Document:

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                                                                 EXHIBIT 10.2(c)

                                December 3, 1999

PERSONAL AND CONFIDENTIAL

Mr. Wayne P. Sayatovic
91 West Mallard Lane
Lake Forest, Illinois  60045

Dear Wayne:

         Re:      Severance Agreement

         This is to confirm that in the event of your Termination of Service, as
hereafter defined, with IDEX Corporation or its successors ("IDEX"), within
twenty-four (24) months following, or, directly or indirectly, in connection
with, or in anticipation of, a Change of Management, as hereinafter defined, you
will be entitled to the following benefits as a severance payment (hereafter
referred to individually as a "Severance Benefit" and collectively as "Severance
Benefits"):

         1)       Payment of your base salary and vacation pay (for vacation not
                  taken, including vacation carryover from the prior year plus a
                  pro rata accrual for the current year) accrued but unpaid
                  through the date of termination of employment payable in a
                  single lump sum payment on the last day employed or as soon
                  thereafter as practicable.

         2)       Any amount earned under the Management Incentive Compensation
                  Plan ("MICP") for the calendar year preceding the year in
                  which the termination of employment occurs which has not been
                  paid will be paid in a single lump sum payment on the last day
                  employed or as soon thereafter as practicable.

         3)       An amount equal to two times the sum of (a) your annual base
                  salary, at the rate in effect on the Determination Date, as
                  hereafter defined, and (b) your full year's bonus under the
                  MICP at your target bonus level in effect on the Determination
                  Date, calculated in accordance with the practice in effect on
                  the Determination Date. This amount will be paid in a single
                  lump sum payment on the last day employed or as soon
                  thereafter as practicable.

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Mr. Wayne P. Sayatovic
December 3, 1999
Page 2

         4)       A proportionate bonus, as described in this subparagraph,
                  under the MICP. The portion of the bonus payable will be the
                  amount determined by multiplying a full year's MICP bonus, at
                  your target bonus level in effect on the Determination Date,
                  calculated in accordance with the practice in effect on the
                  Determination Date, by a fraction the numerator of which is
                  the number of full and partial calendar months in the calendar
                  year which precede the date of the termination of employment
                  and the denominator of which is 12. This amount will be paid
                  in a single lump sum payment on the last day employed or as
                  soon thereafter as practicable.

         5)       Fringe benefits for a continuing period of twenty-four (24)
                  months following the date of termination of employment.
                  Covered fringe benefits for purposes of this agreement
                  include: (a) term life insurance in an amount in effect on the
                  Determination Date, (b) medical benefits at the level in
                  effect on the Determination Date, (c) to the extent coverage
                  is available under the insurance policy in effect, the
                  personal accident plan at the level in effect on the
                  Determination Date, (d) the use of an IDEX-provided
                  automobile, plus related expenses, comparable to that provided
                  to you on the Determination Date, and (e) other miscellaneous
                  fringe benefits in effect on the Determination Date. Medical
                  benefits will be reduced to the extent of coverage provided by
                  subsequent employers. For purposes of COBRA health care
                  continuation coverage, the "qualifying event" will be deemed
                  to have occurred at the end of the twenty-four (24) month
                  period following termination of employment.

         6)       For a twenty-four (24) month period following the date of your
                  termination of employment, IDEX will promptly pay or reimburse
                  you for expenses, in an aggregate amount not to exceed 10% of
                  your annual base salary, at the rate in effect on the
                  Determination Date, incurred by you for outplacement services,
                  which may include consultants, reasonable travel, rental of an
                  office off IDEX's premises, secretarial support, and
                  photocopying, telephone, and other miscellaneous office
                  expenses.

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Mr. Wayne P. Sayatovic
December 3, 1999
Page 3

         7)       For sixty (60) months following the date of your termination
                  of employment, IDEX will continue any indemnification
                  agreement with you and will provide directors' and officers'
                  liability insurance insuring you, such coverage to have limits
                  and scope of coverage not less than that in effect on the
                  Determination Date or January 1, 2000, whichever is greater.
                  At your request, IDEX will cause a certificate of insurance,
                  in a form satisfactory to you, verifying this coverage to be
                  provided to you on an annual basis.

