EX-10.6



 Exhibit 10.6 

PENTAIR PLC 

COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS 

As Amended and Restated 

Effective as of the Re-domicile Date (as defined below) 







 SECTION 1 

BACKGROUND AND PURPOSE 

1.1 Background. Effective as of January 17, 1986, Pentair, Inc. adopted a Compensation Plan for Non-Employee Directors. The
Plan has been amended and restated several times since its adoption. 
 Notwithstanding anything to the contrary in the Plan, since
September 28, 2012, upon the consummation of the merger contemplated by the Merger Agreement, dated as of March 27, 2012, by and among Pentair, Inc., Tyco International Ltd., Pentair Ltd. (formerly known as Tyco Flow Control International
Ltd.), Panthro Acquisition Co. and Panthro Merger Sub, Inc., no further deferrals or matching contributions have been made under the Plan with respect to compensation earned after September 28, 2012. In connection with the merger, the
sponsorship of the Plan was transferred to Pentair Ltd. (the parent company of Pentair, Inc.) effective September 28, 2012. 
 On the
Re-domicile Date, Pentair Ltd. merged with and into Pentair plc, a newly formed Irish public limited company and direct subsidiary of Pentair Ltd. Pursuant to such merger, (a) each shareholder of Pentair Ltd. received one ordinary share of
Pentair plc in exchange for each Pentair Ltd. common share held immediately prior to the merger and (b) the Plan was assumed by Pentair plc effective as of the Re-domicile Date. 

1.2 Purpose. Pentair has created this Plan to permit its non-employee directors to defer all or a portion of their retainer and
meeting fees, together with earnings on such deferred compensation. 







 SECTION 2 

DEFINITIONS 
 Unless the
context clearly requires otherwise, when capitalized the terms listed below shall have the following meanings when used in this Section or other parts of the Plan: 

(a) “Account” is the account maintained under the Plan by the Administrator for each Director. 

(b) “Administrator” is Pentair. 

(c) “Board” is the Board of Directors of Pentair, as elected from time to time. 

(d) “Change in Control” is any one of the following: 
  


	 	(i)	When a Person, or more than one Person acting as a group, acquires more than fifty percent (50%) of the total fair market value or total voting power of Pentair’s stock; 


 

	 	(ii)	When a Person, or more than one Person acting as a group, acquires within a twelve (12) month consecutive period, ending with the date of the most recent stock acquisition, stock of Pentair possessing at least
thirty percent (30%) of the total voting power of Pentair’s stock; 

  

	 	(iii)	When a majority of the members of Pentair’s Board is replaced within a twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of such Board as
constituted before such appointment or election; or 

  

	 	(iv)	When a Person, or more than one Person acting as a group, acquires within a twelve (12) month consecutive period assets from Pentair or an entity controlled by Pentair that have a total gross fair market value
equal to seventy-five percent (75%) of the total fair market value of the assets of Pentair and all such entities. 

 Once a Person or
group acquires stock meeting the thresholds set forth in paragraphs (i) and (ii) immediately preceding, additional acquisitions of such stock by that Person or group shall be ignored in determining whether another Change in Control has
occurred. Asset transfers between or among controlled entities as determined before such transfers shall not be considered in applying paragraph (iv) immediately preceding. 

  
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 (e) “Code” is the Internal Revenue Code of 1986, as amended. 

(f) “Deferred Compensation” is an amount of Fees, meeting attendance fees and Equity Awards, the payment of which a Director
has elected to receive at some future time pursuant to the terms of the Plan, together with any matching contributions made by Pentair with respect to fees deferred. 

(g) “Director” is a member of the Board who is neither simultaneously also an employee of Pentair or a related company, nor an
individual rendering other services to Pentair or a related company as an independent contractor. The term also includes a former Director unless the context requires otherwise. 

(h) “Equity Awards” are awards granted to a Director under the Omnibus Incentive Plan prior to September 28, 2012, that
were designated as eligible to be deferred under this Plan in the award letter or other document evidencing such award. 
 (i) “Fair
Market Value” has the meaning ascribed in the Omnibus Incentive Plan. 
 (j) “Fees” are a Director’s annual
Board and Committee retainer and Committee chair and lead director fees and other similar amounts, other than Equity Awards, that the Director was permitted to defer hereunder prior to September 28, 2012. 

