<PAGE>

                                                                   EXHIBIT 10.22

                        RESTRICTED STOCK AWARD AGREEMENT
                                     BETWEEN
                      IDEX CORPORATION AND DOMINIC A. ROMEO

         This Agreement is made as of the 14th day of January, 2004 (hereafter
the "Effective Date"), between IDEX Corporation, a Delaware corporation with its
executive offices at 630 Dundee Road, Suite 400, Northbrook, Illinois 60062
("IDEX"), and Dominic A. Romeo, an individual residing at 10831 East Fanfol,
Scottsdale, AZ 85259 (the "Executive").

                                   WITNESSETH:

         WHEREAS, in order to entice Executive to accept employment with IDEX
and in view of the key role the Executive will play in the success of IDEX and
its subsidiaries, and the desire that he accepts employment as Vice President
and Chief Financial Officer of IDEX, the Compensation Committee of the Board of
Directors of IDEX (the "Committee") now believes that it is appropriate to make
an award of Restricted Stock to the Executive; and

         WHEREAS, the Committee desires that the award be evidenced by a written
agreement, executed by IDEX and the Executive, containing such restrictions,
terms and conditions as may be required by the Committee;

         NOW THEREFORE, in consideration of the premises and mutual agreements
hereinafter set forth, the Executive and IDEX hereby agree as follows:

1.       Award.

                  As of the Effective Date, IDEX hereby grants to the Executive
         an award (the "Award") of 20,000 Shares of IDEX's common stock
         ("Restricted Shares") subject to the restrictions, terms and conditions
         set forth below.

2.       Vesting of the Award.

         (a)      The Restricted Shares awarded under the Award shall vest
         subject to the Executive remaining employed by IDEX as follows:

                  (i)      50% of the Restricted Shares shall vest on the fourth
         anniversary of the Effective Date; and

                  (ii)     50% of the Restricted Shares shall vest on the fifth
         anniversary of the Effective Date.

<PAGE>

         (b)      Notwithstanding any other provision in this Agreement to the
         contrary, in the event of a Change in Control, as defined in the 2001
         Stock Plan for Officers of IDEX Corporation (the "Officers Plan"), then
         all Restricted Shares shall vest in full immediately.

         (c)      Notwithstanding the provisions in Section 2(a), if the
         Executive's employment is terminated by IDEX without cause; then, all
         unvested Restricted Shares under the Award shall vest immediately. For
         this purpose, "cause" shall mean the Executive's willful misconduct or
         fraudulent behavior.

         (d)      Until a Restricted Share vests, the Executive acknowledges
         that he may not, and agrees that he shall not, transfer his rights to
         such Restricted Share. Until a Restricted Share vests, no attempt to
         transfer such Restricted Share, whether voluntary or involuntary, by
         operation of law or otherwise, shall vest the transferee with any
         interest or right in or with respect to such Restricted Share.

         (e)      The Executive will receive all dividends paid on the
         Restricted Shares and will be entitled to vote the Restricted Shares.

3.       Termination.

         (a)      If the Executive ceases to be an employee by reason of
         disability or death prior to the vesting of the Restricted Shares, then
         the Executive or his estate shall be entitled to receive the unvested
         shares of the Award. No transfer, by will or by the laws of the descent
         and distribution, of the Common Shares which vest by reason of the
         Executive's death shall be effective to bind IDEX unless the Committee
         shall have been furnished with (i) written notice thereof and a copy of
         the will and/or such other evidence as the Committee may deem necessary
         to establish the validity of the transfer and (ii) an agreement by the
         transferee to comply with the terms and conditions of this Agreement
         that were or would have been applicable to the Executive.

         (b)      Notwithstanding the provisions in Section 2(a), the
         Executive's resignation will result in forfeiture of the awarded
         Restricted Shares. If the Executive ceases to be an employee of IDEX
         prior to the vesting of the Restricted Shares for any reason other than
         by reason of disability or death or as provided in Section 2(c), the
         Executive's rights to any unvested shares of the Award shall be
         immediately and irrevocably forfeited.

