Document:

EXHIBIT 10.14

 

THE JORDAN COMPANY, L.P. MANAGEMENT CONSULTING AGREEMENT

 

THIS MANAGEMENT
CONSULTING AGREEMENT (“Agreement”), is executed as of the 17th
day of December 2003 by and among The Jordan Company, L.P. (the “Consultant”),
Sensus Metering Systems Inc., a Delaware corporation (the “Company”),
and its direct or indirect subsidiaries, including those party hereto (each are
referred to as a “Subsidiary” and collectively as the “Subsidiaries”).

 

W  I  T  N  E  S
S  E  T  H:

 

WHEREAS, the Consultant
has and/or has access to personnel who are highly skilled in the field of
rendering advice to businesses such as the Company;

 

WHEREAS, the Board of
Directors of the Company has been made fully aware of the relationships of
certain members of the Company’s Board of Directors to the Consultant;

 

WHEREAS, the Company’s
Board of Directors has reviewed in detail and discussed the terms and
provisions of this Agreement and the fairness of this Agreement and whether
more favorable agreements for the Company could be obtained from unaffiliated
third parties; and

 

WHEREAS, on the basis of
its review of this Agreement, the Board of Directors of the Company deemed it
advisable and in the best interests of the Company and necessary to the
conduct, promotion, and attainment of the business objectives of the Company
that the Company retain Consultant to provide business and financial advice to
the Company.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants and agreements herein
set forth, the parties hereto do hereby agree as follows:

 

1.                                       The
Company hereby retains the Consultant, through the Consultant’s own personnel
or through personnel available to the Consultant, to render consulting services
from time to time to the Company and its direct and indirect Subsidiaries
(whether now existing or hereafter acquired), and for the benefit from time to
time of Parent and its other direct and indirect Subsidiaries, in connection
with their acquisitions, divestitures and investments, their financial and
business affairs, their relationships with their lenders, stockholders and
other third-party associates or affiliates, and the expansion of their
businesses.  Consultant shall render
such services to the Company and/or its direct and indirect Subsidiaries in
good faith and in accordance with professional standards and applicable
law.  The term of this Agreement shall
commence the date hereof and continue until December 31, 2013, unless
extended, or sooner terminated, as provided in Section 6
below.  The Consultant’s personnel shall
be reasonably available to the Company’s managers, auditors and other personnel
for consultation and advice pursuant to this Agreement, subject to Consultant’s
reasonable convenience and scheduling. 
Services may be rendered at the Consultant’s offices or at such other
locations selected by the Consultant as the Company and the Consultant shall
from time to time agree.

 

 

2.                                       (a)                                  Subject
to Section 5 hereof, the Company shall pay to the Consultant (i) an
investment banking and sponsorship fee of up to two percent (2%) of the
aggregate consideration paid (including non-competition, earnout, contingent
purchase price, incentive arrangements and similar payments) (A) by the
Company, Sensus Metering Systems (Bermuda 1) Ltd., a Bermuda Company (“Parent”)
and/or the direct and indirect Subsidiaries of the Company or Parent in
connection with the acquisition by the Company, Parent and/or their direct and
indirect Subsidiaries of all or substantially all of the outstanding capital
stock, warrants, options or other rights to acquire or sell capital stock, or
all or substantially all of the business or assets of another individual,
corporation, partnership or other business entity, (B) by the Company,
Parent and/or their direct and indirect Subsidiaries in connection with any
joint venture or other minority investment, or (C) to the Company or
Parent in connection with the sale by the Company, Parent or Parent’s
shareholders of all or substantially all of the Parent’s and/or its direct and
indirect Subsidiaries outstanding capital shares, warrants, options, or other
rights to acquire or sell stock, or all or substantially all of the business or
assets of the Parent and/or its direct and indirect Subsidiaries (each of the
transactions described in clauses (A), (B) and (C), a “Transaction”),
including, but not limited to, any Transaction negotiated for the Company or
Parent involving any affiliate of the Company, Parent or the Consultant,
including, but not limited to, any Transaction involving the Consultant, The
Resolute Fund, L.P., JZ Equity Partners PLC, or any affiliates of any of the
foregoing (collectively, the “Jordan Affiliates”); and (ii) a
financial consulting fee of up to one percent (1%) of the amount obtained or
made available pursuant to any debt, equity or other financing (including
without limitation, any refinancing) by the Company and/or its or Parent’s
direct and indirect Subsidiaries with the assistance of Consultant, including,
but not limited to, any financing obtained for the Company and/or its Parent’s
Subsidiaries from one or more of the Jordan Affiliates, provided that the fees
payable pursuant to Sections 2(a)(i) and 2(a)(ii), together
will not exceed the maximum payments set forth in Section 2(a)(i)
payable in connection with a Transaction. 
Notwithstanding and in addition to the foregoing, if the Consultant
renders services to the Company or Parent outside the ordinary course of
business, the Company shall pay an additional amount equal to the value of such
extraordinary services rendered by the Consultant as may be separately agreed
to between the Consultant and the Company.

