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WITHOUT PREJUDICE & SUBJECT TO CONTRACT

THIS AGREEMENT is made on the 30th day of  June, 2021 between ALEX GOURLAY of 607 Longwood Avenue, Glencoe, IL 60022, USA ("the Employee") and WALGREENS BOOTS ALLIANCE SERVICES LIMITED of 2 The Heights, Brooklands, Weybridge, Surrey, KT13 0NY ("the Company").

INTRODUCTION

A.     The Employee’s employment with the Company will end on 31 December 2021.
B.     The parties wish to record the terms agreed between them on which the Employee’s employment will come to an end.
C.    The Company acknowledges and confirms that all appropriate processes have been carried out and approvals obtained to make the payments under this Agreement.
D. The Employee agrees that he accepts the payments and other arrangements detailed below and will not make any complaint or claim concerning his employment and/or its termination in accordance with the provisions of this Agreement.
E.    The Employee will complete the Reaffirmation Letter on or around the Termination Date.

AGREEMENT

It is agreed between the parties as follows:
1.     The Employee’s employment by the Company shall terminate on 31 December 2021 (“the Termination Date”). With effect from 17 May 2021, and continuing to the Termination Date, the Employee shall serve as senior adviser to the CEO (the “Transition Period”). For the avoidance of doubt, during the Transition Period, the Employee will continue to perform services in good faith, as may be reasonably required at the primary direction of the CEO.   During the Transition Period, Employee will continue to be responsible for compliance with applicable policies and procedures governing Company executives, with his obligations under this Agreement and under his contract of employment and Assigment Agreement (in both cases as modified by this Agreement), and with his restrictive covenant obligations referenced in Clause 25 below.  The Employee will be paid his contractual salary and benefits (less such deductions for income tax and employee’s National Insurance contributions and such other tax withholdings as the Company is required to make by law) up to and including that date. The 

Employee will be paid in lieu of any accrued but untaken annual leave. However, the Parties may mutually agree to a period before the Termination Date being spent on annual leave in order to discharge some or all of the Employee’s annual leave, with the balance (if any) being paid in lieu. Any payment will be subject to such deductions for income tax and employee’s National Insurance contributions and such other tax withholdings as the Company is required to make by law.
2.   The Company will pay you in lieu of notice (£798,785) in 12 equal monthly instalments of £66,565.42 (less such deductions for income tax and employee’s National Insurance contributions and such other tax withholdings as the Company is required to make by law) each month commencing in January 2022 (the “Notice Payments”).
3.   Notice Payments will be made on or around the last day in each month and will continue until December 2022.  The parties agree that the Notice Payments shall not be impacted or reduced if the Employee secures alternative employment or other work before the end of December 2022, and that the Employee shall not be under a duty to make reasonable efforts to secure such alternative employment or work of any kind. As such, the relevant provisions in the Contract of Employment shall have no effect.
4.   The parties accordingly believe that the Employee’s Post-Employment Notice Period and Post-Employment Notice Pay are nil.
5.     Subject to clause 1, the Company will pay to the Employee within 28 days of (1) the Termination Date or (2) receipt by the Company of a copy of this Agreement signed by the Employee, a copy of the Adviser’s Certificate signed by the adviser referenced at clause 26, a copy of the Reaffirmation Letter signed by you and a copy of the completed “Reaffirmation Letter – Adviser Certificate” at Schedule D (whichever is later) a payment (less such deductions for income tax and employee’s National Insurance contributions and such other tax withholdings as the Company is required to make by law) as pay in lieu of outstanding holiday entitlement as at the Termination Date.
6.     Subject and conditional on the Employee complying with the terms of this Agreement the Company will pay (less such deductions for income tax and employee’s National Insurance contributions and such other tax withholdings as the Company is required to make by law) to the Employee within 28 days of the Termination Date or receipt by the Company of both a copy of this Agreement signed by the Employee and a copy of the Adviser’s Certificate signed by the adviser referenced at clause 26 (whichever is later):

