Document:

EX-10.17

 Exhibit 10.17 

 

			
	

	  	 Lawrence D. Kingsley
 Chairman and Chief Executive Officer

 IDEX Corporation 

1925 West Field Court 
 Suite 200 

Lake Forest, Illinois 60045-4824 
 United States

 www.idexcorp.com 

September 30, 2010 
 Daniel Salliotte

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

 

	 	•	 	 In the event of a “Change in Control,” as defined in the Amended and Restated IDEX Corporation Supplemental Executive Retirement Plan, that
results in your termination from service within twenty-four (24) months of the Change in Control, the Company shall be obligated to pay your base salary at the rate then in effect and your then current target annual bonus (MICP or equivalent plan)
for twenty-four (24) months following the date of termination (for a total payment of two (2) times both annual base salary and target annual bonus) in a lump sum in exchange for a signed release within 50 days of your termination. This payment
shall not be applicable in the event of your voluntary termination. 

  

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

  

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

Dan, we appreciate your contributions to IDEX and wish you continuing success. 
 Sincerely, 
  

	
	 /s/ Lawrence D.Kingsley

	 Lawrence D.Kingsley

Chairman and Chief Executive Officer
 IDEX Corporation

  
  

 

			
	 /s/ Daniel Salliotte
	    	 10/4/10

	Acceptance of Provisions	    	Date
	Daniel SalliotteEX-10.18

			
	

	  	EXHIBIT 10.18

  

	Plan:	IDEX Corporation Incentive Award Plan 

  

	  	As Amended and Restated effective April 6, 2010 

 IDEX CORPORATION 
 PERFORMANCE SHARE Unit Award Agreement 

Effective on the Grant Date, you have been granted Performance Share Units (the “Performance Units”) providing you the entitlement to receive a
share of IDEX Corporation (the “Company” or “IDEX”) Common Stock for each Performance Unit that is earned and vested, in accordance with the provisions of this Agreement and the provisions of the IDEX Corporation Incentive Award
Plan, as Amended and Restated effective April 6, 2010 (the “Plan”), which is incorporated herein by this reference and made a part of this Agreement . 
 The number of Performance Units granted, represents a target number of shares that may be earned based upon satisfaction of the target Performance Goal as set forth on Schedule A (the “Target
Award”). The actual number of Performance Units earned and vested may be greater or less than the Target Award, or even zero and will be determined based on the Company’s actual performance level achieved as set forth on Schedule A.

 In addition to the Performance Units, you are also entitled to receive Dividend Equivalents on each Performance Unit actually earned and
vested equal to the amount of dividend which would have been paid on a share of Common Stock for which a record date falls during the Performance Period, without interest thereon. If the dividend on Common Stock is paid in property other than cash,
the Compensation Committee in its sole and absolute discretion will determine the fair market value of such property for purposes of paying the Dividend Equivalents. 
 The “Performance Period” for the Performance Units is the three year period beginning January 1 (“Beginning Date”) and ending December 31 (“End Date”) as set forth
on Schedule A, except as otherwise provided below. 
 In the event of the termination of your service to the Company or any corporation or other
entity of which a majority of the outstanding voting stock or voting power is beneficially owned by the Company (its “Subsidiary”), prior to the End Date for any reason, whether such termination is occasioned by you, by the Company or a
Subsidiary, with or without cause or by mutual agreement (“Termination of Service”), your right to earn or vest in your Performance Units and Dividend Equivalents will terminate effective as of the date of Termination of Service and your
Performance Units and all Dividend Equivalents thereon will be automatically cancelled and forfeited. If your employment or service is in a 

  

					
	2013 – 8 PSU Agreement	  	Page 1	  	Revised: 02/07/2013
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jurisdiction which requires under applicable statute or common law a notice period for termination or a period of pay in lieu of such notice (each, the “Notice Period”), you have no
rights to earn or vest in your Performance Units or to receive Dividend Equivalents during the Notice Period. 
 Notwithstanding the foregoing,
the Performance Units and any Dividend Equivalents thereon shall be fully vested upon your Termination of Service by reason of death, Disability, or Retirement and the Performance Units and Dividend Equivalents thereon earned will be determined
based upon the performance level achieved with respect to the Performance Goal as set forth on Schedule A from the Beginning Date through the December 31 following your Termination of Service, which for this purpose shall be the End Date of the
Performance Period. 
 If you terminate employment with the Company or any of its Subsidiaries as an employee, but you continue to provide bona
fide services under a written agreement with the Company or any of its Subsidiaries as a consultant or contractor you will still be considered to have a Termination of Service upon termination of your employment, unless you enter into a written
agreement with the Company explicitly providing that you will not have a Termination of Service, for this plan only, while performing the non-employee services. 
 In all cases, Termination of Service will be interpreted and determined in a manner consistent with the requirements of Section 409A of the Internal Revenue Code. 

