Document:

Exhibit 10.2

 

 

July 28, 2021

 

Newton W. Wilson III

 

		Re:	Participation Agreement – ProPetro Services, Inc. Second Amended and Restated Executive Severance
Plan

 

Dear Trey:

 

We are pleased to inform you
that you have been designated as eligible to participate in the ProPetro Services, Inc. Second Amended and Restated Executive Severance
Plan (as it may be amended from time to time, the “Plan”) as a Tier 2 Executive. Pursuant to your participation
in the Plan, you are eligible to receive certain payments upon a Qualifying Termination, your death, or your Disability.

 

Your participation in the
Plan is subject to the terms and conditions of the Plan and your execution and delivery of this agreement, which constitutes a Participation
Agreement (as defined in the Plan). A copy of the Plan is attached hereto as Annex A and is incorporated herein and deemed to be
part of this Participation Agreement for all purposes.

 

In signing below, you expressly
agree to be bound by, and promise to abide by, the terms of the Plan, which sets forth certain obligations with respect to post-termination
cooperation. You agree that the terms of the Plan are reasonable in all respects. You further acknowledge that receipt of severance benefits
following a Qualifying Termination under the Plan is contingent upon your execution of a general release of claims at the time of such
Qualifying Termination and continued compliance with your obligations pursuant to any other written agreement between you and any member
of the Company Group, including the restrictive covenants set forth in the award agreements entered into with the Company pursuant to
the Incentive Plan.

 

You acknowledge and agree
that the Plan and this Participation Agreement supersede all prior employment agreements or letters containing change in control and/or
severance provisions, change in control and/or severance benefit policies, plans and arrangements of the Company or any other member of
the Company Group, if any, (and supersede all prior oral or written communications by the Company or any of other member of the Company
Group with respect to change in control benefits or severance benefits, if any), and any such prior policies, plans, arrangements and
communications are hereby null and void and of no further force and effect with respect to your participation therein. Notwithstanding
the termination of all prior agreements pertaining to change in control and/or severance provisions, you acknowledge and agree that your
Awards (as defined in the 2020 Incentive Plan and the 2017 Incentive Plan, as applicable) will continue to be governed by the terms of
the 2020 Incentive Plan and the 2017 Incentive Plan, as applicable, and the award agreements thereunder, and your obligation to continue
to comply with your obligations pursuant to the award agreements under the 2020 Incentive Plan and the 2017 Incentive Plan will survive
the termination of all prior agreements pertaining to change in control and/or severance provisions.

 

 

    1

     

    

 

 

 

You acknowledge and agree
that all obligations of the Company and its affiliates pursuant to that certain Employment Agreement entered into as of September 25,
2019, by and between you and the Company (the “Employment Agreement”) have been fully and finally satisfied
and, except as provided in the last sentence of this paragraph, the Employment Agreement was terminated effective as of March 30, 2020
and that neither the Company nor any other person or entity has any other future obligations to you thereunder. Notwithstanding the termination
of the Employment Agreement, you acknowledge and agree that your obligation to continue to comply with your obligations pursuant to Sections
7, 8, and 9 of the Employment Agreement, will survive the termination of the Employment Agreement according to their respective terms.

 

You further acknowledge and
agree that (i) you have fully read, understand and voluntarily enter into this Participation Agreement and (ii) you have had a sufficient
opportunity to consult with your personal tax, financial planning advisor and attorney about the tax, financial and legal consequences
of your participation in the Plan before signing this Participation Agreement.

 

Unless otherwise defined herein,
capitalized terms used in this Participation Agreement shall have the meanings set forth in the Plan. This Participation Agreement may
be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one
and the same instrument.

 

Please execute this Participation
Agreement in the space provided below and send a fully executed copy to Roxana Hernandez no later than August 6, 2021.

 

[Signature Page Follows]

 

 

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	 	Sincerely,
	 	 
	 	PROPETRO
Services, inc. 
	 	 
	 	By:	/s/ Phillip A. Gobe
	 	 
	 	Name:  	Phillip A. Gobe
	 	 
	 	Title:	Chief Executive Officer

 

	AGREED AND ACCEPTED	 	 
	 	 	 
	this 28th day of July, 2021 by:	 	 
	 	 	 
	/s/ Newton W. Wilson III	 	 
	Newton W. Wilson III	 	 

 

SIGNATURE PAGE TO 

PARTICIPATION AGREEMENT

 

    

     

    

 

ANNEX A

 

PROPETRO SERVICES, INC. 

SECOND AMENDED AND RESTATED EXECUTIVE SEVERANCE
PLAN

 

[See attached.]

 

ANNEX A

 

     

     

    

 

PROPETRO SERVICES, INC.

SECOND AMENDED AND RESTATED EXECUTIVE SEVERANCE
PLAN 

 

1.                 
Purpose. ProPetro Services, Inc. (the “Company”), has adopted the ProPetro Services, Inc.
Second Amended and Restated Executive Severance Plan (the “Plan”) to provide severance pay to Eligible Executives
(as defined below) who experience a Qualifying Termination (as defined below) on or after October 23, 2020 (the “Effective
Date”). The Plan is intended to be maintained primarily for the purposes of providing benefits for a select group of management
or highly compensated employees and is intended to be a top hat welfare benefit plan under ERISA.

 

2.                 
Definitions. For purposes of the Plan, the following terms shall have the respective meanings set forth below:

 

(a)              
“2017 Incentive Plan” means the ProPetro Holding Corp. 2017 Incentive Award Plan, as the same may be
amended, restated or otherwise modified from time to time or any successor plan thereto.

 

(b)              
“2020 Incentive Plan” means the ProPetro Holding Corp. 2020 Long Term Incentive Plan, as the same may
be amended, restated or otherwise modified from time to time or any successor plan thereto.

 

(c)              
“Accrued Amounts” means (i) all accrued and unpaid Base Salary through the Date of Termination and all
paid time off accrued but unused as of the Date of Termination, which shall be paid within seven business days following the Date of Termination
(or earlier if required by applicable law); (ii) reimbursement for all incurred but unreimbursed expenses for which an Eligible Executive
is entitled to reimbursement in accordance with the expense reimbursement policies of the Company in effect as of the Date of Termination;
and (iii) benefits to which an Eligible Executive may be entitled pursuant to the terms of any plan or policy sponsored by the Company
or any of its Affiliates as in effect from time to time.

 

(d)              
“Affiliate” means with respect to any person, any other person that directly or indirectly through one
or more intermediaries controls, is controlled by or is under common control with, the person in question. As used herein, the term “control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether
through ownership of voting securities, by contract or otherwise.

 

(e)              
“Applicable March 15” means March 15 of the calendar year following the calendar year in which the Date
of Termination occurs.

 

(f)               
“Applicable Severance Multiple” means (i) with respect to each Tier 1 Executive, 2.0; (ii) with respect
to each Tier 2 Executive, 1.5; and (iii) with respect to each Tier 3 Executive, 1.0.

 

(g)              
“Applicable CIC Severance Multiple” (i) with respect to each Tier 1 Executive, 3.0; (ii) with respect
to each Tier 2 Executive, 2.0; and (iii) with respect to each Tier 3 Executive, 1.5.

 

     

     

    

 

(h)              
 “Base Salary” means the amount an Eligible Executive is entitled to receive as base salary on an annualized
basis, calculated as of the Date of Termination, including any amounts that an Eligible Executive could have received in cash had he not
elected to contribute to an employee benefit plan maintained by the Company, but excluding all annual cash incentive awards, bonuses,
equity awards, and incentive compensation payable by the Company as consideration for an Eligible Executive’s services.

 

(i)                
“Board” means the Board of Directors of ProPetro Holding Corp.

