Document:

Exhibit 10.31

 

SEVERANCE AGREEMENT AND RELEASE OF CLAIMS

 

This Severance Agreement and Release
of Claims ("Agreement") is made by and between D. Anthony Peay ("Employee"), on the one hand, and Union Bank
& Trust ("Bank") and Union Bankshares Corporation ("UNION"), on the other hand (hereinafter the Bank and
UNION are individually and collectively referred to as the "Company").

 

WHEREAS, Employee's employment shall
cease on the Separation Date; and the Company desires to provide Employee with separation benefits in accordance with and subject
to Sections 4(d) and (f) of his existing Amended and Restated Employment Agreement, dated as of May 1, 2006 and amended as of December
31, 2008 ("Employment Agreement"), provided that Employee satisfies all terms and conditions for receiving such benefits,
as set forth in the Employment Agreement and herein; and

 

WHEREAS, Employee agrees, in exchange
for the promise of such separation benefits, to waive and release any and all claims Employee may have against the Company, to
covenant not to sue the Company, to comply with his continuing obligations under the Employment Agreement and the Amended and Restated
Management Continuity Agreement dated as of November 21, 2000 and amended as of December 31, 2008 ("Continuity Agreement"),
and to otherwise comply with the terms of this Agreement; and

 

NOW, THEREFORE, in consideration
of the mutual promises and releases contained herein, the sufficiency of which are hereby acknowledged, the parties agree as follows:

 

		1.	Severance and Benefits

 

		a.	Employee's employment by the Company will cease, effective August 31, 2017
                                                                                  ("Separation Date"), at which time Employee shall cease to be an employee for any purpose whatsoever and shall be
                                                                                  entitled to no payments or benefits except as provided herein.

 

		b.	Up to and including the Separation Date, Employee
shall perform such duties assigned to him and shall continue to be enrolled in all of the Company's benefits plans in which Employee
is enrolled as of the date this Agreement is presented to Employee.

 

		c.	Immediately following the Separation Date, Employee
shall have the right to elect to continue coverage under the Company's health and dental plan, in accordance with the health care
continuation coverage provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), and any other
applicable law.

 

    	 	1	 

     

    

 

 

		d.	No payments or benefits shall be due or owing under
this Agreement until the Effective Date, which shall be the eighth day after Employee signs this Agreement, so long as (i) Employee
has delivered this Agreement, and the Release referenced in Section 3.b. below, to the Company and not revoked them pursuant to
Section 8 below, and (ii) Employee’s employment with the Company has ceased pursuant to Section 1.a. above.

 

		e.	In consideration of Employee's execution of this Agreement
and his continued satisfaction of the conditions and obligations set forth in his Employment Agreement and herein, Employee shall
be entitled, in accordance with Section 4(d) of the Employment Agreement, to the benefits specified in Section 4(f) of the Employment
Agreement, subject to the terms and conditions thereof, as well as the benefits set forth herein. For avoidance of doubt, Employee
shall be entitled to the following payments and benefits, subject to the conditions and requirements of Section 4(f) of the Employment
Agreement and its subsections, and Employee's continued compliance with each of the covenants set forth in Section 5 of the Employment
Agreement:

 

		·	Subject to subsections 4(f)(i), (iii),
(v) and (vi) of the Employment Agreement and the six-month delay described below, the Company shall continue to pay Employee his
annual Base Salary (as defined in the Employment Agreement), which is $379,802 as of the Separation Date, for a period of two years,
in accordance with the same periodic dates as such salary payments would have been made had Employee's employment not terminated.
Such payments shall be subject to all withholdings required by law. In accordance with Section 4(f)(i) and (vi) of the Employment
Agreement, as Employee is a "Key Employee," payment of any amounts above otherwise due during the six-month period measured
from the Separation Date ("409A Deferral Period") shall be paid in one lump sum on the first day following the 409A Deferral
Period and all remaining payments shall be paid as originally scheduled.

 

		·	Subject to the terms and conditions
of subsections 4(f)(ii) and (iv) of the Employment Agreement, Employee's current medical and life insurance benefits under the
Company's plans will continue. In such case, (a) Employee will receive and pay for such benefits at the rates paid by active participants,
and (b) for twenty-four (24) months, commencing with the first premium payment due by the Company after the Effective Date, the
Company will continue to pay its portion of such medical and life insurance premiums. In no event shall Employee be entitled to
COBRA continuation coverage beyond the period permitted by the statute.

 

    	 	2	 

     

    

 

 

		·	Employee shall be eligible to receive
the Union Bank & Trust Management Incentive Plan award for 2017 prorated based on service during the year in accordance with
the terms and conditions in the Plan applicable to similarly situated employees and based solely on achievement of the corporate
financial metric goals provided for under the Plan relating to the calendar year ended December 31, 2017, less all applicable withholdings,
and payable on or before March 15, 2018. 

 

		f.	Employee shall receive payment for up to 40 hours
of accrued and unused paid time off, if any, as of the Separation Date, less all applicable withholdings, to be paid within 30
days following the Separation Date.

 

		g.	On the Separation Date, Employee shall vest in the
outstanding restricted stock awards as described in Exhibit A hereto (18,394 shares vesting in total). After the Separation Date,
Employee shall also receive a pro rata payout of Performance Share Units as set forth in Exhibit A based on actual performance
during the applicable performance period and payable after performance is certified. All stock options outstanding on the Separation
Date must be exercised within three months after the Separation Date, after which time they will be cancelled. Employee shall
forfeit all other unvested equity awards (whether or not such awards are listed in Exhibit A) on the Separation Date. With regard
to the restricted stock that vests, the value of such restricted stock at the time of vesting shall be taxable to Employee and
Employee shall be responsible for the payment of withholding taxes as provided in the applicable award agreement in accordance
with Employee's current election. With regard to the Performance Share Units that vest and are earned based on actual performance
(certified after the end of the applicable performance period), the value of any Performance Shares (as defined the applicable
award agreement) shall be taxable when paid to Employee and Employee shall be responsible for the payment of withholding taxes
as provided in the applicable award agreement.

 

		h.	After the Separation Date, the two Amended and Restated
Split Dollar Life Insurance Agreements made as of May 1, 2006 shall remain in full force and effect while Employee may not retain
the death benefit pursuant to a third Split Dollar Life Insurance Agreement made as of May 5, 2014, in accordance with the terms
set forth in such agreement.

 

		i.	Employee may retain possession, and Company shall
transfer ownership of Employee's Company vehicle, cellular phone, cellular phone number, and ipad within 30 days following the
Separation Date. Company shall include the Kelly Blue Book value of $32,303.00 for the vehicle in Employee's other income for
2017 reporting purposes and Employee is responsible for any tax liability to Employee including income tax, sales tax, registration
fees, personal property tax, and any other transfer and ownership taxes.

 

    	 	3	 

     

    

 

The consideration set forth in Section
1.e., g., h. and i. herein are additional consideration to which Employee would not have been otherwise entitled in the absence
of signing, delivering and not revoking this Agreement and the Release referenced in Section 3.b. below.

 

		2.	Condition of Payment/Transition Assistance.

 

Employee understands and agrees that he
shall continue to perform his duties as an employee of the Company, as reasonably directed by the Company, in a satisfactory
manner through the Separation Date. Employee shall, among other things, assist and fully cooperate with the Company in
transitioning his duties to others. Notwithstanding anything in this Agreement to the contrary, if Employee is terminated for
"Cause," as set forth in Section 4(c) of the Employment Agreement, prior to the Separation Date, his benefits shall
be limited to those set forth in Section 4(c) of the Employment Agreement and the Company shall have no further obligations
under this Agreement, the Employment Agreement and the Continuity Agreement.

 

		3.	Complete Release

 

		a.	In exchange for the additional consideration offered
by Company, as set forth in Section 1.e., g., h. and i. of this Agreement, Employee, on behalf of Employee and Employee's descendants,
ancestors, dependents, heirs, executors, administrators, attorneys, agents, assigns, personal representatives, and successors,
hereby covenants not to sue and voluntarily, unconditionally and fully releases, acquits, and forever discharges UNION and the
Bank, and any of their respective parents, subsidiaries and affiliates, as well as the respective owners, trustees, directors,
officers, agents, servants, employees, shareholders, representatives, agents, attorneys, assigns, and successors (collectively
referred to as the "Releasees") with respect to and from any and all claims, wages, rights, agreements, contracts, stock
plans, equity plans, covenants, actions, suits, causes of action, obligations, debts, expenses, attorneys' fees, damages, judgments,
orders, and liabilities of whatever kind or nature in law, equity, or otherwise, whether known or unknown, or suspected or unsuspected,
which Employee has at any time heretofore owned or held against the Releasees, including, without limitation, those arising out
of or in any way connected with Employee's employment relationship with the Company or Employee's termination of employment with
the Company, or any other transactions, occurrences, acts, or omissions or any loss, damage, or injury committed or omitted up
to and including the date of Employee's execution of this Agreement, and including, without limitation, claims for breach of contract,
libel, slander, wrongful discharge, intentional infliction of emotional harm, or other tort, or discrimination or harassment based
upon any federal, state, or municipal statute or local ordinance relating to discrimination in employment, including without limitation
age discrimination under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, 42 U.S.C. §
1981, the Americans with Disabilities Act, the Equal Pay Act, the Family and Medical Leave Act, the Older Workers Benefit Protection
Act, the Fair Labor Standards Act, the National Labor Relations Act, and the Employee Retirement Income Security Act.

