du conseil d'administration demandera \u00e0 la commission de la gouvernance et du d\u00e9veloppement durable de formuler une recommandation au conseil d'administration quant \u00e0 l'acceptation ou non de la d\u00e9mission. Le conseil d'administration examinera alors la recommandation du comit\u00e9 de gouvernance et de d\u00e9veloppement durable et prendra une d\u00e9cision concernant l'acceptation de la d\u00e9mission.<\/p>\n 10. Politique de retraite<\/h3>\nLe conseil d'administration ne juge pas opportun de fixer un \u00e2ge de d\u00e9part obligatoire \u00e0 la retraite pour les administrateurs. La politique du conseil d'administration est que le maintien au sein du conseil pr\u00e9suppose une participation raisonnablement active aux r\u00e9unions du conseil d'administration et de ses comit\u00e9s, ainsi qu'\u00e0 la gestion des activit\u00e9s et des affaires de l'entreprise. Le comit\u00e9 de gouvernance et de d\u00e9veloppement durable examine ces facteurs lorsqu'il propose des candidats au conseil d'administration. Les administrateurs qui sont des employ\u00e9s de l'entreprise sont tenus de pr\u00e9senter leur d\u00e9mission du conseil d'administration \u00e0 la date \u00e0 laquelle leur emploi au sein de l'entreprise prend fin.<\/p>\n 11. Affiliations des directeurs<\/h3>\nIl incombe \u00e0 chaque administrateur d'informer le pr\u00e9sident du conseil d'administration de toute affiliation \u00e0 des entreprises ou organisations publiques ou priv\u00e9es susceptibles de cr\u00e9er un conflit d'int\u00e9r\u00eats potentiel, d'embarrasser la soci\u00e9t\u00e9 ou d'\u00eatre en contradiction avec les politiques ou les valeurs de la soci\u00e9t\u00e9.<\/p>\n 12. Politique de sollicitation caritative<\/h3>\nLe conseil d'administration a pour politique qu'aucun dirigeant ou administrateur ne sollicite de contributions pour des \u0153uvres de bienfaisance aupr\u00e8s d'autres dirigeants ou administrateurs ou directement aupr\u00e8s de la soci\u00e9t\u00e9 si l'administrateur qui sollicite la contribution contr\u00f4le personnellement l'\u0153uvre de bienfaisance. En outre, aucun dirigeant ou administrateur ne peut solliciter de contributions aupr\u00e8s d'autres dirigeants ou administrateurs pour des \u0153uvres de bienfaisance contr\u00f4l\u00e9es par la soci\u00e9t\u00e9.<\/p>\n 13. Limitation de la dur\u00e9e du mandat<\/h3>\nLe conseil d'administration ne pense pas qu'il soit appropri\u00e9 de fixer une limite au nombre de mandats qu'un administrateur peut exercer. En revanche, le comit\u00e9 de gouvernance et de d\u00e9veloppement durable appliquera ses crit\u00e8res de s\u00e9lection des administrateurs, y compris les contributions pass\u00e9es d'un administrateur au conseil d'administration, avant de recommander la r\u00e9\u00e9lection d'un administrateur pour un nouveau mandat.<\/p>\n 14. \u00c9valuation du directeur g\u00e9n\u00e9ral et succession de la direction<\/h3>\nLe comit\u00e9 des r\u00e9mun\u00e9rations examinera et \u00e9valuera chaque ann\u00e9e les performances du directeur g\u00e9n\u00e9ral, conform\u00e9ment \u00e0 sa charte. Le conseil d'administration examinera le rapport du comit\u00e9 des r\u00e9mun\u00e9rations afin de s'assurer que le directeur g\u00e9n\u00e9ral assure le meilleur leadership \u00e0 court et \u00e0 long terme pour la soci\u00e9t\u00e9. Le conseil d'administration rencontrera le directeur g\u00e9n\u00e9ral pour discuter et examiner l'\u00e9valuation.<\/p>\n Le comit\u00e9 de gouvernance et de d\u00e9veloppement durable doit pr\u00e9senter chaque ann\u00e9e au conseil d'administration un rapport sur la planification de la succession. En cas de vacance impr\u00e9vue, le conseil d'administration travaillera avec le comit\u00e9 de gouvernance et de d\u00e9veloppement durable pour nommer et \u00e9valuer les successeurs potentiels du directeur g\u00e9n\u00e9ral.<\/p>\n 15. Acc\u00e8s aux dirigeants, aux employ\u00e9s et aux conseillers ind\u00e9pendants<\/h3>\nLe conseil d'administration attend des cadres dirigeants de la soci\u00e9t\u00e9 qu'ils assistent r\u00e9guli\u00e8rement aux r\u00e9unions du conseil d'administration et des comit\u00e9s, qu'ils pr\u00e9sentent des propositions et qu'ils contribuent de toute autre mani\u00e8re aux travaux du conseil d'administration. Les membres du conseil d'administration ont un acc\u00e8s direct \u00e0 tous les dirigeants et employ\u00e9s de la soci\u00e9t\u00e9. Les administrateurs feront preuve de discernement pour s'assurer que tout contact avec les dirigeants ou autres employ\u00e9s ne perturbe pas les activit\u00e9s de la soci\u00e9t\u00e9 et, dans la mesure o\u00f9 cela n'est pas inappropri\u00e9, mettront le directeur g\u00e9n\u00e9ral en copie de toute communication \u00e9crite entre un administrateur et l'un des dirigeants ou autres employ\u00e9s de la soci\u00e9t\u00e9, \u00e0 l'exception des questions d'ordre minist\u00e9riel.