Document:

North America Executive Employee Company  Vehicle Policy

 Exhibit 10.28 
 

 
 SENSUS METERING SYSTEMS 
 North America Executive Employee Company Vehicle Policy 
  

	A.	OBJECTIVE 

  

	 	1.	Provide guidelines and limits for Company provided vehicles. 

  

	 	2.	Comply with IRS and other relevant regulations relating to personal and business use of Company provided vehicles. 

  

	B.	POLICY 

  

	 	1.	Employees assigned to designated positions with North America companies within Sensus Metering Systems are eligible for Company vehicles as provided by this policy and as approved
by the employee’s immediate supervisor. 

  

	 	2.	Choice of make and model of Company provided vehicles for employees in Levels A-B shall be at the discretion of the employee up to the dollar amount (total acquisition cost)
specified in Attachment A for the employee’s level. 

  

	C.	SCOPE/ELIGIBILITY 

  

	 	1.	This policy applies to all Sensus Metering Systems North America locations. Eligibility levels, auto values/choices are set forth in Attachment A, which may be amended from time to
time by the Company. 

  

	 	2.	The employee’s “Position Title,” reporting level, and the scope of the employee’s responsibility determine eligibility for a specific level and vehicle. The Vice
President of Human Resources for Sensus Metering Systems will make the final determination, in case of questions. 

  

	D.	ADMINISTRATION 

 Primary responsibility for administering
the Sensus Metering Systems company vehicle policy rests with the Administrator. 
  

	E.	PROCEDURE 

  

	 	1.	Ordering 

  

	 	a.	If the vehicle is for a new hire the eligible employee should contact the Administrator as soon as the employment offer has been accepted to order his or her Company vehicle,
according to the specified level for that employee. 

 Sensus Metering Systems 
 North America Executive Vehicle Policy 
 Revised May 11, 2005 
 Page 2 
  

	 	b.	When an Employee’s Company vehicle meets the replacement criteria in the current model year a replacement order form will be provided. Completed order forms and approvals must
be forwarded to the Administrator. After all approvals, the vehicle may be ordered by calling the leasing company’s 800 number. A leasing company representative specifically assigned to Sensus Metering Systems will confirm the vehicle and
options and place the order. Confirmation of the order and estimated arrival date (normally 8 to 12 weeks) will be sent to the employee. 

  

	 	2.	Policy Compliance 

 Prior to placing the vehicle order the
employee will be required to sign an Operation of Company Vehicle form that acknowledges understanding and expectations for use of a Company vehicle. A Company vehicle will not be provided to any employee who refuses to sign the Operation of Company
Vehicle Form. In addition, prior to placing the vehicle order a Motor Vehicle Record check will be made on the employee and spouse. If the Motor Vehicle Record check indicates that an employee’s license is under suspension, the vehicle will not
be ordered until the license had been reinstated. In addition, driver records reflecting DUI, DWI convictions and/or history of multiple moving traffic violations and accidents could result in denial or suspension of the authorization to have a
Company vehicle. 
  

	 	3.	Maintenance and Accident Services 

 The employee is
responsible to obtain all maintenance (scheduled and non-scheduled) and accident repairs as outlined by the leasing company’s policy. The leasing company must authorize all maintenance service over $100 and all accident repairs. All maintenance
service under $100 will not require prior authorization, but must be taken to one of the leasing company’s approved maintenance providers. These are available on the web site (www.phh.com/fleet). Unauthorized service and repairs claimed on an
expense voucher will not be reimbursed. 
  

	 	4.	Taxable Compensation for Personal Use 

 IRS requires that
the Company and the employee track personal use of the Company vehicle, thus the employee is required to record business miles and personal miles. At the end of each year, personal use will be calculated and added to the employee’s wages. This
amount will be a taxable adjustment made to mid-December paychecks. 
 Business use of a company vehicle is defined as the use of the vehicle
in conjunction with activities directly related to the Company’s business. Personal use of a company vehicle would include, but is not limited to, items such as commuting, using the vehicle for personal errands on the weekends or after
normal business hours and vacations. Commuting is considered from the employee’s personal residence to their normal place of business. 

 Sensus Metering Systems 
 North America Executive Vehicle Policy 
 Revised May 11, 2005 
 Page 3 
  

	 	5.	Licensing and Registration 

 The leasing company will make
the initial application for title, license plates, and registration in the name of the leasing company in care of the Company name and the employee’s home or office address. The leasing company will send the necessary documents directly to the
employee. This includes each year’s license plates and any registration of relocated vehicles. 
  

	 	6.	Replacement 

 Vehicles will be replaced according to the
following schedule: 
 36 months or 60,000 miles – Levels A 
 48 months or 70,000 miles – Levels B 
 If the employee’s termination or retirement date is known, a vehicle will not be replaced prior to such termination or retirement. 
  

	 	7.	Vehicle Purchase 

 If the Company does not wish to reassign
the Company vehicle, the employee has the first option to purchase the vehicle when replaced. The vehicle will be offered to the employee at the then current wholesale value as determined by the leasing company. 
  