 

(b)                                 In
recognition of the services rendered by the Consultant in connection with the
evaluation, negotiation, financing and closing of the Stock Purchase Agreement,
dated October 21, 2003, among the Company and the parties identified
therein, and related financing, the Company will pay Consultant a fee of
$13,000,000, such amount to be in lieu of any fees that may otherwise be
payable pursuant to this Section 2 in connection with the
transactions contemplated in the Stock Purchase Agreement and related
financing.

 

3.                                       Subject
to Section 5 hereof, the Company shall pay quarterly to the
Consultant, an annual consulting services fee equal to the greater of
(a) $2,000,000 and (b) 2.5% of EBITDA for the four most recently
completed and reported fiscal quarters (as defined in that certain Credit
Agreement, dated as of December 17, 2003, among the Company, Sensus
Metering Systems Inc. (LuxCo 2) S.AR.L., a société en commandite par actions,
organized and existing under the laws of the Grand-Duchy of Luxembourg , Sensus
Metering Systems (Bermuda 2) Ltd., a company organized under the laws of
Bermuda, the Lenders (as defined therein), Credit Suisse First Boston, as
administrative and collateral agent for the lenders as such agreement may be

 

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amended, waived or
otherwise modified from time to time and all other agreements and documents
related thereto) of the Company and its Subsidiaries on a consolidated
basis.  The initial annual consulting
services fee will be $2,000,000 until the 2005 fiscal year is completed.  Such fee will be paid quarterly in arrears
on March 31, June 30, September 30 and December 31 of each
year, starting with a payment on March 31, 2004 prorated for the period
from the date hereof to March 31, 2004. 
Notwithstanding and in addition to the foregoing, if the Consultant
renders services to the Company outside the ordinary course of business, the
Company shall pay an additional amount equal to the value of such extraordinary
services rendered by the Consultant as may be separately agreed to between the
Consultant and the Company.

 

4.                                       The
Company shall promptly reimburse Consultant for out-of-pocket expenses (including,
without limitation, an allocable amount of the Consultant’s overhead expenses,
attributable to the Company and its direct and indirect Subsidiaries,
determined on actual usage, percentage of revenue or such other basis as
Consultant may determine), incurred by the Consultant and its personnel in
performing services hereunder to the Company and its direct and indirect
Subsidiaries upon the Consultant rendering a statement therefor, together with
supporting data as the Company shall reasonably require.

 

5.                                       Notwithstanding
the foregoing, the Company shall not be required to pay the fees under Sections 2
or 3, (a) if and to the extent expressly
prohibited by the provisions of any credit, stock, financing or other
agreements or instruments binding upon the Company, its Subsidiaries or
properties, (b) if the Company or any of its
subsidiaries has not paid cash interest on any interest payment date or has
postponed or not made any principal payments with respect to any of their
indebtedness on any scheduled payment dates and such payments have not been
made within applicable cure periods, or (c) if
Parent has not paid or accrued cash dividends on any dividend payment date as
set forth in its bye-laws or any certificate of designation or as declared by
its Board of Directors, or has postponed or not made any redemptions on any
redemption date as set forth in its bye-laws or any certificate of designation
with respect to its preference shares, if any. 
Any payments otherwise owed hereunder, which are not made for any of the
above-mentioned reasons, shall not be canceled but rather accrue, and shall be
payable by the Company promptly when, and to the extent, that the Company and
its Subsidiaries is no longer prohibited from making such payments and when the
Company has become current with respect to such principal or interest payments,
and Parent has become current with respect to such dividends and has made such
redemptions with respect to such preferred shares, if any.  Any payment required hereunder which is not
paid when due shall bear interest at the rate of ten percent (10%) per
annum.  This Section 5 will
not, in any event, restrict or limit the Company’s obligations under Sections 4,
9 and 10, which will be absolute and not subject to set-off.

