Document:

Exhibit 10.1

 

[Table Trac Inc.
letterhead]

 

December 20, 2017

 

Randy W. Gilbert

224 Ridgeview Drive E

Wayzata, MN 55391

 

		SU:	Offer Letter for position of CFO with Table Trac, Inc.

 

Dear Randy,

 

Bob, Lou and I have appreciated
and respected your achievements to date. Our assessment of your competence and work ethic were swift and we feel you are a good
fit with the diversity of tasks we need filled and your enthusiastic response to those wide ranging hands-on needs.

 

We have demonstrated that Table
Trac is a solid company built on firm fundamentals that is posed for significant growth. As a small well positioned company, Table
Trac presents you with the challenge and opportunity of growth and, the rewards that come from both.

 

We are confident of your ability
to make significant contributions to helping lead Table Trac to its potential value and, believe you would find great professional
reward in being a part of our organization.

 

Below is Table Trac Inc's offer consisting of four elements:

 

	Signing Bonus vests over 4 years: 
	 	 	Year 1	 	 	 	20,000	  shares
	1 year restricted shares
	 	 	Year 2	 	 	 	10,000	 shares
	 	 	 	 Year 3	 	 	 	10,000	 shares
	 	 	 	 Year 4	 	 	 	10,000	 shares
	Base Salary: 
	 	$	135,000	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	New Customer Install Bonus 
 There were 12 in 2017 ex 15 in 2018	 	$	1,000	 each ex 	 	$	15,000	 
	 	 	 	 	 	 	 	 	 
	2018 plan Bonus pays proportional	 	$	30,000	 cash
	 	 	 	 
	At 60% 80% 100% 120% of plan	 	 	10,000	 shares	 	 	 	 

 

Stock Awards you can opt for up to 40% cash value to cover taxes.

 

     

     

    

 

	Agreed 12/20/2017	 	Accepted	 
	 	 	 	 
	 	 	 	 
	/s/ Chad Hoehne	 	/s/ Randy Gilbert	 
	Chad Hoehne	 	Randy Gilbert	 
	President & CEO	 	 	 

 

 

610 Baker Road, Suite 206, Minnetonka, MN
55345

952-548-8877 phone
952-938-5629 faxExhibit

AMENDMENT TO EXECUTIVE CHANGE-IN-CONTROL SEVERANCE AGREEMENT

THIS AMENDMENT TO EXECUTIVE CHANGE-IN-CONTROL SEVERANCE AGREEMENT (this “Amendment”) is made and entered into as of the 11th day of January 2018, by and between Mueller Water Products, Inc., a Delaware corporation (the “Company”), and Marietta Edmunds Zakas (the “Executive”). 

W I T N E S S E T H:

WHEREAS, the Company and the Executive previously entered into that certain Executive Change-In-Control Severance Agreement effective September 15, 2008 (the “Agreement”); 

WHEREAS, the Company desires to amend the Agreement to delete the tax gross-up provision contained therein consistent with the Company’s current policy regarding such payments; 

WHEREAS, the Company further desires to amend the Agreement to add a “best-net” provision to apply to payments that may not be deductible under Code Section 280G or that may be subject to excise taxes imposed under Code Section 4999; and

WHEREAS, the Executive agrees to such amendments to the Agreement.

NOW, THEREFORE, the Company and the Executive, in consideration of the agreements, covenants and conditions herein, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.Article 5 of the Agreement is deleted in its entirety and replaced with the following: 

“Article 5: Code Section 280G

5.1     Best-Net Benefit and Compliance with Code Section 280G. Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the Severance Benefits or any other payment or benefit under this Agreement, under any other agreement between the Executive and the Company, or pursuant to any plan, arrangement, program or policy of the Company (in the aggregate, the “Aggregate Payments”) constitute “parachute payments” within the meaning of Code Section 280G and, but for this Article 5, would not be fully deductible by the Company or its affiliates for federal income tax purposes because of Code Section 280G or any successor provision thereto (or that would result in the Executive being subject to the excise tax imposed by Code Section 4999 or any successor provision thereto), such Aggregate Payments will be reduced to the extent necessary such that no portion of the Aggregate Payments will be subject to the excise tax imposed by Code Section 4999, or any successor provision thereto; provided, that such a reduction will be made only if, by reason of such reduction, the Executive’s net after-tax benefit exceeds the net after-tax benefit the Executive would realize if such reduction were not made.  The Company and the Executive shall at all times act in good faith to fully carry 

1

out the purposes and intent of this Section 5.1, including any action as may be necessary or appropriate to correct any calculation error which may be discovered subsequent to any payment pursuant to this Section 5.1.

