Document:

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                                                                    EXHIBIT 10.9

                                                                  EXECUTION COPY

                    SUBSCRIPTION AND STOCK PURCHASE AGREEMENT

This Subscription and Stock Purchase Agreement (the "Agreement") is entered into
as of the 22nd day of November, 2002, by and among National Waterworks Holdings,
a Delaware corporation (the "Company"), and the persons set forth on the
signature page hereto as Purchasers (the "Purchasers").

         WHEREAS, the Purchasers wish to purchase from the Company, and the
Company wishes to issue and sell to the Purchasers shares of the Company's class
B common stock, par value $0.01 per share ("Class B Common Stock").

         NOW, THEREFORE, in consideration of the mutual promises,
representations, warranties, covenants and conditions set forth in this
Agreement, the parties to this Agreement, intending to be legally bound,
mutually agree as follows:

                                    ARTICLE I

                           Purchase and Sale of Shares

         1.1 Sale and Issuance of Shares. Subject to the terms and conditions of
this Agreement, the Purchasers, severally and not jointly, do hereby subscribe
for and agree to purchase concurrently with the Closing (as defined below), and
the Company does hereby agree to sell to the Purchasers concurrently with the
Closing, the number of shares of Class B Common Stock set forth below the name
of each Purchaser on the signature pages hereto (collectively, the "Shares") for
the total purchase price set forth below the name of each Purchaser on the
signature pages hereto (the "Purchase Price"). Neither the Company nor any
Purchaser shall be obligated to proceed with the Closing unless each other party
hereto is prepared to simultaneously proceed with the Closing.

         1.2 Closing. The issuance, sale and purchase of the shares of Class B
Common Stock hereunder shall occur at a closing (the "Closing") to be held
immediately prior to the closing of the transactions contemplated by that
certain Asset Purchase Agreement dated as of September 12, 2002 (the "Purchase
Agreement") among U.S. Filter Distribution, Inc. ("Distribution"), United States
Filter Corporation and National Waterworks, Inc. (f/k/a Blue Acquisition Corp.).
Payment of the Purchase Price shall be made by each Purchaser (against receipt
of a share certificate delivered by the Company) to the Company or its designee
at the Closing by delivery of a wire transfer of same day funds denominated in
U.S. dollars, unless otherwise mutually agreed in writing with the Company.

                                   ARTICLE II

                  Representations and Warranties of the Company

         The Company represents and warrants to each Purchaser that:

         2.1 Organization and Standing. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and has all requisite corporate power and authority to carry on its
business as now conducted and as proposed to be conducted.
<PAGE>
         2.2 Authorization. All corporate action on the part of the Company
necessary for the authorization, execution, delivery and performance of this
Agreement by the Company, and for the authorization, issuance and delivery of
the Shares being sold under this Agreement, has been taken. This Agreement, when
executed and delivered by all parties hereto, shall constitute the valid and
legally binding obligation of the Company, except to the extent the
enforceability thereof may be limited by bankruptcy laws, insolvency laws,
reorganization laws, moratorium laws or other laws affecting creditors' rights
generally or by general equitable principles.

         2.3 Validity of Shares. The Shares, when issued, sold and delivered in
accordance with the terms of this Agreement, shall be duly and validly issued,
and fully paid and nonassessable.

         2.4 Securities Act. The sale of Shares in accordance with the terms of
this Agreement (assuming the accuracy of the representations and warranties of
the Sponsor contained in Article III hereof) is exempt from the registration
requirements of the Securities Act of 1933, as amended (the "1933 Act").

                                   ARTICLE III

                  Representations, Warranties and Agreements of

                                 the Purchasers

         Each Purchaser, separately and not jointly, represents and warrants to
the Company and each other Purchaser that:

         3.1 Authorization. This Agreement, when executed and delivered by it,
will constitute its valid and legally binding obligation, except to the extent
the enforceability thereof may be limited by bankruptcy laws, insolvency laws,
reorganization laws, moratorium laws or other laws affecting creditors' rights
generally or by general equitable principles.

         3.2      Investment Representations.

                  (a) The Shares to be received by it will be acquired by it for
investment for its own account, not as a nominee or agent, and not with a view
to the sale or distribution of any part thereof in violation of applicable
federal and state securities laws, and it has no current intention of selling,
granting participation in or otherwise distributing the same, in each case, in
violation of applicable federal and state securities laws. By executing this
Agreement, such Purchaser further represents that it does not have any contract,
undertaking, agreement or arrangement with any person to sell, transfer or grant
participation to such person, or to any third person, with respect to any of the
Shares, in each case, in violation of applicable federal and state securities
laws.

                  (b) Such Purchaser understands that the Shares have not been
registered under the 1933 Act on the basis that the sale provided for in this
Agreement and the issuance of securities hereunder is exempt from registration
under the 1933 Act pursuant to Section 4(2) thereof and regulations issued
thereunder.

                                      - 2 -
<PAGE>
                  (c) It has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of its
investment. Such Purchaser further represents that it has had access, during the
course of the transactions contemplated hereby and prior to its purchase of
Shares, to the same kind of information that is specified in Part I of a
registration statement under the 1933 Act and that it has had, during the course
of the transactions contemplated hereby and prior to its purchase of the Shares,
the opportunity to ask questions of, and receive answers from, the Company
concerning the terms and conditions of the offering and to obtain additional
information (to the extent the Company possessed such information or could
acquire it without unreasonable effort or expense) necessary to verify the
accuracy of any information furnished to it or to which it had access. Such
Purchaser understands that no federal or state agency has passed upon this
investment or upon the Company, nor has any such agency made any finding or
determination as to this investment.

                  (d) Such Purchaser understands that the Shares may not be
sold, transferred or otherwise disposed of without registration under the 1933
Act or an exemption therefrom, and that in the absence of an effective
registration statement covering the Shares or an available exemption from
registration under the 1933 Act, the Shares must be held indefinitely. Such
Purchaser must be prepared to bear the economic risk of this investment for an
indefinite period of time. In particular, such Purchaser acknowledges that it is
aware that the Shares may not be sold pursuant to Rule 144 promulgated under the
1933 Act unless all of the conditions of that Rule are met. Among the current
conditions for use of Rule 144 by certain holders is the availability to the
public of current information about the Company. Such information is not now
available, and the Company has no current plans to make such information
available. Such Purchaser represents that, in the absence of an effective
registration statement covering the Shares, it will sell, transfer or otherwise
dispose of the Shares only in a manner consistent with its representations set
forth herein and then only in accordance with the Stockholders' Agreement
referred to in Article VI.

