Document:

Exhibit

Exhibit 10.25
TGA Employment Services LLC
c/o 2200 Pennsylvania Avenue, NW
Suite 800
Washington, D.C. 20037

November 11, 2015

Wes Pringle
13228 211th Way, NE
Woodinville, WA 98077
Dear Wes,
I am delighted to offer you employment with TGA Employment Services LLC (the “Company”).  The Company is a newly created subsidiary of Danaher Corporation (“Danaher”).  As you know, Danaher has announced that it will separate into two independent publicly traded companies.  Upon this separation, the Company will become part of a newly created diversified industrial growth company, referred to currently as “NewCo.”  Current Danaher operating companies in test and measurement, retail fueling, telematics and automation will be organized under NewCo.  This is a very exciting time, and we are confident that your background and experience will allow you to make major contributions to Danaher and to NewCo, upon the separation.
As we discussed, your position will be Senior Vice President based in Everett, WA, reporting to Jim Lico, subject to periodic review.
Please allow this letter to serve as documentation of the offer extended to you.
Start Date:   Your start date with the Company will be:   January 1, 2016
Base Salary:   Your base salary will be paid at the annual rate of $523,200, subject to periodic review, and payable in accordance with the Company’s usual payroll practices.
Incentive Compensation:   You will be eligible to participate in the Danaher Incentive Compensation Plan (ICP) with a target bonus of 50% of your annual base salary, subject to periodic review.  Normally, ICP payments are made during the first quarter of the following calendar year.  This bonus is based on a Company Financial Factor and a Personal Performance Factor which are determined each year.  The ICP bonus payment will be pro-rated for any initial partial year of eligibility as applicable.  Upon the Separation, your target incentive compensation opportunity will be increased to 70% of your then applicable annual base salary although the terms of the incentive compensation plan will be determined by NewCo.
Benefits:   You will continue to be eligible to participate in any associate benefit plans that you currently participate in and that the Company has adopted or may adopt, maintain, or contribute to for the benefit of its regular exempt employees generally, subject to satisfying any applicable eligibility requirements.  You will continue to be eligible to participate in the Danaher 401(k) retirement plan subject to the applicable plan.  Upon the Separation, NewCo will adopt its own health, insurance and retirement benefit plans.  Upon the Separation, your service date as recognized by the Company would be recognized by NewCo for purposes of service-based benefits except as advised otherwise.
Vacation:   You will be eligible for annual vacation benefits pursuant to the Company’s vacation policy.  Your accrued, unused vacation with your current Danaher or Danaher subsidiary will be recognized by the Company.

Equity Compensation:
A recommendation will be made to the Compensation Committee of Danaher’s Board of Directors to grant you a special equity award at its regularly scheduled meeting in February 2016 at which equity awards are considered.  The target award value of this sign-on grant would be $500,000.
A recommendation will be made to the Compensation Committee of Danaher’s Board of Directors to grant you an equity award as part of Danaher’s equity compensation program at its regularly scheduled meeting in February 2016 at which equity awards are considered.  The target award value of this grant would be $1,000,000.
Any equity awards would vest 20% on each of the first five anniversaries of the grant date, and will be solely governed by the terms and conditions set forth in Danaher’s 2007 Stock Incentive Plan and in the particular form of award agreement required to be signed with respect to each award.
		
	•
	The target award value of any grant(s) will be split evenly between stock options and RSUs.

		
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	The target award value attributable to stock options will be converted into a specific number of options (rounded up to the nearest ten) based on an assumed value per option equal to 33% of Danaher’s “average closing price”.  Danaher’s “average closing price” means the average closing price of Danaher’s common stock over a 20-day trading period up to and including the date of the grant.

		
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	The target award value attributable to RSUs will be converted into a specific number of RSUs (rounded up to the nearest five) using the same “average closing price.”

