Document:

Exhibit 4.3

                         [FORM OF SERIES B SENIOR NOTE]

                             WATTS INDUSTRIES, INC.

                                5.47% SENIOR NOTE
                           SERIES B, DUE MAY 15, 2013

No. BR-[_____]                                                            [Date]
$[_______]                                                          PPN: [     ]

            FOR VALUE RECEIVED, the undersigned, WATTS INDUSTRIES, INC. (herein
called the "Company"), a corporation organized and existing under the laws of
the State of Delaware, promises to pay to [ ], or registered assigns, the
principal sum of $[ ] on May 15, 2013, with interest (computed on the basis of a
360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the
rate of 5.47% per annum from the date hereof, payable semiannually, on May 15
and November 15, in each year, commencing with the May or November next
succeeding the date hereof, until the principal hereof shall have become due and
payable, and (b) to the extent permitted by law on any overdue payment
(including any overdue prepayment) of principal, any overdue payment of interest
and any overdue payment of any Make-Whole Amount (as defined in the Note
Purchase Agreement referred to below), payable semiannually as aforesaid (or, at
the option of the registered holder hereof, on demand), at a rate per annum from
time to time equal to the greater of (i) 7.47% or (ii) 2% over the rate of
interest publicly announced by Bank of America, or its successor, from time to
time in Chicago, Illinois as its "base" or "prime" rate.

            Payments of principal of, interest on and any Make-Whole Amount with
respect to this Note are to be made in lawful money of the United States of
America at the principal office of Bank of America in Chicago, Illinois or at
such other place as the Company shall have designated by written notice to the
holder of this Note as provided in the Note Purchase Agreement referred to
below.

            This Note is one of a series of Senior Notes (herein called the
"Notes") issued pursuant to a Note Purchase Agreement dated as of May 15, 2003
(as from time to time amended, the "Note Purchase Agreement"), between the
Company and the respective Purchasers named therein and is entitled to the
benefits thereof. Reference is made to the Note Purchase Agreement for the
definitions used herein and the method of calculating the interest and other
payments to be made on or in respect of this Note. Each holder of this Note will
be deemed, by its acceptance hereof, (i) to have agreed to the confidentiality
provisions set forth in Section 20 of the Note Purchase Agreement and (ii) to
have made the representations and agreement set forth in Section 6.2 of the Note
Purchase Agreement.

<PAGE>

            This Note is a registered Note and, as provided in the Note Purchase
Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by
the registered holder hereof or such holder's attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for
registration of transfer, the Company may treat the person in whose name this
Note is registered as the owner hereof for the purpose of receiving payment and
for all other purposes, and the Company will not be affected by any notice to
the contrary.

            This Note is subject to optional prepayment, in whole or from time
to time in part, at the times and on the terms specified in the Note Purchase
Agreement but not otherwise.

            If an Event of Default, as defined in the Note Purchase Agreement,
occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any
applicable Make-Whole Amount) and with the effect provided in the Note Purchase
Agreement.

            This Note shall be construed and enforced in accordance with, and
the rights of the parties shall be governed by, the law of the Commonwealth of
Massachusetts excluding choice-of-law principles of the law of such State that
would require the application of the laws of a jurisdiction other than such
State.

                                    WATTS INDUSTRIES, INC.

                                    By:
                                         -------------------------
                                    Name:
                                           -----------------------
                                    Title:
                                            ----------------------Exhibit 10.1

Exhibit 10.1

                                                                December 2, 2002

Richard E. Bennett, Jr.
1650 Oakbrook Drive
Suite 405
Norcross, GA  30093

RE:  Revised Employment Agreement
        (Supercedes all prior Agreements, verbal and written)

Dear Richard:

     This letter is written to confirm the offer of OVT, Inc.  ("OVT") to employ
you as  President.  You have agreed to begin  employment on October 1, 2002 (the
"Start Date"). We are excited about working with you and believe that you will
make significant contributions to OVT. This letter supersedes and replaces any
other offer, arrangement, or understanding in its entirety. The terms of your
position with OVT are as follows:

     Cash  Compensation.  Your  initial  base salary for this  position  will be
$75,000 per year (the "Base Salary"), which shall commence upon the closing of
OVT's next anticipated equity financing which results, at a minimum, of proceeds
of $100,000. You will be paid in accordance with OVT's normal payroll practices
as in effect from time to time, and shall be subject to such withholdings and
deductions as are required by law and by policies of OVT from time to time in
effect. Your compensation will periodically be reviewed in accordance with the
policies of the Compensation Committee of the Board of Directors.