         8)       You will be fully vested in your accrued benefit under any
                  qualified pension or profit sharing plan maintained by IDEX,
                  provided, however, if the terms of such plan do not permit
                  acceleration of full vesting, you will receive a lump sum
                  payment on the last day employed, or as soon thereafter as
                  practicable, in an amount equal to the value of your accrued
                  benefit which was not vested.

         9)       All stock options previously granted to you will immediately
                  vest and you will have twelve (12) months following the last
                  day of employment to exercise all options you hold.

         Notwithstanding anything in this letter agreement or any other
agreement to the contrary, in the event it is determined that any payments or
distributions by IDEX or any affiliate (as defined under the Securities Act of
1933, as amended, and the regulations thereunder) thereof or any other person to
or for the benefit of you, whether paid or payable pursuant to the terms of this
letter agreement, or pursuant to any other agreement or arrangement with IDEX or
any such affiliate ("Payments"), would be subject to the excise tax imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended, or any successor
provision, or any interest or penalties with respect to such excise tax (such
excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the "Excise Tax"), then you will be entitled to
receive an additional payment from IDEX (a "Gross-Up Payment") in an amount such
that after payment by you of all taxes (including, without limitation, any
interest or penalties imposed with respect to such taxes and any Excise Tax)
imposed upon the Gross-Up Payment, you retain an amount of the Gross-Up Payment
equal to the Excise Tax imposed upon the Payments. The amount of the Gross-Up
Payment will be calculated by IDEX's usual

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Mr. Wayne P. Sayatovic
December 3, 1999
Page 4

outside counsel engaged immediately prior to the Change of Management or by a
party selected by such counsel in their discretion. The Gross-Up Payment will be
paid on your last day employed or on the occurrence of the event that results in
the imposition of the Excise Tax, if later. If the precise amount of the
Gross-Up Payment cannot be determined on the date it is to be paid, an amount
equal to the best estimate of the Gross-Up Payment will be made on that date
and, within ten (10) days after the precise calculation is obtained, either IDEX
will pay any additional amount to you or you will pay any excess amount to IDEX,
as the case may be. If subsequently the Internal Revenue Service (IRS) claims
that any additional Excise Tax is owing, an additional Gross-Up Payment will be
paid to you within thirty (30) days of your providing substantiation of the
claim made by the IRS. After payment to you of the Gross-Up Payment, you will
provide to IDEX any information reasonably requested by IDEX relating to the
Excise Tax, you will take such actions as IDEX reasonable requests to contest
such Excise Tax, cooperate in good faith with IDEX to effectively contest the
Excise Tax and permit IDEX to participate in any proceedings contesting the
Excise Tax. IDEX will bear and pay directly all costs and expenses (including
any interest or penalties on the Excise Tax), and indemnify and hold you
harmless, on an after-tax basis, from all such costs and expenses related to
such contest. Should it ultimately be determined that any amount of an Excise
Tax is not properly owed, you will refund to IDEX the related amount of the
Gross-Up Payment.

         For the purposes of this letter agreement, Termination of Service is
defined as (1) a termination of your employment by IDEX for any reason other
than for Cause, as hereafter defined; (2) your reasonable belief that there has
been a material diminution in responsibilities, duties, title, reporting
responsibilities within the business organization, status, role or authority
(without limiting the generality of the foregoing, such a material diminution in
responsibilities, duties, title, reporting responsibilities within the business
organization, status, role or authority will be deemed to have taken place if
any of the following occur: (a) you cease to be an officer of a reporting
company under the Securities Exchange Act of 1934, (b) you retain the position
as an officer of the reporting company but your primary responsibilities,
duties, title, status, role or authority are with an entity within the business
organization which is not the reporting company, or (c) your degree of
involvement in executive decision making relating to IDEX has been materially
diminished); (3) IDEX moves your primary worksite to a location outside of the
Northbrook, Illinois region which necessitates, in your reasonable judgment,
your

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Mr. Wayne P. Sayatovic
December 3, 1999
Page 5

required relocation from your current residence which you choose not to
accept; or (4) reduction in your annual base salary, reduction in the aggregate
compensation provided to you (aggregate compensation to be determined by taking
into consideration, without limitation, the target level of MICP awards (other
than changes in award amounts which are the result of IDEX performance),
retirement or pension plans, non-qualified deferred compensation plans, stock
option awards, severance benefits, or any other fringe benefit plan), or
degradation in working conditions. After notification to you or your obtaining
specific and reliable information which gives rise to your reasonable belief
that one of the preceding events has occurred or is to occur in the near future,
you may, after providing reasonable notice, voluntarily terminate your
employment (which, if prior to the happening of such event, must be effective no
earlier than, and be contingent on, the occurrence of such event). If one of the
events which would be a Termination of Services occurs, and if your termination
of employment at that time would be in a period of time during which you would
be unable to exercise stock options or sell shares of IDEX or its successor,
either by law or contractual agreement (a "restrictive period"), then you may
continue in employment until a reasonable period after the restrictive period
ends and your subsequent termination of employment will be a Termination of
Service.

