Document:

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                                                                   EXHIBIT 10.14

                            MBCI OPERATING, L.P. AND
                          METAL COATERS OPERATING, L.P.
                              LONG-TERM MANAGEMENT
                                 INCENTIVE PLAN

                                   ARTICLE I -
                             PURPOSE AND DEFINITIONS

SECTION 1.01: PURPOSE.

         It is the purpose of the Plan to ensure the continuation of a stable,
senior management team necessary to assure and accomplish continued and dynamic
growth for the Company and to focus the attention of senior management on all
details of the consolidated operations of the Company including operating
profits and the costs of providing the working capital and fixed capital needs
of the Company.

SECTION 1.02: DEFINITIONS.

         The following terms shall have the meanings indicated for the purposes
of the Plan.

         a) "Annual Realized Earnings" shall mean those earnings of the Trust
other than unrealized appreciation in value of assets.

         b) "Beneficiary" shall mean the person(s) or entity(ies) designated by
the Participant, in writing, to receive any remaining unpaid amounts to which
the Participant is entitled hereunder at the time of the Participant's death or
disability. In the event that the Participant fails to so designate a
Beneficiary, the Participant's estate shall be the Beneficiary.

         c) "Change in Control" shall mean (i) the sale of all or substantially
all of the assets of the Company or any division thereof for which the
Participant has managerial responsibility, or (ii) the sale of 50% or more of
the partnership interests in or capital stock of the Company or any subsidiary
of the Company for which the Participant has managerial responsibility; unless
such sale is to another person or entity within the Organization, or (iii) a
change in voting control of NCI Building Systems, Inc.

         d) "Company" shall mean MBCI Operating, L. P. and Metal Coaters, L.P.
(each of which are Texas limited partnerships) considered together as a
consolidated or single entity, and their respective successors and assigns.

         e) "Contribution" shall mean the sum of exactly
________________________ Dollars and _________________ Cents ($__________) which
is being contributed to the Plan on a one-time basis by the Company on the
Effective Date.

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         f) "Deferral Period" shall mean the period during which payment of the
Earned Award is deferred, beginning with the Anniversary and ending with the
Maturity Date.

         g) "Earned Value" shall mean the Contribution and all appreciation and
undistributed accumulated earnings on the Contribution.

         h) "Earned Value Account" shall mean the separate account for each
Participant with respect to such Participant's Earned Value.

         i) "Effective Date" shall mean the effective date of the Plan, being
May 8, 1998.

         j) "Executive" shall mean any common law employee of the Company, its
subsidiaries or divisions, who is a member of executive or senior management.

         k) "Good Cause" shall mean:

                  1) the Executive's commission of an act involving fraud,
         embezzlement or a felony; or

                  2) the repeated refusal or failure by the Executive, after
         receiving written notice specifying the refusal or failure, to follow
         the lawful directives of the Organization; or

                  3) the Executive's gross dereliction of duties to the
         Organization or its affiliates, which continues after the Executive
         receives written notice specifying which duties are at issue; or

                  4) the commission by the Executive of an act involving moral
         turpitude which causes a material harm to the customer relations,
         operations and business practices of the Organization or any of its
         affiliates; or

                  5) a material breach by the Executive of any of the
         Executive's agreements with the Organization, or any of its affiliates
         which continues after receipt of specific written notice.

         l) "Good Reason" shall exist if, without the Participant's express
written consent:

                  1) the Organization or the Company shall assign to the
         Executive duties which materially change and diminish the Executive's
         duties that the Executive was required to perform at the time that the
         Executive becomes a Participant hereunder; or

                  2) the Organization or the Company shall, without the
         Executive's consent, require the Executive to relocate the Executive's
         principal business office outside the Executive's present state of
         residency immediately prior to such action or assign the Executive
         duties that would reasonably require such relocation; or

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LONG-TERM MANAGEMENT INCENTIVE PLAN
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                  3) the Organization or the Company materially and adversely
         alters total compensation; or

                  4) the Organization or the Company violates, requires or
         causes a Participant to violate any laws, regulations or ordinances
         which cause the continuing viability of the Company or the Organization
         to be in jeopardy; or

                  5) the Organization or the Company violates, requires or
         causes a Participant to violate any material financial loan covenant of
         its financing arrangements or agreements without obtaining a waiver or
         consent from the lender(s) within ten (10) days from the violation; or

                  6) there occurs a Change in Control.

         m) "Maturity Date" shall mean the date as of which a Participant's
Account first becomes payable under Section 2.04, unless accelerated as herein
stated. All valuations shall be made as of a Maturity Date.

         n) "MBCI" shall mean MBCI Operating, L.P., a Texas limited partnership.

         o) "NCI" shall mean NCI Building Systems, Inc., a Delaware corporation.

         p) "Non-Competition Agreement" shall mean that certain Confidentiality,
Non-Competition and Non-Solicitation Agreement, dated as of May 1, 1998, between
and among NCI and each of the Participants.

         q) "Organization" shall mean the Company and/or its parent, affiliates
or subsidiaries, collectively or individually.

         r) "Participant" shall mean the individuals referred to on Schedule 1
attached hereto and incorporated by reference each of whom is a Participant
under the Plan.

         s) "Permanently Disabled" shall mean a condition resulting from bodily
injury or disease or mental disorder such that the Participant is prevented from
performing the Participant's principal duties of employment by the Company or
the Organization. A Participant shall be presumed to be Permanently Disabled if
the Participant qualifies to receive Social Security disability benefits
(totally and permanently disabled) or if the Participant qualifies to receive
initial disability benefits under any long-term disability benefit plan
maintained by the Company or the Organization. In the event the Participant does
not qualify for either such benefit, MBCI, in its sole discretion and based upon
competent medical advice, nevertheless may determine that the Participant is and
continues to be Permanently Disabled; provided, however, a Participant shall not
be considered Permanently disabled under this definition until such condition
shall have continued uninterrupted for a period of six (6) months.

