Document:

Restricted Share and Shareholder Agreement

  
 Exhibit 10.2

 RESTRICTED SHARE AND SHAREHOLDER AGREEMENT 

This RESTRICTED SHARE AND SHAREHOLDER AGREEMENT (this “Agreement”), entered into as of October 19, 2010 (the
“Grant Date”), is by and between Louis D’Ambrosio (the “Participant”) and Sensus (Bermuda 1) Ltd., a Bermuda limited company (the “Company”). Certain capitalized terms used herein and not
otherwise defined are defined in Section 13 hereof. 
 WITNESSETH 

WHEREAS, the Company maintains the Sensus Restricted Share Plan (the “Plan”), which is incorporated into and forms a
part of this Agreement, for the benefit of employees, directors and consultants of the Company and certain other Related Companies; 
 WHEREAS, the Committee has awarded the Participant certain Restricted Share Awards under the Plan; and 
 WHEREAS, the Company and the Participant wish to memorialize certain terms relating to the Shares issued to the Participant pursuant to the Restricted Share Awards and any other Securities of the Company
that the Participant may otherwise be issued or acquire. 
 NOW, THEREFORE, IT IS AGREED, by and between the Company and the
Participant as follows: 
 1.    Award and Purchase Price; Restrictions on Transfer. 

(a)    Subject to the terms of this Agreement and the Plan, the Participant is hereby granted 150,000 Restricted
Share Awards (within the meaning of the Plan and, in the aggregate, the “Award”) which begin vesting as of the Grant Date. Each Restricted Share Award represents ownership of one Class B Common Share, par value U.S. $0.01, of the
Company (a “Share”), subject to the restrictions and conditions set forth herein. The Restricted Share Awards shall be issued in return for future services to be rendered by the Participant to the Company. 

(b)    Shares subject to the Award may not be sold, assigned, transferred, pledged or otherwise encumbered until the
expiration of the applicable Vesting Period. After the applicable Vesting Period, the Shares shall be subject to the restrictions on transfer set forth in this Agreement. 
 2.    Vesting and Forfeiture of Shares. 

(a)    Provided your service as Chairman of the Company’s Board of Directors (your “Service”)
does not terminate during the Vesting Period ending on the applicable anniversary date with respect to any installment of the Shares set forth on the schedule below (an “Installment”), then, at the end of the Vesting Period for such
Shares, the Participant shall become vested in those Shares, and shall own such Shares, subject to the repurchase provision set forth in Section 8(b). With respect to all Shares, the “Vesting Period” shall begin on the
Grant Date and, with respect to each Installment shown on the schedule below shall end on the date applicable to such Installment: 
  

			
	 INSTALLMENT
	  	 VESTING DATE
APPLICABLE TO INSTALLMENT

	 37,500 Shares
	  	Grant Date
		
	 37,500 Shares
	  	First Anniversary of the Grant Date
		
	 37,500 Shares
	  	Second Anniversary of the Grant Date
		
	 37,500 Shares
	  	Third Anniversary of the Grant Date

  

(b)    Notwithstanding Section 2(a), the Participant shall become fully vested in the Shares subject to
the Award upon the consummation of a sale of more than fifty percent (50%) of the voting capital stock or all or substantially all of the assets of the Company to an unrelated third party, whether by sale, merger, amalgamation, combination,
consolidation or similar business transaction. 
 (c)    In the event that the Company effects an
underwritten initial public offering of its common stock, Shares granted to the Participant under the Plan that have not become vested in accordance with the vesting schedule in Section 2(a) shall, at the option of the Company, acting in
good faith and in a manner that preserves the Participant’s economic interests, (i) be exchanged for stock options of equivalent value based upon the implied enterprise value of the Company at the date of the initial public offering, or
(ii) be exchanged for other securities of the Company under terms determined by the Company. In making the foregoing determination, the Company shall have discretion to determine the consideration to be given in exchange for unvested Shares,
provided the Company acts in good faith and in a manner that preserves the Participant’s economic interests. 

3.    Participant Representations, Warranties and Covenants. The Participant represents, warrants and
covenants to the Company, and, with respect to Section 3(a), the Company represents and warrants to the Participant, that: 
 (a)    The Participant or the Company, as applicable, has the legal capacity, power and authority to enter into and perform all of his obligations under this Agreement. The execution,
delivery and performance of this Agreement by the Participant or the Company, as applicable, will not violate any other agreement to which the Participant or the Company, as applicable, is a party, including, without limitation, any voting
agreement, shareholders agreement or voting trust. This Agreement has been duly and validly authorized, executed and delivered by the Participant or the Company, as applicable, and constitutes a valid and binding agreement of the Participant or the
Company, as applicable, enforceable against the Participant in accordance with its terms, except that such enforceability (i) may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting or relating to enforcement of
creditors’ rights generally and (ii) is subject to general principles of equity. 
 (b)    The
Participant serves as a non-executive director of the Company and one or more of the Company’s subsidiaries and is familiar with the Company’s and its subsidiaries’ operations, financial condition and business prospects. 

(c)    The Participant will not (i) grant any proxies, deposit any Securities into a voting trust or enter into
a voting agreement with respect to any Securities, or (ii) take any action that would make any representation or warranty of the Participant contained herein untrue or incorrect or have the effect of preventing or disabling the Participant from
performing his obligations under this Agreement. 
 (d)    The Participant has no pending or threatened
claim, complaint, action, suit, proceeding, hearing or investigation against the Company or its subsidiaries for any period prior to the date hereof, nor does the Participant presently intend to bring or file any claim, complaint, action, suit,
proceeding, hearing or investigation against the Company or its subsidiaries for any period prior to the date hereof. 

4.    Risk Factors and Other Considerations. The Participant acknowledges to the Company that: 

(a)    (i) The Company’s subsidiaries are the Company’s only material assets, and that the Company and
certain of its subsidiaries have incurred substantial indebtedness; and (ii) certain of the operative documents in connection with the Company’s and its subsidiaries’ debt and equity financing severely restrict the ability of the
Company to make any dividend payments on the Securities and such payment may be further restricted by future agreements or instruments binding on the Company or its subsidiaries. 

  
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(b)    Any financial projections or forecasts with respect to the Company and its subsidiaries are only forecasts
prepared by management, which are subject to many assumptions and factors beyond the Company’s and its subsidiaries’ control, and that there can be no assurances that these forecasts will be realized. 

(c)    An investment in the Securities of the Company is a speculative investment which involves a high risk of loss
and that on and after the date hereof, there will be no public market for the Securities and the Company does not contemplate that a public market will develop. 
 (d)    The operative documents in connection with the Company’s and its subsidiaries’ debt and equity financing and any other agreement or instrument that may restrict the
ability of the Company to make any dividend payments may be created, amended, modified or supplemented, from time to time, and may be refinanced, extended or substituted, from time to time, without notice to, or the consent or approval of, the
Participant or the Shareholders. 
 (e)    Nothing in this Agreement shall constitute an agreement by, or
shall impose any obligation upon, the Company or its subsidiaries to retain as a director, employ, or to continue to retain or employ, the Participant, or shall constitute an agreement by, or shall impose any obligation upon, the Company or its
subsidiaries with respect to the terms and conditions of the Participant’s engagement as a director or any future employment of the Participant, and will not limit or restrict, in any manner, the Company’s or its subsidiaries’ right
or ability to terminate the Participant’s engagement as a director or any future employment of the Participant. 

5.    Securities Law and Other Matters. The Participant acknowledges to the Company that: 

(a)    The Securities being awarded to the Participant hereunder have not been registered under the United States
Securities Act of 1933, as amended, (the “Securities Act”) on the ground that the sales of Securities pursuant to this Agreement are exempt under Section 4(2) of the Securities Act or applicable rules promulgated under the
Securities Act as not constituting a distribution, and that the Company’s reliance on such exemption is predicated in part on the Participant’s representation which the Participant herewith makes that (i) the Securities have been
acquired solely by and for the account of the Participant for investment purposes only, and are not being purchased for subdivision, fractionalization, resale or distribution and other than as expressly set forth herein, the Participant has no
contract, undertaking, agreement or arrangement with any other Shareholder to sell, transfer or pledge to such other Shareholder or anyone else the Securities (or any part thereof) which the Participant has been awarded hereunder, and the
Participant has no present plans or intentions to enter into any such contract, undertaking, agreement or arrangement; (ii) the Securities being awarded to the Participant hereunder must be held indefinitely unless they are subsequently
registered under the Securities Act or a transfer is made pursuant to an exemption from such registration, including, for example, pursuant to Rule 144 thereunder and that the Company has no agreements in respect of registering the Securities under
Federal or state law; and (iii) the Participant’s financial condition is such that Participant is not under any present necessity or constraint, and does not foresee in the future any necessity or constraint, to dispose of the Shares to
satisfy any existing or contemplated debt or undertaking. 
 (b)    In the event that in the future the
Company engages in any negotiation or transaction (including a merger, amalgamation or consolidation or other reorganization by or of the Company) in which Regulation D promulgated by the Securities and Exchange Commission may or will be available
to the Company, the Participant agrees irrevocably (and with the knowledge and intention that the other holders of the Company’s share of all classes will rely thereon in making their respective present investment decisions) that the
Participant will, within 5 business days of notice from the Company, which notice may be given in the sole discretion of the Company, appoint a purchaser’s representative or representatives who shall be qualified and acceptable to the Company
and any other person(s) who is (are) involved in the proposed transaction so that the maximum benefits of Regulation D shall be available to the Company and all of its Shareholders. 

  
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6.    Registration Rights. The Securities have not been registered under the Securities Act nor any state
securities laws and, in consequence thereof, all of the Securities must be held indefinitely unless (a) subsequently registered under the Securities Act or other applicable federal and state securities laws or (b) exemptions from such
registration are available at the time of a proposed sale or transfer thereof. Except as set forth in the Shareholders Agreement, the Company has no agreements in respect of any registration statement under either federal or state law. 

