IDEX Corporation Executive Severance Agreement with Heath Mitts (Vice President, Corporate Finance)
This agreement between IDEX Corporation and Heath Mitts, Vice President of Corporate Finance, outlines severance benefits if his employment is terminated without cause. If terminated for reasons other than willful misconduct or fraud, Heath Mitts will receive a lump sum payment equal to twelve months of his base salary plus his targeted annual incentive bonus, provided he signs a release within 50 days of termination. All other compensation and benefits remain unchanged. The agreement does not apply if he resigns voluntarily.
Exhibit 10.2
Lawrence D. Kingsley
Chairman and Chief Executive Officer
CORPORATION
IDEX Corporation
1925 West Field Court
Suite 200
Lake Forest, Illinois 60045-4824
United States
www.idexcorp.com
September 30, 2010
Heath Mitts IDEX Corporation 1925W. Field Court Lake Forest, IL 60045
Dear Heath:
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, Corporate Finance for IDEX Corporation in the case of unforeseen circumstances.
| • |
| 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. |
Please indicate your acceptance of these provisions below.
Heath, we appreciate your contributions to IDEX and wish you continuing success.
Sincerely
Lawrence D.Kingsley
Chairman and Chief Executive Officer
IDEX Corporation
Acceptance of Provisions
Heath Mitts Date
