Document:

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Exhibit 10.15

                                  PENTAIR, INC.
                      EXECUTIVE OFFICER PERFORMANCE PLAN,
                            AS AMENDED AND RESTATED

PURPOSE
-------

A primary objective of Pentair, Inc. ("Pentair" or the "Company") is to be a
top-performing company by consistently achieving profit performance that is
higher than the performance of comparable companies. The Company has also
identified growth as a key strategy for the long-term success of the business.
The return on our investments, whether to support internal growth and
improvements or make acquisitions, is also a key determinant of our business
success and the return to our shareholders.
 The Company expects to compensate executive officers for their performance
against key financial measurements in accordance with the terms of the EOPP.

ELIGIBILITY AND PARTICIPATION
-----------------------------

Key employees in executive positions will be considered for participation.
Participation is determined by the magnitude and scope of the employee's
position and is subject to Pentair Inc. Compensation Committee nomination. An
employee who participates in this program is not eligible for the Pentair
Management Incentive Plan.

QUALIFYING POSITIONS AND BOC PERCENTAGES
----------------------------------------

Bonus Opportunity Category ("BOC") percentages are assigned to each qualifying
position by the Compensation Committee based on competitive market data. Annual
awards under the EOPP are determined by multiplying the participant's base
salary by his or her Bonus Opportunity Category percentage (a percentage of
base salary based on position) and by the Corporate Performance Factor.

The current designated Qualifying Position and BOC percentage is:

    Qualifying Position                        BOC Percentage
    -------------------                        --------------
    Chairman, CEO                                   100%

The BOC percentage for other positions that may qualify for future
participation at the discretion of the Compensation Committee are:

    President, Chief Operating Officer               80.0%
    Executive VP's and Operating Officers            58.5%
    Other Senior Officers                            52.0%

INCENTIVE AWARDS
----------------

Incentive Awards under the EOPP are determined according to the following
formula:

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       Incentive Award = Base Salary x BOC% x CPF

                  Base Salary = Actual base salary earned during the year

                  BOC% = Bonus Opportunity Category Percentage

                  CPF = Corporate Performance Factor

    CASH PAY-OUT LIMIT

    The cash incentive award for the fiscal year will be limited to one times
    the participant's annual base salary. The portion in excess of one times the
    participant's annual base salary will be awarded as shares of restricted
    stock. The restricted stock will be subject to the terms and provisions of
    the Omnibus Stock Incentive Plan.

    MAXIMUM AWARD

    No participant will receive an Incentive Award (cash plus stock) greater
    than $3.5 million or 200% of annual base salary.

    TIMING OF PAY-OUT

    Incentive Awards for a fiscal year shall be paid as soon as administratively
    possible after the annual audit is complete and the Compensation Committee
    has reviewed and approved the payment.

    MINIMUM OPERATING INCOME REQUIREMENT

    If Pentair's operating income (after corporate charges) is zero or less,
    there will be no bonus payouts.

ESTABLISHMENT OF COMPANY GOALS AND FACTORS
------------------------------------------

EOPP performance goals are a reflection of the overall financial goals for
Pentair and are based on the comparative market data and the historical and
expected performance of the Company. These performance goals are used in
calculating the Corporate Performance Factor. The performance goals that make
up the Corporate Performance Factor are Pentair Value Added ("PVA") and Free
Cash Flow.
 The use of these two factors reinforces the importance of balancing
economically profitable growth and cash generation. The achievement of these
goals will add to shareholder value and move Pentair toward its top performance
objectives.

Specific EOPP performance targets with respect to these goals are established
by the Compensation Committee of the Board of Directors prior to or early in
each fiscal year. The EOPP targets established for a fiscal year are measured
against Pentair's performance for that fiscal year. The performance goals

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have been designed to be used over multiple fiscal years, although the specific
targets will be determined annually by the Compensation Committee.

CORPORATE PERFORMANCE FACTOR
----------------------------

The Corporate Performance Factor is determined by multiplying factors for PVA
and Free Cash Flow. PVA is calculated as a target percentage of Net Operating
Profit After Taxes ("NOPAT") less a surcharge against average invested capital.
Free Cash Flow is equal to net cash provided by operating activities, excluding
net tax-affected interest expense, less capital expenditures. The achievement
of (a) Free Cash Flow equal to the target percentage of NOPAT and (b) PVA
generated that equates to the target percentage total business return, results
in a Corporate Performance Factor of 1.00. The maximum Corporate Performance
Factor is 4.50 and the minimum Corporate Performance Factor is 0.10; however,
there is no bonus if the Company has an operating loss. If the Company's
performance results in a negative PVA, the maximum performance factor is capped
at 2.00.