 

    	 	4	 

     

    

 

In signing this Agreement, Employee is not releasing
any claims which may arise under the terms of this Agreement.

 

Employee acknowledges that this Agreement constitutes
a full settlement, release, and accord and satisfaction of all claims or potential claims by Employee covered by the release provision
of this Section 3, and all claims, rights and entitlements of Employee under all agreements, incentive plans, and stock and equity
plans, including the Employment Agreement, the Continuity Agreement, the Union Bank & Trust Management Incentive Plan, the
Union First Market Bankshares Corporation 2011 Stock Incentive Plan, the Union Bankshares Corporation Stock and Incentive Plan,
as amended and restated effective April 21, 2015, and all other plans or agreements. Employee also covenants not to sue or file
any complaint or claim against the Company with any court based on any act or omission arising or occurring prior to the date Employee
executes this Agreement, whether known or unknown at the time of execution. Employee also waives any right to recover in a civil
suit or proceeding brought against any of the Releasees by any governmental agency (including the EEOC) or any other individual
on Employee's behalf. Employee understands and acknowledges, however, that nothing herein shall preclude Employee from filing a
charge of discrimination with the applicable state or federal agencies, to the extent permitted by law, but Employee shall be entitled
to no monetary relief as a result thereof.

 

		b.	As a condition of receiving the payments and benefits
under this Agreement, Employee must, between the Separation Date and twenty-one days thereafter, sign, deliver to the Company,
and not revoke, the Release attached as Exhibit B.

 

		4.	Remedies

 

Any material breach by Employee
of his duties or obligations under this Agreement or the Employment Agreement shall give the Company the right to discontinue the
performance of its unperformed duties and obligations under this Agreement to the extent permitted by applicable law, and shall
entitle the Company to seek legal, injunctive or other equitable relief on account of such breach.

 

    	 	5	 

     

    

 

		5.	Confidentiality/Confidential Information

 

As provided in the Employment Agreement,
Employee shall keep all Confidential Information strictly confidential. "Confidential Information" shall include, without
limitation, information of the Company or its customers not generally available to the public that is disclosed to, known by, or
created, in whole or in part, by Employee as a consequence of or through Employee's past, present, or future associations with
Company, about:

 

		b.	Company's business activities and operations, including
without limitation, product specifications, data, know-how, software, samples, working models, plans, research, products, processes,
services, trade secrets, training materials, marketing activities and materials, strategic plans, and product development plans;

 

		c.	any information designated confidential or proprietary
by Company, including but not limited to information received by Company from a third party under an obligation of confidentiality;
any other information, however documented, whether or not marked confidential, as well as information concerning business and
affairs, which includes without limitation pricing and cost data, financial information, budgets and forecasts, non-public information
concerning names, backgrounds, and other information about Company's personnel, customer data and demographics, projected sales,
leases, and contracts, in any form, including written and oral, disclosed to Employee.

 

Employee shall not disclose Confidential
Information to any third party or use it in any fashion. If Employee faces legal action or is subject to legal proceedings requiring
disclosure of Confidential Information, prior to disclosing any such Confidential Information, Employee shall promptly notify Company
and shall cooperate with Company in contesting such request, or seeking a protective order with respect to such information, at
Company's sole cost and expense. The restrictions in this Section relating to "Confidential Information" shall remain
in effect for so long as is required by applicable law, including the Virginia Uniform Trade Secrets Act and bank privacy laws,
or five (5) years, whichever is greater.

 

Nothing in this Agreement restricts
or prohibits Employee or Employee's counsel from initiating communications directly with, responding to any inquiry from, volunteering
information to, or providing testimony before a self-regulatory authority or a governmental, law enforcement or other regulatory
authority, including the U.S. Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board,
the Department of Justice, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Congress, and
any Office of Inspector General (collectively, the "Regulators"), from participating in any reporting of, investigation
into, or proceeding regarding suspected violations of law, or from making other disclosures that are protected under or from receiving
an award for information provided under the whistleblower provisions of state or federal law or regulation. Employee does not need
the prior authorization of the Company to engage in such communications with the Regulators, respond to such inquiries from the
Regulators, provide confidential information or documents containing confidential information to the Regulators, or make any such
reports or disclosures to the Regulators. Employee is not required to notify the Employer that Employee has engaged in such communications
with the Regulators. Employee recognizes and agrees that, in connection with any such activity outlined above, Employee must inform
the Regulators that the information Employee is providing is confidential.

 

    	 	6	 

     

    

 

Federal law provides certain protections to
individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances.
Specifically, federal law provides that an individual shall not be held criminally or civilly liable under any federal or state
trade secret law for the disclosure of a trade secret under either of the following conditions:

 

		·	Where
the disclosure is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to
an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or

 

		·	Where
the disclosure is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

Federal law also provides that an individual who files a lawsuit
for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the
individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the
trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

 

		6.	Waiver

 

Any delay by Company in the enforcement
of any provision of this Agreement or any of Company's rights under this Agreement shall not be deemed to be a waiver of any such
provision or right, or an acceptance of or an acquiescence in any breach of Employee's duties or obligations under this Agreement.
No waiver shall bind Company unless supported by consideration and executed in writing and delivered to Employee by an authorized
officer of Company.

 

		7.	Indemnity Regarding Assignment of Claims

 

Employee represents and warrants that Employee
has not heretofore assigned or transferred, or purported to assign or transfer, to any person, entity, or individual whatsoever,
any of the claims released as set forth in Section 3 above. Employee agrees to indemnify and hold harmless the Releasees (as defined
in Section 3 above) against any claim, demand, debt, obligation, liability, cost, expense, right of action or cause of action based
on or arising out of any assignment.

 

    	 	7	 

     

    

 

		8.	Age Discrimination In Employment Act

 

Employee hereby acknowledges and
agrees that this Agreement and the termination of Employee's employment and all actions taken in connection therewith are in compliance
with the Age Discrimination in Employment Act and the Older Workers Benefit Protection Act and that the releases set forth in Section
3 hereof shall be applicable, without limitation, to any claims brought under these Acts or other laws. Employee further acknowledges
and agrees that:

 

		a.	The release given by Employee in this Agreement is
given solely in exchange for the additional consideration set forth in Sections 1.e., g., h. and i. of this Agreement and such
consideration is in addition to anything of value which Employee was entitled to receive in the absence of entering into this
Agreement;

 

		b.	By entering into this Agreement, Employee does not
waive rights or claims that may arise after the date this Agreement is executed;

 

		c.	Employee is hereby advised to consult an attorney
prior to entering into this Agreement, and this provision of the Agreement satisfies the requirement of the Older Workers Benefit
Protection Act that Employee be so advised in writing;

 

		d.	Employee has been permitted at least twenty-one (21)
days to review this Agreement prior to Employee's execution of this Agreement, and Employee can waive the twenty-one (21) day
period and execute this Agreement sooner, in which case the seven calendar day revocation period described below will begin on
the date of Employee's execution of this Agreement;

 

		e.	For a period of seven calendar days following Employee's
execution of this Agreement, Employee may revoke this Agreement by delivering in writing a notice of revocation to the Company's
Human Resources Department or by placing such a written notice in the mail to the Company's Human Resources Department with a
postmark dated within seven calendar days of the date this Agreement was signed, and this Agreement shall not become effective
or enforceable until such seven day period has expired, and the conditions of Section 1.d. above have been satisfied.

 

		9.	Entire Agreement/Continuing Obligations Under Employment
Agreement

 

This Agreement constitutes and contains
the entire agreement and understanding of the parties regarding the subject matters addressed herein and supersedes and replaces
all prior negotiations and all prior agreements proposed or otherwise, whether written or oral, concerning the subject matter hereof;
provided, however, the parties agree that nothing herein affects the rights of the Company to enforce its rights under the Employment
Agreement, which remain in full force and effect. In addition, Employee's continuing obligations to the Company under the following
provisions of the Employment Agreement remain in full force and effect: Sections 4(d), 4(f), 5, 7, 10, 11, and 13, and all their
subparts and subsections.