While historically Danaher’s share price has increased over time, Danaher cannot guarantee that any RSUs or stock options granted to you will ultimately have any particular value or any value.
Upon the separation, NewCo will adopt its own equity compensation program and existing Danaher equity awards held by NewCo associates will be converted 100% to NewCo equity awards.  The value of the converted awards will equal the value of the related Danaher equity awards as of immediately prior to the separation.  The vesting schedules and term of the equity awards will remain unchanged.
EDIP Program:   You will continue to be included in a select group of executives who participate in the Executive Deferred Incentive Program (EDIP), an exclusive, non-qualified executive benefit designed to supplement retirement benefits that otherwise are limited by IRS regulations; and provide the opportunity for you to defer taxation on a portion of your current income (base salary or bonus or both).  Initially, the Company will contribute an amount equal to 6% of your total target cash compensation into your EDIP account annually (pro-rated for any initial partial year of eligibility as applicable).  Vesting requirements and your participation in the EDIP are subject to all of the terms and conditions set forth in such plan.  Additional information on the EDIP will be provided to you by a member of the Corporate Benefits team before your EDIP eligibility date.  Upon the separation, NewCo will adopt its own non-qualified executive deferred income plan.
Assignment of Proprietary Interests Agreement:   You agree that (i) the Agreement Regarding Competition and Protection of Proprietary Interests by and between you and Danaher Corporation and its affiliates, as in effect immediately prior to the separation (the “Proprietary Interest Agreement”), will be assigned to NewCo, effective as of the completion of the separation, but (ii) Danaher and its affiliates will retain a third-party beneficiary interest in the Proprietary Interests Agreement after the separation and will thereafter continue to be able to enforce it as if it had not been so assigned to NewCo.  Your Proprietary Interests Agreement is attached as Exhibit B hereto for your convenience.
At-Will Employment:   Nothing in this offer letter shall be construed as any agreement, express or implied, to employ you for any stated term.  Your employment with the Company will be on an at-will basis, which means that either you or the Company can terminate the employment relationship at any time and for any reason (or no reason), with or without notice.

This is a tremendously exciting time for Danaher and NewCo.  We’re confident that you will continue to make a very strong contribution to the success of the Company and NewCo and believe this is an excellent professional opportunity for you.
I realize that a career decision such as this has a major impact on you and your family.  If there is anything we can do, please do not hesitate to contact me at 202 738-3623.
Sincerely yours,
/s/ Stacey Walker
Stacey Walker
TGA Employment Services LLC

Acknowledgement
Please acknowledge that you have read, understood and accept this offer of at will employment by signing and returning it to me, along with the above-referenced signed documents no later than November 30, 2015, and in no event after your employment start date.
	
					
	Signature
	/s/ Wes Pringle
	 
	Date:
	11/30/2015EX-10.31

 Exhibit 10.31 

AMENDMENT NO. 1 TO CREDIT AGREEMENT 

AMENDMENT NO. 1 TO TERM LOAN CREDIT AGREEMENT, dated as of October 26, 2017 (this “Amendment
No. 1”), by and among Installed Building Products, Inc., a Delaware corporation (the “Borrower”) and Royal Bank of Canada, as the administrative agent (in such capacity, the
“Administrative Agent”). 
 RECITALS: 

WHEREAS, reference is hereby made to the Term Loan Credit Agreement, dated as of April 13, 2017 (as amended, restated,
supplemented, amended and restated or otherwise modified immediately prior the effectiveness hereof, the “Original Credit Agreement”), among the Borrower, the financial institutions party thereto from time to time as Lenders
and the Administrative Agent (capitalized terms used but not defined herein having the meaning provided in the Original Credit Agreement (as amended by this Amendment No. 1, the “Credit Agreement”)); and 

WHEREAS, the Loan Parties have requested that the Administrative Agent agree to amend certain provisions of the Original Credit
Agreement as provided herein; 
 NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein
contained, the parties hereto hereby agree as follows: 
 SECTION 1.    Amendments.  

(a)    The definition of “Subsidiary” contained in Section 1.01 of the Original Credit Agreement is hereby
amended and restated in its entirety to read as follows: 
 “Subsidiary” means any subsidiary of the Borrower (unless
otherwise specified). 
 SECTION 2.    Conditions to Effectiveness. 