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         t) "Permanently and Critically Disabled" shall mean a Permanent
Disability which is of such a character and nature that it renders the
Participant unable to manage his or her own financial affairs.

         u) "Plan Year" shall mean the fiscal year of the Company, being the
period beginning November 1 and ending the following October 31.

         v) "Plan" shall mean the MBCI Operating, L.P. and Metal Coaters, L.P.
Long-Term Management Incentive Plan as set forth herein and as amended from time
to time.

         w) "Trust" shall mean the irrevocable trust arrangement established by
the Company to fund its obligations to pay the Earned Value to which a
Participant becomes entitled under Article II.

         x) "Vesting Date" shall mean May 1, 2003.

                                  ARTICLE II -
                     PARTICIPATION, EARNED VALUE AND PAYMENT
                             OF EARNED VALUE ACCOUNT

SECTION 2.01: PARTICIPATION.

         In accordance with the Plan, the Company has selected certain
Executives to become Participants in the Plan. On the Effective Date, the
Participants shall be given a copy of the Plan with an Exhibit A attached
stating that Participant's percentage share of the total Contribution payable by
the Company.

SECTION 2.02: EARNED VALUE.

         For each Plan Year, the Earned Value shall be calculated for each
Participant and reported to each Participant on an Earned Value Statement.

SECTION 2.03: EARNED VALUE ACCOUNT.

         On or before May 8, 1998, an amount equal to the Participant's total
Contribution shall be deposited by the Company into the Trust for the benefit of
the Participant and shall be separately accounted for under the Participant's
Earned Value Account as set forth under Article III. During the Deferral Period,
the Earned Value Account shall be invested and reinvested by the Trustee in
accordance with Article III and the Trust. A separate Earned Value Account shall
be established and maintained for each Participant.

SECTION 2.04: PAYMENT OF EARNED VALUE ACCOUNT.

         The Trustee shall retain for the benefit of a Participant, one hundred
percent (100%) of the Annual Realized Earnings of the Trust on a Participant's
Earned Value Account. The entire

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undistributed vested Earned Value Account of a participant shall be paid by the
Trustee, in cash in a single lump sum (unless the Trust holds an investment in
the 9 1/4% senior subordinated notes due 2009 (the "Notes") issued by NCI
Building Systems, Inc, a Delaware corporation and ultimate parent company of the
Company, in which case the Notes shall be distributed to the Participant in
kind) as soon as reasonably practicable following the Vesting Date with respect
thereto, but in no event later than thirty (30) days after the value of the
Earned Value Account has been determined; provided, however, that the
Participant on or before the last day of the calendar year immediately preceding
the calendar year in which benefits otherwise would become payable hereunder,
shall have the right to make a one-time irrevocable election to receive the
Earned Value Account over a two-year period as follows: (a) 50% of the Earned
Value Account on the first anniversary of the Vesting Date and (b) 100% of the
then remaining Earned Value Account on the second anniversary of the Vesting
Date. The Participant shall exercise this right by delivering to the Company and
the Trustee a written notice that states his election to defer the payment of
the Earned Value Account pursuant to the terms of this Section 2.04. The Company
shall proceed with the determination of the value of the Earned Value Account of
a Participant prudently and efficiently, in order to determine the amount
thereof that is to be paid at Maturity Date. Each Participant shall sign and
deliver to the Trustee and the Company a statement confirming that the
Participant has received the Earned Value that has been paid on the Maturity
Date.

SECTION 2.05: VESTING.

         The Earned Value shall become 100% vested on the Vesting Date if, on
the Vesting Date:

         a) The Participant is then and has, since the Effective Date,
continuously been employed by the Organization and has not, during such period,
breached or violated any of his covenants set forth in Sections 2 through 9 of
the Non-Competition Agreement; or

         b) The Participant is not employed by the Organization but either:

                  1) the Participant terminated his employment for Good Reason
         or

                  2) the employment of the Participant terminated as a result of
         his being Permanently Disabled, and

the Participant has not breached or violated any of his covenants set forth in
Sections 2 through 9 of the Non-Competition Agreement during the period from the
Effective Date until the Vesting Date.

Each Participant shall have ownership of such Participant's percentage share of
the total Earned Values, subject to the vesting provisions of this Plan. Any and
all Earned Values which do not become 100% vested shall be forfeited and revert
to the Company.

MBCI OPERATING, L.P. AND                                                  Page 5
METAL COATERS OPERATING, L.P.
LONG-TERM MANAGEMENT INCENTIVE PLAN
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SECTION 2.06: CERTAIN TERMINATIONS.

         Any of the foregoing to the contrary notwithstanding, in the event the
Participant's employment is terminated by the Company without Good Cause, or
where it is by reason of either the Participant's death or Participant's
becoming Permanently and Critically Disabled, any unmatured Deferral Period
shall be deemed to have reached its Maturity Date immediately upon such
termination and the corresponding Earned Value Account shall be 100% vested and
paid in accordance with Section 2.04. In the event that a Participant is
terminated for Good Cause, the Participant shall immediately cease participation
in the Plan, with such Participant's Earned Value being forfeited to the
Company.

SECTION 2.07: CHANGE IN CONTROL.

         Any of the foregoing to the contrary notwithstanding, in the event that
a Change in Control occurs, any unmatured Deferral Period shall be deemed to
have reached its Maturity Date immediately prior thereto and the corresponding
Earned Value Accounts shall be paid in accordance with Section 2.04, regardless
of the Participant's employment status.

SECTION 2.08: BENEFICIARY.

         In the event of the Participant's death prior to the Maturity Date, all
unpaid amounts in the Earned Value Account or Trust shall be paid to the
Beneficiary in the same manner as they would have been paid to the Participant.

                                  ARTICLE III -
                                     FUNDING

SECTION 3.01: ESTABLISHMENT OF TRUST.

         The Company has established a Trust for the purpose of formally funding
the Company's obligations to pay the Earned Value Account.

