Document:

Exhibit  10.1

SECOND SUPPLEMENTAL INDENTURE

SECOND SUPPLEMENTAL
INDENTURE (this “Second Supplemental Indenture”),
dated as of February 2, 2006, is entered into by and among Mueller Holding
Company, Inc., a Delaware corporation (the “Successor”),
Mueller Water Products, LLC, a Delaware limited liability company (the “Company”), Mueller Water Products Co-Issuer, Inc., a
Delaware corporation (the “Co-Issuer”),
and Law Debenture Trust Company of New York, as trustee under the Indenture
referred to below (the “Trustee”).

W I T N E S S E T H

WHEREAS, the Company and the
Co-Issuer have heretofore executed and delivered to the Trustee an indenture,
dated as of April 29, 2004, as amended by the Supplemental Indenture, dated as
of October 3, 2005 (as amended, the “Indenture”;
capitalized terms used but not otherwise defined herein shall have the meanings
set forth in the Indenture), providing for the issuance of 143⁄4% Senior Discount
Notes due 2014 (the “Notes”);

WHEREAS, the Successor, the
Company and the Co-Issuer have entered into an Agreement and Plan of Merger,
dated as of January 31, 2006 (the “Merger Agreement”),
which contemplates the execution and filing of a Certificate of Merger (the “Certificate of Merger”) providing for the merger of the
Company and the Co-Issuer with and into the Successor (the “Merger”), with the Successor continuing its corporate
existence under Delaware law;

WHEREAS, pursuant to the
Merger, the name of the Successor shall be changed to “Mueller Water Products,
Inc.”;

WHEREAS, Section 5.01 of the
Indenture provides, among other things, that the Company shall not merge with
or into another Person unless, among other things, the Person surviving the
merger assumes all the obligations of the Company and the Co-Issuer under the
Notes, the Indenture and the Registration Rights Agreement pursuant to a
supplemental indenture reasonably satisfactory to the Trustee;

WHEREAS, Section 9.01 of the
Indenture provides, among other things, that, without the consent of any Holder
of Notes, the Company, the Co-Issuer and the Trustee may enter into a
supplemental indenture authorized or permitted by the terms of the Indenture to
provide for the assumption of the Company’s and the Co-Issuer’s obligations to
the Holders of the Notes by a successor to the Company pursuant to Section 5.01
of the Indenture;

WHEREAS, the execution and
delivery of this Second Supplemental Indenture have been authorized by
resolutions of the Board of Managers of the Company and the Board of Directors
of the Company and the Successor; and

WHEREAS, all conditions
precedent and requirements necessary to make this Second Supplemental Indenture
a valid and legally binding instrument in accordance with its 

 

 

terms have been complied
with, performed and fulfilled and the execution and delivery hereof have been
in all respects duly authorized;

NOW, THEREFORE, for and in
consideration of the premises and intending to be legally bound hereby, it is
mutually covenanted and agreed as follows:

1.  REPRESENTATIONS
AND WARRANTIES.

Each of the Company, the
Co-Issuer and Successor represents and warrants to the Trustee as follows:

1.1.          With
respect to the Company only, it is a limited liability company duly formed,
validly existing and in good standing under the laws of the State of
Delaware.  With respect to the Co-Issuer
and the Successor only, it is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware.

1.2.          The
execution, delivery and performance by it of this Second Supplemental Indenture
have been authorized and approved by all necessary corporate action on its
part.

1.3.          Upon
the filing of the Certificate of Merger with the Secretary of State of the
State of Delaware or at such other time thereafter as is provided in the
Certificate of Merger (the “Effective Time”),
the Merger will be effective in accordance with the terms of the Merger
Agreement and Delaware law.

1.4.          At
the Effective Time, the name of the Successor will be “Mueller Water Products,
Inc.”

2.  ASSUMPTION AND
AGREEMENTS.

2.1.          The Successor hereby assumes all the
obligations of the Company and the Co-Issuer under the Notes, the Indenture and
the Registration Rights Agreement.

2.2.          The Notes may, but shall not be
required to, bear a notation concerning the assumption of the Indenture and the
Notes by the Successor.