a. the sum of £1,413,235 (which includes the Employee’s Statutory Redundancy Payment) (“the Severance Payment”); and
b.An ex-gratia payment of £1,000,000 (the “Ex-Gratia Payment”)  
7.In this regard, the Company and the Employee believe the following to be correct:
(a)     The first £30,000 of the combined Severance Payment and Ex-Gratia Payment will be tax free, as a termination award under the threshold within the meaning of sections 402A(1) and 403 of ITEPA.
(b)     The balance of the combined Severance Payment and Ex-Gratia Payment will be taxable as a termination award exceeding the threshold within the meaning of sections 402A(1) and 403 of ITEPA. The Company shall accordingly deduct income tax from it at the appropriate rate.
8.   The Company will procure the provision of professional assistance (including associated advice) in the preparation and filing of US and UK tax returns (including any queries in relation to those returns) for all tax years associated with employment income, including equity, where a filing requirement arises. At minimum this would cover 2021, 2022 and 2023 US along with 2021/22, 2022/23 and 2023/24 UK tax return support. In addition, this will include support in relation to any queries on these returns and any prior year returns. The level of such support will be decided at the Company’s discretion, acting reasonably. For the avoidance of doubt, this support does not include continued tax equalization following the Employee’s departure from the US. The Employee shall retain access to any Company documentation relating to his personal tax affairs which his tax advisors may reasonably require to assist in the preparation and filing of his US and or UK tax returns and in relation to any queries on current year returns and any prior year returns. 
9.   The Employee will be eligible for a bonus in relation to the fiscal year 2021 and a pro-rated bonus for the fiscal year 2022 for the period from 1 September 2021 to 31 December 2021. Any such bonus payment will be subject to the terms of the WBA Management Incentive Plan (the “MIP”) and subject to approval by the Compensation Committee of the Board of Directors of WBA. Any bonus payable will be subject to deductions for income tax and National Insurance contributions and such other tax withholdings as the Company is required to make by law.  For the avoidance of doubt, any individual performance adjustments for such bonuses shall be strictly based on the assessment of the Employee’s performance and contributions during the relevant bonus periods, and without regard to the pending or actual termination of employment of the Employee.

10.   Pursuant to the Walgreens Boots Alliance, Inc. 2013 Omnibus Incentive Plan Amended and Restated Effective July 11, 2017 (“the Plan”), the treatment of the Employee’s existing awards will be as set out in Schedule B to this letter. For the avoidance of doubt, no awards will be made to the Employee under the Plan in 2021. The treatment of any awards will be subject to the terms of the Plan.
11.    The Company will on request from a bona fide potential employer provide a written reference for the Employee in accordance with the draft in Schedule A attached.  Oral requests for a reference will be responded to in similar terms.  
12.    The Company agrees and undertakes that it will not make or cause to be made or publish or cause to be published nor authorise, facilitate or condone and will make reasonable endeavours to procure that all directors and senior employees will not make or cause to be made or publish or cause to be published nor authorise, facilitate or condone any derogatory or disparaging comments or remarks about the Employee.
13.     The Employee undertakes that he will not at any time make any disparaging or derogatory comments or statements concerning the Company, any Associated Company or their directors or senior employees.
14.     The Employee agrees to keep confidential and not to disclose or reveal the terms of this Agreement to any third party, other than his immediate family, professional or legal advisers, a government authority or as required by law.
15.     In consideration of the terms of this Agreement, the Employee will refrain from instituting a complaint against the Company or any Associated Company or any officer, employee or agent thereof before an Employment Tribunal in respect of any claim arising out of his employment by the Company or its termination including but not limited to any claim:
•for a redundancy payment
•for breach of contract and/or in relation to any unpaid salary or benefits and/or payment for accrued but untaken holiday
•that the Company dismissed him unfairly (including any claim relating to the circumstances and/or the manner of the termination of the Employee’s employment)
•for discrimination, harassment and/or victimisation on grounds related to or arising from age, sex (including equal pay or equality of terms), maternity or pregnancy, race, colour, nationality, ethnic origin, disability, sexual orientation, marriage or civil partnership, gender re-assignment, religion or belief