<\/p>\n Le conseil d'administration et chaque comit\u00e9 peuvent faire appel \u00e0 des conseillers juridiques, comptables ou autres ind\u00e9pendants s'ils le jugent n\u00e9cessaire, sans consulter ou obtenir l'approbation d'un dirigeant de la soci\u00e9t\u00e9.<\/p>\n 16. Code de conduite<\/h3>\nLe conseil d'administration a approuv\u00e9 le code de conduite de la soci\u00e9t\u00e9 pour les employ\u00e9s. Les administrateurs doivent se conformer aux sections du code de conduite qui s'appliquent aux membres du conseil d'administration.<\/p>\n 17. Interaction du conseil d'administration avec les investisseurs institutionnels, la presse, les clients et les autres parties prenantes de la soci\u00e9t\u00e9<\/h3>\nLe conseil d'administration estime que la direction doit s'exprimer au nom de la soci\u00e9t\u00e9. Les administrateurs peuvent, de temps \u00e0 autre, recevoir des demandes de commentaires de la part de diverses personnes. Il est pr\u00e9vu que les membres du conseil d'administration ne se r\u00e9unissent ou ne communiquent d'une autre mani\u00e8re avec ces groupes qu'en connaissance de la direction et, en l'absence de circonstances inhabituelles ou comme le pr\u00e9voient les chartes des comit\u00e9s, uniquement \u00e0 la demande de la direction. Les parties int\u00e9ress\u00e9es peuvent communiquer avec l'un des administrateurs non dirigeants en lui \u00e9crivant \u00e0 l'attention du secr\u00e9taire g\u00e9n\u00e9ral, qui transmettra les communications aux administrateurs non dirigeants de la mani\u00e8re approuv\u00e9e de temps \u00e0 autre par la majorit\u00e9 des administrateurs non dirigeants.<\/p>\n 18. Orientation et formation continue des directeurs<\/h3>\nLe Conseil d'administration ou la Soci\u00e9t\u00e9 met en place des programmes, des sessions ou des supports d'orientation appropri\u00e9s \u00e0 l'intention des administrateurs nouvellement \u00e9lus de la Soci\u00e9t\u00e9, ou les identifie et leur en donne l'acc\u00e8s, avant ou dans un d\u00e9lai raisonnable apr\u00e8s leur nomination ou leur \u00e9lection en tant qu'administrateur. Le conseil d'administration ou la soci\u00e9t\u00e9 encouragera, sans toutefois l'exiger, les administrateurs \u00e0 suivre ou \u00e0 obtenir p\u00e9riodiquement des programmes, des sessions ou des documents appropri\u00e9s concernant les responsabilit\u00e9s des administrateurs de soci\u00e9t\u00e9s cot\u00e9es en bourse.<\/p>\n 19. \u00c9valuation des performances \/ auto-\u00e9valuation<\/h3>\nLe conseil d'administration et chaque comit\u00e9 proc\u00e8dent chaque ann\u00e9e \u00e0 une auto-\u00e9valuation. Le comit\u00e9 de gouvernance et de d\u00e9veloppement durable recevra les commentaires de tous les administrateurs et pr\u00e9sentera un rapport annuel au conseil d'administration avec une \u00e9valuation des performances du conseil d'administration et de chaque comit\u00e9. Cette \u00e9valuation sera discut\u00e9e avec l'ensemble du conseil d'administration lors de la r\u00e9union r\u00e9guli\u00e8re du conseil d'administration au cours du premier trimestre de l'ann\u00e9e. L'\u00e9valuation portera sur la contribution du conseil d'administration et de chaque comit\u00e9 \u00e0 la soci\u00e9t\u00e9 et se concentrera sur les domaines dans lesquels le conseil d'administration estime que le conseil d'administration ou le comit\u00e9, selon le cas, pourrait s'am\u00e9liorer.<\/p>\n Les administrateurs examinent p\u00e9riodiquement avec le directeur g\u00e9n\u00e9ral l'efficacit\u00e9 des r\u00e9unions du conseil d'administration et des communications entre le conseil d'administration et le directeur g\u00e9n\u00e9ral.<\/p>\n 20. La confidentialit\u00e9 des donn\u00e9es<\/h3>\nConform\u00e9ment \u00e0 leurs obligations fiduciaires et autres obligations l\u00e9gales \u00e0 l'\u00e9gard de la Soci\u00e9t\u00e9, les membres du conseil d'administration doivent prot\u00e9ger et garder confidentielles toutes les informations confidentielles obtenues dans le cadre de leur fonction d'administrateur, sauf autorisation expresse du conseil d'administration, du pr\u00e9sident du conseil d'administration ou du directeur g\u00e9n\u00e9ral de divulguer ces informations. Au sens de la pr\u00e9sente section, on entend par \"informations confidentielles\" toutes les informations non publiques confi\u00e9es \u00e0 un administrateur ou obtenues par lui en raison de sa fonction d'administrateur de la Soci\u00e9t\u00e9, y compris, mais sans s'y limiter :<\/p>\n \n- des informations non publiques qui pourraient \u00eatre utilis\u00e9es par des concurrents ou nuire \u00e0 l'entreprise ou \u00e0 ses clients si elles \u00e9taient divulgu\u00e9es ;<\/li>\n
