Document:

AMENDED AND RESTATED 2006 STOCK INCENTIVE PLAN RESTRICTED STOCK UNIT AWARD

 EXHIBIT 10.22 
 Amended and Restated 2006 Stock Incentive Plan 
 Restricted Stock Unit Award Agreement

 Effective November 30, 2009 
 THIS AGREEMENT, effective as of the Date of Grant set forth below (the “Date of Grant”), represents a grant of restricted stock units (“RSUs”) by Mueller Water Products, Inc., a
Delaware corporation (the “Company”), to the Participant named below, pursuant to the provisions of the Mueller Water Products, Inc. Amended and Restated 2006 Stock Incentive Plan (the “Plan”). The Participant has been selected
to receive a grant of RSUs pursuant to the Plan, as specified below. 
 The Plan provides a description of terms and
conditions governing the grant of RSUs. If there is any inconsistency between the terms of this Restricted Stock Unit Award Agreement (this “Agreement”) and the terms of the Plan, the Plan’s terms shall completely supersede and
replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. 
 Participant: 
 Date of Grant: 
 Number of RSUs Granted: 
 Purchase Price: None 
 The parties hereto agree as follows: 
 1. Employment with the Company.
Except as may otherwise be provided in Section 6, the RSUs granted hereunder are granted on the condition that the Participant remains in Continuous Service from the Date of Grant by the Company through (and including) the vesting date, as set
forth in Section 2 (referred to herein as the “Period of Restriction”). 
 This grant of RSUs shall not confer
any right to the Participant (or any other participant) to be granted RSUs or other Awards in the future under the Plan. 
 2. Normal Vesting. One-third of the RSUs shall vest on each of the first three anniversaries of the Date of Grant, subject to the Participant’s Continuous Service on such dates. If, on any vesting date, this vesting schedule
would result in the vesting of a fraction of an RSU, such fraction shall be rounded to the nearest whole RSU in a manner acceptable to management or any independent third party administering any terms of the Plan for the Company. 
 3. Timing of Payout. Payout of RSUs shall, with respect to the number of RSUs vesting on each vesting date as set
forth in Section 2, be made on or before the thirtieth (30th) day following such vesting date, or as soon as administratively possible thereafter; provided that, in the event of the Participant’s termination of Continuous Service by reason of death, Disability or

  

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Retirement, or after a Change in Control, prior to any such normal vesting date, payout of all RSUs shall be made on or before the thirtieth (30th) day following the date of such termination of Continuous Service, or as soon as administratively
possible thereafter. 
 4. Form of Payout. Vested RSUs will be paid out solely in the form of shares of Series A Common
Stock of the Company or such other security as Series A Common Stock shall be converted into in the future. 
 5. Voting
Rights and Dividends. Until such time as the RSUs are paid out in shares of Company Stock, the Participant shall not have voting rights. Further, no dividends shall be paid on any RSUs. 
 6. Termination of Continuous Service. In the event of the Participant’s termination of Continuous Service for any reason other
than the Participant’s death, Disability or Retirement during the Period of Restriction (and except as otherwise provided in Section 7 with respect to RSUs that become nonforfeitable upon a Change in Control), all RSUs held by the
Participant at the time of his or her termination of Continuous Service and still subject to the Period of Restriction shall be forfeited by the Participant to the Company. All RSUs that have not previously vested shall vest upon the
Participant’s death, Disability, or Retirement. 
 7. Change in Control. Notwithstanding anything to the contrary in
this Agreement, in the event of a Change in Control of the Company during the Period of Restriction and prior to the Participant’s termination of Continuous Service, the Period of Restriction imposed on the RSUs shall immediately lapse, with
all such RSUs becoming nonforfeitable, subject to applicable federal and state securities laws. Such RSUs shall be paid out at the time(s) they would have been paid out under Section 3 as if the Change in Control had not occurred (i.e.,
such RSUs shall be paid following each normal vesting date as described in Section 2, or earlier upon the Participant’s death, Disability, Retirement or other termination of Continuous Service). Notwithstanding the foregoing, a transaction
or series of transactions in which the Company separates one or more of its existing businesses, whether by sale, spin-off or otherwise, and whether or not any such transaction or series of transactions requires a vote of the stockholders, shall not
be considered a “Change in Control.” 
 8. Restrictions on Transfer. Unless and until actual shares of stock of
the Company are received upon payout, RSUs granted pursuant to this Agreement may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated (a “Transfer”), other than by will or by the laws of descent and
distribution, except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of RSUs is made, or if any attachment, execution, garnishment, or lien shall be issued against or placed upon the RSUs, the Participant’s right to
such RSUs shall be immediately forfeited by the Participant to the Company, and this Agreement shall lapse. 
 9.
Recapitalization. In the event of any change in the capitalization of the Company such as a stock split or corporate transaction such as any merger, consolidation, separation, or otherwise, the number and class of RSUs subject to this Agreement
shall be equitably adjusted by the Committee, as set forth in the Plan, to prevent dilution or enlargement of rights. 
  

