Lisa Anderson
IDEX CORP /DE/About Lisa Anderson
Lisa M. Anderson is Senior Vice President, General Counsel and Corporate Secretary at IDEX Corporation; she is 48 years old with eight years of service at IDEX, and has held her current role since February 2022 . Prior to IDEX, she served at SunCoke Energy as Senior Counsel and Deputy Chief Compliance Officer; within IDEX she progressed from Assistant General Counsel (2016) to Associate General Counsel and Assistant Secretary (2017–2022) before promotion to SVP GC . Her incentive pay is tied to performance metrics including Adjusted EBITDA, Organic Sales Growth, Cash Flow Conversion, Sustainability (removed beginning 2025), and relative TSR for PSUs; the 2021 PSU cycle paid out at 50% based on TSR at the 37th percentile, demonstrating direct linkage of long-term incentives to shareholder returns . IDEX’s program prohibits hedging/pledging, maintains stock ownership guidelines (2x salary for non-CEO/CFO NEOs), and applies clawback policies for restatements or improper conduct .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| IDEX Corporation | SVP, General Counsel & Corporate Secretary | Feb 2022–present | Leads legal, corporate governance, and secretary functions; named NEO, compensation aligned with pay-for-performance . |
| IDEX Corporation | VP, Associate General Counsel & Assistant Secretary | Dec 2017–Feb 2022 | Expanded leadership across legal and governance; prepared for promotion . |
| IDEX Corporation | Assistant General Counsel | Oct 2016–Dec 2017 | Joined IDEX legal team; foundational contributions . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SunCoke Energy, Inc. | Senior Counsel & Deputy Chief Compliance Officer | Pre-2016 | Led compliance and legal advisory; relevant regulatory and governance expertise . |
Fixed Compensation
Multi-year compensation (Summary Compensation Table; all amounts USD):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $387,434 | $433,269 | $472,308 |
| Non-Equity Incentive Plan Compensation (Annual Bonus Paid) | $364,655 | $190,080 | $187,200 |
| All Other Compensation | $74,598 | $101,570 | $91,130 |
| Total Compensation | $1,387,934 | $1,375,974 | $1,559,983 |
Current-year salary rate and target bonus structure:
- Base salary rate increased from $440,000 (2023) to $480,000 (2024) (+9.1%) .
- 2024 MICP target bonus opportunity: $312,000; threshold $15,600; maximum $624,000 .
- 2024 target total direct compensation for Ms. Anderson increased 15%, with the majority delivered in long-term incentives to enhance alignment with shareholders .
Performance Compensation
Annual Incentive (MICP) Design
| Component | Weight (2024) | Notes |
|---|---|---|
| Adjusted EBITDA | 40% | Key profitability measure; non-GAAP per IDEX methodology . |
| Organic Sales Growth | 40% | Emphasizes internal growth excluding acquisitions . |
| Adjusted Cash Flow Conversion | 10% | Vital health metric; weighting increases to 20% in 2025 . |
| Sustainability | 10% | Included in 2024; removed from MICP beginning 2025, continuing as board-oversight initiatives . |
Payout (actual bonus paid): $187,200 for 2024 .
Long-Term Incentives — PSUs (Relative TSR and Net Income Growth)
| Grant Year | Target PSUs (#) | Vesting Date | Payout Basis |
|---|---|---|---|
| 2022 | 1,325 | 01/31/2025 | Relative TSR vs S&P 500; disclosed value $188,570 at 12/31/2024 . |
| 2023 | 1,220 | 01/31/2026 | Relative TSR; disclosed at 0% based on performance through 12/31/2024 . |
| 2024 | 1,385 | 01/31/2027 | Relative TSR; disclosed at 0% based on performance through 12/31/2024 . |
Key design details:
- 2024 PSUs: TSR comparator group S&P 500; threshold 33rd percentile pays 33%; target 50th → 100%; max 80th → 250%; negative TSR caps payout at 100% .
- 2025 PSUs: 75% weight relative TSR, 25% weight internal net income growth; awards mix adds time-based RS/RSUs (25%), options (25%), PSUs (50%) from 2025 onward .
- 2021 PSU payout settled Feb 2024 at 50% (11% TSR; 37th percentile): Lisa had 205 shares vest, value realized $46,529 .
Stock Options
| Grant Date | Options (#) | Exercise Price | Vesting | Expiration |
|---|---|---|---|---|
| 02/22/2024 | 5,095 | $235.13 | 25% per year (ratable over 4 years) | 02/22/2034 |
Additional outstanding/vesting profile (12/31/2024):
- Exercisable options by vintage: 385; 825; 935; 1,540; 1,556; 3,010; 1,131 .
- Unexercisable options by vintage: 519; 3,010; 3,394; 5,095 .
Share-based compensation program practices:
- Annual grants typically at February Board meeting; options priced at closing market price; governance controls against MNPI timing .