7.    Legend. 
 (a)    All certificates, if any, representing Securities shall be endorsed as follows: 
 “THIS CERTIFICATE IS SUBJECT TO, AND IS TRANSFERABLE ONLY UPON COMPLIANCE WITH, THE PROVISIONS OF A RESTRICTED SHARE AND SHAREHOLDER AGREEMENT, DATED OCTOBER 19, 2010, AMONG THE COMPANY AND THE
HOLDER OF THE SHARES REPRESENTED HEREBY. REFERENCE ALSO IS MADE TO THE RESTRICTIVE PROVISIONS OF THE BYE-LAWS OF THE COMPANY. A COPY OF THE ABOVE-REFERENCED AGREEMENT AND THE BYE-LAWS MAY BE OBTAINED FROM THE SECRETARY OF THE COMPANY. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 AND MAY NOT BE
TRANSFERRED EXCEPT IN ACCORDANCE WITH BERMUDA LAW PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR AN EXEMPTION FROM REGISTRATION, UNDER SAID ACT.” 
 (b)    The Participant acknowledges to the Company that (i) the effect of such legend, among other things, is or may be to limit or destroy the value of the certificate for
purposes of sale or for use as loan collateral and that “stop transfer” instructions may be noted against the Securities represented by the certificates bearing such legend; (ii) any transferee of the Participant is required to become
a party to this Agreement as a condition to acquiring any Securities contemplated by this Agreement; and (iii) the consent of the Bermuda Monetary Authority is required before any such Security may be transferred. 

(c)    Except as otherwise expressly provided in this Agreement, all certificates, if any, representing Securities
hereafter issued to or acquired by the Participant or his successors shall bear the legends set forth above, and the Securities represented by such certificates shall be subject to the applicable provisions of this Agreement. The rights and
obligations of each party hereto shall inure to and be binding upon each transferee to whom Securities are Transferred by the Participant or his successor, except for Transfers described in Section 9(b)(ii). Prior to consummation of any
Transfer, such party shall cause the transferee to execute a counterpart to this Agreement or a joinder hereto in a form specified by the Company. If the Participant wishes to Transfer any Securities, he shall give written notice to the Company
prior to any Transfer (whether or not to a Permitted Transferee) of any Securities. 
 8.    Repurchase
of Shares. 
 (a)    Call of Unvested Shares Upon Termination of Service. If the
Participant’s Service is terminated at any time by the Company or a Related Company for any reason or no reason or by the Participant, the Company may repurchase all or any portion of the Shares awarded to the Participant pursuant to
Section 1 hereof that are not vested in accordance with Section 2 hereof, at a price per share equal to U.S. $0.01. 
 (b)    Call of Vested Shares Upon Material Breach. If, at any time, the Participant commits a Material Breach, the Company may repurchase all or any portion of any Shares
awarded to Participant pursuant to Section 1 hereof that are vested in accordance with Section 2 hereof at a per share purchase price per share equal to U.S. $0.01. 

  
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(c)    Expiration of Repurchase Option. If the Company does not deliver to the Participant a written notice (a
“Call Notice”) of its intention to exercise the call rights set forth in this Section 8 within six (6) months of the later of termination of Service of the Participant or the occurrence of a Material Breach, as
applicable, or, if later, the date of issuance of the Shares with respect to which any such call right is exercised, such call rights will expire. This Section 8 shall terminate upon the consummation of a sale of all of the capital stock
or all or substantially all of the assets of the Company, whether by sale, merger, amalgamation, combination, consolidation or similar business transaction. 
 (d)    Restrictions on Payments by the Company. Notwithstanding anything to the contrary contained in this Agreement, all repurchases pursuant to this Section 8,
shall be subject to (i) applicable restrictions contained in any applicable law, (ii) restrictions contained in the Company’s and its subsidiaries’ debt and equity financing agreements and (iii) the availability of cash to
make any lump sum cash payments. If any such restrictions or unavailability prohibit the repurchase of Shares hereunder which the Company is otherwise entitled or required to make, the Company may make such repurchases as soon as it is permitted to
do so under such restrictions. 
 (e)    Timing Considerations. Subject to Section 8(d)
In the event the Company makes payments in cash pursuant to the provisions of Section 8, such payments will be made within ninety (90) days of the date of the call. 

9.    Transfers of Shares. 
 (a)    The Participant agrees that he will not, directly or indirectly, whether by operation of law or otherwise, offer, sell, transfer, assign or otherwise dispose of (or make any
exchange, gift, assignment, charge or pledge of) any Securities or any rights or interests therein (collectively, a “Transfer”), except as provided in Section 9(b). In addition to the other restrictions noted in this
Section 9, the Participant agrees that it will not, directly or indirectly, Transfer any of his Securities except as permitted under the Securities Act and other applicable securities laws, including the laws of Bermuda. 

(b)    The provisions of Section 9(a) shall not apply to any of the following Transfers: 

 

	 	(i)	From the Participant to any Permitted Transferees; 

  

	 	(ii)	Pursuant to a Public Offering or pursuant to Rule 144 under the Securities Act; 

 

	 	(iii)	From the Participant to any Person pursuant to Section 10; or 

  

	 	(iv)	From the Participant to the Company. 

 (c)    Transfer to Permitted Transferees. Subject to the provisions of Section 9(d), each Permitted Transferee of the Participant to whom Securities are Transferred
shall, and the Participant shall cause such Permitted Transferee to, Transfer back to the Participant (or to another Permitted Transferee of the Participant) any Securities it owns if such Permitted Transferee ceases to be a Permitted Transferee of
the Participant. 
 (d)    Notwithstanding Sections 9(b) and 9(c), the Participant will not
Transfer any Securities to any person that competes, directly or indirectly, with the Business. 

(e)    The Participant shall not be entitled to Transfer his Securities at any time if such Transfer would:

  

	 	(i)	violate the Securities Act, or any state (or other applicable) securities or “Blue Sky” laws applicable to the Company or the Securities;

  

	 	(ii)	cause the Company to become subject to the registration requirements of the U.S. Investment Company Act of 1940, as amended from time to time; or

  

	 	(iii)	be a “prohibited transaction” under ERISA or the Code or cause all or any portion of the assets of the Company to constitute “plan assets” under
ERISA or Section 4975 of the Code. 

  
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(f)    Any attempt to Transfer or encumber any Securities not in accordance with this Agreement shall be null and void
and neither the Company nor any transfer agent of such securities shall give any effect to such attempted transfer or encumbrance in its share records. 
 (g)    If the Company at any time shall register securities for sale to the public, the Participant shall not sell publicly, make any short sale of, grant any option for the purchase
of, or otherwise dispose publicly of, any Common Shares (other than any Common Shares included in such registration) without the prior written consent of the Company, for a period designated by the Company in writing to the Shareholders, which
period shall not begin more than ten (10) days prior to the effectiveness of the registration statement pursuant to which such public offering shall be made and shall not last more than (i) one hundred eighty (180) days after the
effective date of the Company’s initial public offering, and (ii) ninety (90) days after the effective date of any other registration statement. 
 10.    Drag Along. 
 (a)    If
Resolute Investors holding, in the aggregate, at least fifty percent (50%) of the Common Shares (the “Selling Shareholders”) agree to enter into a transaction which would result in the Transfer of all the Common Shares owned by
the Selling Shareholders to a non-Affiliate third party (the “Drag-Along Buyer”), the Selling Shareholders may deliver written notice (a “Drag-Along Notice”) to the Participant, stating that such Selling
Shareholders wish to exercise their rights under this Section 10 with respect to such Transfer, and setting forth the name and address of the Drag-Along Buyer, the number of Common Shares proposed to be Transferred, the proposed amount
and form of the consideration, and all other material terms and conditions offered by the Drag-Along Buyer. 

(b)    Upon delivery of a Drag-Along Notice, the Participant shall be required to Transfer all, but not less than
all, of his Common Shares, upon the same terms and conditions (including, without limitation, as to price, time of payment and form of consideration) as agreed by the Selling Shareholders and the Drag-Along Buyer, and shall make to the Drag-Along
Buyer representations, warranties, covenants, indemnities and agreements comparable to those made by the Selling Shareholders in connection with the Transfer (other than any non-competition or similar agreements or covenants that would bind the
Participant), and shall agree to the same conditions to the Transfer as the Selling Shareholders agree, it being understood that all such representations, warranties, covenants, indemnities and agreements shall be made by each Selling Shareholder
and the Participant severally and not jointly and that, except with respect to individual representations, warranties, covenants, indemnities and other agreements of the Participant as to the unencumbered title to its Common Shares and the power,
authority and legal right to Transfer such Common Shares, the aggregate amount of the liability of the Participant shall not exceed either (i) such Participant’s pro rata portion of any such liability, to be determined in accordance with
such Participant’s portion of the total number of Common Shares included in such Transfer or (ii) the proceeds to such Participant in connection with such Transfer. 
 (c)    In the event that any such Transfer is structured as a merger, amalgamation, consolidation, or similar business combination, the Participant agrees to (i) vote in favor of
the transaction, (ii) take such other action as may be required to effect such transaction (subject to Section 10(b)) and (iii) take all action to waive any dissenters, appraisal or other similar rights with respect thereto.

 (d)    Solely for purposes of Section 10 and in order to secure the performance of the
Participant’s obligations under this Section 10, the Participant hereby: (i) appoints each Drag-Along Proxy Holder (as defined in Section 10(e)) acting severally: the attorney-in-fact of the Participant (with full
power of substitution) for the purpose of signing written resolutions circulated for the purpose of obtaining any approval contemplated by Section 10(c) on behalf of the Participant; and (ii) agrees on the date hereof to grant a
proxy to each Drag-Along Proxy Holder in a customary form specified by the Drag-Along Proxy-Holder for the purpose of voting the voting Securities held by the Participant at a general meeting convened for the purpose of obtaining any approval
contemplated by Section 10(c). The Participant acknowledges and agrees that the power of attorney granted by 

  
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the Participant pursuant to this Section 10(d) is coupled with an interest and is irrevocable, and that the proxy to be granted pursuant to this Section 10(d) shall be
coupled with an interest and shall be irrevocable. 
 (e)    For purposes of Section 10, each
“Drag-Along Proxy Holder” shall be an individual nominated for this purpose by any Selling Shareholder. 