2.3.          The Successor shall succeed to, and be
substituted for (so that from and after the date of the Merger, the provisions
of the Indenture referring to the “Company” shall refer instead to the
Successor and not the Company), and may exercise every right and power of the
Company and the Co-Issuer under the Indenture with the same effect as if the
Successor had been named as the Company or the Co-Issuer in the Indenture.

3.  AMENDMENTS.

3.1.          Each reference in the Indenture to “Mueller
Holdings (N.A.), Inc.” is hereby amended to be a reference to “Mueller Water
Products, Inc.”

 

2

 

3.2.          Except as amended hereby, the
Indenture and the Notes are in all respects ratified and confirmed and all the
terms thereof shall remain in full force and effect and the Indenture, as so
amended, shall be read, taken and construed as one and the same instrument.

4.  MISCELLANEOUS.

4.1.          The Trustee accepts the modification
of the Indenture effected by this Second Supplemental Indenture, but only upon
the terms and conditions set forth in the Indenture.  Without limiting the generality of the
foregoing, the Trustee assumes no responsibility for the correctness of the
recitals herein contained, which shall be taken as the statements of the
Company, the Co-Issuer and Successor. 
The Trustee makes no representation and shall have no responsibility as
to the validity and sufficiency of this Second Supplemental Indenture.

4.2.          If and to the extent that any provision
of this Second Supplemental Indenture limits, qualifies or conflicts with
another provision included in this Second Supplemental Indenture or in the
Indenture, in either case that is required to be included in this Second
Supplemental Indenture or in the Indenture by any of the provisions of Sections
310 to 317, inclusive, of the Trust Indenture Act of 1939, such required
provision shall control.

4.3.          Nothing in this Second Supplemental
Indenture is intended to or shall provide any rights to any parties other than
those expressly contemplated by this Second Supplemental Indenture.

4.4.          THE INTERNAL LAW OF THE STATE OF NEW
YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SECOND SUPPLEMENTAL INDENTURE
WITHOUT GIVING EFFECT TO THE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE
EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY.

4.5.          The parties may sign any number of
copies of this Second Supplemental Indenture. 
Each signed copy shall be an original, but all of them together
represent the same agreement.

4.6.          This Second Supplemental Indenture
shall become effective only upon and as of the Effective Time.

[Rest of page intentionally left blank.]

 

3

 

IN WITNESS WHEREOF, the
parties hereto have caused this Second Supplemental Indenture to be duly
executed, all as of the date above first written.

 

	
   

  	
  MUELLER
  HOLDING COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Victor
  P. Patrick

  
	
   

  	
   

  	
  Name:  Victor
  P. Patrick

  
	
   

  	
   

  	
  Title:  Vice
  President, Secretary and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MUELLER
  WATER PRODUCTS, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Victor
  P. Patrick

  
	
   

  	
   

  	
  Name:  Victor
  P. Patrick

  
	
   

  	
   

  	
  Title:  Vice
  President and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MUELLER
  WATER PRODUCTS

  
	
   

  	
  CO-ISSUER,
  INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Victor
  P. Patrick

  
	
   

  	
   

  	
  Name:  Victor
  P. Patrick

  
	
   

  	
   

  	
  Title:  Vice
  President, Secretary and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LAW
  DEBENTURE TRUST COMPANY OF NEW YORK

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Patrick
  J. Healy

  
	
   

  	
   

  	
  Name:  Patrick
  J. Healy

  
	
   

  	
   

  	
  Title:  Vice
  President

  

 

4FORM OF WARRANT

 

The security evidenced hereby has
not been registered under the Securities Act of 1933 or any state securities
laws and may not be sold, transferred, assigned, offered, pledged or otherwise
distributed for value unless there is an effective registration statement under
such act or laws covering such security or the Company receives an opinion of
counsel for the holder of this security (concurred in by counsel for the
Company) stating that such sale, transfer, assignment, pledge or distribution
is exempt from the registration and prospectus delivery requirements of the
Securities Act of 1933 and all applicable state securities laws.

 

WARRANT

FOR

SHARES OF COMMON STOCK

OF

PROUROCARE MEDICAL INC.