 

(j)                
“Cause” means (i) an Eligible Executive’s material breach of the Plan or any written agreement
between such Eligible Executive and any member of the Company Group, including such Eligible Executive’s material breach of any
representation, warranty, or covenant made under any such agreement; (ii) an Eligible Executive’s material breach of any policy
or code of conduct established by any member of the Company Group and applicable to such Eligible Executive; (iii) an Eligible Executive’s
violation of any law applicable to the workplace (including any law regarding anti-harassment, anti-discrimination, or anti-retaliation);
(iv) an Eligible Executive’s gross negligence, material misconduct reflecting negatively on the Company, breach of fiduciary duty,
fraud, theft, or embezzlement; (v) the conviction by a court of competent jurisdiction of an Eligible Executive for, or plea of nolo
contendere by an Eligible Executive to, any felony (or state law equivalent) or any crime involving moral turpitude; (vi) an Eligible
Executive’s material failure or refusal, other than due to Disability, to perform such Eligible Executive’s duties or to follow
any lawful directive from the Board or an officer of the Company, as determined by the Committee; (vii) an Eligible Executive’s
unlawful use (including being under the influence) or possession of illegal drugs on the Company’s premises or while performing
Employee’s duties and responsibilities hereunder; (viii) failure of an Eligible Executive, in connection with his or her work on
behalf of the Company Group, to exercise that degree of care, skill, and diligence as employees of ordinary skill and knowledge commonly
possess and exercise; or (ix) the failure of an Eligible Executive to act with undivided loyalty on behalf of the Company Group. For items
(i), (vi) and (viii) above, such item will not be considered a breach unless the Company provides an Eligible Executive written notice
of the existence of such condition(s) within 30 days after the Committee becomes aware of such condition(s) and the condition(s) specified
in such notice are not corrected for 15 days following such Eligible Executive’s receipt of such written notice; provided, however,
that an Eligible Executive shall not be provided with an opportunity to correct such condition(s) if the Committee determines, in its
sole and absolute discretion, that such condition(s) cannot be corrected.

 

(k)              
“Change in Control” has the meaning assigned to such term in the 2020 Incentive Plan, as in effect from
time to time.

 

(l)                
“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

 

(m)            
“COBRA Continuation Period” means the period beginning on the first day of the first calendar month following
such Eligible Executive’s Date of Termination and continuing until the earliest to occur of: (i)(a) 18 months following the Date
of Termination for a Tier 1 Executive and (b) 12 months following the Date of Termination for a Tier 2 Executive and a Tier 3 Executive;
(ii) the time such Eligible Executive becomes eligible to be covered under a group health plan sponsored by another employer (and such
Eligible Executive shall promptly notify the Company in the event that such Eligible Executive becomes so eligible) and (iii) the date
such Eligible Executive is no longer eligible to receive COBRA continuation coverage.

 

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(n)              
“Code” means the Internal Revenue Code of 1986.

 

(o)              
“Committee” means the Compensation Committee of the Board or such other committee designated by the Board
to administer the Plan.

 

(p)              
“Company Group” means ProPetro Holding Corp., the Company, and each of their respective direct and indirect
subsidiaries as may exist from time to time.

 

(q)              
“Date of Termination” means the effective date of the termination of an Eligible Executive’s employment
with the Company and its Affiliates, as applicable, such that the Eligible Executive is no longer employed by the Company or any of its
Affiliates.

 

(r)               
“Disability” means an Eligible Executive is unable to perform the essential functions of such Eligible
Executive’s position (after accounting for reasonable accommodation, if applicable and required by applicable law), due to physical
or mental impairment or other incapacity that continues, or can reasonably be expected to continue, for a period in excess of 120 consecutive
days or 180 days, whether or not consecutive (or for any longer period as may be required by applicable law), in any 12-month period.
 The determination of whether an Eligible Executive has incurred a Disability shall be made in good faith by the Board.

 

(s)               
“Eligible Executive” means any employee of the Company or an Affiliate of the Company who (i) is designated
by the Committee as an “Eligible Executive” who is eligible to participate in the Plan; (ii) has executed and returned a Participation
Agreement to the Company; (iii) is not covered under any other severance plan, policy, program or arrangement sponsored or maintained
by the Company or any of its Affiliates; and (iv) is not a party to an employment or severance agreement with the Company or any of its
Affiliates pursuant to which such employee is eligible for severance payments or benefits. The Committee shall have the sole discretion
to determine whether an employee is an Eligible Executive. Eligible Executives shall be limited to a select group of management or highly
compensated employees within the meaning of Sections 201, 301 and 401 of ERISA.

 

(t)                
“ERISA” means the Employee Retirement Income Security Act of 1974.

 

(u)              
“Good Reason” means (i) a material diminution in an Eligible Executive’s Base Salary or authority,
duties, and responsibilities with the Company or its subsidiaries, including his or her removal as an officer of the Company; provided,
however, that if the Eligible Executive is serving as an officer or member of the board of directors (or similar governing body) of
any member of the Company Group, in no event shall the removal of the Eligible Executive as an officer or board member of such member
of the Company Group, other than the Company, regardless of the reason for such removal, constitute Good Reason; provided, further,
that a reduction in an Eligible Executive’s Base Salary in connection with a general reduction in base salaries that affects all
similarly situated employees of the Company in substantially the same proportions will not constitute Good Reason; provided, further,
that a temporary reduction in an Eligible Executive’s authority, duties, and responsibilities in connection with any internal investigation
by the Company, including an investigation into whether circumstances constituting Cause exist, shall not constitute Good Reason; (ii)
a material breach by the Company of any of its obligations under the Plan; or (iii) the relocation of the geographic location of an Eligible
Executive’s principal place of employment by more than 50 miles from the location of such Eligible Executive’s principal place
of employment as of the Effective Date. Notwithstanding the foregoing clauses (i), (ii) and (iii), any assertion by an Eligible Executive
of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (A) the condition described
in clauses (i), (ii) or (iii) giving rise to such Eligible Executive’s termination of employment must have arisen without such Eligible
Executive’s consent; (B) such Eligible Executive must provide written notice to the Committee of the existence of such condition(s)
within 30 days after the initial occurrence of such condition(s); (C) the condition(s) specified in such notice must remain uncorrected
for 30 days following the Committee’s receipt of such written notice; and (D) the date of such Eligible Executive’s termination
of employment must occur within 75 days after the initial occurrence of the condition(s) specified in such notice.

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(v)              
“Participation Agreement” means the participation agreement delivered to each Eligible Executive by the
Committee prior to his or her entry into the Plan evidencing the Eligible Executive’s agreement to participate in the Plan and to
comply with all terms, conditions and restrictions within the Plan.

 

(w)            
 “Prior Year Annual Bonus” means the amount of the annual cash bonus, if any, that an Eligible Executive
earned for the fiscal year of the Company immediately preceding the year in which the Date of Termination occurs.

 

(x)              
“Pro-Rata Annual Bonus” means an amount equal to an Eligible Executive’s Target Annual Bonus multiplied
by a fraction, the numerator of which is the number of days in such fiscal year during which such Eligible Executive was employed by the
Company and its Affiliates, and the denominator of which is 365; provided, however, the calculation of the Pro-Rata Annual Bonus
shall not take into account any temporary reduction in such Eligible Executive’s annualized base salary in connection with a general
reduction in base salaries that affects all similarly situated employees of the Company in substantially the same proportions, as determined
by the Committee in its sole discretion.

 

(y)              
“Qualifying Termination” means the termination of an Eligible Executive’s employment (i) by the
Company without Cause (which, for the avoidance of doubt, does not include a termination of employment due to death or Disability) or
(ii) due to an Eligible Executive’s resignation for Good Reason.

 

(z)              
“Release Consideration Period” means the period of 21 days or 45 days, as applicable, following the date
the Company provides the Eligible Executive with a general release of claims before the Eligible Executive must execute such release of
claims to fulfill the Release Requirement.

 

(aa)           
“Release Requirement” means the requirement that an Eligible Executive execute and deliver to the Company
a general release of claims, in a form acceptable to the Company, on or prior to the date that is 21 days following the date upon which
the Company delivers the release to an Eligible Executive (which shall occur no later than seven days following the Date of Termination)
or, in the event that such termination of employment is “in connection with an exit incentive or other employment termination program”
(as such phrase is defined in the Age Discrimination in Employment Act of 1967), the date that is 45 days following such delivery date.
Notwithstanding the foregoing or any other provision in the Plan to the contrary, the Release Requirement shall not be considered satisfied
if the release described in the preceding sentence is revoked by the Eligible Executive within any time provided by the Company for such
revocation.

 

    4

     

    

 

(bb)          
“Section 409A” means Section 409A of the Code and the U.S. Department of Treasury regulations and other
interpretive guidance issued thereunder.

 

(cc)           
“Severance Amount” means, with respect to an Eligible Executive, an amount equal to the product of (i)
the Applicable Severance Multiple or, in the event of a Qualifying Termination that occurs within the 12-month period following a Change
of Control, the Applicable CIC Severance Multiple and (ii) the sum of such Eligible Executive’s (A) Base Salary and (B) Target Annual
Bonus; provided, however, that for purposes of calculating the Severance Amount, neither the Base Salary nor the Target Annual
Bonus shall take into account any temporary reduction in such Eligible Executive’s annualized base salary in connection with a general
reduction in base salaries that affects all similarly situated employees of the Company in substantially the same proportions, as determined
by the Committee in its sole discretion.