- des informations non publiques sur la situation financi\u00e8re de la soci\u00e9t\u00e9, ses plans ou perspectives d'entreprise, ses programmes ou plans de marketing et de vente, ses informations de recherche et de d\u00e9veloppement, ses secrets commerciaux, ses informations exclusives, ses baux, ses cartes, ses donn\u00e9es g\u00e9ophysiques, ses informations sur la r\u00e9mun\u00e9ration et les avantages, ses informations sur les co\u00fbts et les prix, ses technologies de l'information, ses contacts avec la client\u00e8le, ses informations sur ses clients, ses fournisseurs, ses partenaires de coentreprise ou d'autres tiers faisant l'objet de restrictions de divulgation, ainsi que des informations relatives \u00e0 des transactions potentielles, des fusions et acquisitions, des divisions d'actions et des d\u00e9sinvestissements ; et<\/li>\n
- des informations non publiques concernant les travaux du conseil d'administration et de ses comit\u00e9s, y compris des informations concernant les discussions et les d\u00e9lib\u00e9rations entre et parmi les administrateurs, les dirigeants et les employ\u00e9s concernant des questions et des d\u00e9cisions commerciales impliquant la soci\u00e9t\u00e9, qu'elles soient pr\u00e9liminaires ou finales.<\/li>\n<\/ul>\n
Conform\u00e9ment \u00e0 leurs obligations de confidentialit\u00e9, les administrateurs doivent \u00e9viter d'utiliser les informations confidentielles \u00e0 mauvais escient :<\/p>\n (i) les administrateurs ne doivent utiliser les informations confidentielles qu'au profit de la soci\u00e9t\u00e9 et non \u00e0 des fins personnelles ou au profit d'autres personnes ou entit\u00e9s ; et<\/p>\n (ii) les administrateurs ne doivent pas divulguer d'informations confidentielles \u00e0 une autre personne ou entit\u00e9, que ce soit pendant ou apr\u00e8s leur mandat d'administrateur de la soci\u00e9t\u00e9, sauf avec l'autorisation du conseil d'administration, du pr\u00e9sident du conseil d'administration ou du directeur g\u00e9n\u00e9ral.<\/p>\n Nonobstant toute autre disposition des pr\u00e9sentes, rien dans la pr\u00e9sente section n'interdit \u00e0 un administrateur actuel ou ancien (a) de divulguer \u00e0 un tiers toute information requise par la loi applicable, auquel cas l'administrateur doit avertir le conseil d'administration, le pr\u00e9sident du conseil d'administration ou le directeur g\u00e9n\u00e9ral suffisamment \u00e0 l'avance de toute divulgation pr\u00e9vue, consulter la soci\u00e9t\u00e9 sur l'opportunit\u00e9 de prendre les mesures l\u00e9gales disponibles pour s'opposer \u00e0 cette divulgation ou la limiter, et aider la soci\u00e9t\u00e9, \u00e0 ses frais, \u00e0 prendre de telles mesures ; (b) discuter d'informations confidentielles avec le conseiller juridique personnel de l'administrateur afin d'obtenir un avis juridique de ce dernier, \u00e9tant entendu que ce dernier doit pr\u00e9server la confidentialit\u00e9 de ces informations confidentielles ; ou (c) n\u00e9gocier des titres de la Soci\u00e9t\u00e9 conform\u00e9ment \u00e0 la l\u00e9gislation en vigueur, pendant une p\u00e9riode de latence au cours de laquelle de telles n\u00e9gociations sont autoris\u00e9es en vertu de la politique de la Soci\u00e9t\u00e9 en mati\u00e8re de d\u00e9lits d'initi\u00e9s.<\/p>\n 21. Respect de la politique en mati\u00e8re de d\u00e9lits d'initi\u00e9s<\/h3>\nConform\u00e9ment \u00e0 leurs autres obligations l\u00e9gales \u00e0 l'\u00e9gard de la soci\u00e9t\u00e9, les membres du conseil d'administration doivent respecter les dispositions de la politique de la soci\u00e9t\u00e9 en mati\u00e8re de d\u00e9lit d'initi\u00e9, telle qu'adopt\u00e9e p\u00e9riodiquement par la direction, et notamment informer rapidement les dirigeants de la soci\u00e9t\u00e9 (comme sp\u00e9cifi\u00e9 dans cette politique) de l'adoption, de la modification ou de la r\u00e9siliation de tout contrat, instruction ou plan \u00e9crit d'achat et de vente de titres de la soci\u00e9t\u00e9 destin\u00e9 \u00e0 satisfaire \u00e0 la d\u00e9fense positive de la r\u00e8gle 10b5-1(c) de la Securities and Exchange Commission (Commission des valeurs mobili\u00e8res et de l'\u00e9change).<\/p>\n Questions relatives aux comit\u00e9s<\/h2>\n22. Nombre et noms des comit\u00e9s du conseil d'administration<\/h3>\nLa soci\u00e9t\u00e9 dispose de comit\u00e9s permanents d'audit, de r\u00e9mun\u00e9ration, de gouvernance et de d\u00e9veloppement durable, ainsi que d'autres comit\u00e9s d\u00e9sign\u00e9s p\u00e9riodiquement par le conseil d'administration. Chacun des comit\u00e9s d'audit, de r\u00e9mun\u00e9ration, de gouvernance et de d\u00e9veloppement durable dispose de sa propre charte, qui d\u00e9crit les objectifs, l'autorit\u00e9 et les responsabilit\u00e9s du comit\u00e9, ainsi que les qualifications des membres du comit\u00e9, les proc\u00e9dures de nomination et de r\u00e9vocation des membres, la structure et le fonctionnement du comit\u00e9, et les rapports au conseil d'administration. Ces chartes pr\u00e9voient \u00e9galement que chaque comit\u00e9 proc\u00e8de \u00e0 une auto-\u00e9valuation annuelle de ses propres performances. Les objectifs, l'autorit\u00e9 et les responsabilit\u00e9s des autres comit\u00e9s que le conseil d'administration peut d\u00e9signer sont d\u00e9termin\u00e9s par le conseil d'administration.