FOR VALUE RECEIVED,                                ,
or his successors or assigns (“Holder”), is entitled to subscribe for
and purchase from ProUroCare Medical Inc., a Nevada corporation (the “Company”),
up to                              
fully paid and non-assessable shares of the Company’s common stock, $.00001 par
value per share (the “Common Stock”), at the price of $            
per share, subject to adjustments as noted in section 3 below (the “Warrant
Exercise Price”).

This warrant may be exercised by Holder at any time or
from time to time on or prior to the fifth anniversary of the date hereof.

This warrant is subject to the following provisions,
terms and conditions:

1.             The
rights represented by this warrant may be exercised by the Holder, in whole or
in part, by written notice of exercise delivered to the Company at least three
days prior to the intended date of exercise and by the surrender of this
warrant (properly endorsed if required) at the principal office of the Company
and, except in connection with a Cashless Exercise (as defined below), upon
payment to it by cash, certified check or bank draft of the purchase price for
such shares. The shares so purchased shall be deemed to be issued as of the
close of business on the date on which this warrant has been exercised by its
surrender and, except in connection with a Cashless Exercise, payment to the
Company of the Warrant Exercise Price. 
Certificates for the shares of stock so purchased, bearing the
restrictive legend set forth in Section 5 of this warrant, shall be delivered
to the Holder within 15 days after the rights represented by this warrant shall
have been so exercised, and, unless this warrant has expired, a new warrant
representing the number of shares, if any, with respect to which this warrant
has not been exercised shall also be delivered to the Holder within such
time.  No fractional shares shall be
issued upon the exercise of this warrant.

At the option of the Holder, payment of the Warrant
Exercise Price may be made through a net exercise without payment of the
Warrant Exercise Price in cash by the Holder providing notice to the Company of
the Holder’s election to receive a number of shares of Common Stock in a
cashless exercise (a “Cashless Exercise”). Upon receipt of a notice of
Cashless Exercise, the Company shall deliver to the Holder (without cash
payment by the Holder of any Warrant

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Exercise Price) that
number of shares of Common Stock that is equal to the quotient obtained by
dividing (x) the value of the portion of the warrant being exercised on the
date that the warrant shall have been surrendered (determined by subtracting
the aggregate Warrant Exercise Price for the number of shares of Common Stock
as to which the warrant is being exercised from the aggregate Fair Market Value
(as hereinafter defined) of such number of shares of Common Stock), by (y) the
Fair Market Value of one share of Common Stock. 
A notice of Cashless Exercise shall state the number of shares of Common
Stock as to which the warrant is being exercised.  “Fair Market Value” for purposes of
this Section shall mean the average of the Common Stock closing prices reported
by the principal exchange on which the Common Stock is traded, or the last sale
prices as reported by the National Association of Securities Dealers, Inc.
Automated Quotation System (“Nasdaq”) National Market, SmallCap Market,
or Over-the-Counter Bulletin Board (OTCBB), as the case may be, for the ten
(10) business days immediately preceding the date that the warrant shall have
been surrendered or, in the event no public market shall exist for the Common
Stock at the time of such cashless exercise, Fair Market Value shall mean the
fair market value of the Common Stock as the same shall be determined in the
good faith discretion of the Company’s Board of Directors, after full
consideration of all factors then deemed relevant by such Board of Directors in
establishing such value, including by way of illustration and not limitation,
the per share purchase price of the most recent sale of shares of Common Stock
by the Company after the date hereof, as evidenced by the vote of a majority of
the directors then in office. Following a Cashless Exercise, the warrant shall
be canceled in all respects with regard to (a) the number of shares of Common
Stock issued in accordance with the cashless exercise plus (b) the
number of shares of Common Stock used as consideration for the Cashless
Exercise.

2.             The
Company covenants and agrees that all shares that may be issued upon the
exercise of the rights represented by this warrant shall, upon issuance, be
duly authorized and issued, fully paid and non-assessable shares.  The Company further covenants and agrees that
during the period within which the rights represented by this warrant may be
exercised, the Company will at all times have authorized, and reserved for the
purpose of issue or transfer upon exercise of the subscription rights evidenced
by this warrant, a sufficient number of shares of Common Stock to provide for
the exercise of the rights represented by this warrant.