                  (e) Such Purchaser acknowledges that this investment is not
recommended for investors who have any need for a current return on this
investment or who cannot bear the risk of losing their entire investment. Such
Purchaser acknowledges that: (i) it has adequate means of providing for its
current needs and possible personal contingencies and has no need for liquidity
in this investment; (ii) its commitment to investments which are not readily
marketable is not disproportionate to its net worth; and (iii) its investment in
the Shares will not cause its overall financial commitments to become excessive.

                                   ARTICLE IV

                        Conditions to Obligations of each

                              Purchaser at Closing

         The obligations of each Purchaser under Article I of this Agreement are
subject to the fulfillment on or before the Closing of each of the following
conditions:

                                      - 3 -
<PAGE>
         4.1 Representations and Warranties. The representations and warranties
of the Company contained in Article II hereof shall be true on and as of the
Closing with the same force and effect as if they had been made at the Closing.

         4.2 Performance. The Company shall have performed and complied with all
agreements and conditions contained in this Agreement required to be performed
or complied with by it on or before the Closing.

         4.3 Qualifications. All authorizations, approvals or permits, if any,
of any governmental authority or regulatory body of the United States or of any
state that are required in connection with the lawful issuance and sale of the
Shares pursuant to this Agreement shall have been duly obtained and shall be
effective on and as of the Closing.

                                    ARTICLE V

             Conditions to the Obligations of the Company at Closing

         The obligations of the Company under Article I of this Agreement are
subject to the fulfillment on or before the Closing of each of the following
conditions:

         5.1 Representations. The representations, warranties and agreements of
each Purchaser contained in Article III hereof shall be true on and as of the
Closing Date with the same force and effect as if they had been made at the
Closing.

         5.2 Qualifications. All authorizations, approvals or permits, if any,
of any governmental authority or regulatory body of the United States or of any
state that are required in connection with the lawful issuance and sale of the
Shares pursuant to this Agreement shall have been duly obtained and shall be
effective on and as of the Closing.

         5.3 Performance. The Purchasers shall have performed in all material
respects all of its obligations and materially complied with each and all of its
covenants required to be performed or complied with on or prior to the Closing,
including without limitation the execution and delivery of the agreements and
undertakings provided for in this Agreement.

                                   ARTICLE VI

                           Mutual Conditions Precedent

         The obligations of the Company and the Purchasers under Article I of
this Agreement are subject to the fulfillment on or before the Closing of the
following condition:

         Stockholders' Agreement. The Company and each stockholder of the
Company shall have executed and delivered a counterpart signature page to that
certain Stockholders' Agreement to be dated the date of the Closing.

                                   ARTICLE VII

                                      - 4 -
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                                  Miscellaneous

         7.1 No Waiver; Modifications in Writing. This Agreement sets forth the
entire understanding of the parties, and supersedes all prior agreements,
arrangements and communications, whether oral or written, with respect to the
subject matter hereof. No waiver of or consent to any departure from any
provision of this Agreement shall be effective unless signed in writing by the
party entitled to the benefit thereof, provided that notice of any such waiver
shall be given to each party hereto as set forth below. Except as otherwise
provided herein, no amendment, modification or termination of any provision of
this Agreement shall be effective unless signed in writing by or on behalf of
the Company and the Purchasers. Any amendment, supplement or modification of or
to any provision of this Agreement, any waiver of any provision of this
Agreement, and any consent to any departure by the Company from the terms of any
provision of this Agreement, shall be effective only in the specific instance
and for the specific purpose for which made or given. Except where notice is
specifically required by this Agreement, no notice to or demand on the Company
in any case shall entitle the Company to any other or further notice or demand
in similar or other circumstances.

         7.2 Notices. All notices, requests, consents and other communications
hereunder to any party shall be deemed to be sufficient if contained in a
written instrument delivered in person or sent by telecopy,
nationally-recognized overnight courier or first class registered or certified
mail, return receipt requested, postage prepaid, addressed to such party at the
address set forth below or such other address as may hereafter be designated in
writing by such party to the other parties:

         If to the Company:                 National Waterworks Holdings, Inc.
                                            American Plaza
                                            200 West Highway 6
                                            Suite 620
                                            Waco, Texas 76712

         If to the Purchasers:              J.P. Morgan Partners, LLC
                                            c/o J.P. Morgan Partners, L.P.
                                            1221 Avenue of the Americas
                                            New York, New York 10020
                                            Attention:  Official Notices Clerk
                                            FBO:  Stephen Murray

                                            and

                                            Thomas H. Lee Partners, L.P.
                                            75 State Street
                                            Boston, Massachusetts 02109
                                            Attention: Todd Abbrecht

         With a copy to:                    Weil, Gotshal & Manges LLP

                                      - 5 -
<PAGE>
                                            101 Federal Street
                                            Boston, Massachusetts 02110
                                            Attention: James Westra, Esq.

                                            and

                                            O'Melveny & Myers LLP
                                            30 Rockefeller Plaza
                                            New York, New York  10112
                                            Attention:  Gregory A. Gilbert, Esq.

         All such notices, requests, consents and other communications shall be
deemed to have been delivered (a) in the case of personal delivery or delivery
by telecopy, on the date of such delivery, (b) in the case of dispatch by
nationally-recognized overnight courier, on the next business day following such
dispatch and (c) in the case of mailing, on the third business day after the
posting thereof.