SECTION 3.02: TRUST DEPOSITS.

         The Company shall deposit with the Trustee pursuant to the Trust an
amount equal to each Earned Value of each Participant. Such deposits shall be
separately accounted for by the Trustee with respect to each Participant and
with respect to each Earned Value, under the Earned Value Account(s).

SECTION 3.03: TRUST INVESTMENT.

         The Trustee shall invest and reinvest the deposits under Section 3.02
in the manner provided under the Trust.

MBCI OPERATING, L.P. AND                                                  Page 6
METAL COATERS OPERATING, L.P.
LONG-TERM MANAGEMENT INCENTIVE PLAN
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SECTION 3.04: PAYMENTS BY TRUSTEE.

         The Trustee shall pay the Earned Value Account(s) of each Participant
at such time and in such manner as provided under Article II and the terms of
the Trust.

SECTION 3.05: WAIVER AND INDEMNIFICATION.

         The partners, directors and employees of the Organization, and the
Company and each entity comprising a part of the Organization, are hereby
indemnified and held harmless from any and all claims, liabilities, judgments or
costs, including reasonable attorneys fees, which may be asserted or incurred
arising out of their action or inaction in adopting and administering this Plan
or in the investment of all Earned Values other than damage or loss occasioned
by intentional wrongdoing or intentional malfeasance. This indemnity shall
include all costs of defense, including attorneys fees, as they are incurred.
Each Participant in executing this Plan and accepting any benefits hereunder
hereby WAIVES ANY AND ALL CLAIMS, LIABILITIES, RIGHT TO SUE OR DEMANDS AGAINST
ANY PARTNER, DIRECTOR OR EMPLOYEE OF THE ORGANIZATION OR THE COMPANY OR ANY
OTHER ENTITY COMPRISING A PART OF THE ORGANIZATION ARISING OUT OF ANY ACTION OR
INACTION IN ADOPTING OR ADMINISTERING THIS PLAN AND HEREBY AGREES THAT THIS
WAIVER IS A VOLUNTARY RELINQUISHMENT OF THE RIGHTS OF THE PARTICIPANT TO ASSERT
A CLAIM, ENFORCE LIABILITY, OR MAKE DEMAND FROM THE PARTNERS, DIRECTORS OR
EMPLOYEES OF THE ORGANIZATION OR THE COMPANY OR ANY OTHER ENTITY COMPRISING A
PART OF THE ORGANIZATION. This waiver shall not constitute or be construed to be
a waiver of any claim, liability, right to sue or demand against the Trustee
selected by the Company.

                                  ARTICLE IV -
                               PLAN ADMINISTRATION

SECTION 4.01: AUTHORITY OF MBCI.

         MBCI shall administer the Plan.

SECTION 4.02: DELEGATION.

         MBCI may, in its sole discretion, delegate any duties hereunder to an
officer or employee (or committee thereof) of the Organization or the Company,
who shall serve in such capacity at its pleasure.

SECTION 4.03: RECORDS AND RULES.

         The Company shall keep written records sufficient to reflect the
identity of Participants, and the Earned Values. The Company shall adopt such
rules as it shall deem reasonable and appropriate to the administration of the
Plan.

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METAL COATERS OPERATING, L.P.
LONG-TERM MANAGEMENT INCENTIVE PLAN
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                                   ARTICLE V -
                            MISCELLANEOUS PROVISIONS

SECTION 5.01: EMPLOYMENT AND OTHER RIGHTS.

         Nothing contained herein shall require the Company or the Organization
to continue any Participant or Executive in the Company's or Organization's
employ, or require any Participant or Executive to continue in the employ of the
Company or Organization, nor does the Plan create any rights of any Participant,
Executive or Beneficiary or any obligations on the part of the Company or
Organization other than those set forth herein. The benefits payable under this
Plan shall be independent of, and in addition to, any other agreements that may
exist from time to time concerning any other compensation or benefits payable by
the Company or the Organization; provided, however, all amounts paid or payable
to a Participant (or Beneficiary) under the Plan shall be excluded for purposes
of calculating the benefit or other entitlement of any person under any other
employee benefit or compensation plan, program, practice, or policy maintained
by the Company or the Organization.

SECTION 5.02: NON-ALIENATION OF BENEFITS.

         Except as otherwise provided by law, no benefit, payment or
distribution under this Plan shall be subject either to the claim of any
creditor or a Participant or Beneficiary, or to attachment, garnishment, levy,
execution or other legal or equitable process, by any creditor of such person,
and no such person shall have any right to alienate, commute, anticipate, or
assign (either at law or equity) all or any portion of any benefit, payment or
distribution under this Plan. The Plan shall not in any manner be liable for, or
subject to, the debts, contracts, liabilities, engagements, or torts of any
person entitled to benefits hereunder.

         In the event that any Participant's or Beneficiary's benefits are
garnished or attached by order of any court, the Company or Organization may
elect to bring an action for a declaratory judgment in a court of competent
jurisdiction to determine the proper recipient of the benefits to be paid by the
Plan. During the pendency of said action, any benefits that become payable may
be paid into the court as they become payable, to be distributed by the court to
the recipient as it deems proper at the close of said action.

SECTION 5.03: WITHHOLDING AND DEDUCTIONS.

         All payments made by the Trustee under the Plan to any Participant or
Beneficiary shall be subject to applicable withholding and to such other
deductions as shall at the time of such payment be required under any income tax
or other law, whether of the United States or any other jurisdiction, and, in
the case of payments to a Beneficiary, the delivery to the Trustee of all
necessary waivers, qualifications and other documentation.

         The Company shall withhold, from the Earned Value, all applicable state
and Federal tax under any income tax or other law, whether of the United States
or any other jurisdiction, unless

MBCI OPERATING, L.P. AND                                                  Page 8
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LONG-TERM MANAGEMENT INCENTIVE PLAN
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the Participant provides to the Company the required form indicating an
exemption from such withholding.