     Equity Based Compensation. You will receive a restricted stock award of
1,500,000 shares of common stock of OVT.

     Benefits and Perquisites. In addition to your Base Salary and non-qualified
stock option, you will be eligible to participate in all of OVT's benefit plans
if and when adopted. Benefits are anticipated to include: health/dental/life
insurance; and participation in OVT's 401(k) plan.

     Automobile Allowance. OVT will provide you with a lease payment allowance
of up to $650 per month. Additionally, OVT will reimburse you for all
operational expenses related to the leased automobile, including but not limited
to fuel, insurance, and maintenance expenses. The Automobile Allowance for any
month shall be payable only if OVT is profitable for such month, on a pre-tax
basis, after giving effect to the payment of the automobile allowance and the
payment of all other bonus and compensatory arrangements of OVT. Profit shall be
determined in accordance with generally accepted accounting principles,
consistently applied. No Automobile Allowance shall accrue or be due in any
month that OVT has no profit.

     Expenses. OVT shall reimburse you for all reasonable expenses you incur in
furtherance of, or in connection with, the business of OVT, including, but not
limited to, travel expenses, business communication expenses, and all reasonable
entertainment expenses (whether incurred at your residence, while traveling or
otherwise), subject to the policies of OVT in effect from time to time.

     Termination of Employment. Except as provided in the next sentence, OVT
shall have no obligation to pay any remuneration to you after termination of
employment for any reason, except for Base Salary accrued prior to the date of
termination of employment, any Sales Over Ride earned but not paid prior to the
date of termination of employment, any bonus earned under any bonus plan
established by the Board of Directors after the Start Date, and any expense
reimbursements incurred prior to date of termination of employment which are
payable in accordance with OVT's policies then in effect. The preceding sentence
notwithstanding, if your employment is terminated by OVT for a reason other than
death, disability, or cause, and other than mutual consent, then OVT shall pay
you, in equal monthly installments (or as a lump sum based upon the present
value of the future payments using the Corporation's incremental borrowing
rate), the monthly Base Salary in effect at the effective date of such
termination of employment for a period of 6 months following such termination.
Following a termination of employment for any reason, you agree to cooperate
with OVT in all matters relating to the winding up of your pending work on
behalf of OVT, including, but not limited to, any litigation in which OVT is
involved, and the orderly transfer of any such pending work to other employees
of OVT as may be designated by the OVT. OVT agrees to reimburse you for any
reasonable pre-approved out-of-pocket expenses you incur in providing such
cooperation, subject to reasonable documentation. OVT agrees to pay you a pro
rata portion of the Base Salary for such time, unless OVT is paying your Base
Salary at the time.

     This letter does not create a contract of employment or a contract for
benefits. Your employment relationship with OVT is at-will. At either your
option or OVT's option, your employment may be terminated at any time, with or
without cause.

     Prior to the Start Date, you will sign an employee agreement in the form of
Exhibit A hereto.

     If you have any questions concerning this offer, please do not hesitate to
contact me.

     Sincerely,

     Richard E. Bennett, Jr., President of OVT, Inc.

     Accepted and agreed to this 25 day of November 2002.

