Document:

EX-10.17

 Exhibit 10.17 

 

			
	

	 	 IDEX CORPORATION
 630
Dundee Rd., Suite 400
 Northbrook, IL 60062-2745
 (847) 498-7070

 PERSONAL AND CONFIDENTIAL 
 VIA EMAIL 
 September 19, 2005

 Mr. Michael J. Yates 

Dear Mike: 
 We are pleased to
confirm our offer to you for the position of Vice President — Controller for IDEX Corporation. The position will be based at the corporate headquarters in Northbrook, Illinois. In this position, you will report directly to Dominic Romeo, Vice
President and Chief Financial Officer. 
 The following terms apply: 

 

	 	•	 	 Your annual base salary will be $185,000, payable on a biweekly basis at the rate of $7,115.39 per pay period. You will be eligible for a review of
your salary with consideration for an increase on January 1, 2006. While we hope that you have a long and mutually beneficial relationship with IDEX, your employment will not be for any fixed term or definite period and may be terminated at any
time. 

  

	 	•	 	 You will be eligible for participation in our Management Incentive Compensation Plan (MICP), which provides an annual incentive earnings opportunity
based on company and personal performance. You will be placed in Salary Range 22 with a target level of incentive compensation of 50% of your annual base pay in effect at the beginning of the plan year. The actual payout under the plan could be from
0% to 130% of base salary depending upon the performance of IDEX and your individual performance. In addition, we will guarantee that your prorata 2005 MICP award will be no less than $30,000. 

 

	 	•	 	 You will be eligible for the full range of benefits for IDEX employees at the Northbrook headquarters, including the IDEX Defined Contribution
Retirement Plan, IDEX Corporation Supplemental Executive Retirement Plan (benefits in excess of the IRS limits for qualified retirement plans), 401(k) IDEX Savings Plan, medical and dental coverage, short-term and long-term disability coverage, life
insurance, and enhanced one million-dollar business travel accident coverage. A ChoiceComp folder describing our flexible benefit plan is enclosed. You will be eligible for medical coverage on the first of the month following your employment date.

  

	 	•	 	 Subject to approval of our Board of Directors, we expect to award you annual equity grants under the IDEX Incentive Award Plan. This plan is designed
to provide an incentive and reward to key employees who are in a position to make substantial contributions to the success of the company. A combination of stock options and restricted stock is normally awarded to Officers at the Annual
Shareholders’ Meeting in March. 

 Letter to Mr. Michael J. Yates 
 September 19, 2005 
 Page Two 

 

	 	 
For the March 2006 grant, we will recommend to the Board of Directors that you shall receive the equivalent of a minimum of 12,000 stock options, which approximates $150,000 in expected value,
with a portion delivered in restricted stock at a conversion rate of approximately 3 to 1. 

  

	 	•	 	 Effective January 1, 2006, you will be eligible to participate in the IDEX Deferred Compensation Plan for Officers, which provides an alternative
to defer income and subsequent earnings on that income until after retirement. 

  

	 	•	 	 As an IDEX officer, you are eligible to use a company-provided car under the IDEX Car Policy with a target value of $34,000 including tax, title, and
license. You will be subject to taxable income for the personal use of this car under current IRS regulations. We will assist you to place the order through Wheels, Inc., which supplies our company cars. Alternatively, you may opt for a car
allowance of $900 per month, if you prefer. 

  

	 	•	 	 You will be eligible for three (3) weeks of vacation annually. Additionally, the IDEX Holiday schedule typically contains 14 paid holidays, which
include a shutdown period during the December holiday season. 

  

	 	•	 	 As a special sign-on incentive, an initial equity grant will be awarded to you on your start date in the amount of 1,500 shares of restricted stock and
5,000 stock options. The initial price at which the options are granted will be the fair market value on the day immediately prior to the effective date of the grant. Option vesting will occur ratably over four years; restricted shares will cliff
vest on the fourth anniversary of the grant. 

  

	 	•	 	 A one-time signing bonus of $20,000, less appropriate deductions for taxes, will be payable within 30 days of employment. Should you voluntarily
terminate your employment from IDEX within 12 months of your hire, you will be required to repay this amount in full. 

  

	 	•	 	 As discussed with you, we expect that IDEX will continue to grow and prosper as an independent publicly-owned company. However, in the event of a
“Change in Control,” as defined in the 2005 Incentive Award Plan, that results in your termination from service within 24 months of the Change in Control, the Company would be obligated to pay your salary at the rate then in effect and
your then current target MICP bonus for a minimum of 24 months following the date of termination. This payment would not be applicable in the event of your resignation. 

This offer of employment is subject to your satisfactory completion of a drug and alcohol abuse-screening test and a routine background
screening. 
 At IDEX we have a strong standard of conduct and ethics policy, a copy of which is enclosed. Immediately upon
accepting employment, we ask that you sign a statement indicating that you have read the policy and will abide by it. 

 Letter to Mr. Michael J. Yates 
 September 19, 2005 
 Page Three 
  
 The company does require that all salaried employees agree to and sign a Confidentiality and Invention
Agreement. A copy is enclosed. 
 Two copies of this offer letter are enclosed. Please indicate your acceptance of this offer by
signing on the line provided below and return a signed copy to me. 
 Mike, we have discussed some of the critical challenges
and opportunities that our team faces. We are confident that your leadership skills and experience can make a significant contribution to the success of IDEX, and that this position can be a positive professional step for you. 