5.2     Order of Reduction.  Any reduction applied pursuant to Section 5.1 hereof shall be made in the order that would provide the Executive with the largest amount of after-tax proceeds. In applying this principle, the order of reduction referenced in Section 5.1 shall be made in a manner that is both consistent with, and avoids imposition of excise taxes under, Code Sections 280G and 409A.”

2.Except as specifically amended herein, the Agreement shall remain in full force and effect.

[Signature page follows]

2

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment, to be effective as of the date first above written, except as otherwise provided herein.

	
		
	MUELLER WATER PRODUCTS, INC.

	 

	/s/ JENNIFER O'KEEFE

	Jennifer O’Keefe
Vice President, Human Resources

	 

	Date:
	January 11, 2018

	 

	 

	EXECUTIVE

	 

	/s/ MARIETTA EDMUNDS ZAKAS

	Marietta Edmunds Zakas

	 

	Date:
	January 11, 2018

3Exhibit

AMENDMENT TO EXECUTIVE CHANGE-IN-CONTROL SEVERANCE AGREEMENT

THIS AMENDMENT TO EXECUTIVE CHANGE-IN-CONTROL SEVERANCE AGREEMENT (this “Amendment”) is made and entered into as of the 11th day of January 2018, by and between Mueller Water Products, Inc., a Delaware corporation (the “Company”), and Gregory S. Rogowski (the “Executive”). 

W I T N E S S E T H:

WHEREAS, the Company and the Executive previously entered into that certain Executive Change-In-Control Severance Agreement effective May 4, 2009 (the “Agreement”); 

WHEREAS, the Company desires to amend the Agreement to delete the tax gross-up provision contained therein consistent with the Company’s current policy regarding such payments; 

WHEREAS, the Company further desires to amend the Agreement to add a “best-net” provision to apply to payments that may not be deductible under Code Section 280G or that may be subject to excise taxes imposed under Code Section 4999; and

WHEREAS, the Executive agrees to such amendments to the Agreement.

NOW, THEREFORE, the Company and the Executive, in consideration of the agreements, covenants and conditions herein, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

1.Article 5 of the Agreement is deleted in its entirety and replaced with the following: 

“Article 5: Code Section 280G

5.1     Best-Net Benefit and Compliance with Code Section 280G. Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the Severance Benefits or any other payment or benefit under this Agreement, under any other agreement between the Executive and the Company, or pursuant to any plan, arrangement, program or policy of the Company (in the aggregate, the “Aggregate Payments”) constitute “parachute payments” within the meaning of Code Section 280G and, but for this Article 5, would not be fully deductible by the Company or its affiliates for federal income tax purposes because of Code Section 280G or any successor provision thereto (or that would result in the Executive being subject to the excise tax imposed by Code Section 4999 or any successor provision thereto), such Aggregate Payments will be reduced to the extent necessary such that no portion of the Aggregate Payments will be subject to the excise tax imposed by Code Section 4999, or any successor provision thereto; provided, that such a reduction will be made only if, by reason of such reduction, the Executive’s net after-tax benefit exceeds the net after-tax benefit the Executive would realize if such reduction were not made.  The Company and the Executive shall at all times act in good faith to fully carry 

1

out the purposes and intent of this Section 5.1, including any action as may be necessary or appropriate to correct any calculation error which may be discovered subsequent to any payment pursuant to this Section 5.1.

5.2     Order of Reduction.  Any reduction applied pursuant to Section 5.1 hereof shall be made in the order that would provide the Executive with the largest amount of after-tax proceeds. In applying this principle, the order of reduction referenced in Section 5.1 shall be made in a manner that is both consistent with, and avoids imposition of excise taxes under, Code Sections 280G and 409A.”

2.Except as specifically amended herein, the Agreement shall remain in full force and effect.

[Signature page follows]

2

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment, to be effective as of the date first above written, except as otherwise provided herein.

	
		
	MUELLER WATER PRODUCTS, INC.