         7.3 Costs, Expenses and Taxes. The Company agrees to pay on demand all
expenses incurred by the Purchasers and their affiliates or any of them in
connection with this Agreement, including but not limited to the fees and
disbursements of Weil, Gotshal & Manges LLP and O'Melveny & Myers LLP, counsel
to the Purchasers, and any other consultants or advisors retained by the
Purchasers, including but not limited to the preparation, negotiation and
execution of this Agreement or the transactions contemplated hereby. The Company
shall pay any and all stamp, transfer and other similar taxes payable or
determined to be payable in connection with the execution and delivery of this
Agreement or the issuance of the Shares or any capital stock of the Company
issued upon the redemption or exchange of the Shares but excluding all federal,
state and local income or similar taxes and shall save and hold the Purchasers
harmless from and against any and all liabilities with respect to or resulting
from any delay in paying, or omission to pay, such taxes.

         7.4 Execution of Counterparts. This Agreement may be executed in any
number of counterparts and by different parties hereto on separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed to
be an original and all of which counterparts, taken together, shall constitute
but one and the same Agreement.

         7.5 Binding Effect; Assignment. The rights and obligations of the
Purchasers under this Agreement may not be assigned to any other person. Except
as expressly provided in this Agreement, this Agreement shall not be construed
so as to confer any right or benefit upon any person other than the parties to
this Agreement, and their respective successors and assigns. This Agreement
shall be binding upon the Company and each Purchaser and its and their
respective successors and assigns.

         7.6      Governing Law.  This Agreement shall be governed by the laws
of the State of Delaware as to all matters, including but not limited to matters
of validity, construction, effect, performance and remedies.

                                      - 6 -
<PAGE>
         7.7 Severability of Provisions. Any provision of this Agreement which
is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other
jurisdiction.

         7.8 Exhibits and Headings. All Exhibits to this Agreement shall be
deemed to be a part of this Agreement. The Article and Section headings used or
contained in this Agreement are for convenience of reference only and shall not
affect the construction of this Agreement.

         7.9 Injunctive Relief. Each of the parties to this Agreement hereby
acknowledges that in the event of a breach by any of them of any material
provision of this Agreement, the aggrieved party may be without an adequate
remedy at law. Each of the parties therefore agrees that, in the event of a
breach of any material provision of this Agreement, the aggrieved party may
elect to institute and prosecute proceedings to enforce specific performance or
to enjoin the continuing breach of such provision, as well as to obtain damages
for breach of this Agreement. By seeking or obtaining any such relief, the
aggrieved party will not be precluded from seeking or obtaining any other relief
to which it may be entitled.

         7.10 Attorneys' Fees. In any action or proceeding brought to enforce
any provision of this Agreement, or where any provision hereof or thereof is
validly asserted as a defense, the successful party shall be entitled to recover
reasonable attorneys' fees in addition to any other available remedy.

         7.11 Survival of Agreements, Representations and Warranties. All
agreements, representations and warranties contained herein or made in writing
by or on behalf of the Company or the Purchasers, as the case may be, in
connection with the transactions contemplated by this Agreement shall survive
the execution and delivery of this Agreement and the sale and purchase of the
Shares and payment therefor.

         7.12 Indemnification. The Company hereby agrees to indemnify, exonerate
and hold each Purchaser, and its respective partners, shareholders, affiliates,
directors, officers, fiduciaries, employees and agents and each of the partners,
shareholders, affiliates, directors, officers, fiduciaries, employees and agents
of each of the foregoing (collectively, the "Indemnitees") free and harmless
from and against any and all actions, causes of action, suits, losses,
liabilities and damages, and expenses in connection therewith, including without
limitation reasonable attorneys' fees and disbursements (collectively, the
"Indemnified Liabilities"), incurred by the Indemnitees or any of them as a
result of, or arising out of, or relating to the execution, delivery,
performance, enforcement or existence of this Agreement or the transactions
contemplated hereby except for any such Indemnified Liabilities arising on
account of such Indemnitee's gross negligence or willful misconduct, and if and
to the extent that the foregoing undertaking may be unenforceable for any
reason, the Company hereby agrees to make the maximum contribution to the
payment and satisfaction of each of the Indemnified Liabilities which is
permissible under applicable law. None of the Indemnitees shall be liable to the
Company or any of its affiliates for any act or omission suffered or taken by
such Indemnitee that does not constitute gross negligence or willful misconduct.

                                      - 7 -
<PAGE>
                    SUBSCRIPTION AND STOCK PURCHASE AGREEMENT

                           COUNTERPART SIGNATURE PAGE

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as an instrument under seal, as of the date first above written.

                                            NATIONAL WATERWORKS HOLDINGS, INC.

                                            By: /s/ Mechelle Slaughter

                                                ----------------------
                                                Name:  Mechelle Slaughter
                                                Title: C.F.O. and Secretary

                                            Aggregate Number of Shares of Class
                                            B Common Stock to be sold: 4,138,702

                                            Aggregate sale price for Shares of
                                            Class B Common Stock: $ 206,935,100

                                            PURCHASERS:

                                            Thomas H. Lee Equity Fund V, L.P.

                                            By: THL Equity Advisors V, LLC, its
                                                general partner
                                            By: Thomas H. Lee Partners, L.P.,
                                                its sole member
                                            By: Thomas H. Lee Advisors, LLC, its
                                                general partner

                                            /s/ Anthony Dinovi

                                            ------------------
                                            Name: Anthony Dinovi
                                            Principal Managing Director

                                            Number of Shares of Class B Common
                                                Stock to be purchased: 1,586,701

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $79,335,050

                                      - 8 -
<PAGE>
                                            Thomas H. Lee Parallel Fund V, L.P.

                                            By: THL Equity Advisors V, LLC,
                                                its general partner
                                            By: Thomas H. Lee Partners, L.P.,
                                                its sole member
                                            By: Thomas H. Lee Advisors, LLC,
                                                its general partner

                                            /s/ Anthony Dinovi

                                            ------------------
                                            Name: Anthony Dinovi
                                            Principal Managing Director

                                            Number of Shares of Class B Common
                                                Stock to be purchased: 411,684

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $20,584,200

                                            Thomas H. Lee Equity (Cayman) Fund
                                                  V, L.P.