         For purposes of this letter agreement, a "Change of Management" occurs
if the Chief Executive Officer of IDEX, determined as of November 1, 1999, is no
longer serving as President and Chief Executive Officer and a successor has
assumed such positions.

         For purposes of this letter agreement, "Cause" exists if (1) you
breach, in a substantive and material manner, your fiduciary duty to IDEX, (2)
you commit a felony criminal act, or (3) you fail, after repeated requests of
the Chief Executive Officer of IDEX, which have been documented to you in
writing, to perform duties assigned to you (the nature of which must be
consistent with the duties assigned to you prior to the Change of Management or
prior to any modification of your assigned duties made in connection with, or in
anticipation of, such Change of Management).

         For purposes of this letter agreement, the term "Determination Date"
means the date immediately prior to the date of (1) payment of any Severance
Benefit, (2) the Change of Management, (3) your Termination of Service, or (4)
your last day of

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Mr. Wayne P. Sayatovic
December 3, 1999
Page 6

employment, on whichever of the four preceding dates a factor (i.e. the rate,
level, amount, practice, quality or other factor, as the context may indicate)
used to calculate a Severance Benefit under this letter agreement is the factor
which will result, with respect to such Severance Benefit, in the greatest or
largest benefit to be provided. For the avoidance of doubt, the Determination
Date may be different with respect to different Severance Benefits.

         If IDEX or any entity which has an obligation to you under this letter
agreement fails to honor any provision of this letter agreement or if a contest
or dispute as to the terms of this letter agreement arises, all legal fees and
expenses incurred by you to enforce this agreement or to contest or dispute its
terms will be paid, or at your request, advanced, to you or directly to your
attorney, as you may direct.

         To the extent that this letter agreement provides a larger or greater
separate severance benefit than may be provided to you pursuant to any policy,
program, contract or arrangement adopted by IDEX prior to your Termination of
Service, this letter agreement will supersede and be in full substitution of
such other policy, program, contract or arrangement with respect to the larger
or greater separate severance benefit to be provided. To the extent that any
policy, program, contract or arrangement adopted by IDEX prior to your
Termination of Service provides a larger or greater separate severance benefit
than may be provided to you pursuant to this letter agreement, such other
policy, program, contract or arrangement will supersede and be in full
substitution of this letter agreement with respect to the larger or greater
separate severance benefit to be provided.

         The terms of this letter agreement will be governed by the laws of the
State of Illinois and will be binding on IDEX and its successors (who consent to
jurisdiction in the State of Illinois with respect to the subject matter of this
letter agreement) and will inure to the benefit of your heirs. You will not be
required to mitigate the amount of any payment or benefit provided for in this
letter agreement by obtaining other employment or other sources of income or
benefits nor will the amount of any payment or benefit be reduced by offset
against any amount claimed to be owed by you to IDEX (except to the extent that
medical benefits are provided by a subsequent employer). For any matter in this
letter agreement wherein the determination of the existence of any fact or other
matter is indicated to be in your reasonable belief, your belief will be
respected and upheld provided you have

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Mr. Wayne P. Sayatovic
December 3, 1999
Page 7

obtained specific and reliable information giving rise to your reasonable belief
and unless IDEX demonstrates, by a preponderance of the evidence, that the basis
for your belief was arbitrary or capricious. If any provision of this letter
agreement is held invalid or unenforceable for any reason, all other provisions
will remain in effect.

         All notices and other communications given pursuant to this letter
agreement will be deemed to have been properly given if hand delivered or
mailed, addressed to the appropriate party at the address as shown on the first
page of this letter agreement, postage prepaid, by certified or registered mail,
return receipt requested and, in the case of notice to IDEX to the attention of
the President. A copy of any notice sent must also be sent to Hodgson, Russ,
Andrews, Woods & Goodyear, LLP, 1800 One M&T Plaza, Buffalo, New York 14203,
Attention: Richard E. Heath, Esq. and Richard W. Kaiser, Esq. Any party may from
time to time designate, by written notice given in accordance with these
provisions, any other address or party to which such notice or communication or
copies thereof must be sent.

