EX-10.24 3 iex-20151231xex1024.htm EXHIBIT 10.24
Exhibit 10.24
PERSONAL AND CONFIDENTIAL
September 24, 2015
Denise R. Cade
1427 East Prairie Avenue
Wheaton, Illinois 60187
Dear Denise:
We are pleased to offer you the position of Senior Vice President, General Counsel for IDEX Corporation,
based in Lake Forest, Illinois, and reporting directly to Andrew Silvernail, Chief Executive Officer. The
following terms apply to this offer:
• Your anticipated start date is October 26, 2015. If there is any change to this date, please
inform me as soon as possible
• Your annual base salary will be Four Hundred Twenty Thousand Dollars and Zero Cents
($420,000.00), payable on a biweekly basis at the rate of Sixteen Thousand One Hundred
Fifty Three Dollars and Eighty Four Cents ($16,153.84) per pay period. You will be eligible
for a review of your salary with consideration for an increase in March of 2017. While we
hope that you have a long and mutually beneficial relationship, your employment is
considered "at will" and will not be for any fixed term or definite period and may be
terminated by you or IDEX at any time.
• As of January 1, 2016, you will be eligible for participation in our Management Incentive
Compensation Plan (MICP Grade 26), as established each fiscal year, which provides
annual incentive earnings opportunity based on business unit and personal performance.
Your MICP target level of incentive compensation will be sixty percent (60%) of your annual
base pay in effect at the beginning of the plan year. The actual pay-out under the plan could
be more or less than the target level and will depend on IDEX's performance and your
performance. Enclosed is a copy of the current MICP Compensation Programs Booklet.
As an active employee, in March of 2016, you will receive a bonus in the amount of Two
Hundred Twenty Eight Thousand Dollars and Zero Cents ($228,000.00), less deductions
and withholding as required. If you voluntarily leave within 12 months of your start date then
you will owe the Company 100% of this amount.
• You will be eligible to receive a company car allowance of One Thousand Five Hundred
Dollars and Zero Cents ($1,500.00) per month, paid on a bi-weekly basis.
• You will be eligible for the full range of benefits including: the IDEX Defined Contribution
Retirement Plan, the IDEX 401(k) Savings Plan, medical and dental coverage, short-term and
long-term disability coverage, and life insurance. Summaries of these benefit plans are enclosed.
• You will be eligible to participate in the Executive Medical Physical Program. IDEX has partnered
with the Center for Partnership Medicine at Northwestern Memorial Hospital to provide you with the
opportunity to have a full medical examination on an annual basis. The cost of the examination shall
be paid by IDEX.
• You will be eligible to enroll in the Executive Long Term Disability program which provides
additional income in the case of total and permanent disability. This program is fully paid by
IDEX. You will be issued an individual policy that provides several additional benefits above and
beyond the Group LTO plan that is in place for employees.

• Based upon your position, you will also be eligible to participate in the IDEX Corporation
Supplemental Executive Retirement and Deferred Compensation Plan. The purpose of the plan
is to provide non-qualified retirement compensation benefits above IRS limits and to provide
participants with the ability to defer other amounts of compensation.
• Subject to approval from our Board of Directors, you will be eligible for equity grants in the form of
a combination of performance stock units, stock options and restricted stock shares under the
IDEX Incentive Award Plan (lAP) at our annual grant as established each fiscal year. These
annual awards for your position are currently targeted to have a value of one hundred ten percent
(110%) of your base salary. Your actual award in any year is dependent upon current program
design and your performance. This plan is designed to provide an incentive and reward to key
employees who are in a position to make substantial contributions to the success of the company.
The initial price at which the option awards are granted will be the closing price of IDEX common
stock on the grant date. Your options may be exercised after they become vested, and for a
period of up to ten years from the date they were awarded. Currently, options vest at the rate of
25% per year.
Restricted shares of stock currently vest 100% on the third anniversary of the grant date; during
this restriction period, you will receive dividend equivalent payments. Once the restriction period
lapses, you will retain full ownership of the shares. Once vested, these shares will be considered
taxable income to you, and you will be provided more information at that time regarding payment
of withholding taxes, if applicable. You must remain employed by IDEX Corporation in order to
achieve vesting for these lAP awards.
• Upon hire you will be granted an equity award valued at Three Hundred Twenty Five Thousand
Dollars and Zero Cents ($325,000.00). This amount will be split equally (50%/50%) among stock
options and restricted stock shares. The number of shares as well as the option price will be
based upon the closing price of IDEX common stock on the grant date. The options will vest
ratably at 25% each year as of the anniversary of the grant and the restricted shares will vest
100% on the third anniversary of the grant date. Additionally, unvested restricted shares are
eligible to receive dividend payments. Each award will be governed by the terms included in
each award agreement.
• 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 pay) for a minimum of twenty-four (24) months following
the date of termination (for a total payment of two (2) times both base salary and target
annual bonus). 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 up to twelve
(12) months base salary at the then current monthly base rate plus your targeted annual
incentive bonus in exchange for a signed release. Such benefit will not be applicable in the
event of your voluntary termination.
This offer of employment is subject to your satisfactory completion of a drug and alcohol abuse screening
test, to be scheduled at a qualified laboratory, and a background screening. A copy of the policy is
enclosed.
At IDEX, we have a strong standard of conduct and ethics policy. Immediately upon accepting
employment, you will be required to go through on-line training on this policy and abide by it. A copy of
this policy is enclosed.
The company does require that all new exempt employees agree to and sign an Employee Confidentiality

Information, Work Product, Non-Disclosure and Non-Solicitation Agreement. Please sign and return the
signed copy, keeping a second copy for your file.
Please indicate your acceptance of this offer by signing on the line provided below and return a signed
copy to me.
Denise, we have discussed the importance of the position to IDEX and some of the critical challenges
that the team faces. We are confident that your leadership skills and experience can make a significant
contribution to the success of IDEX, and that this position can be a positive professional step for you.

| Sincerely,
| /s/ ANDREW K. SILVERNAIL
| Andrew K. Silvernail
| Chief Executive Officer
******************************************************* | ********************************************************

/s/ DENISE R. CADE |  | 27 Sept 2015
Acceptance of Employment Offer |  | Date
Denise R. Cade |  |

Enclosures:
• Employee Confidentiality Information, Work Product, Non-Disclosure and Non-Solicitation Agreement
• Exhibit A
• Code of Business Conduct and Ethics Policy
• Drug and Alcohol Abuse-Screening Test Locations
• Background Investigation Authorization Form
• 2015 Benefit Highlights Brochure
• 2015 MICP Compensation Programs Booklet
• 2015 SERP Overview Booklet