 

6.                                       This
Agreement shall be automatically renewed for successive one-year terms starting
December 31, 2013 unless either party hereto, within sixty (60) days
prior to the scheduled renewal date, notifies the other party as to its
election to terminate this Agreement.  Notwithstanding
the foregoing, this Agreement may be terminated by not less than ninety (90)
days’ prior written notice from the Company to the Consultant at any time after
(a) substantially all of the shares or substantially all of the assets of
the Company, Parent or all of their respective Subsidiaries are sold to an
entity unaffiliated with the Consultant and/or a majority of the Parent
shareholders immediately prior to the sale or (b) the Company or Parent is
merged,

 

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amalgamated, or
consolidated into another entity unaffiliated with the Consultant and/or a
majority of the Parent’s shareholders immediately prior to such merger or
amalgamation and the Company is not the survivor or resulting company of such
transaction.

 

7.                                       The
Consultant shall have no liability to the Company on account of (i) any
advice which it renders to the Company, Parent or any of their direct or
indirect Subsidiaries, provided the Consultant believed in good faith that such
advice was useful or beneficial to the Company or Parent, as the case may be,
or any of their direct or indirect Subsidiaries at the time it was rendered, or
(ii) the Consultant’s inability to obtain financing or achieve other
results desired by the Company, Parent (or any of their direct or indirect
Subsidiaries) or Consultant’s failure to render services to the Company or
Parent at any particular time or from time to time, or (iii) the failure
of any Transaction to meet the financial, operating, or other expectations of
the Company, Parent or any of their direct or indirect Subsidiaries.  The Company’s, Parent’s and any their direct
or indirect Subsidiaries’ sole remedy for any claim under this Agreement shall
be termination of this Agreement.

 

8.                                       Notwithstanding
anything contained in this Agreement to the contrary, the Company and Parent
agree and acknowledges for themselves and, to the extent they are able, on
behalf of their direct and indirect Subsidiaries that the Consultant, the
Jordan Affiliates and their respective portfolio companies, shareholders,
members, partners, employees, directors and agents intend to engage and
participate in acquisitions and business transactions outside of the scope of
the relationship created by this Agreement and neither the Consultant, any of
the Jordan Affiliates nor any of their respective shareholders, members,
partners, employees, directors or agents shall be under any obligation
whatsoever to make such acquisitions or business transactions through the
Company, Parent or any of their direct or indirect Subsidiaries or offer such
acquisitions or business transactions to the Company, Parent or any of their
direct or indirect Subsidiaries.

 

9.                                       The
Company and Parent will, and will cause each of their direct and indirect Subsidiaries
to, indemnify and hold harmless to the fullest extent permitted by applicable
law, the Consultant, its affiliates and associates, each of the Jordan
Affiliates, and each of the respective owners, members, partners, officers,
directors, employees and agents of each of the foregoing, from and against any
loss, liability, damage, claim or expenses (including the fees and expenses of
counsel) arising as a result or in connection with this Agreement, the
Consultant’s services hereunder or other activities on behalf of the Company,
Parent and their direct and indirect Subsidiaries.

 

10.                                 Any
payments paid by the Company under this Agreement shall not be subject to
set-off and shall be increased by the amount, if any, of any taxes (other than
income taxes) or other governmental charges levied in respect of such payments,
so that the Consultant is made whole for such taxes or charges.

 

11.                                 (a)                                  This
Agreement sets forth the entire understanding of the parties with respect to
the Consultant’s rendering of the services set forth herein to the
Company.  This Agreement may not be
modified, waived, terminated or amended except expressly by an instrument in
writing signed by the Consultant and the Company.

 

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(b)                                 This
Agreement may be assigned by Consultant to any of its subsidiaries or
affiliates without the consent of the Company or Parent, provided, however,
such assignment shall not relieve such party from its obligations hereunder.  Any assignment of this Agreement shall be
binding upon and inure to the benefit of the parties and their respective
successors and assigns.