	F.	USE 

 The vehicle is provided for the employee’s
business and personal use and may be driven by a spouse and dependents over 21 years of age, if properly licensed to drive. 
  

	G.	ALLOWANCES 

 No vehicle allowances are permitted. However,
if allowances are currently being paid to employees eligible under this policy to receive a Company vehicle, the transition to no allowance shall be handled in accordance with I. 3. 
  

	H.	TERMINATION OF EMPLOYMENT 

 Upon termination of employment,
the employee shall return the Company provided vehicle to a location designated by the Fleet Administrator. No person shall be permitted to drive a Company vehicle following termination of employment. The Vice President of Human Resources must
approve any exceptions. 
  

	I.	TRANSITION 

  

	 	1.	No Company vehicles will be upgraded or downgraded under this Policy until an employee’s current Company vehicle comes up for replacement during the regular cycle. Employees
who are no longer eligible for a Company vehicle under this policy will be permitted to keep their current Company vehicle until the vehicle comes up for replacement during the regular cycle. 

 Sensus Metering Systems 
 North America Executive Vehicle Policy 
 Revised May 11, 2005 
 Page 4 
  

	 	2.	The Fleet Administrator reserves the right to reassign vehicles that have become surplus to eligible employees under this policy in lieu of ordering a new vehicle or pending the
ordering and delivery of a new vehicle. 

  

	 	3.	Allowances paid to employees eligible for a Company vehicle under this policy shall be eliminated in accordance with a schedule to be agreed upon by the employee, the Vice President
of Human Resources. 

  

	J.	INTERPRETATION/AMENDMENT 

 Interpretation or questions
regarding this policy will be made/answered by the Fleet Administrator. This Policy may be updated/amended periodically at the discretion of the Sensus Metering Systems. 

 Sensus Metering Systems 
 North American Vehicle Policy 
 Attachment A 
 Executive 
  

					
	 Level
	  	 Auto Value Maximum*
	  	 Vehicle Make

	 •        Corporate Vice Presidents (Direct Reports to CEO) as
approved by the CEO
  
 •        Presidents of Aligned Businesses (PDC & Smith-Blair)
  
 •        Other Executives as approved by V.P.H.R.
	  	Up to $35,000 value	  	Any

	*	Based on Vehicle Sticker Price including options 

 Revised May 1,
2005Specimen Common Share Certificate

 Exhibit 4.1 
  

					
			
	 [GRAPHIC]
	  	GEOVERA INSURANCE HOLDINGS, LTD.	  	[GRAPHIC]
		  	ORGANISED UNDER THE LAWS OF BERMUDA	  	SEE REVERSE SIDE
FOR CERTAIN DEFINITIONS
			
		  		  	CUSIP 000000 00 0

 THIS CERTIFIES THAT 
 is the owner of 
 FULLY PAID AND NON-ASSESSABLE
COMMON SHARES OF PAR VALUE US$[            ] 
 EACH 
 GeoVera Insurance Holdings, Ltd. (hereinafter called the “Company”), transferable on the books of the Company in person or by duly authorized attorney, upon
surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby, are issued and shall be held subject to all of the provisions of the Memorandum of Association and the Bye-Laws of the Company (copies of which are
on file with the Company and with the Transfer Agent), to all of which each holder, by acceptance hereof, assents. This certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar. 
 Witness the facsimile seal of the Company and the facsimile signature of its duly authorized officers. 
 Dated: 
  

					
	  	 		  	  
	SECRETARY	 		  	PRESIDENT

  

					
			
	 COUNTERSIGNED AND REGISTERED:
	 		 	
			
	 WELLS FARGO BANK, N.A.
 TRANSFER AGENT AND REGISTRAR
	 		 	
			
	 BY
	 		 	
			
	 AUTHORIZED SIGNATURE
	 		 	

  
  

  

 The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were
written out in full according to applicable laws or regulations: 
  

													
						
		  		    	UTMA –  	 	  	 	Custodian	 	  
	 TEN COM
	  	    –    	  	as tenants in common	    		 	        (Cust)        	 		 	        (Minor)        
		  		  		    	under Uniform Transfers to Minors Act	 	
		  		  		    		 		 		 	 
	 TEN ENT
	  	    –    	  	as tenants by entireties	    		 	        (State)        
		  		  		    	
				
	 JT TEN
	  	    –    	  	as joint tenants with right of survivorship and not as tenants in common	    	
	
	 Additional abbreviations may also be used though not in above list.

 For value received
                                hereby sell, assign, and transfer unto 
  

	
	
	 PLEASE INSERT SOCIAL SECURITY OR OTHER
 IDENTIFYING NUMBER OF ASSIGNEE

	
	  
	 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING ZIP CODE OF ASSIGNEE)

 Shares represented by the within Certificate, and do hereby irrevocably constitute and appoint

 Attorney to transfer the said shares on the books of the within-named Company with full power of substitution in the premises.

  

									
				
	 Dated
	 	  	 		 	 X

				
		 		 		 	 X

		 		 		 	NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATEVER.

 SIGNATURE(S) GUARANTEED: 
 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO
S.E.C. RULE 17Ad-15.

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