                                            By: THL Equity Advisors V, LLC, its
                                                general partner
                                            By: Thomas H. Lee Partners, L.P.,
                                                its sole member
                                            By: Thomas H. Lee Advisors, LLC,
                                                its general partner

                                            /s/ Anthony Dinovi

                                            ------------------
                                            Name: Anthony Dinovi
                                            Principal Managing Director

                                            Number of Shares of Class B Common
                                                Stock to be purchased:  21,863

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $1,093,150

                                      - 9 -
<PAGE>
                                            Putnam Investments Holdings, LLC

                                            By: /s/ William H. Wolverton
                                                ------------------------
                                            Name:  William H. Wolverton
                                            Title: Managing Director

                                            Number of Shares of Class B Common
                                                Stock to be purchased: 12,398

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $ 619,900

                                            Putnam Investments Employees'
                                              Securities Company I LLC

                                            By: /s/ William H. Wolverton
                                                ------------------------
                                            Name:  William H. Wolverton
                                            Title: Managing Director

                                            Number of Shares of Class B Common
                                                Stock to be purchased:10,656

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $532,800

                                            Putnam Investments Employees'
                                            Securities Company II LLC

                                            By: /s/ William H. Wolverton
                                                ------------------------
                                            Name: William H. Wolverton
                                            Title: Managing Director

                                            Number of Shares of Class B Common
                                                Stock to be purchased: 9,516

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $ 475,800

                                     - 10 -
<PAGE>
                                            1997 Thomas H. Lee Nominee Trust

                                            By: State Street Bank and Trust

                                            Company, not personally, but solely
                                            as Trustee under the 1997 Thomas H.
                                            Lee Nominee Trust

                                            By: /s/ Thomas H. Lee
                                                -----------------
                                            Name:  Thomas H. Lee
                                            Title: Chief Executive Officer

                                            Number of Shares of Class B Common
                                                Stock to be purchased: 2,503

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $ 125,150

                                            Thomas H. Lee Investors Limited
                                                Partnership

                                            By: THL Investment Management Corp.,
                                                its general partner

                                            By: /s/ Thomas H. Lee
                                                -----------------
                                            Name:  Thomas H. Lee
                                            Title: Chief Executive Officer

                                            Number of Shares of Class B Common
                                                Stock to be purchased: 4,030

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $ 201,500

                                     - 11 -
<PAGE>
                                            J.P. MORGAN PARTNERS (BHCA), L.P.

                                            By: JPMP MASTER FUND MANAGER, L.P.,
                                                its general partner

                                            By: JPMP CAPITAL CORP.,
                                                its general partner

                                            By: /s/ Stephen Murray

                                                ------------------
                                            Name:  Stephen Murray
                                            Title: Partner

                                            Number of Shares of Class B Common
                                                Stock to be purchased:
                                                1,622,232.59

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $ 81,111,630

                                            J.P. MORGAN PARTNERS GLOBAL
                                            INVESTORS, L.P.

                                            By: JPMP GLOBAL INVESTORS, L.P.,
                                                its general partner

                                            By: JPMP CAPITAL CORP.,
                                                its general partner

                                            By: /s/ Stephen Murray

                                                ------------------
                                            Name:  Stephen Murray
                                            Title: Partner

                                            Number of Shares of Class B Common
                                                Stock to be purchased:
                                                257,062.33

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $ 12,853,117

                                     - 12 -
<PAGE>
                                            J.P. MORGAN PARTNERS GLOBAL
                                            INVESTORS (CAYMAN), L.P.

                                            By: JPMP GLOBAL INVESTORS, L.P.,
                                                a general partner

                                            By: JPMP CAPITAL CORP.,
                                                its general partner

                                            By: /s/ Stephen Murray

                                                ------------------
                                            Name:  Stephen Murray
                                            Title: Partner

                                            Number of Shares of Class B Common
                                                Stock to be purchased:130,472.86

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $ 6,523,643

                                            J.P. MORGAN PARTNERS GLOBAL
                                            INVESTORS A, L.P.

                                            By: JPMP GLOBAL INVESTORS, L.P.,
                                                a general partner

                                            By: JPMP CAPITAL CORP.,
                                                its general partner

                                            By: /s/ Stephen Murray

                                                ------------------
                                            Name:  Stephen Murray
                                            Title: Partner

                                            Number of Shares of Class B Common
                                                Stock to be purchased: 35,042.82

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $ 1,752,141

                                     - 13 -
<PAGE>
                                            J.P. MORGAN PARTNERS GLOBAL
                                            INVESTORS (CAYMAN) II, L.P.

                                            By: JPMP GLOBAL INVESTORS, L.P.,
                                                a general partner

                                            By: JPMP CAPITAL CORP.,
                                                its general partner

                                            By: /s/ Stephen Murray

                                                ------------------
                                            Name:  Stephen Murray
                                            Title: Partner

                                            Number of Shares of Class B Common
                                                Stock to be purchased: 14,540.40

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $ 727,020

                                     - 14 -
<PAGE>
                                            Latona NW Investment, LLC

                                            By: /s/ Paul Meister

                                                ----------------
                                            Name:  Paul Meister
                                            Title: Manager

                                            Number of Shares of Class B Common
                                                Stock to be purchased: 20,000

                                            Aggregate purchase price for Shares

                                                of Class B Common Stock:
                                                $ 1,000,000

                                     - 15 -<PAGE>
                                                                   Exhibit 10.10

              EXECUTIVES SUBSCRIPTION AND STOCK PURCHASE AGREEMENT

      This Executive Subscription and Stock Purchase Agreement (the "Agreement")
is entered into as of the 22nd day of November, 2002, by and between National
Waterworks Holdings, a Delaware corporation (the "Company"), and the persons set
forth on the signature page hereto as Executives (the "Executives").

      WHEREAS, the Executives wish to purchase from the Company, and the Company
wishes to issue and sell to the Executives shares of the Company's class A
common stock, par value $0.01 per share ("Class A Common Stock") and class B
common stock, par value $0.01 per share ("Class B Common Stock").

      NOW, THEREFORE, in consideration of the mutual promises, representations,
warranties, covenants and conditions set forth in this Agreement, the parties to
this Agreement, intending to be legally bound, mutually agree as follows:

                                    ARTICLE I

                           Purchase and Sale of Shares

      1.1 Sale and Issuance of Shares. Subject to the terms and conditions of
this Agreement, the Executives do hereby subscribe for and agree to purchase at
the Closing (as defined below), and the Company does hereby agree to sell to the
Executives on the Closing, the number of shares of Class A Common Stock and
Class B Common Stock set forth below the name of each Executive on the signature
pages hereto (collectively, the "Shares") for the total purchase price set forth
below the name of each Executive on the signature pages hereto (the "Purchase
Price").