 

(c)                                  In
the event that any provision of this Agreement shall be held to be void or
unenforceable in whole or in part, the remaining provisions of this Agreement
and the remaining portion of any provision held void or unenforceable in part
shall continue in full force and effect.

 

(d)                                 Except
as otherwise specifically provided herein, notice given hereunder shall be
deemed sufficient if delivered personally or sent by registered or certified
mail to the address of the party for whom intended at the principal executive
offices of such party, or at such other address as such party may hereinafter
specify by written notice to the other party.

 

(e)                                  If
at any time after the date upon which this Agreement is executed, the Company
or Parent acquires or creates one or more subsidiary corporations (a “Subsequent
Subsidiary”), the Company, or in the case of Subsequent Subsidiaries that
are not direct or indirect Subsidiaries of the Company, Parent, to the extent
it is able, shall cause such Subsequent Subsidiary to be subject to this
Agreement and all references herein to the Company’s or Parent’s “direct and
indirect Subsidiaries” shall be interpreted to include all Subsequent
Subsidiaries.

 

(f)                                    Each
Subsidiary of the Company shall be jointly and severally liable and obligated
hereunder with respect to each obligation, responsibility and liability of the
Company, as if a direct obligation of such Subsidiary.

 

(g)                                 No
waiver by either party of any breach of any provision of this Agreement shall
be deemed a continuing waiver or a waiver of any preceding or succeeding breach
of such provision or of any other provision herein contained.

 

(h)                                 The
Consultant and its personnel shall, for purposes of this Agreement, be
independent contractors with respect to the Company.

 

(i)                                     THIS AGREEMENT SHALL BE GOVERNED BY,
CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT IN
THE EVENT OF ANY BREACH OF THIS AGREEMENT, THE NON-BREACHING PARTY WOULD BE
IRREPARABLY HARMED AND COULD NOT BE MADE WHOLE BY MONETARY DAMAGES, AND THAT,
IN ADDITION TO ANY OTHER REMEDY TO WHICH THEY MAY BE ENTITLED AT LAW OR IN
EQUITY, THE PARTIES SHALL BE ENTITLED TO SUCH EQUITABLE OR INJUNCTIVE RELIEF AS
MAY BE APPROPRIATE.  THE CHOICE OF FORUM
SET FORTH IN THIS SECTION 6(b) SHALL NOT BE DEEMED TO PRECLUDE THE
ENFORCEMENT OF ANY JUDGMENT OF A NEW YORK FEDERAL OR STATE COURT OR THE TAKING
OF ANY ACTION

 

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UNDER THIS AGREEMENT TO ENFORCE SUCH A JUDGMENT IN ANY OTHER
APPROPRIATE JURISDICTION.

 

(j)                                     IN
THE EVENT ANY PARTY TO THIS AGREEMENT COMMENCES ANY LITIGATION, PROCEEDING OR
OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO THIS AGREEMENT, ANY
RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN OR THEREIN,
THE PARTIES TO THIS AGREEMENT HEREBY (1) AGREE UNDER ALL CIRCUMSTANCES
ABSOLUTELY AND IRREVOCABLY TO INSTITUTE ANY LITIGATION, PROCEEDING OR OTHER
LEGAL ACTION IN A COURT OF COMPETENT JURISDICTION LOCATED WITHIN THE SOUTHERN
DISTRICT OF NEW YORK, WHETHER A STATE OR FEDERAL COURT; (2) AGREE THAT IN THE
EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH PARTIES WILL CONSENT
AND SUBMIT TO THE  PERSONAL JURISDICTION
OF ANY SUCH COURT DESCRIBED IN CLAUSE (1) OF THIS SECTION AND TO SERVICE
OF PROCESS UPON THEM IN ACCORDANCE WITH THE RULES AND STATUTES GOVERNING
SERVICE OF PROCESS (IT BEING UNDERSTOOD THAT NOTHING IN THIS SECTION SHALL
BE DEEMED TO PREVENT ANY PARTY FROM SEEKING TO REMOVE ANY ACTION TO A FEDERAL
COURT IN THE SOUTHERN DISTRICT OF NEW YORK; (3) AGREE TO WAIVE TO THE FULL
EXTENT PERMITTED BY LAW ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO
THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN ANY SUCH COURT OR
THAT ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS BROUGHT IN ANY INCONVENIENT
FORUM; (4) AGREE, AFTER CONSULTATION WITH COUNSEL, TO WAIVE ANY RIGHTS TO A
JURY TRIAL TO RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS AGREEMENT; (5)
AGREE TO SERVICE OF PROCESS IN ANY LEGAL PROCEEDING BY MAILING OF COPIES
THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH HEREIN FOR COMMUNICATIONS TO
SUCH PARTY; (6) AGREE THAT ANY SERVICE MADE AS PROVIDED HEREIN SHALL BE
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (7) AGREE THAT NOTHING
HEREIN SHALL AFFECT THE RIGHTS OF ANY PARTY TO EFFECT SERVICE OF PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW.  TO THE
EXTENT PERMITTED BY LAW IN CONNECTION WITH OR RELATING TO THIS AGREEMENT, ANY
RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN OR THEREIN,
AND AGREE TO TAKE ANY AND ALL ACTION NECESSARY OR APPROPRIATE TO EFFECT SUCH
WAIVER.

