Severance Agreement between IDEX Corporation and Harold Morgan (Vice President, Human Resources)

Contract Categories: Human Resources › Severance Agreements
Summary

This agreement outlines severance benefits for Harold Morgan, Vice President of Human Resources at IDEX Corporation. If Mr. Morgan's employment is terminated by IDEX without cause, he 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. The agreement does not apply if he resigns voluntarily. All other compensation and benefits remain unchanged.

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EX-10.2 3 c60550exv10w2.htm EX-10.2 exv10w2
  Lawrence D. Kingsley
Chairman and Chief Executive Office
IDEX Corporation
1925 West Field Court
Suite 200
Lake Forest, Illinois 60045-4824
United States
www.idexcorp.com
September 30, 2010
Harold Morgan
IDEX Corporation
1925 W. Field Court
Lake Forest, IL 60045
Dear Harold:
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, Human Resources 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.
Harold, we appreciate your contributions to IDEX and wish you continuing success.
Sincerely,
 

Lawrence D. Kingsley
Chairman and Chief Executive Officer
IDEX Corporation
 
 
     
 
  
9/30/10
          Acceptance of Provisions
  Date
          Harold Morgan