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 10. Beneficiary Designation. The Participant may, from time to time, name any
beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Agreement is paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all
prior designations by the Participant, shall be in a form prescribed by the Company, and shall be effective only when filed by the Participant in writing with the Secretary of the Company during his or her lifetime. In the absence of any such
designation, benefits remaining unpaid at the Participant’s death shall be paid to his or her estate. 
 11.
Continuation of Employment. This Agreement shall not confer upon the Participant any right to continue employment with the Company or its Subsidiaries, nor shall this Agreement interfere in any way with the Company’s or its
Subsidiaries’ right to terminate the Participant’s employment at any time. For purposes of this Agreement, “Termination of Employment” shall mean termination or cessation of the Participant’s employment with the Company or
its Subsidiaries for any reason (or no reason), whether the termination of employment is instituted by the Participant or the Company or a Subsidiary, and whether the termination of employment is with or without cause. 
 12. Noncompetition. Upon termination other than involuntary termination not for cause, the Participant agrees that, for one year
following such termination, he or she will not engage in executive or management services for a company that, within the 12 months prior to the termination, sold products that compete with the products of the Company or its Subsidiaries (a
“Competitor,” and such products being a “Competitor’s Products”) within 25 miles of any location in the United States where the Company or its Subsidiaries had sales of products (the “Restricted Area”) at the time
of such termination. 
 The Participant acknowledges and agrees that: 
  

	 	(a)	The Participant is familiar with the businesses of the Company and its Subsidiaries and the commercial and competitive nature of the industry and recognizes that the
value of the Company’s business would be injured if the Participant performed Competitive Services for a Competing Business; 

  

	 	(b)	This covenant not to compete is essential to the continued good will and profitability of the Company; 

  

	 	(c)	In the course of employment with the Company or its Subsidiaries, the Participant will become familiar with the trade secrets and other Confidential Information (as
defined below) of the Company and its Subsidiaries, affiliates, and other related entities, and that the Participant’s services will be of special, unique, and extraordinary value to the Company; and 

  

	 	(d)	 The Participant’s skills and abilities should enable him or her to seek and obtain similar employment in a business other than a Competing
Business, and the Participant possesses other skills that will serve as the basis for employment opportunities that are not prohibited by this covenant not to compete. Following the Participant’s Termination of Employment with the Company, he
or she

  

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expects to be able to earn a livelihood without violating the terms of this Agreement. 

 13. Nonsolicitation of Employees. During the term of the Participant’s employment with the Company or its Subsidiaries and for a period of twelve (12) months following the
Participant’s Termination of Employment, the Participant shall not, either on his or her own account or for any person, entity, business or enterprise within the Restricted Area: (a) solicit any employee of the Company or its Subsidiaries
with whom the Participant had contact during the two (2) years prior to his or her Termination of Employment to leave his or her employment with the Company or its Subsidiaries; or (b) induce or attempt to induce any such employee to
breach any employment agreement with the Company. 
 14. Nonsolicitation of Customers. During the term of the
Participant’s employment with the Company or its Subsidiaries and for a period of two (2) years following the Participant’s Termination of Employment, the Participant shall not directly or indirectly solicit or attempt to solicit any
current customer of the Company or any of its Subsidiaries with which the Participant had Material Contact (as defined below) during the two (2) years prior to his or her Termination of Employment: (a) to cease doing business in whole or
in part with or through the Company or any of its Subsidiaries; or (b) to do business with any other person, entity, business or enterprise which performs services competitive to those provided by the Company or any of its Subsidiaries. This
restriction on post-employment conduct shall apply only to solicitation for the purpose of selling or offering products or services that are similar to or which compete with those products or services offered by the Company or its Subsidiaries
during the period of the Participant’s employment. For purposes of this Section, “Material Contact” shall be defined as any communication intended or expected to develop or further a business relationship and customers about which the
employee learned confidential information as a result of his or her employment. 
 15. Developments. The Participant
agrees that all inventions, improvements, trade secrets, reports, manuals, computer programs, systems, tapes and other ideas and materials developed or invented by him or her during the period of his or her employment with the Company or its
Subsidiaries, either solely or in collaboration with others, which relate to the actual or anticipated business or research of the Company or its Subsidiaries, which result from or are suggested by any work the Participant may do for the Company or
its Subsidiaries, or which result from use of the Company’s or its Subsidiaries’ premises or the Company’s or its Subsidiaries’ or their customers’ property (collectively, the “Developments”) shall be the sole and
exclusive property of the Company and its Subsidiaries. The Participant hereby assigns to the Company his or her entire right and interest in any Developments and will hereafter execute any documents in connection therewith that the Company may
reasonably request. This Section does not apply to any inventions that the Participant made prior to his or her employment by the Company or its Subsidiaries, or to any inventions that he or she develops entirely on his or her own time without using
any of the Company’s equipment, supplies, facilities or the Company’s or its Subsidiaries’ or their customers’ confidential information and which do not relate to the Company’s or its Subsidiaries’ businesses,
anticipated research and Developments or the work he or she has performed for the Company or its Subsidiaries. 
  

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 16. Non-Disparagement. The Participant agrees that neither during his or her
employment nor following his or her Termination of Employment and continuing for so long as the Company or any Subsidiary, affiliate, successor or assigns thereof carries on the name or like business within the Restricted Area, the Participant shall
not, directly or indirectly, for himself or herself or on behalf of, or in conjunction with, any other person, persons, company, partnership, corporation, business entity or otherwise make any statements that are inflammatory, detrimental,
slanderous, or materially negative in any way to the interests of the Company or its Subsidiaries or other affiliated entities. 
 17. Confidentiality and Nondisclosure. 
  

	 	(a)	The Participant agrees that he or she will not, other than in performance of his or her duties for the Company or its Subsidiaries, disclose or divulge to Third Parties
(as defined below) or use or exploit for his or her own benefit or for the benefit of Third Parties any Confidential Information, including trade secrets. For the purposes of this Agreement, “Confidential Information” shall mean
confidential and proprietary information, trade secrets, knowledge or data relating to the Company and its Subsidiaries and their businesses, including but not limited to information disclosed to the Participant, or known by the Participant as a
consequence of or through employment with the Company or its Subsidiaries, where such information is not generally known in the trade or industry, and where such information refers or relates in any manner whatsoever to the business activities,
processes, services, or products of the Company or its Subsidiaries; business and development plans (whether contemplated, initiated, or completed); mergers and acquisitions; pricing information; business contacts; sources of supply; customer
information (including customer lists, customer preferences, and sales history); methods of operation; results of analysis; customer lists (including advertising contacts); business forecasts; financial data; costs; revenues; information maintained
in electronic form (such as e-mails, computer files, or information on a cell phone, Blackberry, or other personal data device); and similar information. Confidential Information shall not include any data or information in the public domain, other
than as a result of a breach of this section of this Agreement. The provisions of this paragraph shall apply to the Participant at any time during his or her employment with the Company or its Subsidiaries and for a period of two (2) years
following his or her Termination of Employment or, if the Confidential Information is a trade secret, such longer period of time as may be permitted by controlling trade secret laws. 