•for unlawful deductions from wages
•for failure to pay national minimum wage
•for failure to provide adequate rest breaks or holiday
•for less favourable treatment on the grounds of part time status or fixed term status
•for being subjected to a detriment on the grounds of zero hours
•in relation to parental rights or flexible working
•for failure to inform and consult in accordance with the law
•relating to his personal data. 
16.     The Employee accepts the payments made by the Company and described above in full and final settlement of all claims that he has or may have against the Company or any Associated Company arising out of his employment or its termination including any claims in respect of which an Employment Tribunal has no jurisdiction.  This provision shall not affect any claim by the Employee for breach of this Agreement, for damages for personal injury or his accrued rights under any pension scheme (except where any such claim relates to or arises out of age, sex, race, disability, sexual orientation, marriage or civil partnership, pregnancy or maternity, gender re-assignment, religion or belief discrimination; or any claim relating to the circumstances and/or manner of the termination of the Employee’s employment) although the Employee warrants that as at the date of this Agreement he is not aware of any circumstances which could give rise to such a claim.
17.     The Employee further confirms that he has not commenced and will not commence any proceedings in the Employment Tribunals, High Court, County Court or otherwise in any jurisdiction against the Company or any Associated Company or any of its or their respective officers, employees or agents in respect of any claim which is settled by this Agreement.
18.     The Employee warrants that as at the date of this Agreement he is not aware of any other claim or claims that he has or may have against the Company or any Associated Company than those set out in this Agreement.
19.   This release of claims is intended to include the release of any claims the Employee may have against the Company or its affiliates, subsidiaries or any Associated Company in any jurisdiction, including but not limited to claims arising under the laws of the United States, the State of Illinois or any individual state or local jurisdiction.  In particular and without waiver, the Employee specifically 

releases claims he may have pursuant the United States Age Discrimination in Employment Act (“ADEA”), Title VII of the Civil Rights Act of 1964 (“Title VII”), or any United States federal, state or local law governing employment including the Illinois Human Rights Act (“IHRA”), the Employee has been provided with at least 21 days to consider his release of claims under United States federal and state law and may revoke his release of claims under ADEA and IHRA only by sending written notice of such revocation addressed to the Company’s General Counsel within eight days of this Agreement’s execution.        
20.   If the Employee breaches any material provision of this Agreement or pursues a claim against the Company or any Associated Company arising out of his employment or its termination, notwithstanding the provisions of the Agreement, he acknowledges and agrees to repay to the Company a sum equivalent to the payments paid pursuant to clause 6 (after deduction of all tax and any National Insurance contributions due) and that such sum is recoverable from him by the Company as a debt and that the Company shall be released from any continuing obligations under this Agreement.
21.     The Employee warrants that he has not at the date of this Agreement obtained employment or entered into a contract for services or a consultancy agreement with any person, firm or company.  
22.   The Employee understand that payments under this Agreement are taxable income to him.  The Employee understands that he shall be solely responsible for all taxes that result from his receipt of the payments to be provided under this Agreement. Neither the Company nor any of its affiliates or subsidiaries makes or has made any representation, warranty or guarantee of any federal, state, local or foreign tax consequences to the Employee of his receipt of any payment under this Agreement.  The Company will withhold all legally-required U.S. federal, state and local tax withholdings from amounts payable under this Agreement. The Employee agrees to indemnify the Company against any claim for tax or employee’s National Insurance payments together with any interest or penalties thereon made by any relevant statutory authority and to which the Company is assessed in respect of the Employee in relation to any of the payments or benefits received under the terms of this Agreement.  The Company shall give the Employee reasonable notice of any demand for tax which may lead to liabilities on the Employee under this indemnity and shall provide the Employee with reasonable access to any documentation you may reasonably require to dispute such a claim (provided that nothing in this clause shall prevent the Company from complying with its legal obligations with regard to HM Revenue and Customs or other competent body). All payments under 