SECTION 5.04: AMENDMENT AND TERMINATION.

         The Plan may be terminated or amended at any time by MBCI, in its sole
discretion, subject to the following limitations:

         a) In the event of any Plan termination, or in the event of an
amendment which shall adversely affect the right, title or interest of the
Participant (or Beneficiary) with respect to such Earned Value Account, any
unmatured Deferral Period shall be deemed to have reached its Maturity Date on
the date of such termination or amendment, and the Earned Value Account shall
thereupon be paid in accordance with Section 2.04.

         b) Any of the foregoing to the contrary notwithstanding, in the event
of a Plan termination or amendment as described under item (a) above, where the
Organization provides a replacement of the terminated Plan or adversely affected
portion thereof of equivalent value, the Maturity Date with respect to any then
unmatured Deferral Period shall not be accelerated as provided under said items
but shall occur on its originally scheduled date.

SECTION 5.05: CONSTRUCTION.

         In the construction of the Plan, the masculine shall include the
feminine and the singular the plural in all cases where such meanings would be
appropriate.

SECTION 5.06: CONTROLLING LAW.

         The law of the State of Texas shall be the controlling state law in all
matters relating to the Plan and shall apply to the extent that it is not
preempted by the laws of the United States of America.

SECTION 5.07: EFFECT OF INVALIDITY OF PROVISION.

         If any provision of this Plan is held invalid or unenforceable, such
invalidity or unenforceability shall not affect any other provisions hereof, and
this Plan shall be construed and enforced as if such provision had not been
included.

SECTION 5.08: INUREMENT.

         This Plan shall be binding upon and inure to the benefit of the
Organization and its successors and assigns and the Participant and any
Beneficiary, or their successors, heirs, executors, administrators and
beneficiaries.

MBCI OPERATING, L.P. AND                                                  Page 9
METAL COATERS OPERATING, L.P.
LONG-TERM MANAGEMENT INCENTIVE PLAN
<PAGE>

                                    EXECUTION

         IN WITNESS WHEREOF, the Company hereby adopts this Plan by causing this
Plan to be signed by its duly authorized officers this 8th day of May, 1998.

                                            MBCI OPERATING, L.P.

Attest: /s/ Connie Wood                     By: /s/ Kenneth W. Maddox
        --------------------------              --------------------------------

                                            Title: Vice President/CFO
                                                  ------------------------------

                                            METAL COATERS OPERATING, L.P.

Attest: /s/ Connie Wood                     By: /s/ Kenneth W. Maddox
        --------------------------              --------------------------------

                                            Title: Vice President/CFO
                                                   -----------------------------

MBCI OPERATING, L.P. AND                                                 Page 10
METAL COATERS OPERATING, L.P.
LONG-TERM MANAGEMENT INCENTIVE PLAN<PAGE>
                                                                     EXHIBIT 4.1

                           SECOND AMENDED AND RESTATED
                             1996 STOCK OPTION PLAN
                          FOR NON-OFFICER KEY EMPLOYEES
                                       OF
                                IDEX CORPORATION

         IDEX Corporation, a Delaware corporation (the "Company"), by resolution
of its Board of Directors, (1) originally approved the form of the 1996 Stock
Option Plan for Non-Officer Key Employees of IDEX Corporation (the "Original
Plan") on January 23, 1996, (2) by adoption of the First Amended and Restated
1996 Stock Option Plan for Non-Officer Key Employees of IDEX Corporation (the
"First Amended Plan") approved amendments to the Original Plan on March 27,
2001, and (3) by adoption of the Second Amended and Restated 1996 Stock Option
Plan for Non-Officer Key Employees of IDEX Corporation (the "Plan") approved
amendments to the First Amended Plan on March 26, 2002. The purposes of this
Plan are as follows:

         (1) To further the growth, development and financial success of the
Company by providing additional incentives to certain of its non-officer key
Employees who have been or will be given responsibility for the management or
administration of the Company's business affairs, by assisting them to become
owners of the Company's Common Stock and thus to benefit directly from its
growth, development and financial success.

         (2) To enable the Company to obtain and retain the services of the type
of professional, technical and managerial employees considered essential to the
long-range success of the Company by providing and offering them an opportunity
to become owners of the Company's Common Stock under options.

                                    ARTICLE I

                                   DEFINITIONS

         Whenever the following terms are used in this Plan, they shall have the
meaning specified below unless the context clearly indicates to the contrary.
The singular shall include the plural, where the context so indicates.

SECTION 1.1 - BOARD

         "Board" shall mean the Board of Directors of the Company.

SECTION 1.2 - CHANGE IN CONTROL

         "Change in Control" shall mean the occurrence of (a) any transaction or
series of transactions which within a 12-month period constitute a change of
management or control

<PAGE>

where (i) at least 51 percent of the then outstanding shares of Common Stock are
(for cash, property (including, without limitation, stock in any corporation),
or indebtedness, or any combination thereof) redeemed by the Company or
purchased by any person(s), firm(s) or entity(ies), or exchanged for shares in
any other corporation whether or not affiliated with the Company, or any
combination of such redemption, purchase or exchange, or (ii) at least 51
percent of the Company's assets are purchased by any person(s), firm(s) or
entity(ies) whether or not affiliated with the Company for cash, property
(including, without limitation, stock in any corporation) or indebtedness or any
combination thereof, or (iii) the Company is merged or consolidated with another
corporation regardless of whether the Company is the survivor (except any such
transaction solely for the purpose of changing the Company's domicile or which
does not change the ultimate beneficial ownership of the equity interests in the
Company), or (b) any substantial equivalent of any such redemption, purchase,
exchange, change, transaction or series of transactions, acquisition, merger or
consolidation constituting such a change of management or control. For purposes
hereof, the term "control" shall have the meaning ascribed thereto under the
Exchange Act and the regulations thereunder, and the term "management" shall
mean the chief executive officer of the Company. For purposes of clause (a)(ii)
above or as appropriate for purposes of clause (b) above, the Company shall be
deemed to include on a consolidated basis all subsidiaries and other affiliated
corporations or other entities with the same effect as if they were divisions.