 

(dd)          
“Target Annual Bonus” means the target amount of an Eligible Executive’s annual cash bonus immediately
prior to the Date of Termination, unless such Date of Termination occurs during the 12 months following a Change in Control, in which
case the Target Annual Bonus shall equal the target amount of an Eligible Executive’s annual cash bonus immediately prior to the
Change in Control.

 

(ee)           
“Tier” means an “Executive Tier” used for purposes of determining the level of severance
benefits an Eligible Executive is eligible to receive. Each Eligible Executive shall be designated by the Committee as a Tier 1 Executive,
Tier 2 Executive or a Tier 3 Executive.

 

3.                 
Administration of the Plan.

 

(a)              
Administration by the Committee. The Committee shall be responsible for the management and control of the operation and
the administration of the Plan, including interpretation of the Plan, decisions pertaining to eligibility to participate in the Plan,
computation of severance payments, granting or denial of severance claims and review of claims denials. The Committee has absolute discretion
in the exercise of its powers and responsibilities. For this purpose, the Committee’s powers shall include the following authority,
in addition to all other powers provided by the Plan:

 

(i)                
to make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan;

 

(ii)             
to interpret the Plan, the Committee’s interpretation thereof to be final and conclusive on all persons claiming payments
under the Plan;

 

(iii)           
to decide all questions concerning the Plan and the eligibility of any person to participate in the Plan;

 

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(iv)            
to make a determination as to the right of any person to a payment under the Plan (including to determine whether and when there
has been a termination of an Eligible Executive’s employment and the cause of such termination);

 

(v)              
to appoint such agents, counsel, accountants, consultants, claims administrator and other persons as may be required to assist
in administering the Plan;

 

(vi)            
to allocate and delegate its responsibilities under the Plan and to designate other persons to carry out any of its responsibilities
under the Plan, any such allocation, delegation or designation to be in writing;

 

(vii)         
to sue or cause suit to be brought in the name of the Plan; and

 

(viii)       
to obtain from the Company, its Affiliates and from Eligible Executives such information as is necessary for the proper administration
of the Plan.

 

(b)              
Indemnification of the Committee. The Company shall, without limiting any rights that the Committee may have under the Company’s
charter or bylaws, applicable law or otherwise, indemnify and hold harmless the Committee and each member thereof (and any other individual
acting on behalf of the Committee or any member thereof) against any and all expenses and liabilities arising out of such person’s
administrative functions or fiduciary responsibilities, excepting only expenses and liabilities arising out of the person’s own
gross negligence or willful misconduct. Expenses against which such person shall be indemnified hereunder include the amounts of any settlement,
judgment, attorneys’ fees, costs of court, and any other related charges reasonably incurred in connection with a claim, proceeding,
settlement, or other action under the Plan.

 

(c)              
Compensation and Expenses. The Committee shall not receive additional compensation with respect to services for the Plan.
To the extent required by applicable law, but not otherwise, the Committee shall furnish bond or security for the performance of their
duties hereunder. Any expenses properly incurred by the Committee incident to the administration, termination or protection of the Plan,
including the cost of furnishing bond, shall be paid by the Company.

 

4.                 
Eligibility. Only individuals who are Eligible Executives may participate in the Plan. The Committee has full and
absolute discretion to determine which employees of the Company and its Affiliates are Eligible Executives. Once an employee has been
designated as an Eligible Executive, he or she shall automatically continue to be an Eligible Executive until he or she ceases to be an
employee or is removed as an Eligible Executive by the Committee; provided, however, that if an employee is an Eligible Executive
as of the date of a Change in Control, then he or she may not be removed as an Eligible Executive by the Committee during the 12-month
period following the date of such Change in Control. For the avoidance of doubt, the Committee may determine that an employee who was
previously designated as an Eligible Executive shall no longer be an Eligible Executive any time prior to a Change in Control or any time
after the one-year anniversary of a Change in Control. The Plan shall supersede all prior practices, policies, agreements, procedures
and plans relating to severance payments from the Company and its Affiliates with respect to the Eligible Executives; provided, however,
that the terms and provisions of the 2020 Incentive Plan, the 2017 Incentive Plan, the ProPetro Holding Corp. 2013 Stock Option Plan,
and the award agreements under each such plan shall continue to govern the equity-based awards granted under such plans to an Eligible
Executive following such Eligible Executive’s termination of employment.

 

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5.                 
Plan Benefits.

 

(a)              
Qualifying Termination. If an Eligible Executive’s employment with the Company and, as applicable, each of its Affiliates,
ends due to a Qualifying Termination, then such Eligible Executive shall be entitled to receive the Accrued Amounts, and so long as such
Eligible Executive satisfies the Release Requirement, abides by the terms of Section 7 below and continues to abide by the terms
of all other written agreements between such Eligible Executive and any member of the Company Group, including the restrictive covenants
set forth in the award agreements entered into between the Company and such Eligible Executive pursuant to the 2017 Incentive Plan and
the 2020 Incentive Plan, as applicable, such Eligible Executive shall also be entitled to receive:

 

(i)                
A cash payment equal to the Severance Amount payable in a lump-sum on or prior to the Company’s first regularly scheduled
pay date that occurs on or after the 14th day following the Release Consideration Period, but in no event later than 75 days following
the Date of Termination;

 

(ii)             
 If the Prior Year Annual Bonus has not yet been paid to the Eligible Executive, the Prior Year Annual Bonus, payable in a lump
sum at the time annual bonuses for such prior fiscal year of are paid to executives of the Company, but in no event later than the Applicable
March 15; and

 

(iii)           
If such Eligible Executive timely and properly elects to continue coverage for such Eligible Executive and such Eligible Executive’s
spouse and eligible dependents, if any, under the Company’s group health plans pursuant to COBRA, then the Company shall promptly
reimburse the Eligible Executive for the amount by which the premiums paid to effectuate such coverage during the COBRA Continuation Period
exceeds the amount of the employee contribution that active executive employees of the Company pay for the same or similar coverage under
such group health plans during the same period, less applicable taxes and withholdings (the “COBRA Benefit”).
Each payment of the COBRA Benefit shall be paid to the Eligible Executive on the Company’s first regularly scheduled pay date in
the calendar month immediately following the calendar month in which the Eligible Executive submits to the Company documentation of the
applicable premium payment having been paid by the Eligible Executive, which documentation shall be submitted by the Eligible Executive
to the Company within 30 days following the date on which the applicable premium payment is paid. Notwithstanding anything in the preceding
provisions of this Section 5(a)(iii) to the contrary, (A) the election of COBRA continuation coverage and the payment of any
premiums due with respect to such COBRA continuation coverage will remain such Eligible Executive’s sole responsibility, and the
Company will assume no obligation for payment of any such premiums relating to such COBRA continuation coverage and (B) if the provision
of the benefit described in this Section 5(a)(iii) cannot be provided in the manner described above without penalty, tax, or other
adverse impact on the Company, then the Company and such Eligible Executive shall negotiate in good faith to determine an alternative
manner in which the Company may provide a substantially equivalent benefit to such Eligible Executive without such adverse impact on the
Company.

