Document:

<PAGE>   1
                                                                   Exhibit 10.54

                                 AMENDMENT NO. 7

                                     TO THE

                           EMPLOYEES' RETIREMENT PLAN
                                 OF AMETEK, INC.

            WHEREAS, there was adopted and made effective as of December 29,
1942, the Employees' Retirement Plan of AMETEK, Inc. (the "Plan"); and

            WHEREAS, the Plan was amended and restated in its entirety,
effective January 1, 1998; and

            WHEREAS, Section 9.2 of the Plan provides that AMETEK, Inc.
("AMETEK") may amend the Plan at any time or from time to time; and

            WHEREAS, AMETEK now desires to amend the Plan in certain respects;

            WHEREAS, the Corporation has determined that it is in its best
interest to transfer certain of its assets located in Whitsett, North Carolina
and Kent, Ohio to its wholly-owned subsidiary, Rotron Incorporated ("Rotron"),
effective January 1, 2001; and

            WHEREAS, in connection with such transfer, the employees of the
businesses, the assets of which are being transferred, have become employees of
Rotron effective January 1, 2001; and

            WHEREAS, certain of the transferred employees currently
participate in the Employees' Retirement Plan of AMETEK, Inc.; and

            WHEREAS, it is desired that the transferred employees continue to be
eligible to participate in the Plan notwithstanding their employment by Rotron
which is not currently a participating employer in the Plan; and

            WHEREAS, the Corporation has determined that Rotron should be
designated as a participating employer in the Plan and in the master trust
pursuant to which the Plan is funded, to allow for participation in the Plan of
the transferred employees and any other employees who participate in the Plan
but are transferred to Rotron;

                                       1
<PAGE>   2
            NOW, THEREFORE, the Plan is hereby amended as follows:

            FIRST:  A new Appendix XXXIV is hereby added to the Plan, to read
in its entirety as follows:

                                 APPENDIX XXXIV

                     SPECIAL PROVISIONS RELATING TO CERTAIN
                            EMPLOYEES OF ROTRON, INC.

            1. Those employees of AMETEK, Inc. located in Whitsett, North
      Carolina and Kent, Ohio, who are already Participants in the Plan as of
      December 31, 2000 shall be eligible to remain Participants under the Plan
      in accordance with and subject to the provisions in the Plan after the
      absorption of certain of the assets of Whitesett, North Carolina and Kent,
      Ohio, locations of AMETEK, Inc., by Rotron Incorporated, a wholly-owned
      subsidiary of AMETEK, Inc., on January 1, 2001.

            2. Except to the extent set forth above, defined terms used in this
      Appendix XXXIV shall have the same meaning as used in the Plan.

            SECOND: The provisions of this Amendment No. 7 shall be effective as
of January 1, 2001.

            IN WITNESS WHEREOF, AMETEK has caused these presents to be executed
in its corporate name, by its duly authorized officer on this 27th day of
February, 2001.

                                          AMETEK, Inc.

                                          By: /s/ Donna F. Winquist
                                              ---------------------------------
                                              Donna F. Winquist
Attest:

/s/ Kathryn E. Londra
----------------------------------
Kathryn E. Londra

                                       2<PAGE>   1
                                                                   Exhibit 10.65

                                SECOND AMENDMENT
                          DATED AS OF OCTOBER 31, 2000
                                       TO
                           RECEIVABLES SALE AGREEMENT
                           DATED AS OF OCTOBER 1, 1999

      THIS AMENDMENT (the "Amendment"), dated as of October 31, 2000, is entered
into among Ametek Receivables Corp. (the "Seller"), Ametek, Inc. (the "Initial
Collection Agent"), Amsterdam Funding Corporation, a Delaware corporation
("Amsterdam"), ABN AMRO Bank N.V., as Amsterdam's program letter of credit
provider (the "Enhancer"), the Liquidity Provider listed on the signature page
hereof (the "Liquidity Provider") and ABN AMRO Bank N.V., as agent for
Amsterdam, the Enhancer and the Liquidity Provider (the "Agent").

      Reference is hereby made to that certain Receivables Sale Agreement, dated
as of October 1, 1999 (as amended, supplemented or otherwise modified through
the date hereof, the "Sale Agreement"), among the Seller, the Initial Collection
Agent, Amsterdam, the Enhancer, the Liquidity Provider and the Agent. Terms used
herein and not otherwise defined herein which are defined in the Sale Agreement
or the other Transaction Documents (as defined in the Sale Agreement) shall have
the same meaning herein as defined therein.