SECTION 1.3 - CODE

         "Code" shall mean the Internal Revenue Code of 1986, as amended.

SECTION 1.4 - COMMITTEE

         "Committee" shall mean the Compensation Committee of the Board,
appointed as provided in Section 6.1.

SECTION 1.5 - COMMON STOCK

         "Common Stock" shall mean the common stock, par value $.01 per share,
of the Company.

SECTION 1.6 - COMPANY

         "Company" shall mean IDEX Corporation.

SECTION 1.7 - DIRECTOR

         "Director" shall mean a member of the Board.

SECTION 1.8 - EMPLOYEE

         "Employee" shall mean any employee (as defined in accordance with the
regulations and revenue rulings then applicable under Section 3401(c) of the
Code) of the Company, or of any

<PAGE>

corporation which is then a Parent Corporation or a Subsidiary, whether such
employee is so employed at the time this Plan is adopted or becomes so employed
subsequent to the adoption of this Plan.

SECTION 1.9 - EXCHANGE ACT

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

SECTION 1.10 - FAIR MARKET VALUE

         "Fair Market Value" of the Common Stock shall mean as of a given date:
(i) if Common Stock is traded on an exchange then the closing price of a share
of Common Stock as reported in the Wall Street Journal for the first trading
date immediately prior to such date during which a sale occurred; or (ii) if
Common Stock is not traded on an exchange but is quoted on NASDAQ or a successor
or other quotation system, (x) the last sales price (if the Common Stock is then
listed as a National Market Issue under the NASD National Market System) or (y)
the mean between the closing representative bid and asked prices (in all other
cases) for the Common Stock on the date immediately prior to such date on which
sales prices or bid and asked prices, as applicable, are reported by NASDAQ or
such successor quotation system; or (iii) if such Common Stock is not publicly
traded on an exchange and not quoted on NASDAQ or a successor quotation system,
the mean between the closing bid and asked prices for the Common Stock on the
day previous to such date, as determined in good faith by the Committee; or (iv)
if the Common Stock is not publicly traded, the fair market value established by
the Committee acting in good faith.

SECTION 1.11 - OFFICER

         "Officer" shall mean an officer of the company, as defined in Rule
16a-1(f) under the Exchange Act, as such Rule may be amended in the future.

SECTION 1.12 - OPTION

         "Option" shall mean an option to purchase Common Stock of the Company,
granted under the Plan.

SECTION 1.13 - OPTIONEE

         "Optionee" shall mean an Employee to whom an Option is granted under
the Plan.

SECTION 1.14 - PARENT CORPORATION

         "Parent Corporation" shall mean any corporation in an unbroken chain of
corporations ending with the Company if each of the corporations other than the
Company then owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain.

<PAGE>

SECTION 1.15 - PLAN

         "Plan" shall mean this Second Amended and Restated 1996 Stock Option
Plan for Non-Officer Key Employees of IDEX Corporation.

SECTION 1.16 - RETIREMENT

         "Retirement" shall mean termination of employment with the Company upon
reaching retirement age, or earlier, at the election of the Employee, in
accordance with the Company's policy on retirement.

SECTION 1.17 - SECRETARY

         "Secretary" shall mean the Secretary of the Company.

SECTION 1.18 - SECURITIES ACT

         "Securities Act" shall mean the Securities Act of 1933, as amended.

SECTION 1.19 - SUBSIDIARY

         "Subsidiary" shall mean any corporation in an unbroken chain of
corporations beginning with the Company if each of the corporations other than
the last corporation in the unbroken chain then owns stock possessing 50% or
more of the total combined voting power of all classes of stock in one of the
other corporations in such chain.

SECTION 1.20 - TERMINATION OF EMPLOYMENT

         "Termination of Employment" shall mean the time (which, in the absence
of any other determination by the Committee, shall be deemed to be the last day
actually worked by the Optionee) when the employee-employer relationship between
the Optionee and the Company, a Parent Corporation or a Subsidiary is terminated
for any reason, with or without cause, including, but not by way of limitation,
a termination by resignation, discharge, death or Retirement, but excluding
terminations where there is a simultaneous reemployment by the Company, a Parent
Corporation or a Subsidiary. The Committee, in its absolute discretion, shall
determine the effect of all other matters and questions relating to Termination
of Employment, including, but not by way of limitation, the question of whether
a Termination of Employment resulted from a discharge for good cause, and all
questions of whether particular leaves of absence constitute Terminations of
Employment.

                                   ARTICLE II

                               GENERAL CONDITIONS

SECTION 2.1 - SHARES SUBJECT TO PLAN

<PAGE>

         The shares of stock subject to Options shall be shares of the Common
Stock. The aggregate number of such shares which may be issued upon exercise of
Options shall not exceed 2,200,000 shares. The shares of Common Stock issuable
upon exercise of such Options may be either previously authorized and unissued
shares or treasury shares.

SECTION 2.2 - UNEXERCISED OPTIONS

         If any Option expires or is cancelled without having been fully
exercised, the number of shares subject to such Option but as to which such
Option was not exercised prior to its expiration or cancellation may again be
optioned hereunder, subject to the limitations of Section 2.1.

