Document:

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                                                                 EXHIBIT 4.7 (a)

                                                                  EXECUTION COPY

                                 AMENDMENT NO. 3
                                       to
                         RECEIVABLES PURCHASE AGREEMENT
                          Dated as of December 15, 2004

            THIS AMENDMENT NO. 3 ("Amendment") is entered into as of December
15, 2004 by and among IDEX Receivables Corporation (the "Seller"), IDEX
Corporation (the "Servicer"), Falcon Asset Securitization Corporation
("Falcon"), the Financial Institutions party hereto and JPMorgan Chase Bank,
N.A. (as successor by merger to Bank One, NA (Main Office Chicago)), as Agent
(the "Agent").

                              PRELIMINARY STATEMENT

            A. The Seller, the Servicer, Falcon, the Financial Institutions and
the Agent are parties to that certain Receivables Purchase Agreement dated as of
December 20, 2001 (as amended by Amendment No. 1 thereto dated as of December
18, 2002, as amended by Amendment No. 2 thereto dated as of December 17, 2003
and as otherwise amended, restated, supplemented or otherwise modified from time
to time, the "Purchase Agreement"). Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed to them in the Purchase
Agreement.

            B. The Seller, the Servicer, Falcon, the Financial Institutions and
the Agent have agreed to amend the Purchase Agreement on the terms and subject
to the conditions hereinafter set forth.

            NOW, THEREFORE, in consideration of the premises set forth above,
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto hereby agree as follows:

            SECTION 1. Amendment. Effective as of the date hereof and subject to
the satisfaction of the conditions precedent set forth in Section 2 below, the
Purchase Agreement is hereby amended as follows:

            (a) The following new Section 4.6 is added to the Purchase Agreement
immediately following Section 4.5 of the Purchase Agreement:

                "Section 4.6. Liquidity Agreement Fundings. The parties hereto
      acknowledge that Falcon may put all or any portion of its Receivable
      Interests to the Financial Institutions at any time pursuant to the
      Liquidity Agreement to finance or refinance the necessary portion of its
      Receivable Interests through a funding under the Liquidity Agreement to
      the extent available. The fundings under the Liquidity Agreement will
      accrue interest at the Bank Rate in accordance with this Article IV.
      Regardless of whether a funding of Receivable

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      Interests by the Financial Institutions constitutes the direct purchase of
      a Receivable Interest hereunder, an assignment under the Liquidity
      Agreement of a Receivable Interest originally funded by Falcon or the sale
      of one or more participations or other interests under the Liquidity
      Agreement in a Receivable Interest originally funded by Falcon, each
      Financial Institution participating in a funding of a Receivable Interest
      shall have the rights and obligations of a "Purchaser" hereunder with the
      same force and effect as if it had directly purchased such Receivable
      Interest from Seller hereunder."

            (b) The phrase ", its obligation to pay Falcon its Acquisition
Amounts" is deleted from the first sentence of Section 12.2 of the Purchase
Agreement.

            (c) The following new Section 12.3 is added to the Purchase
Agreement immediately following Section 12.2 of the Purchase Agreement:

      "Section 12.3. Terminating Financial Institutions.

            (a) Each Financial Institution hereby agrees to deliver written
            notice to the Agent not more than 30 Business Days and not less than
            5 Business Days prior to the Liquidity Termination Date indicating
            whether such Financial Institution intends to renew its Commitment
            hereunder. If any Financial Institution fails to deliver such notice
            on or prior to the date that is 5 Business Days prior to the
            Liquidity Termination Date, such Financial Institution will be
            deemed to have declined to renew its Commitment (each Financial
            Institution which has declined or has been deemed to have declined
            to renew its Commitment hereunder, a "Non-Renewing Financial
            Institution"). The Agent shall promptly notify Falcon of each
            Non-Renewing Financial Institution and Falcon, in its sole
            discretion, may (A) to the extent of Commitment Availability,
            declare that such Non-Renewing Financial Institution's Commitment
            shall, to such extent, automatically terminate on a date specified
            by Falcon on or before the Liquidity Termination Date or (B) upon
            one (1) Business Day's notice to such Non-Renewing Financial
            Institution assign to such Non-Renewing Financial Institution on a
            date specified by Falcon its Pro Rata Share of the aggregate
            Receivable Interests then held by Falcon, subject to, and in
            accordance with, the Liquidity Agreement. In addition, Falcon may,
            in its sole discretion, at any time (x) to the extent of Commitment
            Availability, declare that any Affected Financial Institution's
            Commitment shall automatically terminate on a date specified by
            Falcon or (y) assign to any Affected Financial Institution on a date
            specified by Falcon its Pro Rata Share of the aggregate Receivable
            Interests then held by Falcon, subject to, and in accordance with,
            the Liquidity Agreement (each Affected Financial Institution or each
            Non-Renewing Financial Institution is hereinafter referred to as a
            "Terminating Financial Institution"). The parties hereto expressly
            acknowledge that any declaration of the termination of any
            Commitment, any assignment pursuant to this Section 12.3 and the
            order of priority of any such termination or assignment among
            Terminating Financial Institutions shall be made by Falcon in its
            sole and absolute discretion.

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            (b) Upon any assignment to a Terminating Financial Institution as
            provided in this Section 12.3, any remaining Commitment of such
            Terminating Financial Institution shall automatically terminate.
            Upon reduction to zero of the Capital of all of the Receivable
            Interests of a Terminating Financial Institution (after application
            of Collections thereto pursuant to Sections 2.2 and 2.3) all rights
            and obligations of such Terminating Financial Institution hereunder
            shall be terminated and such Terminating Financial Institution shall
            no longer be a "Financial Institution" hereunder; provided, however,
            that the provisions of Article X shall continue in effect for its
            benefit with respect to Receivable Interests held by such
            Terminating Financial Institution prior to its termination as a
            Financial Institution.