3.             The
number of shares the Holder may purchase and the Warrant Exercise Price shall
be subject to adjustment from time to time as hereinafter provided in this
section 3.

(a)           If
the Company at any time divides the outstanding shares of its Common Stock into
a greater number of shares (whether pursuant to a stock split, stock dividend
or otherwise), and conversely, if the outstanding shares of its Common Stock
are combined into a smaller number of shares, the Warrant Exercise Price in effect
immediately prior to such division or combination shall be proportionately
adjusted to reflect the reduction or increase in the value of each such Common
Stock.

(b)           If
any capital reorganization or reclassification of the capital stock of the
Company, or consolidation or merger of the Company with another corporation, or
the sale of all or substantially all of its assets to another corporation shall
be effected in such a way that holders of the Common Stock shall be entitled to
receive stock, securities or assets with respect to or in exchange for such
Common Stock, then, as a condition of such reorganization, reclassification,
consolidation, merger or sale, the Holder shall have the right to purchase and
receive upon the basis and upon the

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terms and conditions
specified in this warrant and in lieu of the shares of the Common Stock
immediately theretofore purchasable and receivable upon the exercise of the
rights represented hereby, such shares of stock, other securities or assets as
would have been issued or delivered to the Holder if it had exercised this
warrant and had received such shares of Common Stock prior to such
reorganization, reclassification, consolidation, merger or sale.

(c)           Upon
any adjustment of the Warrant Exercise Price, the Company shall give written
notice thereof, by first class mail, postage prepaid, addressed to the
registered Holder of this warrant at the address of such Holder as shown on the
books of the Company, which notice shall state the Warrant Exercise Price
resulting from such adjustment and the increase or decrease, if any, in the
number of shares purchasable at such price upon the exercise of this warrant,
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based.

4.             This
warrant shall not entitle the Holder to any voting rights or other rights as a
shareholder of the Company.

5.             Application
of Restrictions of Transfer.

                                                (a)           No transfer of this warrant may be
completed unless and until (i) the Company has received an opinion of counsel
for the Company that such securities may be sold pursuant to an exemption from
registration under the Securities Act of 1933, as amended (the “Securities
Act”), or (ii) a registration statement relating to this warrant has been
filed by the Company and declared effective by the Commission.  Subject to the foregoing, this warrant and
all rights hereunder are transferable, in whole or in part, at the principal
office of the Company by the Holder in person or by duly authorized attorney,
upon surrender of this warrant properly endorsed to any person or entity who
represents in writing that he/she/it is acquiring the warrant for investment
and without any view to the sale or other distribution thereof.  Each Holder of this warrant, by taking or
holding the same, consents and agrees that the bearer of this warrant, when
endorsed, may be treated by the Company and all other persons dealing with this
warrant as the absolute owner hereof for any purpose and as the person entitled
to exercise the rights represented by this warrant or perform the obligations
required hereby, or to the transfer hereof on the books of the Company, any
notice to the contrary notwithstanding; but until such transfer on such books,
the Company may treat the registered owner hereof as the owner for all
purposes.

                                                (b)           In no event shall the Holder(s) sell
any shares of Common Stock that are issued upon the exercise of the rights
represented by this warrant within 180 days following the effective date of an
initial public offering of the Common Stock of the Company.

                                                (c)           Each certificate for shares issued
upon the exercise of the rights represented by this warrant shall bear a legend
as follows unless, in the opinion of counsel to the Company, such legend is not
required in order to ensure compliance with the Securities Act:

“THESE SHARES HAVE BEEN PURCHASED FOR INVESTMENT
WITHIN THE MEANING OF THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND
APPLICABLE STATE SECURITIES LAWS, AND THEY MAY NOT BE SOLD, OFFERED FOR SALE,
PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR AN

 

3

OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION TO
THE EFFECT THAT THE PROPOSED TRANSACTION WITH BE EXEMPT FROM REGISTRATION.  IN ADDITION, IN NO EVENT MAY THE SECURITIES
REPRESENTED BY THIS CERTIFICATE BE PUBLICLY SOLD, TRANSFERRED, ASSIGNED,
OFFERED, PLEDGED OR OTHERWISE DISTRIBUTED FOR VALUE WITHIN 180 DAYS FOLLOWING
THE EFFECTIVE DATE OF THE INITIAL PUBLIC OFFERING OF COMMON STOCK BY THE
COMPANY.”