SECTION 2.3 - CHANGES IN COMPANY'S SHARES

         In the event that the outstanding shares of Common Stock of the Company
are hereafter changed into or exchanged for a different number or kind of shares
or other securities of the Company, or of another corporation, by reason of
reorganization, merger, consolidation recapitalization, reclassification, stock
split-up, stock dividend or combination of shares, appropriate adjustments shall
be made by the Committee in the number and kind of shares for the purchase of
which Options may be granted, including adjustments of the limitations in
Section 2.1 on the maximum number and kind of shares which may be issued on
exercise of Options. In the event of an adjustment contemplated by this Section
2.3 in any outstanding Options, the Committee shall make an appropriate and
equitable adjustment to the end that after such event the Optionee's
proportionate interest shall be maintained as before the occurrence of such
event. Such adjustment in any outstanding Options shall be made without change
in the total price applicable to the Option or the unexercised portion of the
Option (except for any change in the aggregate price resulting from rounding-off
of share quantities or prices) and with any necessary corresponding adjustment
in the Option price per share. In the event of a "spin-off" or other substantial
distribution of assets of the Company which has a material diminutive effect
upon Fair Market Value, the Committee may in its discretion make an appropriate
and equitable adjustment to the Option exercise price to reflect such
diminution. Any such adjustment made by the Committee shall be final and binding
upon all Optionees, the Company and all other interested persons.

         Notwithstanding the foregoing, in the event of such a reorganization,
merger, consolidation, recapitalization, reclassification, stock split-up, stock
dividend or combination, or other adjustment or event which results in shares of
Common Stock being exchanged for or converted into cash, securities or other
property, the Company will have the right to terminate this Plan as of the date
of the exchange or conversion, in which case all Options under this Plan shall
become the right to receive such cash, securities or other property, net of any
applicable exercise price.

SECTION 2.4 - CONDITIONS TO ISSUANCE OF STOCK CERTIFICATES

<PAGE>

         The Company shall not be required to issue or deliver any certificate
or certificates for shares of Common Stock purchased upon the exercise of any
Option, or portion thereof, prior to fulfillment of all of the following
conditions:

         (a) The admission of such shares to listing on all stock exchanges on
which the Common Stock is then listed; and

         (b) The completion of any registration or other qualification of such
shares under any state or federal law or under the rulings or regulations of the
Securities and Exchange Commission or any other governmental regulatory body,
which the Committee shall, in its absolute discretion, deem necessary or
advisable; and

         (c) The obtaining of any approval or other clearance from any state or
federal governmental agency which the Committee shall, in its absolute
discretion, determine to be necessary or advisable; and

         (d) The payment to the Company (or other employer corporation) of all
amounts which it is required to withhold under federal, state or local law in
connection with the exercise of the Option; and

         (e) The lapse of such reasonable period of time following the exercise
of the Option as the Committee may establish from time to time for reasons of
administrative convenience.

SECTION 2.5 - MERGER, CONSOLIDATION, ACQUISITION, LIQUIDATION OR DISSOLUTION

         Notwithstanding any other provision of the Plan, in its absolute
discretion, and on such terms and conditions as it deems appropriate, the
Committee may provide by the terms of any Option that such Option cannot be
exercised after a Change in Control or the liquidation or dissolution of the
Company (collectively, "Control Events"); and if the Committee so provides, it
may, in its absolute discretion, on such terms and conditions as it deems
appropriate, also provide, either by the terms of any Option or by a resolution
adopted prior to the occurrence of such Control Event, that, for some period of
time beginning prior to and ending as of (and including) the time of such event,
such Option shall be exercisable as to all shares covered thereby,
notwithstanding anything to the contrary in Section 4.3(a), Section 4.3(b) or
any installment provisions of any Option.

SECTION 2.6 - RIGHTS AS SHAREHOLDERS

         The holders of Options shall not be, nor have any of the rights or
privileges of, shareholders of the Company in respect of any shares purchasable
upon the exercise of any part of an Option unless and until certificates
representing such shares have been issued by the Company to such holders.

SECTION 2.7 - TRANSFER RESTRICTIONS

<PAGE>

         The Committee, in its absolute discretion, may impose such restrictions
on the transferability of the shares purchasable upon the exercise of an Option
as it deems appropriate. Any such restriction shall be set forth in the
respective Stock Option Agreement and may be referred to on the certificates
evidencing such shares.

SECTION 2.8 - NO RIGHT TO CONTINUED EMPLOYMENT

         Nothing in this Plan or in any Stock Option Agreement shall confer upon
any Optionee any right to continue in the employ of the Company, any Parent
Corporation or any Subsidiary or shall interfere with or restrict in any way the
rights of the Company, its Parent Corporations and its Subsidiaries, which are
hereby expressly reserved, to discharge any Optionee at any time for any reason
whatsoever, with or without cause.

                                   ARTICLE III

                               GRANTING OF OPTIONS

SECTION 3.1 - ELIGIBILITY

         Any key Employee, other than an Officer, shall be eligible to be
granted Options under the Plan, as provided in Section 3.2.

SECTION 3.2 - GRANTING OF OPTIONS

         (a) Upon the recommendation of the chief executive officer of the
Company, the Committee shall from time to time, in its absolute discretion:

                  (i) Determine which Employees are key Employees and select
         from among the key Employees (including those to whom Options have been
         previously granted under the Plan) such of them as in its opinion
         should be granted Options; and

                  (ii) Determine the number of shares to be subject to such
         Options granted to such selected key Employees; and

                  (iii) Determine the terms and conditions of such Options,
         consistent with the Plan.

         (b) Upon the selection of an Employee to be granted an Option, the
Committee shall instruct the Secretary to issue such Option and may impose such
conditions on the grant of such Option as it deems appropriate. Without limiting
the generality of the preceding sentence, the Committee may, in its discretion
and on such terms as it deems appropriate, require as a condition on the grant
of an Option to an Employee that the Employee surrender for cancellation some or
all of the unexercised Options which have been previously granted to such
Employee. An Option the grant of which is conditioned upon such surrender may
have an option price lower (or higher) than the option price of the surrendered
Option, may cover the same (or a lesser or greater) number of shares as the
surrendered Option, may contain such other terms as the

<PAGE>

Committee deems appropriate and shall be exercisable in accordance with its
terms, without regard to the number of shares, price option period or any other
term or condition of the surrendered Option.

                                   ARTICLE IV

                                TERMS OF OPTIONS

SECTION 4.1 - OPTION AGREEMENT

         Each Option shall be evidenced by a written Stock Option Agreement,
which shall be executed by the Optionee and an authorized Officer of the Company
and which shall contain such terms and conditions as the Committee shall
determine, not inconsistent with the Plan.