 

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(b)              
Qualifying Termination Following a Change in Control. If an Eligible Executive’s employment with the Company and,
as applicable, each of its Affiliates, ends due to a Qualifying Termination within 12 months following a Change in Control, then such
Eligible Executive shall be entitled to receive the Accrued Amounts, and so long as such Eligible Executive satisfies the Release Requirement,
abides by the terms of Section 7 below and continues to abide by the terms of all other written agreements between such Eligible
Executive and any member of the Company Group, such Eligible Executive shall also be entitled to receive:

 

(i)                
A cash payment equal to the Severance Amount payable in a lump-sum on or prior to the Company’s first regularly scheduled
pay date that occurs on or after the 14th day following the Release Consideration Period, but in no event later than 75 days following
the Date of Termination;

 

(ii)             
 If the Prior Year Annual Bonus has not yet been paid to the Eligible Executive, the Prior Year Annual Bonus, payable in a lump
sum at the time annual bonuses for such prior fiscal year of are paid to executives of the Company, but in no event later than the Applicable
March 15;

 

(iii)           
The Pro-Rata Annual Bonus for the fiscal year of the Company in which the Date of Termination occurs, payable in a lump sum on
or prior to the Company’s first regularly scheduled pay date that occurs on or after the 14th day following the Release Consideration
Period, but in no event later than 75 days following the Date of Termination; and

 

(iv)            
If such Eligible Executive timely and properly elects to continue coverage for such Eligible Executive and such Eligible Executive’s
spouse and eligible dependents, if any, under the Company’s group health plans pursuant to COBRA, then the Company shall promptly
reimburse the Eligible Executive for the full amount of the premiums paid to effectuate such coverage during the COBRA Continuation Period,
less applicable taxes and withholdings (the “CIC COBRA Benefit”). Each payment of the CIC COBRA Benefit shall
be paid to the Eligible Executive on the Company’s first regularly scheduled pay date in the calendar month immediately following
the calendar month in which the Eligible Executive submits to the Company documentation of the applicable premium payment having been
paid by the Eligible Executive, which documentation shall be submitted by the Eligible Executive to the Company within 30 days following
the date on which the applicable premium payment is paid. Notwithstanding anything in the preceding provisions of this Section 5(b)(iv)
to the contrary, (A) the election of COBRA continuation coverage and the payment of any premiums due with respect to such COBRA continuation
coverage will remain such Eligible Executive’s sole responsibility, and the Company will assume no obligation for payment of any
such premiums relating to such COBRA continuation coverage and (B) if the provision of the benefit described in this Section 5(b)(iv)
cannot be provided in the manner described above without penalty, tax, or other adverse impact on the Company, then the Company and such
Eligible Executive shall negotiate in good faith to determine an alternative manner in which the Company may provide a substantially equivalent
benefit to such Eligible Executive without such adverse impact on the Company.

 

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(c)              
Termination as a Result of Death or Disability. In the event an Eligible Executive’s employment with the Company and,
as applicable, each of its Affiliates, ends due to such Eligible Executive’s death or Disability, such Eligible Executive shall
be entitled to receive the Accrued Amounts, and so long as such Eligible Executive satisfies the Release Requirement, abides by the terms
of Section 7 below and continues to abide by the terms of all other written agreements between such Eligible Executive and any
member of the Company Group, such Eligible Executive shall also be entitled to receive:

 

(i)                
If the Prior Year Annual Bonus has not yet been paid to the Eligible Executive, the Prior Year Annual Bonus, payable in a lump
sum at the time annual bonuses for such prior fiscal year of are paid to executives of the Company, but in no event later than the Applicable
March 15; and

 

(ii)             
A Pro-Rata Annual Bonus for the fiscal year of the Company in which the Date of Termination occurs, payable in a lump sum on or
prior to the Company’s first regularly scheduled pay date that occurs on or after the 14th day following the Release Consideration
Period, but in no event later than 75 days following the Date of Termination.

 

(d)              
Other Non-Qualifying Terminations of Employment. If an Eligible Executive’s employment with the Company and each of
its Affiliates terminates other than pursuant to a Qualifying Termination or due to the Eligible Executive’s death or Disability,
then all compensation and benefits to such Eligible Executive shall terminate contemporaneously with such termination of employment, except
that such Eligible Executive shall be entitled to the Accrued Amounts.

 

(e)              
After-Acquired Evidence. Notwithstanding any provision of the Plan to the contrary, in the event that the Company determines
that an Eligible Executive is eligible to receive the payments or benefits other than the Accrued Obligations pursuant to Section 5
but, after such determination, the Company subsequently acquires evidence or determines that: (i) such Eligible Executive has failed to
abide by the terms Section 7 below or the terms of any other written agreement between such Eligible Executive and any member of
the Company Group; or (ii) a Cause condition existed prior to the Date of Termination that, had the Company been fully aware of such condition,
would have given the Company the right to terminate such Eligible Executive’s employment for Cause, then the Company shall have
no obligation to pay any amount in excess of the Accrued Obligations, and such Eligible Executive shall promptly return to the Company
any payment in excess of the Accrued Obligations received by such Eligible Executive prior to the date that the Company determines that
the conditions of this Section 5(c) have been satisfied.

 

    9

     

    

 

6.                 
Certain Excise Taxes. Notwithstanding anything to the contrary in the Plan, if an Eligible Executive is a “disqualified
individual” (as defined in Section 280G(c) of the Code), and the payments provided for in the Plan, together with any other payments
and benefits which such Eligible Executive has the right to receive from the Company or any of its Affiliates, would constitute a “parachute
payment” (as defined in Section 280G(b)(2) of the Code), then the payments provided for in the Plan shall be either (a) reduced
(but not below zero) so that the present value of such total amounts and benefits received by such Eligible Executive from the Company
and its Affiliates will be one dollar less than three times such Eligible Executive’s “base amount” (as defined in Section
280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by such Eligible Executive shall be subject to the
excise tax imposed by Section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax position to such
Eligible Executive (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The
determination as to whether any such reduction in the amount of the payments provided hereunder is necessary shall be made by the Company
in good faith. If a reduced payment is made and through error or otherwise that payment, when aggregated with other payments and benefits
from the Company (or its Affiliates) used in determining if a “parachute payment” exists, exceeds one dollar less than three
times such Eligible Executive’s base amount, then such Eligible Executive shall immediately repay such excess to the Company upon
notification that an overpayment has been made. Nothing in this Section 6 shall require the Company to be responsible for,
or have any liability or obligation with respect to, such Eligible Executives’ excise tax liabilities under Section 4999 of the
Code.

 

7.                 
Defense and Pursuit of Claims. An Eligible Executive shall, following the termination of his or her employment, cooperate
with the Company Group and its counsel in any litigation or human resources matters in which such Eligible Executive may be a witness
or potential witness or with respect to which such Eligible Executive may have knowledge of relevant facts or evidence. The Company shall
reimburse such Eligible Executive for reasonable and necessary expenses incurred in the course of complying with this Section provided
that the Eligible Executive provides reasonable documentation of the same and obtains the Company’s prior approval for incurring
such expenses.

 

8.                 
Enforcement. Money damages would not be a sufficient remedy for any breach of Section 7 or any breach of the
terms of any other written agreement between an Eligible Executive and any member of the Company Group, in each case, by such Eligible
Executive, and any member of the Company Group shall be entitled to enforce the provisions of Section 7 and the terms of such other
written agreements as may be applicable by terminating payments or additional benefits then owing to the Eligible Executive and to specific
performance, injunctive relief and other equitable relief, without bond, as remedies for such breach or any threatened breach. In addition,
in the event of a breach by an Eligible Executive of Section 7 or the terms of any other written agreement between such Eligible
Executive and any member of the Company Group, the Eligible Executive shall repay to the Company any and all payments received or paid
or deemed paid by the Company for the benefit of the Eligible Executive pursuant to the Plan. Such remedies shall not be deemed the exclusive
remedies for a breach of Section 7 or the terms of such other written agreements as may be applicable, but shall be in addition
to all remedies available at law or in equity, including the recovery of damages from the Eligible Executive and the Eligible Executive’s
agents. This Section 8, Section 7 and the terms of any other written agreements between the Eligible Executive and any member
of the Company Group, and each provision and portion thereof, are severable and separate, and the unenforceability of any specific Section
or provision (or portion thereof) shall not affect the enforceability of any other Section or provision (or portion thereof).

 

    10

     

    

 

9.                 
Claims Procedure and Review.

 

(a)              
Filing a Claim. Any Eligible Executive that the Committee determines is entitled to payment of severance benefits under
the Plan is not required to file a claim for such benefit. Any employee (i) who is not paid severance benefits hereunder and who believes
that he or she is entitled to severance benefits hereunder or (ii) who has been paid severance benefits hereunder and believes that he
or she is entitled to greater benefits hereunder may file a written claim for severance benefits under the Plan with the Committee setting
forth the facts and arguments for Committee consideration within 90 days after such employee knew or reasonably should have known of the
principal facts upon which his or her claim is based.

 

(b)              
Initial Determination of a Claim. Within 90 days of the date the Committee receives a claim, the claimant will receive (i)
a decision or (ii) a written notice describing special circumstances requiring a specified amount of additional time (up to 90 additional
days) to reach a decision and the date by which it expects to reach a decision. If a claim for severance benefits hereunder is wholly
or partially denied, the Committee shall, within a reasonable period of time but no later than 90 days after receipt of the claim (or
180 days after receipt of the claim if special circumstances require an extension of time for processing the claim), notify the claimant
of the denial. Such notice shall (A) be in writing, (B) be written in a manner calculated to be understood by the claimant, (C) contain
the specific reason or reasons for denial of the claim, (D) refer specifically to the pertinent Plan provisions upon which the denial
is based, (E) describe any additional material or information necessary for the claimant to perfect the claim (and explain why such material
or information is necessary), and (F) describe the Plan’s claim review procedures and time limits applicable to such procedures,
including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit
determination on review.