4.       Insurance and Custody Certificate.

         (a)      IDEX shall cause to be issued one or more stock certificates,
         registered in the name of the Executive evidencing the Restricted
         Shares awarded pursuant to Section 1. Each such certificate shall bear
         the following legends:

                                       2

<PAGE>

                  The shares represented by this certificate have not been
                  registered under the Securities Act of 1933, as amended, and
                  thus may not be offered for sale, sold, transferred or
                  otherwise disposed of unless registered under the Securities
                  Act of 1933, as amended, or unless an exemption from such
                  registration is available.

                  The shares of stock represented by this certificate are
                  subject to forfeiture and the transferability of this
                  certificate and the shares of stock represented hereby are
                  subject to the restrictions, terms and conditions (including
                  restrictions against transfer) contained in a Restricted Stock
                  Award Agreement dated January 13, 2003, entered into between
                  the registered owner of such shares and IDEX Corporation. A
                  copy of the Agreement is on file in the office of the
                  Secretary of IDEX Corporation, Suite 400, 630 Dundee Road,
                  Northbrook, Illinois 60062.

         (b)      Each Certificate issued pursuant to Section 4(a), together
         with stock powers duly executed in blank relating to such Restricted
         Shares, shall be deposited by IDEX with the Secretary of IDEX or a
         custodian designated by such Secretary. The Secretary or such custodian
         shall issue a receipt to the Executive evidencing the certificates held
         which are registered in the name of the Executive.

         (c)      Promptly after any Restricted Shares vest pursuant to Section
         2 of this Agreement, IDEX shall cause to be issued certificates
         evidencing such Restricted Shares, free of the second legend provided
         in Section 4(a) and shall cause such certificates to be delivered to
         the Executive (or the Executive's legal representatives, beneficiaries
         or heirs) and to return the related stock power.

         (d)      The Executive shall not be deemed for any purpose to be, or
         have rights as, a shareholder of IDEX by virtue of the Award, until a
         stock certificate is issued therefore pursuant to Section 4(a).

5.       Agreements of the Executive.

                  The Executive acknowledges that: (a) this Agreement is not a
         contract of employment and the terms of the Executive's employment
         shall not be affected in any way by this Agreement except as
         specifically provided in this Agreement; (b) the Award made by this
         Agreement shall not confer any legal rights upon the Executive for
         continuation of employment or interfere with or limit the right of IDEX
         to terminate the Executive's employment at any time; and (c) the
         Committee may amend, suspend or terminate this Agreement or any part
         thereof at any time provided that no amendment, suspension or
         termination (other than that resulting from termination of employment
         of the Executive) shall be made or effected which would adversely
         affect any right of the Executive with respect to the Award made by
         this Agreement without the written consent

                                        3

<PAGE>

         of the Executive unless such amendment, termination or suspension is
         required by applicable law.

6.       Legal Compliance Restrictions.

                  IDEX shall not be obligated to issue or deliver any
         certificates evidencing Restricted Shares awarded by this Agreement
         unless and until IDEX is advised by its counsel that the issuance and
         delivery of such certificates are in compliance with all applicable
         laws, regulations of governmental authorities and the requirements of
         the New York Stock Exchange or any other exchange upon which Shares of
         IDEX are traded.

7.       Withholding Taxes.

                  The Executive agrees to pay or make arrangements for the
         payment to IDEX of the amount of any taxes that IDEX is required by law
         to withhold with respect to the Award made by this Agreement. Such
         payment shall be due on the date IDEX is required to withhold such
         taxes. The Executive may satisfy any such tax obligation, in whole or
         in part, by (i) electing to have IDEX withhold Restricted Shares
         otherwise to be delivered with a fair market value equal to the minimum
         amount of any such tax withholding obligation, or (ii) electing to
         surrender to IDEX previously owned Restricted Shares with a fair market
         value equal to the minimum amount of any such tax withholding
         obligation. The election must be made on or before the date that the
         amount of the tax to be withheld is determined. In the event that
         payment is not made when due, IDEX shall have the right (a) to retain,
         or sell within 10 days notice or such longer notice as may be required
         by applicable law, a sufficient number of the Restricted Shares subject
         to the Award made to the Executive in order to cover all or part of the
         minimum amount required to be withheld; (b) to deduct, to the extent
         permitted by law, from any payment of any kind otherwise due to
         Executive from IDEX all or part of the minimum amount required to be
         withheld or (c) to pursue any other remedy at law or in equity.