  

	 	(b)	 The Participant acknowledges and agrees that the Confidential Information is necessary for the Company’s ability to compete with its competitors.
The Participant further acknowledges and agrees that the prohibitions against disclosure and use of Confidential Information recited herein are in addition to, and not in lieu of, any rights or remedies that the Company or a

  

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Subsidiary may have available pursuant to the laws of the State of Delaware to prevent the disclosure of trade secrets or proprietary information, including but not limited to the Delaware
Uniform Trade Secrets Act, 6 Del. Code Ann. §2001, et seq. The Participant agrees that this non-disclosure obligation may extend longer than two (2) years following his or her Termination of Employment as to any materials or
information that constitutes a trade secret under the Delaware Uniform Trade Secrets Act. 

  

	 	(c)	For purposes of this Agreement, “Third Party” or “Third Parties” shall mean persons, sole proprietorships, firms, partnerships, limited liability
partnerships, associations, corporations, limited liability companies, and all other business organizations and entities, excluding the Participant and the Company. 

  

	 	(d)	The Participant agrees to take all reasonable precautions to safeguard and prevent disclosure of Confidential Information to unauthorized persons or entities.

 18. Intellectual Property. The Participant agrees that he or she has no right to use for the benefit of
the Participant or anyone other than the Company or its Subsidiaries, any of the copyrights, trademarks, service marks, patents, and inventions of the Company or its Subsidiaries. 
 19. Injunctive Relief. The Participant and the Company recognize that breach of the provisions of this Agreement restricting the
Participant’s activities would give rise to immediate and irreparable injury to the Company that is inadequately compensable in damages. In the event of a breach or threatened breach of the restrictions contained in this Agreement regarding
noncompetition, nonsolicitation of employees, nonsolicitation of customers, Developments, non-disparagement, confidentiality and nondisclosure of Confidential Information, and intellectual property (collectively, the “Covenants”), the
Participant agrees and consents that the Company shall be entitled to injunctive relief, both preliminary and permanent, without bond, in addition to reimbursement from the Participant for all reasonable attorneys’ fees and expenses incurred by
the Company in enforcing these provisions, should the Company prevail. The Participant also agrees not raise the defense that the Company has an adequate remedy at law. In addition, the Company shall be entitled to any other legal or equitable
remedies as may be available under law. The remedies provided in this Agreement shall be deemed cumulative and the exercise of one shall not preclude the exercise of any other remedy at law or in equity for the same event or any other event.

 20. Dispute Resolution; Agreement to Arbitrate. 
  

	 	(a)	The Participant and the Company agree that final and binding arbitration shall be the exclusive remedy for any controversy, dispute, or claim arising out of or relating
to this Agreement. 

  

	 	(b)	 This Section covers all claims and actions of whatever nature, both at law and in equity, including, but not limited to, any claim for breach of
contract (including this Agreement), and includes claims against the Participant and claims against the Company, its Subsidiaries and/or any parents, affiliates,

  

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owners, officers, directors, employees, agents, general partners or limited partners of the Company, to the extent such claims involve, in any way, this Agreement. This Section covers all
judicial claims that could be brought by either party to this Agreement, but does not cover the filing of charges with government agencies that prohibit waiver of the right to file a charge. 

  

	 	(c)	The arbitration proceeding will be administered by a single arbitrator (the “Arbitrator”) in accordance with the Commercial Arbitration Rules of the American
Arbitration Association, taking into account the need for speed and confidentiality. The Arbitrator shall be an attorney or judge with experience in contract litigation and selected pursuant to the applicable rules of the American Arbitration
Association. 

  

	 	(d)	The place and situs of arbitration shall be Wilmington, Delaware (or such other location as may be mutually agreed to by the parties). The Arbitrator may adopt the
Commercial Arbitration Rules of the American Arbitration Association, but shall be entitled to deviate from such rules in the Arbitrator’s sole discretion in the interest of a speedy resolution of any dispute or as the Arbitrator shall deem
just. The parties agree to facilitate the arbitration by (a) making available to each other and to the Arbitrator for inspection and review all documents, books and records as the Arbitrator shall determine to be relevant to the dispute,
(b) making individuals under their control available to other parties and the Arbitrator and (c) observing strictly the time periods established by the Arbitrator for the submission of evidence and pleadings. The Arbitrator shall have the
power to render declaratory judgments, as well as to award monetary claims, provided that the Arbitrator shall not have the power to act (i) outside the prescribed scope of this Agreement, or (ii) without providing an opportunity to each
party to be represented before the Arbitrator. 

  

	 	(e)	The Arbitrator’s award shall be in writing. The Arbitrator shall allocate the costs and expenses of the proceedings between the parties and shall award interest as
the Arbitrator deems appropriate. The arbitration judgment shall be final and binding on the parties. Judgment on the Arbitrator’s award may be entered in any court having jurisdiction. 

 The Participant and the Company agree and understand that by executing this Agreement and agreeing to this Arbitration provision, they are
giving up their rights to trial by jury for any dispute related to this Agreement. 
              (the Participant’s initials) 
              (the Company Representative’s initials) 
 21. Clawback. 
  