 

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IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above
written.

 

	
   

  	
  THE JORDAN COMPANY, L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: The Jordan Company GP, LLC,

  	
   

  
	
   

  	
  its General Partner

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Jonathan F. Boucher

  	
   

  
	
   

  	
   

  	
  Title:   Authorized Member

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SENSUS METERING SYSTEMS, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Solely for purposes of Sections 7, 8 and 9

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SENSUS METERING SYSTEMS (BERMUDA 1)

  LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:EXHIBIT 10.15

 

	
   

  	
  December 17, 2003

  

 

Goldman, Sachs & Co.

85 Broad Street

New York, NY 1004

 

Ladies and Gentlemen:

 

Reference is made to The
Jordan Company, L.P. Management Consulting Agreement, dated the date hereof,
among The Jordan Company, L.P. (“Consultant”), Sensus Metering Systems
Inc., a Delaware corporation (the “Company”), and each of its direct and
indirect subsidiaries, a copy of which is attached hereto as Exhibit A
(the “Management Consulting Agreement”).  Capitalized terms used herein without definition have the same
meanings given them in the Shareholders Agreement dated as of December 17,
2003 among the Company, the Goldman Investors and the Resolute Investors.

 

WHEREAS, Goldman Sachs
& Co. (“Goldman”) has and/or has access to personnel who are highly
skilled in the field of rendering advice to businesses such as the Company;

 

WHEREAS, the Board of
Directors of the Company has been made fully aware of the relationships of
certain members of the Company’s Board of Directors to Goldman;

 

WHEREAS, the Company’s
Board of Directors has reviewed in detail and discussed the terms and
provisions of this letter agreement and the fairness of this letter agreement
and whether more favorable agreements for the Company could be obtained from
unaffiliated third parties; and

 

WHEREAS, on the basis of
its review of this letter agreement, the Board of Directors of the Company
deemed it advisable and in the best interests of the Company and necessary to
the conduct, promotion, and attainment of the business objectives of the
Company that the Company agree to retain Goldman to provide business and
financial advice to the Company.

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants and agreements herein
set forth:

 

Consultant, Goldman and
the Company agree as follows:

 

1.                                       Consultant
shall direct the Company to pay to Goldman $2,666,667 out of the transaction
fee payable to Consultant pursuant to Section 2(b) of the
Management Consulting Agreement.

 

2.                                       For
so long as the Goldman Investors and their Permitted Transferees own Common
Shares and Preferred Shares of the Company, Consultant shall direct the Company
to pay to Goldman an amount equal to the Pro Rata Share of (i) any and all fees
payable to Consultant pursuant to Sections 2(a) and 3 of the
Management Consulting Agreement and (ii) any and all other payments or rights
received by Consultant or any of its Affiliates in respect of or in settlement
of any fee payable pursuant to Section 2(a) or 3 of the
Management Consulting

 

 

Agreement or in
connection with any amendment, modification, waiver or termination of the
Management Consulting Agreement.  For
the purposes of this letter agreement, the “Pro Rata Share,” determined as of
each date on which a fee, payment or right is earned by Consultant or any of
its Affiliates, shall mean the portion of such fee, payment or right received
by Consultant or any of its Affiliates that bears the same proportion  to the total amount of such fee, payment or
right, as (x) the portion of the original investment (measured in dollars based
upon the original purchase price thereof) made by the Goldman Investors in the
capital stock of the Company that continues to be held as of such date by the
Goldman Investors and their Permitted Transferees bears to (y) the total amount
of the original investment made by all Goldman Investors and all Resolute
Investors in the capital stock of the Company that continues to be held as of
such date by the Goldman Investors and their Permitted Transferees and the
Resolute Investors and their Permitted Transferees.