 

	
	Sincerely,
	
	 /s/ Kimberly Bors

	Kimberly Bors

  

			
	 /s/ Michael J. Yates
	  	 9/21/05

	Acceptance of Employment Offer	  	Date
	Michael J. Yates	  	

  

	c:	D. Romeo 

	 	L. Kingsley 

 Enclosures: 

 

	 	•	 	 ChoiceComp Benefits Booklet 

  

	 	•	 	 IDEX 401 (k) Plan Summary 

  

	 	•	 	 Ethics policy 

  

	 	•	 	 Ethics acknowledgement form 

  

	 	•	 	 Confidentiality AgreementEX-10.18

 Exhibit 10.18 

 

			
	

	  	 Lawrence D. Kingsley
 Chairman and Chief Executive Officer

 IDEX Corporation 

1925 West Field Court 
 Suite 200 

Lake Forest, Illinois 60045-4824 
 United States

 www.idexcorp.com 

September 30, 2010 
 Michael Yates

 IDEX Corporation 
 1925 W. Field
Court 
 Lake Forest, IL 60045 
 Dear
Mike: 
 As part of our ongoing review of our executive compensation programs, IDEX Corporation seeks to ensure that executives are provided
market competitive protection benefits. 
 Based upon the results of that review, and while we fully expect that IDEX will continue to grow and
prosper as an independent publicly-traded company, we are offering the following levels of benefit based upon your role as Chief Accounting Officer for IDEX Corporation in the case of unforeseen circumstances. 

 

	 	•	 	 If, in the future, your employment with IDEX Corporation is terminated without cause (“cause” defined as willful misconduct or fraudulent
behavior), IDEX will pay you twelve (12) months’ base salary at the then current monthly base rate plus your targeted annual incentive bonus (MICP or equivalent plan) in a lump sum in exchange for a signed release within 50 days of your
termination. Such benefit will not be applicable in the event of your voluntary termination. 

  

	 	•	 	 All other provisions of your current IDEX compensation and benefits programs remain the same. 

Please indicate your acceptance of these provisions below. 
 Mike, we appreciate your contributions to IDEX and wish you continuing success. 
 Sincerely,

  

	
	 /s/ Lawrence D.Kingsley

	 Lawrence D.Kingsley

Chairman and Chief Executive Officer
 IDEX Corporation

  
  

 

			
	 /s/ Michael Yates
	    	 10/4/10

	Acceptance of Provisions	    	Date
	Michael Yates2010 Equity Incentive Plan

 Exhibit 10.23 
 TECO ENERGY, INC. 
 2010 EQUITY INCENTIVE PLAN 

Restricted Stock Agreement 
 TECO Energy, Inc. (the “Company”) and                 (the “Grantee”) have entered
into this Restricted Stock Agreement (the “Agreement”) dated May 4, 2011 under the Company’s 2010 Equity Incentive Plan (the “Plan”). Capitalized terms not otherwise defined herein have the meanings given
to them in the Plan. 
 1. Grant of Restricted Stock. Pursuant to the Plan and subject to the terms and conditions set
forth in this Agreement, the Company hereby grants, issues and delivers to the Grantee 3,000 shares of its Common Stock (the “Restricted Stock”). 
 2. Restrictions on Stock. Until the restrictions terminate under Section 3, unless otherwise determined by the Board: 
 (a) the Restricted Stock may not be sold, assigned, pledged or transferred by the Grantee; and 
 (b) all shares of Restricted Stock will be forfeited and returned to the Company if the Grantee ceases to be a Director of the Company. 

3. Termination of Restrictions. The restrictions on all shares of Restricted Stock will terminate on the earliest to occur of the
following events: 
 (a) on the first anniversary of the date of this Agreement, 

(b) upon the completion of Grantee’s term on the Board after reaching the age at which reelection is not considered appropriate, as
such age is specified in the Company’s Corporate Governance Guidelines, or upon a resignation from the Board under such circumstances that the Board determines in its sole discretion that the removal of restrictions is appropriate; or

 (c) the Grantee’s death. 
 4. Rights as Shareholder. Subject to the restrictions and other limitations and conditions provided in this Agreement, the Grantee as owner of the Restricted Stock will have all the rights of a
shareholder, including but not limited to the right to receive all dividends paid on, and the right to vote, such Restricted Stock. 
 5. Book Entry. The Restricted Stock will be registered in the name of the Grantee and held by the Company’s transfer agent in uncertificated form in a restricted account. Upon the termination
of the restrictions imposed under this Agreement as to any shares of Restricted Stock held by the Company’s transfer agent hereunder, the Company will cause the unrestricted shares to be transferred electronically to Grantee’s brokerage
account (or to the account of such Grantee’s legal representative, beneficiary or heir). 

 6. Adjustment of Terms. In the event of corporate transactions affecting the
Company’s outstanding Common Stock, the Board will equitably adjust the number and kind of shares subject to this Agreement to the extent provided by the Plan. 
 7. Notice of Election Under Section 83(b). If the Grantee makes an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, he or she will provide a copy thereof to
the Company within thirty days of the filing of such election with the Internal Revenue Service. 
 8. The Board. Any
determination by the Board under, or interpretation of the terms of, this Agreement or the Plan will be final and binding on the Grantee. 
 9. Limitation of Rights. The Grantee will have no right to be retained as a director of the Company by virtue of this grant of Restricted Stock. 

10. Amendment. The Company may amend, modify or terminate this Agreement, including substituting another Award of the same or a
different type and changing the date of realization, provided that the Grantee’s consent to such action will be required unless the action, taking into account any related action, would not adversely affect the Grantee. 

11. Governing Law. This Agreement will be governed by and interpreted in accordance with the laws of Florida. 

 

			
	TECO ENERGY, INC.
		
	By:	 	 /s/ David E. Schwartz

		 	David E. Schwartz
		 	Secretary
		 	
		
		 	

  
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