 

(c)              
Appeal of a Denied Claim. Within 60 days of the receipt by the claimant of the notice that the claim was denied, the claimant
may file a written appeal with the Committee. In connection with the appeal, the claimant may review Plan documents and may submit written
issues and comments. Within 60 days of the date the Committee receives an appeal, the claimant will receive (i) a decision or (ii) a written
notice describing special circumstances requiring a specified amount of additional time (up to 60 additional days) to reach a decision
and the date by which it expects to reach a decision. The Committee shall deliver to the claimant a written decision on the appeal promptly,
but not later than 60 days after the receipt of the claimant’s appeal (or 120 days after receipt of the claimant’s appeal
if there are special circumstances which require an extension of time for processing). Such decision shall (A) be in writing, (B) be written
in a manner calculated to be understood by the claimant, (C) include specific reasons for the decision, (D) refer specifically to the
Plan provisions upon which the decision is based, (E) state that the claimant is entitled to receive, on request and free of charge, reasonable
access to and copies of all documents, records, and other information relevant to the claimant’s claim for benefits, and (F) a statement
of the Eligible Executive’s right to bring an action under Section 502(a) of ERISA. If special circumstances require an extension
of up to 180 days for an initial claim or 120 days for an appeal, whichever applies, the Committee shall send written notice of the extension.
This notice shall indicate the special circumstances requiring the extension and state when the Committee expects to render the decision.

 

    11

     

    

 

(d)              
Additional Information for a Claim on Review. If the Committee determines it needs further information to complete its review
of a claim, the claimant will receive a written notice describing the additional information necessary to make the decision. The claimant
will then have 60 days from the date the claimant receives the notice to provide the requested information to the Committee. The time
between the date the Committee sends its information request to the claimant and the date the Committee receives the requested information
from the claimant does not count against the 60-day period in which the Committee has to decide the claim on review. If the Committee
does not receive a response to its request for additional information from the claimant, then the period by which the Committee must reach
its decision shall be extended by the 60-day period that was provided to the claimant to submit the additional information. If special
circumstances exist, this period may be further extended.

 

(e)              
In General. The Committee will make all decisions on claims and review of denied claims. The Committee has the sole discretion,
authority and responsibility to decide all factual and legal questions under the Plan, including interpreting and construing the Plan
and any ambiguous or unclear terms, and determining whether a claimant is eligible for benefits and the amount of benefits, if any, a
claimant is entitled to receive. The Committee may hold hearings and reserves the right to delegate its authority to make decisions. The
Committee may rely on any applicable statute of limitations as a basis to deny a claim. The Committee’s decisions are conclusive
and binding on all Parties. The claimant may, at his or her own expense, have an attorney or representative act on his or her behalf,
but the Committee reserves the right to require a written authorization for a person to act on the claimant’s behalf.

 

(f)               
Time Periods. The time period for the Committee to decide a claim begins to run on the date the Committee receives a claimant’s
written claim. If a claimant files a timely request for review of a denied claim, the time period for the Committee to decide begins to
run on the date the Committee receives the written request. In both cases, the time period begins to run whether or not the claimant submits
comments or information that he or she would like considered by the Committee.

 

(g)              
Limitations Period. If a claimant files a claim within the required time, completes the entire claims procedure and the
Committee denies such claim after the claimant requests a review, the claimant may sue over the claim (unless he or she has executed a
release of such claim). The claimant must commence this lawsuit within six months after the claims process is completed. Regardless of
when the claimant files the claim, the claimant may not, under any circumstances, commence a lawsuit more than 30 months after he or she
knew or should have known the facts supporting the claim. Before commencing legal action to recover benefits or to enforce or clarify
rights, the claimant must complete all of the Plan’s claim procedures.

 

(h)              
The benefits claim procedure provided in this Section 9 is intended to comply with the provisions of 29 C.F.R. §2560.503-1.
All provisions of this Section 9 shall be interpreted, construed, and limited in accordance with such intent.

 

    12

     

    

 

10.             
General Provisions.

 

(a)              
Taxes. The Company and its Affiliates are authorized to withhold from all payments made hereunder amounts of withholding
and other taxes due or potentially payable in connection therewith, and to take such other action as the Company may deem advisable to
enable the Company and its Affiliates and the Eligible Executive to satisfy obligations for the payment of withholding taxes and other
tax obligations relating to any payments made under the Plan.

 

(b)              
Offset. The Company may set off against, and each Eligible Executive authorizes the Company to deduct from, any payments
due to the Eligible Executive, or to his or her estate, heirs, legal representatives, or successors, any amounts which may be due and
owing to the Company or an Affiliate of the Company by the Eligible Executive, whether arising under the Plan or otherwise; provided,
however, that any such offset must be compliant with applicable law and no such offset may be made with respect to amounts payable
that are subject to the requirements of Section 409A unless the offset would not result in a violation of the requirements of Section
409A.

 

(c)              
Amendment and Termination. Prior to a Change in Control, the Plan may be amended or modified in any respect and may be terminated
by the Board; provided, however, that the Plan may not be amended, modified or terminated in any manner that would in any way adversely
affect the benefits or protections provided hereunder to any individual who is an Eligible Executive under the Plan at such time, (i)
at the request of a third party who has indicated an intention or taken steps to effect a Change in Control and who effectuates a Change
in Control, or (ii) otherwise in connection with, or in anticipation of, a Change in Control that actually occurs, and any such attempted
amendment, modification or termination shall be null and void ab initio. Any action taken to amend, modify or terminate the Plan
which is taken subsequent to the execution of an agreement providing for a transaction or transactions which, if consummated, would constitute
a Change in Control shall conclusively be presumed to have been taken in connection with a Change in Control. For the duration of the
12-month period following a Change in Control, the Plan may not be amended or modified in any manner that would in any way adversely affect
the benefits or protections provided hereunder to any individual who is an Eligible Executive under the Plan on the date a Change in Control
occurs.

 

(d)              
Successors. The Plan will be binding upon any successor to the Company, its assets, its businesses or its interest (whether
as a result of the occurrence of a Change in Control or otherwise), in the same manner and to the same extent that the Company would be
obligated under the Plan if no succession had taken place. All payments and benefits that become due to an Eligible Executive under the
Plan will inure to the benefit of his or her heirs, assigns, designees or legal representatives.

 

(e)              
Transfer and Assignment. Neither an Eligible Executive nor any other person shall have any right to sell, assign, transfer,
pledge, anticipate or otherwise encumber, transfer, hypothecate or convey any amounts payable under the Plan prior to the date that such
amounts are paid.

 

(f)               
Unfunded Obligation. All benefits due an Eligible Executive under the Plan are unfunded and unsecured and are payable out
of the general assets of the Company. The Company is not required to segregate any monies or other assets from its general funds with
respect to these obligations. Eligible Executives shall not have any preference or security interest in any assets of the Company other
than as a general unsecured creditor.

 

    13

     

    

 

(g)              
Severability. If any provision of the Plan (or portion thereof) is held to be illegal or invalid for any reason, the illegality
or invalidity of such provision (or portion thereof) will not affect the remaining provisions (or portions thereof) of the Plan, but such
provision (or portion thereof) will be fully severable and the Plan will be construed and enforced as if the illegal or invalid provision
(or portion thereof) had never been included herein.

 

(h)              
Section 409A. The Plan is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered
in accordance with Section 409A. Notwithstanding any other provision of the Plan, payments provided under the Plan may only be made upon
an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under the Plan that may be excluded
from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded
from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under the Plan shall
be treated as a separate payment. Any payments to be made under the Plan upon the termination of an Eligible Executive’s employment
shall only be made if such termination of employment constitutes a “separation from service” under Section 409A. Notwithstanding
any provision in the Plan to the contrary, if any payment or benefit provided for herein would be subject to additional taxes and interest
under Section 409A if an Eligible Executive’s receipt of such payment or benefit is not delayed until the earlier of (i) the date
of such Eligible Executive’s death or (ii) the date that is six months after such Eligible Executive’s Date of Termination
(such date, the “Section 409A Payment Date”), then such payment or benefit shall not be provided to such Eligible
Executive (or such Eligible Executive’s estate, if applicable) until the Section 409A Payment Date. Notwithstanding the foregoing,
the Company makes no representations that the payments and benefits provided under the Plan are exempt from, or compliant with, Section
409A and in no event shall the Company or any of its Affiliates be liable for all or any portion of any taxes, penalties, interest or
other expenses that may be incurred by any Eligible Executive on account of non-compliance with Section 409A.