this Agreement are intended as separate payments and each installment payment is a separate payment.
23.     The Employee acknowledges that he has, and will continue to abide by, a continuing duty not to disclose (unless required by law) or misuse confidential information concerning the Company or any Associated Company that came into his possession whilst in its employment.  
24.     The Employee warrants that he will return all Company property in his possession or under his control including but not limited to all laptops, mobile telephones, keys, security cards, cars, fuel cards, credit cards, books, documents, papers, materials, computer discs and software and any copies thereof (whether in human readable or machine readable form) on or before the Termination Date.
25.     For the avoidance of any doubt, the post-termination obligations contained within the Employee’s contract of employment and Annex A of the Walgreens Boots Alliance 2013 Omnibus Incentive Plan shall remain in full force and effect.
26.   The Employee confirms that, before signing this Agreement, he received relevant independent advice from a relevant independent adviser, namely Ivor Adair of Fox & Partners Solicitors LLP, 4-6 Throgmorton Avenue, London, EC2N 2DL  as to the terms and effect of this Agreement and in particular its effect on his ability to pursue claims before an Employment Tribunal. By signing the Advisers certificate annexed to this Agreement, Ivor Adair acknowledges that at the time of advising the Employee there was in force a policy of insurance covering a risk of a claim by the Employee in respect of loss arising consequent to that advice.
27.   On or shortly after the Termination Date, the Employee shall sign and date the Reaffirmation Letter and shall ensure that the Adviser (or another relevant independent adviser) signs and dates a letter in the form set out in Schedule D. The Company’s obligations under this agreement (except under Clause 1) are conditional on the Company receiving the letters referred to in this clause duly signed and dated within 21 days of the Termination Date.
28.   The Employee agrees that he will provide reasonable assistance to the Company (or any group company, including Walgreen's Boots Alliance Inc. "WBA" and Walgreen Co.) or its advisers in any litigation in which he is named as a Defendant or in which the company's legal advisers otherwise seek his assistance.  The Company shall give reasonable notice of a request for such assistance.  In such event, the Company shall pay the Employee a daily rate of £4,853.31 for the time spent, provided that the time required on each occasion is approved in advance by the Company (such approval not to be unreasonably withheld, delayed or 

conditioned). If such approval is unreasonably withheld, the employee shall have no obligation to provide assistance on that occasion. These payments shall be subject to such deductions for income tax and employee’s National Insurance contributions and such other tax withholdings as the Company is required to make by law.  The Employee will be responsible for any further tax or National Insurance contributions due in respect of these payments. The Company will also reimburse any reasonable expenses (and/or loss of remuneration above the daily rate noted above) that the Employee incurs as a consequence of the Employee’s assistance, provided that such expenses are approved in writing in advance by the Company. To the extent that it is lawfully able to do so and to the extent consistent with the Company’s bylaws the Company will also pay any reasonable professional (including without limitation, legal and accounting) costs and expenses properly incurred by the Employee after the Termination Date which arise from the Employee having to defend, or appear in, any administrative, regulatory, judicial or quasi-judicial proceedings as a result of the lawful performance of his duties with the Company, provided that such expenses are approved in writing in advance by the Company. 
29.   For the avoidance of doubt, the Employee will be eligible to continue to benefit from WBA's officer indemnity coverage as well as WBA's D&O Insurance in place from time to time in connection with his role and activities described above, in accordance with the terms of the said indemnity coverage and D&O insurance. The Company agrees that as long as there is a policy of D&O Insurance in effect for existing directors and/officers of the Company, that this policy will be applied to the Employee  
30.   The Company shall continue to provide the Employee and the Employee’s spouse with private medical benefit, subject to the rules of the relevant benefit scheme in force from time to time, until the end of the policy year ending in 2022. The Employee shall be responsible for any further tax and employee's National Insurance contributions due in respect of these benefits.
31.   The Company will support the Employee’s relocation back to the UK pursuant to the terms of the Employee’s Assignment Agreement.
32.   The Company will engage Weichert to manage the sale of the Employee’s home at 607 Longwood Avenue, Glencoe, IL 60022 (the “Property”). The Employee shall use his reasonable endeavours to work with Weichert in order to sell the Property and this includes the Employee accepting a commercially reasonable offer for the Property consistent with an independent professional appraisal of its value. In the event that the Employee has not sold the Property by the Termination Date, the 