8.       Stock Splits, Recapitalizations, Acquisitions, etc.

                  In the event of any change in the number of outstanding Shares
         by reason of any stock dividend or split, recapitalization, merger,
         consolidation, combination or exchange of shares or similar corporate
         change, the number and kind of shares subject to this Agreement shall
         be appropriately and equitably adjusted by the Committee. If changes in
         capitalization of IDEX other than those referred to above shall occur,
         the Committee shall make such adjustments in the number and kind of
         shares available under this Agreement as the Committee in good faith
         may deem appropriate and equitable. Unless the Committee otherwise
         determines, the Employee's right in respect of such securities and
         other property shall not vest until such Restricted Share would have
         vested and no such securities or other property shall be issued or
         delivered until such Restricted Share would be issued or delivered.

                                       4

<PAGE>

9.       Notices.

                  All written Communications to parties required hereunder must
         be in writing and (a) delivered in person, (b) mailed by registered or
         certified mail, return receipt requested, (such mailed notice to be
         effective 4 days after the date it is mailed) or (c) sent by facsimile
         transmission, with confirmation sent by way of one of the above
         methods, to the party at the address given below for the party (or to
         any other address as the party designates in writing complying with
         this Section, delivered to the other party):

                  If to IDEX:

                          IDEX Corporation
                          Suite 400
                          630 Dundee Road
                          Northbrook, IL 60062
                          Attention:  Vice President - General Counsel
                          Telephone:  847-498-7070
                          Telecopier: 847-498-9123

                  with a copy to:

                          Latham & Watkins, LLP
                          Sears Tower, Suite 5800
                          233 South Wacker Drive
                          Chicago, Illinois 60606-6401
                          Attention:  Christopher D. Lueking, Esq.
                          Telephone:  312-876-7680
                          Telecopier: 312-993-9767

                  If to the Executive:

                          At the address on file with IDEX.

10.      Illinois Law.

                                       5

<PAGE>

                  This Agreement is made and accepted in the State of Illinois.
         The laws of the State of Illinois shall control the interpretation and
         performance of the terms of this Agreement.

11.      Binding Effect.

                  This Agreement shall be binding upon, and shall inure to the
         benefit of, the respective successors, assigns, heirs, executors,
         administrators and guardians of the parties hereto.

12.      Severability.

                  Whenever possible, each provision of this Agreement will be
         interpreted in such a manner as to be enforceable under applicable law.
         However, if any provision of this Agreement is deemed unenforceable
         under applicable law by a court having jurisdiction, the provision will
         be unenforceable only to the extent necessary to make it enforceable
         without invalidating the remainder thereof or any of the remaining
         provisions of this Agreement.

13.      Miscellaneous.

                  This Agreement (a) may not be amended, modified or terminated
         orally or by any course of conduct pursued by IDEX or the Executive,
         but may be amended, modified or terminated only by a written agreement
         duly executed by IDEX and the Executive, (b) is binding upon an inures
         to the benefit of IDEX and the Executive and each of their respective
         heirs, representatives, successors and assignees, and (c) constitutes
         the entire agreement between IDEX and the Executive with respect to the
         subject matter of this Agreement, and supersedes all oral and written
         proposals, representations, understandings and agreements previously
         made or existing with respect to the subject matter.

14.      Multiple Counterparts.

                  This Agreement may be executed in one or more counterparts,
         each of which shall be deemed an original, but all of which together
         shall constitute one and the same instrument. Any party may execute
         this Agreement by facsimile signature and the other party shall be
         entitled to rely on such facsimile signature as evidence that this
         Agreement has been duly executed by such party. Any party executing
         this Agreement by facsimile signature shall immediately forward to the
         other party an original signature page by overnight mail.

                                       6

<PAGE>

                  IN WITNESS WHEREOF, IDEX and the Executive have caused this
Agreement to be executed and delivered, all as of the day and year first above
written.

EXECUTIVE

__________________________________________
Dominic A. Romeo

Date: ___________


IDEX CORPORATION

By: /s/ Frank Notaro
    -----------------------------

Date: 01/14/04

                                       7