 

(i)                
Governing Law; Submission to Jurisdiction. All questions arising with respect to the provisions of the Plan and payments
due hereunder will be determined by application of the laws of the State of Texas, without giving effect to any conflict of law provisions
thereof, except to the extent preempted by federal law (including ERISA, which is the federal law that governs the Plan, the administration
of the Plan and any claims made under the Plan). Any action to obtain emergency, temporary or preliminary injunctive relief as permitted
by Section 7 will be brought only in the state and federal courts residing in, or with jurisdiction over, Midland County, Texas.
The Eligible Executives recognize that such forum and venue is convenient.

 

(j)                
Third-Party Beneficiaries. Each Affiliate of the Company shall be a third-party beneficiary of the Eligible Executive’s
covenants and obligations under Section 7 and the terms and provisions of any other written agreement between such Eligible Executive
and the Company and shall be entitled to enforce such obligations as if a party hereto.

 

(k)              
No Right to Continued Employment. The adoption and maintenance of the Plan shall not be deemed to be a contract of employment
between the Company or any of its Affiliates and any person, or to have any impact whatsoever on the at-will employment relationship between
the Company or any of its Affiliates and the Eligible Executives. Nothing in the Plan shall be deemed to give any person the right to
be retained in the employ of the Company or any of its Affiliates for any period of time or to restrict the right of the Company or any
of its Affiliates to terminate the employment of any person at any time.

 

    14

     

    

 

(l)                
Title and Headings; Construction. Titles and headings to Sections hereof are for the purpose of reference only and shall
in no way limit, define or otherwise affect the provisions hereof. Unless the context requires otherwise, all references to laws, regulations,
contracts, documents, agreements and instruments refer to such laws, regulations, contracts, agreements and instruments as they may be
amended from time to time, and references to particular provisions of laws or regulations include a reference to the corresponding provisions
of any succeeding law or regulation. The word “or” as used herein is not exclusive and is deemed to have the meaning “and/or.”
The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall
refer to the entire Plan, and not to any particular provision hereof. Wherever the context so requires, the masculine gender includes
the feminine or neuter, and the singular number includes the plural and conversely. The use herein of the word “including”
following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or
matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without
limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed
to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or
matter. Neither the Plan nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under
any rule of construction or otherwise. On the contrary, the Plan shall be construed and interpreted according to the ordinary meaning
of the words used so as to fairly accomplish the purposes and intentions of the Company.

 

(m)            
Overpayment. If, due to mistake or any other reason, a person receives severance payments under the Plan in excess of what
the Plan provides, such person shall repay the overpayment to the Company in a lump sum within 30 days of notice of the amount of overpayment.
If such person fails to so repay the overpayment, then without limiting any other remedies available to the Company, the Company may deduct
the amount of the overpayment from any other amounts which become payable to such person under the Plan or otherwise.

 

(n)              
Clawback. Any amounts payable under the Plan are subject to any policy (whether in existence as of the Effective Date or
later adopted) established by the Company providing for clawback or recovery of amounts that were paid to the Eligible Executive; provided,
however, that the establishment or modification of any clawback policy by the Company on or after the date of a Change in Control shall
only apply to amounts payable under the Plan to the extent required by applicable law. The Company will make any determination for clawback
or recovery in its sole discretion and in accordance with applicable laws, regulations, and securities exchange listing standards.

 

(o)              
Agent for Service of Legal Process. Legal process may be served on the Committee, which is the plan administrator, at the
following address: Compensation Committee of the Board of Directors, c/o ProPetro Holding Corp., 1706 Midkiff Road, Bldg. B, Midland,
Texas 79107.

 

    15Document

EX 10.1

CONFIDENTIAL SEVERANCE & GENERAL RELEASE AGREEMENT

For and in consideration of the mutual promises, covenants, and agreements made by and between Daniel Salliotte (“EMPLOYEE,” a term which includes the employee and all assigns, heirs, and successors in interest) and IDEX Corporation (the “Company,” a term which includes IDEX Corporation, any parent, subsidiary, or affiliated companies, and the officers, directors, shareholders, employees, agents, attorneys and contractors of each), as set forth below:

(1)Last Day of Employment: EMPLOYEE agrees that his employment with the Company will end on March 1, 2022 (the “Termination Date”), whereupon all benefits and privileges related to employment will cease, except as otherwise set forth in this Confidential Severance & General Release Agreement (hereinafter referred to as the “Agreement”).

(2)Consideration: In consideration for the promises and benefits made herein, the Company agrees to provide the following, provided that EMPLOYEE signs, does not revoke, and complies with, this Agreement:

(i)As consideration for EMPLOYEE’s timely execution, non-revocation of this Agreement, and continued performance through November 1, 2021, the Company will place EMPLOYEE on a transition leave from November 1, 2021 through March 1, 2022 (the “Transition Period”). During this time, EMPLOYEE will continue to be paid his regular base salary (minus applicable taxes and withholdings) and be entitled to the same benefits applicable to his employment prior to the Transition Period. EMPLOYEE agrees that he will provide reasonable transition services to the Company as the Company may request during the Transition Period, including but not limited to timely answering questions and providing information as requested. EMPLOYEE remains an at- will employee subject to all Company policies prior to and during the Transition Period.

If EMPLOYEE fails to sign and return this Agreement prior to the twenty-first (21st) day after his first receipt thereof (with such period not restarting in the event that changes are made to this Agreement after it is first presented to EMPLOYEE), or if EMPLOYEE revokes this Agreement within seven (7) days after execution thereof (as described below), then the Agreement is null and void, and no amounts will be payable to EMPLOYEE except as required by applicable law and the Company’s applicable plans and programs, if any.

(ii)As further consideration for EMPLOYEE’s timely execution and non-revocation of this Agreement, his compliance with the terms hereof, and his timely execution and non-revocation of the Reaffirmation and Coverage of Waiver & Release attached hereto as Exhibit A (the “Reaffirmation”), the Company will pay EMPLOYEE a lump sum payment of $376,000.00 (less applicable taxes and withholdings) (the “Severance Payment”).  EMPLOYEE agrees that this amount represents the equivalent of his wages or salary for twelve (12) months.

The Severance Payment will be paid in the form of a lump sum payment within thirty (30) days after (a) EMPLOYEE’s Termination Date; and (b) EMPLOYEE has timely  returned the signed Reaffirmation to the Company and the seven (7) day revocation period has passed without his revocation thereof (provided EMPLOYEE does not breach the Agreement). To the extent (a) the Reaffirmation is not signed and returned to the Company within twenty-one (21) days of receipt,
(b) the Reaffirmation is revoked within seven (7) days following EMPLOYEE’s execution thereof,
1

or (c) EMPLOYEE breaches this Agreement, EMPLOYEE will forfeit his right to receive the Severance Payment.

(iii)As further consideration for EMPLOYEE’s timely execution and non-revocation of this Agreement, his compliance with the terms hereof, and his timely execution and non-revocation of the Reaffirmation, the Company will provide EMPLOYEE with a payment of $244,400.00 (less applicable taxes and withholdings) (the “Additional Severance Payment”). The parties agree this constitutes an amount equivalent to EMPLOYEE’s targeted annual bonus under the Company’s Management Incentive Compensation Plan (“MICP”). EMPLOYEE agrees and acknowledges that he is not entitled to any additional payments pursuant to the MICP for the remainder of the 2022 plan year or any subsequent plan year, outside of what the plan document states that he is entitled to. For the avoidance of doubt, EMPLOYEE remains eligible for a 2021 annual incentive payment on the same basis as if actively employed on the regular MICP payment date in 2022, as governed by the terms of the MICP plan document.

The Additional Severance Payment will be paid in the form of a lump sum payment within thirty
(30) days after (a) EMPLOYEE’s Termination Date; and (b) EMPLOYEE has timely returned the signed Reaffirmation to the Company and the seven (7) day revocation period has passed without his revocation thereof (provided EMPLOYEE does not breach the Agreement). To the extent (a) the Reaffirmation is not signed and returned to the Company within twenty-one (21) days of receipt, (b) the Reaffirmation is revoked within seven (7) days following EMPLOYEE’s execution thereof, or (c) EMPLOYEE breaches this Agreement, EMPLOYEE will forfeit his right to receive the payment described in this Paragraph 2(iii).