- 2025 share-based expense and award activity disclosed at the company level (not executive-specific) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of 03/13/2025) | 16,934 shares; less than 1% of class . |
| Options exercisable within 60 days (03/13/2025) | 13,812 shares (part of note across NEOs) . |
| Unvested PSUs (12/31/2024) | 2022 grant disclosed at $188,570 market/payout value; 2023/2024 disclosed at 0% based on performance through 12/31/2024 . |
| Stock Ownership Guidelines | CEO 5x salary; CFO 3x; Other NEOs 2x; compliance met or on track within five years; hedging and pledging prohibited . |
Policy alignment and risk mitigation:
- Insider trading policy prohibits hedging and pledging; ownership guidelines promote long-term alignment .
- Clawback policies implemented per Dodd-Frank and broader improper conduct; awards subject to recoupment .
Employment Terms
| Provision | Terms |
|---|---|
| Severance (No CIC) | One year salary + target MICP bonus upon involuntary termination without cause, in exchange for signed release . |
| Severance (Post-CIC; Double Trigger) | Two times salary + target MICP bonus upon involuntary termination or good reason within 24 months post-change-in-control, payable over 24 months . |
| Equity — Change-in-Control | Double-trigger: awards continue/assumed; if terminated without cause/for good reason within 24 months post-CIC, outstanding awards fully vest; if not assumed or no tradable equity, awards vest in full . |
| PSUs (2022–2024) — CIC Treatment | Cash payment based on performance vs target as of CIC date, plus dividend equivalents with specified hypothetical earnings; timing depends on retirement eligibility, termination within 24 months, end of performance period, or death/disability . |
| Clawbacks | Recovery of wrongfully earned incentive compensation following restatement or improper conduct; applies to current/former officers . |
| Hedging/Pledging | Prohibited for all directors and employees . |
| Tax Gross-Ups | No excise tax gross-up provisions for CIC payments . |
| Perquisites | Limited; principal perquisite is car allowance . |
Quantified potential payments (as of 12/31/2024 assumptions):
| Scenario | Cash Severance | Unvested Options | Unvested PSUs | Total |
|---|---|---|---|---|
| Involuntary Not for Cause (No CIC) | $792,000 | — | — | $792,000 |
| Disability or Death | — | $67,424 | $195,526 | $262,950 |
| CIC (no termination) | — | — | — | — |
| Involuntary Not for Cause or Good Reason post-CIC (Double Trigger) | $1,584,000 | $67,424 | $194,904 | $1,846,328 |
Say-on-Pay & Compensation Peer Group
- Say-on-pay support: >91% approval at 2024 meeting; >94% at 2023 meeting, affirming shareholder support for IDEX’s compensation approach .
- Peer group used for benchmarking (2024 decisions maintained prior composition): Agilent Technologies; AMETEK; Bruker; Crane; Donaldson; Dover; Flowserve; Graco; Ingersoll Rand; ITT; Lincoln Electric; Mettler-Toledo; Nordson; Pentair; Revvity; Roper; Waters; Watts Water; Woodward; Xylem .
- Market data weighting for GC role: 70% survey data and 30% peer group data; target positioning around market median with discretion based on performance/tenure .
Performance & Track Record
- Long-term incentives tied to shareholder outcomes: 2021 PSUs paid at 50% (11% TSR; 37th percentile), underscoring outcome-based alignment; Lisa’s vested PSUs: 205 shares, $46,529 value realized .
- Program evolution: 2025 adds RS/RSUs (25%) and introduces net income growth metric (25% of PSUs), increasing emphasis on profitable growth while maintaining TSR linkage (75%) .
- MICP weighting shifts in 2025 to increase cash flow conversion weight to 20%, reinforcing focus on liquidity and execution .
Equity Ownership & Alignment Details
| Element | Quantification |
|---|---|
| Shares Beneficially Owned | 16,934; less than 1% of class . |
| Options — exercisable within 60 days | 13,812 (as noted across NEOs) . |
| Outstanding Equity Awards (12/31/2024) | PSUs unearned: 2023, 2024 at 0%; 2022 at $188,570 . |
| Compliance with Ownership Guidelines | Met or on track within required 5-year timeline . |
Employment & Contracts — Additional Notes
- Employment for U.S. executive officers is at will; no fixed-term employment agreements .
- SERP: Company contributions (e.g., $42,526 for Ms. Anderson in 2024) and aggregate balance ($182,186) with standard vesting and distribution rules; accelerated distribution upon CIC per 409A .
Investment Implications
- Alignment: High proportion of at-risk and equity-based pay (PSUs/options) and strict hedging/pledging prohibitions support long-term alignment; stock ownership guidelines (2x salary) and clawbacks mitigate governance risk .
- Retention/pressure: Clear vesting timelines (PSUs through 2027; options through 2034) and double-trigger CIC protections reduce involuntary turnover risk; near-term PSU disclosures at 0% for 2023/2024 highlight sensitivity to TSR underperformance, potentially lowering realized LTI and decreasing near-term selling pressure for Lisa .
- Change-in-control economics: Double-trigger severance of 2x salary+target bonus plus accelerated equity vesting provides meaningful protection; absence of tax gross-ups and option repricing reduces shareholder-unfriendly risk .
- Performance orientation: MICP and PSU designs directly link payouts to EBITDA, growth, cash flow, and TSR; 2025 addition of net income growth and RS/RSUs may increase line-of-sight on profitable growth while balancing retention, which can be supportive for execution quality and predictable realization of awards .