For the purposes of this Agreement: (i) “Disability” means that you could qualify to receive long-term disability payments under the
Company’s long-term disability insurance program, as it may be amended from time to time, (ii) “Retirement” means your Termination of Service on or after accruing at least five Years of Service with the Company or a Subsidiary
after being acquired by the Company, and attaining an age of at least 50, if the sum of your age and Years of Service is at least 70, (iii) “Years of Service” means the number of continuous full years of employment with the Company or
any of its Subsidiaries. 
 Upon Change in Control, as defined in the Plan, Performance Units and Dividend Equivalents thereon shall be deemed
fully earned and vested based upon the performance level achieved from the Beginning Date through the date of the Change in Control, which for this purpose will be deemed to be the End Date of the Performance Period. 

A share of Common Stock will be issued to you in payment of each Performance Units that is earned and vested as soon as practicable following the End
Date of the relevant Performance Period, but in no event later than 60 days after, the End Date of the relevant Performance Period. An amount equal to the Dividend Equivalents on each earned and vested Performance Unit shall be paid in cash as soon
as practicable following, but in no event later than 60 days after the End Date of the relevant Performance Period. 
 The Performance Units and
Dividend Equivalents are not transferable except by will or the laws of descent and distribution. Until the Common Stock is issued upon settlement of the Performance Units you will not be deemed for any purpose to be, or have rights as, a Company
shareholder by virtue of this award. 

  

					
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 The Company has the authority to deduct or withhold, or require you to remit to the Company, an amount
sufficient to satisfy applicable federal, state, local and foreign taxes arising from the receipt of the shares of Common Stock upon settlement of the Performance Units or of cash upon payment of Dividend Equivalents. You may satisfy your tax
obligation, in whole or in part, by either: (i) electing to have the Company withhold cash payable, or shares otherwise to be delivered with a fair market value equal to the minimum amount of the tax withholding obligation;
(ii) surrendering to the Company previously owned Common Stock with a fair market value equal to the minimum amount of the tax withholding obligation or (iii) by deduction from salary or any other payment payable to you at any time on or
after the day an income tax charge arises in respect of the shares. 
 You acknowledge that all employees, including corporate officers, of IDEX
are prohibited from engaging in any transaction in which they may profit from short-term speculative swings in the value of the company securities (“hedging”) and agree not to engage in any hedging transactions. For this purpose,
“hedging” includes “short-sales” (selling borrowed securities which the seller hopes can be purchased at a lower price in the future) or “short sales against the box” (selling owned, but not delivered securities),
“put” and “call” options (publicly available rights to sell or buy securities within a certain period of time at a specified price or the like), and other hedging transactions designed to minimize the risk inherent in owning IDEX
stock, such as zero-cost collars and forward sales contracts. 
 Consistent with Section 954 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010, and to the extent not in violation of any applicable law, IDEX reserves the right to recover from current and/or former key employees any wrongfully earned performance-based compensation, including stock-based
awards, upon the determination by the Compensation Committee of the following: 
  

	 	(a)	there is a restatement of Company financials, due to the material noncompliance with any financial reporting requirement, 

 

	 	(b)	the cash incentive or equity compensation to be recouped was calculated on, or its realized value affected by, the financial results that were subsequently restated,

  

	 	(c)	the cash incentive or equity compensation would have been less valuable than what was actually awarded or paid based upon the application of the correct financial
results, and 

  

	 	(d)	the pay affected by the calculation was earned or awarded within three years of the determination of the necessary restatement 

The Compensation Committee has exclusive authority to modify, interpret and enforce this provision in compliance with all regulations. 

You acknowledge and consent to the collection, use, processing and transfer of personal data as described in this paragraph. The Company, its affiliates
and your employer hold certain personal information, including your name, home address and telephone number, date of birth, social security number or other employee tax identification number, salary, nationality, job title, any options awarded,
cancelled, purchased, vested, unvested or outstanding in your favor, for the purpose of managing and 

  

					
	2013 – 8 PSU Agreement	  	Page 3	  	Revised: 02/07/2013
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administering your Performance Units and Dividend Equivalents (“Data”). The Company and its affiliates will transfer Data to any third parties assisting the Company in the
implementation, administration and management of your Performance Units and Dividend Equivalents. These recipients may be located in the European Economic Area, or elsewhere such as the United States. You authorize them to receive, possess, use,
retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing your Performance Units and Dividend Equivalents. You may, at any time, review Data, require any necessary amendments to it or
withdraw the consent herein in writing by contacting the Company; however, withdrawing the consent may affect your ability to participate in the Plan and receive Dividend Equivalents or shares of Common Stock upon vesting in the Performance Units.