            (d) Article XIII of the Purchase Agreement is deleted in its
            entirety.

            (e) Each of the references to "Article XIII" in Section 4.1 of, and
in the definition of "Broken Funding Costs" in Exhibit I to, the Purchase
Agreement are replaced by a reference to "the Liquidity Agreement".

            (f) Section 9.1(l) of the Purchase Agreement is restated in its
entirety as follows:

            (l) IDEX shall fail to satisfy Section 7.15 or any additional
            "financial covenant" under the IDEX Credit Agreement, as such
            agreement is in effect on December 14, 2004, without giving effect
            to any subsequent amendment or modification unless Bank One, NA, as
            the Agent hereunder, consents to such amendment or modification.

            (g) Each of the references to "Section 13.1" in Sections 6.2, 12.1
and 14.13 of the Purchase Agreement is replaced by a reference to "the Liquidity
Agreement".

            (h) Each of the references to "Section 13.6" in Section 2.2 of the
Purchase Agreement and in the definitions of "Commitment", "Non-Renewing
Financial Institution" and "Terminating Financial Institution" in Exhibit I to
the Purchase Agreement is replaced by a reference to "Section 12.3".

            (i) The phrase "(except pursuant to Sections 13.1 or 13.5)" in
Section 14.1(b)(i) of the Purchase Agreement is replaced by the following
phrase: "(except pursuant to the Liquidity Agreement or Section 12.3)".

            (j) The definitions of "Acquisition Amount", "Adjusted Funded
Amount", "Adjusted Liquidity Price", "Approved Unconditional Liquidity
Provider", "Defaulting Financial Institution", "Falcon Residual", "Falcon
Transfer Price", "Falcon Transfer Price Deficit", "Falcon Transfer Price
Reduction", "Non-Defaulting Financial Institution", "Reduction Percentage" and
"Unconditional Liquidity Provider" in Exhibit I to the Purchase Agreement are
deleted in their entirety.

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            (k) The definition of "Bank Rate" in Exhibit I to the Purchase
Agreement is restated in its entirety as follows:

                "Bank Rate" means, the LIBO Rate or the Base Rate, as
      applicable, with respect to each Receivable Interest of the Financial
      Institutions and any Receivable Interest of Falcon, an undivided interest
      in which has been assigned by Falcon to a Financial Institution pursuant
      to the Liquidity Agreement.

            (l) The definition of "Idex Credit Agreement" in Exhibit I to the
Purchase Agreement is restated in its entirety as follows:

            "IDEX Credit Agreement" means that certain Credit Agreement, dated
as of December 14, 2004, among IDEX, Bank of America, N.A., as administrative
agent, Wachovia Bank, National Association, as syndication agent, and the other
financial institutions party thereto, without giving effect to any amendments or
other modifications thereto from and after December 14, 2004.

            (m) The following definition of "Liquidity Agreement" is added to
Exhibit I to the Purchase Agreement:

                "Liquidity Agreement" means the agreement entered into by Falcon
      with the Financial Institutions in connection herewith for the purpose of
      providing liquidity with respect to the Capital funded by Falcon under
      this Agreement.

            (n) The definition of "Liquidity Termination Date" in Exhibit I to
the Purchase Agreement is restated in its entirety as follows:

                "Liquidity Termination Date" means December 14, 2005.

            (o) The definition of "Purchase Limit" in Exhibit I to the Purchase
Agreement is amended by deleting "$25,000,000" therefrom and replacing it with
"$30,000,000".

            (p) The definition of "Pro Rata Share" in Exhibit I to the Purchase
Agreement is restated in its entirety as follows:

                "Pro Rata Share" means, for each Financial Institution, a
      percentage equal to (i) the Commitment of such Financial Institution,
      divided by (ii) the aggregate amount of all Commitments of all Financial
      Institutions hereunder, adjusted as necessary to give effect to the
      application of the terms of the Liquidity Agreement or Section 12.3.

            (q) Schedule A to the Purchase Agreement is hereby amended by
deleting "$25,500,000" therefrom and replacing it with "$30,600,000".

            SECTION 2. Conditions Precedent. This Amendment shall become
effective and be deemed effective, as of the date first above written, upon the
latest to occur of (i) the date

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hereof, (ii) receipt by the Agent of one copy of each of (a) this Amendment and
(b) the Third Amended and Restated Fee Letter dated as of the date hereof (the
"Fee Letter"), among the Agent, Falcon and the Seller, in each case duly
executed by each of the parties hereto or thereto, and (iii) payment by the
Seller to Falcon of all fees due and payable on the date hereof under the Fee
Letter.

            SECTION 3. Covenants, Representations and Warranties of the Seller
and the Servicer.

            (a) Upon the effectiveness of this Amendment, each of the Seller and
the Servicer hereby reaffirms all covenants, representations and warranties made
by it in the Purchase Agreement, as amended, and agrees that all such covenants,
representations and warranties shall be deemed to have been re-made as of the
effective date of this Amendment.

            (b) Each of the Seller and the Servicer hereby represents and
warrants as to itself (i) that this Amendment constitutes the legal, valid and
binding obligation of such party enforceable against such party in accordance
with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors' rights generally and general principles of equity which may limit
the availability of equitable remedies and (ii) upon the effectiveness of this
Amendment, that no event shall have occurred and be continuing which constitutes
an Amortization Event or a Potential Amortization Event.

            SECTION 4. Fees, Costs, Expenses and Taxes. Without limiting the
rights of the Agent and the Purchasers set forth in the Purchase Agreement and
the other Transaction Documents, the Seller agrees to pay on demand all
reasonable fees and out-of-pocket expenses of counsel for the Agent and the
Purchasers incurred in connection with the preparation, execution and delivery
of this Amendment and the other instruments and documents to be delivered in
connection herewith and with respect to advising the Agent and the Purchasers as
to their rights and responsibilities hereunder and thereunder.