Company agrees  within 30 days to purchase the Property for $8 million, being the purchase price, the Employee paid for the Property in 2013 and make the payment of $8 million to the Employee by no later than 30 days of the date of purchase. The payment shall be subject to deductions for income tax and National Insurance contributions and such other tax withholdings as the Company is required to make by law. The Company will pay reasonable legal fees necessary to effect the sale of the Property, provided that such fees are approved in writing in advance by the Company. 
33.   The conditions regulating compromise and/or settlement agreements contained in section 203 of the Employment Rights Act 1996, section 77 of the Sex Discrimination Act 1975, section 72 of the Race Relations Act 1976, section 9 of the Disability Discrimination Act 1995, section 288 of the Trade Union and Labour Relations (Consolidation) Act 1992 and Regulation 35 of the Working Time Regulations 1998, Part 1 of Schedule 4 of the Employment Equality (Sexual Orientation) Regulations 2003, Part 1 of Schedule 4 of the Employment Equality (Religion or Belief) Regulations 2003, Part 1 of Schedule 5 of the Employment Equality (Age) Regulations 2006 and section 147 of the Equality Act 2010 are satisfied in relation to this Agreement.
34.     The Company agrees to pay direct to Fox & Partners LLP Solicitors LLP within 28 days of receipt of an invoice a contribution of up to £1,000 (plus VAT) towards the cost of the Employee taking relevant independent advice on the terms and effect of this Agreement.  
35.     In this Agreement “Associated Company” means Alliance Boots Holdings Limited and its holding companies and subsidiaries and the subsidiaries of any such holding companies from time to time.
36.     Notwithstanding that this Agreement is headed “Without Prejudice and Subject to Contract”, it will once signed by all the parties and dated be regarded as an open and binding agreement.
37.    This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. 
38.    Each party irrevocably agrees that the courts of England and Wales shall have exclusive  jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).

EMPLOYEE SIGNATURE:    /s/ Alex Gourlay 
                    ______________________________
ALEX GOURLAY

COMPANY SIGNATURE:    /s/ Frank Standish
                    ______________________________
FOR AND ON BEHALF OF THE COMPANY

ADVISER'S CERTIFICATE

I, Ivor Adair of Fox & Partners LLP, 4-6 Throgmorton Avenue, London, EC2N 2DL confirm that I have given independent legal advice to Alex Gourlay as to the terms and effect of the Agreement, a copy of which is annexed hereto, and in particular as to its effect on his ability to pursue his rights before an Employment Tribunal.

I confirm that I am a Solicitor-Advocate of the Senior Courts holding a current practising certificate and that there is and was at the time I gave the advice referred to above in force a contract of insurance or an indemnity provided for members of a profession or professional body covering the risk of a claim by Alex Gourlay in respect of any loss arising in consequence of that advice.

ADVISER SIGNATURE:        /s/ Ivor Adair
                    ______________________________
IVOR ADAIR

SCHEDULE A

DRAFT REFERENCE
Name
Address

Dear

Further to your letter dated ........................................... I can confirm the following details regarding:

Employee's name:         Alex Gourlay

Date of joining:             [    ]

Date of leaving:             31 December 2021

Nature of position held:      Co-Chief Operating Officer

The information above has been given in good faith, with care being taken to ensure accuracy. The Company does not accept liability for errors or omissions.