SECTION 4.2 - OPTION PRICE

         The price per share of the shares subject to each Option shall be set
by the Committee; provided, however, that the price per share shall not be less
than 100% of the Fair Market Value as of the date such Option is granted.

SECTION 4.3 - COMMENCEMENT OF EXERCISABILITY

         (a) Except as the Committee may otherwise provide, no Option may be
exercised in whole or in part during the first year after such Option is
granted.

         (b) Subject to the provisions of Sections 4.3(a) and 4.3(c), Options
shall become exercisable at such times and in such installments (which may be
cumulative) as the Committee shall provide in the terms of each individual
Option; provided, however, that by a resolution adopted after an Option is
granted the Committee may, on such terms and conditions as it may determine to
be appropriate and subject to Sections 4.3(a) and 4.3(c), accelerate the time at
which such Option or any portion thereof may be exercised.

         (c) No portion of an Option which is unexercisable at Termination of
Employment shall thereafter become exercisable; provided, however, that in the
event of a Termination of Employment resulting from the Optionee's death,
disability or Retirement, all Options shall become exercisable, effective
immediately upon the occurrence of such event.

SECTION 4.4 - EXPIRATION OF OPTIONS

         (a) No Option may be exercised to any extent by anyone after, and every
Option shall expire no later than, the expiration of ten years from the date the
Option was granted.

         (b) Subject to the provisions of Section 4.4(a), the Committee shall
provide, in the terms of each individual Option, when such Option expires and
becomes unexercisable.

SECTION 4.5 - CONSIDERATION

<PAGE>

         In consideration of the granting of an Option, the Optionee shall
agree, in the written Stock Option Agreement, to remain in the employ of the
Company, a Parent Corporation or a Subsidiary, with such duties and
responsibilities as the Company shall from time to time prescribe.

                                    ARTICLE V

                               EXERCISE OF OPTIONS

SECTION 5.1 - PERSON ELIGIBLE TO EXERCISE

         During the lifetime of the Optionee, only such Optionee may exercise an
Option (or any portion thereof) granted to such Optionee. After the death of the
Optionee, any exercisable portion of an Option may, prior to the time when such
portion becomes unexercisable under the Plan or the applicable Stock Option
Agreement, be exercised by such Optionee's Beneficiary. "Beneficiary" shall mean
any one or more persons, corporations, trusts, estates, or any combination
thereof, last designated by an Optionee in accordance with the applicable Stock
Option Agreement.

SECTION 5.2 - PARTIAL EXERCISE

         At any time and from time to time prior to the time when any
exercisable Option or exercisable portion thereof becomes unexercisable under
the Plan or the applicable Stock Option Agreement, such Option or portion
thereof may be exercised in whole or in part; provided, however, that the
Company shall not be required to issue fractional shares and the Committee may,
by the terms of the Option, require any partial exercise to be with respect to a
specified minimum number of shares.

SECTION 5.3 - MANNER OF EXERCISE

         An exercisable Option, or any exercisable portion thereof, may be
exercised solely by delivery to the Secretary or the Secretary's office of all
of the following prior to the time when such Option or such portion becomes
unexercisable under the Plan or the applicable Stock Option Agreement:

         (a) Notice in writing signed by the Optionee or other person then
entitled to exercise such Option or portion, stating that such Option or portion
is exercised, such notice complying with all applicable rules established by the
Committee;

         (b) Full payment (in cash or by check) for the shares with respect to
which such Option or portion thereof is exercised, including payment to the
Company (or other employer corporation) of all amounts which it is required to
withhold under federal, state or local law in connection with the exercise of
the Option. However, in the discretion of the Committee, payment may be made, in
whole or in part, through (i) the delivery of shares of Common Stock owned by
the Optionee, duly endorsed for transfer to the Company with a Fair Market Value
on

<PAGE>

the date of delivery equal to that portion of the aggregate exercise price of
the Option or exercised portion thereof plus the amount of the applicable
withholding tax for which such payment is permitted by the Committee; (ii) the
surrender of shares of Common Stock then issuable upon exercise of the Option
having a Fair Market Value on the date of Option exercise equal to that portion
of the aggregate exercise price of the Option or exercise portion thereof, plus
the amount of the applicable withholding tax, for which such payment is
permitted by the Committee; (iii) the delivery of a full recourse promissory
note bearing interest (at no less than such rate as shall then preclude the
imputation of interest under the Code) and payable upon such terms as may be
prescribed by the Committee; (iv) to the extent permitted by law, a "cashless
exercise procedure" satisfactory to the Committee which permits the Optionee to
deliver an exercise notice to a broker-dealer, who then sells Option shares,
delivers the proceeds of the sale, less commission, to the Company, which
delivers such proceeds, less the exercise price and withholding taxes, to the
Optionee, or (v) any combination of the consideration provided in the foregoing
subparagraphs (i), (ii), (iii) and (iv). In the case of a promissory note, the
Committee may also prescribe the form of such note and the security (if any) to
be given for such note. Notwithstanding the foregoing, the Option may not be
exercised by delivery of a promissory note or by a loan from the Company where
such loan or other extension of credit is prohibited by law;

         (c) Such representations and documents as the Committee, in its
absolute discretion, deems necessary or advisable to effect compliance with all
applicable provisions of the Securities Act and any other federal or state
securities laws or regulations. The Committee may, in its absolute discretion,
also take whatever additional actions it deems appropriate to effect such
compliance including, without limitation, placing legends on share certificates
and issuing stop-transfer orders to transfer agents and registrars; and

         (d) In the event that the Option or portion thereof shall be exercised
pursuant to Section 5.1 by any person or persons other than the Optionee,
appropriate proof of the right of such person or persons to exercise the Option
or portion thereof.