      1.2 Closing. The issuance, sale and purchase of the shares of Class A
Common Stock and Class B Common Stock hereunder shall occur at a closing (the
"Closing") to be held on or immediately after the closing of the transactions
contemplated by that certain Asset Purchase Agreement dated as of September 12,
2002 (the "Purchase Agreement") among U.S. Filter Distribution,
Inc.("Distribution") and National Waterworks, Inc. Payment of the Purchase Price
shall be made at the Closing by delivery of a wire transfer of same day funds
denominated in U.S. dollars, unless otherwise mutually agreed in writing with
the Company.

                                   ARTICLE II

                  Representations and Warranties of the Company

      The Company represents and warrants to the Executives that:

      2.1 Organization and Standing. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware and has all requisite corporate power and authority to carry on its
business as now conducted and as proposed to be conducted.
<PAGE>
      2.2 Authorization. All corporate action on the part of the Company
necessary for the authorization, execution, delivery and performance of this
Agreement by the Company, and for the authorization, issuance and delivery of
the Shares being sold under this Agreement, has been taken. This Agreement, when
executed and delivered by all parties hereto, shall constitute the valid and
legally binding obligation of the Company, except to the extent the
enforceability thereof may be limited by bankruptcy laws, insolvency laws,
reorganization laws, moratorium laws or other laws affecting creditors' rights
generally or by general equitable principles.

      2.3 Validity of Shares. The Shares, when issued, sold and delivered in
accordance with the terms of this Agreement, shall be duly and validly issued,
and fully paid and nonassessable.

      2.4 Securities Act. The sale of Shares in accordance with the terms of
this Agreement (assuming the accuracy of the representations and warranties of
the Executive contained in Article III hereof) is exempt from the registration
requirements of the Securities Act of 1933, as amended (the "1933 Act").

                                   ARTICLE III

                  Representations, Warranties and Agreements of

                                 the Executives

      3.1 Authorization. Each Executive represents and warrants that this
Agreement, when executed and delivered by him or her, will constitute his or her
valid and legally binding obligation, except to the extent the enforceability
thereof may be limited by bankruptcy laws, insolvency laws, reorganization laws,
moratorium laws or other laws affecting creditors' rights generally or by
general equitable principles.

      3.2 Investment Representations.

            (a) This Agreement is made with each Executive in reliance upon his
or her representation to the Company, which by his or her acceptance hereof,
each Executive hereby confirms, that (i) the Shares to be received by him or her
will be acquired by him or her for investment for his or her own account, not as
a nominee or agent, and not with a view to the sale or distribution of any part
thereof in violation of applicable federal and state securities laws, (ii) he or
she has no current intention of selling, granting participation in or otherwise
distributing the same in violation of applicable federal and state securities
laws, and (iii) the information contained in the form of Purchaser Questionnaire
attached hereto as Exhibit A and completed by each Executive and delivered to
the Company is true, correct, accurate and complete both as of the date of such
Purchaser Questionnaire and as of the date hereof. By executing this Agreement,
each Executive further represents that he or she does not have any contract,
undertaking, agreement or arrangement with any person to sell, transfer or grant
participation to such person, or to any third person, with respect to any of the
Shares in violation of applicable federal and state securities laws.

                                      -2-
<PAGE>
            (b) Each Executive understands that the Shares have not been
registered under the 1933 Act on the basis that the sale provided for in this
Agreement and the issuance of securities hereunder is exempt from registration
under the 1933 Act pursuant to Section 4(2) thereof and regulations issued
thereunder, and that the Company's reliance on such exemption is predicated on
representations of the Executive set forth herein.

            (c) Each Executive represents that he or she has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of his investment. Each Executive further represents that he or
she has had access, during the course of the transactions contemplated hereby
and prior to his or her purchase of Shares, to the same kind of information that
is specified in Part I of a registration statement under the 1933 Act and that
he or she has had, during the course of the transactions contemplated hereby and
prior to his or her purchase of the Shares, the opportunity to ask questions of,
and receive answers from, the Company concerning the terms and conditions of the
offering and to obtain additional information (to the extent the Company
possessed such information or could acquire it without unreasonable effort or
expense) necessary to verify the accuracy of any information furnished to him or
her or to which he or she had access. Each Executive understands that no federal
or state agency has passed upon this investment or upon the Company, nor has any
such agency made any finding or determination as to the fairness of this
investment.

            (d) Each Executive understands that the Shares may not be sold,
transferred or otherwise disposed of without registration under the 1933 Act or
an exemption therefrom, and that in the absence of an effective registration
statement covering the Shares or an available exemption from registration under
the 1933 Act, the Shares must be held indefinitely. Each Executive must be
prepared to bear the economic risk of this investment for an indefinite period
of time. In particular, each Executive acknowledges that he or she is aware that
the Shares may not be sold pursuant to Rule 144 promulgated under the 1933 Act
unless all of the conditions of that Rule are met. Among the current conditions
for use of Rule 144 by certain holders is the availability to the public of
current information about the Company. Such information is not now available,
and the Company has no current plans to make such information available. Each
Executive represents that, in the absence of an effective registration statement
covering the Shares, he or she will sell, transfer or otherwise dispose of the
Shares only in a manner consistent with his representations set forth herein and
then only in accordance with the Stockholders' Agreement referred to in Article
VI.

            (e) Independent of the additional restrictions on the transfer of
shares of Class A Common Stock and Class B Common Stock contained in the
Stockholders' Agreement referred to in Article VI, each Executive agrees that he
or she will not make a transfer, disposition or pledge of any of the Shares
other than pursuant to an effective registration statement under the 1933 Act,
unless and until (i) he or she shall have notified the Company of the proposed
disposition and shall have furnished the Company with a statement of the
circumstances surrounding the disposition, and (ii) if requested by the Company,
at the expense of such Executive or his transferee, he or she shall have
furnished to the Company an opinion of counsel, reasonably satisfactory to the
Company and its counsel, to the effect that such transfer may be made without
registration of the Shares under the 1933 Act.