(k) “Investment Fund” is a deemed investment made available by the Administrator and selected (or deemed selected) by a
Director for purposes of crediting investment earnings and losses to his or her Account. Unless the Administrator determines otherwise, all Investment Funds made available under the RSIP that are also made available under the Pentair, Inc.
Non-Qualified Deferred Compensation Plan (or any successor plan thereto) shall automatically be considered Investment Funds hereunder. 
 (l)
“Omnibus Incentive Plan” is the Pentair, Inc. 2008 Omnibus Stock Incentive Plan, as it may be amended from time to time. 

(m) “Pentair” is Pentair plc, an Irish company. For periods prior to the Re-domicile Date, “Pentair” referred to
Pentair Ltd. and for periods prior to September 28, 2012, “Pentair” referred to Pentair, Inc. 
 (n) “Person”
is any individual, firm, partnership, corporation or other entity, including any successor (by merger or otherwise) of such entity, or a group of any of the foregoing acting in concert. 

(o) “Plan” is the Pentair plc Compensation Plan for Non-Employee Directors as described in this plan document, and as it may
be amended from time to time thereafter. 
 (p) “Plan Agent” is the entity duly appointed by Pentair to maintain Plan
Accounts. 

  
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 (q) “Re-domicile Date” is the effective date of the consummation of the merger
of Pentair Ltd. with and into Pentair plc. 
 (r) “RSIP” is the Pentair, Inc. Retirement Savings and Stock Incentive Plan,
as amended, or any successor plan thereto. 
 (s) “Separation from Service” has the meaning ascribed in Code section 409A.

 (t) “Share Unit” is a unit equal in value to one share of Stock. 

(u) “Share Unit Fund” is the Investment Fund described in Section 3.6, which is deemed invested in Stock. 

(v) “Stock” or “Share” is a registered ordinary, or prior to the Re-domicile Date, common, share of Pentair,
subject to any capital changes. 
 (w) “Unforeseeable Emergency” is a severe financial hardship to the Director resulting
from: an illness or accident to the Director or his or her spouse or tax-dependent; the loss of the Director’s home due to an uncompensated (by insurance or otherwise) casualty; and other similar extraordinary and unforeseeable circumstances
beyond the control of the Director. 
 (x) “Valuation Date” is, with respect to Investment Funds which correspond to funds
available under the RSIP, a date as of which such corresponding funds are valued under the RSIP; with respect to other Investment Funds, it is the last day of each Year and such other dates as are prescribed by the Administrator. 

(y) “Year” is the twelve (12) consecutive month period beginning January 1 and ending December 31. 

  
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 SECTION 3 

DEFERRAL OF FEES AND EQUITY AWARDS 

3.1 Eligibility. Prior to September 28, 2012, each Director was permitted to make a deferral election with respect to some
or all of the Fees or Equity Awards that related to service as a Director prior to September 28, 2012. Such deferral elections were governed by the terms of the Plan in effect on the date the deferral election was made. No further deferrals are
permitted under the Plan on or after the September 28, 2012. 
 3.2 Matching Contribution. Prior to the
September 28, 2012, Pentair made a matching contribution each month equal to fifteen percent (15%) of the amount of the fees the Director elected to defer under the terms of the Plan then in effect. 

3.3 Accounting for Deferred Compensation. (a) The Administrator shall cause the Plan Agent to establish an Account for each
Director who elected to participate in the Plan, which may include one or more sub-accounts to reflect amounts deferred for each Year. 
 (b)
Prior to August 1, 2014, all Deferred Compensation was allocated to Accounts as Share Units. Effective August 1, 2014, a Director’s Account shall be split into three sub-accounts for investment tracking purposes: (i) a
sub-account reflecting the Share Units arising from deferred cash Fees (“Cash Account”), (ii) a sub-account reflecting the Share Units arising from deferred Equity Awards or Equity Compensation (“Equity Award Account”), and
(iii) a sub-account reflecting the Share Units arising from dividends credited before August 1, 2014 (“Dividend Account”). 