      For good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows:

     Section 1. Subject to the following terms and conditions, including without
limitation the conditions precedent set forth in Section 2, upon execution by
the parties hereto in the space provided for that purpose below, the Sale
Agreement shall be, and it hereby is, amended as follows:

            (a) The date "October 31, 2000" appearing in clause (d) of the
      defined term "Liquidity Termination Date" appearing in Schedule I of the
      Sale Agreement is deleted and replaced with the date "November 30, 2000".

            (b) The date "October 31, 2000" appearing in clause (c)(ii) of the
      defined term "Termination Date" appearing in Schedule I of the Sale
      Agreement is deleted and replaced with the date "November 30, 2000".

     Section 2. Section 1 of this Agreement shall become effective only once the
Agent has received, in form and substance satisfactory to the Agent, all
documents and certificates as the Agent may reasonably request and all other
matters incident to the execution hereof are satisfactory to the Agent.

     Section 3. The Sale Agreement, as amended and supplemented hereby or as
contemplated herein, and all rights and powers created thereby and thereunder or
under the other Transaction Documents and all other documents executed in
connection therewith, are in all respects ratified and confirmed. From and after
the date hereof, the Sale Agreement shall be amended and supplemented as herein
provided, and, except as so amended and supplemented,
<PAGE>   2
the Sale Agreement, each of the other Transaction Documents and all other
documents executed in connection therewith shall remain in full force and
effect.

     Section 4. This Amendment may be executed in two or more counterparts, each
of which shall constitute an original but both or all of which, when taken
together, shall constitute but one instrument.

     Section 5. This Amendment shall be governed and construed in accordance
with the internal laws of the State of New York.

                                      -2-
<PAGE>   3
      IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
and delivered by their duly authorized officers as of the date first above
written.

                                       ABN AMRO BANK N.V., as the Agent, as
                                          the Liquidity Provider and as the
                                          Enhancer

                                       By: /s/ Thomas J. Educate
                                           ----------------------------------
                                       Title: Group Vice President
                                              -------------------------------

                                       By: /s/ Nancy Capecci
                                           ----------------------------------
                                       Title: Group Vice President
                                              -------------------------------

                                       AMSTERDAM FUNDING CORPORATION

                                       By: /s/ Andrew Stidd
                                           ----------------------------------
                                       Title: President
                                              -------------------------------

                                       AMETEK RECEIVABLES CORP., as Seller

                                       By: /s/ Deirdre D. Saunders
                                           ----------------------------------
                                       Title: Vice President and Treasurer
                                              -------------------------------

                                       AMETEK, INC., as Initial Collection
                                          Agent

                                       By: /s/ Deirdre D. Saunders
                                           ----------------------------------
                                       Title: Vice President and Treasurer
                                              -------------------------------

                                      -3-<PAGE>   1
                                                                   Exhibit 10.66

                                 THIRD AMENDMENT
                          DATED AS OF NOVEMBER 30, 2000
                                       TO
                           RECEIVABLES SALE AGREEMENT
                           DATED AS OF OCTOBER 1, 1999

      THIS AMENDMENT (the "Amendment"), dated as of November 30, 2000, is
entered into among Ametek Receivables Corp. (the "Seller"), Ametek, Inc. (the
"Initial Collection Agent"), Amsterdam Funding Corporation, a Delaware
corporation ("Amsterdam"), ABN AMRO Bank N.V., as Amsterdam's program letter of
credit provider (the "Enhancer"), the Liquidity Provider listed on the signature
page hereof (the "Liquidity Provider") and ABN AMRO Bank N.V., as agent for
Amsterdam, the Enhancer and the Liquidity Provider (the "Agent").

      Reference is hereby made to that certain Receivables Sale Agreement, dated
as of October 1, 1999 (as amended, supplemented or otherwise modified through
the date hereof, the "Sale Agreement"), among the Seller, the Initial Collection
Agent, Amsterdam, the Enhancer, the Liquidity Provider and the Agent. Terms used
herein and not otherwise defined herein which are defined in the Sale Agreement
or the other Transaction Documents (as defined in the Sale Agreement) shall have
the same meaning herein as defined therein.

      For good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows:

     Section 1. Subject to the following terms and conditions, including without
limitation the conditions precedent set forth in Section 2, upon execution by
the parties hereto in the space provided for that purpose below, the Sale
Agreement shall be, and it hereby is, amended as follows:

            (a) The date "November 30, 2000" appearing in clause (d) of the
      defined term "Liquidity Termination Date" appearing in Schedule I of the
      Sale Agreement is deleted and replaced with the date "November 28, 2001".