(f)    The Participant agrees to take such further action and to execute such other instruments as may be necessary
to effect the appointment of attorneys-in-fact and proxies pursuant to this Section 10, and the Participant hereby revokes any power of attorney or proxy previously granted by it with respect to the matters set forth in this
Section 10 for purposes of, respectively, any written resolutions circulated or any general meeting convened for the purpose of obtaining any approval contemplated by Section 10(c). 

(g)    The Participants agree that the Selling Shareholders shall be third party beneficiaries of the
Participant’s agreements and obligations pursuant to this Section 10 and shall be entitled to enforce such agreement and obligations against the Participant. 
 11.    Covenant to Vote; Restrictions On Other Agreements; After Acquired Shares. 
 (a)    The Participant hereby agrees to take all Necessary Action to call, or cause the Company and the appropriate officers and directors of the Company to call, an annual meeting
(and when circumstances so require, a special meeting) of Shareholders of the Company and to vote all voting Securities owned or held of record by the Participant at any such meeting and at any other annual or special meeting of Shareholders in
favor of, or take all actions by written consent in lieu of any such meeting as may be necessary to cause, the election as members of the Board of Directors of those individuals so designated in accordance with, and to otherwise effect the intent
of, Article II of the Shareholders Agreement. 
 (b)    The Participant shall not grant any proxy or
enter into or agree to be bound by any voting trust with respect to the Securities nor shall the Participant enter into any other agreements or arrangements of any kind with any person with respect to the Securities on terms which conflict with the
provisions of this Agreement (whether or not such proxy, voting trust, agreements or arrangements are with other Shareholders, holders of Securities that are not parties to this Agreement or otherwise), including but not limited to, agreements or
arrangements with respect to the acquisition, disposition or voting of Securities inconsistent herewith. 

(c)    The provisions of Sections 8, 9, 10 hereof and related definitions of this Agreement
shall apply, to the full extent set forth herein with respect to the Shares awarded to the Participant pursuant to Section 1 hereof, all Shares issued to the Participant upon exercise of any options in respect of Shares granted to the
Participant prior to or after the date hereof, and to any and all equity or debt securities of the Company or any successor or assign of the Company (whether by merger, amalgamation, consolidation, sale of assets, or otherwise) which may be issued
in respect of, in exchange for, or in substitution of, such equity or debt securities and shall be appropriately adjusted for any share dividends, bonus issues, splits, reverse splits, combinations, subdivisions, reclassifications,
recapitalizations, reorganizations and the like occurring after the date hereof. 

12.    Non-Competition/Non-Disclosure Provisions. 

(a)    Non-Competition. In consideration of this Agreement, the Participant covenants and agrees that during
the Restricted Period, the Participant shall not, subject to this Section 12, without the express written approval of the Board of Directors of the Company (other than the Participant), directly or indirectly, in one or a series of
transactions, own, manage, operate, control, invest or acquire an interest in, whether as a proprietor, partner, shareholder, member, lender, director, officer, employee, joint venturer, investor, lessor, supplier, customer, agent, representative or
other participant, or otherwise engage or participate in, whether as a proprietor, partner, shareholder, member, lender, director, officer, employee, joint venturer, investor, lessor, supplier, customer, agent, representative or other participant,
any business which competes, directly or indirectly, with the 

  
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Business in the Market (a “Competitive Business”) without regard to (i) whether the Competitive Business has its office, manufacturing or other business facilities within or
without the Market, (ii) whether any of the activities of the Participant referred to above occur or are performed within or without the Market or (iii) whether the Participant resides, or reports to an office, within or without the
Market; provided, however, that (x) the Participant may, anywhere in the Market, directly or indirectly, in one or a series of transactions, own, invest or acquire an interest in up to two percent (2%) of the capital stock of
a corporation whose capital stock is traded publicly, (y) Participant may be employed by an entity which has a business unit or a subsidiary that is engaged in a Competitive Business, and may hold equity securities of such entity issued in
connection with such employment, if (1) the revenues derived by such entity from such Competitive Business (as determined by reference to the audited financial statements of such entity for the most recent fiscal year ending prior to the date
of determination) constitute less than twenty percent (20%) of the total combined revenues of such entity and its subsidiaries and (2) the Participant does not have direct management responsibility for the subsidiary or business unit of
such entity that is engaged in such Competitive Business, and (z) the Participant may accept employment or service with a successor company to the Company. 
 (b)    Non-Solicitation. Subject to this Section 12, the Participant shall not during the Restricted Period (i) directly or indirectly, in one or a series of
transactions, recruit, solicit or otherwise induce or influence any proprietor, partner, shareholder, member, lender, director, officer, employee, sales agent, joint venturer, investor, lessor, customer, supplier, agent, representative or any other
person which has a business relationship with the Company or its Related Companies or had a business relationship with the Company or its Related Companies within the twenty-four (24) month period preceding the date of the incident in question,
to discontinue, reduce or modify such employment, agency or business relationship with the Company or its Related Companies, or (ii) employ or seek to employ or cause any Competitive Business to employ or seek to employ any person or agent who
is then (or was at any time within twelve (12) months prior to the date the Participant or the Competitive Business employs or seeks to employ such person) employed or retained by the Company or its Related Companies. Notwithstanding the
foregoing, nothing herein shall prevent the Participant from providing a letter of recommendation to an employee with respect to a future employment opportunity. 
 (c)    Non-Disclosure. The Participant further agrees, during the Restricted Period and thereafter, that the Participant will not, directly or indirectly in one or a series of
transactions disclose to any person or use or otherwise exploit for the Participant’s own benefit or for the benefit of anyone other than the Company or its subsidiaries any Confidential Information (as defined below) whether prepared by the
Participant or not provided, however, that any Confidential Information may be disclosed to officers, representatives, employees and agents of the Company or its Related Companies who need to know such Confidential Information in order
to perform the services or conduct the operations required or expected of them in the Business. The Participant shall use his best efforts to prevent the removal of any Confidential Information from the premises of the Company or its Related
Companies, except as required in his normal course of Service with the Company. The Participant shall use his commercially reasonable efforts to cause all persons or entities to whom Confidential Information shall be disclosed by the Participant
hereunder to observe the terms and conditions set forth herein as though each such person or entity was bound hereby. The Participant shall have no obligation hereunder to keep confidential any Confidential Information if and to the extent
disclosure of any thereof is specifically required by law or in any judicial or administrative process which includes subpoena powers; provided, however, that in the event disclosure is so required, the Participant shall provide the
Company with prompt notice, in light of the circumstances, of such requirement, prior to making any disclosure, so that the Company may seek an appropriate protective order. At the request of the Company, the Participant agrees to deliver to the
Company all Confidential Information which the Participant may possess or control. The Participant agrees that all Confidential Information of the Company and its Related Companies (whether now or hereafter existing) conceived, discovered or made by
him during his Service with the Company or its Related Companies exclusively belongs to the Company and its Related Companies (and not to the Participant). The Participant will promptly disclose such Confidential Information to the Company and its
Related Companies and perform all actions reasonably requested by the Company and its direct and indirect subsidiaries to establish and confirm such exclusive ownership. As used herein, the term “Confidential Information” means any
confidential 

  
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information including, without limitation, any study, data, calculations, software storage media or other compilation of information, patent, patent application, copyright, trademark, trade name,
service mark, service name, “know-how”, trade secrets, customer lists, details of client or consultant contracts, pricing policies, operational methods, marketing plans or strategies, product development techniques or plans, business
acquisition plans or any portion or phase of any scientific or technical information, ideas, discoveries, designs, computer programs (including source of object codes), processes, procedures, formulas, improvements or other proprietary or
intellectual property of the Company or its Related Companies, whether or not in written or tangible form, and whether or not registered, and including all files, records, manuals, books, catalogues, memoranda, notes, summaries, plans, reports,
records, documents and other evidence thereof. The term “Confidential Information” does not include, and there shall be no obligation hereunder with respect to, information that becomes generally available to the public other than
as a result of a disclosure by the Participant not permissible hereunder. 

(d)    Non-Disparagement. The Participant agrees that during the Restricted Period and thereafter, that he
shall not make any false, defamatory or disparaging statements about the Company or its Related Companies or the officers or directors of the Company or its Related Companies. During and after the Participant’s Service with the Company or its
Related Companies, the Company agrees on behalf of itself and its Related Companies that neither the officers nor the directors of the Company or its Related Companies shall make any false, defamatory or disparaging statements about the Participant.

 (e)    Specific Performance. All the parties hereto agree that their rights under this
Section 12 are special and unique and that violation thereof would not be adequately compensated by money damages and each grants the others the right to specifically enforce (including injunctive relief where appropriate) the terms of
this Agreement. 
 13.    Definitions. Except where the context clearly implies or indicates the
contrary, a word, term, or phrase used in the Plan is similarly used in this Agreement. For purposes of this Agreement the following terms shall have the meaning as set forth below: 

(a)    “Affiliate” means, with respect to any Person, any other Person that directly or indirectly
controls, is controlled by, or is under common control with, such Person. For these purposes, “control” shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise. 