            SECTION 5. Reference to and Effect on the Purchase Agreement.

            (a) Upon the effectiveness of this Amendment, each reference in the
Purchase Agreement to "this Agreement," "hereunder," "hereof," "herein,"
"hereby" or words of like import shall mean and be a reference to the Purchase
Agreement as amended hereby, and each reference to the Purchase Agreement in any
other document, instrument or agreement executed and/or delivered in connection
with the Purchase Agreement shall mean and be a reference to the Purchase
Agreement as amended hereby.

            (b) Except as specifically amended hereby, the Purchase Agreement
and other documents, instruments and agreements executed and/or delivered in
connection therewith shall remain in full force and effect and are hereby
ratified and confirmed.

            (c) The execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any right, power or remedy of any Purchaser or
the Agent under the

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Purchase Agreement or any of the other Transaction Documents, nor constitute a
waiver of any provision contained therein.

            SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF
THE STATE OF ILLINOIS.

            SECTION 7. Execution in Counterparts. This Amendment may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which taken together shall constitute but one and the
same instrument.

            SECTION 8. Headings. Section headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

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            IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed on the date first set forth above by their respective officers
thereto duly authorized, to be effective as hereinabove provided.

                                   IDEX RECEIVABLES CORPORATION, as
                                   Seller

                                   By:_______________________
                                      Name:
                                      Title:

                                   IDEX CORPORATION, individually and as
                                   Servicer

                                   By:_______________________
                                   Name:
                                   Title:

                                   FALCON ASSET SECURITIZATION CORPORATION

                                   By:_________________________________
                                   Name:  Ronald Atkins
                                   Title: Authorized Signatory

                                   JPMORGAN CHASE BANK, N.A. (as
                                         successor by merger to Bank One, N.A.
                                         (Main Office Chicago)),
                                         as a Financial Institution and as Agent

                                   By:_______________________
                                      Name:  Ronald Atkins
                                      Title: Vice President

       Signature Page to Amendment No. 3 to Receivables Purchase Agreement
<PAGE>

                                                                  EXECUTION COPY

                      THIRD AMENDED AND RESTATED FEE LETTER

                          Dated as of December 15, 2004

IDEX Receivables Corporation
630 Dundee Road, Suite 400
Northbrook, IL 60062

            Re: Receivables Purchase Agreement

Ladies and Gentlemen:

            Reference is hereby made to that certain Receivables Purchase
Agreement (as amended by Amendment No. 1 thereto dated as of December 18, 2002,
by Amendment No. 2 thereto dated as of December 17, 2003, by Amendment No. 3
thereto dated as of the date hereof and as may be further amended, restated or
otherwise modified from time to time, the "Purchase Agreement"), dated as of
December 20, 2001, among IDEX Receivables Corporation, as seller (the "Seller"),
IDEX Corporation, as servicer (the "Servicer"), Falcon Asset Securitization
Corporation ("Falcon"), certain entities party thereto as "Financial
Institutions" and JPMorgan Chase Bank, N.A. (as successor by merger to Bank One,
NA (Main Office Chicago)), as Agent (the "Agent") for Falcon and the Financial
Institutions. This letter constitutes the "Fee Letter" referred to in the
Purchase Agreement and sets forth our understanding in respect of certain fees
payable by the Seller and the obligations of the Seller in connection therewith.
Capitalized terms that are used herein and not otherwise defined herein shall
have the respective meanings assigned thereto under the Purchase Agreement.

            SECTION 1. Fees. Notwithstanding any limitation on recourse
contained in the Purchase Agreement:

            (a) Amendment and Renewal Fee. On the date hereof, the Seller shall
pay to Falcon an amendment and renewal fee in the amount of $20,000.00.

            (b) On-Going Fees. The following fees shall be due and payable on
each Settlement Date of the type described in clause (A) of the definition of
"Settlement Date" in the Purchase Agreement, or such other day as agreed to by
the Seller and the Agent in writing (each such date, a "Payment Date"), during
the period commencing on December 15, 2004 until the date occurring after the
Facility Termination Date on which the amount of the Aggregate Unpaids shall be
reduced to zero. All such fees shall accrue from and including the date hereof

       Signature Page to Amendment No. 3 to Receivables Purchase Agreement

<PAGE>

and shall, as provided in Section 1.4 of the Purchase Agreement, be calculated
on the basis of a 360-day year for the actual number of days elapsed (including
the first but excluding the last such day).

            (i) Administration Fee. On each Payment Date, the Seller shall pay
      to Falcon a fee equal to 0.20% per annum times 102% of the Purchase Limit.

            (ii) Program Fee. On each Payment Date, the Seller shall pay to
      Falcon a fee equal to 0.25% times the average daily outstanding Capital
      during the immediately preceding calendar month or portion thereof.

            SECTION 2. Independent Nature of Fees. Each of the fees described in
Section 1 above shall be in addition to, and not in lieu of any other fees,
expenses, reimbursements, indemnities and any other amounts payable by the
Seller under or in connection with the Purchase Agreement. Nothing contained in
this Fee Letter shall limit in any way the obligation of the Seller to pay any
amount required to be paid by it in accordance with the terms of the Purchase
Agreement.

            SECTION 3. Termination. This Fee Letter shall terminate immediately
following the later to occur of (a) the Facility Termination Date and (b) the
repayment in full of all of the Aggregate Unpaids.

            SECTION 4. Amendments and Waivers. No amendment, waiver, supplement
or other modification of this Fee Letter shall be effective unless made in
writing and executed by each of the parties hereto.