                                      -3-
<PAGE>
            (f) Each Executive acknowledges that this investment is not
recommended for investors who have any need for a current return on this
investment or who cannot bear the risk of losing their entire investment. Each
Executive acknowledges that: (i) he or she has adequate means of providing for
his current needs and possible personal contingencies and has no need for
liquidity in this investment; (ii) his or her commitment to investments which
are not readily marketable is not disproportionate to his or her net worth; and
(iii) his or her investment in the Shares will not cause his or her overall
financial commitments to become excessive.

      3.3 Legends; Stop Transfer.

            (a) Each Executive acknowledges that all certificates evidencing the
Shares shall bear the following legend:

                              "TRANSFER RESTRICTED

            The securities represented by this Certificate have not been
            registered under the Securities Act of 1933, as amended, and may not
            be sold, offered for sale, pledged or hypothecated in the absence of
            an effective registration statement as to the securities under said
            Act or an opinion of counsel satisfactory to the Company and its
            counsel that such registration is not required.

            (b) The certificates evidencing the Shares shall also bear any
legend required by any applicable state securities law.

            (c) The Company shall make a notation regarding the restrictions on
transfer of the Shares in its stock books, and the Shares shall be transferred
on the books of the Company only if transferred or sold pursuant to an effective
registration statement under the 1933 Act covering such Shares or pursuant to
and in compliance with the provisions of Section 3.2(e) hereof. All shares of
Class A Common Stock and Class B Common Stock of the Company hereafter issued to
each Executive shall bear the same endorsement, shall be subject to all the
terms and conditions of this Agreement. A copy of this Agreement, together with
any amendments thereto, shall remain on file with the Secretary of the Company
and shall be available for inspection to any properly interested person without
charge within five (5) days after the receipt of a written request therefor by
the Company.

                                   ARTICLE IV

                        Conditions to Obligations of the

                              Executive at Closing

      The obligations of each Executive under Article I of this Agreement are
subject to the fulfillment on or before the Closing of each of the following
conditions:

                                      -4-
<PAGE>
      4.1 Representations and Warranties. The representations and warranties of
the Company contained in Article II hereof shall be true on and as of the
Closing with the same force and effect as if they had been made at the Closing.

      4.2 Performance. The Company shall have performed and complied with all
agreements and conditions contained in this Agreement required to be performed
or complied with by it on or before the Closing.

      4.3 Qualifications. All authorizations, approvals or permits, if any, of
any governmental authority or regulatory body of the United States or of any
state that are required in connection with the lawful issuance and sale of the
Shares pursuant to this Agreement shall have been duly obtained and shall be
effective on and as of the Closing.

                                    ARTICLE V

             Conditions to the Obligations of the Company at Closing

      The obligations of the Company under Article I of this Agreement are
subject to the fulfillment on or before the Closing of each of the following
conditions:

      5.1 Representations. The representations, warranties and agreements of
each Executive contained in Article III hereof shall be true on and as of the
Closing Date with the same force and effect as if they had been made at the
Closing.

      5.2 Qualifications. All authorizations, approvals or permits, if any, of
any governmental authority or regulatory body of the United States or of any
state that are required in connection with the lawful issuance and sale of the
Shares pursuant to this Agreement shall have been duly obtained and shall be
effective on and as of the Closing.

      5.3 Purchaser Questionnaire. The Company shall have received a completed
Purchaser Questionnaire in the form attached hereto as Exhibit A from the
Executives.

      5.4 Performance. The Executives shall have performed in all material
respects all of his or her obligations and materially complied with each and all
of his or her covenants required to be performed or complied with on or prior to
the Closing, including without limitation the execution and delivery of the
agreements and undertakings provided for in this Agreement.

                                   ARTICLE VI

                           Mutual Conditions Precedent

      The obligations of the Company and executive under Article I of this
Agreement are subject to the fulfillment on or before the Closing of the
following condition:

      Stockholders' Agreement. The Company and each stockholder of the Company
shall have executed and delivered a counterpart signature page to that certain
Stockholders'

                                      -5-
<PAGE>
Agreement to be dated the date of the Closing, which agreement shall be subject
to the satisfactory review of Harry K. Hornish, Mechelle Slaughter and Terry
Howell.

                                   ARTICLE VII

                                  Miscellaneous

      7.1 No Waiver; Modifications in Writing. This Agreement, the Restricted
Stock Agreement of even date herewith by and between the Company and the
Executive, the Employment Agreement by and between National Waterworks, Inc. and
the Executive and the Stockholders' Agreement, sets forth the entire
understanding of the parties, and supersedes all prior agreements, arrangements
and communications, whether oral or written, with respect to the subject matter
hereof. No waiver of or consent to any departure from any provision of this
Agreement shall be effective unless signed in writing by the party entitled to
the benefit thereof, provided that notice of any such waiver shall be given to
each party hereto as set forth below. Except as otherwise provided herein, no
amendment, modification or termination of any provision of this Agreement shall
be effective unless signed in writing by or on behalf of the Company and
Executive. Any amendment, supplement or modification of or to any provision of
this Agreement, any waiver of any provision of this Agreement, and any consent
to any departure by the Company from the terms of any provision of this
Agreement, shall be effective only in the specific instance and for the specific
purpose for which made or given. Except where notice is specifically required by
this Agreement, no notice to or demand on the Company in any case shall entitle
the Company to any other or further notice or demand in similar or other
circumstances. Notwithstanding the foregoing, nothing herein shall modify any of
the agreements set forth on Schedule I to the Employment Agreement.

      7.2 Notices. All notices and other communications necessary or
contemplated under this Agreement shall be in writing and shall be delivered in
the manner specified herein or, in the absence of such specification, shall be
deemed to have been duly given when delivered by hand, one day after sending by
overnight delivery service, or three days after sending by certified mail,
postage prepaid, return receipt requested to the respective addresses of the
parties set forth below:

<TABLE>
<S>                                         <C>
         If to the Executive:               To the address set forth below his name on the signature pages hereto.

