Document:

Exhibit 10.4

 

Quadrangle
Advisors LLC

375 Park
Avenue

New
York, New York 10152

 

April 18, 2005

 

Protection One, Inc. 

1035 North 3rd Street, Suite 101

Lawrence, Kansas 66044

 

Ladies and Gentlemen:

 

This letter serves to confirm the retention
by Protection One, Inc. (the “Company”) of Quadrangle Advisors LLC to
provide business and financial advisory services to the Company and its
divisions, subsidiaries and affiliates (collectively, “Protection One”), as
follows:

 

1.                                       The Company has retained us, and
we hereby agree to accept such retention, to advise and consult with the
Company’s board of directors and senior executive officers in such manner and
on such business and financial matters as may be reasonably requested from time
to time by the Company’s board of directors or senior executive officers,
including but not limited to:

 

(i)                                     corporate strategy;

 

(ii)                                  budgeting of future corporate
investments;

 

(iii)                               acquisition and divestiture strategies;

(iv)                              debt and equity financings; and

 

(v)                                 strategic alliances.

 

Without limiting the foregoing, we understand
that the Company anticipates that we will generally be requested to consult
with the Company’s senior executive officers regarding business and financial
matters:

 

(a)                                  at least weekly, by telephone;

 

(b)                                 monthly, telephonically or in person,
in connection with the review of monthly financial performance; and

 

 

(c)                                  telephonically or in person, prior to each meeting of the
Company’s board of directors.

 

We shall use reasonable efforts to deal
effectively with all matters submitted to us hereunder and endeavor to further,
by performance of our services hereunder, the policies and objectives of the
Company.

 

The Company agrees to pay us an annual fee of
an amount equal to one million dollars ($1,000,000)  (the “Annual Fee”), payable in
quarterly installments in advance at the beginning of each calendar
quarter.  On April 19, 2005, the
Company agrees to pay us an amount equal to (A) $140,000, representing the
pro rata portion of the Annual Fee from February 8, 2005 through March 31,
2005, plus (B) $250,000, representing the Annual Fee installment for the
second quarter of 2005.  On termination
of this agreement, any portion of the Annual Fee paid by the Company for a
quarterly period that includes the date of termination shall be prorated, and
we shall promptly reimburse the Company for any portion of the Annual Fee
received by us to the extent relating to a quarterly period or portion thereof
after the date of termination.

 

2.                                       If we, or any of our affiliates,
advise or consult with the Company’s board of directors or senior executive
officers with respect to an acquisition by the Company, divesture (if the
Company does not engage a financial advisor with respect to such divesture) or
financing transaction, we may also invoice the Company for, and the Company
agrees to pay, additional fees in connection with any such transaction in an
amount not to exceed 0.667% of the aggregate value of such transaction.  In the event that we, or any of our
affiliates, are requested by the Company to perform other services for
Protection One above and beyond those called for by this agreement, we shall
invoice the Company for, and the Company agrees to pay, additional fees for
such services as may be mutually agreed upon. 
Notwithstanding anything to the contrary in this agreement, payments
under Section 1 or Section 2 shall be subject to the terms of the
Company’s credit agreements, as in effect from time to time.

 

3.                                       In addition to any fees that may
be payable to us under this agreement, the Company also agrees to reimburse us
and our affiliates, from time to time upon request, for all reasonable
out-of-pocket expenses incurred, including unreimbursed expenses incurred to
the date hereof, in connection with this retention, including travel expenses
and expenses of our counsel.

 

4.                                       The Company agrees to indemnify
and hold us, our affiliates (including, without limitation, affiliated
investment entities) and their and our respective partners, executives,
officers, directors, employees, agents and controlling persons (each such
person, including us, being an “Indemnified Party”) harmless from and against (i) any
and all losses, claims, damages and liabilities (including, without limitation,
losses, claims, damages and liabilities arising from or in connection with
legal actions brought by or on behalf of the holders or future holders of the
outstanding securities of Protection One or creditors or future creditors of
Protection One), joint, several or otherwise, to which such Indemnified Party
may become subject under any applicable federal or state law, or otherwise,
related to or arising out of any activity contemplated by this agreement or our
retention pursuant to, and our or our affiliates’ performance of the services
contemplated by, this agreement and (ii) any and all losses, claims, damages
and liabilities, joint, several or otherwise, related to or arising out of any
action or