 

    	 	8	 

     

    

 

		10.	Resignation of Other Positions

 

Effective upon the Separation Date,
Employee shall be deemed to and should have resigned from all positions Employee holds as an officer of the Company or a member
of the Board of Directors (or any committee thereof) of the Company or any affiliate.

 

		11.	Governing Law

 

This Agreement shall be governed
by and subject to the laws and exclusive jurisdiction and venue of the courts of the Commonwealth of Virginia. Any lawsuit arising
out of this Agreement or the Employment Agreement shall be filed in the Circuit Court of Henrico County, Virginia, or if jurisdiction
is appropriate, the United States District Court for the Eastern District of Virginia, Richmond Division, at the option of the
Company, and Employee waives all objections as to venue.

 

		12.	Severability

 

In the event one or more of the provisions
of this Agreement shall for any reason be held to be illegal or unenforceable, the remaining provisions of this Agreement shall
remain in full force and effect.

 

		13.	Successors

 

The Company will require any successor
(whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business and/or assets of the
Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would
be required to perform it if no such succession had taken place.

 

		14.	Knowledgeable Decision
By Employee

 

Employee represents and warrants
Employee has read all the terms of this Agreement. Employee understands the terms of this Agreement and understands that this Agreement
releases forever the Company from any legal action as described in Section 3 above. Employee is signing and delivering this Agreement
of Employee's own free will in exchange for the consideration to be given to Employee, which Employee acknowledges and agrees is
adequate and satisfactory.

 

Signatures appear on the following page

 

    	 	9	 

     

    

 

	EMPLOYEE	 
	 	 
	/s/ D. Anthony Peay	 
	D. Anthony Peay	 
	 	 
	Date:  June 5, 2017	 
	 	 
	UNION BANK & TRUST	 
	 	 
	By:	/s/ John C. Asbury 	 
	 	John C. Asbury	 
	 	Title: President/CEO	 
	 	 	 
	Date:  June 5, 2017	 
	 	 	 
	UNION BANKSHARES CORPORATION	 
	 	 
	By:	/s/ John C. Asbury	 
	 	John C. Asbury	 
	 	Title: President/CEO	 

 

Date: June 5, 2017

 

    	 	10	 

     

    

 

Exhibit A

to Severance Agreement and Release of Claims

 

Restricted Stock Awards 

 

	 	 	Outstanding # 
 Shares	 	Grant Date	 	Original 
 Vest Date
	2014 LTIP	 	 	1,202	 	 	2/27/2014	 	2/27/2018
	2015 LTIP	 	 	1,417	 	 	2/26/2015	 	2/26/2018
	2015 LTIP	 	 	1,416	 	 	2/26/2015	 	2/26/2019
	2015 Retention	 	 	1,519	 	 	7/31/2015	 	7/31/2017
	2015 Retention	 	 	3,039	 	 	7/31/2015	 	7/31/2018
	2015 Retention	 	 	1,920	 	 	12/10/2015	 	12/10/2018
	2015 Retention	 	 	1,919	 	 	12/10/2015	 	12/10/2019
	2016 LTIP	 	 	1,834	 	 	2/25/2016	 	2/25/2019
	2016 LTIP	 	 	1,834	 	 	2/25/2016	 	2/25/2020
	2017 LTIP	 	 	1,147	 	 	2/23/2017	 	2/23/2020
	2017 LTIP	 	 	1,147	 	 	2/23/2017	 	2/23/2021

 

Performance Share Units

 

	 	 	 	 	 	 	 	 	 	 	Pro rata
	 	 	Target #	 	Performance	 	Performance	 	Proration	 	Target #
	 	 	Shares	 	Start	 	End	 	Percentage	 	Shares*
	2015 LTIP	 	 	2,857	 	 	 	1/1/2015	 	 	 	12/31/2017	 	 	 	 	 	 	 	 	 
	2016 LTIP	 	 	3,668	 	 	 	1/1/2016	 	 	 	12/31/2018	 	 	 	 	 	 	 	 	 
	2017 LTIP	 	 	2,294	 	 	 	1/1/2017	 	 	 	12/31/2019	 	 	 	 	 	 	 	 	 

 

*Number of shares paid will depend upon actual performance

 

    	 	11	 

     

    

 

RELEASE

 

In exchange for the additional consideration
offered by Union Bank & Trust (“Bank”) and Union Bankshares Corporation (“Union”) (collectively, the
Bank and Union are individually and collectively referred to as the “Company”), as set forth in Sections 1.e., g.,
h. and i. of the “Severance Agreement and Release of Claims” (“Agreement”) to which this Release is attached
as Exhibit B, Employee, on behalf of Employee and Employee's descendants, ancestors, dependents, heirs, executors, administrators,
attorneys, agents, assigns, personal representatives, and successors, hereby covenants not to sue and voluntarily, unconditionally
and fully releases, acquits, and forever discharges UNION and the Bank, and any of their respective parents, subsidiaries and affiliates,
as well as the respective owners, trustees, directors, officers, agents, servants, employees, shareholders, representatives, agents,
attorneys, assigns, and successors (collectively referred to as the "Releasees") with respect to and from any and all
claims, wages, rights, agreements, contracts, stock plans, equity plans, covenants, actions, suits, causes of action, obligations,
debts, expenses, attorneys' fees, damages, judgments, orders, and liabilities of whatever kind or nature in law, equity, or otherwise,
whether known or unknown, or suspected or unsuspected, which Employee has at any time heretofore owned or held against the Releasees,
including, without limitation, those arising out of or in any way connected with Employee's employment relationship with the Company
or Employee's termination of employment with the Company, or any other transactions, occurrences, acts, or omissions or any loss,
damage, or injury committed or omitted up to and including the date of Employee's execution of this Release, and including, without
limitation, claims for breach of contract, libel, slander, wrongful discharge, intentional infliction of emotional harm, or other
tort, or discrimination or harassment based upon any federal, state, or municipal statute or local ordinance relating to discrimination
in employment, including without limitation age discrimination under the Age Discrimination in Employment Act, Title VII of the
Civil Rights Act of 1964, 42 U.S.C. § 1981, the Americans with Disabilities Act, the Equal Pay Act, the Family and Medical
Leave Act, the Older Workers Benefit Protection Act, the Fair Labor Standards Act, the National Labor Relations Act, and the Employee
Retirement Income Security Act.

 

In signing this Release, Employee
is not releasing any claims which may arise under the terms of the Agreement.

 

     

     

    

 

Employee acknowledges that this
Release constitutes a full release, and accord and satisfaction of all claims or potential claims by Employee, and all claims,
rights and entitlements of Employee under all agreements, incentive plans, and stock and equity plans, including his Amended and
Restated Employment Agreement, dated May 1, 2006 and amended as of December 31, 2008, the Amended and Restated Management Continuity
Agreement dated November 21, 2000 and amended as of December 31, 2008, the Union Bank & Trust Management Incentive Plan, the
Union First Market Bankshares Corporation 2011 Stock Incentive Plan, the Union Bankshares Corporation Stock and Incentive Plan,
as amended and restated effective April 21, 2015, and all other plans or agreements. Employee also covenants not to sue or file
any complaint or claim against the Company with any court based on any act or omission arising or occurring prior to the date Employee
executes this Release, whether known or unknown at the time of execution. Employee also waives any right to recover in a civil
suit or proceeding brought against any of the Releasees by any governmental agency (including the EEOC) or any other individual
on Employee's behalf. Employee understands and acknowledges, however, that nothing herein shall preclude Employee from filing a
charge of discrimination with the applicable state or federal agencies, to the extent permitted by law, but Employee shall be entitled
to no monetary relief as a result thereof.

 

a.           The
Release given by Employee is given solely in exchange for the additional consideration set forth in Sections 1.e., g., h. and i.
of the Agreement to which this Release was initially attached as Exhibit B and such consideration is in addition to anything of
value which Employee was entitled to receive prior to entering into this Release;

 

b.           By
entering into this Release, Employee does not waive rights or claims that may arise after the date this Release is executed;

 

c.           Employee
has been advised to consult an attorney prior to entering into this Release, and this provision of the Release satisfies the requirements
of the Older Workers Benefit Protection Act that Employee be so advised in writing;

 

d.           Employee
has been permitted at least twenty-one (21) days from the date of his separation from the Company within which to consider whether
to sign this Release, and Employee can waive the twenty-one (21) day period and execute this Release sooner, in which case the
seven calendar day revocation period described below will begin on the date of Employee’s execution of this Release; and

 

e.           For
a period of seven (7) days following Employee’s execution of this Release, Employee may revoke this Release by delivering
in writing a notice of revocation to the Company’s Human Resources Department or by placing such a written notice in the
mail to the Company’s Human Resources Department with a postmark dated within seven calendar days of the date this Release
was signed, and this Release shall not become effective or enforceable until such seven day period has expired.