                                               Very truly yours,

                                               Frank J. Hansen

Agreed to and accepted by:

--------------------------
Wayne P. Sayatovic

Date:  December ______, 1999<PAGE>   1
                                                                 EXHIBIT 10.3(d)

                                                     November 24, 1999

PERSONAL AND CONFIDENTIAL

Mr. Frank J. Hansen
1716 Mulberry Drive
Libertyville, Illinois 60048

Dear Frank:

                  Re:      Retirement Benefits Agreement

                  This letter agreement sets forth certain benefits to be
provided to you in recognition of your long and dedicated service to IDEX and in
consideration of your continued service to IDEX through your retirement which is
to be effective as of the date on which a successor to your positions with IDEX
commences services or such other date established by the Board of Directors of
IDEX (hereafter the "Retirement Date"). On your retirement IDEX will provide you
the following benefits:

         1. Payment of your base salary, at the rate of $36,667 per month,
         vacation pay, for vacation not taken, including vacation carryover from
         the prior year plus a pro rata accrual for the current year, and
         provision of all fringe benefits, through the end of the month that
         includes your Retirement Date.

         2. Any amount earned under the Management Incentive Compensation Plan
         ("MICP") for the 1999 calendar year, determined based on the same
         percentage of target bonus that applies to other officers at the IDEX
         corporate location, which has not been paid will be paid in a single
         lump sum payment on your Retirement Date.

         3. An amount equal to your full year's bonus under the MICP at your
         target bonus level of 80% of your annual base salary of $440,000 plus,
         a proportionate bonus, as described in this subparagraph, under the
         MICP will be paid on your Retirement Date. The proportionate bonus
         payable will be the amount determined by multiplying a full year's MICP

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Mr. Frank J. Hansen
November 24, 1999
Page 2

         bonus, at your target bonus level of 80% of your annual base salary of
         $440,000, by a fraction the numerator of which is the number of full
         and partial calendar months in the calendar year 2000 which precede
         your Retirement Date and the denominator of which is 12.

         4. You will be paid your monthly base salary of $36,667 per month, for
         a period of 24 months commencing with the month following the month
         which contains your Retirement Date.

         5. You will receive fringe benefits for a period of twenty-four (24)
         months commencing with the month following the month that contains your
         Retirement Date. Covered fringe benefits for purposes of this agreement
         include: (a) term life insurance in an amount in effect on your
         Retirement Date, (b) to the extent coverage is available under the
         insurance policy in effect, the personal accident plan at the level in
         effect on your Retirement Date, (c) the use of an IDEX-provided
         automobile, plus related expenses, comparable to that provided to you
         on your Retirement Date, and (d) other miscellaneous fringe benefits
         all as currently in effect.

         6. Upon completion of the payments provided for in subparagraph 4, you
         will receive payment of supplemental retirement compensation at an
         annual rate equal to 40% of your annual base salary of $440,000. Such
         supplemental retirement compensation shall be paid in monthly
         installments for a period of 36 months. If you should die prior to
         completion of the payments under this subparagraph 6, the remaining
         payments will be paid to your wife, if surviving, or your estate, as
         the case may be.

         7. Upon completion of the payments provided for in subparagraph 6, you
         will receive payment of supplemental retirement compensation at an
         annual rate equal to 20% of your annual base salary of $440,000. Such
         supplemental retirement compensation shall be paid in monthly
         installments and shall continue for the remainder of your life.

         8. Lifetime medical benefits will be provided to you and your spouse in
         accordance with the provisions of Section 5(c)(4) of your

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Mr. Frank J. Hansen
November 24, 1999
Page 3

         Employment Agreement. Such medical benefits will be reduced to the
         extent of any medical benefits actually available and actually provided
         to you or your wife by any subsequent employer as provided in Section
         5(c)(4) of your Employment Agreement

                  If on the date that benefits are to commence under
subparagraph 7 your spouse is surviving, in lieu of the benefits provided in
subparagraph 7 to you for your life, you and your spouse shall receive payments
in the form of a joint and 50% surviving spouse annuity which are actuarially
equivalent calculated under the assumptions then in effect for the IDEX
Corporation Retirement Plan. However, at any time prior to commencement of the
benefit payable under subparagraph 7, you shall have the right to elect, subject
to attaining any spousal consent that may be required under law, to receive
payment for the period of your life or in the form of some other actuarially
equivalent joint and surviving spouse annuity.