 

2

 

omission or
alleged action or omission related to the Company or any of its direct or
indirect subsidiaries or the securities or obligations of any such
entities.  The Company will further
reimburse any Indemnified Party for all expenses (including counsel fees and
disbursements) upon request as they are incurred in connection with the
investigation of, preparation for or defense of any pending or threatened claim
or any action or proceeding arising from any of the foregoing, whether or not
such Indemnified Party is a party and whether or not such claim, action or
proceeding is initiated or brought by the Company; provided, however,
that the Company will not be liable under the foregoing indemnification
provision (and amounts previously paid that are determined not required to be
paid by the Company pursuant to the terms of this paragraph shall be repaid
promptly) to the extent that any loss, claim, damage, liability or expense is
found in a final judgment by a court to have resulted from our willful
misconduct, bad faith or gross negligence. 
The Company agrees that no Indemnified Party shall have any liability
(whether direct or indirect, in contract or tort or otherwise) to Protection
One related to or arising out of our retention pursuant to, or our affiliates’
performance of the services contemplated by, this agreement except to the
extent that any loss, claim, damage, liability or expense is found in a final,
non-appealable judgment by a court to have resulted from our willful
misconduct, bad faith or gross negligence.

 

The Company also agrees that, without our
prior written consent, it will not settle, compromise or consent to the entry
of any judgment in any pending or threatened claim, action or proceeding to
which an Indemnified Party is an actual or potential party and in respect of
which indemnification could be sought under the indemnification provision in
the immediately preceding paragraph, unless such settlement, compromise or
consent includes an unconditional release of each Indemnified Party from all
liability arising out of such claim, action or proceeding.

 

Promptly after receipt by an Indemnified
Party of notice of any suit, action, proceeding or investigation with respect
to which an Indemnified Party may be entitled to indemnification hereunder,
such Indemnified Party will notify the Company in writing of the assertion of
such claim or the commencement of such suit, action, proceeding or
investigation, but the failure to so notify the Company shall not relieve the
Company from any liability which it may have hereunder, except to the extent
that such failure has materially prejudiced the Company.  If the Company so elects
within a reasonable time after receipt of such notice, the Company may
participate at its own expense in the defense of such suit, action, proceeding
or investigation.  Each Indemnified
Party may employ separate counsel to represent it or defend it in any such
suit, action, proceeding or investigation in which it may become involved or is
named as a defendant and, in such event, the reasonable fees and disbursements
of such counsel shall be borne by the Company; provided, however,
that the Company will not be required in connection with any such suit, action,
proceeding or investigation, or separate but substantially similar actions
arising out of the same general allegations or circumstances, to pay the fees
and disbursements of more than one separate counsel (other than local counsel)
for all Indemnified Parties in any single action or proceeding.  Whether or not the Company participates in the
defense of any claim, the Company and we shall cooperate in the defense thereof
and shall furnish such records, information and testimony, and attend such
conferences, discovery proceedings, hearings, trials and appeals, as may be
reasonably requested in connection therewith.

 

3

 

If the indemnification provided for in clause
(i) of the first sentence of this Section 4 is finally judicially
determined by a court of competent jurisdiction to be unavailable to an
Indemnified Party, or insufficient to hold any Indemnified Party harmless, in
respect of any losses, claims, damages or liabilities (other than any losses,
claims, damages or liabilities found in a final judgment by a court to have
resulted from our willful misconduct, bad faith or gross negligence), then the
Company, on the one hand, in lieu of indemnifying such Indemnified Party, and
we, on the other hand, will contribute to the amount paid or payable by such
Indemnified Party as a result of such losses, claims, damages or liabilities (i) in
such proportion as is appropriate to reflect the relative benefits received, or
sought to be received, by Protection One on the one hand and us, solely in our
capacity as an advisor under this agreement, on the other hand in connection
with the transactions to which such indemnification, contribution or
reimbursement is sought, or (ii) if (but only if) the allocation provided
by clause (i) above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in
clause (i) but also the relative fault of Protection One on the one hand
and us on the other, as well as any other relevant equitable considerations; provided,
however, that in no event shall our aggregate contribution hereunder
exceed the amount of fees actually received by us in respect of the transaction
at issue pursuant to this agreement.  The
amount paid or payable by a party as a result of the losses, claims, damages
and liabilities referred to above will be deemed to include any legal or other
fees or expenses reasonably incurred in defending any action or claim.  The Company and we agree that it would not be
just and equitable if contribution pursuant to this paragraph were determined
by pro rata allocation or by any other method which does not take into account
the equitable considerations referred to in this paragraph.  The indemnity, contribution and expense
reimbursement obligations that the Company has under this letter shall be in
addition to any the Company or Protection One may have, and notwithstanding any
other provision of this letter, shall survive the termination of this
agreement.