<\/p>\n Le conseil d'administration se r\u00e9serve le droit de cr\u00e9er de nouveaux comit\u00e9s, de dissoudre ou de reconstituer un comit\u00e9 existant de temps \u00e0 autre, en fonction des circonstances. La fr\u00e9quence, la dur\u00e9e et l'ordre du jour des r\u00e9unions de chaque comit\u00e9 sont d\u00e9termin\u00e9s par le pr\u00e9sident du comit\u00e9, qui est \u00e9galement charg\u00e9 de rendre compte de l'activit\u00e9 et des recommandations du comit\u00e9 au conseil d'administration.<\/p>\n 23. Ind\u00e9pendance des comit\u00e9s du conseil d'administration<\/h3>\nLes comit\u00e9s d'audit, de r\u00e9mun\u00e9ration et de gouvernance et de d\u00e9veloppement durable sont enti\u00e8rement compos\u00e9s et pr\u00e9sid\u00e9s par des administrateurs qui satisfont aux exigences d'ind\u00e9pendance des normes de cotation de la Bourse de New York et des r\u00e8gles et r\u00e8glements de la Securities and Exchange Commission, ainsi qu'\u00e0 toute exigence d'ind\u00e9pendance \u00e9nonc\u00e9e dans la charte du comit\u00e9 concern\u00e9. Nonobstant ce qui pr\u00e9c\u00e8de, le fait qu'un membre de l'un de ces comit\u00e9s ne satisfasse pas aux exigences d'ind\u00e9pendance applicables n'affectera pas la validit\u00e9 de toute action du comit\u00e9 en vertu de la loi applicable.<\/p>\n 24. Affectation et rotation des membres du comit\u00e9<\/h3>\nLe comit\u00e9 de gouvernance et de d\u00e9veloppement durable est charg\u00e9 de faire des recommandations au conseil d'administration en ce qui concerne l'affectation d'administrateurs individuels \u00e0 divers comit\u00e9s. Les affectations aux comit\u00e9s sont r\u00e9examin\u00e9es chaque ann\u00e9e et la rotation des affectations est envisag\u00e9e p\u00e9riodiquement sur la base de l'expertise et des connaissances particuli\u00e8res requises pour chaque poste.<\/p>\n Le comit\u00e9 de gouvernance et de d\u00e9veloppement durable veille \u00e0 ce qu'une copie des pr\u00e9sentes lignes directrices soit disponible sur le site web de l'entreprise ou par l'interm\u00e9diaire de celui-ci.<\/p>\n These Corporate Governance Guidelines were adopted on August 11, 2022, and were last amended on May 13, 2025.[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”0px||||false|false” custom_padding=”0px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>","protected":false},"excerpt":{"rendered":" Home > Investor Relations > Corporate Governance > GuidelinesThe following Corporate Governance Guidelines (these \u201cGuidelines\u201d) have been adopted by the Board of Directors (the \u201cBoard\u201d) of SPX Technologies, Inc. (the \u201cCompany\u201d) to assist the Board in the exercise of its responsibilities. These Guidelines, along with the charters and key practices of the Board committees, reflect […]<\/p>","protected":false},"author":4,"featured_media":0,"parent":47,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"The following Corporate Governance Guidelines (these \u201cGuidelines\u201d) have been adopted by the Board of Directors (the \u201cBoard\u201d) of SPX <\/span>Technologies, Inc.<\/span> (the \u201cCompany\u201d) to assist the Board in the exercise of its responsibilities. \u00a0These Guidelines, along with the charters and key practices of the Board committees, reflect the Board\u2019s commitment to monitor the effectiveness of decision making at both the Board and management level, with the goal of increasing <\/span>stockholder<\/span> value over time. \u00a0These Guidelines are in addition to and are not intended to change or interpret any Federal or State law or regulation, including the Delaware General Corporation Law, or the Certificate of Incorporation or By-laws of the Company. \u00a0These Guidelines are subject to review and modification by the Governance<\/span> & Sustainability<\/span> Committee and the Board from time to time.<\/span>\r\nBoard of Directors Matters<\/h2>\r\n1. Responsibility<\/strong><\/h3>\r\nThe basic responsibility of the directors is to exercise their business judgment to act in what they reasonably believe to be in the best interests of the Company and its <\/span>stockholder<\/span>s. \u00a0<\/span>In its decision-making process, the Board shall assess the short- and long-term impact of its determinations and, therefore, shall consider the interests of other stakeholders, including employees, customers, suppliers and communities, and the impact to the Company. \u00a0<\/span>In discharging <\/span>its<\/span> obligation<\/span>s<\/span>, directors should be entitled to rely on the honesty and integrity of the Company\u2019s management and its outside advisors and independent auditor. \u00a0The directors shall be entitled to the benefits of indemnification to the fullest extent permitted by law and the Company\u2019s Certificate of Incorporation, By-laws and any indemnification agreements, and to exculpation as provided by state law and the Company\u2019s Certificate of Incorporation. \u00a0It is the Company\u2019s current policy to purchase reasonable directors\u2019 and officers\u2019 liability insurance on behalf of the directors.