                  All payments under subparagraphs 6 and 7 shall be
appropriately increased at such time as IDEX shall first become obligated to
make such payments, and at the beginning of each year thereafter, in proportion
to the amount, if any, by which the Consumer Price Index (the "CPI") for the
then most recently reported month exceeds the CPI as of the end of the month in
which your Retirement Date occurs. The CPI to be used hereunder shall be the CPI
for All Urban Consumers (CPI-U) (All Cities, All Items, 1982-84 = 100),
published by the Bureau of Labor Statistics of the United States Department of
Labor. In the event of any substantial change in the composition of the CPI to
be used hereunder or in the event of discontinuance or termination of such
index, the most appropriate available price index shall be substituted and
utilized hereunder.

                  In accordance with the provisions of the IDEX Corporation
Stock Option Plan, you shall have a period of three years from your Retirement
Date to exercise any outstanding options unless the options otherwise expire
prior to that time.

                  For sixty (60) months following your Retirement Date, IDEX
will continue any indemnification agreement with you and will provide directors'
and officers' liability insurance insuring you, such coverage to have

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Mr. Frank J. Hansen
November 24, 1999
Page 4

limits and scope of coverage not less than that in effect on January 1, 2000. At
your request, IDEX will cause a certificate of insurance, in a form satisfactory
to you, verifying this coverage to be provided to you on an annual basis.

                  If IDEX or any entity which has an obligation to you under
this letter agreement fails to honor any provision of this letter agreement or
if a contest or dispute as to the terms of this letter agreement arises, all
legal fees and expenses incurred by you to enforce this agreement or to contest
or dispute its terms will be paid, or at your request, advanced, to you or
directly to your attorney, as you may direct.

                  To the extent that this letter agreement provides a larger or
greater separate benefit than may be provided to you pursuant to your Employment
Agreement or any policy, program, contract or arrangement adopted by IDEX prior
to your Retirement Date, this letter agreement will supersede and be in full
substitution of benefit provided under the Employment Agreement or such other
policy, program, contract or arrangement with respect to the larger or greater
separate benefit to be provided. To the extent that your Employment Agreement or
any policy, program, contract or arrangement adopted by IDEX prior to your
Retirement Date provides a larger or greater separate benefit than may be
provided to you pursuant to this letter agreement, the Employment Agreement or
such other policy, program, contract or arrangement will supersede and be in
full substitution of this letter agreement with respect to the larger or greater
separate benefit to be provided.

                  The terms of this letter agreement will be governed by the
laws of the State of Illinois and will be binding on IDEX and its successors
(who consent to jurisdiction in the State of Illinois with respect to the
subject matter of this letter agreement) and will inure to the benefit of your
heirs. Except with respect to medical benefits which may be provided by a
subsequent employer as described in subparagraph 8, you will not be required to
mitigate the amount of any payment or benefit provided for in this letter
agreement by obtaining other employment or other sources of income or benefits
nor will the amount of any payment or benefit be reduced by offset against any
amount claimed to be owed by you to IDEX.

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Mr. Frank J. Hansen
November 24, 1999
Page 5

                  All notices and other communications given pursuant to this
letter agreement will be deemed to have been properly given if hand delivered or
mailed, addressed to the appropriate party at the address as shown on the first
page of this letter agreement, postage prepaid, by certified or registered mail,
return receipt requested and, in the case of notice to IDEX to the attention of
the Vice President - General Counsel. A copy of any notice sent must also be
sent to Hodgson, Russ, Andrews, Woods & Goodyear, LLP, 1800 One M&T Plaza,
Buffalo, New York 14203, Attention: Richard E. Heath, Esq. and Richard W.
Kaiser, Esq. Any party may from time to time designate, by written notice given
in accordance with these provisions, any other address or party to which such
notice or communication or copies thereof must be sent.

                                            Very truly yours,
                                            IDEX Corporation

                                            Donald N. Boyce, Chairman

Agreed to and accepted by:

---------------------------
Frank J. Hansen

Date:______________________

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