            (b) The date "November 30, 2000" appearing in clause (c)(ii) of the
      defined term "Termination Date" appearing in Schedule I of the Sale
      Agreement is deleted and replaced with the date "November 28, 2001".

            (c) A new defined term "Ametek Credit Agreement" is hereby added to
      Schedule I of the Sale Agreement as follows:

                  "Ametek Credit Agreement" means the Credit Agreement, dated as
            of August 12, 1995, among, Seller, as Borrower, the Banks party
            thereto, Bank of Montreal, Corestates Bank, N.A. and PNC Bank,
            National Association, as Co-Agents and The Chase Manhattan Bank, as
            Administrative Agent, as such agreement is amended, restated or
            otherwise modified from time to time.
<PAGE>   2
            (d) The defined term "Eurodollar Rate" appearing in Schedule I to
      the Sale Agreement is hereby deleted and replaced with the following:

                  "Eurodollar Rate" means, for any Tranche Period for a
            Eurodollar Tranche, the sum of (a) LIBOR for such Tranche Period
            divided by 1 minus the "Reserve Requirement" plus (b)(i) to the
            extent that the "Applicable Margin" (as defined in the Ametek Credit
            Agreement) is increased from the level in effect on November __,
            2000, the greater of (1) the "Applicable Margin" (as defined in the
            Ametek Credit Agreement and after giving effect to such increase)
            plus 25 basis points (0.25%) and (2) for Investment of a Liquidity
            Provider, the amount specified in the Pricing Letter, or, (ii) to
            the extent that the "Applicable Margin" (as defined in the Ametek
            Credit Agreement) is increased from the level in effect on November
            30, 2000, the greater of (1) the "Applicable Margin" (as defined in
            the Ametek Credit Agreement and after giving effect to such
            increase) plus 25 basis points (0.25%) and (2) for Investment of the
            Enhancer, the amount specified in the Fee Letter plus (c) during the
            pendency of a Termination Event, 1.50% for Investment of a Liquidity
            Provider and 2.00% for Investment of the Enhancer; where "Reserve
            Requirement" means, for any Tranche Period for a Eurodollar Tranche,
            the maximum reserve requirement imposed during such Tranche Period
            on "eurocurrency liabilities" as currently defined in Regulation D
            of the Board of Governors of the Federal Reserve System.

     Section 2. Section 1 of this Agreement shall become effective only once the
Agent has received, in form and substance satisfactory to the Agent, all
documents and certificates as the Agent may reasonably request and all other
matters incident to the execution hereof are satisfactory to the Agent.

     Section 3. The Sale Agreement, as amended and supplemented hereby or as
contemplated herein, and all rights and powers created thereby and thereunder or
under the other Transaction Documents and all other documents executed in
connection therewith, are in all respects ratified and confirmed. From and after
the date hereof, the Sale Agreement shall be amended and supplemented as herein
provided, and, except as so amended and supplemented, the Sale Agreement, each
of the other Transaction Documents and all other documents executed in
connection therewith shall remain in full force and effect.

     Section 4. This Amendment may be executed in two or more counterparts, each
of which shall constitute an original but both or all of which, when taken
together, shall constitute but one instrument.

     Section 5. This Amendment shall be governed and construed in accordance
with the internal laws of the State of New York.

                                      -2-
<PAGE>   3
      IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
and delivered by their duly authorized officers as of the date first above
written.

                                       ABN AMRO BANK N.V., as the Agent, as
                                          the Liquidity Provider and as the
                                          Enhancer

                                       By: /s/ Nancy Capecci
                                           -------------------------------
                                       Title: Group Vice President
                                              ----------------------------

                                       By: /s/ Bernard Koh
                                           -------------------------------
                                       Title: Group Vice President
                                              ----------------------------

                                       AMSTERDAM FUNDING CORPORATION

                                       By: /s/ Andrew Stidd
                                           -------------------------------
                                       Title: President
                                              ----------------------------

                                       AMETEK RECEIVABLES CORP., as Seller

                                       By: /s/ Deirdre D. Saunders
                                           -------------------------------
                                       Title: Vice President and Treasurer
                                              ----------------------------

                                       AMETEK, INC., as Initial Collection
                                          Agent

                                       By: /s/ Deirdre D. Saunders
                                           -------------------------------
                                       Title: Vice President and Treasurer
                                              ----------------------------

                                      -3-

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