 

	 	 	 
	Date	 	D. Anthony Peay

 

    	 	2EX-10.1

 Exhibit 10.1 

CONFIDENTIAL SEPARATION AGREEMENT 

This CONFIDENTIAL SEPARATION AGREEMENT (“Agreement”) is made and entered into by and between Dennis J. Cassidy Jr.
(“Employee”) and Pentair Management Company on behalf of itself, its predecessors, subsidiaries and affiliated entities (collectively “Company”). 

WHEREAS, Employee has been on an expatriate assignment in Schaffhausen, Switzerland, most recently as President, Pentair Valves &
Controls, with the terms and conditions of his at-will employment governed by the Offer Letter dated February 18, 2016, 
 WHEREAS, the
parties wish to confirm their mutual understanding regarding Employee’s repatriation to the United States and the conclusion of his employment with the Company subject to the terms and conditions of this Agreement. 

WHEREAS, the Pentair Valves & Controls Business Unit is in the process of being acquired by Emerson Electric Co. and as a result of
this sale, Employee’s employment with the Company shall end on May 1, 2017 (“Separation Date”), and the parties now wish to set forth their mutual understanding and agreement with respect to: (i) the process for and
conditions of Employee’s repatriation to the United States and (ii) Employee’s separation of employment from the Company. 

WHEREFORE, for good and valuable consideration, the parties agree as follows: 

1. Separation Payment and Other Benefits. The parties have agreed that Employee’s employment will end on the Separation Date.
Employee shall continue to receive his base salary through the Separation Date. Further, provided Employee executes this Agreement does not exercise his right of rescission pursuant to Section 7, and subject to the conditions of this Agreement,
the Company shall pay Employee the total sum of $1,649,000.00, less applicable withholdings (the “Separation Payment”). The Separation Payment shall be paid as follows: (a) a first installment of $485,000.00 less withholdings, to be
paid within twenty (20) days following Employee’s delivery of the signed Release to the Company following the Separation Date, and (b) a conditional second installment of $1,164,000.00 less withholdings, payable on or before
February 1, 2018, provided Employee has remained in strict compliance with his obligations under this Agreement. 
 The parties acknowledge and agree
that the purpose and intent of the Separation Payment is for such amount to be inclusive of any end of service gratuity or pay in lieu of notice to which Employee might otherwise be entitled under the laws of any jurisdiction, including the laws of
Switzerland. In other words, by amicably entering into this Agreement and accepting the offered benefit of the Separation Payment and the other lucrative financial benefits set forth in this Agreement, Employee agrees that any rights he might
otherwise have under laws of Switzerland, including any potential right to receive an end of service gratuity or pay in lieu of notice, any other contractual severance entitlement, or any cash severance payment under any Company severance policy,
practice or agreement, are being fully satisfied. 

  
 1 

 Further, provided Employee does not exercise his right of rescission under Section 7, the Company will pay
to Employee an additional lump sum of $31,036, less applicable withholdings (the “COBRA Subsidy”), which Employee may use toward the cost of future health insurance premiums or for other purposes. The COBRA Subsidy will be paid to Employee
at the same time the first installment of the Separation Payment is made. 
 As a participant in the Pentair Management Incentive Plan (“MIP”),
Employee will receive a prorated MIP bonus award for the 2017 year, based upon the Separation Date, subject to the terms and conditions of the MIP, with any payment earned under the MIP for the 2017 year payable in March 2018 at the same time other
eligible participants in the MIP receive earned payments attributable to the 2017 year. Such MIP bonus amount will be calculated using Employee’s base salary in effect as of the Separation Date and based upon the measures and goals for Pentair
Corporate, in accordance with the terms and conditions of the MIP. Further, provided Employee does not exercise his right of rescission under Section 7, then when the Company performs the 2017 year-end calculation in order to calculate the
amount of the bonus payment for the 2017 year under the MIP, the SDF metric under the MIP shall be set at 100% of target, if applicable. Employee acknowledges that he has received his MIP bonus amount for 2016 and that no further amounts are owed by
the Company to Employee for the 2016 MIP bonus. 
 The parties acknowledge that Employee will receive pay for his accrued and unused vacation remaining (if
any) as of the Separation Date with or without this Agreement. Employee understands and agrees that, except as provided above and in Section 10 below, he has no rights to or claims under any other bonus or incentive compensation plans of any
type, including, but not limited to, the Pentair Management Incentive Plan, the Omnibus Stock Incentive Plan, the 2008 Omnibus Stock Incentive Plan, the 2012 Stock and Incentive Plan, the Flexible Perquisite Plan, the Pentair plc Employee Stock
Purchase and Bonus Plan, the Pentair, Inc. Supplemental Executive Retirement Plan (together with its predecessors, the “SERP”), the Pentair Inc. Deferred Compensation plan (referred to as the “Sidekick Plan”), the Pentair, Inc.
Retirement Savings and Stock Incentive Plan (the “401(k) Plan”), or any successor plans thereto, or any plans of employers acquired by the Company with respect to options, restricted stock, restricted stock units or performance units. The
Omnibus Stock Incentive Plan, the 2008 Omnibus Stock Incentive Plan, the 2012 Stock and Incentive Plan, or any successor plans thereto, and any other plans of employers acquired by the Company under which Employee holds vested or unvested options,
restricted stock, restricted stock units or performance units, are in the aggregate called the “Pentair Equity Plans” and the document(s) establishing the terms and conditions of the grants under the Pentair Equity Plans are called the
“Terms & Conditions” in this Agreement. Provided Employee does not exercise his right of rescission under Section 7, the Company agrees that Employee’s options, restricted stock, restricted stock units or performance
units under the Pentair Equity Plans, if any, will be treated in accordance with Section 10 of this Agreement. 
 2. Discharge of
Claims. In exchange for the benefits provided in this Agreement, the amended sale incentive bonus, and the benefits described in Section 9 of this Agreement, Employee, on behalf of himself, his agents, representatives, attorneys, assignees,
heirs, executors, and administrators, hereby covenants not to sue and hereby releases and forever discharges the Company, and its past and present employees, agents, insurers, officials, officers, directors, divisions, parents (including Pentair
plc), subsidiaries, predecessors and successors, 

  
 2 

 
and all affiliated entities and persons, and all of their respective past and present employees, agents, insurers, officials, officers, and directors from any and all claims and causes of action
of any type arising, or which may have arisen, out of or in connection with his employment or the separation of his employment with the Company, including but not limited to claims, demands or actions arising under the National Labor Relations Act,
Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Age Discrimination in Employment Act of 1967 as amended by the Older Workers Benefit Protection Act, the Equal Pay Act, 42 U.S.C. § 1981,
the Sarbanes-Oxley Act, the Dodd–Frank Wall Street Reform and Consumer Protection Act, the Fair Credit Reporting Act, the Vocational Rehabilitation Act, the Family and Medical Leave Act, the Worker Adjustment and Retraining Notification Act,
the Fair Labor Standards Act, the Lily Ledbetter Fair Pay Act of 2009, the Americans with Disabilities Act, the Rehabilitation Act of 1973, the Genetic Information Nondiscrimination Act, the Immigration Reform and Control Act of 1986, the Civil
Rights Act of 1991, the Occupational Safety and Health Act, the Consumer Credit Protection Act, the American Recovery and Reinvestment Act of 2009, the Asbestos Hazard Emergency Response Act, Employee Polygraph Protection Act, the Uniformed Services
Employment and Reemployment Rights Act, the Minnesota Human Rights Act, the Minnesota Equal Pay for Equal Work Law, the Minnesota Fair Labor Standards Act, the Minnesota Labor Relations Act, the Minnesota Occupational Safety and Health Act, the
Minnesota Criminal Background Check Act, the Minnesota Lawful Consumable Products Law, the Minnesota Smokers’ Rights Law, the Minnesota Parental Leave Act, the Minnesota Adoptive Parent Leave Law, the Minnesota Whistleblower Act, the Minnesota
Drug and Alcohol Testing in the Workplace Act, the Minnesota Consumer Reports Law, the Minnesota Victim of Violent Crime Leave Law, the Minnesota Domestic Abuse Leave Law, the Minnesota Bone Marrow Donation Leave Law, the Minnesota Military and
Service Leave Law, the Minnesota Minimum Wage Law, the Minnesota Drug and Alcohol Testing in the Workplace Act, Minn. Stat. 176.82, Minnesota Statutes Chapter 181, the Minnesota Constitution, Minnesota common law, or any other agreement between the
Company and Employee, and all other applicable foreign, state, county and local ordinances, statutes and regulations, including the laws of Switzerland. Employee further understands that this discharge of claims extends to, but is not limited to,
all claims which he may have as of the date of this Agreement based upon statutory or common law claims for defamation, libel, slander, assault, battery, negligent or intentional infliction of emotional distress, negligent hiring or retention,
breach of contract, retaliation, whistleblowing, promissory estoppel, fraud, wrongful discharge, or any other theory, whether legal or equitable, and any and all claims for wages, salary, bonuses, commissions, damages, attorney’s fees or costs.
Employee acknowledges that this release includes all claims that he is legally permitted to release, and as such, does not apply to any vested rights under the Company’s retirement plans, nor does it preclude him from filing an administrative
charge with a government agency, though he may not recover any damages or receive any relief from the Company if he does file such a charge. 