<\/span><\/p>\r\n\r\n2. Size<\/strong><\/h3>\r\nThe Board believes that it should generally have no more than nine\u00a0<\/span>(9) members.<\/span><\/span><\/p>\r\n\r\n3. Independence<\/strong><\/h3>\r\nA substantial majority of the Board will consist of directors who meet the independence requirements of the listing standards of the New York Stock Exchange.<\/span><\/p>\r\n\r\n4. Board Membership Criteria<\/strong><\/h3>\r\nThe Board will nominate for election or re-election as directors only candidates who agree to tender, promptly following the annual meeting of <\/span>stockholder<\/span>s at which they are elected or re-elected as a director, irrevocable resignations that will be effective only if (i)\u00a0the director fails to receive a sufficient number of votes for re-election at the next annual meeting of <\/span>stockholder<\/span>s at <\/span>which he or she faces re-election and (ii)\u00a0the Board accepts the resignation. \u00a0In addition, the Board will fill director vacancies and new directorships only with candidates who agree to tender, promptly following their appointment to the Board, the same form of resignation tendered by other directors in accordance with this provision.<\/span><\/p>\r\nThe Governance<\/span> & Sustainability<\/span> Committee is responsible for the proposal of nominees for service as a director and will consider recommendations offered by <\/span>stockholder<\/span>s in accordance with the Company\u2019s By-laws. \u00a0The Governance <\/span>& Sustainability<\/span> Committee selects individuals as director nominees based on their business and professional accomplishments, integrity, demonstrated ability to make independent analytical inquiries, ability to understand the Company\u2019s business, absence of conflicts of interest and willingness to devote the necessary time to Board duties<\/span>. \u00a0The Governance & Sustainability Committee also considers <\/span>various aspects <\/span>of diversity <\/span>when evaluating <\/span>the composition of the Board, including <\/span>a wide range of<\/span> backgrounds, experiences and skills. \u00a0In considering<\/span> individuals for nomination, the Governance <\/span>& Sustainability<\/span> Committee consults with the Chief Executive Officer. \u00a0A director\u2019s qualifications are considered at least each time the director is re-nominated for Board membership.<\/span><\/p>\r\nNon-management <\/span>Directors should not serve on more than four<\/span>\u00a0<\/span>(4) public company boards, including the Company\u2019s Board. \u00a0<\/span>Directors who are also full-time executives either at the Company or another entity, including without limitation, the Company\u2019s Chief Executive Officer, should not serve on more than two (2) public company boards, including the Company\u2019s Board.<\/span>\u00a0Committee <\/span>c<\/span>hairs should not serve as <\/span>the <\/span>chair of more than three (3) public company board committees<\/span>, including <\/span>his or her role as<\/span> chair of a Company Board committee<\/span>.<\/span> \u00a0<\/span>The <\/span>c<\/span>hair<\/span> of the Audit Committee should not serve <\/span>as the chair<\/span> of more than three (3) <\/span>audit committees<\/span>(<\/span>including the Company Audit Committee,<\/span> but <\/span>excluding the audit committees of any non-profit organizations)<\/span>. <\/span>Directors are required to notify the Governance <\/span>& Sustainability<\/span> Committee prior to accepting an invitation to serve on the board, audit committee or compensation committee of another public company to ensure there are no conflicts of interest or other issues.<\/span> \u00a0The Governance and Sustainability Committee will regularly review the participation of individual directors to assure that each director is devoting adequate time and attention to Company matters.<\/span><\/p>\r\n\r\n5. Leadership<\/strong><\/h3>\r\nThe Board configures leadership of the Board in the way that best serves the Company\u2019s interests in light of all relevant and changing circumstances. \u00a0In the event that the Chairman of the Board is not a non-management member of the Board, the Board will appoint a lead director to serve for a term set at the discretion of the Board. \u00a0The lead director, if appointed, will act as principal liaison between the independent directors and the Chairman and Chief Executive Officer, chair meetings of independent directors, develop the Board\u2019s agenda in collaboration with the Chairman and Chief Executive Officer, and review and advise on the quality of the information provided to the Board.