The following grid shows the range of performance factors for each measure that
when multiplied together give the total Corporate Performance Factor.

Performance Multiplier Grid

                            Performance Factor Grid
                            -----------------------

                         Minimum         On Goal         Maximum
                         -------         -------         -------
PVA Factor                .20             1.00             3.00
Free Cash Flow Factor     .50             1.00             1.50
CPF (PVA x Cash Flow)     .10             1.00             4.50

* Performance falling between stated factors will be interpolated.

The Compensation Committee may further refine the calculation of PVA and Free
Cash Flow in future years to measure the targets it sets in each year. The
achievement of the established targets is measured by applying generally
accepted accounting principles used by the Company in preparing its financial
statements.

CONSIDERATION FOR ACQUISITIONS/DIVESTITURES
-------------------------------------------

In the case of acquisitions and divestitures generally, no special adjustment
will be necessary because they flow into the calculations and impact the
results and payouts.

In the event of a significant acquisition or divestiture, however, the
Committee has discretion to use pro forma results or to exclude the effect of a
transaction, if the Committee determines it is necessary to achieve consistency
in measuring year-over-year results or it is otherwise advisable in the
interests of fairness or to achieve the purposes of the Plan.

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APPROVAL OF FINAL AWARDS
------------------------

The Compensation Committee will review and approve all goals and final
Incentive Awards granted under this plan. The Compensation Committee has the
flexibility to reduce or eliminate the award based on its business judgment.
The Compensation Committee does not have the authority or discretion to award
more than the incentive award generated by the formula, subject to the stated
limits.

General Provisions
------------------

1.   Nothing contained herein shall be construed to limit or affect in any
     manner or degree the normal and usual powers of management, including the
     right to terminate the employment of any participant or remove him/her
     from participating in the EOPP at any time.

2.   The judgment of the Compensation Committee in administering the EOPP will
     be final, conclusive and binding upon all officers and employees of
     Pentair and its subsidiaries, whether or not selected as participants
     hereunder, and their heirs, executors, personal representatives and
     assigns.

3.   The Compensation Committee has the authority and duties to:

     a.   Determine the rights and benefits under the EOPP of participants
          and other persons;

     b.   Interpret the terms of the EOPP and apply them to different
          situations;

     c.   Approve, process and direct the payment of EOPP benefits, and

     d.   Adopt rules, procedures and forms which are appropriate for the
          smooth and proper operation of the EOPP.

4.   In the event of death, a participant's designated beneficiary will be
     entitled to the participant's Plan benefits. If a participant does not
     designate a beneficiary, the participant's beneficiary(ies) will be
     determined according to the participant's will. If there is no will, the
     beneficiary(ies) shall be determined by the laws of descent and
     distribution of the state in which the participant is a resident on the
     date of death.

5.   A participant does not have the right to assign, transfer, encumber or
     dispose of any award under the Plan until it is distributed to the
     participant. Also, no award is liable to the claims of any creditor of
     the participant until it is distributed to him or her.

6.   The Compensation Committee subject to approval by the Pentair, Inc. Board
     of Directors, has the right to terminate the Plan at any time.

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7.   Calculations may exclude or otherwise take into account the impact of
     changes in accounting methods used by Pentair or required by the
     Financial Accounting Standards Board if the Committee determines it is
     necessary to achieve consistency in measuring year-over-year results or
     it is otherwise advisable in the interests of fairness or to achieve the
     purposes of the Plan

Change in Control
-----------------

For purposes of the EOPP, a "Change in Control" is a change in control of
Pentair as defined in the KEESA, and the "KEESA" is the Key Executive
Employment and Severance Agreement, as approved by the Pentair Board of
Directors effective August 23, 2000.

If an EOPP participant is employed by Pentair on the date of a Change in
Control, or if an EOPP participant who has entered into a KEESA terminates
employment before a Change in Control but is entitled to benefits under Section
2(b) of the KEESA, then the following provisions shall apply.

