Document:

Joinder Agreement to the Master Plan

 Exhibit 10.27 
  

			
	Deferred Income Plan - Updated December 31, 2007	  	    SENSUS METERING SYSTEMS
	Joinder Agreement to the Master Plan	  	

  

			
	 Instructions:
	  	Complete all portions of this Joinder Agreement, including the Beneficiary Designation Form, in order to initiate your participation in the Plan; and return as directed in
instructions.

  

	(1)	PLEASE PRINT: 

  

					
	 DAN HARNESS
	  		  	
	 (Participant’s Full Legal Name)
	  	(Social Security Number)	  	(Date of Birth)
			
	 (Home Address—Street, City, State, Zip)
	  		  	
		
	 Sensus Metering Systems—8601 Six Forks Road. Suite 300, Raleigh NC 27615
 (Work Address—Street, City, State, Zip)
	  	

  

	(2)	PLAN BENEFITS: 

  

	 	A.	Retirement & Termination Benefits. 

 Retirement—The company will make necessary annual contributions to a hypothetical corporate-owned life insurance policy on your life during your active employment as outlined herein. In the initial plan year (2005), a
contribution of $59,700.00 was deposited, a subsequent $97,000 was deposited for the second plan year (2006), and a final $37,547 is to be contributed for the third plan year (2007). The purpose of these hypothetical contributions is to provide a
benefit of $200,000 to be payable to you under this plan. 
 A benefit of $200,000.00 for retirement purposes is agreed upon
under this arrangement assuming your ongoing employment through 12/31/2008. 
 Future employment agreements and potential associated
benefits may dictate changes to this arrangement, assuming agreement and written consent by both you and the company. The substance of this agreement does not constitute or guarantee any other additional benefits beyond those outlined. 

Your participation in the establishment of any hypothetical corporate owned policy is not a suggestion that you have any real or beneficial ownership
interest in any actual life insurance policy maintained by the company. 
 Your Retirement Benefits under the Plan will be a function of the
agreed upon defined benefit of $200,000.00 due and payable following ongoing employment through 12/31/2008. Any notional or excess value accrued within any associated hypothetical or actual life insurance policy maintained by the company remains an
asset of the company with ongoing affiliated rights and title as such. 
  

	 	B.	Death Benefits. 

 Pre-Retirement—Upon
your death while actively employed, the Company will provide a lump sum payment to a Beneficiary or Beneficiaries you have designated in this agreement in the amount of $200,000.00. This benefit will be made payable as soon as
administratively feasible. Any notional or excess amount of death benefit beyond $200,000.00 that may be created by any associated actual life insurance policy maintained on your life by the company will remain as an asset of the company. If you
fail to designate an appropriate Beneficiary or Beneficiaries, or if your Beneficiary or Beneficiaries have all predeceased you, your Death Benefit will be paid as a single lump sum to the personal representative of your estate. 
 Post Retirement—Upon your death after your Retirement and while you are still receiving your Retirement Benefits, the Company will make a lump
sum payment to a Beneficiary or Beneficiaries you have designated of the remaining balance of any unpaid Retirement Benefit. 
  

	(3)	VESTING: 

 You shall be fully vested at all times in
the Plan Benefits as of the Effective Date of Participation, and no specific period of employment or service is required to earn (vest in) any portion of any Plan Benefit. 

	(4)	GENERAL PLAN TERMS & CONDITIONS OF PLAN PARTICIPATION: 

  

	 	A.	I apply for participation in the Plan with the understanding and agreement that my participation and my right to receive the Plan’s benefits shall be according to all of
the Plan’s terms and conditions as they now exist or hereafter may be amended; and that I specially assent to be governed by these terms and conditions. I understand that this Joinder Agreement and the Plan Summary are intended to summarize
important portions of the Plan, but that the provisions of the Plan Document, as it may be amended from time to time, will govern the Plan and control in cases of conflict or dispute. I understand that the Plan is subject to on-going compliance with
Internal Revenue and legal guidelines. 

  

	 	B.	I acknowledge that I have received and read a copy of the Plan. I make my request to participate based upon my informed knowledge and understanding of all the Plan’s terms and
conditions. 