(c) The portion of an Account attributable to a deferred Equity Award shall vest at the same time as the related Equity Award vests. All other
Deferred Compensation shall be immediately vested. Only vested Deferred Compensation shall be payable hereunder. 
 3.4 Reallocation
of Accounts. 
 (a) Effective August 1, 2014, a Director may elect to reallocate the balance credited to his or her Cash Account
and Dividend Account among the available Investment Funds in accordance with rules prescribed by the Administrator. An election under this Section 3.4 shall remain in effect unless changed by the Director; provided, however, that neither
Pentair nor the Plan Agent shall be obligated to purchase any investment designated by a Director. The reallocation of a Director’s Cash Account or Divided Account shall be appropriately credited as of the Valuation Date coincident with or next
following the effective date of the reallocation, in accordance with rules established by the Administrator or Plan Agent. Once a Director allocates amounts in the Director’s Cash Account or Dividend Account out of the Share Unit Fund into
another Investment Fund, he or she may not re-allocate such amounts back into the Share Unit Fund. 
 (b) Investment Funds are
“deemed” investments and used solely for purposes of determining the earnings and losses to be credited to a Director’s Cash Account or Dividend Account. The availability of Investment Funds for purposes of crediting earnings to a
Director’s Cash Account or Dividend Account is not a recommendation to designate a deemed investment in any one Investment Fund. The selection of deemed investments is solely the responsibility of


  
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each Director. No officer, employee or other agent of Pentair or the Plan Agent is authorized to advise or make any recommendation concerning the selection of Investment Funds and no such person
is responsible for determining the suitability or advisability of any such selection. 
 3.5 Allocation of Equity Awards; Share Unit
Fund. 
 (a) Purchase of Stock. Prior to September 28, 2012, the Plan Agent purchased Stock on the open market over the
course of one month with the Deferred Compensation funds received from Pentair. All Stock so purchased was allocated to Accounts as Share Units based on the average purchase price obtained over said monthly purchase period and held in a street name
or a nominee name. Cash dividends paid with respect to Stock purchased for purposes of the Plan shall be used to purchase additional Stock and allocated to the relevant Accounts as additional Share Units. Notwithstanding the foregoing, prior to
August 1, 2014, Stock purchased with cash dividends was allocated to the Dividend Account. 
 (b) Allocation of Equity Awards into
Share Unit Fund; No Investment Direction. If a deferred Equity Award related to Shares or was valued in relation to the Fair Market Value of a Share, the Director’s Account was credited with a number of Share Units equal to the number of
Shares or Share-related Equity Awards so deferred. If a deferred Equity Award was valued in relation to cash (such as dividend equivalents), then such deferred cash amount was used to purchase Stock as provided in subsection (a) and the related
number of Share Units was credited to the Director’s Account. A Director’s Equity Award Account shall remain invested in the Share Unit Fund; a Director may not re-allocate the balance of his or her Equity Award Account into any other
Investment Fund. 
 (c) Allocation of Dividends as Additional Share Units. If any dividends or distributions (other than in the form
of Shares) are paid on Shares while a Director has Share Units credited to his Account, then such Director shall be credited with additional Shares Units equal to the amount of the cash dividend paid or Fair Market Value of other property
distributed on one Share, multiplied by the number of Share Units credited to the Director’s Account on the date the dividend is declared. Any other provision of this Plan to the contrary notwithstanding, if a dividend is paid on Shares in the
form of a right or rights to purchase shares of capital stock of Pentair or any entity acquiring Pentair, then no additional Share Units shall be credited to the Director’s Account with respect to such dividend, but each Share Unit credited to
a Director’s Account at the time such dividend is paid, and each Share Unit thereafter credited to the Director’s Account at a time when such rights are attached to Shares, shall thereafter be valued as of any point in time on the basis of
the aggregate of the then Fair Market Value of one Share plus the then Fair Market Value of such right or rights then attached to one Share. 

(d) No Rights to Shares. No Director shall have voting or other ownership rights with respect to any Stock acquired for purposes of the
Plan. Stock purchased under the Plan by the Plan Agent shall be held by Pentair as an investment to assist Pentair in meeting its obligation to pay Deferred Compensation to Directors. 

3.6 Time of Distribution of Deferred Compensation. (a) General. Except as otherwise provided for in the Plan, or as
designated by the Director at the time a deferral election was made, the Director shall receive his or her entire vested Account balance allocable to a Year within ninety (90) days of the first to occur of the Director’s
(i) Separation from Service for any reason other than death, (ii) death, or (iii) a Change in Control. 

  
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 (b) Specific Dates of Distribution. A Director was able to elect to receive distribution
of his or her entire vested Account balance allocable to a Year as of one specific future date or one objectively determinable future event date (e.g., a Director’s sixty-fifth (65th) birthday). Such an election, once finally effective,
cannot be changed by the Director, except as permitted by Section 3.8. In the event of a Change in Control, a Director who has elected a specific future date or an objectively determinable future event date shall remain entitled to payment on
such date, regardless of whether a Change in Control shall first occur. In the event of the death of a Director prior to the date elected hereunder for a distribution, the entire vested Account balance shall be paid within ninety (90) days of
the date of such Director’s death. 
 (c) Distribution in Event of Death. In the event of a Director’s death, the vested
balance of such Director’s Account will be distributed to the beneficiary designated by the Director, or (if there shall be no such beneficiary designated) to the person who would have a right to receive such distribution by will or (if there
shall be no will) by the laws of descent and distribution of the state in which the Director was domiciled at death. Such distribution shall be made in a single payment, in cash and/or in Shares in accordance with Section 3.7. 