3. Confidential Information Acquired During Employment. Employee agrees that he will continue to treat, as private and privileged, any
information, data, figures, projections, estimates, marketing plans, customer lists, lists of contract workers, tax records, personnel records, accounting procedures, formulas, contracts, business partners, alliances, ventures and all other
confidential information which Employee acquired while working for the Company. Employee agrees that he will not release any such information to any person, firm, corporation or other entity at any time, except as may be required by law, or as
agreed to in writing by the Company. Employee acknowledges that any violation of this non-disclosure provision shall entitle the Company to appropriate injunctive relief and to any damages which it may sustain due to the improper disclosure. 

  
 3 

 Immunity from Liability: Employee shall not be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and is made solely for the purpose of reporting or
investigating a suspected violation of law. The same immunity will be provided for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An
individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding if the individual
files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. 
 4.
Confidentiality, No Disparaging Remarks. Employee represents and agrees that he will keep the terms and facts of this Agreement completely confidential, and that he will not disclose any information concerning this Agreement to anyone, except
for his counsel, tax accountant, financial advisor or state or federal tax agencies, spouse or except as may be required by law or agreed to in writing by the Company or as otherwise required for Employee to enforce or defend his rights hereunder.
Further, Employee shall not make any disparaging remarks of any sort or otherwise communicate any disparaging comments about the Company, its managers, officers or directors, or about any of the other released persons or entities identified in
Section 2 to any other person or entity. The Company, for its part, agrees that its managers, officers and directors shall not make any disparaging remarks of any sort or otherwise communicate any disparaging comments about Employee to any
other person or entity. 
 5. Cooperation and Certification and Details of Repatriation. The parties agree that Employee will cease
receiving salary after the Separation Date, but will be reasonably available for consultation and assistance on Company business matters on a limited, as-requested basis, so long as the requested cooperation does not unreasonably disrupt new work or
personal commitments. Further, at the request of the Company, Employee will cooperate with the Company and with any affiliate of the Company in any claims or lawsuits where Employee has knowledge of the facts, and the Company will reimburse Employee
for any out-of-pocket costs actually incurred by Employee in fulfilling his duty of cooperation provided such expenses are approved in writing in advance. Employee further agrees that he will not voluntarily aid, assist, or cooperate with anyone who
has claims against the Company or any affiliate of the Company or with their attorneys or agents in any claims or lawsuits which such person may bring. However, nothing in this Agreement prevents Employee from testifying at an administrative
hearing, arbitration, deposition or in court in response to a lawful and properly served subpoena (provided Employee gives the Company twenty-four (24) hours’ written notice of the service of any subpoena), nor does it preclude Employee
from filing an administrative charge with a government agency or cooperating with government agencies in connection with a charge (though he cannot recover damages if he does file such a charge as noted in Section 2 above). Employee certifies,
warrants and represents that he has faithfully discharged his role with the Company at all times during his employment. Employee further certifies, warrants and represents that he is unaware of any actual or potential violations of law by the
Company, Pentair plc or any affiliate of Pentair plc. 

  
 4 

 The parties acknowledge and agree that the information set forth in the attached Exhibit A, which is hereby
incorporated by reference, as if fully set forth herein, regarding the subject matter contained therein accurately reflects their entire understanding and agreement regarding the manner in which all post-employment issues associated with the end of
Employee’s international assignment will be brought to a conclusion and that Employee will fully cooperate with the requirements and timelines set forth in Exhibit A in consideration of the privileges and benefits contained within this
Agreement. Employee specifically acknowledges and agrees that he has no rights or claims with respect to allowances or repatriation except as set forth in Exhibit A, and the parties agree that this Agreement supersedes all prior agreements,
representations and understandings of the parties, written or oral, with respect to repatriation. 
 6. No Wrongdoing. Employee and
the Company agree and acknowledge that the consideration exchanged herein does not constitute, and shall not be construed as, an admission of liability or wrongdoing on the part of Employee, the Company or any entity or person, and shall not be
admissible in any proceeding as evidence of liability or wrongdoing by anyone. 
 7. Notification of Release and Right to Rescind.
This Agreement contains a release of certain legal rights which Employee may have, including rights under the Age Discrimination in Employment Act and the Minnesota Human Rights Act. Employee is advised that he should consult with an attorney
regarding such release and other aspects of this Agreement before signing this Agreement. Employee understands that he may nullify and rescind this entire Agreement at any time within the next fifteen (15) days of the date of signature below by
indicating his desire to do so in writing and delivering that writing to the Company c/o Karen Keegans, Senior Vice President, Human Resources, Pentair, Suite 600, 5500 Wayzata Boulevard, Golden Valley, MN 55416, by hand or by certified mail.
Employee further understands that if he rescinds this Agreement on a timely basis, the Company will not be bound by the terms of this Agreement, and, in such event, Employee will have no right to receive or right to retain the financial benefits
conferred under this Agreement. 
 8. Outplacement. Provided Employee does not exercise his right of rescission under Section 7
herein, then the Company shall pay for outplacement services for Employee’s benefit to be provided by a vendor selected by the Company to the extent such services are actually utilized by Employee within one (1) year following the
Separation Date and to the extent the cost does not exceed the Company-determined maximum. In lieu of outplacement services, Employee may elect to receive a cash payment in the amount of $45,000.00, less applicable withholdings, by informing the
Company in writing of such election within fifteen (15) days of the execution of this Agreement; if Employee makes such a timely election, the Company will provide the payment to him within sixty (60) days of the Separation Date. 

9. Restricted Stock Units, Performance Units and Stock Options under Pentair Equity Plans; Retirement Plans. Provided Employee does
not exercise his right of rescission under Section 7, if Employee has unvested awards under the Pentair Equity Plans, the Company agrees to treat Employee’s unearned restricted stock units, performance units, and nonqualified stock options
and incentive stock options, or other accrued benefits under the Pentair Equity Plans as follows: 

  
 5 

	i.	Restricted Stock Units. Employee’s unvested restricted stock units under the Pentair Equity Plans, if any, shall be treated by the Company as fully and immediately vested, effective as of the Separation
Date. The value of Employee’s restricted stock units (settled in stock) shall be deposited into Employee’s Fidelity brokerage account (reduced by applicable withholdings) within one month following the Separation Date, or if later, within
fourteen (14) days of the expiration of the rescission period under Section 7; provided, however, that if Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) and if the Restricted Stock Units
would be considered deferred compensation under Section 409A, then the shares (reduced by applicable withholdings) will be deposited six months following the Separation Date. 

 

	ii.	Performance Share Units. Employee shall be entitled to the Performance Share Units (PSUs) and the value of such PSUs (settled in stock), based upon the Company actual performance and actual achievement of the
performance goals established under the applicable Pentair Equity Plans for the PSUs, and in accordance with the terms and conditions of the applicable Pentair Equity Plans for the PSUs. The payment will be made in shares of Pentair stock less
appropriate shares withheld for taxes to Employee by the Company and shall be paid to Employee at the same time other eligible participants to the PSUs earn payments relative to the same applicable time periods. The shares will be deposited into the
employee’s Fidelity brokerage account. 

  

	iii.	Options. Employee’s unvested stock options under the Pentair Equity Plans, if any, shall remain outstanding (the “Outstanding Options”) and vest in accordance with the terms of the particular grant
or award under the Pentair Equity Plans or applicable Terms & Conditions until the earlier of the expiration date of the award or the fifth anniversary of the Separation Date. The Outstanding Options may be exercised by Employee until the
earlier of the expiration date of the particular award or within five (5) years after the Separation Date, at the time and in the manner permitted under the terms of the applicable Pentair Equity Plan and the applicable Terms &
Conditions, notwithstanding the fact that Employee’s employment with the Company ended on the Separation Date. Five (5) years after the Separation Date, all Outstanding Options unexercised by Employee shall be forfeited. Employee’s
stock options under the Pentair Equity Plans that had vested prior the Separation Date (the “Previously Vested Options”) may be exercised by Employee at any time in accordance with the time and in the manner permitted under the terms of
the applicable Pentair Equity Plan without regard to whether he signs this Agreement. The Previously Vested Options shall expire and become non-exercisable in accordance with the terms of the applicable Pentair Equity Plan and the Terms &
Conditions without regard to whether Employee signs this Agreement. 

 As for Employee’s incentive stock options, they are
eligible for preferential tax treatment if exercised within a period of ninety (90) days following the Separation Date, and if exercised more than ninety (90) days following the Separation Date, they will be taxed as ordinary income upon
exercise. 