 Your participation in the Plan is voluntary. The value of the Dividend Equivalents, Performance Units or shares of Common Stock received upon
vesting in the Performance Units is extraordinary items of compensation outside the scope of your employment contract, if any. As such, the Dividend Equivalents, Performance Units and Common Stock received upon vesting of the Performance Units are
not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pensions or retirement benefits or similar payments unless specifically and
otherwise provided. Rather, the awarding of Dividend Equivalents and Performance Units represents a mere investment opportunity. 
 The
Performance Units and Dividend Equivalents are granted under and governed by the terms and conditions of the Plan. You acknowledge and agree that the Plan is discretionary in nature and may be amended, cancelled, or terminated by the Company, in its
sole discretion, at any time. The Plan has been introduced voluntarily by the Company and in accordance with the provisions of the Plan may be terminated by the Company at any time. The grant of the Performance Units and Dividend Equivalents are a
one-time benefit and does not create any contractual or other right to receive a grant of Performance Units, dividend equivalents or benefits in lieu of Performance Units or dividend equivalents in the future. Future grants of Performance Units and
Dividend Equivalents, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of the grant, the number of units and vesting provisions. By execution of this Agreement, you consent to the provisions of the
Plan and this Agreement. 
 All cash payments shall be made as determined by the Committee in either US dollars or the local currency applicable
to your jurisdiction, after being converted from a US dollar equivalent based on the exchange rate selected by the Committee. 

  

					
	2013 – 8 PSU Agreement	  	Page 4	  	Revised: 02/07/2013
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 Defined terms used herein shall have the meaning set forth in the Plan, unless otherwise defined herein.

  

			
	COMPANY:
	
	IDEX CORPORATION
	
	

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

  
  

 

  

					
	2013 – 8 PSU Agreement	  	Page 5	  	Revised: 02/07/2013
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 Schedule A 
 The number of Performance Units earned and vested will be determined as follows: 

Earned Performance Units = Payout Percentage x Target Award 
 The Payout Percentage is based on IDEX’s percentile ranking of its TSR (as defined below) vs. the TSR of the companies in the S&P Midcap 400 Industrial Group with a GICS Sector Code = 20 -
Industrials at the end of the Performance Period. 
 Performance Period: January 1, 2013-December 31, 2015

  

					
	 	 	 
	
Performance Level

 
	 	 Performance Goal

 
	 	 Payout

Percentage

 

	 	 	 
	
Below Threshold

 
	 	 Achievement of Less than the 25th Percentile Performance

 
	 	 0%

 

	 	 	 
	 Threshold

 
	 	 Achieve 25th Percentile Performance

 
	 	 33%

 

	 	 	 
	 Target

 
	 	 Achieve 50th Percentile Performance

 
	 	 100%

 

	 	 	 
	
High Achievement

 
	 	 Achieve 75th Percentile Performance

 
	 	 200%

 

 Achievement between each performance level will be interpolated on a straight line basis rounded to the nearest whole
number; provided that if the actual performance level achieved does not meet Threshold performance (i.e.: if performance is less than 25th Percentile) then no Performance Units will be earned. The maximum number of Performance Units that may be
earned shall be 200% of the Target Award. 
 Notwithstanding the Payout Percentage indicated above, if IDEX’s TSR for the Performance
Period is less than 1.00 (negative TSR), the Payout Percentage will not be greater than 100%, ( i.e. a TSR of 0.98 is equal to a -2.0% (absolute negative two percent). 
 “TSR” is calculated by dividing the Closing Average Share Value by the Opening Average Share Value at the end of the Performance Period and assuming that all applicable dividends are reinvested
on the ex-dividend date. For this purpose: 
  

	 	•	 	 “Closing Average Share Value” means the average closing price of the Common Stock, for the 30 calendar days ending on the last day of the
Performance Period (i.e.: December 2, 2015 to December 31, 2015) 

  

	 	•	 	 “Opening Average Share Value” means the average closing price of the Common Stock, for the 30 calendar days preceding the beginning of the
Performance Period (i.e.: for Performance Period with a Beginning Date of January 1, 2013, the Opening Average Share Value would include the calendar days from December 2, 2012 to December 31, 2012) 

  

					
	2013 – 8 PSU Agreement	  	Page 6	  	Revised: 02/07/2013
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