	 

	/s/ JENNIFER O'KEEFE

	Jennifer O’Keefe
Vice President, Human Resources

	 

	Date:
	January 11, 2018

	 

	 

	EXECUTIVE

	 

	/s/ GREGORY S. ROGOWSKI

	Gregory S. Rogowski

	 

	Date:
	January 11, 2018

3EX-4.1

 Exhibit 4.1 
  

 
 . ZQ|CERT#|COY|CLS|RGSTRY|ACCT#|TRANSTYPE|RUN#|TRANS# COMMON STOCK COMMON STOCK PAR VALUE $0.01 Certificate
Shares Number * * 000000 ****************** * * * 000000 ***************** ZQ00000000 **** 000000 **************** IPSCO Tubulars Inc. ***** 000000 *************** ****** 000000 ************** INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE **
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample SEE REVERSE FOR CERTAIN DEFINITIONS **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David THIS CERTIFIES THAT Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample
**** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.MR.Alexander DavidSAMPLESample **** Mr. Alexander David&SampleMRS**** Mr. AlexanderSAMPLEDavid ample ****
Mr. Alexander&David Sample **** Mr. CUSIP XXXXXX XX X Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. AlexanderMR.David Sample SAMPLE**** Mr. lexander David Sample ****&Mr. AlexanderMRS.David
SampleSAMPLE**** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample ****
Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander David
Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr. Sample **** Mr. Sample is the owner of *000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares
****000000**Shares****000000**Shares**** **000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000 **Shares****000000**Shares****000000**Shares***000000**Shares****000000**Shares****000000**Shares****000000
**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0 THIS CERTIFICATE IS TRANSFERABLE IN 00000**Shares****000000**Shares****000000**Shares****000000**Shares
****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00***ZERO HUNDRED THOUSAND 0000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares**** 000000**Shares****000000**Shares****000000**Shares****000
CITIES DESIGNATED BY THE TRANSFER 000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000** Shares****000000**Shares****000000**Shares****0000 AGENT, AVAILABLE ONLINE AT
00**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000** Shares****000000**Shares****000000**Shares****00000 0**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**
Shares****000000**Shares****000000**Shares****000000ZERO HUNDRED AND ZERO*** www.computershare.com **Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000** Shares****000000**Shares****000000*
*Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000** Shares****000000**Shares****000000**
Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000** Shares****000000**Shares****000000**S FULLY-PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF IPSCO
Tubulars Inc. (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 Certificate of Incorporation, as amended, and the By-Laws, as amended, 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
signatures of its duly authorized officers. DATED DD-MMM-YYYY FACSIMILE SIGNATURE TO COME CO Tubulars, COUNTERSIGNED AND REGISTERED: S ORPORA T Inc COMPUTERSHARE TRUST
COMPANY, N.A. P C E . I President TRANSFER AGENT AND REGISTRAR, August 8, 1985 FACSIMILE SIGNATURE TO COME D EL AWAR E By Secretary AUTHORIZED SIGNATURE 

 

 
 . IPSCO TUBULARS INC. THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS,
DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS,
PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY THE CERTIFICATE OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO
DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL
REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. 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: TEN COM—as tenants in common UNIF GIFT MIN
ACT—Custodian    (Cust) (Minor) TEN ENT—as tenants by the entireties under Uniform Gifts to Minors Act    (State) JT TEN—as joint tenants with right of survivorship UNIF TRF MIN
ACT—Custodian (until age ) and not as tenants in common (Cust)    under Uniform Transfers to Minors Act    (Minor) (State) Additional abbreviations may also be used though not in the above
list.    PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE For value received, hereby sell, assign and transfer unto (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF
ASSIGNEE)    Shares of the Common Stock represented by the within Certificate, and do hereby irrevocably constitute and appoint    Attorney to transfer the said stock on the books of the within-named
Incorporation with full power of substitution in the premises. Dated: 20 Signature(s) Guaranteed: Medallion Guarantee Stamp    THE SIGNATURE(S) SHOULD 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. Signature: Signature: 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.    The IRS
requires that the named transfer agent (“we”) report the cost    basis of certain shares or units acquired after January 1, 2011. If your    shares or units are covered by the legislation, and
you requested to sell    or transfer the shares or units using a specific cost basis calculation    method, then we have processed as you requested. If you did not    specify a cost basis
calculation method, then we have defaulted to the    first in, first out (FIFO) method. Please consult your tax advisor if you    need additional information about cost basis.    If you do
not keep in contact with the issuer or do not have any    activity in your account for the time period specified by state law,    your property may become subject to state unclaimed
property    laws and transferred to the appropriate state.

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