  
 6 

	iv.	Retirement Plans. The Employee shall be entitled to receive payments under the Sidekick Plan and the 401(k) Plan (collectively, the “Retirement Plans”), without regard to whether Employee signs this
Agreement. Payment or distributions of Employee’s Retirement Plans’ benefits will be made in accordance with the terms of the applicable Retirement Plan documents, deferral elections, Internal Revenue Code regulations, or the Employee
Retirement Income Security Act of 1974, including the requirement that if Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) and if payments under the Retirement Plans would be considered deferred
compensation under Section 409A, then the value (reduced by applicable withholdings) will be paid or begin to be paid no sooner than six months following the Separation Date. 

Employee acknowledges that it is Employee’s responsibility to review his personal Fidelity account and take action prior to the expiration dates for any
option grants. Attached hereto as Exhibit B is a document reflecting the performance share units, restricted stock units, and options available to Employee as of the Separation Date, which both parties agree and acknowledge as being accurate. The
Parties further acknowledge and understand, however, that the PSUs identified in Section 9(ii) of this Agreement are reflected in Exhibit B at target for illustrative purposes only and the value will be determined by the Company’s actual
performance and actual achievement of the performance goals, consistent with Section 9(ii) of this Agreement. Finally, the actual value of any units identified in Exhibit B will be based upon actual market price of the units at the time they
are sold or exercised by Employee and the values identified in Exhibit B are solely for illustrative purposes. 
 10. Narrow
Post-Employment Restriction. 
 (a) Definitions. For the purpose of Section 10 of this Agreement, the following definitions
shall apply: 
 The Business. The “Business” means the services and products offered by each of the business segments,
business units, and subsidiary operations of Pentair plc and its subsidiary entities and affiliates on a global basis, as of April 15, 2017. The parties acknowledge that due to Employee’s executive position and global duties and
responsibilities on behalf of Pentair plc and the Company: (i) he is familiar with all business segments and business units of Pentair plc; (ii) he has been materially involved in all business segments and business units of Pentair plc on
a global basis; and (iii) he has received lucrative financial benefits as a result of his exposure to and involvement in all business segments and business units of Pentair plc on a global basis. Notwithstanding anything contained within this
Agreement, “Business” shall not refer to Emerson Electric Co.’s Valves and Controls Business Unit. 
 Competitor.
“Competitor” means any economic concern, whether an entity or a person, that competes against the Business in any geographic market where the Company, Pentair plc or any of its affiliates does business. 

Throughout his employment in the Business, both with the Company as a Pentair affiliate and with any predecessor owner of any part of the
Business, Employee became intimately familiar with trade secrets, know-how, business strategies, marketing strategies, product development, proprietary information and confidential information concerning the Business and concerning the operations of
the Company, Pentair plc and its affiliates (collectively, the “Pentair Entities”). As a result of Employee’s intimate familiarity with the proprietary and confidential 

  
 7 

 
information regarding the Business, Employee acknowledges and agrees that he would be able to engage in unfair competition vis-à-vis the Pentair Entities in the event he were to:
(i) become employed by or otherwise involved in any way with a Competitor; (ii) solicit or accept competitive business from customers of the Pentair Entities; or (iii) solicit employees of the Pentair Entities. Accordingly,
Employee agrees to the narrow post-employment restrictions set forth in Sections 10(b) and 10(c) below. 
 (b)
Non-Competition. Employee agrees that for a twenty-four (24) month period following the Separation Date, he will not (whether in his individual capacity or as an agent of a third party) become employed by, consult with, obtain an
ownership interest in, render services to, or have any competitive involvement with a Competitor in any market in the world where Pentair plc or its affiliates are conducting the Business.

(c) Non-Solicitation. Employee agrees that for a twenty-four (24) month period following the Separation Date, he will not, for
himself or for any third party, directly or indirectly, (i) solicit or accept business from any customer of the Pentair Entities related to the Business, or (ii) solicit any employee of the Pentair Entities the purpose of hiring such
person or otherwise entice, induce or encourage, directly or indirectly, any such employee to leave his or her employment.
 The parties acknowledge and
agree that the requirement in Section 10(c)(ii) which prohibits Employee from directly or indirectly soliciting or otherwise enticing, inducing or encouraging any employee of the Pentair Entities to leave his or her employment is intended to
prohibit and shall prohibit, without limitation, Employee from doing any of the following: (a) solicit for hire or solicit for retainer as an independent consultant or as contingent worker any employee of any of the Pentair Entities;
(b) participate in the recruitment of any employee of any of the Pentair Entities, such as through interviewing; (c) serve as a reference for an employee of the Pentair Entities; (d) offer an opinion regarding the candidacy as a
potential employee, independent consultant or contingent worker of an individual employed by the Pentair Entities; (e) assist or encourage any third party to pursue an employee of the Pentair Entities for potential employment, independent
consulting or contingent worker opportunities; or (f) assist or encourage any employee of the Pentair Entities to leave the Pentair Entities in order to be an employee, independent consultant or contingent worker for a third party. 

(d) Reasonableness and Notice. Employee agrees that in light of the money and benefits conferred to him under this Agreement, the
narrow nature of the restrictive covenants imposed under Sections 10(b) and 10(c) are reasonable and will not result in any hardship to him. Further, Employee acknowledges and agrees that his material breach of any obligation under this
Section 10 would cause irreparable harm to the Company, Pentair plc and/or to its affiliates and that such harm may not be compensable entirely with monetary damages. If Employee violates his obligations under this section, the Company,
Pentair plc and its affiliates may, but shall not be required to, seek injunctive relief and/or any other remedy allowed at law, in equity, or under this Agreement. Any injunctive relief sought shall be in addition to and not in limitation of
any monetary relief or other remedies or rights at law, in equity, or under this Agreement. In connection with any suit at law or in equity under this Agreement, the Company, Pentair plc and its affiliates shall be entitled to an accounting, and to
the repayment of all profits, 

  
 8 

 
compensation, commissions, fees, or other remuneration which Employee or any other entity or person has either directly or indirectly realized on its behalf or on behalf of another and/or may
realize, as a result of, growing out of, or in connection with the violation which is the subject of the suit. Further, in the event of Employee’s material breach of this section, Employee shall disgorge the value of all payments and
benefits conferred to him by virtue of this Agreement, including the Separation Payment. In addition to the foregoing, the Company, Pentair plc and its affiliates shall be entitled to collect from Employee any reasonable attorney’s fees
and costs incurred in bringing any action against Employee or otherwise to enforce the terms of this Agreement. The parties agree that it is their intent that the restrictions in this Section 10 be enforced to the maximum allowable extent
or modified to permit enforcement to the maximum allowable extent under the laws of Minnesota as determined by a court of appropriate jurisdiction in Minnesota, and the parties further agree to and acknowledge the sufficiency of the parties’
contacts with the State of Minnesota in order to confer exclusive jurisdiction of Minnesota courts applying Minnesota law. 
 Employee agrees that while the
restrictive covenants imposed under this Section 10 are in effect, Employee shall give written notice to the Company within ten days after accepting any other employment, position, or ownership interest with any entity that has operations which
compete with the operations of any of the Pentair Entities. Such written notice shall be delivered to the Company c/o Angela D. Jilek, Senior Vice President, General Counsel & Secretary, Pentair plc, Suite 600, 5500 Wayzata Boulevard,
Golden Valley, MN 55416, by hand or by certified mail. Employee agrees that the Company may notify such new employer, company or corporate entity that Employee is bound by this Agreement and, at the Company’s election, furnish such
employer, company or corporate entity with a copy of Section 10 of this Agreement. 
 11. Return of Company Property. Employee
covenants, warrants and represents that on or before the Separation Date, he will have returned any and all Company property that was ever in his possession or under his control to the Company prior to his signature of this Agreement, and this
covenant, warranty and representation expressly extends to (but is not limited to) security card, keys, codes, materials, books, files, laptop computer and cell phone. 

12. Minnesota Law, Forum and Merger. The terms of this Agreement shall be governed by the laws of the State of Minnesota, the location
of Pentair’s main U.S. office, and shall be construed and enforced thereunder. Any dispute arising under this Agreement shall be determined exclusively by a Minnesota court of appropriate jurisdiction, and the parties acknowledge the existence
of sufficient contacts to the State of Minnesota to confer exclusive jurisdiction upon courts in that state. This Agreement, in conjunction with the Sale Incentive Agreement, dated July 6, 2016 and subsequent amendment dated August 30,
2016 (collectively the Sale Incentive Agreement and the Amendment shall be referred to as the “Sale Incentive Agreement”), supersede and replace all prior oral and written agreements, understandings, and representations between Employee
and the Company. Further, Employee understands and agrees that, except as provided in this Agreement, all claims which he has or may have against the Company and the other released parties are fully released and discharged by this Agreement. The
only claim which Employee may hereafter assert against the Company or any of the other released parties is limited to an alleged breach of this Agreement or the Sale Incentive Agreement. 