 

5.                                       Any advice or opinions provided
by us may not be disclosed or referred to publicly or to any third party (other
than Protection One’s legal, tax, financial or other advisors), except in
accordance with our prior written consent.

 

6.                                       We shall act as an independent
contractor, with duties solely to Protection One.  The provisions hereof shall inure to the
benefit of and shall be binding upon the parties hereto and their respective
successors and assigns.  Nothing in this
agreement, expressed or implied, is intended to confer on any person other than
the parties hereto or their respective successors and assigns, and, to the
extent expressly set forth herein, the Indemnified Parties, any rights or
remedies under or by reason of this agreement. 
Without limiting the generality of the foregoing, the parties
acknowledge that nothing in this agreement, expressed or implied, is intended
to confer on any present or future holders of any securities of the Company or
its subsidiaries or affiliates, or any present or future creditor of the
Company or its subsidiaries or affiliates, any rights or remedies under or by
reason of this agreement or any performance hereunder.  Rights and obligations under this agreement
cannot be assigned without the prior written consent of the other party.

 

7.                                       This agreement shall be governed
by and construed in accordance with the internal laws of the State of New York.

 

4

 

8.                                       This agreement shall continue in
effect from year to year unless amended or terminated by mutual consent; provided
that this agreement shall terminate automatically at the earlier of:  (i) the end of the first calendar
quarter during which funds managed by us cease to beneficially own at least 50%
of the shares of the Company’s common stock beneficially owned by such entities
as of the date hereof, (ii) unless the Company’s board of directors
affirmatively resolves to continue this agreement (and the Company so notifies
us in writing) on or prior to such date, the first date on or after the
consummation of an underwritten public offering of the Company’s common stock
after the date of this agreement (whether a primary or secondary offering) on
which funds managed by us or our affiliates cease to beneficially own at least
50% of the issued and outstanding shares of the Company’s common stock or (iii) 90
days after written notice from either party that such party desires to
terminate this agreement (provided that the Company shall provide such written
notice immediately following a determination, if any, by a majority of its
independent directors (or by one independent director, if he or she is the
Company’s sole independent director), evidenced in writing to the Company, that
termination of this agreement is advisable and in the best interests of the
Company).

 

9.                                       Each party hereto represents and
warrants that the execution and delivery of this agreement by such party has
been duly authorized by all necessary action of such party.

 

10.                                 If any term or provision of this
agreement or the application thereof shall, in any jurisdiction and to any
extent, be invalid and unenforceable, such term or provision shall be ineffective,
as to such jurisdiction, solely to the extent of such invalidity or
unenforceability without rendering invalid or unenforceable any remaining terms
or provisions hereof or affecting the validity or enforceability of such term
or provision in any other jurisdiction. 
To the extent permitted by applicable law, the parties hereto waive any
provision of law that renders any term or provision of this agreement invalid
or unenforceable in any respect.

 

11.                                 Each party hereto waives all
right to trial by jury in any action, proceeding or counterclaim (whether based
upon contract, tort or otherwise) related to or arising out of our retention
pursuant to, or our performance of the services contemplated by this agreement.

 

12.                                 It is expressly understood that
the foregoing Sections 2-5, 7, 10 and 11 in their entirety, survive any
termination of this agreement.

 

13.                                 This agreement may be executed
in counterparts, each of which shall be deemed an original agreement, but all
of which together shall constitute one and the same instrument.

 

[Remainder of page intentionally
left blank]

 

5

 

If the
foregoing sets forth the understanding between us, please so indicate on the
enclosed signed copy of this letter in the space provided therefor and return
it to us, whereupon this letter shall constitute a binding agreement among us.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  Quadrangle Advisors LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David A. Tanner

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

	
  AGREED TO AND ACCEPTED BY:

  
	
   

  
	
  Protection One, Inc.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Darius G. Nevin

  	
   

  
	
  Name: Darius G. Nevin

  
	
  Title:   Executive VP and CFOExhibit 10.5

 

Quadrangle
Debt Recovery Advisors LLC

375 Park
Avenue

New
York, New York 10152

 

April 18,
2005

 

Protection One, Inc.