1.   If the Change in Control occurs prior to the end of the fiscal year to
     which an Incentive Award relates, the Incentive Award for such fiscal
     year shall be (i) determined by using the participant's annual base
     salary rate as in effect immediately before the Change in Control and by
     assuming the EOPP Goals for such fiscal year have been attained, and (ii)
     paid to the participant in cash within ten (10) days of the Change in
     Control.

2.   If the Change in Control occurs at such time as the participant has not
     received payment of an Incentive Award for a prior fiscal year, then the
     cash portion of such Incentive Award allocated to the participant, based
     upon the attainment of the EOPP Goals for such fiscal year, shall be paid
     to the participant within ten (10) days of the Change in Control.

3.   The requirement that the participant remain employed through the end of
     the incentive period to which the Incentive Award relates shall not apply.

4.   The requirement that an Incentive Award be paid after completion of an
     annual audit and completion of a review and approval by the Compensation
     Committee shall not apply.

5.   The Minimum Operating Income Requirement provision of the EOPP shall
     Not apply to the Incentive Award described in paragraph 1 immediately
     preceding.

6.   The Compensation Committee shall not have the discretion to reduce the
     amount of, or eliminate, an Incentive Award.

7.   The Maximum Award provision of the EOPP shall remain in effect.

8.   If an Incentive Award for a fiscal year referenced in paragraph 2
     immediately preceding exceeds one times the participant's annual base
     salary for such year, then immediately upon a Change in Control such excess
     shall be paid to the participant in restricted shares and such

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     shares shall be subject to the terms and provisions of the Pentair Omnibus
     Stock Incentive Plan upon a Change in Control.

9.   To the extent any provision of the EOPP may be in conflict with this Change
     in Control provision, the provisions of this section shall apply.  In the
     case of any conflict between the terms and provisions of this Plan and the
     terms and provisions of the KEESA entered into by an EOPP participant, the
     terms of such KEESA shall control to the extent more beneficial to such
     participant, and the obligations of Pentair under such KEESA shall be in
     addition to any of its obligations under the EOPP.

                                      6<PAGE>

Exhibit 10.16

                                  PENTAIR, INC.
                           MANAGEMENT INCENTIVE PLAN,
                     AS AMENDED AND RESTATED JANUARY 1, 2002

Purpose
-------
A primary objective of Pentair, Inc. ("Pentair" or the "Company") is to be a
top-performing company by consistently achieving profit performance that is
higher than the performance of comparable companies. The Company has also
identified growth as a key strategy for the long-term success of the business.
The return on our investments, whether to support internal growth and
improvements or make acquisitions, is also a key determinant of our business
success and the return to our shareholders. The Company expects to compensate
management for their performance against key financial measurements in
accordance with the terms of the Management Incentive Plan (MIP).

Eligibility and Participation
-----------------------------
Key employees in executive, management or professional positions will be
considered for participation. Eligibility is determined by the magnitude and
scope of the employee's position within the subsidiary organization including
its direct impact on profit and other greater related goals.

Qualifying Positions and BOC Percentages
----------------------------------------
Bonus Opportunity Category ("BOC") percentages are assigned to each position by
the Pentair, Inc. Compensation Committee based on competitive market data.
Individuals who move between grades during the year will have Incentive Award
calculations completed for each BOC percentage prorated for the number of months
at each BOC percentage. Annual awards under the MIP are determined by
multiplying the participant's base salary by his or her Bonus Opportunity
Category percentage (a percentage of base salary based on position), by his or
her Individual Performance Factor (IPF), and by the Corporate (CPF) or
Subsidiary Performance Factor (SPF).

The current designated BOC percentages are:

      Qualifying Positions                       BOC Percentage
      --------------------                       --------------
       Grade 33 and up                           35%
       Grade 30 to 32                            25%
       Grade 28 to 29                            22%
       Grade 27                                  20%
       Grade 26                                  17%
       Grade 25                                  15%
       Grade 24                                  12%
       Grade 23                                  10%

Incentive Awards
----------------
Incentive Awards under the MIP are determined according to the following
formula:

         Incentive Award = Base Salary x BOC% x SPF or CPF x IPF

                  Base Salary = Actual base salary earned during the year

                  BOC% = Bonus Opportunity Category Percentage

                  CPF = Corporate Performance Factor

                  SPF = Subsidiary Performance Factor

                  IPF = Individual Performance Factor

<PAGE>

      Cash Pay-out Limit
      The cash incentive award for the fiscal year will be limited to one times
      the participant's annual base salary. The portion in excess of one times
      the participant's annual base salary will be awarded as shares of
      restricted stock. The restricted stock will be subject to the terms and
      provisions of the Omnibus Stock Incentive Plan.