  
 9 

 13. Administrative Charges, Investigations, and Proceedings. Nothing in this Agreement
prohibits Employee from reporting possible violations of federal or state law or regulation to the government, including but not limited to the EEOC, Department of Justice, Securities and Exchange Commission, Congress, and any agency inspector
general, or filing a charge with or participating in an investigation or proceeding conducted by the EEOC or a comparable state or local agency (collectively, any such activity shall be referred to as a “Government Report”). Employee
does not need prior authorization of the Company to make a Government Report and is not required to notify the Company that he has made a Government Report. The restrictions in Sections 4-5 above regarding confidentiality, non-disparagement and
cooperation do not apply in connection with a Government Report. Notwithstanding the provisions of this Section 13, Employee’s release of claims in Section 2 above waives any alleged right to recover any monetary damages, receive
payment for attorneys’ fees, costs or disbursements or receive any relief from the Company in connection with any matter, including a Government Report, but this Agreement does not limit any right of Employee to receive a reward from the
government for providing it information in connection with a Government Report.
 14. Construction of this Agreement and Severability.
Should this Agreement require judicial interpretation, the court shall not construe the Agreement more strictly against any party, including the party who prepared it. Any portions of this Agreement found by a court of competent jurisdiction to be
invalid, illegal, overly broad or unenforceable in any respect shall be revised to the minimum amount necessary in order to be valid and enforceable. 

15. Counterparts. This Agreement may be executed in one or more counterparts, and by the parties in separate counterparts, each of which
when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. The parties further agree that facsimile signatures or signatures scanned into .pdf (or similar) format and sent by email
shall be deemed original signatures. 
 16. Taxes and Employee Tax Services Provider Indemnification. Employee shall remain solely
responsible for Employee’s global tax liabilities after April 30, 2017. Employee acknowledges and agrees to indemnify, defend and hold the Company harmless for, from and against any and all taxes, together with any interest and penalties
with respect thereto, that may be imposed by any taxing authority upon the Company with respect to Employee’s global tax liabilities after April 30, 2017, or any penalties or interest that are assessed by any taxing authority for
Employee’s global tax liabilities before or after April 30, 2017 that are solely caused by Employee’s knowing failure to timely submit required information. Employee further acknowledges and agrees to indemnify, defend and hold the
Company harmless for, from and against any acts, claims, lawsuits or other choses in action arising out of Employee’s use of his personal tax service provider and decision not to use the Company’s designated tax service provider for his
U.S. location tax return preparation. 
 17. Employee Understands the Terms of this Agreement. Other than stated herein, Employee
warrants that (a) no promise or inducement has been offered for this Agreement; (b) this Agreement is executed without reliance upon any statement or representation of the Company or its representatives concerning the nature and extent of
any claims or liability therefor, if any; (c) Employee is legally competent to execute this Agreement and accepts full responsibility therefor; (d) the Company has advised Employee to consult with an attorney, and

  
 10 

 
Employee has had a sufficient opportunity to consult with an attorney; (e) the Company has allowed Employee twenty-one (21) days within which to consider this proposed Agreement; and
(f) Employee fully understands this Agreement and has been advised by counsel (or has consciously chosen not to seek counsel) of the consequences of signing this Agreement. The parties acknowledge and agree that if Employee has not signed this
proposed Agreement within the twenty-one (21) day period following the Company’s presentation of the offer of this Agreement to Employee, then the offer of this Agreement shall expire by its own terms and be of no further force or effect
without any further action required on the part of the Company. 
  

							
		 	DENNIS J. CASSIDY JR.	  	
			
	Dated: May 1, 2017                        	 	 /s/ Dennis J. Cassidy, Jr.
	  	
			
	Dated: May 2, 2017                        	 	PENTAIR MANAGEMENT COMPANY	  	
				
		 	By	  	 /s/ Karen L. Keegans
	  	
		 		  	Karen L. Keegans	  	
			
		 	Its SVP & Chief Human Resources Officer	  	

  
 11 

 EXHIBIT A 

Dennis Cassidy – Repatriation 
 TAXATION 

Income related to your assignment will remain tax equalized through April 30, 2017, the date your international assignment ends. However, you will
continue to be held to Pentair’s tax equalization policy until all tax matters related to your assignment are closed. As of April 30, 2017, you will be personally responsible for global tax liabilities (including home and/or host income,
state/local, and social taxes) on all of your employment income as well as any outside personal income you may receive in both your home and host locations. However, should any assignment allowances or employment income be paid by Pentair on your
behalf, after your repatriation date from the Company (i.e., host location tax payments or other Pentair income related to your assignment), these payments will be covered by the tax equalization policy. Please note that tax equalization policy will
only cover the Switzerland income and taxes related to your assignment, and you will remain responsible for any applicable U.S. hypothetical or actual tax (i.e., federal, state, local and social security, etc.) withholdings accordingly. Equalization
will not cover taxes related or imposed by another country in which you chose to relocate to should these income items be taxable in that country. 
 During
your assignment, foreign tax credit carryovers may have been generated by foreign taxes paid by Pentair. As such, any benefit you receive as a credit against foreign source income, as a result of these credit carryovers, belongs to Pentair. In order
for Pentair to capture the benefit from these credits, you will be required to cooperate with and have you personal tax provider work with Pentair’s designated tax provider, for a period of time, as determined by Pentair and abide by the tax
data submission deadlines, without any delay, set by Pentair’s designated tax provider, to help ensure timely tax return filings. To the extent that information is submitted late or omitted, and penalties and/or interest are assessed by the
taxing authorities, the party who caused the late submission will be held personally responsible. This includes any penalties or interest imposed under IRC §409A, if applicable. In order to avoid these penalties and/or interest, we strongly
urge you to comply with the data submission deadlines. 
 Pentair will authorize the tax preparation services provided by its designated tax provider, who
will be responsible for preparing your Switzerland location tax returns, as well as any tax equalization calculations necessary for Switzerland. It is expected that the services provided will include the 2016, 2017, and 2018 tax years. Any Pentair
settlements or other payments made in the 2019 tax year or future years, which are related to your Pentair assignment, will be evaluated by Pentair for the need for tax assistance, and as to Pentair assignment employment-related income earned by you
personally, such assistance will not be denied as long as it falls under Pentair tax equalization policy guidelines. Tax assistance may be provided in the format of either Pentair’s designated tax provider or appropriate tax gross-ups, without
the need for tax provider assistance. 
 For your Switzerland location tax returns, it is expected that both parties will fully abide by the tax data
submission deadlines without any delay set by the designated tax provider, to help ensure timely tax return filings. To the extent that information is submitted late or omitted, and penalties and/or interest are assessed by the taxing authorities,
the party who caused the late submission will be held personally responsible. This includes any penalties or interest imposed under IRC §409A, if applicable. In order to avoid these penalties and/or interest, we strongly urge you to comply with
the data submission deadlines. 

  
 12 

 You have requested the ability to use your own personal tax preparation services for preparing your U.S. location
tax returns, as well as any tax equalization calculations that are necessary for such returns. Pentair consents to your request, however, you agree to indemnify, defend and hold harmless Pentair from and against any acts of your personal tax
preparation service provider and any of your global tax liabilities as of April 30, 2017. 
 Because you have declined the use of Pentair’s
designated tax return provider for your United States tax returns, you will be eligible to receive reimbursement up to USD 2,050 per year to be used towards the preparation of these returns by your personal tax return provider for tax years
2016, 2017 and 2018. 
 Any tax equalization payments due to or from Pentair are expected to be settled within 60 calendar days of completion and receipt of
the calculation provided by our designated tax provider. Separately, you also agree and instruct the Company, at its discretion, to withhold any tax amounts due to the Company by offsetting other benefits that may be due to you (e.g., incentive
payments, bonus, etc.). 
 Please note that tax services do not include financial consulting or planning. These are out of scope of Pentair’s tax
services. 
 ASSIGNMENT ALLOWANCES AND BENEFITS 
 All of
your assignment allowances paid through payroll and/or any benefits-in-kind, as outlined (but not limited) to the items below, will cease being paid or provided as of April 30, 2017: 

 

	 	•	 	Cost of Living Allowance 

  

	 	•	 	Host Housing Payments to Landlord (except for lease cancellation fees, as described below) 

  

	 	•	 	Host Housing Utilities Payments/Reimbursements 

  

	 	•	 	Home Leave Airfare 

  

	 	•	 	Dependent Airfare 

  

	 	•	 	Host Company Car 

  

	 	•	 	Children Education Costs/Expenses 

  

	 	•	 	Any unused relocation benefits (e.g. home sale assistance, home country auto disposition) 

  

	 	•	 	Any unused language training for you or your spouse 

  

	 	•	 	Any unused spouse assistance reimbursement allowance 

  

	 	•	 	CIGNA International Health Coverage will terminate on your employment separation date and you will be provided with an option for CIGNA International COBRA. 