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 (a) In the event of a breach of this Agreement by the Participant or a material breach of
Company policy or laws or regulations that could result in a termination for cause (whether or not the Participant is terminated), then the RSUs granted hereby shall be void and of no effect, unless the Committee determines otherwise. 
 (b) In the event of financial impropriety by the Participant that results in a restatement of the financial statements of the Company for
any applicable period (the “Applicable Period”), as determined by the Audit Committee or the Company’s independent registered public accounting firm; then, if the award granted hereby is made during the Applicable Period or within 90
days after the end of such Applicable Period, the number of RSUs granted hereunder shall be reduced by a fraction: 
 (i) The numerator of which is the amount of operating income decline for the Applicable Period caused by such restatement or breach, and 
 (ii) The denominator of which is the amount of operating income previously determined for the Applicable Period, 
 or if the financial impropriety does not result in a decrease in the amount of operating income, the fraction shall be 50%. 
 If RSUs have already vested under this Agreement, then the reduction contemplated by this Section 21(b) shall be applied first to the remaining RSUs that have not vested, pro rata, and second to the
vested shares and the Participant shall repay the Company by forfeiting to the Company a number of excess shares received that would have exceeded the amount granted hereby, to be taken from the most recent vesting of RSUs or, if such shares have
been sold, the proceeds received from the sale of such shares that would otherwise have been forfeited. 
 As an example of the
foregoing, assume the Participant is granted an award of 300 RSUs on December 1, 2009, which vest equally on December 1, 2010, December 1, 2011 and December 1, 2012. 
 If the Company discovers a breach or financial impropriety by the Participant on June 30, 2011, which leads to a 50%
decrease in operating income for the 2009 fiscal year and which could not result in termination for cause, then the award granted would be reduced to 150 RSUs, and the reduction would be applied equally to the remaining RSUs, which would mean that
the 100 RSUs vesting on December 1, 2011 would be reduced by 75 to 25 RSUs and the 100 remaining RSUs vesting on December 1, 2012 would be reduced by 75 to 25 RSUs. 
 If the Company discovers a breach or financial impropriety by the Participant on June 30, 2012, which leads to a 50%
decrease in operating income for the 2009 fiscal year and which could not result in termination for cause, then the award granted would be reduced to 150 RSUs, which would be applied to the remaining RSUs, which would mean that the 100 RSUs vesting
on December 1, 2012 would be reduced by 100 RSUs to 0 RSUs and the Participant would forfeit 50 shares to the Company, taken from the most recent

  

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vesting on December 1, 2011, or if such shares had been sold, the Participant would pay to the Company the proceeds received from the sale of those 50 shares. 
 (c) In addition to the foregoing, if the Participant has realized any profits from the sale of other Company securities during the 12-month
period prior to the discovery of breach or financial impropriety referred to above, the Participant shall reimburse the Company for those profits to the extent required by the Company’s Clawback Policy. 
 (d) The Company shall have the right to offset future compensation – including at its sole discretion stock compensation – to
recover any amounts that may be recovered by the Company hereunder. 
 22. Miscellaneous. 
  

	 	(a)	This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as
well as to such rules and regulations as the Committee may adopt for administration of the Plan. The Committee shall have the right to impose such restrictions on any shares acquired pursuant to this Agreement, as it may deem advisable, including,
without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such shares are then listed and/or traded, under any blue sky or state securities laws applicable to such
shares. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the
Participant. 

  

	 	(b)	The Committee may terminate, amend, or modify the Plan and this Agreement under the terms of and as set forth in the Plan. 

  

	 	(c)	The Participant may elect, subject to any procedural rules adopted by the Committee, to satisfy the withholding requirement, in whole or in part, by having the Company
withhold and sell shares having an aggregate Fair Market Value on the date the tax is to be determined, equal to the amount required to be withheld, subject to the restrictions imposed by applicable securities laws and Company policies regarding
trading in its shares. 

 The Company shall have the power and the right to deduct or withhold from the
Participant’s compensation, or require him or her to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation), domestic or foreign, required by law to be withheld
with respect to any payout to him or her under this Agreement. 
  

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	 	(d)	The Participant agrees to take all steps necessary to comply with all applicable provisions of federal and state securities laws in exercising his or her rights under
this Agreement. 

  

	 	(e)	This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as
may be required. 

  

	 	(f)	This Agreement and the Plan constitute the entire understanding between the Participant and the Company regarding the RSUs granted hereunder. This Agreement and the
Plan supersede any prior agreements, commitments or negotiations concerning the RSUs granted hereunder. 

  

	 	(g)	All rights and obligations of the Company under the Plan and this Agreement, shall inure to the benefit of and be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

  

	 	(h)	To the extent not preempted by the laws of the United States, the laws of the State of Delaware shall be the controlling law in all matters relating to this Agreement
without giving effect to principles of conflicts of laws. 

  

	 	(i)	The Participant acknowledges and agrees that the Covenants and other provisions contained herein are reasonable and valid and do not impose limitations greater than
those that are necessary to protect the business interests and Confidential Information of the Company. The Company and the Participant agree that the invalidity or unenforceability of any one or more of the Covenants, other provisions, or parts
thereof of this Agreement shall not affect the validity or enforceability of the other Covenants, provisions, or parts thereof, all of which are inserted conditionally on their being valid in law, and in the event one or more Covenants, provisions,
or parts thereof contained herein shall be invalid, this Agreement shall be construed as if such invalid Covenants, provisions, or parts thereof had not been inserted. The Participant and the Company agree that the Covenants and other provisions
contained in this Agreement are severable and divisible, that none of such Covenants or provisions depend on any other Covenant or provision for their enforceability, that each such Covenant and provision constitutes an enforceable obligation
between the Company and the Participant, that each such Covenant and provision shall be construed as an agreement independent of any other Covenant or provision of this Agreement, and that the existence of any claim or cause of action by one party
to this Agreement against another party to this Agreement, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by any party to this Agreement of any such Covenant or provision.