1035 North 3rd Street, Suite 101

Lawrence, Kansas 66044

 

Ladies and Gentlemen:

 

This letter serves to confirm the retention by
Protection One, Inc. (the “Company”) of Quadrangle Debt Recovery Advisors
LLC to provide business and financial advisory services to the Company and its
divisions, subsidiaries and affiliates (collectively, “Protection One”), as
follows:

 

1.             The
Company has retained us, and we hereby agree to accept such retention, to
advise and consult with the Company’s board of directors and senior executive
officers in such manner and on such business and financial matters as may be
reasonably requested from time to time by the Company’s board of directors or
senior executive officers, including but not limited to:

 

(i)            corporate strategy;

 

(ii)           budgeting of future corporate investments;

 

(iii)          acquisition and divestiture strategies;

 

(iv)          debt and equity financings; and

 

(v)           strategic alliances.

 

Without limiting the foregoing, we understand that the Company
anticipates that we will generally be requested to consult with the Company’s
senior executive officers regarding business and financial matters:

 

(a)           at
least weekly, by telephone;

 

(b)           monthly, telephonically or in person, in connection with the
review of monthly financial performance; and

 

 

(c)           telephonically or in person, prior to each meeting of the
Company’s board of directors.

 

We shall use reasonable efforts to deal effectively with all matters
submitted to us hereunder and endeavor to further, by performance of our
services hereunder, the policies and objectives of the Company.

 

The Company agrees to pay us an annual fee of an amount equal to five
hundred thousand dollars ($500,000)  (the “Annual Fee”), payable in
quarterly installments in advance at the beginning of each calendar
quarter.  On April 19, 2005, the
Company agrees to pay us an amount equal to (A) $70,000, representing the
pro rata portion of the Annual Fee from February 8, 2005 through March 31,
2005, plus (B) $125,000, representing the Annual Fee installment for the
second quarter of 2005.  On termination
of this agreement, any portion of the Annual Fee paid by the Company for a
quarterly period that includes the date of termination shall be prorated, and
we shall promptly reimburse the Company for any portion of the Annual Fee
received by us to the extent relating to a quarterly period or portion thereof
after the date of termination.

 

2.             If we, or any of our
affiliates, advise or consult with the Company’s board of directors or senior
executive officers with respect to an acquisition by the Company, divesture (if
the Company does not engage a financial advisor with respect to such divesture)
or financing transaction, we may also invoice the Company for, and the Company
agrees to pay, additional fees in connection with any such transaction in an
amount not to exceed 0.333% of the aggregate value of such transaction.  In the event that we, or any of our
affiliates, are requested by the Company to perform other services for
Protection One above and beyond those called for by this agreement, we shall
invoice the Company for, and the Company agrees to pay, additional fees for
such services as may be mutually agreed upon. 
Notwithstanding anything to the contrary in this agreement, payments
under Section 1 or Section 2 shall be subject to the terms of the
Company’s credit agreements, as in effect from time to time.

 

3.             In addition to any
fees that may be payable to us under this agreement, the Company also agrees to
reimburse us and our affiliates, from time to time upon request, for all
reasonable out-of-pocket expenses incurred, including unreimbursed expenses
incurred to the date hereof, in connection with this retention, including
travel expenses and expenses of our counsel.

 

4.             The Company agrees to
indemnify and hold us, our affiliates (including, without limitation,
affiliated investment entities) and their and our respective partners,
executives, officers, directors, employees, agents and controlling persons
(each such person, including us, being an “Indemnified Party”) harmless from
and against (i) any and all losses, claims, damages and liabilities
(including, without limitation, losses, claims, damages and liabilities arising
from or in connection with legal actions brought by or on behalf of the holders
or future holders of the outstanding securities of Protection One or creditors
or future creditors of Protection One), joint, several or otherwise, to which
such Indemnified Party may become subject under any applicable federal or state
law, or otherwise, related to or arising out of any activity contemplated by
this agreement or our retention pursuant to, and our or our affiliates’
performance of the services contemplated by, this agreement and (ii) any
and all losses, claims, 

 