A beneficiary designation made by a Director shall remain in effect until such time as the Director files a new beneficiary designation with the
Administrator. Prior to distribution, the Administrator will verify the identity of the Director’s named beneficiary and such beneficiary will establish the right to receive distribution of any unpaid vested Deferred Compensation. 

3.7 Form of Distribution of Deferred Compensation. A Director’s vested Account shall be distributed in a single payment,
except as provided by Section 3.8. All payments made under a Director’s Account, other than from the Share Unit Fund, shall be made in cash. Payment from the Share Unit Fund shall be distributed in the form of Shares, with each whole Share
Unit being paid in the form of one Share. The Stock so distributed shall be either (a) deposited into the Director’s dividend reinvestment account, if any, in which case any fractional shares shall also be allocated to such account, or
(bi) delivered directly to said Director (or beneficiary in the case of the Director’s death), in which case the Plan Agent shall deliver a number of whole shares of Stock equal to the whole number of Share Units allocated to such
Director’s Account, and any fractional Share Units allocated to such Account shall be converted to cash using the then Fair Market Value, and the cash shall be delivered to the Director (or beneficiary in the case of the Director’s death).
Shares issued in payment of any deferred Equity Award shall be issued under the Omnibus Incentive Plan. 
 3.8 Later Payment Deferral
Elections. 
 (a) General. A Director whose Account balance for a particular Year is payable at Separation from Service or on
a specific payment date pursuant to Section 3.7(b) may, in accordance with the provisions of this Section 3.8, elect to change the date or form, or both, of payment of the vested Account balance allocable to that Year. No more than two
(2) such elections shall be allowed as to a particular Year’s Account balance. 

  
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 (b) Election Rules. The election change must (i) be made at least one (1) year
before the Director’s Separation from Service or before the then scheduled payment date, whichever is applicable, (ii) extend the payment date by five (5) or more years, and (iii) specify whether payment shall be made in a single
sum, or in annual installments over five (5) or ten (10) years. If annual installments over five (5) or ten (10) years is selected, then each such installment shall be determined by dividing the vested Account balance, as
determined before the payment date, to which the installment payment election applies by the number of years left in the installment period and the final installment shall include the remaining vested Account balance. The first annual installment
shall be paid on (or as soon as practicable after) the date selected by the Director, and the second year and later installments shall be paid on the anniversary date of the first installment (or as soon as practicable thereafter). 

  
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 SECTION 4 

4.1 Restricted Withdrawals. 

(a) General. A Director who is not otherwise then entitled to an immediate lump sum distribution may, upon a showing of an Unforeseeable
Emergency which cannot be satisfied by other available liquid assets, request a withdrawal from the Director’s vested Account balance, but excluding amounts allocated to the Share Unit Fund. An emergency withdrawal cannot be requested more
frequently than once each Year. 
 (b) Determination. The Administrator or its delegate shall determine whether the relevant facts and
circumstances represent an Unforeseeable Emergency and the amount necessary to satisfy such need. The Administrator may require such proof as it deems appropriate to evidence the existence of, and the amount necessary to satisfy, the emergency or
extraordinary circumstances, including a certification that the need cannot be relieved (i) through reimbursement from insurance or (ii) by reasonable liquidation of other assets (but such available assets shall be determined without
regard to the Director’s Account balance under the Plan). 
 (c) Time for Payment. Distributions pursuant to this Section 4
shall be made in cash within ninety (90) days after the withdrawal is approved by the Administrator. If a Director should die after requesting an emergency withdrawal, but prior to the distribution thereof, the withdrawal election shall be
deemed revoked. 
 (d) Administrator Discretion. Approval of an emergency withdrawal shall be in the sole discretion of the
Administrator, and no such approval shall be given if the Administrator determines that allowing such withdrawal may have an adverse tax consequence to Pentair, the Plan or other Directors. 