(b)    “Business” means the business of providing the following products and/or services:

  

	 	(i)	Residential Water Meters (Velocity, Positive Displacement, Piston, Ultrasonic, Magnetic or otherwise); 

 

	 	(ii)	Commercial / Industrial Water Meters (Turbine, Combination, Propeller, Irrigation, Fire Hydrant, Fire Service, or otherwise); 

 

	 	(iii)	Sub Meters—Water, Gas, Electric and Heat; 

  

	 	(iv)	Residential Gas Meters (Diaphragm and Ultrasonic); 

  

	 	(v)	Intermediate and Large Capacity Gas Meters (Diaphragm and Ultrasonic); 

  

	 	(vi)	Turbine Gas Meters; 

  

	 	(vii)	Pressure Regulation Products; 

  

	 	(viii)	Correlative Natural Gas, Energy and Density Measurement Products; 

  

	 	(ix)	Single phase and Polyphase Solid-State Electricity Meters and other Electricity Meters; 

 

	 	(x)	Heat Meters (Velocity and Ultrasonic); 

  
 9 

  

	 	(xi)	Heat Integrators; 

  

	 	(xii)	Bulk Hot Water Meters; 

  

	 	(xiii)	Automatic Meter Reading Devices or Systems for any of the foregoing; 

  

	 	(xiv)	Meter Test Equipment for any of the foregoing; 

  

	 	(xv)	Instrumentation for any of the foregoing; 

  

	 	(xvi)	Any goods or services provided by the Company’s subsidiary, Sensus USA Inc., as a result of Sensus USA Inc.’s acquisition of the assets and/or business it
purchased from Advanced Metering Data Systems, L.L.C., including, without limitation, technology, equipment, applications, software and/or monitoring services in respect of (i) automatic meter reading and infrastructure, (ii) radio
frequency based control, (iii) tower telemetry, (iv) sub-metering, and/or (v) equipment monitoring; 

  

	 	(xvii)	Meter accuracy testing and recalibration services; 

  

	 	(xviii)	Project management services related to Metering and AMR activities; 

  

	 	(xix)	Pipe Repair, Pipe Tapping and Pipe Joining Products; 

  

	 	(xx)	High Pressure, Low Porosity Aluminum Die Castings; 

  

	 	(xxi)	Services to utilities related to the procurement, testing, repair and management of meter populations; 

 

	 	(xxii)	Software applications sold, licensed or offered as a service to utilities and used to (i) manage billing, meter data, and equipment status or (ii) control
distribution or measurement equipment for utilities and submetering entities; 

  

	 	(xxiii)	Any goods or services provided by the Company’s subsidiary, Sensus USA Inc., as a result of Sensus USA Inc.’s acquisition of the assets and/or business it
purchased from Telemetric Corporation; and 

  

	 	(xxiv)	In-home water, gas, and/or electricity consumption monitoring, control or reporting devices, including, but not limited to programmable communicating thermostats, load
controllers, display panels and related communication systems and technology. 

(c)    “Committee” shall have the meaning set forth in the Plan. 

(d)    “Credit Agreement” shall mean the Credit Agreement, dated as of December 17, 2003, among
Sensus USA Inc., a Delaware corporation, Sensus (LuxCo 2) S.AR.L, Sensus (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 amended, waived or otherwise modified from time to time. 

(e)    “Disability” means due to physical or mental disability the Participant is unable to perform,
and does not perform, as certified by a mutually agreeable competent medical physician, his material duties owed to the Company or its subsidiaries hereunder for 180 days in any continuous 210 day period. The final determination of Disability shall
be made in the reasonable judgment of the Board of Directors. In the event of any inconsistency between the definition of disability herein and the definition of such term in any employment agreement between the Participant and the Company then in
effect, the definition of such term in such employment agreement shall control for purposes of the Plan. 

(f)    “EBITDA” shall have the meaning set forth in the Indenture. 

  
 10 

  

(g)    “Indenture” shall mean the Indenture, dated as of December 17, 2003, relating to the
Senior Subordinated Notes of Sensus USA Inc., as such indenture may be amended, waived or otherwise modified from time to time. 

(h)    “Management Shareholders Agreement” means that certain Management Subscription and
Shareholders Agreement, dated as of March 5, 2004, by and among the Company and the shareholders parties thereto, as amended, restated or otherwise modified from time to time. 

(i)    “Market” means any county, province or similar local jurisdiction in the United States of
America, Canada, or any other country in which the Business was conducted by or engaged in by the Company or any of its subsidiaries on the date hereof or is conducted or engaged in by the Company or any of its subsidiaries at any time when the
Shares remain outstanding. 
 (j)    “Material Breach” means: 

(i)    the Participant’s breach of any of such Participant’s fiduciary duties to the
Company, its Related Companies or its shareholders or making of a willful misrepresentation or omission which breach, misrepresentation or omission would reasonably be expected to materially adversely affect the business, properties, assets,
condition (financial or other) or prospects of the Company or its subsidiaries; 

(ii)    the Participant’s willful, continual and material neglect or failure to discharge such
Participant’s duties, responsibilities or obligations prescribed by this Agreement or of any other agreement between the Company or its Related Companies or by the Company (other than arising solely due to physical or mental disability);

 (iii)    the Participant’s habitual drunkenness or substance abuse which materially
interferes with such Participant’s ability to discharge such Participant’s duties, responsibilities or obligations prescribed by the Company or its Related Companies; 

(iv)    the Participant’s violation of any non-competition, non-disparagement or confidentiality
agreement with the Company or its direct or indirect subsidiaries, including without limitation, those set forth in Section 12 of this Agreement, or any other agreements with the Company or its direct or indirect subsidiaries; and 

(v)    the Participant’s gross neglect of such Participant’s duties and responsibilities, as
determined by the Company’s Board of Directors; 
 provided; for purposes of clauses (i)-(iv) above, to the extent such conduct
is able to be remedied or cured by the Participant, and such conduct is not cured or remedied after the Company or the Board of Directors has provided the Participant with thirty (30) days’ written notice of such circumstances and the
possibility of a Material Breach in reasonable detail, and the Participant fails to cure such circumstances and Material Breach within those thirty (30) days. No act or omission shall be deemed gross neglect if done, or omitted to be done, in
good faith by the Participant based upon a resolution duly adopted by the Company’s Board of Directors. Whether a breach can be cured or remedied shall be determined by the Board of Directors in its sole discretion. 

(k)    “Necessary Action” means, with respect to a specified result, all actions (to the extent such
actions are permitted by law) necessary to cause such result, including (i) voting or providing a written consent or proxy with respect to the Common Shares, (ii) causing the adoption of shareholders’ resolutions and amendments to the
organizational documents of the Company, (iii) executing agreements and instruments, and (iv) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that
are required to achieve such result. 
 (l)    “Permitted Transferee” means (i) in the
case of any Shareholder that is an individual, any successor by death or divorce, (ii) in the case of any individual, any trust, partnership, limited liability company 

  
 11 

 
or similar entity solely for the benefit of such individual or such individual’s spouse or lineal descendants provided, that such individual acts as trustee, general partner or
managing member and retains the sole power to direct the voting and disposition of such shares, or (iii) in the case of any Shareholder that is a trust whose sole beneficiaries are individuals, such individuals or their spouses or lineal
descendants. 
 (m)    “Person” means an individual, a corporation, company, limited
liability company, association, partnership, joint venture, organization, business, trust, or any other entity or organization, including a government or any subdivision or agency thereof. 

(n)    “Public Offering” shall mean a public offering and sale of equity securities of the Company
pursuant to an effective Registration Statement under the Securities Act. 
 (o)    “Registration
Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such
registration statement, including post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement other than a registration statement (and related Prospectus) filed on Form S-8 or any
successor form thereto. 
 (p)    “Regulations” means any laws, ordinances, regulations or
rules of any governmental, regulatory or administrative body, agent or authority, any court or judicial authority, or any public, private or industry regulatory authority. 
 (q)    “Related Company” means any direct and indirect subsidiary of the Company. 
 (r)    “Resolute Investors” shall have the meaning set forth in the Shareholders Agreement. 
 (s)    “Restricted Period” shall mean the period during which the Participant is a director of the Company or any of the Related Companies and the period of
twenty-four (24) months from and after the date of termination of such service. 

(t)    “Sale”, “sell”, “transfer” and the like shall mean to
effect a Transfer within the meaning of Section 9(a) and shall include any disposition by way of transfer, with or without consideration, to any person for any purpose and shall include, but shall not be limited in any way to, redemption
by the Company, private or public sale or exchanges of securities or any other similar transaction involving share. 

(u)    “Service” shall have the meaning set forth in Section 2(a). 

(v)    “Share” shall have the meaning set forth in Section 1(a). 

(w)    “Shareholders Agreement” means that certain Shareholders Agreement, dated as of
December 17, 2003, by and among the Company and the Shareholders party thereto, including all exhibits and schedules thereto. 
 (x)    “Transfer” shall have the meaning set forth in Section 9(a). 
 14.    Reporting. Until the consummation of a Public Offering, the Company shall furnish to the Participant the following financial statements and such other information and
such as may be reasonably requested by the Participant or by law: 
 (i)    as soon as
available and in any event within forty-five (45) days after the end of each quarterly fiscal period of each fiscal year of the Company, consolidated primary financial statements, consisting of statements of operations, retained earnings and
cash flows of the Company and its subsidiaries for such period and for the period from the beginning of the respective fiscal year to the 