                                   ARTICLE VI

                                 ADMINISTRATION

SECTION 6.1 - COMPENSATION COMMITTEE

         The Compensation Committee shall consist of two or more Directors,
appointed by and holding office at the pleasure of the Board, none of whom may
(i) be an Officer, (ii) receive compensation, either directly or indirectly,
from the Company or any Parent Corporation or Subsidiary, for services rendered
in any capacity other than as a Director, except for an amount that does not
exceed the dollar amount for which disclosure would be required pursuant to Item
404 of Regulation S-K ("Item 404"), (iii) possess an interest in any other
transaction for which disclosure would be required pursuant to Item 404 or (iv)
be engaged in a business relationship for which disclosure would be required
pursuant to Item 404. The constitution of the Committee must also comply with
the requirements of Section 162(m) of the Code. The failure of the constitution
of the Committee to comply with the foregoing requirements shall not adversely
<PAGE>

affect the validity of any shares issued upon exercise of Options under the
Plan. Appointment of Committee members shall be effective upon acceptance of
appointment. Committee members may resign at any time. Vacancies in the
Committee shall be filled by the Board.

SECTION 6.2 - DUTIES AND POWERS OF COMMITTEE

         It shall be the duty of the Committee to conduct the general
administration of the Plan in accordance with its provisions. The Committee
shall have the power to interpret the Plan and to adopt such rules for the
administration, interpretation and application of the Plan as are consistent
therewith and to interpret, amend or revoke any such rules. In its absolute
discretion, the Board may at any time and from time to time exercise any and all
rights and duties of the Committee under this Plan except with respect to
matters which under Section 162(m) of the Code, or any regulations or rules
issued thereunder, are required to be determined in the sole discretion of the
Committee.

SECTION 6.3 - MAJORITY RULE

         The Committee shall act by a majority of its members in office. The
Committee may act either by vote at a meeting or by a memorandum or other
written instrument signed by a majority of the Committee.

SECTION 6.4 - COMPENSATION;  PROFESSIONAL ASSISTANCE;  GOOD FAITH ACTIONS

         Members of the Committee shall receive such compensation for their
services as members as may be determined by the Board. All expenses and
liabilities incurred by members of the Committee in connection with the
administration of the Plan shall be borne by the Company. The Committee may
employ attorneys, consultants, accounts, appraisers, brokers or other persons.
The Committee, the Company and its Officers and Directors shall be entitled to
rely upon the advice, opinions or valuations of any such persons. All actions
taken and all interpretations and determinations made by the Committee in good
faith shall be final and binding upon all Optionees, the Company and all other
interested persons. No member of the Committee shall be personally liable for
any action, determination or interpretation made in good faith with respect to
the Plan or the Options, and all members of the Committee shall be fully
protected by the Company in respect to any such action, determination or
interpretation.

                                   ARTICLE VII

                                OTHER PROVISIONS

SECTION 7.1 - OPTIONS NOT TRANSFERABLE

         No Option or interest or right therein or part thereof shall be liable
for the debts, contracts or engagements of the Optionee or the Optionee's
successors in interest or shall be subject to disposition by transfer,
alienation, anticipation, pledge, encumbrance, assignment or any other means
whether such disposition be voluntary or involuntary or by operation of law by
judgment, levy, attachment, garnishment or any other legal or equitable
proceedings (including

<PAGE>

bankruptcy), and any attempted disposition thereof shall be null and void and of
no effect; provided, however, that nothing in this Section 7.1 shall prevent
transfers to a Beneficiary.

SECTION 7.2 - AMENDMENT, SUSPENSION OR TERMINATION OF THE PLAN

         The Plan may be wholly or partially amended or otherwise modified,
suspended or terminated at any time or from time to time by the Committee.
Neither the amendment, suspension nor termination of the Plan shall, without the
consent of the holder of an Option, impair any rights or obligations under any
Option theretofore granted. No Option may be granted during any period of
suspension nor after termination of the Plan, and in no event may any Option be
granted under this Plan after September 24, 2006.

SECTION 7.3 - EFFECT OF PLAN UPON OTHER OPTION AND COMPENSATION PLANS

         The adoption of this Plan shall not affect any other compensation or
incentive plans in effect for the Company, any Parent Corporation or any
Subsidiary. Nothing in this Plan shall be construed to limit the right of the
Company, any Parent Corporation or any Subsidiary (a) to establish any other
forms of incentives or compensation for employees of the Company, any Parent
Corporation or any Subsidiary or (b) to grant or assume options otherwise than
under this Plan in connection with any proper corporate purpose, including, but
not by way of limitation, the grant or assumption of options in connection with
the acquisition by purchase, lease, merger, consolidation or otherwise, of the
business, stock or assets of any corporation, firm or association.

SECTION 7.4 - TITLES

         Titles are provided herein for convenience only and are not to serve as
a basis for interpretation or construction of the Plan.

SECTION 7.5 - CONFORMITY TO SECURITIES LAWS

         The Plan is intended to conform to the extent necessary with all
provisions of the Securities Act, the Exchange Act and the Code and any and all
regulations and rules promulgated by the Securities and Exchange Commission and
Internal Revenue Service thereunder. Notwithstanding anything herein to the
contrary, the Plan shall be administered, and Options shall be granted and may
be exercised, only in such a manner as to conform to such laws, rules and
regulations. To the extent permitted by applicable law, the Plan and Options
granted hereunder shall be deemed amended to the extent necessary to conform to
such laws, rules and regulations.

SECTION 7.6 - GOVERNING LAW

         This Plan and any agreements hereunder shall be administered,
interpreted and enforced in accordance with the laws of the State of Illinois
(without reference to the choice of law provisions of Illinois law).

<PAGE>

                                      * * *

         I hereby certify that the foregoing Plan was duly approved by the Board
of Directors of IDEX Corporation effective March 26, 2002.

                                       Executed on this 26th day of March, 2002.

                                       /s/ FRANK J. NOTARO
                                       --------------------------------
                                       Frank J. Notaro
                                       Secretary

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