  

	 	C.	I understand and acknowledge that no Plan provision shall create any specific employment rights or term, or create an Employment contract between me and the Company. I further
understand and acknowledge that this Plan does not modify, limit, or otherwise change any employment contract that I may currently have or enter into with the Company in the future. 

  

	 	D.	I understand that the amendment, modification or terminate the Plan in whole or in part may only be performed with the written consent of both myself and the Company.

  

	 	E.	I understand that all my benefits under the Plan are an unsecured promise to pay from the general assets of the Company, and I have no real or beneficial ownership interest
in any specific assets of the Company at this time. I understand and acknowledge that my participation in the acquisition of any general Company asset in connection with the Plan is not a suggestion that I have a real or beneficial ownership
interest in any specific asset. I further agree to provide such participation as requested by the Company. 

  

	(5)	PARTICIPANT SIGNATURE & VERIFICATION 

  

					
	 Employee:
	  	 /s/ Dan W. Harness
	  	Date: 2/5/08

  

							
	Acknowledged by:	  	/s/ Mike DeCocco	 	Title: VPHR        	 	Date: 2/5/08North American Executive Employee Vehicle Policy

 Exhibit 10.28 
 

 
 North America Executive Employee Company Vehicle Policy 
  

	A.	OBJECTIVE 

  

	 	1.	Provide guidelines and limits for Company provided vehicles. 

  

	 	2.	Comply with IRS and other relevant regulations relating to personal and business use of Company provided vehicles. 

  

	B.	POLICY 

  

	 	1.	Employees assigned to designated positions with North America companies within Sensus Metering Systems are eligible for Company vehicles as provided by this policy and as approved
by the employee’s immediate supervisor. 

  

	 	2.	Choice of make and model of Company provided vehicles for employees in Levels A-B shall be at the discretion of the employee up to the dollar amount (total acquisition cost)
specified in Attachment A for the employee’s level. 

  

	C.	SCOPE/ELIGIBILITY 

  

	 	1.	This policy applies to all Sensus Metering Systems North America locations. Eligibility levels, auto values/choices are set forth in Attachment A, which may be amended from time to
time by the Company. 

  

	 	2.	The employee’s “Position Title,” reporting level, and the scope of the employee’s responsibility determine eligibility for a specific level and vehicle. The Vice
President of Human Resources for Sensus Metering Systems will make the final determination, in case of questions. 

  

	D.	ADMINISTRATION 

 Primary responsibility for administering
the Sensus Metering Systems company vehicle policy rests with the Fleet Administrator. 
  

	E.	PROCEDURE 

  

	 	1.	Ordering 

  

	 	a.	If the vehicle is for a new hire the eligible employee should contact the Administrator as soon as the employment offer has been accepted to order his or her Company vehicle,
according to the specified level for that employee. 

  

	 	b.	When an Employee’s Company vehicle meets the replacement criteria in the current model year a replacement order form will be provided. Completed order forms and approvals must
be forwarded to the Administrator. After all approvals, the vehicle may be ordered by calling the leasing company’s 800 number. A leasing company representative specifically assigned to Sensus Metering Systems will confirm the vehicle and
options and place the order. Confirmation of the order and estimated arrival date (normally 8 to 12 weeks) will be sent to the employee. 

 Sensus Metering Systems 
 North America Executive Vehicle Policy 
 Revised August 1, 2007 
 Page 2 
  

	 	2.	Policy Compliance 

 Prior to placing the vehicle order the
employee will be required to sign an Operation of Company Vehicle form that acknowledges understanding and expectations for use of a Company vehicle. A Company vehicle will not be provided to any employee who refuses to sign the Operation of Company
Vehicle Form. In addition, prior to placing the vehicle order a Motor Vehicle Record check will be made on the employee and spouse. If the Motor Vehicle Record check indicates that an employee’s license is under suspension, the vehicle will not
be ordered until the license had been reinstated. In addition, driver records reflecting DUI, DWI convictions and/or history of multiple moving traffic violations and accidents could result in denial or suspension of the authorization to have a
Company vehicle. 
  