  
 12 

 
end of such period, and the related consolidated balance sheet of the Company and its subsidiaries as at the end of such period (together with, in each case, supplemental financial information
including, among other things, sales, cost of goods sold and gross profit segmented by product category, setting forth in each case in comparative form the corresponding consolidated (and segmented) figures for the respective period during the prior
fiscal year beginning with June 30, 2011 (except that, in the case of consolidated balance sheets, such comparison shall be to the last day of the prior fiscal year), accompanied by a certificate of a senior financial officer of the Company,
which certificate shall state (A) that said consolidated primary financial statements fairly present the financial condition and results of operations of the Company and its subsidiaries, in each case in accordance with GAAP (except for the
omission of footnotes), as at the end of, and for, such period (subject to normal year-end audit adjustments) and (B) said supplemental information fairly presents the information set forth therein as at the end of, and for, such period
(subject to normal year-end audit adjustments); 
 (ii)    as soon as available and in any
event within ninety (90) days after the end of each fiscal year of the Company and its subsidiaries, consolidated primary financial statements, consisting of statements of operations, retained earnings and cash flows for such fiscal year and
the related consolidated balance sheet of the Company and its subsidiaries as at the end of such fiscal year (together with, in each case, supplemental financial information including, among other things, sales, costs of goods sold and gross profit
segmented by product category), setting forth in each case in comparative form the corresponding consolidated (and segmented) figures for the respective period during the prior fiscal year beginning March 31, 2011 (except that, in the case of
consolidated balance sheets, such comparison shall be to the last day of the prior fiscal year), and accompanied (A) in the case of said consolidated primary financial statements of the Company and its subsidiaries, by an opinion thereon of
independent certified public accountants of recognized national standing, which opinion shall state that said financial statements fairly present the financial condition and results of operations of the Company and its subsidiaries as at the end of,
and for, such fiscal year in accordance with GAAP, and (B) in the case of said supplemental information, by a certificate of a senior financial officer of the Company, which certificate shall state that said supplemental information fairly
presents the information set forth therein as at the end of, and for, such fiscal year; and 

(iii)    copies of any proxy statements, financial statements and other reports as the Company shall
send or make available generally to its shareholders, and copies of all regular and periodic reports and of all registration statements (other than on Form S-8 or Form 701 or a similar form) that the Company may file with the SEC or with any
securities exchange. 
 15.    Confidential Terms. The Participant shall keep confidential this
Agreement and the transactions contemplated hereby and shall not disclose, issue any press release or otherwise make any public statement in connection therewith without the prior written consent of the Company (not to be unreasonably withheld)
unless so required by applicable law or any governmental authority; provided that no such written consent shall be required (and the Participant shall be free to release such information) for disclosures to Participant’s advisors, agents,
accountants or attorneys, so long as such persons agree to keep such information confidential. 

16.    Acknowledgement. The Participant acknowledges and agrees that the provisions of this Agreement have
been reviewed and are understood by the Participant, and expresses the will and intention of the Participant and agrees not to take any action to frustrate the purposes and provisions of this Agreement. 

17.    Heirs and Successors. This Agreement shall be binding upon, and inure to the benefit of, the Company
and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business. If any rights of the Participant or benefits
distributable to the Participant under this Agreement have not been exercised or distributed, respectively, at the time of the Participant’s death, such rights shall be exercisable by the Designated Beneficiary, and such benefits shall be
distributed to the Designated Beneficiary, in accordance with the provisions of this Agreement, the Plan and the Bye-Laws. The “Designated Beneficiary” shall be the beneficiary or beneficiaries

  
 13 

 
designated by the Participant in a writing filed with the Company in such form and at such time as the Company shall require. If a deceased Participant fails to designate a beneficiary, or if the
Designated Beneficiary does not survive the Participant, any rights that would have been exercisable by the Participant and any benefits distributable to the Participant shall be exercised by or distributed to the legal representative of the estate
of the Participant. If a deceased Participant designates a beneficiary and the Designated Beneficiary survives the Participant but dies before the Designated Beneficiary’s exercise of all rights under this Agreement or before the complete
distribution of benefits to the Designated Beneficiary under this Agreement, then any rights that would have been exercisable by the Designated Beneficiary shall be exercised by the legal representative of the estate of the Designated Beneficiary,
and any benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary. Any rights of a beneficiary and benefits distributable to a beneficiary under this Agreement
shall be subject to the terms and restrictions of the Bye-Laws. 
 18.    Defense of Claims.
Participant agrees that, for the period beginning on the date hereof, and continuing for a reasonable period after termination of employment with the Company or its Related Companies, Participant will cooperate with the Company in defense of any
claims that may be made against the Company and its Related Companies and affiliates, and will cooperate with the Company in the prosecution of any claims that may be made by Company and its Related Companies and affiliates, to the extent that such
claims may relate to services performed by the Participant for the Company and its Related Companies and affiliates. Each Participant agrees to promptly inform the Company if he becomes aware of any lawsuits involving such claims that may be filed
against the Company and its Related Companies and affiliates. The Company agrees to reimburse Participant for all of Participant’s reasonable out-of-pocket expenses associated with such cooperation, including travel expenses. For periods during
and following the Participant’s employment with the Company, the Company agrees to provide reasonable compensation to the Participant for such cooperation in addition to reimbursement of expenses and his reasonable attorneys’ fees, if any.
Any reimbursements pursuant to the foregoing or any other provision of this Agreement that are taxable to the Participant shall be made on or before the last day of the year following the year in which the expense was incurred, the amount of the
expenses eligible for reimbursement during one year shall not affect the amount of expenses eligible for reimbursement in any other year, and the right to reimbursement shall not be subject to liquidation or exchange for another benefit. 

19.    Miscellaneous. 
 (a)    The rights and obligations contained in this Agreement are in addition to the relevant provisions of the organizational documents of the Company in force from time to time and
shall be construed to comply with such provisions. To the extent that this Agreement is determined to be in contravention of the organizational documents of the Company, this Agreement shall constitute a waiver by each Shareholder, to the fullest
extent permissible under applicable laws, of any right such Shareholder may have pursuant to the organizational documents of the Company that is inconsistent with this Agreement. 

(b)    This Agreement constitutes the entire agreement by and between the parties with respect to the subject matter
hereof. This Agreement may be amended upon the mutual agreement of the Participant and the Company; provided, however, that with respect to any terms contained herein that are addressed by the Management Shareholders Agreement, the
Participant hereby consents to any amendment to such terms hereof that is consistent to any amendment to the corresponding terms of the Management Shareholders Agreement that is made in accordance with the terms thereof and the Participant agrees to
execute any written amendment or instrument evidencing such amendment or consent that the Company may request. In addition, insofar as this Agreement relates to the Award, this Agreement may be amended in accordance with the provisions of the Plan,
without the consent of the Participant. 
 (c)    The terms of this Agreement, insofar as they relate to the
Award shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company. The Plan is hereby incorporated herein by reference into and forms a part of this Agreement.
Notwithstanding the foregoing, in the event of any inconsistency between any of the express terms of this Agreement and the terms of 

  
 14 

 
the Plan with respect to any matter, the terms of this Agreement shall govern with respect to such matter. In addition, the Participant shall not be obligated to become a party to the Management
Shareholders Agreement, as contemplated by the Plan. 
 (d)    Except as otherwise provided in this
Agreement, any failure of any of the parties to comply with any obligation, covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver,
but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

(e)    The provisions of this Agreement shall apply, to the full extent set forth herein with respect to the Shares
and to any and all equity or debt securities of the Company or any successor or assign of the Company (whether by merger, amalgamation, consolidation, sale of assets, or otherwise) which may be issued in respect of, in exchange for, or in
substitution of, such equity or debt securities and shall be appropriately adjusted for any share dividends, bonus issues, splits, reverse splits, combinations, subdivisions, reclassifications, recapitalizations, reorganizations and the like
occurring after the date hereof. 
 (f)    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 19(f) 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 AGREEMENT TO ENFORCE SUCH A JUDGMENT, IN ANY OTHER APPROPRIATE JURISDICTION.

 (g)    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 DESIGNATE, APPOINT AND DIRECT AN AUTHORIZED AGENT TO RECEIVE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS AND DOCUMENTS
IN ANY LEGAL PROCEEDING IN THE SOUTHERN DISTRICT OF NEW YORK; (6) AGREE TO PROVIDE THE OTHER PARTIES TO THIS AGREEMENT WITH THE NAME, ADDRESS AND FACSIMILE NUMBER OF SUCH AGENT; (7) AGREE AS AN ALTERNATIVE METHOD

  
 15 

 
OF SERVICE 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; (8) AGREE THAT ANY
SERVICE MADE AS PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (9) 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. 

(h)    All personal pronouns used in this Agreement, whether used in masculine, feminine or neuter gender, shall
include all other genders if the context so requires; the singular shall include the plural, and vice versa. 

(i)    This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all
of which together shall constitute one and the same instrument. 
 (j)    In case any one or more of the
provisions or parts of a provision contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other
provision or part of a provision of this Agreement or any other jurisdiction, but this Agreement shall be reformed and construed in any such jurisdiction as if such invalid or illegal or unenforceable provision or part of a provision had never been
contained herein and such provision or part shall be reformed so that it would be valid, legal and enforceable to the maximum extent permitted in such jurisdiction. 
 (k)    Each of the parties hereto agrees to execute all such further instruments and documents and to take all such further action as are necessary to effectuate the terms and purposes
of this Agreement. 
 (l)    Whenever notice is required to be given by any party hereunder, such notice
shall be deemed sufficient when delivered to the Company at its principal place of business, c/o Chief Executive Officer, and to the Participant at the Participant’s address below or to such other address as the Participant shall have furnished
to the Company. 
 (a)    Each party shall be entitled to rely conclusively upon any notice received, or the
failure to receive any notice, from any other party with respect to rights and obligations under this Agreement. 
 [Signature
page follows] 

  
 16 

  
 IN WITNESS WHEREOF,
the Participant has hereunto set his hand, and the Company has caused these presents to be executed in its name and on its behalf, all as of the Grant Date. 

 

			
	PARTICIPANT
	
	 /s/    Louis D’Ambrosio

	 Louis D’Ambrosio

	
	SENSUS (BERMUDA 1) LTD.
		