Yours sincerely

Schedule B

Schedule C

Reaffirmation Letter

[NAME]
[DATE]
Dear 
Reaffirmation Letter
I am writing in connection with the settlement agreement between WALGREENS BOOTS ALLIANCE SERVICES LIMITED (Company) and you dated [DATE]] (Agreement). This is the Reaffirmation Letter referred in the Agreement.
Defined terms have the same meaning when used in this Reaffirmation Letter as in the Agreement.
In consideration of the Company paying the Termination Payment to you in accordance with the terms of the Agreement, you expressly agree the following:
i.You agree that the terms of the Agreement are offered by the Company without any admission of liability on the part of the Company and are in full and final settlement of all and any claims or rights of action that you have or may have against the Company or any Associated Company or its officers, employees or workers whether arising out of your employment with the Company or its termination or from events occurring after the Agreement was entered into, whether under common law, contract, statute or otherwise, whether such claims are, or could be, known to or in the contemplation of the Company or you at the date of this Reaffirmation Letter in any jurisdiction and including, but not limited to, the claims specified in the Agreement (each of which is waived by this clause).
ii.This waiver shall not affect any claim by you for breach of the Agreement, for damages for personal injury or accrued rights under any pension scheme (except where any such claim relates to or arises out of age, sex, race, disability, sexual orientation, marriage or civil partnership, pregnancy or maternity, gender re-assignment, religion or belief discrimination; or any claim relating to the circumstances and/or manner of the termination of your employment) although you warrant that as at the date of this Reaffirmation Letter than you are not aware of any circumstances which could give rise to such a claim.
iii.You warrant that:
1.before entering into this Reaffirmation Letter you received independent advice from Ivor Adair of Fox & Partners Solicitors LLP (the Adviser) as to the terms and effect of this Reaffirmation Letter and, in particular, on its effect on your ability to pursue the claims specified the Agreement;
2.the Adviser has confirmed to you that they are a solicitor-advocate holding a current practising certificate and that there is in force a policy of insurance 

covering the risk of a claim by you in respect of any loss arising in consequence of their advice;
3.the Adviser shall sign and deliver to the Company a letter in the form attached as Schedule E to the Agreement.

You acknowledge that the Company acted in reliance on these warranties when entering into this Reaffirmation Letter.
iv.You acknowledge that the conditions regulating compromise and/or settlement agreements contained in section 203 of the Employment Rights Act 1996, section 77 of the Sex Discrimination Act 1975, section 72 of the Race Relations Act 1976, section 9 of the Disability Discrimination Act 1995, section 288 of the Trade Union and Labour Relations (Consolidation) Act 1992 and Regulation 35 of the Working Time Regulations 1998, Part 1 of Schedule 4 of the Employment Equality (Sexual Orientation) Regulations 2003, Part 1 of Schedule 4 of the Employment Equality (Religion or Belief) Regulations 2003, Part 1 of Schedule 5 of the Employment Equality (Age) Regulations 2006 and section 147 of the Equality Act 2010 are satisfied in relation to this Reaffirmation Letter.

COMPANY SIGNATURE:    ................................................................................
FOR AND ON BEHALF OF THE COMPANY

I agree to the above terms
EMPLOYEE SIGNATURE:    ................................................................................
                    ALEX GOURLAY

Date............................................................

Schedule D

Reaffirmation Letter – Adviser Certificate

I, Ivor Adair of Fox & Partners  LLP, 4-6 Throgmorton Avenue, London, EC2N 2DLconfirm that I have given independent legal advice to Alex Gourlay as to the terms and effect of the Reaffirmation Letter, a copy of which is annexed hereto, and in particular as to its effect on his ability to pursue his rights before an Employment Tribunal.

I confirm that I am a Solicitor-Advocate of the Senior Courts holding a current practising certificate and that there is and was at the time I gave the advice referred to above in force a contract of insurance or an indemnity provided for members of a profession or professional body covering the risk of a claim by Alex Gourlay in respect of any loss arising in consequence of that advice.

ADVISER SIGNATURE:        ................................................................................
Ivor AdairDocument

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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