     Richard E. Bennett, Jr.Exhibit 10.2

Exhibit 10.2

                                                                December 2, 2002

Robert J. Walters
1650 Oakbrook Drive
Suite 450
Norcross, GA  30093

RE:  Revised Employment Agreement
        (Supercedes all prior Agreements, verbal and written)

Dear Bob:

     This letter is written to confirm the offer of OVT, Inc. ("OVT") to employ
you as Chief Technology Officer. You have agreed to begin employment on October
1, 2002 (the "Start Date"). We are excited about working with you and believe
that you will make significant contributions to OVT. This letter supersedes and
replaces any other offer, arrangement, or understanding in its entirety. The
terms of your position with OVT are as follows:

     Cash Compensation. Your initial base salary for this position will be
$75,000 per year (the "Base Salary"), which shall commence upon the closing of
OVT's next anticipated equity financing which results, at a minimum, of proceeds
of $100,000. You will be paid in accordance with OVT's normal payroll practices
as in effect from time to time, and shall be subject to such withholdings and
deductions as are required by law and by policies of OVT from time to time in
effect. Your compensation will periodically be reviewed in accordance with the
policies of the Compensation committee of the Board of Directors.

     Equity Based Compensation. You will receive a restricted stock award of
1,500,000 shares of common stock.

     Benefits and Perquisites. In addition to your Base Salary and restricted
stock award, you will be eligible to participate in all of OVT's benefit plans
if and when adopted. Benefits are anticipated to include: health/dental/life
insurance; and participation in OVT's 401(k) plan.

     Automobile  Allowance.  OVT will provide you with a lease payment allowance
of up to $650 per month. Additionally, OVT will reimburse you for all
operational expenses related to the leased automobile, including but not limited
to fuel, insurance, and maintenance expenses. The Automobile Allowance for any
month shall be payable only if OVT is profitable for such month, on a pre-tax
basis, after giving effect to the payment of the automobile allowance and the
payment of all other bonus and compensatory arrangements of OVT. Profit shall be
determined in accordance with generally accepted accounting principles,
consistently applied. No Automobile Allowance shall accrue or be due in any
month that OVT has no profit.

     Expenses. OVT shall reimburse you for all reasonable expenses you incur in
furtherance of, or in connection with, the business of OVT, including, but not
limited to, travel expenses, business communication expenses, and all reasonable
entertainment expenses (whether incurred at your residence, while traveling or
otherwise), subject to the policies of OVT in effect from time to time.

     Termination of Employment. Except as provided in the next sentence, OVT
shall have no obligation to pay any remuneration to you after termination of
employment for any reason, except for Base Salary accrued prior to the date of
termination of employment, any Sales Over Ride earned but not paid prior to the
date of termination of employment, any bonus earned under any bonus plan
established by the Board of Directors after the Start Date, and any expense
reimbursements incurred prior to date of termination of employment which are
payable in accordance with OVT's policies then in effect. The preceding sentence
notwithstanding, if your employment is terminated by OVT for a reason other than
death, disability, or cause, and other than mutual consent, then OVT shall pay
you, in equal monthly installments (or as a lump sum based upon the present
value of the future payments using the Corporation's incremental borrowing
rate), the monthly Base Salary in effect at the effective date of such
termination of employment for a period of 6 months following such termination.
Following a termination of employment for any reason, you agree to cooperate
with OVT in all matters relating to the winding up of your pending work on
behalf of OVT, including, but not limited to, any litigation in which OVT is
involved, and the orderly transfer of any such pending work to other employees
of OVT as may be designated by the OVT. OVT agrees to reimburse you for any
reasonable pre-approved out-of-pocket expenses you incur in providing such
cooperation, subject to reasonable documentation. OVT agrees to pay you a pro
rata portion of the Base Salary for such time, unless OVT is paying your Base
Salary at the time.

     This letter does not create a contract of employment or a contract for
benefits. Your employment relationship with OVT is at-will. At either your
option or OVT's option, your employment may be terminated at any time, with or
without cause.

     Prior to the Start Date, you will sign an employee agreement in the form of
Exhibit A hereto.

     If you have any questions concerning this offer, please do not hesitate to
contact me.

     Sincerely,

     Richard E. Bennett, Jr., President of OVT, Inc.

     Accepted and agreed to this 25 day of November, 2002.

     Robert J. Walters

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