	By:	 	/s/    Peter Mainz
	Name: Peter Mainz
	Title: Chief Executive Officer & President

  
 17Stock Option Agreement

  
 Exhibit 10.9

 THERMON GROUP HOLDINGS, INC. 
 STOCK OPTION AGREEMENT 
 The terms and conditions of the Thermon Group
Holdings, Inc. Restricted Stock and Stock Option Plan, effective as of July 28, 2010 (as amended from time to time, including following the date hereof, the “Plan”), are hereby incorporated into this Stock Option Agreement
(this “Agreement”) by reference. Capitalized terms not defined herein shall have the meanings specified in the Plan. In the case of any conflict between the provisions hereof and those of the Plan, the provisions of the Plan shall
be controlling. A copy of the Plan, as in effect on the date of this Agreement, is attached hereto as Exhibit A. 

In accordance with the Plan, the Board of Directors (the “Board”) of Thermon Group Holdings, Inc.
(“Parent”) adopted a resolution granting to you (the “Participant”) a stock option (the “Option”) under the Plan to purchase the number of shares of Class B Common Stock, $0.001 par value, of Parent
(“Shares”), specified below, for the exercise price specified below and subject to the terms and conditions set forth in this Agreement and in the Plan. The Option is unvested, subject to vesting as provided in Section 3
of this Agreement. The Option is also subject to the terms and conditions of the Amended and Restated Securityholder Agreement, dated as of April 30, 2010, among Parent and the other parties thereto (as amended from time to time, including
following the date hereof, the “Securityholder Agreement”). A copy of the Securityholder Agreement, as in effect on the date of this Agreement, is attached hereto as Exhibit B. 

This Agreement describes Participant’s rights with respect to the Option granted to Participant hereby and constitutes a legal
agreement between Participant and Parent. 
  

			
	Name of Participant:	 	  

		
	Address of Participant:	 	  

		
		 	  

		
	Date of Grant:	 	  

 Number of Shares Subject to Option: [        ] Shares in the aggregate. 
  

	 	•	 	 [        ] Shares in Tranches I. 

 

	 	•	 	 [        ] Shares in Tranche II. 

 

	 	•	 	 [        ] Shares in Tranche III. 

 

	 	•	 	 [        ] Shares in Tranche IV. 

 

	 	•	 	 [        ] Shares in Tranche V. 

Exercise Price per Share: $1,000.00 
 Type of
Option: Non-qualified Stock Option 
 *     *     *    
*     * 

  
 By signing in the
space provide below, (a) Participant hereby accepts the Option granted hereby and agrees to the terms and provisions of this Agreement and of the Plan, and (b) to the extent Participant has not previously become a party to the
Securityholder Agreement, Participant shall hereby become a party to the Securityholder Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Securityholder Agreement as though an original party
thereto and as a Securityholder and Participant thereunder. 
  

							
		 		 	  THERMON GROUP HOLDINGS, INC.

							
				
	  
	 		  	By:  	 	  

							
	Participant	 		 	Name:	 	
		 		 	Title:	 	

  
 ADDITIONAL TERMS

 1. Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth
below: 
 “Business” means the business activities conducted by or planned to be undertaken by the Company
Group while Participant or any Permitted Transferee is a holder of Option Shares or while Participant is employed by the Company Group, including any business involving the design, engineering, manufacture or sale of heat tracing systems (for
example, products involving the application of external heat to pipes, vessels, instruments or other equipment for the purposes of freeze protection, process temperature maintenance, environmental monitoring or surface snow and ice melting, heat
tracing equipment, heat tracing tubing bundles, and heat tracing control systems), heat tracing system consultation, heat tracing system installation, heat tracing system maintenance and any other products sold or services provided by the Company
Group and the provision of related services. 
 “Cause” means any of the following, as reasonably determined by
the Board: (i) the commission by Participant of a felony (or a crime involving moral turpitude); (ii) the theft, conversion, embezzlement or misappropriation by Participant of funds or other assets of the Company Group or any other act of
fraud or dishonesty with respect to the Company Group (including acceptance of any bribes or kickbacks or other acts of self-dealing); (iii) the intentional, grossly negligent or unlawful misconduct by Participant that causes harm or
embarrassment to the Company Group or exposes the Company Group to a substantial risk of harm or embarrassment; (iv) the violation by Participant of any law regarding employment discrimination or sexual harassment; (v) the failure by
Participant to comply with any material policy generally applicable to Company Group employees, which failure is not cured within 30 days after notice to Participant; (vi) the repeated failure by Participant to follow the reasonable directives
of any supervisor or the Board, which failure is not cured within 30 days after notice to Participant; (vii) the unauthorized dissemination by Participant of confidential information in violation of Section 7(b) hereof;
(viii) any material misrepresentation or materially misleading omission in any resume or other information regarding Participant (including Participant’s work experience, academic credentials, professional affiliations or absence of
criminal record) provided by or on behalf of Participant when applying for employment with the Company Group; (ix) the Company Group’s discovery that, prior to Participant’s employment with the Company Group, Participant engaged in
conduct of the type described in clauses (i) through (iv) above; or (x) any other material breach by Participant of this Agreement that is not cured within 30 days after notice to Participant. 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Company Group” means Parent and any Subsidiary thereof, collectively and individually. 

“Cost” means the amount actually paid by Participant to initially purchase that security; such amount to be equitably
adjusted, upward or downward, for splits, dividends and recapitalizations. 

  
 -1-

  
 “Fair Market
Value” means, with respect to Option Shares, the fair market value of such Option Shares as of the last day of the month immediately preceding the month in which Participant’s employment with the Company Group terminates, as determined
in good faith by the Board. 
 “Manager Equity Agreement” means, if applicable, a Manager Equity Agreement
among Participant, Parent and the Fund (as defined in the Securityholder Agreement). 
 “Option Shares” means
any Shares issued pursuant to an exercise of the Option (and any successor securities thereto, including pursuant to a stock dividend, a stock split, a recapitalization or like action, or pursuant to a merger, exchange or any reorganization).

 “Termination Date” means the last day on which Participant is in the employment of the Company Group or
otherwise actively involved in the operation or management of the Business. 
 2. Term. The term of the Option
shall commence on the date hereof and shall terminate as of the close of business on the earliest to occur of (a) the tenth anniversary hereof; (b) the date which is thirty days following the Termination Date if Participant’s
employment is terminated by any member of the Company Group without Cause, (c) the date which is 180 days following the Termination Date if Participant’s employment is terminated as a result of Participant’s death or permanent
disability, as defined in section 22(e)(3) of the Code (“Disability”), or (d) the Termination Date if Participant’s employment with any member of the Company Group is terminated for any reason not set forth above in this
Section 2. 
 3. Vesting. Subject to the terms of the Plan and this Agreement, the Option shall
initially be unvested and shall vest and become exercisable as to all or a portion of the Shares eligible for vesting under each of Tranches I, II, III, IV and V within thirty (30) days following the completion of the first, second, third,
fourth and fifth annual audit following the Date of Grant, respectively, for the fiscal year of Parent. The Board, in its discretion, shall determine the portion (if any) of each Tranche that shall become vested based on the attainment of EBITDA
targets, strategic initiatives and/or individual goals established by the Board with respect to such Tranche. Any portion of the Shares eligible for vesting under Tranches I, II, III or IV that does not become vested shall be added to the number of
Shares eligible for vesting under the next Tranche. Any portion of the Shares eligible for vesting that has not vested as of the seventh anniversary of the Date of Grant (the “Seventh Anniversary”) will become fully vested and
exercisable on the Seventh Anniversary, if and only if (i) the Participant has continuously served as an employee of the Company Group from the Date of Grant through the Seventh Anniversary and (ii) the Equity Value (as herein defined) is
equal to or greater than two (2) times the value of the aggregate equity investments (including, for the avoidance of doubt, any follow-on equity investments) in Parent. In addition, any portion of the Shares eligible to vest that has not yet
vested at the time of a Sale of the Company or initial Public Offering (each, as defined in the Securityholder Agreement) shall vest and become exercisable immediately prior to the consummation of the Sale of the Company or initial Public Offering
(as the case may be). For purposes of this Agreement: 

  
 -2-

  
 (a) “Adjusted
EBITDA” shall mean the earnings of the Company Group before interest expense, interest income, taxes, depreciation and amortization determined in accordance with GAAP. Notwithstanding the foregoing, Adjusted EBITDA shall not reflect any of
the following: (i) one-time non-recurring items that are unrelated to the ongoing business of the Company Group; (ii) extraordinary losses or gains as determined under GAAP; and (iii) the amount of any management fees payable to CHS
Management V LP, Thompson Street Capital Manager LLC, Crown Investment Series LLC—Series 4, Star Investment Series LLC—Series 1, or any of their Affiliates. 
 (b) “Equity Value” shall mean the aggregate fair value of Parent’s outstanding equity securities as of the Seventh Anniversary, determined in good faith by the Board on the basis of
the following formula: six and one half (6.5) times the Adjusted EBITDA (as herein defined) for the twelve (12) month period ending on the last day of the month ending immediately prior to the Seventh Anniversary, minus the
Indebtedness (as herein defined) as of the date of the determination of Equity Value, plus cash and cash equivalents determined in accordance with generally accepted accounting principles, consistently applied (“GAAP”), and
minus the Option Amount (as herein defined). 
 (c) “Indebtedness” shall mean, as of any date, without
duplication, the outstanding principal amount of, accrued and unpaid interest on and other payment obligations (including any fees and penalties) arising under any obligations of the Company Group for (i) all indebtedness for borrowed money
owed by the Company Group, whether secured or unsecured, (ii) indebtedness evidenced by any note, bond, debenture or other debt security, (iii) letters of credit, issued for the account of the Company Group, (iv) obligations under
leases required in accordance with GAAP to be recorded as capital leases, (v) any obligation for the deferred purchase price of property or services, including all earn-out and other contingent payment obligations (other than trade payables and
other current liabilities incurred in the ordinary course of business), (vi) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired (even though the rights and
remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (vii) all indebtedness for borrowed money secured by a purchase money mortgage or lien, and (viii) all
indebtedness for borrowed money of any other Persons which is directly or indirectly guaranteed by the Company Group. 
 (d)
“Option Amount” shall mean an amount equal to the excess of (i) the Equity Value (determined prior to any reduction resulting from the Option Amount) multiplied by a fraction, the numerator of which is the total
number of shares of common stock issuable upon exercise of all options, warrants and other securities convertible into or exercisable for Parent’s common stock (collectively the “Exercisable Options”), and the denominator of
which is the total number of shares of common stock determined on a fully diluted basis assuming that all such Exercisable Options are exercised, over (ii) the aggregate amount required to be paid to exercise such Exercisable Options.