<\/span><\/p>\r\nThe Chairman of the Board, in consultation with the Chief Executive Officer, sets the agenda for the Board meetings. However, if the Chairman also serves as the Chief Executive Officer, the agenda for the Board meetings is developed collaboratively by the lead director, the Chairman and Chief Executive Officer. In either case, the Chairman or lead director \u2013 whichever is appropriate \u2013 ensures that matters relevant to the Board\u2019s advisory and oversight responsibilities are periodically included for review and\/or decision. For example, the annual financial objectives are reviewed by the Board. Agenda items that fall within the scope of responsibilities of a Board committee are reviewed with the chair of that committee. Any member of the Board may request that an item be included on the agenda and may raise at any Board meeting subjects that are not on the agenda for that meeting. At least once a year, the Board will review the Company\u2019s long-term strategic plans and the principal issues that the Company will face in the future.<\/span><\/p>\r\nThe non-management members of the Board will meet periodically in executive session without management. \u00a0These meetings will occur at least four times per year. In addition, the non-management members of the Board will meet in executive session with the Chief Executive Officer on a regular basis. For purposes of these Guidelines, non-management members are defined as directors who do not serve as executive officers of the Company, irrespective of their independence status.\u00a0Meetings of non-management members of the Board will be chaired by the Chairman of the Board, unless the Chairman is not a non-management member, in which case the meetings will be chaired by the lead director.<\/span><\/p>\r\n\r\n6. Meeting Preparation and Attendance<\/strong><\/h3>\r\nDirectors are expected to attend Board meetings and meetings of committees on which they serve. \u00a0They are expected to spend the time needed and to meet as often as necessary to properly discharge their responsibilities. \u00a0Information and data that are important to the Board\u2019s understanding of the business to be conducted at the Board or committee meeting generally should be distributed in writing to the directors prior to the meeting. \u00a0Directors should review the materials in advance of the meeting.<\/span><\/p>\r\n\r\n7. Compensation<\/strong><\/h3>\r\nThe form and amount of director compensation is reviewed periodically by the Governance <\/span>& Sustainability<\/span> Committee in accordance with the policies and principles set forth in its charter, and recommendations for adjustments will be made to the Board for its approval. \u00a0The Governance <\/span>& Sustainability<\/span> Committee will consider that directors\u2019 independence may be impaired if director compensation and perquisites exceed customary levels or if the Company enters into consulting contracts with, or provides other indirect forms of compensation to, a director or an organization with which the director is affiliated. \u00a0The Company\u2019s executive officers shall not receive additional compensation for their service as directors.<\/span><\/p>\r\n\r\n8. Stock Ownership<\/strong><\/h3>\r\nThe Board believes that directors and officers should be <\/span>stockholder<\/span>s and have a financial stake in the Company. \u00a0The Board has approved the following stock ownership guidelines for its directors and certain of its officers:<\/span><\/p>\r\nSHARE OWNERSHIP GUIDELINES:<\/strong>\r\n\r\n\r\n\r\n| <\/td>\r\n | Position<\/strong><\/td>\r\nTarget Value ($)<\/strong><\/td>\r\n<\/tr>\r\n\r\n| <\/td>\r\n | Board of Directors<\/td>\r\n | 5 x annual retainer<\/td>\r\n<\/tr>\r\n | \r\n| <\/td>\r\n | Chief Executive Officer<\/td>\r\n | 5 x annual salary<\/td>\r\n<\/tr>\r\n | \r\n| <\/td>\r\n | Chief Operating Officer<\/td>\r\n | 4 x annual salary<\/td>\r\n<\/tr>\r\n | \r\n| <\/td>\r\n | Other Executive Officers<\/td>\r\n | 3 x annual salary<\/td>\r\n<\/tr>\r\n | \r\n| <\/td>\r\n | Other Designated Officers<\/td>\r\n | 1 x annual salary<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n Shares held in family trusts and shares held in retirement plan accounts are deemed to be owned shares for purposes of these Guidelines. \u00a0<\/span>Unvested time-based stock<\/span> (and stock unit awards)<\/span> and vested deferred stock unit awards <\/span>are deemed to be owned shares for purposes of these Guidelines<\/span>. <\/span>Unexercised stock options and unvested performance-based stock<\/span> (and stock unit awards)<\/span> are excluded<\/span> for purposes of these Guidelines<\/span>.<\/span><\/p>\r\nSPX directors and officers are asked to attain the desired level of share ownership within five years of the later of appointment to a director or officer position or the date the relevant stock ownership guidelines were increased.