(a)    This Amendment No. 1 shall become effective, on the first date (the “Amendment
No. 1 Effective Date”) when: 
 (i)    This Amendment
No. 1 shall have been executed and delivered by the Borrower and the Administrative Agent. 
 SECTION
3.    Representations and Warranties. By its execution of this Amendment No. 1, the Borrower hereby certifies that: 

(a)    The Borrower has the corporate or other organizational power and authority to execute, deliver and carry out the
terms and provisions of this Amendment No. 1 and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of this Amendment No. 1. The Borrower has duly executed and delivered
this Amendment No. 1 and this Amendment No. 1 constitutes the legal, valid and binding obligation of the Borrower enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or
similar laws affecting creditors’ rights generally and subject to general principles of equity; and 

 (b)    Neither the execution, delivery or performance by the Borrower of
this Amendment No. 1 nor compliance with the terms and provisions thereof nor the consummation of the transactions contemplated hereby will (a) contravene any applicable provision of any material law, statute, rule, regulation, order,
writ, injunction or decree of any court or governmental instrumentality, (b) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the
obligation to create or impose) any Lien upon any of the property or assets of the Borrower or any of the Subsidiaries (other than Liens created under the Loan Documents) pursuant to, the terms of any material indenture, loan agreement, lease
agreement, mortgage, deed of trust, agreement or other material instrument to which the Borrower or any of the Subsidiaries is a party or by which it or any of its property or assets is bound other than any such breach, default or Lien that could
not reasonably be expected to result in a Material Adverse Effect or (c) violate any provision of the certificate of incorporation, by-laws, memorandum and articles of association or other organizational
documents of the Borrower or any of the Subsidiaries. 
 SECTION 4.    Amendment, Modification and Waiver. This
Amendment No. 1 may not be amended, modified or waived except in accordance with Section 9.02 of the Credit Agreement. 
 SECTION
5.    Entire Agreement. This Amendment No. 1, the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof and
supersede all other prior agreements and understandings, both written and verbal, among the parties hereto with respect to the subject matter hereof. Except as expressly set forth herein, this Amendment No. 1 shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of any party under, the Credit Agreement, nor alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. It is understood and agreed that each reference in each Loan Document to the Credit Agreement, whether direct or
indirect, shall hereafter be deemed to be a reference to the Credit Agreement as amended hereby. This Amendment No. 1 shall constitute a “Loan Document” for all purposes of the Credit Agreement and each of the other Loan Documents.
This Amendment No. 1 does not extinguish any indebtedness or liabilities outstanding in connection with the Credit Agreement or any other Loan Documents, nor does it constitute a novation with respect thereto. 

SECTION 6.    GOVERNING LAW. THIS AMENDMENT NO. 1 AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. SECTIONS 9.09 AND 9.10 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS AMENDMENT NO. 1 MUTATIS MUTANDIS AND SHALL APPLY
HERETO. 

  
 2 

 SECTION 7.    Severability. If any provision of this Amendment
No. 1 is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Amendment No. 1 shall not be affected or impaired thereby. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION
8.    Counterparts. This Amendment No. 1 may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by
telecopier or other electronic means of an executed counterpart of a signature page to this Amendment No. 1 shall be effective as delivery of an original executed counterpart of this Amendment No. 1. 

  
 3 

 IN WITNESS WHEREOF, the undersigned has caused its duly authorized officer to execute and
deliver this Amendment No. 1 as of the date first written above. 
  

									
	 INSTALLED BUILDINGS PRODUCTS, INC.,

as the Borrower

		
	By:	 	 /s/ Michael Miller

		 	Michael T. Miller, Executive Vice President and Chief Financial Officer

 Signature Page to Amendment No. 1 to Credit Agreement 

					
	 ROYAL BANK OF CANADA,
 as
Administrative Agent

		
	By:	 	 /s/ Ann Hurley

		 	Name: Ann Hurley	 	
		 	Title: Manager, Agency

 Signature Page to Amendment No. 1 to Credit Agreement

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