 In the event Participant’s employment with any member of the Company Group is terminated or ends for any reason, the portion of the
Option that is unvested at such time shall, automatically and without any further action by Participant or any member of the Company Group, be forfeited immediately. The Option is initially unvested and shall become vested and exercisable only when
and to the extent provided in this Section 3. 

  
 -3-

  
 4. No Right
to Employment. Nothing contained herein shall be construed to confer on Participant any right to be retained in the employ of the Company Group or to diminish any right of the Company Group to dismiss Participant from employment, free from any
liability, or any claim under this Agreement or the Plan, unless otherwise expressly provided in the Plan or in this Agreement. 

5. Method of Exercise. The Option may be exercised to the extent of all or any part thereof that has vested (except as to
fractional Shares) upon the terms and conditions of the Plan and of this Agreement (including Section 3 hereof). There are no limitations on the number of times this Option may be exercised, but no more than the total number of Shares
subject to the Option, as specified on page 1, can be purchased pursuant to this Option. To exercise the Option, Participant, or in the case of Participant’s death, Participant’s personal representative, must provide written notice
(in the form of Exhibit C attached hereto) to Thermon Group Holdings, Inc., c/o CHS Private Equity V L.P., 10 South Wacker Drive, Suite 3175, Chicago, Illinois 60606, Attention: Daniel J. Hennessy and Marcus J. George, stating the
number of Shares with respect to which the Option is being exercised and tendering payment for the full purchase price of such Shares. The notice must be delivered by hand, by local messenger or by reputable overnight courier. The purchase price
must be paid in cash or by check unless, at the time of exercise, the Board agrees to accept other Shares, the retention of Shares which would otherwise be issued upon exercise or a combination of the foregoing, or such other means as the Board
determines. 
 6. Call Options. If Participant is a party to a Manager Equity Agreement and the terms thereof conflict
with the provisions of this Section 6, the provisions of this Section 6 shall control. 
 (a)
Generally. If Participant’s employment with the Company Group ends for any reason, then: 
 (i) Parent has an
option (the “Repurchase Option”) to purchase all or any portion of the Option Shares. In order to exercise the Repurchase Option, Parent must give notice to Participant and the Fund no later than ninety (90) days after the
later to occur of the Termination Date or, in the case of Option Shares issued pursuant to the exercise of Options after the Termination Date, the date on which such Option Shares are issued. 

(ii) If for any reason Parent does not elect to purchase all of the Option Shares, then the Fund (and/or its designee) has the option to
purchase all or any portion of the remaining Option Shares. In order for the Fund to exercise its option, the Fund must give notice to Participant and Parent no later than one hundred twenty (120) days after the later to occur of the
Termination Date or, in the case of Option Shares issued pursuant to the exercise of Options after the Termination Date, the date on which such Option Shares are issued. 

  
 -4-

  
 (b) Purchase
Price. The purchase price for any Option Shares purchased pursuant to Section 6(a) is determined as follows: 

(i) if the Company Group terminates Participant’s employment without Cause, or if Participant’s employment ends due to
Participant’s death or Disability, the purchase price shall be the Fair Market Value of those Option Shares; or 
 (ii) if
Participant’s employment ends for any other reason, the purchase price shall be the lower of the Fair Market Value or the Cost of those Option Shares. 
 (c) Manner of Payment. 
 (i) The purchase price for the Option Shares
purchased pursuant to Section 6(a) may be paid at the Closing (as defined in Section 6(d)) by one or more of the following methods: in cash, by check, by wire transfer of immediately available funds, by setoff or recoupment
against any amounts owed by Participant or any Permitted Transferee (as defined in the Securityholder Agreement) to the purchaser or its Affiliates or by delivery of one or more Repurchase Notes. “Repurchase Note” means an
unsecured, subordinated promissory note in the form attached hereto as Exhibit D, with such additional terms (including subordination provisions) as may be required by any lender of the Company Group. 

(ii) Notwithstanding the foregoing, if any payment (whether at Closing or pursuant to a Repurchase Note) would violate any loan
agreement with a lender of the Company Group or applicable law, then the price will be paid in a manner that does not violate the loan agreement or applicable law (including by the issuance of a Repurchase Note). 

(d) The Closing. The closing for a purchase of any Option Shares by Parent or the Fund (and/or its designee) under this
Section 6 (a “Closing”) shall take place at a place, time and date specified by the purchaser in a written notice given to Participant at least three (3) days before the Closing. The notice must specify a Closing
date that is a business day not later than ninety (90) days after Participant’s employment ends or, in the case of Option Shares issued pursuant to the exercise of Options after the Termination Date, the date on which such Shares are
issued. At the Closing, each Person (as defined in the Plan) selling securities must deliver to the purchaser of those securities (i) one or more certificates evidencing all of the securities being sold, duly endorsed for transfer or
accompanied by an assignment separate from certificate (except for any security for which the issuer has never issued any certificate), (ii) customary written representations and warranties as to ownership, title (free and clear of all liens,
claims and encumbrances), power and authority to sell, and the like, and (iii) any other documentation that the purchaser reasonably requests in connection with the purchase. 

(e) Failure to Make Deliveries. Without limitation of any remedies, if for any reason a Person required to sell securities under
this Section 6 does not make all required deliveries with respect to those securities (including instruments of assignment and any certificates) to the purchaser on the scheduled Closing date in accordance with the terms of this
Agreement, then, as of that date: (i) those securities will be treated as if they had been sold to the purchaser, (ii) any certificates evidencing those securities that are issued in the name of the seller or the seller’s predecessor
in interest will be treated as being canceled, and (iii) the seller’s only right, in connection with those securities, will be to receive the purchase price without interest. 

  
 -5-

  
 (f) Remedies.
The purchase rights in this Section 6 do not limit any remedies otherwise available to Parent or the Fund. 
 7.
Restrictive Covenants. 
 (a) Inducement to Parent. Participant hereby acknowledges and agrees (i) the following
covenants are commercially reasonable and reasonably necessary to protect the Company Group’s legitimate business interests without unduly restricting Participant’s post-employment remunerative opportunities causing Participant any
hardship and (ii) Participant’s covenants under this Section 7 are a material inducement to Parent to enter into this Agreement and issue the Option, and that Parent would not do so in the absence of such covenants by
Participant. 
 (b) Confidential Information. The Company Group’s employment of Participant has resulted and will
result in Participant’s exposure and access to confidential and proprietary information, including the Company Group’s formulas, processes, administration and accounting systems, computer software, customer lists, vendor lists, due
diligence files, financial information, technology, business strategies, business track record, and personal information about the Company Group’s owners, directors, officers, and employees which Participant did not have access to prior to his
or her employment with the Company Group and which information is of great value to the Company Group, their owners, directors, officers, and employees. Participant shall not, other than on the Company Group’s behalf, at any time during
Participant’s employment with the Company Group and thereafter, make available, divulge, disclose, or communicate in any manner whatsoever to anyone including, but not limited to, any person, firm, corporation, investor, member of the media, or
entity, any such confidential or proprietary information, or use any such confidential or proprietary information for any purpose other than on the Company Group’s behalf, unless authorized to do so in writing by the Chairman of the Board,
required by law or court order, or such information has become publicly available other than by reason of a breach by Participant of this Section 7(b) or of another individual’s or entity’s violation of an obligation not to
disclose such information, which obligation is known to Participant. Should Participant be required by law or court order to disclose such confidential or proprietary information, Participant shall give the Chairman of the Board reasonable notice so
as to allow the Company Group sufficient opportunity to challenge such application of the law or court order, or to otherwise attempt to limit the scope of such disclosure. This Agreement applies to all confidential and proprietary information of
the Company Group, regardless of when such information is or was disclosed to Participant. 
 (c) Non-Competition;
Non-Solicitation. During Participant’s employment with the Company Group and for a period of two (2) years thereafter Participant shall not, directly or indirectly, other than on the Company Group’s behalf: 

(i) Engage in any capacity in the Business in the continental United States or in any other geographic area where the Company Group
manufactures, markets, distributes or sells its products or renders services within the twenty-four (24) month period ending on the Termination Date, including as an owner, employee, partner, investor, or independent contractor, provided that
nothing in this Section 7(c) shall prevent Participant from owning less than five percent (5%) of any class of publicly traded securities of any such business so long as such investment is passive and Participant has no other
involvement with the issuer of such securities 

  
 -6-

  
 (ii) Induce or assist
in the inducement of any employee or independent contractor, including sales representatives or agents, to terminate or otherwise limit their relationship with the Company Group; or 

(iii) Solicit any customer or potential customer of the Company Group with respect to the Business. For purposes of this
Section 7(c)(iii), a customer means any individual or entity to which the Company Group sold products or services within the twenty-four (24) month period immediately preceding the Termination Date. For purposes of this
Section 7(c)(iii), potential customer means any individual or entity to which the Company Group solicited in writing within the twelve (12) month period that immediately preceded the Termination Date. 