	 	3.	Maintenance and Accident Services 

 The employee is
responsible to obtain all maintenance (scheduled and non-scheduled) and accident repairs as outlined by the leasing company’s policy. The leasing company must authorize all maintenance service over $100 and all accident repairs. All maintenance
service under $100 will not require prior authorization, but must be taken to one of the leasing company’s approved maintenance providers. These are available on the web site (www.phh.com/fleet). Unauthorized service and repairs claimed on an
expense voucher will not be reimbursed. 
  

	 	4.	Taxable Compensation for Personal Use 

 IRS requires that
the Company and the employee track personal use of the Company vehicle, thus the employee is required to record business miles and personal miles. At the end of each year, personal use will be calculated and added to the employee’s wages. This
amount will be a taxable adjustment made to mid-December paychecks. 
 Business use of a company vehicle is defined as the use of the vehicle
in conjunction with activities directly related to the Company’s business. Personal use of a company vehicle would include, but is not limited to, items such as commuting, using the vehicle for personal errands on the weekends or after normal
business hours and vacations. Commuting is considered from the employee’s personal residence to their normal place of business. 

 Sensus Metering Systems 
 North America Executive Vehicle Policy 
 Revised August 1, 2007 
 Page 3 
  

	 	5.	Licensing and Registration 

 The leasing company will make
the initial application for title, license plates, and registration in the name of the leasing company in care of the Company name and the employee’s home or office address. The leasing company will send the necessary documents directly to the
employee. This includes each year’s license plates and any registration of relocated vehicles. 
  

	 	6.	Replacement 

 Vehicles will be replaced according to the
following schedule: 
 36 months or 60,000 miles – Level A 
 48 months or 70,000 miles – Level B 
 If
the employee’s termination or retirement date is known, a vehicle will not be replaced prior to such termination or retirement. 
  

	 	7.	Vehicle Purchase 

 If the Company does not wish to reassign
the Company vehicle, the employee has the first option to purchase the vehicle when replaced. The vehicle will be offered to the employee at the then current wholesale value as determined by the leasing company. 
  

	F.	USE 

 The vehicle is provided for the employee’s
business and personal use and may be driven by a spouse if properly licensed to drive. 
  

	G.	ALLOWANCES 

 No vehicle allowances are permitted.

  

	H.	TERMINATION OF EMPLOYMENT 

 Upon termination of employment,
the employee shall return the Company provided vehicle to a location designated by the Fleet Administrator. No person shall be permitted to drive a Company vehicle following termination of employment. The Vice President of Human Resources must
approve any exceptions. 
  

	I.	TRANSITION 

  

	 	1.	No Company vehicles will be upgraded or downgraded under this Policy until an employee’s current Company vehicle comes up for replacement during the regular cycle. Employees
who are no longer eligible for a Company vehicle under this policy will be permitted to keep their current Company vehicle until the vehicle comes up for replacement during the regular cycle. 

  

	 	2.	The Fleet Administrator reserves the right to reassign vehicles that have become surplus to eligible employees under this policy in lieu of ordering a new vehicle or pending the
ordering and delivery of a new vehicle. 

 Sensus Metering Systems 
 North America Executive Vehicle Policy 
 Revised August 1, 2007 
 Page 4 
  

	J.	INTERPRETATION/AMENDMENT 

 Interpretation or questions
regarding this policy will be made or answered by the Fleet Administrator and any disputes will be raised to the Vice President, Human Resources for final resolution. This Policy may be updated and amended periodically at the discretion of the
Sensus Metering Systems. 

 

 
 Sensus Metering Systems 
 North American Vehicle Policy 
 Attachment A 
 Executive Plan 
  

					
	 Plan
	  	 Auto Value Maximum*
	  	 Vehicle Make

	Level A	  		  	
			
	 •        Chief Executive Officer
  
 •        Chief
Financial Officer
  
 •        Chief Operating Officer
	  	Up to $50,000 value	  	Any
			
	Level B	  		  	
			
	 •        Corporate Vice Presidents (Direct Reports to
CEO, CFO, & COO) as approved by the CEO
  
 •        Presidents of Aligned Businesses (PDC & Smith-Blair)
  
 •        Vice Presidents in charge of SMS Businesses (Water, Gas & AMI/Electric)

	  	Up to $35,000 value	  	Any

  

	*	Based on Vehicle Sticker Price including options 

 Revised August 1, 2007

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