  
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 SECTION 5 

PLAN ADMINISTRATION 

5.1 Accounting. The Administrator shall assure that the following records are kept under the Plan for each Year for each
Director: 
 (a) whether the Director made an election to defer Fees or Equity Awards for the Year; 

(b) the amount or percentage of Fees or Equity Awards deferred; 

(c) the distribution election, if any, made by the Director, and the applicable Year’s account to which it relates; 

(d) the Year to which the deferred Fees or Equity Awards relate; and 

(e) the deemed investment elections made by the Director, if any. 

5.2 Costs. Pentair shall pay all commissions, service charges or other costs incurred with respect to the purchase of Stock for
purposes of the Plan. When any such Stock is sold with respect to a particular Account, the cost of any commissions, service charges or other costs incurred on account of such sale shall be debited from such Account. 

  
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 SECTION 6 

MISCELLANEOUS 
 6.1
Term of Plan. This restated Plan shall be effective on the Re-domicile Date, except as otherwise provided herein. The Plan shall remain in effect until all amounts deferred hereunder have been paid in full, unless earlier terminated by
the Board. If, in connection with the Plan termination, the Board desires to distribute all vested Account balances, such distribution shall be made in accordance with the Plan termination provisions of Code section 409A, to the extent applicable to
such vested Account balances. 
 6.2 Board Tenure. The fact that a Director has elected to participate in the Plan shall not
affect or qualify the right of the Board or of Pentair shareholders to remove such individual from the Board, consistent with the provisions of the Pentair Articles of Association or Organizational Regulations, or applicable provisions of Irish law.

 6.3 Code Section 409A. The Plan shall be administered in a manner consistent with Code section 409A and Treasury
Regulations thereunder. Any permissible discretion to accelerate or defer a Plan distribution under such regulations, the power to exercise which is not otherwise described expressly in the Plan, shall be exercised solely by the Administrator. The
distribution provisions of Section 3 are subject to exceptions or overrides in the discretion of the Administrator or its delegate, but not in the discretion of the Director concerned, as otherwise provided in the Plan or as allowed under Code
section 409A and the Treasury Regulations thereunder. 
 6.4 Delegation. To the extent permitted under Irish law, the
Administrator or the Board may delegate to officers of Pentair or its subsidiaries any or all of their duties, power and authority under the Plan, subject to such conditions or limitations as the Administrator or the Board, as applicable, may
establish. Notwithstanding the prior sentence, the Board may not delegate the power to amend or terminate the Plan. 
 6.5
Funding. The Plan is a non-qualified, unfunded and unsecured deferred compensation arrangement. Pentair may, but is not it required to, establish a trust to fund benefits provided to Directors hereunder, or to earmark or segregate assets
to provide for such benefits. In the event of default of payment hereunder by Pentair, the Directors shall have no greater entitlements or security than does an unsecured general creditor of Pentair. 

6.6 Nonalienability. Except as otherwise expressly provided herein or as otherwise required by law, no right or interest of any
Director or the beneficiary named by a Director under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, attachment, garnishment, execution, levy, bankruptcy or any other
disposition of any kind, either voluntarily or involuntarily, prior to actual receipt of payment by the person entitled to such right or interest under the provisions hereof, and any such disposition or attempted disposition shall be void. 

6.7 Facility of Payment. If the Administrator shall determine that a Director or a Director’s named beneficiary entitled to
a distribution hereunder is incapable of caring for his or her own affairs because of illness or otherwise, it may direct that any distribution from 

  
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such Director’s Account be made, in such amounts as it shall determine, to the spouse, child, parent or other blood relative of such Director or beneficiary, or any of them, or to such other
person or persons as the Administrator may determine, until such date as the Administrator shall determine such incapacity no longer exists; provided, however, the exercise of this discretion shall not cause an acceleration or delay in the time of
distribution of Plan benefits except to the extent, and only for the duration of, the time reasonably necessary to resolve such matters or otherwise protect the interests of the Plan. The Administrator shall be under no obligation to see to the
proper application of the distributions so made to such person or persons and any such distribution shall be a complete discharge of any liability under the Plan to such Director or beneficiary, to the extent of such distribution. 