      Timing of Pay-out
      Incentive Awards for a fiscal year shall be paid as soon as
      administratively possible after the annual audit is complete and the
      Compensation Committee has reviewed and approved the payment.

      Minimum Operating Income Requirement
      If operating income (after corporate charges) for the subsidiary or
      corporation is zero or less, there will be no bonus payouts.

Establishment of Company Goals and Factors
------------------------------------------
MIP performance goals are a reflection of the overall financial goals for
Pentair and are based on the comparative market data and the historical and
expected performance of the Company. These performance goals are used in
calculating the Corporate or Subsidiary Performance Factor. The performance
goals that make up the Corporate or Subsidiary Performance Factor are Pentair
Value Added ("PVA") and Free Cash Flow. The use of these two factors reinforces
the importance of balancing economically profitable growth and cash generation.
The achievement of these goals will add to shareholder value and move Pentair
toward its top performance objectives.

Specific MIP performance targets with respect to these goals are established by
the Compensation Committee of the Board of Directors prior to or early in each
fiscal year. The MIP targets established for a fiscal year are measured against
Pentair's performance for that fiscal year. The performance goals have been
designed to be used over multiple fiscal years, although the specific targets
will be determined annually by the Compensation Committee.

Corporate and Subsidiary Performance Factor
-------------------------------------------
The Corporate and Subsidiary Performance Factor is determined by multiplying
factors for PVA and Free Cash Flow. PVA is calculated as a target percentage of
Net Operating Profit After Taxes ("NOPAT") less a surcharge against average
invested capital. Free Cash Flow is equal to net cash provided by operating
activities, excluding net tax-affected interest expense, less capital
expenditures. The achievement of (a) Free Cash Flow equal to the target
percentage of NOPAT and (b) PVA generated that equates to the target percentage
total business return, results in a Performance Factor of 1.00. The maximum
Performance Factor is 4.50 and the minimum Performance Factor is 0.10; however,
there is no bonus if the Company has an operating loss. If the Company's
performance results in a negative PVA, the maximum performance factor is capped
at 2.00.

The following grid shows the range of performance factors for each measure that
when multiplied together give the total Performance Factor.

Performance Multiplier Grid

                             Performance Factor Grid
                             -----------------------

                             Minimum          On Goal           Maximum
                             -------          -------           -------
PVA Factor                     .20             1.00               3.00
Free Cash Flow Factor          .50             1.00               1.50
CPF (PVA x Cash Flow)          .10             1.00               4.50

*Performance falling between stated factors will be interpolated.

                                       2

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The Compensation Committee may further refine the calculation of PVA and Free
Cash Flow in future years to measure the targets it sets in each year. The
achievement of the established targets is measured by applying generally
accepted accounting principles used by the Company in preparing its financial
statements.

Individual Performance Factor
-----------------------------
Individual performance must be measured against pre-established and assigned a
numerical value under the Pentair Performance Management System. Individual
Performance Factors assigned to these numerical values are:

    Individual Performance                          Individual
    Numerical Value                                 Performance Factor
    ---------------                                 ------------------

    0 - 1.6 - "unacceptable"                        0% (No Award)
    1.7 - 2.6 - "meets some expectations"           0% (No Award)
    2.7 - 3.6 - "meets expectations"                80% - 105%
    3.7 - 4.6 - "exceeds expectations"              106% - 125%
    4.7 and above - "far exceeds expectations"      126% - 150%

Determination of Awards
-----------------------
The Compensation Committee will review and approve all incentive Awards and will
retain the right to change awards that are not in keeping with the original
objectives of the plan.

Special Awards
--------------
Special awards may be made under the MIP to any officer or employee of a
subsidiary of Pentair (either a participant or a non-participant in the MIP) who
has made an extraordinary and very significant contribution to the welfare,
reputation and earnings of Pentair and its subsidiaries.