 

3.                                       The
Company agrees to pay Goldman all fees, payments or rights payable pursuant to Section 1
or 2 of this letter agreement concurrently with payments made under Sections
2(a) or 3 of the Management Consulting Agreement.

 

4.                                       The
Company shall promptly reimburse Goldman for out-of-pocket expenses incurred by
Goldman and its personnel in performing services hereunder to the Company and
its direct and indirect Subsidiaries upon Goldman rendering a statement
therefor, together with supporting data as the Company shall reasonably
require.

 

5.                                       Goldman
shall have no liability to the Company on account of (i) any advice which
it renders to the Company or any of its direct or indirect subsidiaries,
provided Goldman believed in good faith that such advice was useful or
beneficial to the Company or any of its direct or indirect subsidiaries at the
time it was rendered, or (ii) Goldman’s inability to obtain financing or
achieve other results desired by the Company (or any of its direct or indirect
subsidiaries) or Goldman’s failure to render services to the Company at any
particular time or from time to time, or (iii) the failure of any
transaction to meet the financial, operating, or other expectations of the
Company or any of its direct or indirect subsidiaries.  The Company’s and any its direct or indirect
subsidiaries’ sole remedy for any claim under this letter agreement shall be
termination of this letter agreement.

 

6.                                       Notwithstanding
anything contained in this letter agreement to the contrary, the Company agrees
and acknowledges for itself and, to the extent it is able, on behalf of its
direct and indirect subsidiaries that Goldman, its affiliates and their
respective portfolio companies, shareholders, members, partners, employees,
directors and agents intend to engage and participate in acquisitions and
business transactions outside of the scope of the relationship created by this
letter agreement and neither Goldman, any of its affiliates nor any of their
respective shareholders, members, partners, employees, directors or agents
shall be under any obligation whatsoever to make such acquisitions or business
transactions through the Company or any of its direct or indirect subsidiaries
or offer such acquisitions or business transactions to the Company or any of
its direct or indirect subsidiaries.

 

7.                                       The
Company will, and will cause each of its direct and indirect subsidiaries to,
indemnify and hold harmless to the fullest extent permitted by applicable law,
Goldman, its affiliates and associates and each of the respective owners,
members, partners, officers, directors,

 

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employees and agents of each of the foregoing, from and against any
loss, liability, damage, claim or expenses (including the fees and expenses of
counsel) arising as a result or in connection with this letter agreement,
Goldman’s services hereunder or other activities on behalf of the Company and
its direct and indirect subsidiaries.

 

8.                                       Any
payments paid by the Company under this letter agreement shall not be subject
to set-off and shall be increased by the amount, if any, of any taxes (other
than income taxes) or other governmental charges levied in respect of such
payments, so that Goldman is made whole for such taxes or charges.

 

9.                                       This
letter agreement is solely for the benefit of the parties hereto, and will not
be assignable by any party without the prior written consent of the other
parties; provided, that this letter agreement will be binding upon, and inure
to the benefit of, the respective successors and assigns, as permitted by the
terms of this letter agreement, of the parties hereto.

 

10.                                 (a)                                  In
the event that any provision of this letter agreement shall be held to be void
or unenforceable in whole or in part, the remaining provisions of this letter
agreement and the remaining portion of any provision held void or unenforceable
in part shall continue in full force and effect.

 

(b)                                 No waiver by either party of any breach of
any provision of this letter agreement shall be deemed a continuing waiver or a
waiver of any preceding or succeeding breach of such provision or of any other
provision herein contained.

 

(c)                                  Goldman and its personnel shall, for purposes
of this letter agreement, be independent contractors with respect to the
Company.