         If to the Company:                 National Waterworks Holdings, Inc.
                                            American Plaza
                                            200 West Highway 6
                                            Suite 620
                                            Waco, Texas 76712

         With a copy to each of:            J.P. Morgan Partners, LLC
                                            c/o J.P. Morgan Partners, L.P.
                                            1221 Avenue of the Americas
                                            New York, New York 10020
</TABLE>

                                      -6-
<PAGE>
<TABLE>
<S>                                         <C>
                                            Attention:  Stephen Murray

                                            and

                                            Thomas H. Lee Partners, L.P.
                                            75 State Street
                                            Boston, Massachusetts 02109
                                            Attention:  Todd Abbrecht

                                            and

                                            Weil, Gotshal & Manges LLP
                                            101 Federal Street
                                            Boston, Massachusetts 02110
                                            Attention: James Westra, Esq.
</TABLE>

By notice complying with the foregoing provisions of this Section 7.2, each
party shall have the right to change the mailing address for future notices and
communications to such party.

      7.3 Costs, Expenses and Taxes. The Company and the Executive shall pay its
or his own costs and expenses incurred in connection with this Agreement and the
Stockholders' Agreement, any amendment or supplement to or modification of any
of the foregoing, and any and all other documents furnished pursuant hereto or
thereto or in connection herewith or therewith; provided, however, the Company
shall pay the reasonable costs and expenses incurred by the Executive in
connection with the execution and delivery of this Agreement and the
Stockholders' Agreement; provided, further, that (i) the aggregate reasonable
costs and expenses incurred by each of Harry K. Hornish, Mechelle Slaughter and
Terry Howell shall not exceed $5,000 in the aggregate, and (ii) the aggregate
reasonable costs and expenses incurred by each of the other regional vice
presidents and senior managers of the Company who are parties hereto shall not
exceed $10,000 in the aggregate. The Company shall pay any and all stamp,
transfer and other similar taxes payable or determined to be payable in
connection with the execution and delivery of this Agreement or the original
issuance of the Shares but excluding all federal, state and local income or
similar taxes and shall save and hold the Executive harmless from and against
any and all liabilities with respect to or resulting from any delay in paying,
or omission to pay, such taxes. The Company shall bear all expenses of shipping
certificates evidencing the Shares (including, without limitation, insurance
expenses) from the location of the Closing to such other places within the
United States of America as the Executive shall specify.

      7.4 Execution of Counterparts. This Agreement may be executed in any
number of counterparts and by different parties hereto on separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed to
be an original and all of which counterparts, taken together, shall constitute
but one and the same Agreement.

      7.5 Binding Effect; Assignment. The rights and obligations of the
Executive under this Agreement may not be assigned to any other person. Except
as expressly provided in this Agreement, this Agreement shall not be construed
so as to confer any right or benefit upon any

                                      -7-
<PAGE>
person other than the parties to this Agreement, and their respective successors
and assigns. This Agreement shall be binding upon the Company and the Executive,
and their respective successors and assigns.

      7.6 Governing Law. This Agreement shall be governed by the laws of the
State of Delaware as to all matters, including but not limited to matters of
validity, construction, effect, performance and remedies.

      7.7 Severability of Provisions. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or affecting the validity or
enforceability of such provision in any other jurisdiction.

      7.8 Exhibits and Headings. All Exhibits to this Agreement shall be deemed
to be a part of this Agreement. The Article and Section headings used or
contained in this Agreement are for convenience of reference only and shall not
affect the construction of this Agreement.

      7.9 Injunctive Relief. Each of the parties to this Agreement hereby
acknowledges that in the event of a breach by any of them of any material
provision of this Agreement, the aggrieved party may be without an adequate
remedy at law. Each of the parties therefore agrees that, in the event of a
breach of any material provision of this Agreement, the aggrieved party may
elect to institute and prosecute proceedings to enforce specific performance or
to enjoin the continuing breach of such provision, as well as to obtain damages
for breach of this Agreement. By seeking or obtaining any such relief, the
aggrieved party will not be precluded from seeking or obtaining any other relief
to which it may be entitled.

      7.10 Attorneys' Fees. In any action or proceeding brought to enforce any
provision of this Agreement or the Stockholders' Agreement, or where any
provision hereof or thereof is validly asserted as a defense, the successful
party shall be entitled to recover reasonable attorneys' fees in addition to any
other available remedy.

      7.11 83(b) Election. The Executive agrees to make a valid and timely
election under Section 83(b) of the Internal Revenue Code with the Internal
Revenue Service and any applicable state and local taxing authorities with
respect to the Shares of Common Stock being purchased by the Executive or his or
her designee (the "Section 83(b) Election"), and hereby agrees to indemnify and
hold harmless the Company from any and all claims, demands, liabilities, fines
and expenses, including, without limitation, any present or future withholding
tax obligations (collectively, the "Liabilities"), resulting from the failure to
timely make the Section 83(b) Election or on account of or in respect of the
Section 83(b) Election, and the Company shall have the right to offset against
any such Liabilities any other amounts due the Executive then or in the future.

      7.12 Withholding Taxes. The Company shall have the right to withhold (or
cause one of the Company's subsidiaries to withhold) from compensation otherwise
payable to the Executive, or to require the Executive to remit to the Company,
an amount sufficient to satisfy all federal, state and local withholding tax
requirements in respect of the Shares being purchased

                                      -8-
<PAGE>
by the Executive prior to the issuance of such Shares and the delivery of any
certificate or certificates for such Shares and from time to time thereafter.

      7.13 Survival of Agreements, Representations and Warranties. All
agreements, representations and warranties contained herein or made in writing
by or on behalf of the Company or the Executive, as the case may be, in
connection with the transactions contemplated by this Agreement shall survive
the execution and delivery of this Agreement and the sale and purchase of the
Shares and payment therefor.

                  [Remainder of Page Intentionally Left Blank]

                                      -9-
<PAGE>
               EXECUTIVE SUBSCRIPTION AND STOCK PURCHASE AGREEMENT

                           COUNTERPART SIGNATURE PAGE

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as an instrument under seal, as of the date first above written.

                           NATIONAL WATERWORKS HOLDINGS, INC.