6.8 Default. In the event Pentair shall fail to pay when due any Deferred Compensation, and such failure to pay continues for a
period of thirty (30) days from receipt of written notice of nonpayment from the affected Director, Pentair shall be in default hereunder and shall reimburse the Director for expenses incurred in the collection of such amount, including
reasonable attorneys’ fees. Pursuant to applicable provisions of Code section 409A, any such reimbursement must be paid to the affected Director not later than the end of the year following the year in which such expenses are incurred. Failure
to timely submit a claim for reimbursement of any such expenses shall result in the forfeiture of the claim. 
 6.9 Amendment or
Termination. The Plan may be amended or terminated at any time by the Board; provided that the rights of Directors accrued under the Plan through the date of such amendment or termination shall not be affected by such action without the
express written consent of those individuals. Nothing herein shall be construed to prevent any modification, alteration or amendment of the Plan which is required to comply with the provision of any applicable law or regulations relating to the
establishment or maintenance of this Plan. 
 6.10 Federal Securities and Other Laws. Notwithstanding anything in the Plan to
the contrary, and to the extent and for the time reasonably necessary to comply with federal securities laws (or other applicable laws or regulations), distribution dates under the Plan may be suspended, changed or delayed as necessary to comply
with such laws or regulations; provided, however, any distributions so delayed shall be paid to the Director, or a beneficiary named by a Director, as of the earliest date the Administrator determines such distribution will not cause a violation of
any laws or regulations. 
 6.11 Applicable Law. To the extent not preempted by applicable federal law, the Plan shall be
interpreted and construed in accordance with the substantive laws of the State of Minnesota, but without regard to any choice or conflict of law provisions thereof. Notwithstanding the foregoing, the validity of the issuance of Stock hereunder shall
be governed by the laws of Ireland. 
 6.12 Construction. The Administrator shall have full power and authority to interpret
and construe any provision of the Plan, to adopt rules and regulations not inconsistent with the Plan for purposes of administering the Plan with respect to matters not specifically covered in the Plan document and to amend and revoke any rules and
regulations so adopted. Except as otherwise provided in the Plan, any interpretation of the Plan and any decision on any matter within the discretion of the Administrator which is made in good faith by the Administrator shall be final and binding.


  
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 6.13 Indemnification. To the extent permitted by law, members of the Board shall be
indemnified and held harmless by Pentair with respect to any loss, cost, liability or expense that may reasonably be incurred in connection with any claim, action, suit or proceeding which may arise by reason of any act or omission under the Plan
which is taken within the scope of the Plan. Such indemnification shall cover any and all reasonable attorneys’ fees and expenses, judgments, fines and amounts paid on settlement, but only to the extent such amounts are (i) actually and
reasonably incurred, (ii) not otherwise paid or reimbursable under an applicable Pentair paid insurance policy, and (iii) not duplicative of other payments made or reimbursements due under other indemnity agreements. In no event shall this
Section 6.13 be construed to require Pentair to indemnify third parties with whom it may contract to perform administrative duties with respect to the Plan. 

6.14 Tax Withholdings and Consequences. (a) Tax Withholdings. Benefits earned under the Plan and payment of such
benefits shall be subject to tax reporting and withholding as required by law. The amount of such withholding may be determined by treating such benefits as being paid in the nature of supplemental wages. 

(b) Tax Consequences. Pentair does not represent or guarantee that any particular federal, foreign, state or local income, payroll or
other tax consequence will result from participation in this Plan or payment of benefits under the Plan. 
 6.15 Savings
Clause. If any term, covenant or condition of this Plan, or the application thereof to any person or circumstance, shall to any extent be held to be invalid or unenforceable, the remainder of this Plan, or the application of any such term,
covenant or condition to persons or circumstances other than those as to which it has been held to be invalid or unenforceable, shall not be affected thereby, and, except to the extent of any such invalidity or unenforceability, this Plan and each
term, covenant and condition hereof shall be valid and shall be enforced to the fullest extent permitted by law. 
 6.16
Interpretation. Section and subsection headings are for convenience of reference and not part of this Plan, and shall not influence its interpretation. Whenever any words are used in the Plan in the singular, masculine, feminine or neuter
form, they shall be construed as though they were also used in the plural, feminine, masculine or non-neuter form, respectively, in all cases where such interpretation is reasonable. 

6.17 Communications. Pentair or the Plan Agent may, unless otherwise prescribed by any applicable state or federal law or
regulation, provide the Plan’s prospectus, and any notices, forms or reports by using either paper or electronic means. 

  
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 SECTION 7 

TRANSITIONAL RULES 
 7.1
Grandfathered Deferred Compensation. All Fees and Equity Awards earned and vested prior to January 1, 2005 and subject to an election to defer payment made by a Director under applicable provisions of the Plan as in effect prior to
January 1, 2005, as adjusted for gains and losses thereon, are grandfathered amounts and are not subject to the provisions of Code section 409A. The terms of this Plan document apply to such grandfathered amounts except that (a) the
provisions of Appendix A govern, and supersede any conflicting provisions in the Plan document with respect to, the time and form of payment of such amounts and (b) the re-deferral provisions of Section 3.8 do not apply to such
grandfathered amounts. In addition, any reference in this Plan document to Code section 409A shall not apply to Fees and Equity Awards earned and deferred prior to January 1, 2005. 