            SECTION 5. Counterparts. This Fee Letter may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of
which when taken together shall constitute one and the same agreement.

            SECTION 6. Successors and Assigns. This Fee Letter shall be binding
upon, and shall inure to the benefit of, the parties hereto and their respective
successors and assigns; provided that the Seller may not assign any of its
obligations hereunder without the prior written consent of the Agent and each of
the Purchasers.

            SECTION 7. Governing Law. This Fee Letter shall be governed and
construed in accordance with the internal laws (and not the law of conflicts) of
the State of Illinois.

            SECTION 8. Amendment and Restatement; Effectiveness. This letter
agreement amends and restates in its entirety that certain Second Amended and
Restated Fee Letter dated as of December 17, 2003 among the parties hereto (the
"Existing Fee Letter"). This letter agreement is not intended to constitute a
novation of the Existing Fee Letter, and all fees that have accrued under the
Existing Fee Letter up to (but not including) the date hereof shall have accrued
at the rates specified in the Existing Fee Letter and shall be payable as and
when required in accordance with the terms thereof. All fees accruing from and
after the date hereof shall accrue at the rates specified in this letter
agreement and shall be payable as and when required in accordance with the terms
hereof.

      Signature Page to Amendment No. 3 to Receivables Purchase Agreement
<PAGE>

            If the foregoing agreements evidence your understanding, please
acknowledge by executing this letter in the space provided below.

                                     Very truly yours,

                                          JPMORGAN CHASE BANK, N.A. (as
                                          successor by merger to Bank One, N.A.
                                          (Main Office Chicago)), as a Financial
                                          Institution and as Agent

                                     By_________________________________
                                           Ronald Atkins
                                           Vice President

                                     FALCON ASSET SECURITIZATION
                                     CORPORATION

                                     By_________________________________
                                           Ronald Atkins
                                           Authorized Signatory

Acknowledged and Agreed:

IDEX RECEIVABLES CORPORATION

By____________________________
Name:
Title:

      Signature Page to Amendment No. 3 to Receivables Purchase Agreement<PAGE>
                                                                EXHIBIT 10.1 (a)

                       TRANSITION AND RETIREMENT AGREEMENT

     THIS AGREEMENT, dated as of February 25, 2005, is between IDEX CORPORATION,
a Delaware corporation with its executive offices at 630 Dundee Road, Suite 400,
Northbrook, Illinois 60062 (the "Corporation"), and DENNIS K. WILLIAMS (the
"Executive").

                                    RECITALS:

     A. The Executive is currently employed as the Chairman of the Board,
President and Chief Executive Officer of the Corporation pursuant to an
Employment Agreement dated April 14, 2000 (the "Employment Agreement").

     B. The original term of the Employment Agreement expires on April 30, 2005
and Executive has indicated his desire to resign from his position as President
and Chief Executive Officer effective as of March 22, 2005, and to retire as
Chairman of the Board effective as of the later of March 31, 2006 or the date of
the Corporation's annual meeting of shareholders in 2006.

     C. The Corporation desires that the Executive assist in the orderly
transition of leadership and management of the Corporation and the Executive is
willing to remain in an executive Chairman capacity in order to effect such
transition.

     D. The Corporation desires to receive from the Executive a lengthening of
the period during which the Executive will not compete with the business of the
Corporation from two years to a five-year period.

     E. The Corporation and the Executive desire to enter into this Agreement to
set forth the terms of Executive's continued employment and retirement from the
Corporation.

     NOW, THEREFORE, in consideration of the promises and of the covenants
contained in this Agreement, the Corporation and the Executive agree as follows:

     1. DEFINITIONS. The following definitions apply for purposes of this
Agreement.

     (a) "Board of Directors" or "Board" means the Board of Directors of the
Corporation.

<PAGE>

     (b) "Cause" means a finding by the Board of Directors that any of the
following conditions exist:

          (i) The Executive's willful and continued failure substantially to
     perform his material duties under this Agreement (other than as a result of
     his disability) if such failure is not substantially cured within 15 days
     after written notice is provided to the Executive.

          (ii) The Executive's willful breach in a substantive and material
     manner of his fiduciary duty or duty of loyalty to the Corporation which is
     injurious to the financial condition in more than a de minimus manner or
     the business reputation of the Corporation.

          (iii) The Executive's indictment for a felony offense under the laws
     of the United States or any state thereof (other than for a violation of
     motor or vehicular laws).

          (iv) A material breach by the Executive of any restrictive covenant
     contained in Sections 11 and 12 of this Agreement.

For purposes of this definition, no act or failure to act will be deemed
"willful" unless effected by the Executive not in good faith and without a
reasonable belief that his action or failure to act was in or not opposed to the
Corporation's best interests.

     (c) "Code" means the Internal Revenue Code of 1986, as amended.

     (d) "Corporation" means IDEX Corporation.

     (e) "Effective Date" means March 22, 2005.

     (f) "Fringe Benefits" means (i) medical, health and life insurance, and
(ii) other miscellaneous fringe benefits (including, but not limited to, the
personal accident plan at the level in effect on the date of termination, and
the use of the Corporation provided automobile or auto use allowance).

     (g) "Retirement Date" means the later of March 31, 2006 or the date of the
Corporation's annual meeting of shareholders in 2006.