(iv)As further consideration for EMPLOYEE’s timely execution and non-revocation of this Agreement, his compliance with the terms hereof, and his timely execution and non-revocation of the Reaffirmation, the Company will pay EMPLOYEE an additional lump sum of $31,616.00 (less applicable taxes and withholdings). The parties agree that this payment is intended to cover the costs of medical continuation coverage during the period corresponding to the Severance Payment described in Paragraph 2(ii) above (the “Enhanced Severance Benefit”).

The Enhanced Severance Benefit will be paid in the form of a lump sum payment within thirty (30) days after (a) EMPLOYEE’S Termination Date; and (b) EMPLOYEE has returned the signed Reaffirmation to the Company and the seven (7) day revocation period has passed without his revocation thereof (provided EMPLOYEE does not breach the Agreement). To the extent (a) the Reaffirmation is not timely signed and returned to the Company, (b) the Reaffirmation is revoked within seven (7) days following EMPLOYEE’s execution thereof, or (c) EMPLOYEE breaches the terms of this Agreement, EMPLOYEE will forfeit his right to receive the Enhanced Severance Benefit.

(v)As further consideration for EMPLOYEE’s timely execution and non-revocation of this Agreement, his compliance with the terms hereof, and his timely execution and non-revocation of the Reaffirmation, the Company will provide EMPLOYEE with outplacement services for a period of twelve (12) months, with the nature and scope of such services determined by the Company and paid by the Company directly to the outplacement service provider.

EMPLOYEE is not able to initiate outplacement services until this Agreement has been signed and returned to the Company and the seven (7) day revocation period has passed without EMPLOYEE’s  revocation  thereof  (provided  EMPLOYEE  does  not  breach  the  Agreement).
2

EMPLOYEE is required to initiate outplacement services within ninety (90) days following the Termination Date or the benefit described in this Paragraph 2(v) will be waived.

EMPLOYEE is not eligible for any other payments after the Termination Date, other than specifically provided herein.  No severance pay or benefits will be paid or provided to EMPLOYEE until all expense reports have been received, reviewed and finalized, and all Company property has been returned as provided in Paragraph 6.

(3)Other Benefits: Nothing in this Agreement shall: (i) alter or reduce any vested, accrued pension benefits (if any) to which EMPLOYEE may be entitled under the IDEX Corporation Retirement Plan, the IDEX Corporation Defined Contribution Plan, or the IDEX Corporation Savings Plan (401(k)) Plan; (ii) alter or reduce any vested benefits (if any) to which he may be entitled under any equity-related agreement between the Company and EMPLOYEE; (iii) affect EMPLOYEE’s right to elect and pay for continuation of group medical plan coverage under the Company’s group medical plans pursuant to COBRA; and/or (iv) alter EMPLOYEE’s eligibility (if any) for participation in the IDEX Corporation Retiree Medical Plan . Any benefits under the plans identified in the preceding sentence identified shall be subject to the terms of the applicable plan documents.

(4)Release of Claims: The parties agree that in consideration for the undertakings and promises of the Company, EMPLOYEE unconditionally releases, discharges, holds harmless, and agrees to indemnify the Company from each and every claim, cause of action, right, liability or demand of any kind, and from any claims which may be derived therefrom (collectively referred to as “claims”), that EMPLOYEE had, has, or might claim to have against the Company at the time the EMPLOYEE executes this Agreement (the “Effective Date”), including but not limited to claims of every kind and character, known or unknown, matured or not matured, which EMPLOYEE may have now or in the future arising from any act or omission or condition occurring on or prior to the Effective Date (including, without limitation, the future effects of such acts, omissions, or conditions), whether based on tort, contract (express or implied), or any federal, state, or local law, statute, or regulation (collectively, the ”Released Claims”).

By way of example and not in limitation of the foregoing, Released Claims shall include any claims arising under: (i) Title VII of the Civil Rights Act of 1964, 42 U.S.C §1981, the Age Discrimination in Employment Act, the Americans with Disabilities Act, any applicable state, county or local fair employment practice law or ordinance, the National Labor Relations Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act, as well as any claims asserting discrimination based upon age, race,   sex, national origin, disability or handicap, religion, sexual orientation, marital status, entitlement to benefits, or any other protected status; (ii) wrongful termination; (iii) harassment; (iv) breach of contract; (v) breach of the covenant of good faith and fair dealing; (vi) negligent or intentional infliction                  of emotional distress; (vii) negligent or intentional misrepresentation; (viii) negligent or intentional interference with contract or prospective economic advantage; (ix) retaliation; (x) whistleblowing; (xi) defamation; (xii) invasion of privacy; and (xiii) claims related to disability. Released Claims shall also include, but not be limited to, claims for severance pay, bonuses, sick leave, vacation pay, life or health insurance, or any other fringe benefit.

EMPLOYEE likewise releases the Company from any and all claims or potential claims for damages or relief of any kind, including but not limited to back pay, front pay, compensatory damages, punitive damages, attorneys’ fees, costs, disbursements and/or the like, or for equitable relief and reinstatement.
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EMPLOYEE acknowledges that the Released Claims include any unknown claims. If applicable, EMPLOYEE expressly waives the benefit of California Civil Code Section 1542 and any analogous laws including Montana Code Annotated Section 28-1-1602, North Dakota Century Code Section 9-13-02, South Dakota Codified Laws Section 20-7-11, and agrees that this Release shall extend to claims arising prior to the date EMPLOYEE signs this Agreement and which EMPLOYEE does not know or expect to exist in EMPLOYEE’s favor at this time.  California Civil Code Section 1542 reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

Notwithstanding the foregoing, Released Claims shall not include: (i) any claims based on obligations created by or reaffirmed in this Agreement; (ii) any unemployment insurance claims and any workers' compensation claims; or (iii) any claim that cannot be waived based on applicable law.

EMPLOYEE represents and warrants that he has no lawsuit involving any Released Claims pending as of the date EMPLOYEE signs this Agreement.

(5)Non-Disparagement: EMPLOYEE promises that he shall not make, directly or indirectly, to any person or entity, including but not limited to, present or former employees of the Company, customers or vendors of the Company, any disparaging oral or written statements about the Company, its employees or customers or do anything which damages the Company and/or its services, reputation, financial status, or business relationships. This shall not be construed or enforced in a manner that would restrict EMPLOYEE’s rights, if any, under the National Labor Relations Act or any other applicable law.

(6)Return of Company Property: EMPLOYEE warrants and represents that he has not removed and will not remove any Company property from its premises, except and to the extent authorized by the Company in writing.  Except to the extent necessary to perform transition services during the Transition Period and authorized by the Company in writing, EMPLOYEE agrees to return all Company property prior to the Transition Period.  To the extent any property of the Company is retained by EMPLOYEE during the Transition Period for the purpose of performing transition services, EMPLOYEE agrees to return such property to the Company immediately upon or promptly following the Termination Date. The Company’s property includes, but is not limited to, the original and any copies of any confidential Information, trade secret information, Company-issued keys, pass cards, tools, samples, fax machines, cell phones, PDAs, computers (laptop and/or desk top), credit cards, files, brochures, equipment, documents, lists, reports, printouts, drawings, plans, sketches, computer disks, zip drives, printouts and any other record or document relating to the Company or its business, products or services.

(7)Cooperation in Legal Matters: In consideration for the promises and payments by the Company pursuant to this Agreement, EMPLOYEE agrees to cooperate to the fullest extent possible in the preparation, defense or prosecution of any legal matters involving the Company about which EMPLOYEE has or may have personal knowledge, including any such matters which may be filed after the termination of EMPLOYEE’s employment.

(8)Entire Agreement & Any Prior Written Agreements: This Agreement sets forth the entire agreement and understanding of the parties and supersedes any and all prior agreements or understandings with regard to the matters covered herein, except as otherwise provided for in this Agreement. To the extent the parties hereto previously entered into any agreements relating to the topics described in the following sentence, then those agreements are still in full force.  The relevant
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topics include: (i) the protection of Company confidential information, work product and/or trade secrets; (ii) non-solicitation of Company employees and/or customers and/or distributors; (iii) non- competition restrictions and agreements; (iv) the assignment of inventions; and/or (v) limitations on the use of intellectual property.