  

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	 	(j)	If any of the provisions contained in this Agreement relating to the Covenants or other provisions contained herein, or any part thereof, are determined to be
unenforceable because of the length of any period of time, the size of any area, the scope of activities or similar term contained therein, then such period of time, area, scope of activities or similar term shall be considered to be adjusted to a
period of time, area, scope of activities or similar term which would cure such invalidity, and such Covenant or provision in its reduced form shall then be enforced to the maximum extent permitted by applicable law. 

  

	 	(k)	This Agreement is intended to satisfy the requirements of Section 409A of the Code and shall be construed accordingly. To the extent that any amount or benefit
that constitutes nonqualified deferred compensation under Section 409A of the Code, and that is not exempt under Section 409A, is otherwise payable or distributable to the Participant on account of separation from service (within the
meaning of Section 409A of the Code) while he or she is a specified employee (within the meaning of Section 409A of the Code), such amount or benefit shall be paid or distributed on the later of time for payment described in
Section 3 of this Agreement and that date which is six (6) months after such separation from service. 

  

	 	(l)	The parties agree that the mutual promises and covenants contained in this Agreement constitute good and valuable consideration. 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of the Date of Grant. 
  

			
	Mueller Water Products, Inc.
		
	By:	 	 
		 	Gregory E. Hyland
		 	Chairman, President, and
		 	Chief Executive Officer

  

					
	ATTEST:	 		 	
			
	  	 		 	  
		 		 	Participant

  

 11Co-Certification and Cooperation Contract

 Exhibit 10.48 
 **** INDICATES CONFIDENTIAL MATERIAL OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT AND FILED WITH THE SECURITIES AND EXCHANGE COMMISSION SEPARATELY WITH A REQUEST FOR CONFIDENTIAL TREATMENT.

 CO-CERTIFICATION AND COOPERATION CONTRACT 
 

 
 This agreement is made and entered into by and between the parties concerned on
co-certification and cooperation contract, 24th, Dec. 2009
on terms and conditions mutually agreed upon as follow: 
 

 
 1. The Parties Concerned 
 Party A: Jinko Solar Co. Ltd. 
 Address: Jingke Road, Xuri area, Shangrao, Economic Development
Zone, Jiangxi Province, China 
 Tel (86)-793-8461159 
 Fax (86)-793-8461152 
 Contact person: Ms zoe chou 
 Party B: Visel Placas SL 
 Address: C/ Gregal,
parcela 6, nave A, Pol. Raco, 46612 Corbera, Valencia, Spain 
 Tel: +34 962 956 397 
 Fax: +34 962 978 536 
 Contact person: Mr. Hugo
Vidal Huerta 
 1.

 
 

 
 

 
 

 (86)-793-8461159 
 

 (86)-793-8461152 
 

 Ms zoe chou 
 

 Visel Placas SL 
 

 C/ Gregal, parcela 6, nave A, Pol. Raco, 46612 Corbera, Valencia, Spain 
 

 +34 962 956 397 
 

 +34 962 978 536 
 

 Mr. Hugo Vidal Huerta 
  

 1 

 2. Appointment 
 Both parties agree to co-certification based on the TUV certifications with registration No: PV 60027062 and No: PV 60027770 from Jinko Solar. 
 2.

 
 

 
 3. References and details included in the new co-certifications 
 3.

 
 The co-certifications must include following details/references: 
 

 
 3.1 License holder: Visel Placas SL, Road Pla de Pou S/N, industrial zone La Guillema, 46184 San
Antonio de Benageber, Valencia, Spain. 
 3.2 

 Visel Placas SL, Road Pla de Pou S/N, industrial zone La Guillema, 46184 San Antonio de Benageber, Valencia, Spain. 
 3.2. Manufacturing plant: 
 3.2

 
 3.3 Type references: 
 3.3

 
 3.3.1. Modules with 72 mono-crystalline cells: VS160M-72, VS165M-72, VS170M-72, VS175M-72,
VS180M-72, VS185M-72, VS190M-72. 
 3.3.2. Modules with 96 mono-crystalline cells: VS200M-96, VS205M-96, VS210M-96, VS215M-96, VS220M-96,
VS225M-96, VS230M-96, VS235M-96, VS240M-96. 
 3.3.3. Modules with 60 polycrystalline cells: VS200P-60, VS205P-60, VS210P-60, VS215P-60,
VS220P-60, VS225P-60, VS230P-60, VS235P-60, VS240P-60. 
 4. Co-certification deals 
 4.

 
 Party A should negotiate and try all necessary terms and deal all necessary process in order to get
the co-certifications with Party B name (Visel Placas SL) and references mentioned in appointment article.(point.3) 
  

 2 

 

 
 5. Payment of the co-certification 
 5.

 
 The total cost of both co-certifications is twenty thousand Euros (****€.) (Final cost shall
be settled based upon the de-facto costs accrued). Party A should prove mentioned surplus costs with invoice, vouchers, etc...under no circumstances Party B will be charged with more than ****% of the agreed amount of (****€). Party B should
transfer the ****% in advance of the total mentioned amount. To the following account: 
 

 
 Bank:

 :) AGRICULTURAL BANK OF CHINA, SHANGRAO BRANCH 
 Beneficiary:

 JINKO SOLAR CO., LTD. 
 Account: 

 14360938040000031 
 Swift: 

 ABOCCNBJ140 
 When Party B receives a co-certification copy by e-mail should pay the remaining ****%
amount aforementioned. After Party A receives the ****% amount, it shall send the original co-certification by courier immediately to Party B. 
 

 
 6. Limit of time to get co-certification 
 6.

 
 Party A must get the co-certification maximum 40 working days since the date After received ****%
advance. 
 

