IDEX CORP /DE/
LETTER AGREEMENT
<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>6
<FILENAME>c83337exv10w20.txt
<DESCRIPTION>LETTER AGREEMENT
<TEXT>
<PAGE>

                                                                   EXHIBIT 10.20

PERSONAL AND CONFIDENTIAL
VIA OVERNIGHT MAIL

                                November 22, 2002

Ms. Kimberly Bors
728 Westgate Road
Deerfield, Illinois 60015

Dear Kim:

         The purpose of this letter is to confirm the commitment made verbally
to you on Tuesday, November 19,2002 relating to your employment status with
IDEX.

         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 a minimum of 12 months' salary at the then current monthly
base rate as severance. Such benefit will not be applicable if you resign.

         Kim, we are delighted that you have decided to join IDEX. We look
forward to working closely with you as well as to the significant contributions
you will make to IDEX in the years ahead.

                                     Sincerely,
                                     /s/ Jerry N. Derck
                                     Jerry N. Derck

c: D. K. Williams

</TEXT>
</DOCUMENT>