2

 

damages and
liabilities, joint, several or otherwise, related to or arising out of any
action or omission or alleged action or omission related to the Company or any
of its direct or indirect subsidiaries or the securities or obligations of any
such entities.  The Company will further
reimburse any Indemnified Party for all expenses (including counsel fees and
disbursements) upon request as they are incurred in connection with the
investigation of, preparation for or defense of any pending or threatened claim
or any action or proceeding arising from any of the foregoing, whether or not
such Indemnified Party is a party and whether or not such claim, action or
proceeding is initiated or brought by the Company; provided, however,
that the Company will not be liable under the foregoing indemnification
provision (and amounts previously paid that are determined not required to be
paid by the Company pursuant to the terms of this paragraph shall be repaid
promptly) to the extent that any loss, claim, damage, liability or expense is
found in a final judgment by a court to have resulted from our willful
misconduct, bad faith or gross negligence. 
The Company agrees that no Indemnified Party shall have any liability
(whether direct or indirect, in contract or tort or otherwise) to Protection
One related to or arising out of our retention pursuant to, or our affiliates’
performance of the services contemplated by, this agreement except to the
extent that any loss, claim, damage, liability or expense is found in a final,
non-appealable judgment by a court to have resulted from our willful
misconduct, bad faith or gross negligence.

 

The Company also agrees that, without our
prior written consent, it will not settle, compromise or consent to the entry
of any judgment in any pending or threatened claim, action or proceeding to
which an Indemnified Party is an actual or potential party and in respect of
which indemnification could be sought under the indemnification provision in
the immediately preceding paragraph, unless such settlement, compromise or
consent includes an unconditional release of each Indemnified Party from all
liability arising out of such claim, action or proceeding.

 

Promptly after receipt by an Indemnified
Party of notice of any suit, action, proceeding or investigation with respect
to which an Indemnified Party may be entitled to indemnification hereunder,
such Indemnified Party will notify the Company in writing of the assertion of
such claim or the commencement of such suit, action, proceeding or
investigation, but the failure to so notify the Company shall not relieve the
Company from any liability which it may have hereunder, except to the extent
that such failure has materially prejudiced the Company.  If the Company so elects
within a reasonable time after receipt of such notice, the Company may
participate at its own expense in the defense of such suit, action, proceeding
or investigation.  Each
Indemnified Party may employ separate counsel to represent it or defend it in
any such suit, action, proceeding or investigation in which it may become
involved or is named as a defendant and, in such event, the reasonable fees and
disbursements of such counsel shall be borne by the Company; provided, however,
that the Company will not be required in connection with any such suit, action,
proceeding or investigation, or separate but substantially similar actions
arising out of the same general allegations or circumstances, to pay the fees
and disbursements of more than one separate counsel (other than local counsel)
for all Indemnified Parties in any single action or proceeding.  Whether or not the Company participates in
the defense of any claim, the Company and we shall cooperate in the defense
thereof and shall furnish such records, information and testimony, and attend
such conferences, discovery proceedings, hearings, trials and appeals, as may
be reasonably requested in connection therewith.

 

3

 

If the indemnification provided for in clause
(i) of the first sentence of this Section 4 is finally judicially
determined by a court of competent jurisdiction to be unavailable to an Indemnified
Party, or insufficient to hold any Indemnified Party harmless, in respect of
any losses, claims, damages or liabilities (other than any losses, claims,
damages or liabilities found in a final judgment by a court to have resulted
from our willful misconduct, bad faith or gross negligence), then the Company,
on the one hand, in lieu of indemnifying such Indemnified Party, and we, on the
other hand, will contribute to the amount paid or payable by such Indemnified
Party as a result of such losses, claims, damages or liabilities (i) in
such proportion as is appropriate to reflect the relative benefits received, or
sought to be received, by Protection One on the one hand and us, solely in our
capacity as an advisor under this agreement, on the other hand in connection
with the transactions to which such indemnification, contribution or
reimbursement is sought, or (ii) if (but only if) the allocation provided
by clause (i) above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in
clause (i) but also the relative fault of Protection One on the one hand
and us on the other, as well as any other relevant equitable considerations; provided,
however, that in no event shall our aggregate contribution hereunder
exceed the amount of fees actually received by us in respect of the transaction
at issue pursuant to this agreement.  The
amount paid or payable by a party as a result of the losses, claims, damages
and liabilities referred to above will be deemed to include any legal or other
fees or expenses reasonably incurred in defending any action or claim.  The Company and we agree that it would not be
just and equitable if contribution pursuant to this paragraph were determined
by pro rata allocation or by any other method which does not take into account
the equitable considerations referred to in this paragraph.  The indemnity, contribution and expense
reimbursement obligations that the Company has under this letter shall be in
addition to any the Company or Protection One may have, and notwithstanding any
other provision of this letter, shall survive the termination of this
agreement.