6.                                      Piggyback Registration.

(a)           If, at any time commencing from the
date hereof and expiring four (4) years thereafter, the Company proposes to
register any of its securities under the Securities Act of 1933, as amended
(the “Act”) (other than in connection with a merger or pursuant to Form S-8,
S-4 or other comparable registration statement) it will give written notice by
registered mail, at least thirty (30) days prior to the filing of each such
registration statement, to the  Holder
and to all other Holders of its intention to do so.  If the Holder or other Holders notify the
Company within twenty (20) days after receipt of any such notice of its or
their desire to include any such Securities in such proposed registration
statement, the Company shall afford each of the Underwriter and such Holders
the opportunity to have any such Securities registered under such registration
statement. In the event any underwriter underwriting the sale of securities
registered by such registration statement shall limit the number of securities
includable in such registration by shareholders of the Company, the number of
such securities shall be allocated pro rata among the Holders and the holders
of other securities entitled to piggyback registration rights.

(b)           Notwithstanding the provisions of
this Section 6, the Company shall have the right at any time after it shall
have given written notice pursuant to this Section (irrespective of whether a
written request for inclusion of any such securities shall have been made) to
elect not to file any such proposed registration statement, or to withdraw the
same after the filing but prior to the effective date thereof.

(c)           Notwithstanding anything contained
herein to the contrary, the registration rights granted to each Holder by this
Section 6 shall automatically terminate on, and be of no further force or
effect from and after, the date on which such Holder can sell all of the
Securities held by such Holder without registration pursuant to Rule 144(k)
promulgated under the Securities Act of 1933, as amended (or similar exception
from registration).

7.             Neither
this warrant nor any term hereof may be changed, waived, discharged or
terminated orally but only by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is
sought.

[SIGNATURE PAGE
FOLLOWS]

4

IN WITNESS WHEREOF, the Company has caused this
warrant to be signed and delivered by its duly authorized officer.

 

Dated:                                             
2005.

	
   

  	
  PROUROCARE MEDICAL INC.:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Maurice R. Taylor II

  
	
   

  	
  Title:

  	
  Chairman & CEO

  

 

5

WARRANT EXERCISE (CASH/CHECK)

(To be signed only upon exercise of warrant for cash/check)

The undersigned, the holder of the foregoing warrant,
hereby irrevocably elects to exercise the purchase right represented by such
warrant for, and to purchase thereunder,                           
of the shares of Common Stock of ProUroCare Medical Inc. to which such warrant
relates and herewith makes payment of $                     
therefor in cash or by check and requests that the certificates for such shares
be issued in the name of, and be delivered to                                                                  ,
whose address is set forth below the signature of the undersigned.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (Signature)

  

 

WARRANT EXERCISE (CASHLESS)

(To be signed only upon a Cashless Exercise of warrant)

The undersigned, the holder of the foregoing warrant,
hereby irrevocably elects to exercise the purchase right represented by such
warrant for                           
of the shares of Common Stock of ProUroCare Medical Inc. to which such warrant
relates pursuant to a Cashless Exercise, and requests that certificates for                            shares
be issued in the name of, and be delivered to                                                               ,
whose address is set forth below the signature of the undersigned.

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (Signature)

  

 

INSTRUCTIONS FOR
REGISTRATION OF SECURITIES

 

 

	
  Name and Address:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (please typewrite or print in block letters)

  

 

6

 

WARRANT ASSIGNMENT

(To be signed only upon transfer of warrant)

FOR VALUE RECEIVED,                                                                         
hereby sells, assigns and transfers unto:

 

	
  Name and Address:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (please typewrite or print in block letters)

  

 

 

the right to purchase                          shares
of Common Stock as represented by this warrant to the extent of                             shares
of Common Stock and as to which such right is exercisable and does hereby
irrevocably constitute and appoint                                                              
attorney, to transfer the same on the books of the Company with full power of
substitution in the premises.

 

 

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (Signature)

  

 

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