7.2 Separate Accounting. For purposes of tracking Deferred Compensation which is treated as grandfathered for purposes of Code
section 409A, the Administrator and the Plan Agent shall assure that records as defined in Section 5.2 are kept in a manner as will clearly differentiate between Fees and Equity Awards earned and deferred prior to January 1, 2005, and Fees
and Equity Awards earned and deferred on or after January 1, 2005. 

  
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 APPENDIX A 

Time and Form of Payment for 

Grandfathered Amounts 
 As
provided in Section 7.1 of the Plan document, the terms of this Appendix A govern, and supersede any conflicting provisions in the Plan document with respect to, the time and form of payment of Fees and Equity Awards earned and deferred prior
to January 1, 2005, as adjusted for gains and losses thereon. 
 SECTION A-1 

DEFINITIONS 
 Unless the
context clearly requires otherwise, the terms listed below shall have the following meanings when capitalized ad used in this Appendix. 

(a) “Change of Control” means a change of control of Pentair as defined in the Key Executive Employment and Severance
Agreement between Pentair and key executives, as approved by the Board of Directors of Pentair, Inc. effective August 12, 2000. 
 (b)
“Equity Compensation” means the portion, if any, of a Director’s total compensation paid by Pentair which is accrued as additional Share Units and deferred for payment to the Director until such time as he or she is no longer a
member of the Board. 
 SECTION A-2 

TIME AND FORM OF DISTRIBUTION OF DEFERRED COMPENSATION 

A-2.1. Time of Distribution of Deferred Compensation . When a Director made an election to receive Deferred Compensation prior
to January 1, 2005, the Director also designated the time at which such Deferred Compensation will be paid, which election shall be irrevocable. 

The Director was permitted to elect the time he or she wished to receive payment of Deferred Compensation by selecting one or more of the
following options: 
 (i) On a specific date; 

(ii) Upon attainment of a specific age; or 

(iii) Upon the occurrence of a stated event, such as death, retirement from principal business activity, termination of services as a Director,
disability or any other event or occurrence stipulated by the Director and approved by the Administrator. 
 In the event a Director failed
to elect a time for payment of Deferred Compensation, the Deferred Compensation authorized for such Year shall be paid to the Director six (6) months after the date the individual ceases to be a Director, regardless of the reason Board service
ends. 
 A-2.2 Form of Distribution of Deferred Compensation. A Director’s Deferred Compensation Account shall be
distributed in a single payment. Payment shall be made in cash and/or Shares as provided in Section 3.7. 







 SECTION A-3 

TIME AND FORM OF DISTRIBUTION OF EQUITY COMPENSATION 

A-3.1 Time of Distribution of Equity Compensation. Prior to the date a Director became eligible to receive an award of Equity
Compensation, the Director made a one time, irrevocable election regarding the time and form of payment of all Equity Compensation which was awarded to the Director over his or her tenure on the Board prior to January 1, 2005. The Director was
permitted to elect to receive payment of Equity Compensation beginning on the later of the date he or she is no longer a Director or 

(i) a date specified by the Director, 

(ii) an age specified by the Director, 

(iii) upon the occurrence of an event specified by the Director and approved by the Administrator. 

No Director was permitted to elect a distribution date which will result in the Director receiving a distribution of Equity Compensation prior
to the date he or she ceases to be a member of the Board. In the event a Director failed to elect a time of distribution, then his or her Equity Compensation will be paid to the Director six (6) months after the date such individual ceases to
be a Director. 
 A-3.2 Form of Payment of Equity Compensation. At the same time as a Director made an election as to the time
of payment of Equity Compensation, he or she also elected the form in which such payments will be made. This election was a one-time, irrevocable election which shall apply to all Equity Compensation allocated to such Director’s Account prior
to January 1, 2005. 
 All Equity Compensation shall be paid as Stock in one of the following forms: 

(i) a single payment; 
 (ii)
annual installments paid over five (5) years; or 
 (iii) annual installments paid over ten (10) years. 