<\/span><\/p>\r\nOnce an SPX officer attains the desired level of share ownership, he or she shall continue to be considered in compliance with these Guidelines even if the officer subsequently falls below the applicable \u201cTarget Value\u201d noted above as long as the officer retains at least 50% of the net shares acquired upon exercise of stock options and at least 50% of the net shares acquired pursuant to vested restricted stock grants and vested restricted stock unit grants until the officer\u2019s holdings of Company stock equals or exceeds the applicable \u201cTarget Value\u201d noted above. For these purposes, \u201cnet shares\u201d means the shares remaining after disposition of shares necessary to pay the related tax liability and, if applicable, the stock option exercise price.<\/span><\/p>\r\nThe Governance<\/span> & Sustainability<\/span> Committee will periodically review the Share ownership guidelines and recommend revisions to the Board as the Committee deems appropriate.<\/span><\/p>\r\n\r\n9. Directors Who Change Their Present Job Responsibility<\/strong><\/h3>\r\nThe Board believes that a director\u2019s ability to serve as a member of the Board may be affected by certain changes in the director\u2019s status or personal circumstances. \u00a0Therefore, the Board has adopted a policy that requires a director to tender his or her resignation to the Chairman of the Board upon the occurrence of any of the following: <\/span><\/p>\r\n\r\n\r\n \t- \r\n
a substantive change in the director\u2019s career or vocation;<\/span><\/div><\/li>\r\n \t- \r\n
the director, or any company of which he or she is (or within the preceding two years was) an executive officer, general partner or director, becoming the subject of a bankruptcy or insolvency proceeding;<\/span><\/div><\/li>\r\n \t- \r\n
the director being convicted in, or is a named subject of, a criminal proceeding (other than traffic violations or other minor offenses);<\/span><\/div><\/li>\r\n \t- \r\n
the director being the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining the director from, or otherwise limiting, the following activities:<\/span><\/div><\/li>\r\n<\/ul>\r\n(1) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;<\/p>\r\n (2) engaging in any type of business practice; or<\/p>\r\n (3) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;<\/p>\r\n\r\n \r\n \t- the director being the subject of an order, judgment or decree, not subsequently reversed, suspended, or vacated, of any federal or state authority barring, suspending, or otherwise limiting for more than 60 days the right of such person to engage in any activity described under (1) of the immediately preceding bullet , or to be associated with persons engaged in any such activity;<\/li>\r\n<\/ul>\r\n
\r\n \t- the director being found by a court of competent jurisdiction in a civil action or, as relevant, by the Securities and Exchange Commission or the Commodity Futures Trading Commission, to have violated any federal or state securities or commodities law, and such judgment or civil action has not been subsequently reversed, suspended or vacated;<\/li>\r\n \t
- the director being the subject of, or party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:<\/li>\r\n<\/ul>\r\n
(1) any Federal or State securities or commodities law or regulation,<\/p>\r\n (2) any law or regulation respecting financial institutions or insurance companies including, but not limited to, temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or<\/p>\r\n (3) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;<\/p>\r\n\r\n \r\n \t- the director being the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;<\/li>\r\n \t
- the director, or any company of which he or she is an executive officer or general partner, being named a plaintiff in any court proceeding brought against the Company or any customer of the Company; or<\/li>\r\n \t
- the director becoming an executive officer or director of a competitor or customer of the Company.<\/li>\r\n<\/ul>\r\n
In the event that a director tenders his or her resignation due to one of these circumstances, the Chairman of the Board will request that the Governance <\/span>& Sustainability<\/span> Committee make a recommendation to the Board as to whether or not the resignation should be accepted. The Board will then consider the recommendation of the Governance <\/span>& Sustainability<\/span> Committee and make a decision regarding the acceptance of the resignation. <\/span><\/p>\r\n\r\n10. Retirement Policy<\/strong><\/h3>\r\nThe Board does not believe it appropriate to specify a mandatory retirement age for directors. \u00a0<\/span>It is the policy of the Board of Directors that continued membership on the Board presupposes reasonably active participation at meetings of the Board of Directors and its committees and in directing the management of the business and affairs of the Company. \u00a0<\/span>The Governance and Sustainability Committee reviews these factors in making<\/span> nominat<\/span>ions<\/span> for Board membership<\/span>. \u00a0<\/span>Directors who are employees of the Company are required to offer their resignation from the Board on the date that their employment with the Company terminates.