 

5.             Any advice or opinions provided
by us may not be disclosed or referred to publicly or to any third party (other
than Protection One’s legal, tax, financial or other advisors), except in
accordance with our prior written consent.

 

6.             We shall act as an independent
contractor, with duties solely to Protection One.  The provisions hereof shall inure to the benefit
of and shall be binding upon the parties hereto and their respective successors
and assigns.  Nothing in this agreement,
expressed or implied, is intended to confer on any person other than the
parties hereto or their respective successors and assigns, and, to the extent
expressly set forth herein, the Indemnified Parties, any rights or remedies
under or by reason of this agreement. 
Without limiting the generality of the foregoing, the parties
acknowledge that nothing in this agreement, expressed or implied, is intended
to confer on any present or future holders of any securities of the Company or
its subsidiaries or affiliates, or any present or future creditor of the
Company or its subsidiaries or affiliates, any rights or remedies under or by reason
of this agreement or any performance hereunder. 
Rights and obligations under this agreement cannot be assigned without
the prior written consent of the other party.

 

7.             This agreement shall be governed
by and construed in accordance with the internal laws of the State of New York.

 

4

 

8.             This agreement shall continue in
effect from year to year unless amended or terminated by mutual consent; provided
that this agreement shall terminate automatically at the earlier of:  (i) the end of the first calendar
quarter during which funds managed by us cease to beneficially own at least 50%
of the shares of the Company’s common stock beneficially owned by such entities
as of the date hereof, (ii) unless the Company’s board of directors
affirmatively resolves to continue this agreement (and the Company so notifies
us in writing) on or prior to such date, the first date on or after the
consummation of an underwritten public offering of the Company’s common stock
after the date of this agreement (whether a primary or secondary offering) on
which funds managed by us or our affiliates cease to beneficially own at least
50% of the issued and outstanding
shares of the Company’s common stock or (iii) 90 days after written notice
from either party that such party desires to terminate this agreement (provided
that the Company shall provide such written notice immediately following a
determination, if any, by a majority of its independent directors (or by one
independent director, if he or she is the Company’s sole independent director),
evidenced in writing to the Company, that termination of this agreement is
advisable and in the best interests of the Company).

 

9.             Each party hereto represents and
warrants that the execution and delivery of this agreement by such party has
been duly authorized by all necessary action of such party.

 

10.           If any term or provision of this agreement or the
application thereof shall, in any jurisdiction and to any extent, be invalid
and unenforceable, such term or provision shall be ineffective, as to such
jurisdiction, solely to the extent of such invalidity or unenforceability
without rendering invalid or unenforceable any remaining terms or provisions
hereof or affecting the validity or enforceability of such term or provision in
any other jurisdiction.  To the extent
permitted by applicable law, the parties hereto waive any provision of law that
renders any term or provision of this agreement invalid or unenforceable in any
respect.

 

11.           Each party hereto waives all right to trial by jury in any
action, proceeding or counterclaim (whether based upon contract, tort or
otherwise) related to or arising out of our retention pursuant to, or our
performance of the services contemplated by this agreement.

 

12.           It is expressly understood that the foregoing Sections 2-5,
7, 10 and 11 in their entirety, survive any termination of this agreement.

 

13.           This agreement may be executed in counterparts, each of
which shall be deemed an original agreement, but all of which together shall
constitute one and the same instrument.

 

[Remainder of page intentionally
left blank]

 

5

 

If the
foregoing sets forth the understanding between us, please so indicate on the
enclosed signed copy of this letter in the space provided therefor and return
it to us, whereupon this letter shall constitute a binding agreement among us.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  Quadrangle Debt Recovery Advisors LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Weinstock

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

	
  AGREED TO AND ACCEPTED BY:

  
	
   

  
	
  Protection One, Inc.

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Darius G. Nevin

  	
   

  
	
  Name: Darius G. Nevin

  
	
  Title:   Executive VP and
  CFO

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