(d) Non-Disparagement. At no time shall Participant, directly or indirectly, make (or cause to be made) to any Person any
disparaging, derogatory or other negative or false statement about or with respect to the Company Group (including its products, services, policies, practices, operations, employees, sales representatives, agents, officers, members, managers,
partners or directors). 
 (e) Patents, Copyrights, Trademarks and Other Property Rights. Any and all inventions,
improvements, discoveries, formulas, technology, business strategies, management, administration, and accounting systems, processes, and computer software relating to the Company Group’s business (whether or not patentable), discovered,
developed, or learned by Participant during his or her employment with the Company Group are the sole and absolute property of the Company Group and are “works made for hire” as that term is defined in the copyright laws of the United
States. The Company Group is the sole and absolute owner of all patents, copyrights, trademarks, and other property rights to those items and Participant will fully assist the Company Group, at the Company Group’s cost and expense, to obtain
the patents, copyrights, trademarks, or other property rights to all such inventions, improvements, discoveries, formulas, technology, business strategies, management, administration, and accounting systems, processes, or computer software.
Participant has been notified by the Company Group and understands that the foregoing provisions of this Section 7(e) do not apply to an invention for which no equipment, supplies, facilities, confidential, proprietary, or trade secret
information of the Company Group was used and which was developed entirely on Participant’s own time, unless the invention: (i) relates directly to the business of the Company Group; (ii) relates directly to the Company Group’s
actual or demonstrably anticipated research and development, or (iii) results from any work performed by Participant for the Company Group. 
 (f) Scope of Covenants. Participant hereby acknowledges and agrees that the covenants and the territorial, time, activity and other limitations set forth in this Section 7 (or the lack
thereof, as the case may be) are commercially reasonable and are properly required to protect the Company Group and its members’ respective businesses. If any such territorial, time or activity limitation (or the lack thereof) is determined to
be unreasonable or otherwise unenforceable by a court or other tribunal or competent jurisdiction, the parties agree to the 

  
 -7-

 
reduction of such territorial, time or activity limitations (including the imposition of such a limitation if it is missing) to such an area, period, scope of activity or other limitation as said
court or other tribunal shall deem reasonable and enforceable under the circumstances. Also, if any member of the Company Group seeks partial enforcement of this Section 7 as to only a territory, time, scope of activity or other
limitation that is reasonable, then such member of the Company Group shall be entitled to such reasonable partial enforcement. If such reduction or (if any member of the Company Group seeks partial enforcement) such partial enforcement is not
possible, or if a court or other tribunal of competent jurisdiction declines for any or no reason to grant such reduction or partial enforcement, as applicable, then the unenforceable provision or portion thereof shall be severed as provided in
Section 8, without affecting the remaining provisions of this Agreement. 
 (g) Tolling. The period of time
in which Participant is required to act, or refrain from acting, pursuant to this Section 7 shall be tolled (shall not run) for so long as Participant is in breach of any of Participant’s obligations hereunder. 

8. Severability. If any provision of this Agreement or portion thereof is determined by a court to be unenforceable in any
jurisdiction, then (for purposes of such jurisdiction) that provision or portion thereof shall be struck from this Agreement, without affecting the enforceability of the remainder of this Agreement. 

9. Limits on Assignment and Transferability. The Option and all rights hereunder are not assignable, alienable, saleable or
transferable by Participant other than by will or by the laws of descent and distribution, and the Option, and each right hereunder, shall be exercisable during Participant’s lifetime only by Participant or, if permissible under applicable law,
by Participant’s guardian or legal representative. 
 10. Tax Withholding. The Company Group may withhold, or
allow the Participant to remit in cash to the Company Group, any Federal, state or local taxes applicable to any grant, exercise, vesting, distribution or other event giving rise to income tax liability. 

11. Exercise Conditioned on Compliance with Certain Laws. Anything in this Agreement to the contrary notwithstanding, in no
event may the Option be exercisable if Parent shall, at any time and in its sole discretion, determine that (a) the listing, registration or qualification of any Shares otherwise deliverable upon such exercise upon any securities exchange or
under any state or federal law, or (b) the consent or approval of any governmental or regulatory body, is in either case necessary or desirable in connection with such exercise. In such event, such exercise shall be held in abeyance and shall
not be effective unless and until such listing, registration, qualification, consent or approval shall have been affected or obtained free of any conditions not acceptable to Parent. Pending effectiveness, the exercise price shall be returned to
Participant, and so long as such exercise shall be held in abeyance, the Option shall, to the extent permitted under Section 409A of the Code, remain exercisable subject to this Section 11 notwithstanding any termination or
expiration thereof that might otherwise occur under the Option. 

  
 -8-

  
 12.
Restrictions on Transfer, Etc. All certificates for Shares or other securities of Parent delivered under the Plan pursuant to the Option or the exercise thereof shall be subject to stop transfer orders and other restrictions as the Board may
deem advisable under the Plan, or the rules, regulations and other restrictions of the Securities and Exchange Commission and any stock exchange upon which such Shares or other securities are then listed, and any applicable federal or state
securities laws, and the Board may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 13. No Prior Restrictions or Violations. Participant covenants, represents and warrants to each of the Company Group members that Participant: (a) is free to enter into
employment arrangements with and to be employed or otherwise perform services for the Company Group members; (b) shall not disclose to any of the Company Group members or use any former employer’s or other person’s confidential
information; (c) has returned and will not use any former employer’s or other person’s property (electronic or otherwise); and (d) is not a party to or bound by any contract, restrictive covenant, order, judgment or other
obligation preventing full performance of Participant’s duties to the Company Group. 
 14. No Representations or
Warranties. Parent makes no representations or warranties as to the income, estate or other tax consequences to Participant of the grant or exercise of the Option or the sale or other disposition of the Shares acquired pursuant to the exercise
thereof. 
 15. Governing Law; Successors and Assigns. This Agreement shall be construed and enforced in
accordance with the laws of the State of Delaware and applicable federal law. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their permitted assigns. 

16. Entire Agreement. This Agreement, the Plan and the Securityholder Agreement constitute the entire agreement and
understanding between the parties with respect to the grant of options to Participant and supersedes and preempts any prior understandings, agreements or representations by or between the parties, written or oral, which may have related in any
manner to option grants. The Board may amend this Agreement in its sole discretion in such manner as it deems necessary or appropriate to comply with the requirements of Section 409A of the Code and applicable regulations. 

  
 -9-

  
 Exhibit A

 Copy of the Plan 
 [SEE ATTACHED] 

  
 -A-1-

  
 Exhibit B

 Copy of Securityholder Agreement 
 [SEE ATTACHED] 

  
 -B-1-

  
 Exhibit C

 Thermon Group Holdings, Inc. 

c/o CHS Private Equity V L.P. 
 10 South Wacker
Drive 
 Suite 3175 
 Chicago, Illinois,
60606 
 Attn: Marcus J. George and Daniel J. Hennessy 
 Facsimile: (312) 876-3854 
 NOTICE OF EXERCISE OF NONQUALIFIED STOCK
OPTION 
 I hereby give notice of my election to exercise, to the extent stated below, the nonqualified stock option
(“Option”) granted to me on             , 2010 to purchase          shares of Class B Common Stock, par value $.001
per share, of Thermon Group Holdings, Inc. (“Shares”) at a price of $1,000.00 per Share, pursuant to the Thermon Group Holdings, Inc. Restricted Stock and Stock Option Plan (“Option Plan”). I hereby elect to
exercise such Option to the extent of          Shares. Payment in the amount of $          equal to the full purchase price of such Shares is
enclosed. 
 Dated:
                                        

  

	
	
	  

	                    (Signature)
	
	  

	                    (Name Printed)
	
	  

	                    (Address)
	
	  

	                    (City, State, Zip Code)
	
	  

	                    (Social Security Number)

THIS DOCUMENT IS TO BE USED TO EXERCISE YOUR STOCK OPTIONS IN ACCORDANCE WITH PARAGRAPH 5 OF THE THERMON GROUP HOLDINGS, INC. STOCK OPTION AGREEMENT.

  
 -C-1-

  
 EXHIBIT D

 THIS REPURCHASE NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AS AMENDED (THE “ACT”) AND MAY NOT SOLD
UNLESS IT IS REGISTERED UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. 
 {Subordination legend – cross reference
to subordination / intercreditor agreement – TO BE COMPLETED IF APPLICABLE} 
 REPURCHASE NOTE 

 

							
	 [$         ]
	  				  	            , 20    

FOR VALUE RECEIVED, the undersigned Thermon Group Holdings, Inc., a Delaware corporation (the “Maker”), hereby promises
to pay to [            ] (the “Payee”) the principal sum of [            ]
($        ), together with interest thereon at the rate and times set forth in this Note. 

Principal Payments. The entire principal amount of this Note, together with all accrued and unpaid interest thereon, shall be due and payable on
the third anniversary of the date hereof. 
 Interest. The unpaid principal hereunder shall bear interest at rate per annum equal to
eight percent (8%), payable annually on each anniversary of the date of this Note. The amount of interest payable hereunder shall not, however, exceed the maximum amount of interest allowed by applicable law. 

Prepayment. Maker shall have the right to prepay, in whole or in part, at any time or from time to time, without premium or penalty, the principal
amount of this Note, together with accrued and unpaid interest thereon through the date of payment. 
 Miscellaneous. All payments
hereunder shall be applied first to accrued and unpaid interest and thereafter to principal. Maker hereby waives any and all presentment (including presentment for payment or acceptance), demand, protest and notice (including notice of protest,
dishonor or nonpayment) in connection with the enforcement of this Note. This Note is subject to the terms of the Stock Option Agreement dated as of             , 2010 by and among
Payee and Maker. This Note may not be assigned or transferred (including voluntarily, involuntarily or for collateral purposes) in any way without the prior written consent of the Maker. This Note shall be governed by the internal laws of the State
of Delaware, without application of any conflict of law principle that would make the law of any other jurisdiction applicable. If any dispute regarding the enforcement of this Note is litigated, then the prevailing party in such litigation shall be
entitled to be paid (by the non-prevailing party) all reasonable costs and expenses incurred by the prevailing party in such litigation, including reasonable attorneys fees. As used herein, the term “including” shall be deemed to be
followed by the words “without limitation”. 

  
 -D-1-

  
 
			
	THERMON GROUP HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 -D-2-

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