     2. EMPLOYMENT; DUTIES. Subject to the terms and conditions set forth in
this Agreement, the Corporation hereby agrees to continue to employ the
Executive, and the Executive hereby agrees to continue employment as Chairman of
the Board on and after the Effective Date through and until his Retirement Date.
Subject to the terms and conditions set forth in this Agreement, as of the
Effective Date, the Executive will resign his position as President and Chief
Executive Officer of the Corporation. The Executive will perform those duties
and discharge those responsibilities as are commensurate with his position, and
as the

                                      -2-
<PAGE>

Board of Directors may from time to time reasonably direct, commensurate with
his position. In connection with the performance of those duties, the
Corporation acknowledges that Executive may perform those duties at locations
other than the Corporation's executive office and it will not ordinarily require
the Executive to be present in the Corporation's executive office more than six
days per month. The Executive agrees to perform his duties and discharge his
responsibilities in a faithful manner and to the best of his ability and to use
all reasonable efforts to promote the interests of the Corporation. The
Executive may not accept other gainful employment except with the prior consent
of the Board of Directors. With the prior consent of the Board of Directors,
which will not be unreasonably withheld, the Executive may become a director,
trustee or other fiduciary of other corporations, trusts or entities.
Notwithstanding the foregoing, the Executive may manage his passive investments
and be involved in charitable, civic and religious interests so long as they do
not materially interfere with the performance of the Executive's duties
hereunder.

     3. COMPENSATION.

     (a) From the Effective Date through April 27, 2005, the Executive will
receive $31,153.85 in each bi-weekly payroll payment.

     (b) Executive will receive $109,090.91 in each bi-weekly payroll payment
commencing with the May 11, 2005 payment and ending with payment made on or
prior to the earliest to occur of (i) March 1, 2006, (ii) his termination by the
Corporation for Cause or (iii) his voluntary resignation. These payments will
not be considered "compensation" for purposes of the Corporation's Supplemental
Executive Retirement Plan and, to the extent these payments increase the
Executive's accrued benefit under the Corporation's Retirement Plan, such
increased accrued benefit will be an offset to the Executive's benefit under the
Corporation's Supplemental Executive Retirement Plan.

     (c) Executive will not be entitled to participate in any bonus, long-term
or short-term equity or cash incentive compensation programs of the Corporation
in 2005 or 2006.

     (d) The Corporation will deduct or withhold from all salary and from all
other payments made to the Executive pursuant to this Agreement, all amounts
that may be required to be deducted or withheld under any applicable Social
Security contribution, income tax withholding or other similar law now in effect
or that may become effective during the term of this Agreement.

     4. OTHER BENEFITS AND TERMS. Except as otherwise provided, during the term
of Executive's employment through the Retirement Date, the Executive will be
entitled to the following other benefits and terms:

     (a) The Executive will be entitled to participate in the Corporation's
health and medical benefit plans, any pension, profit sharing and retirement
plans, and any insurance policies or programs from time to time generally
offered to all or substantially all executive employees who are employed by the
Corporation. These plans, policies and programs are

                                      -3-
<PAGE>

subject to change at the sole discretion of the Corporation. Notwithstanding the
foregoing, life insurance benefits will be provided at an amount not less than
one times base salary.

     (b) The Executive will be entitled to any other fringe benefit from time to
time generally offered to all or substantially all senior executive employees
who are employed by the Corporation.

     (c) The Corporation will provide the Executive with the use of an
automobile or an auto use allowance that is commensurate with his position.

     (d) The Executive will be entitled to limited use of the Corporation's
aircraft for non-business purposes, not to exceed usage in excess of incremental
cost to the Corporation of $110,000 (the "Personal Use Limitation") during the
period May 1 ,2005 through the Retirement Date, and subject to the terms of the
Corporation's Aircraft Use Guidelines as amended from time to time. If Executive
relocates his residence outside of the State of Illinois, travel at the request
of the Corporation from his residence to the Corporation's executive office and
return travel to his residence will not be charged against the Personal Use
Limitation. Executive's use of the Corporation's aircraft to attend board
meetings of corporations or entities other than the Corporation will be charged
against the Personal Use Limitation. If the Executive's use of the Corporation's
aircraft is for business purposes, his spouse accompanying him on such travel
will not cause the use to be charged against the Personal Use Limitation.

     (e) The Corporation will pay on behalf of or reimburse the Executive for
personal legal and financial advice in calendar year 2005 an amount not to
exceed $15,000 less amounts, if any, claimed by the Executive under the
Employment Agreement for 2005 prior to the Effective Date.

     (f) Notwithstanding anything to the contrary, for purposes of determining
the Executive's benefits under the Corporation's Supplemental Executive
Retirement Plan, the Executive's "compensation" shall include income recognized
by him with respect to the Restricted Stock Award under Section 3(d) of the
Employment Agreement.

     (g) Notwithstanding any provision in any stock option award agreement with
the Executive, with respect to options which first become exercisable within the
calendar month of March 2006, if Executive may not exercise those options or may
not sell shares of the Corporation's stock because of the Corporation's policies
restricting trading of shares by certain individuals, the Corporation will, in
its discretion, which will be exercised in a manner so as not to cause adverse
tax consequences to Executive under Section 409A of the Code, either (i) waive
the restrictions with respect to the Executive (ii) allow Executive to sell the
shares received on exercise to the Corporation, (iii) allow for the Executive to
sell the shares received on exercise in a private sale transaction or (iv)
provide that those options remain exercisable for a period of time, not to
exceed 30 days, following the date on which the Executive is no longer
restricted from trading shares of the Corporation.

                                      -4-
<PAGE>

     (h) Except as specifically provided in Section 8, or as required by law,
the Executive acknowledges that he, his spouse and dependents will not receive
health and medical benefits following any termination of his employment.

     (i) If the Corporation does not amend its Supplemental Executive Retirement
Plan by December 15, 2005, to provide for distribution of benefits on separation
from service, the Corporation agrees to allow the Executive, in accordance with
the provisions of IRS Notice 2005-1 and any further similar guidance, to elect
to terminate his participation in the Supplemental Executive Retirement Plan in
2005 so that the amounts deferred under the Supplemental Executive Retirement
Plan would be distributed to him and causing such amounts to be included in
income in 2005.