Such Stock shall be paid as provided in Section 3.7. In the event a Director shall fail to elect a form of distribution, then his or her
Equity Compensation shall be distributed in a single payment. 
 SECTION A-4 

DISTRIBUTION IN EVENT OF DEATH 

In the event of a Director’s death prior to the distribution of the entire balance in such Director’s Account, distribution of the
then unpaid Deferred and Equity Compensation allocated to such Director’s Account will be made in accordance with Section 3.6(c). 

  
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 SECTION A-5 

CHANGE IN CONTROL 

A-5.1 Effect on Directors or Former Directors. Upon a Change in Control (as defined in this Appendix A), and notwithstanding the
benefit elections previously made by the Director and other Plan provisions to the contrary, a Director shall receive all of his or her remaining Plan benefits governed by this Appendix A in a cash lump sum on the lump sum date unless such Director
timely elects otherwise in accordance with Section A-5.2. The lump sum date shall be the first business day of the third calendar month following the calendar month in which such Change in Control occurs, provided, however, for a Director in office
as of the date of the Change in Control, the lump sum date shall be the first business day of the third calendar month following the calendar month in which the Director leaves office. 

A-5.2 Election to Forego Lump Sum. A Director otherwise entitled to receive a lump sum pursuant to Section A-5.1 may elect to
forego payment of the lump sum if he or she so elects in writing and files such writing with the Administrator no later than thirty (30) days before the lump sum date. If a Director timely elects to forego the lump sum payment, such
Director’s Plan benefits shall be paid in accordance with the Director’s otherwise effective benefit elections and Plan provisions apart from this Section A-5 other than Section A-5.5. 

A-5.3 No Delay in Payment. Application of this Section A-5 shall not delay the date for payment of benefits as otherwise elected
by a Director or as otherwise provided under the Plan apart from this Section A-5. 
 A-5.4 Notice of Lump Sum Entitlement and
Election to Forego Lump Sum. No later than five (5) days following the date of the Change in Control, the Administrator shall cause a notice to be sent to all Directors to whom the provisions of this Section A-5 may apply. Such notice
shall be sent in a manner reasonably calculated to be actually and timely received by such Directors, and shall reasonably inform such Directors of the provisions of this Section A-5 and such Director’s rights and entitlements hereunder. In the
event such notice is not timey sent as to a Director, then at such Director’ election the lump sum date and the date for electing to forego such lump sum shall be appropriately adjusted to reflect the time periods that would have applied had
such notice been timely sent. 
 A-5.5 Treatment of Share Units. Upon a Change in Control, all Share Units then
allocated to the account of a Director shall be converted into a deferred compensation account maintained on behalf of and payable to each such Director. The deferred compensation account shall be initially credited with a dollar amount equal to the
value of the Share Units immediately before the Change in Control. Beginning with the day immediately following the Change in Control, and until the deferred compensation account as adjusted for interest thereon is fully paid to the Director, the
unpaid balance of the deferred compensation account shall be credited with interest. The rate of interest so credited shall be the greater of (i) seven percent (7%), compounded annually, and (ii) the large corporate under-payment interest
rate in effect from time to time pursuant to and determined in the manner prescribed under sections 6621(c)(1) and 6622(a), respectively, of the Internal Revenue Code of 1986 and any successor provisions thereto. For purposes of applying clause
(ii) immediately preceding, the date of the Change in Control shall be deemed the applicable date within the meaning of such section 6621(c). 

  
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 SECTION A-6 

SPECIAL RULES 
 This
Section A-6 applies to Mr. Charles A. Haggerty, and is effective as of May 18, 2014. Notwithstanding anything herein to the contrary, Mr. Haggerty’s Account under the Plan with respect to all deferrals made prior to
January 1, 2005 and earnings thereon shall be subject to Code section 409A, as amended, commencing on the effective date of this Section A-6. As a result thereof, the following provisions shall apply to Mr. Haggerty’s Account: 

 

	 	(i)	all payments due to be paid Mr. Haggerty upon his retirement or termination from the Board of Directors or similar event shall instead be paid to him as soon as practicable (but in no event more than ninety
(90) days) following his “separation from service” within the meaning of Code section 409A; 

  

	 	(ii)	all payments due upon Mr. Haggerty’s death under Section A-4 shall be paid in a lump sum within ninety (90) days following the date of his death, to Mr. Haggerty’s beneficiary(ies);


  

	 	(iii)	the election to forego a lump sum payment upon a Change in Control shall not apply, and a Change in Control shall be deemed to occur only if such event qualifies as a change in control within the meaning of Code section
409A; and 

  

	 	(iv)	The re-deferral provisions of Section 3.8 shall apply to his entire Account balance under the Plan. 


  
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