 
 7. Exclusively buying 
 7.

 
 Party B can exclusively buy co-certificated modules from Party A. If Party B buys modules from
other suppliers other than Party A, Party A is entitled to ask the TUV organization to cancel Party B’s co-certifications. In case that Party B buys the modules from other company and sells to clients with the co-certification, Party A will not
be responsible for any module quality problem as well as the full loss arising from Party A’s TUV certification canceled by TUV organization. However, Party B shall take full responsibility for such losses set forth as below: 
 1.) Compensate Party A US$ **** (US$ ****) for the cost for of new TUV certification in addition to the compensation to Party A all the sales losses during
the period of obtaining aforesaid new certification. 
  
 **** Confidential material omitted and filed separately with the Commission. 
  

 3 

 2.) Pay breach penalty of **** (US$ ****) to Party A provided that Party B buys the modules from other
company and sells to clients with the co-certification. 
 

 
 8. Non-Exclusive sales 
 8.

 
 Party B can sale the co-certificated panels all around the world except USA and Canada with a
non-exclusive right authorized by Party A. Nevertheless, both Parties agree that Party A has no right to sell the modules branded as the co-certification mark under this Contract, Provided that Party A sells the co-certificated panels without the
knowledge and/or consent of Party B, who has the right to get a compensation of the total value of corresponding sales. 
 

 
 9. Use range 
 9.

 
 The co-certifications are only applicable for the modules that are OEM by Party A. If Party B uses
the co-certifications by other modules, Party A is entitled to ask the TUV organization to cancel Party B’s co-certifications. 
 

 
 10. Quality of the modules 
 10.

 
 Party A guarantees to produce the qualified modules under the TUV certification and must offer
competitive price. 
 

 
 All produced modules that do not match with TUV exigencies and/or TUV norm must be replace by Party A without
cost for Party B. 
  
 ****
Confidential material omitted and filed separately with the Commission. 
  

 4 

 

 
 The modules must include exactly the following characteristics: 
 

 
 SPECIFICATIONS 
  

															
	 Model Type
	  	VS-
160M-72	  	VS-
165M-72	  	VS-
170M-72	  	VS-
175M-72	  	VS-
180M-72	  	VS-
185M-72	  	VS-
190M-72
	 Maximum Power (Pmax)
	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp
	 Maximum Power Voltage (Vmp)
	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V
	 Maximum Power Current (Imp)
	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A
	 Open-Circuit Voltage (Voc)
	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V
	 Short-Circuit Current (Isc)
	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A
	 Module efficiency(%)
	  	****%	  	****%	  	****%	  	****%	  	****%	  	****%	  	****%
	 Diode Number
	  	****
	 Maximum System Voltage
	  	****V (UL) /****V (TUV

 VDE) DC
	 Maximum Series Fuse Rating
	  	****A
	 Power Tolerance
	  	****%
	 Temperature Coefficients of Pmax
	  	****%/°C
	 Temperature Coefficients of Voc
	  	****%/°C
	 Temperature Coefficients of Isc
	  	****%/°C
	 Nominal Operating Cell Temperature (NOCT)
	  	****°C

 STC: Irradiance 1000W/m2, Module Temperature 25°C, AM=1.5 
 Mechanical Properties 
  

			
	Cell Type	  	Monocrystalline ****mm JINKO
	No. of Cells	  	****
	Dimensions	  	****mm
	Weight	  	****kg
	Glass	  	****mm high transmisión, low iron, tempered
	Aluminum alloy frame	  	A**** anodized
	Junction box	  	IP****
	Cable	  	PVF-1 ****mm2 length ****mm

  
 **** Confidential material omitted and filed separately with the Commission. 
  

 5 

			
	Temp. cycling range	  	****°C - ****°C
	Humidity freeze, famp heat	  	****%RH
	Static load front and back	  	****Pascal
	Front Loading	  	****Pascal
	Hailstone impact resistance	  	****mm at ****m/s

 SPECIFICATIONS 
  

																			
	 Model Type
	  	VS-
200M-96	  	VS-
205M-96	  	VS-
210M-96	  	VS-
215M-96	  	VS-
220M-96	  	VS-
225M-96	  	VS-
230M-96	  	VS-
235M-96	  	VS-
240M-96
	 Maximum Power (Pmax)
	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp
	 Maximum Power Voltage (Vmp)
	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V
	 Maximum Power Current (Imp)
	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A
	 Open-Circuit Voltage (Voc)
	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V
	 Short-Circuit Current (Isc)
	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A
	 Module efficiency(%)
	  	****%	  	****%	  	****%	  	****%	  	****%	  	****%	  	****%	  	****%	  	****%
	 Diode Number
	  	****
	 Maximum System Voltage
	  	****V (UL) /****V (TUV

 VDE) DC
	 Maximum Series Fuse Rating
	  	****A
	 Power Tolerance
	  	****%
	 Temperature Coefficients of Pmax
	  	****%/°C
	 Temperature Coefficients of Voc
	  	****%/°C
	 Temperature Coefficients of Isc
	  	****%/°C
	 Nominal Operating Cell Temperature (NOCT)
	  	****°C

 STC: Irradiance 1000W/m2, Module Temperature 25°C, AM=1.5 
 Mechanical Properties 
  

			
	Cell Type	  	Monocrystalline ****mm JINKO
	No. of Cells	  	****
	Dimensions	  	****mm
	Weight	  	****kg
	Glass	  	****mm high transmisión, low iron, tempered
	Aluminum alloy frame	  	A**** anodized
	Junction box	  	IP****
	Cable	  	PVF-1 ****mm2 length ****mm

  
 **** Confidential material omitted and filed separately with the Commission. 
  

 6 

			
	Temp. cycling range	  	****°C - ****°C
	Humidity freeze, famp heat	  	****%RH
	Static load front and back	  	****Pascal
	Front Loading	  	****Pascal
	Hailstone impact resistance	  	****mm at ****m/s