     (j) Condition (1) contained in Section 2(a) of The Restricted Stock Award
Agreement between the Corporation and the Executive dated April 14, 2000 is
hereby amended to read as follows:

         1.    Executive remains employed by IDEX as its Chairman of the Board,
               and

     5. VACATIONS. The Executive will be entitled to five weeks of paid vacation
each year. Unused vacation in any year may not be carried over to subsequent
years.

     6. REIMBURSEMENT FOR EXPENSES. The Corporation will reimburse the Executive
for expenses which the Executive may from time to time reasonably incur on
behalf of the Corporation in the performance of his responsibilities and duties
including, but not limited to, professional dues and attendance at professional
conferences.

     7. PERIOD OF EMPLOYMENT. Subject to the provisions of this Section, the
period of employment of the Executive under this Agreement will begin on the
Effective Date and continue until the Retirement Date. Notwithstanding the
foregoing:

     (a) The Executive's employment will automatically terminate upon the death
of the Executive.

     (b) The Corporation may terminate the Executive's employment for Cause.

     8. BENEFITS UPON TERMINATION OF EMPLOYMENT. The Corporation will provide to
the Executive the following benefits in connection with his termination of
employment:

     (a) Retirement. In connection with the Executive's retirement, the
Corporation will provide the following:

          (i) Additional Compensation. The Executive will receive payments of
     $31,153.85 in each of 26 bi-weekly payroll payments commencing with the

                                      -5-
<PAGE>

     April 6, 2006 payment. If the Executive dies during the 26 bi-weekly
     payroll period, the balance of the payments will be paid as provided in
     Section 13.

          (ii) Bonus. The Executive will receive a bonus payment equal to
     $1,296,000 payable in one lump sum on April 1, 2006 (or as soon thereafter
     as practicable). Of this amount, $324,000 will be considered "compensation"
     for purposes of the Corporation's Supplemental Executive Retirement Plan.

          (iii) Accrued Vacation. Executive will receive payment for accrued but
     unused vacation, which payment will be equitably prorated based on the
     period of employment through the Retirement Date. Payment for accrued but
     unused vacation will be payable in one lump sum on the Retirement Date (or
     as soon thereafter as practicable).

          (iv) Accrued Benefits. Except as otherwise provided in this Agreement,
     the Executive shall be entitled to such benefits as he has accrued under
     the terms of the Corporation's employee benefit plans, including but not
     limited to the Retirement Plan, Deferred Compensation Plan for Officers,
     2001 Stock Plan for Officers and Supplemental Executive Retirement Plan (as
     they may be reasonably amended by the Corporation to comply with the
     provisions of Section 409A of the Code).

     (b) Upon Termination Other Than For Cause. If Executive's employment is
terminated for any reason (including death or disability) other than termination
by the Corporation for Cause, the Corporation will provide the following:

          (i) Salary And Fringe Benefits. The Executive, or the Executive's
     successor as provided in Section 13, will receive the Executive's full
     salary and Fringe Benefits through March 1, 2006. Any health or medical
     Fringe Benefits for Executive or his dependents will be provided through
     the Retirement Date.

          (ii) Additional Benefits. The Executive, or the Executive's successor
     as provided in Section 13, will receive those payments as provided under
     Section 8(a).

     (c) For Cause. Upon termination of the Executive's employment for Cause,
the Corporation will provide the following:

          (i) Salary And Fringe Benefits. The Executive's base salary and Fringe
     Benefits through the effective date of termination.

          (ii) Accrued Vacation. The Executive will receive payment for accrued
     but unused vacation, which payment will be equitably prorated based on the
     period of active employment for that portion of the fiscal year in which
     the

                                      -6-
<PAGE>

     Executive's termination of employment becomes effective. Payment for
     accrued but unused vacation will be payable in one lump sum on the
     effective date of the termination of employment (or as soon thereafter as
     practicable).

          (iii) Additional Benefits. The Executive will receive those payments
     as provided under Section 8(a)(i), (ii) and (iv).

     (d) Reduction In Fringe Benefits. Medical and health Fringe Benefits under
this Section will be reduced to the extent of any medical and health fringe
benefits provided by and available to the Executive from any subsequent
employer.

     (e) Stock Options. If the employment of the Executive is terminated for
reasons of disability or death or in the event of a "Control Event" (as defined
in any Stock Option award agreement) after the Effective Date but prior to the
Retirement Date, all Stock Option award agreements between the Corporation and
the Executive are hereby amended to provide that, with respect to options that
were not yet exercisable at time of termination due to disability, death or
occurrence of a Control Event, only those options that would have become
exercisable in March 2006 will become exercisable on account of termination for
reason of disability, death or occurrence of a Control Event and the period in
which they may be exercised will expire thirty days following the Retirement
Date or, if later, in case of disability which results in the Executive being
unable to mange his own affairs or death, one year from the date the disability
occurs or of death.

     (f) Compliance with Section 409A. Notwithstanding any other provision of
the Agreement, if necessary to comply with the requirements of Section 409A of
the Code, payment of benefits under this Agreement will not be made until six
months following the Executive's separation form service.

     9. NON-EXCLUSIVITY OF RIGHTS. Except as otherwise specifically provided,
nothing in this Agreement will prevent or limit the Executive's continued
participation in any benefit, incentive, or other plan, practice, or program
provided by the Corporation and for which the Executive may qualify. Any amount
of vested benefit or any amount to which the Executive is otherwise entitled
under any plan, practice, or program of the Corporation will be payable in
accordance with the plan, practice, or program, except as specifically modified
by this Agreement.

     10. NO OBLIGATION TO SEEK OTHER EMPLOYMENT. The Executive will not be
obligated to seek other employment or to take other action to mitigate any
amount payable to him under this Agreement and, except as provided in Section
8(d), amounts owed to him hereunder shall not be reduced by amounts he may
receive from another employer.