(9)Full & Knowing Waiver: By signing this Agreement, EMPLOYEE understands and warrants that he: (i) has read this Agreement and fully understands the provisions; (ii) agrees to the terms in this Agreement knowingly, voluntarily and without coercion or pressure; (iii) has not suffered an on the job injury for which he has not already reported to the Company; (iv) has received all wages that he is entitled to through the date of execution hereof; (v) has entered into this Agreement without reliance upon any statement or representation of any party hereto other than the statements and representations contained in writing herein; (vi) understands that nothing in this Agreement shall alter or reduce any vested or accrued benefits (if any) to which the EMPLOYEE may be entitled under the Company’s 401(k) plan, pension plan, or heath care coverage under COBRA; (vii) has been advised, in writing, to consult with an attorney if he desires before signing; (viii) understands that the benefits provided herein constitute good and adequate consideration for this Agreement; and (ix) was given at least twenty-one (21) days to consider this Agreement (although EMPLOYEE may choose to sign it sooner); provided that any changes made to this Agreement after it was first presented to EMPLOYEE does not restart the applicable twenty-one (21) day period, and given seven (7) days  to revoke this Agreement (to revoke, EMPLOYEE must provide written revocation to Melissa Flores, SVP, Chief Human Resources Officer, before the expiration of the applicable seven (7) day period to be valid and, if delivered by mail, the rescission must be postmarked within the applicable period and sent by certified mail return receipt requested).  EMPLOYEE agrees and acknowledges that if this Agreement is revoked pursuant to this Paragraph 9, the payments and benefits described in Paragraph 2 will not be paid or provided to EMPLOYEE.

(10)Other Proceedings: Nothing in this Agreement (including, but not limited to, the Release of Claims, Non-Disparagement and Cooperation in Legal Matters provisions) or any confidential information agreement or Company policy prohibits EMPLOYEE from (a) filing a charge with, or participating in or assisting with an investigation or proceeding conducted by, any governmental, regulatory and/or administrative entity or agency (including but not limited to the Equal Employment Opportunity Commission or Occupational Safety and Health Administration); (b) filing and maintaining the confidentiality of, a claim with a governmental, regulatory and/or administrative entity or agency; or (c) providing truthful information (including confidential information) to a governmental, regulatory and/or administrative entity or agency or to a court as required by law or legal process; provided, however, that EMPLOYEE waives the right to recover any personal damages or other personal relief based on any claim that is released pursuant to the Release of Claims and brought by EMPLOYEE or on his behalf by any third party, including as a member of any class or collective action, except that EMPLOYEE does not waive any right to receive and retain any monetary award from a government-administered whistleblower award program for providing information to a governmental, regulatory and/or administrative entity or agency.

(11)Illinois Law: EMPLOYEE agrees that this Agreement and its Release will be construed in accordance with the laws of the State of Illinois without regard to conflict of laws principles.

(12)Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.
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IN WITNESS WHEREOF the undersigned parties signed this Agreement on the dates written below.

Daniel Salliotte

    /s/ Daniel J. Salliotte

Date: June 30, 2021

IDEX CORPORATION

By: /s/ Melissa Flores    

Date: June 30, 2021

Exhibits to this Confidential Severance & General Release Agreement:

•Exhibit A Reaffirmation and Coverage of Waiver & Release
•Exhibit B Amendment to Restrictive Covenant Agreement
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EXHIBIT A

Reaffirmation and Coverage of Waiver & Release

I, Daniel Salliotte, acknowledge that I have read and understand the Confidential Severance & General Release Agreement, and I agree to its terms and reaffirm all statements and releases therein that cover from the time of my signature of such Severance & General Release Agreement through and including my last day of employment, on March 1, 2022.

By signing this Reaffirmation and Coverage of Waiver & Release (this “Reaffirmation”), I understand and warrant that I: (i) have read the Agreement and this Reaffirmation and fully understand the provisions; (ii) agree to the terms in the Agreement and this Reaffirmation knowingly, voluntarily and without coercion or pressure; (iii) have not suffered an on the job injury for which I have not already reported to the Company; (iv) have received all wages that I am entitled to; (v) have entered into the Agreement and this Reaffirmation without reliance upon any statement or  representation of any party other than the statements and representations contained in writing  in this Agreement and this Reaffirmation; (vi) understand that nothing in the Agreement or this Reaffirmation shall alter or reduce any vested or accrued benefits (if any) to which I may be entitled under the Company’s 401(k) plan, pension plan, or heath care coverage under COBRA; (vii) have been advised, in writing, to consult with an attorney if I desire before signing this Reaffirmation; (viii) understand that the benefits provided in the Agreement constitute good and adequate consideration for executing the Agreement and this Reaffirmation; and (ix) was given at least twenty-one (21) days (from March 1, 2022 through March 22, 2022) to consider executing this Reaffirmation (although I may have chosen to sign it sooner); provided that any changes made to this Reaffirmation after it was first presented to me did not restart the applicable twenty-one (21) day period), and after signing shall be given seven (7) days to revoke this Reaffirmation (to revoke, I acknowledge that I must provide written revocation to Melissa Flores, SVP, Chief Human Resources Officer, before the expiration of the applicable seven (7) day period to be valid and, if delivered by mail, the rescission must be postmarked within the applicable period and sent by certified mail return receipt requested). I agree and acknowledge that if this Reaffirmation is revoked, then the payments and benefits described in Paragraph 2 of the Agreement will not be paid or provided to me.

IN WITNESS WHEREOF I signed this Reaffirmation on the date written below.

DANIEL SALLIOTTE

Date:      
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Exhibit B

Amendment to Restrictive Covenant Agreement

This Amendment to the CONFIDENTIAL INFORMATION, WORK PRODUCT AND RESTRICTIVE
COVENANT AGREEMENT, is made and entered into as of June 30, 2021 (this “Amendment”), by and between IDEX Corporation (the “Company”) and Daniel Salliotte (the “Executive” and, together with the Company, the “Parties”). Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Confidential Information, Work Product and Restrictive Covenant Agreement, dated February 24, 2017, by and between the Parties (the “Agreement”).

WHEREAS, pursuant to Section 11(d) of the Agreement, the Agreement may be amended if such amendment is effected by an instrument in writing signed by the Executive and an authorized officer of the Company; and

WHEREAS, the Parties, acting in accordance with Section 11(d) of the Agreement, desire to amend the Agreement as set forth in this Amendment.

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements contained herein, and intending to be legally bound hereby, the Parties agree as follows:

1.Paragraph 5(a) of the Agreement is hereby amended and restated in its entirety to read as follows:

Non-Competition: Employee agrees that during the Restricted Period and in the Restricted Geographical Area, Employee will not engage in any Restricted Activities; provided that Employee may invest Employee’s funds in securities of a person engaged in a business that is directly competitive with IDEX if the securities of such a person are listed for trading on a registered securities exchange or actively traded in an over-the-counter market and Employee’s holdings represent less than one percent (1%) of the total number of shares or principal amount of the securities of such a person outstanding. The Company further agrees to enter into good faith discussions with Employee in connection with his desire to obtain a waiver of the obligations contained in this Paragraph in the event Employee is presented with a viable employment opportunity. The Company agrees to take into consideration the facts and circumstances relating to the Employee’s employment opportunity during these discussions.
The Employee agrees that he shall contact Melissa Flores, SVP, Chief Human Resources Officer, should he desire to obtain such a waiver.

2.The “Restricted Period,” with respect to Employee’s Non-Competition and Non-Solicitation of or Interference with Customers obligations under Paragraphs 5(a) and 5(b) only, shall be for twelve
(12) months beginning on the first day of Employee’s Transition Period as defined in Paragraph
2(i) of this Severance and General Release Agreement.

3.This Amendment shall be and is hereby incorporated in and forms a part of the Agreement.
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4.All other terms and provisions of the Agreement shall remain unchanged except as specifically modified herein.

5.This Agreement shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of Delaware, without giving effect to its choice of laws principles.

6.This Amendment may be executed in any number of counterparts, including by means of facsimile or by email delivery of a “.pdf” format data file, each of which when executed shall be deemed to be an original copy of this Amendment and all of which taken together shall constitute one and the same agreement.

IN WITNESS WHEREOF, the Parties have caused this Amendment to be executed and delivered as of the date first written above.

Daniel Salliotte

    /s/ Daniel J. Salliotte

Date:  June 30, 2021

IDEX CORPORATION

By: /s/ Melissa Flores    

Date: June 30, 2021
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