 SPECIFICATIONS 
  

																			
	 Model Type
	  	VS-
200P-60	  	VS-
205P-60	  	VS-
210P-60	  	VS-
215P-60	  	VS-
220P-60	  	VS-
225P-60	  	VS-
230P-60	  	VS-
235P-60	  	VS-
240P-60
	 Maximum Power (Pmax)
	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp	  	****Wp
	 Maximum Power Voltage (Vmp)
	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V
	 Maximum Power Current (Imp)
	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A
	 Open-Circuit Voltage (Voc)
	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V	  	****V
	 Short-Circuit Current (Isc)
	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A	  	****A
	 Module efficiency(%)
	  	****%	  	****%	  	****%	  	****%	  	****%	  	****%	  	****%	  	****%	  	****%
	 Diode Number
	  	6
	 Maximum System Voltage
	  	****V (UL) /****V (TUV

 VDE) DC
	 Maximum Series Fuse Rating
	  	****A
	 Power Tolerance
	  	****%
	 Temperature Coefficients of Pmax
	  	****%/°C
	 Temperature Coefficients of Voc
	  	****%/°C
	 Temperature Coefficients of Isc
	  	****%/°C
	 Nominal Operating Cell Temperature (NOCT)
	  	****°C

 STC: Irradiance 1000W/m2, Module Temperature 25°C, AM=1.5 
 Mechanical Properties 
  

			
	Cell Type	  	Polycrystalline ****mm JINKO
	No. of Cells	  	****
	Dimensions	  	****mm
	Weight	  	****kg
	Glass	  	****mm, high transmisión, low iron, tempered
	Aluminum alloy frame	  	A**** anodized

  
 **** Confidential material omitted and filed separately with the Commission. 
  

 7 

			
	Junction box	  	IP****
	Cable	  	PVF-1 ****mm2 length ****mm
	Temp. cycling range	  	****°C - ****°C
	Humidity freeze, famp heat	  	****%RH
	Static load front and back	  	****Pascal
	Front Loading	  	****Pascal
	Hailstone impact resistance	  	****mm at ****m/s

 11. Guarantee 
 11.

 
 The guarantee of the mentioned product shall be exclusive responsibility of party A. 
 

 
 Party A warrants its MODULES to be free from defect in materials and workmanship, and satisfy the
specification issued by Party A when the MODULES be loaded to the containers and prepare to ship. 
 

 
 12.1. Limited Product Warranty 
 12.1 

 
 Under normal application, installation, use and service conditions, if MODULES fail to conform to this
limited product warranty due to defects in material or workmanship, then for a period ending 5 years from date of sale as shown in the invoice or Contract issued by Party A. Party A will, at its option, either repair or replace or refund the
purchase price as paid by the client for these defective MODULES. The repair or replacement or refund remedy shall be the sole and exclusive remedy provided under the “Limited Product Warranty” and shall not extend beyond the 5 years
period set forth herein. It will be performed directly to the direct client only. This “Limited Product Warranty” does not warrant a specific power output, which shall be exclusively covered under “Limited Peak Power Warranty” as
follows.
 

 
 12.2. Limited Peak Power Warranty  
 12.2 

 
 12 years
 12

 
  
 **** Confidential material omitted and filed separately with the Commission. 
  

 8 

 Under normal application, installation, use and service conditions, power output less
than ****% of the minimum Peak Power at STC as specified in Party’s A Product Information Sheet, provided that such loss in power is determined by Party A (at its sole and absolute discretion) to be due to defects in material or
workmanship. Within a period of twelve (12) years from the date shown in the invoice or the contract to the client, the client has the right to require the Limited Peak Power Warranty. 
 

 
 Party A will replace such loss in power by either providing additional MODULES to the client to complement
such loss in power, or by replacing the defective MODULES at the option of Party A. 
 

 
 25 years
 25

 
 Under normal application, installation, use and service conditions, power
output less than ****% of the minimum Peak Power at STC as specified in Party’s A Product Information Sheet, provided that such loss in power is determined by Party A (at its sole and absolute discretion) to be due to defects in material or
workmanship. Within a period of twenty-five (25) years from the date shown in the invoice or the contract to the client, the client has the right to require the Limited Peak Power Warranty. 
 

 
 Party A will replace such loss in power by either providing additional MODULES to the client to complement
such loss in power, or by replacing the defective MODULES at the option of Party A. 
 

 
 The remedies provided under the Limited Peak Power Warranty shall be the sole and exclusive remedies.

 

 
 13. Other conditions 
 13.

 
 If any module does not match with the characteristics mentioned in the point 10, party B has the
right to return the goods and party A will be obligated to replace the modules. 
 

 
 In case that Party B violates any regulation of TUV (including but not limited to: buying the module from
other company and sells to clients with the co-certification), further, Party B does not correct its behavior after Party A’s notification period (7 days), Party A has the right to get a full compensation of the total value of corresponding
sales damaged by Party B’s such breach. 
  
 **** Confidential material omitted and filed separately with the Commission. 
  

 9 

 

 
 14. Sales term conditions 
 14.

 
 The sales conditions must be agreed by both parties in each order and in other contract depending
on the photovoltaic market circumstances. 
 

 
 The panels price for the year 2010 will be (FOB Shanghai) **** € per watt. 
 In principle for the first cooperation year (2010),
the monthly supply quantity may comply with table 1. Visel Placas SL owns the rights to decline no more than ****% of the monthly supply quantity, but the overall quantity in 2010 shall not be less than 9 MW. If party B fails to complete the
prescribed minimum quantity (9MW), party A is entitled to be compensated for Eur**** 
 Jinko will provide the preferential price Eur****/W
based on negotiated price for the exceeding part on the premise that Visel Placas SL exceed the yearly sales target (20MW) 
 Payment term:
****% T/T in advance, ****% T/T balance paid upon receipt copied B/L and flash report sent by email or fax within **** days, or LC at sight. 
 