     11. CONFIDENTIALITY. During the course of his employment, the Executive
will have access to confidential information relating to the lines of business
of the Corporation, its trade secrets, marketing techniques, technical and cost
data, information concerning customers and suppliers, information relating to
product lines, and other valuable and confidential information relating to the
business operations of the Corporation not generally available to the

                                      -7-
<PAGE>

public (the "Confidential Information"). The parties hereby acknowledge that any
unauthorized disclosure or misuse of the Confidential Information could cause
irreparable damage to the Corporation. The parties also agree that covenants by
the Executive not to make unauthorized use or disclosures of the Confidential
Information are essential to the growth and stability of the business of the
Corporation. Accordingly, the Executive agrees to the confidentiality covenants
set forth in this Section.

     The Executive agrees that, except as required by his duties with the
Corporation or as authorized by the Corporation in writing, he will not use or
disclose to anyone at any time, regardless of whether before or after the
Executive ceases to be employed by the Corporation, any of the Confidential
Information obtained by him in the course of his employment with the
Corporation. The Executive shall not be deemed to have violated this Section 11
by disclosure of Confidential Information that at the time of disclosure (a) is
publicly available or becomes publicly available through no act or omission of
the Executive, or (b) is disclosed as required by court order or as otherwise
required by law, on the condition that notice of the requirement for such
disclosure is given to the Corporation prior to making any disclosure.

     The Executive agrees that since irreparable damage could result from his
breach of the covenants in this Section, in addition to any and all other
remedies available to the Corporation, the Corporation will have the remedies of
a restraining order, injunction or other equitable relief to enforce the
provisions thereof. The Executive consents to jurisdiction in Lake County,
Illinois on the date of the commencement of any action for purposes of any
claims under this Section. In addition, the Executive agrees that the issues in
any action brought under this Section will be limited to claims under this
Section, and all other claims or counterclaims under other provisions of this
Agreement will be excluded.

     In addition, the Executive has signed and is bound by the terms of the
Corporation's "Employee Inventions and Proprietary Information Agreement". To
the extent that the provisions of such agreement conflict with this Agreement,
the terms of this Agreement will be controlling.

     12. NON-COMPETITION. In consideration of the compensation and other
benefits to be paid to the Executive under and in connection with this
Agreement, the Executive agrees that, beginning on the date of this Agreement
and continuing until the Covenant Expiration Date (as defined in Subsection (b)
below), he will not, directly or indirectly, for his own account or as agent,
employee, officer, director, trustee, consultant, partner, stockholder or equity
owner of any corporation or any other entity (except that he may passively own
securities constituting less than 1% of any class of securities of a public
company), or member of any firm or otherwise, (i) engage or attempt to engage,
in the Restricted Territory (as defined in Subsection (d) below), in any
business activity which is directly or indirectly competitive with the business
conducted by the Corporation or any Affiliate at the Reference Date (as defined
in Subsection (c) below), (ii) employ or solicit the employment of any person
who is employed by the Corporation or any Affiliate at the Reference Date or at
any time during the six-month period preceding the Reference Date, except that
the Executive will be free to employ or solicit the employment of any such
person whose employment with the Corporation or any Affiliate has

                                      -8-
<PAGE>

terminated for any reason (without any interference from the Executive) and who
has not been employed by the Corporation or any Affiliate for at least six (6)
months, (iii) canvass or solicit business in competition with any business
conducted by the Corporation or any Affiliate at the Reference Date from any
person or entity who during the six-month period preceding the Reference Date
was a customer of the Corporation or any Affiliate or from any person or entity
which the Executive has reason to believe might in the future become a customer
of the Corporation or any Affiliate as a result of marketing efforts, contacts
or other facts and circumstances of which the Executive is aware, (iv) willfully
dissuade or discourage any person or entity from using, employing or conducting
business with the Corporation or any Affiliate or (v) intentionally disrupt or
interfere with, or seek to disrupt or interfere with, the business or
contractual relationship between the Corporation or any Affiliate and any
supplier who during the six-month period preceding the Reference Date shall have
supplied components, materials or services to the Corporation or any Affiliate.

     Notwithstanding the foregoing, the restrictions imposed by this Section
shall not in any manner be construed to prohibit, directly or indirectly, the
Executive from serving as an employee or consultant of the Corporation or any
Affiliate.

     For purposes of this Agreement, the following terms have the meanings given
to them below:

     (a) "Affiliate" means any joint venture, partnership or subsidiary now or
hereafter directly or indirectly owned or controlled by the Corporation. For
purposes of clarification, an entity shall not be deemed to be indirectly or
directly owned or controlled by the Corporation solely by reason of the
ownership or control of such entity by shareholders of the Corporation.

     (b) "Covenant Expiration Date" means the date which is five (5) years after
his Termination Date (as defined in this Section).

     (c) "Reference Date" means (A) for purposes of applying the covenants set
forth in this Section at any time prior to the Termination Date, the then
current date, or (B) for purposes of applying the covenants set forth in this
Section at any time on or after the Termination Date, the Termination Date.

     (d) "Restricted Territory" means anywhere in the world where the
Corporation or any Affiliate conducts or plans to conduct the business of the
Corporation or any other business activity, as the case may be, at the Reference
Date.

     (e) "Termination Date" means the date of termination of the Executive's
employment with the Corporation; provided however that the Executive's
employment will not be deemed to have terminated so long as the Executive
continues to be employed or engaged as an employee or consultant of the
Corporation or any Affiliate, even if such employment or engagement continues
after the expiration of the term of this Agreement, whether pursuant to this
Agreement or otherwise.