<\/span><\/p>\r\n\r\n11. Affiliations of Directors<\/strong><\/h3>\r\nIt is the responsibility of each director to advise the Chairman of the Board of any affiliation with public or privately held enterprises or organizations that may create a potential conflict of interest, potential embarrassment to the Company or possible inconsistency with the Company\u2019s policies or values. <\/span><\/p>\r\n\r\n12. Charitable Solicitation Policy<\/strong><\/h3>\r\nIt is the policy of the Board of Directors that no officer or director shall solicit contributions for charities from other officers or directors or directly from the Company if the director soliciting the contribution personally controls the charity. \u00a0In addition, no officer or director shall solicit contributions from other officers or directors for charities controlled by the Company.<\/span><\/p>\r\n\r\n13. Term Limits<\/strong><\/h3>\r\nThe Board does not believe it appropriate to specify a fixed limit to the number of terms a director may serve. \u00a0Instead, the Governance <\/span>& Sustainability<\/span> Committee will apply its direct<\/span>or <\/span>selection criteria, including a director\u2019s past contributions to the Board, prior to recommending a director for re-election to another term.\u00a0<\/span><\/p>\r\n\r\n14. Chief Executive Officer Evaluation and Management Succession<\/strong><\/h3>\r\nThe Compensation Committee annually will review and evaluate the performance of the Chief Executive Officer as set forth in its charter. \u00a0The Board will review the Compensation Committee\u2019s report in order to ensure that the Chief Executive Officer is providing the best short-term and long-term leadership for the Company. \u00a0The Board will meet with the Chief Executive Officer to discuss and review the evaluation.<\/span><\/p>\r\nThe Governance <\/span>& Sustainability<\/span> Committee should report to the Board annually regarding succession planning. \u00a0In the event of an unanticipated vacancy, the Board will work with the Governance<\/span> & Sustainability<\/span> Committee to nominate and evaluate potential successors to the Chief Executive Officer.<\/span><\/p>\r\n\r\n15. Access to Officers, Employees and Independent Advisors<\/strong><\/h3>\r\nThe Board expects that executive officers of the Company will regularly attend Board and committee meetings, present proposals and otherwise assist in the work of the Board. \u00a0Members of the Board shall have direct access to any of the Company\u2019s officers and employees. \u00a0Directors will use their judgment to ensure that any contact with officers or other employees is not disruptive to the Company\u2019s business and will, to the extent not inappropriate, copy the Chief Executive Officer on any written communications between a director and any of the Company\u2019s officers or other employees other than on ministerial matters.<\/span><\/p>\r\nThe Board and each committee may retain independent legal, accounting or other advisors as it deems appropriate, without consulting or obtaining the approval of any officer of the Company.<\/span><\/p>\r\n\r\n16. Code of Conduct<\/strong><\/h3>\r\nThe Board has approved the Company\u2019s Code of Conduct for employees. \u00a0Directors shall adhere to sections of the Code of Conduct appropriate for members of the Board.<\/span><\/p>\r\n\r\n17. Board\u2019s Interaction with Institutional Investors, the Press, Customers and Other Constituencies of the Company<\/strong><\/h3>\r\nThe Board believes that management should speak for the Company. \u00a0Individual directors may, from time to time, receive requests for comment from various persons. \u00a0It is expected that Board members meet or otherwise communicate with these constituencies only with the knowledge of management and, absent unusual circumstances or as contemplated by the committee charters, only at the request of management. \u00a0Interested parties may communicate with any of the non-management directors by writing to them in care of the Corporate Secretary, who will forward communications to the non-management directors in the manner approved from time to time by a majority of the non-management directors.<\/span><\/p>\r\n\r\n18. Director Orientation and Continuing Education<\/strong><\/h3>\r\nThe Board or the Company will establish, or identify and provide access to, appropriate orientation programs, sessions or materials for newly<\/span>-<\/span>elected directors of the Company for their benefit either prior to or within a reasonable period of time after their nomination or election as a director. \u00a0The Board or the Company will encourage, but not require, directors to periodically pursue or obtain appropriate programs, sessions or materials relating to the responsibilities of directors of publicly traded companies.<\/span><\/p>\r\n\r\n | | | |