 

(d)                                 THIS LETTER AGREEMENT SHALL BE GOVERNED BY,
CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK. EACH OF THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT IN
THE EVENT OF ANY BREACH OF THIS LETTER AGREEMENT, THE NON-BREACHING PARTY WOULD
BE IRREPARABLY HARMED AND COULD NOT BE MADE WHOLE BY MONETARY DAMAGES, AND
THAT, IN ADDITION TO ANY OTHER REMEDY TO WHICH THEY MAY BE ENTITLED AT LAW OR
IN EQUITY, THE PARTIES SHALL BE ENTITLED TO SUCH EQUITABLE OR INJUNCTIVE RELIEF
AS MAY BE APPROPRIATE.  THE CHOICE OF
FORUM SET FORTH IN THIS SECTION 10(d) SHALL NOT BE DEEMED TO PRECLUDE THE
ENFORCEMENT OF ANY JUDGMENT OF A NEW YORK FEDERAL OR STATE COURT OR THE TAKING
OF ANY ACTION UNDER THIS LETTER AGREEMENT TO ENFORCE SUCH A JUDGMENT IN ANY
OTHER APPROPRIATE JURISDICTION.

 

(e)                                  IN
THE EVENT ANY PARTY TO THIS LETTER AGREEMENT COMMENCES ANY LITIGATION,
PROCEEDING OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO THIS LETTER
AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED
HEREIN OR THEREIN, THE PARTIES TO THIS LETTER AGREEMENT HEREBY (1) AGREE UNDER
ALL CIRCUMSTANCES ABSOLUTELY AND IRREVOCABLY TO INSTITUTE ANY

 

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LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN A COURT OF COMPETENT
JURISDICTION LOCATED WITHIN THE SOUTHERN DISTRICT OF NEW YORK, WHETHER A STATE
OR FEDERAL COURT; (2) AGREE THAT IN THE EVENT OF ANY SUCH LITIGATION,
PROCEEDING OR ACTION, SUCH PARTIES WILL CONSENT AND SUBMIT TO THE PERSONAL
JURISDICTION OF ANY SUCH COURT DESCRIBED IN CLAUSE (1) OF THIS SECTION AND
TO SERVICE OF PROCESS UPON THEM IN ACCORDANCE WITH THE RULES AND STATUTES
GOVERNING SERVICE OF PROCESS (IT BEING UNDERSTOOD THAT NOTHING IN THIS SECTION SHALL
BE DEEMED TO PREVENT ANY PARTY FROM SEEKING TO REMOVE ANY ACTION TO A FEDERAL
COURT IN THE SOUTHERN DISTRICT OF NEW YORK; (3) AGREE TO WAIVE TO THE FULL
EXTENT PERMITTED BY LAW ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO
THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN ANY SUCH COURT OR
THAT ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS BROUGHT IN ANY INCONVENIENT
FORUM; (4) AGREE, AFTER CONSULTATION WITH COUNSEL, TO WAIVE ANY RIGHTS TO A
JURY TRIAL TO RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS LETTER AGREEMENT;
(5) AGREE TO SERVICE OF PROCESS IN ANY LEGAL PROCEEDING BY MAILING OF COPIES
THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH HEREIN FOR COMMUNICATIONS TO
SUCH PARTY; (6) AGREE THAT ANY SERVICE MADE AS PROVIDED HEREIN SHALL BE
EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (7) AGREE THAT NOTHING
HEREIN SHALL AFFECT THE RIGHTS OF ANY PARTY TO EFFECT SERVICE OF PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW.  TO THE
EXTENT PERMITTED BY LAW IN CONNECTION WITH OR RELATING TO THIS LETTER
AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED
HEREIN OR THEREIN, AND AGREE TO TAKE ANY AND ALL ACTION NECESSARY OR
APPROPRIATE TO EFFECT SUCH WAIVER.

 

10.                                 This
letter agreement shall be governed by and be construed and have effect in
accordance with New York law.  This
letter agreement may be executed in multiple counterparts which, when taken
together, shall constitute one and the same agreement.

 

4

 

If the foregoing
correctly sets forth our understanding with respect to such matters, kindly
indicate your acceptance by signing below.

 

	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE JORDAN COMPANY, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  The Jordan Company, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SENSUS METERING SYSTEMS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

5

 

	
  ACCEPTED AND AGREED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GOLDMAN, SACHS & CO.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]