                           By: /s/ Mechelle Slaughter
                               ----------------------
                               Name:  Mechelle Slaughter
                               Title: C.F.O. and President

                           Aggregate Number of Shares of Class A Common Stock to
                           be sold: 511,590.77

                           Aggregate sale price for Shares of Class A Common
                           Stock:
                           $ 9,148

                           Aggregate Number of Shares of Class B Common Stock to
                           be sold: 61,098

                           Aggregate sale price for Shares of Class B Common
                           Stock:
                           $ 3,054,900

                           EXECUTIVE:

                           /s/ Harry K. Hornish
                           --------------------
                           Harry K. Hornish, individually

                           Number of Shares of Class A Common Stock to be
                               purchased: 190,359.21

                           Aggregate purchase price for Shares of Class A Common
                           Stock :$ 3,404

                           Number of Shares of Class B Common Stock to be
                               purchased: 20,400

                           Aggregate purchase price for Share of Class B Common
                           Stock:$ 1,020,200

                           Address for Notices: ________________________________

                                      -10-
<PAGE>
                           /s/ Mechelle Slaughter
                           ----------------------
                           Mechelle Slaughter, individually

                           Number of Shares of Class A Common Stock to be
                               purchased: 95,179,60

                           Aggregate purchase price for Shares of Class A Common
                           Stock :$ 1,702

                           Number of Shares of Class B Common Stock to be
                               purchased: 10,200

                           Aggregate purchase price for Share of Class B Common
                           Stock:$ 510,000

                           Address for Notices: ________________________________

                           /s/ Terry Howell
                           ----------------
                           Terry Howell, individually

                           Number of Shares of Class A Common Stock to be
                               purchased: 47,589.80

                           Aggregate purchase price for Shares of Class A Common
                           Stock :$ 851

                           Number of Shares of Class B Common Stock to be
                               purchased: 2,700

                           Aggregate purchase price for Share of Class B Common
                               Stock:$ 135,000

                           Address for Notices: ________________________________

                           /s/ Rob Hickson
                           ---------------
                           Rob Hickson, individually

                           Number of Shares of Class A Common Stock to be
                               purchased: 23,794.90

                                      -11-
<PAGE>
                           Aggregate purchase price for Shares of Class A Common
                           Stock :$ 426

                           Number of Shares of Class B Common Stock to be
                               purchased: 4,200

                           Aggregate purchase price for Share of Class B Common
                           Stock:$ 210,000

                           Address for Notices: ________________________________

                           /s/ Edward E. Maczko, Jr.
                           -------------------------
                           Edward E. Maczko, Jr., individually

                           Number of Shares of Class A Common Stock to be
                               purchased: 426

                           Aggregate purchase price for Shares of Class A Common
                           Stock :$ 426

                           Number of Shares of Class B Common Stock to be
                               purchased: 4,200

                           Aggregate purchase price for Share of Class B Common
                           Stock:$ 210,000

                           Address for Notices: ________________________________

                           /s/ Ron Hood
                           ------------
                           Ron Hood, individually

                           Number of Shares of Class A Common Stock to be
                               purchased: 23,794.90

                           Aggregate purchase price for Shares of Class A Common
                               Stock :$ 426

                           Number of Shares of Class B Common Stock to be
                               purchased: 4,200

                           Aggregate purchase price for Share of Class B Common
                           Stock:$ 210,000

                                      -12-
<PAGE>
                           Address for Notices: ________________________________

                           /s/ Jerry L. Webb
                           -----------------
                           Jerry L. Webb, individually

                           Number of Shares of Class A Common Stock to be
                               purchased: 23,794.90

                           Aggregate purchase price for Shares of Class A Common
                           Stock :$ 426

                           Number of Shares of Class B Common Stock to be
                               purchased: 4,200

                           Aggregate purchase price for Share of Class B Common
                           Stock:$ 210,000

                           Address for Notices: ________________________________

                           /s/ Irving B. Welchons III
                           --------------------------
                           Irving B. Welchons III, individually

                           Number of Shares of Class A Common Stock to be
                               purchased: 23,794.90

                           Aggregate purchase price for Shares of Class A Common
                           Stock :$ 426

                           Number of Shares of Class B Common Stock to be
                               purchased: 4,200

                           Aggregate purchase price for Share of Class B Common
                           Stock:$ 210,000

                           Address for Notices: ________________________________

                           /s/ Jack Schaller
                           -----------------
                           Jack Schaller, individually

                                      -13-
<PAGE>
                           Number of Shares of Class A Common Stock to be
                               purchased: 23,794.90

                           Aggregate purchase price for Shares of Class A Common
                           Stock :$ 426

                           Number of Shares of Class B Common Stock to be
                               purchased: 4,200

                           Aggregate purchase price for Share of Class B Common
                           Stock:$ 210,000

                           Address for Notices: ________________________________

                           s/ Joseph Walker
                           ----------------
                           Joseph Walker, individually

                           Number of Shares of Class A Common Stock to be
                               purchased: 11,897.45

                           Aggregate purchase price for Shares of Class A Common
                           Stock :$ 213

                           Number of Shares of Class B Common Stock to be
                               purchased: 1,266

                           Aggregate purchase price for Share of Class B Common
                           Stock:$ 63,300

                           Address for Notices: ________________________________

                           s/ Phil Keipp
                           -------------
                           Phil Keipp, individually

                           Number of Shares of Class A Common Stock to be
                               purchased: 11,897.45

                           Aggregate purchase price for Shares of Class A Common
                           Stock :$ 213

                           Number of Shares of Class B Common Stock to be
                               purchased: 1,266

                                      -14-
<PAGE>
                           Aggregate purchase price for Share of Class B Common
                           Stock:$ 63,300

                           Address for Notices: ________________________________

                           s/ Jack Olson
                           -------------
                           Jack Olson, individually

                           Number of Shares of Class A Common Stock to be
                               purchased: 11,897.45

                           Aggregate purchase price for Shares of Class A Common
                           Stock :$ 213

                           Number of Shares of Class B Common Stock to be
                               purchased: 1,266

                           Aggregate purchase price for Share of Class B Common
                           Stock:$ 63,300

                           Address for Notices: ________________________________

                                      -15-

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