 
 

 
 

 
 

 
 Excel1: The plan for 2010 year. 
  
  
 **** Confidential material omitted and filed separately with the Commission. 
  

 10 

													
	 Month
	  	Jan.	  	Feb.	  	Mar.	  	Apr.	  	May.	  	Jun.
							
	 Delivered quantity (MW)
	  	****	  	****	  	****	  	****	  	****	  	****
							
	 Month
	  	Jul.	  	Aug.	  	Sep.	  	Oct.	  	Nov.	  	Dec.
							
	 Delivered quantity (MW)
	  	****	  	****	  	****	  	****	  	****	  	****

 

 
 The panel price will be increased or decrease accordingly to the augmentation or reduction (if so) of the
raw materials prices and proportionally to the ones used in the manufacturing of the panels (Silicium, EVA, aluminium and glass). 
 In case of
the price fluctuation of more than 5%, the price have to counsel again. 
 

 
 

 
 Party A affirm and promise that would not give in any case an overstate price. If no, Party A is obligated
to return all the costs of the co-certifications as mentioned in the appointment 6. 
 

 
 15. References on modules 
 15.

 
 Each module shall contain bar code or serial No., and label on the back side, Besides, the serial
number (bar code) of containing modules must be indicated on the outside of each carton. Each label will also include the panel’s power and Party’s B name (Visel Placas SL.) 
 

 
  
 **** Confidential material omitted and filed separately with the Commission. 
  

 11 

 Any reference from China or from Jinko Solar should appear in the packaging or in the modules. 

 
 16. Duration of the contract 
 16.

 
 The duration of the contract will be up to September 30 of 2014, date till the certification
is valid. 
 

 
 17. Reservation of production 
 17.

 
 Party A shall reserve minimum 20 megawatts from its total production capacity per year for
the panels under the co-certification. Party B isn’t obligated to buy the 20 megawatts but should Finish a Minimum quantity for one year of 9MW solar modules buy from party A. 
 

 
 18. Confidentiality 
 18.

 
 Both Parties agree to maintain confidentiality concerning the details of the Contract. The Parties
shall make provisions that employees and third parties, if any, entrusted with implementing the Contract are bound to this obligation of secrecy. This also applies to the presentation of this Contract for legal examinations or audits by legal
consultants and tax advisors, investors and banks. 
 

 
 19. Force Majeure 
 19.

 
 Neither the Export Agent nor the manufacturer shall be held responsible for failure or delay in
delivery of the entire lot or a portion of the goods under this Contract in consequence of any Force Majeure incidents which might occur. Force Majeure as referred to in this contract means unforeseeable, unavoidable and insurmountable objective
conditions. 
 

 
  

 12 

 20. Termination 
 20.

 
 Neither Party may cancel the Contract without the other Party’s agreement after this Contract
enters into force. Each Party should bear the whole loss of the other Party’s if one Party cancels the Contract without the other Party’s agreement. 
 

 
 If Party B violates the conditions under this agreement, Party A is entitled to ask the TUV organization to
cancel Party B’s co-certification. And Party B should compensate USD**** to Party A. And if Party A’s loss is more than the compensation, Party A is entitled to ask for Party B to bear all the loss. 
 

 
 21. Governing Law and Dispute Settlement 
 21.

 
 21.1. This Contract is governed by and construed in accordance with the United Nations
Convention on Contracts for the International Sale of Goods (CISG) and ICC Incoterms 2000 that do not conflict with the terms set forth in this document. Questions which are not expressly settled in Incoterms 2000 or in the CISG are to be settled in
conformity with those provisions of the Contract Law of the People’s Republic of China adopted and promulgated on March 15, 1999. 
 

 
 21.2. Any dispute arising from or in connection with this Contract shall be submitted to China
International Economic and Trade Arbitration Commission Shanghai Branch for arbitration which shall be conducted in accordance with the Commission’s arbitration rules in effect at the time of applying for arbitration. 
 

 
 The number of arbitrators shall be three (3). The seat, or legal place, of arbitration shall be Shanghai,
China. 
 

 
 The arbitral award is final and binding upon both Parties, the arbitration fee is on the losing party’s
account. 
 

 
  
 **** Confidential material omitted and filed separately with the Commission. 
  

 13 

 22. Final Provisions 
 22.

 
 22.1. Alterations and additions, if any, shall be made in writing. This also applies to
eliminating this stipulation on written form. 
 

 
 22.2. Should any stipulation of this Contract be or become invalid, this shall not affect the
validity of the remaining stipulations. The Parties undertake to replace the invalid stipulation with another, which is as close as possible in its economic effects to the stipulation to be replaced. This also applies to filling gaps in the
Contract. 
 

 
 

 
 22.3. Notification in accordance with this Contract, whatever its purpose, must be by recorded
delivery letter (registered mail) to the address mentioned on the top of this Contract, except if more simple terms of notification may be agreed by the Parties. 
 

 
 22.4. Neither Party may assign, transfer, or subcontract any of its rights or duties hereunder
without the prior written consent of the other Party.  
 

 
 22.5. Failure of the either Party to enforce any right hereunder shall in no way be construed as a
waiver of such right or any other right hereunder. 
 

 
 The Contract shall be made in Chinese and English in (2) originals, one (1) for the Buyer and one
(1) for the Seller. In case of discrepancy between the Chinese and English version, the English version shall prevail. In addition, this Contract shall become effective after signed by the Parties. Electronic signature is valid and accepted as
hand signature. 
 

 
  

					
	Jinko Solar Co., Ltd.	 	Visel Placas SL	 	
	

	 	  Visel Placas SL	 	
			
	/s/ Xiande Li	 	/s/ Hugo Vidal Huerta	 	
		
	

	 	Hugo Vidal Huerta

  

 14

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