                                      -9-
<PAGE>

     13. SUCCESSORS. This Agreement is personal to the Executive and may not be
assigned by the Executive other than by will or the laws of descent and
distribution. This Agreement will inure to the benefit of and be enforceable by
the Executive's legal representatives or successors in interest. Notwithstanding
any other provision of this Agreement, the Executive may designate a successor
or successors in interest to receive any amounts due under this Agreement after
the Executive's death. If he has not designated a successor in interest, payment
of benefits under this Agreement will be made to his wife, if surviving, and if
not surviving, to his estate. A designation of a successor in interest must be
made in writing, signed by the Executive, and delivered to the Corporation in
accordance with Section 17. Except as otherwise provided in this Agreement, if
the Executive has not designated a successor in interest, payment of benefits
under this Agreement will be made to the Executive's estate. This Section will
not supersede any designation of beneficiary or successor in interest made by
the Executive or provided for under any other plan, practice, or program of the
Corporation. This Agreement will inure to the benefit of and be binding upon the
Corporation and its successors and assigns. The Corporation will require any
successor (whether direct or indirect, by acquisition of assets, merger,
consolidation or otherwise) to all or substantially all of the operations or
assets of the Corporation or any successor and without regard to the form of
transaction used to acquire the operations or assets of the Corporation, to
assume and agree to perform this Agreement in the same manner and to the same
extent that the Corporation would be required to perform it if no succession had
taken place. As used in this Agreement, "Corporation" means the Corporation and
any successor to its operations or assets as set forth in this Section that is
required by this clause to assume and agree to perform this Agreement or that
otherwise assumes and agrees to perform this Agreement.

     14. BENEFIT CLAIMS. In the event the Executive, or his beneficiaries, as
the case may be, and the Corporation disagree as to their respective rights and
obligations under this Agreement, and the Executive or his beneficiaries are
successful in establishing, privately or otherwise, that his or their position
is substantially correct, or that the Corporation's position is substantially
wrong or unreasonable, or in the event that the disagreement is resolved by
settlement, the Corporation will pay all costs and expenses, including counsel
fees, which the Executive or his beneficiaries may incur in connection therewith
directly to the provider of the services or as may otherwise be directed by the
Executive or his beneficiaries. The Corporation will not delay or reduce the
amount of any payment provided for hereunder or setoff or counterclaim against
any such amount for any reason whatsoever; it is the intention of the
Corporation and the Executive that the amounts payable to the Executive or his
beneficiaries hereunder will continue to be paid in all events in the manner and
at the times herein provided. All payments made by the Corporation hereunder
will be final and the Corporation will not seek to recover all or any part of
any portion of any payments hereunder for any reason.

     15. FAILURE, DELAY OR WAIVER. No course of action or failure to act by the
Corporation or the Executive will constitute a waiver by the party of any right
or remedy under this Agreement, and no waiver by either party of any right or
remedy under this Agreement will be effective unless made in writing.

                                      -10-
<PAGE>

     16. 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.

     17. NOTICE. 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 four (4)
days after the date it is mailed) or (c) deposited with a reputable overnight
courier service (such couriered notice to be effective one (1) business day
after the date it is sent by courier) or (d) 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 a writing complying with this Section, delivered to the other
party):

     If to the Corporation:

              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:

              Hodgson, Russ, Andrews, Woods & Goodyear, LLP
              2000 One M&T Plaza
              Buffalo, New York  14203
              Attention:   Richard E. Heath, Esq. and Richard W. Kaiser, Esq.
              Telephone:   716-856-4000
              Telecopier:  716-849-0349

     If to the Executive:

              Dennis K. Williams
              153 South Beach Road
              Hobe Sound, Florida 33455
              Telephone:   772-545-2016
              Telecopier:  772-546-7978

                                      -11-
<PAGE>

     with a copy to:

              Kronish Lieb Weiner & Hellman, LLP
              1114 Avenue of the Americas
              New York, New York  10036-7798
              Attention:   Paul M. Ritter, Esq.
              Telephone:   212-479-6000
              Telecopier:  212-479-6275

     18. MISCELLANEOUS. This Agreement (a) may not be amended, modified or
terminated orally or by any course of conduct pursued by the Corporation or the
Executive, but may be amended, modified or terminated only by a written
agreement duly executed by the Corporation and the Executive, (b) is binding
upon and inures to the benefit of the Corporation and the Executive and each of
their respective heirs, representatives, successors and assignees, except that
the Executive may not assign any of his rights or obligations pursuant to this
Agreement, (c) except as provided in Sections 4 and 11 of this Agreement,
constitutes the entire agreement between the Corporation 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 such subject matter including, but not limited
to, the Employment Agreement and the Severance Agreement letter between the
Corporation and the Executive dated April 14, 2000, and (d) will be governed by,
and interpreted and construed in accordance with, the laws of the State of
Illinois, without regard to principles of conflicts of law.

     19. TERMINATION OF THIS AGREEMENT. This Agreement will terminate when the
Corporation has made the last payment provided for hereunder; provided, however,
that the obligations set forth under Sections 8, 11, 12, and 14 of this
Agreement will survive any termination and will remain in full force and effect.

     20. CONTINUATION OF OTHER AGREEMENTS. Except as specifically amended by
this Agreement, the following preexisting agreements between the Corporation and
the Executive shall remain in full force and effect and their survival will not
be affected by the termination of this Agreement : (i) Restricted Stock Award,
(ii) Stock Option Award Agreements, (ii) Indemnity Agreement, and (iv) Employee
Inventions and Proprietary Information Agreement.

     21. 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 page by
overnight mail.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -12-
<PAGE>

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the
date first above written.

                                      IDEX CORPORATION

                                      By:
                                          -------------------------------------
                                           Frank J. Notaro
                                           Vice President - General Counsel
                                               and Secretary

                                      EMPLOYEE

                                      -----------------------------------------
                                      Dennis K. Williams

                                      -13-

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