RELOCATION 
 Pentair will assist with your repatriation
back to Dallas, Texas. If applying for reimbursements, receipts must be submitted through the Expatriate Expentia system. No expenses for repatriation should be put on your corporate card or submitted through Concur OR local business expenses
systems. This includes the arrangements of the relocation air tickets.  

  
 13 

 TRANSPORTATION COSTS 

Pentair will pay the cost of your business class airfare between Switzerland and your U.S. home location via the most direct route. In addition, reasonable
ground transportation to/from airports will be reimbursable. Excess baggage charges for personal effects are not covered expenses since you will be provided with a shipment of your personal household good effects. You should use your personal credit
card for any relocation expenses mentioned above and then submit for reimbursement via the Expentia system. 
 As your family has already relocated back to
Dallas, Texas, it is our understanding that there will not be any additional relocation related transportation expenses for your family. 
 TEMPORARY
LIVING EXPENSES 
 You may have to vacate your host country residence before you leave the host country. Pentair will reimburse the cost of reasonable
temporary accommodations in Switzerland for up to eighteen (18) days as needed to allow for cleaning, etc., for the turnover of your assignment property. Reimbursements include the cost of accommodations, such as reasonable hotel/extended stay,
and will include the cost of reasonable meals, if kitchen facilities are not available. The temporary accommodations must be approved upfront and coordinated in advance through your SIRVA consultant and the Manager of Global Mobility. 

It is our understanding that you will not need temporary living in the United States as you maintained your home in Texas. However, if this is not the case,
please reach out to Global Mobility. 
 CAR RENTAL 
 If
needed, Pentair will reimburse the fees for a rental car for up to 30 days, in the U.S. Gas receipts are your personal responsibility. Any car rental should be put on your personal credit card, and receipts can be submitted through the Expatriate
Expentia System. 
 HOST COUNTRY COMPANY OR PERSONAL CARS 

For your assignment company car, you will need to work with local Switzerland Human Resources for the disposal/turnover of your company car by April 30,
2017, as per local policy for company car turnovers. 
 Separately, should you have purchased or leased a personal car in the Switzerland; you will be
personally responsible for turning over the leased car and/or the disposing of your personal purchased car. No financial assistance will be provided for the disposal of a personal car. 

SHIPMENT OF HOUSEHOLD GOODS 
 The company will cover the
packing, transporting, insuring, delivering and unpacking of your household goods and personal effects from Switzerland to your U.S. home location. You will receive a sea/surface shipment of 1- 20ft. container. The same terms, conditions,
limitations and insurance values as applied upon expatriation will apply for these expenses. 
 TURNOVER OF PENTAIR HOUSING/LEASE CANCELATION  

The earliest Pentair can provide its first cancellation notice on the lease terms is September 30, 2017. Therefore Pentair will cover rental and utility
fees as per the lease terms. Pentair will either try to cancel the lease terms early and find a new tenant with same current lease terms as required, or provide housing to another Pentair assignee to fulfill the remaining lease terms. 

  
 14 

 You must vacate Pentair’s Company rental property prior to April 30, 2017, and complete the necessary
walk through for Pentair and the landlord’s release. All damages, wear and tear, painting, cleaning, etc. should be taken care of prior to move out of the premises, and these costs are your sole financial responsibility but for which you can
use your departure assistance reimbursement (outlined below) towards these potential expenses incurred in the turnover of your Switzerland assignment property. 

DEPARTURE ASSISTANCE REIMBURSEMENT 
 Where
necessary, Pentair may reimburse up to USD 2,500 or local equivalent at the time of payment to cover any costs for required repairs and maintenance related to normal wear and tear (i.e., painting, cleaning) to your leased housing prior to departure.
Reimbursement will be handled through Expentia and proper documentation/receipts will be required. Any housing departure expenses above this allowable reimbursement amount will be your responsibility to settle to either the landlord or Pentair. 

HOST DEPARTURE SERVICES AND RETURN OF SECURITY DEPOSIT 

You will be provided with 1-2 days departure services through our local contact to help you satisfy your obligation to vacate the premises prior to
April 30, 2017 and accomplish any necessary cleaning, painting and damage repair required to restore the condition of the property to the state it was in at the time you began your tenancy in order to cause the full release of Pentair’s
upfront security deposit. Your departure assistance reimbursement benefit described above can be used to assist you in causing any necessary cleaning, painting or repair work to be done to ensure that the property is restored to the state it was in
at the time you began your tenancy. Finally, you assign any rights or interest in the security deposit to Pentair, and should the security deposit be remitted to you, you must return the security deposit to Pentair within 30 days of your receipt of
the funds. 
 REPATRIATION ALLOWANCE 
 Pentair will pay
a relocation allowance of USD 5,000 NET. 
 This allowance is intended to offset any out-of-pocket expenses associated with relocation, and not specifically
covered in any other policy element for your repatriation. Relocation expenses would include, but are not limited to, purchase and installation of appliances and furnishing, hook-up charges, automobile registration/license and driver’s license,
additional temporary living or car rental, and excess baggage or storage costs, etc. 
 You can request your relocation allowance through the Expatriate
Expentia system. 
 IMMIGRATION (WORK AND RESIDENT PERMIT CANCELATIONS) 

As required, Pentair will notify the authorities of your termination date for the cancellation of your work and residence permits. Pentair will authorize
Pro-Link Global to assist you and your family with your Switzerland de-registrations through our designated immigration vendor. It will be possible for your family to de-register in advance of your de-registration. However, please note it is
necessary for you and your family to show up in person for this de-registration requirement. This will help notify the authorities of your official Switzerland departure. This de-registration is also important since it notifies the tax authorities
of your departure, which helps to close off your Switzerland tax matters. Should you or your family wish to re-enter Switzerland for personal reasons, e.g., visit/vacation etc., you will need to seek proper legal entry through a visitor visa. 

  
 15 

 RELOCATION ADMINISTRATION/EXPENSE MANAGEMENT 

Your SIRVA counselor, along with the Manager, Global Mobility will help initiate and facilitate your repatriation/relocation to your U.S. home location. Any
authorized repatriation relocation expenses should be coordinated through your SIRVA contact and any reimbursements will be handled through the Polaris/Expentia system. 

REPATRIATION BENEFITS DEADLINE 
 You must fully utilize
all repatriation benefits, and also make any appropriate expense submissions no later than September 30, 2017 or forfeit unused benefits. The sole exception is related to the above taxation section which indicates the need to cover multiple tax
years for tax preparation and related tax equalization settlements. 

  
 16 

 EXHIBIT B 
  

			
	

	  	

 Dennis Cassidy Jr 
 As Of:
04/27/2017 
  

																																	
	Product ID	 	Grant
Type	 	 Grant

Date
	 	Grant
Price	 	 	QTY -
Granted	 	 	QTY -
Vested	 	 	QTY -
Unvested	 	 	QTY -
Exercised /
Distributed	 	 	QTY -
Outstanding	 	 	Value
Outstanding	 
	 2012PSUO
	 	PSU	 	04/15/2016	 	$	0.000	 	 	 	6,189.536	 	 	 	0.000	 	 	 	6,189.536	 	 	 	0.000	 	 	 	6,189.536	 	 	$	402,134.15	 
	 2012RSUO
	 	RSU	 	04/15/2016	 	$	0.000	 	 	 	36,291.000	 	 	 	0.000	 	 	 	36,291.000	 	 	 	0.000	 	 	 	36,291.000	 	 	$	2,357,826.27	 
	 2012RSUO
	 	RSU	 	04/15/2016	 	$	0.000	 	 	 	6,049.000	 	 	 	0.000	 	 	 	4,033.000	 	 	 	2,016.000	 	 	 	4,033.000	 	 	$	262,024.01	 
	 2012SOO
	 	ISO	 	04/15/2016	 	$	55.110	 	 	 	5,442.000	 	 	 	1,814.000	 	 	 	3,628.000	 	 	 	0.000	 	 	 	5,442.000	 	 	$	53,658.12	 
	 2012SOO
	 	NQ	 	04/15/2016	 	$	55.110	 	 	 	25,512.000	 	 	 	8,504.000	 	 	 	17,008.000	 	 	 	0.000	 	 	 	25,512.000	 	 	$	251,548.32	 
		 		 		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Total for All Plans
	  
	 	 	79,483.54	 	 	 	10,318.00	 	 	 	67,149.54	 	 	 	2,016.00	 	 	 	77,467.54	 	 	$	3,327,190.87	 
		 		 		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

  
 17

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