Recommendations for special awards must be submitted in writing by the President
and COO or Senior Executive Officer of each business segment to the Corporate
Vice-President of Human Resources and approved by the CEO and Compensation
Committee.

Consideration for Acquisitions/Divestitures
-------------------------------------------
In the case of acquisitions and divestitures generally, no special adjustment
will be necessary because they flow into the calculations and impact the results
and payouts.

In the event of a significant acquisition or divestiture, however, the Committee
has discretion to use pro forma results or to exclude the effect of a
transaction, if the Committee determines it is necessary to achieve consistency
in measuring year-over-year results or it is otherwise advisable in the
interests of fairness or to achieve the purposes of the Plan.

General Provisions
------------------
1.       Nothing contained herein shall be construed to limit or affect in any
         manner or degree the normal and usual powers of management, including
         the right to terminate the employment of any participant or remove
         him/her from participating in the MIP at any time.

2.       The judgment of the Compensation Committee in administering the MIP
         will be final, conclusive and binding upon all officers and employees
         of Pentair and its subsidiaries, whether or not selected as
         participants hereunder, and their heirs, executors, personal
         representatives and assigns.

3.       The Compensation Committee has the authority and duties to:

         a.       Determine the rights and benefits under the MIP of
                  participants and other persons;

         b.       Interpret the terms of the MIP and apply them to different
                  situations;

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         c.       Approve, process and direct the payment of MIP benefits, and

         d.       Adopt rules, procedures and forms which are appropriate for
                  the smooth and proper operation of the MIP.

4.       In the event of death, a participant's designated beneficiary will be
         entitled to the participant's Plan benefits. If a participant does not
         designate a beneficiary, the participant's beneficiary(ies) will be
         determined according to the participant's will. If there is no will,
         the beneficiary(ies) shall be determined by the laws of descent and
         distribution of the state in which the participant is a resident on the
         date of death.

5.       A participant does not have the right to assign, transfer, encumber or
         dispose of any award under the Plan until it is distributed to the
         participant. Also, no award is liable to the claims of any creditor of
         the participant until it is distributed to him or her.

6.       The Compensation Committee subject to approval by the Pentair, Inc.
         Board of Directors, has the right to terminate the Plan at any time.

7.       Calculations may exclude or otherwise take into account the impact of
         changes in accounting methods used by Pentair or required by the
         Financial Accounting Standards Board if the Committee determines it is
         necessary to achieve consistency in measuring year-over-year results or
         it is otherwise advisable in the interests of fairness or to achieve
         the purposes of the Plan

Change in Control
-----------------
For purposes of the MIP, a "Change in Control" is a change in control of Pentair
as defined in the KEESA, and the "KEESA" is the Key Executive Employment and
Severance Agreement, as approved by the Pentair Board of Directors effective
August 23, 2000.

If an MIP participant is employed by Pentair on the date of a Change in Control,
or if an MIP participant who has entered into a KEESA terminates employment
before a Change in Control but is entitled to benefits under Section 2(b) of the
KEESA, then the following provisions shall apply.

1.       If the Change in Control occurs prior to the end of the fiscal year to
         which an Incentive Award relates, the Incentive Award for such fiscal
         year shall be (i) determined by using the participant's annual base
         salary rate as in effect immediately before the Change in Control and
         by assuming the MIP Goals for such fiscal year have been attained, and
         (ii) paid to the participant in cash within ten (10) days of the Change
         in Control.

2.       If the Change in Control occurs at such time as the participant has not
         received payment of an Incentive Award for a prior fiscal year, then
         the cash portion of such Incentive Award allocated to the participant,
         based upon the attainment of the MIP Goals for such fiscal year, shall
         be paid to the participant within ten (10) days of the Change in
         Control.

3.       The requirement that the participant remain employed through the end of
         the incentive period to which the Incentive Award relates shall not
         apply.

4.       The requirement that an Incentive Award be paid after completion of an
         annual audit and completion of a review and approval by the
         Compensation Committee shall not apply.

5.       The Minimum Operating Income Requirement provision of the MIP shall not
         apply to the Incentive Award described in paragraph 1 immediately
         preceding.

6.       The Maximum Award provision of the MIP shall remain in effect.

                                       4

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7.       If an Incentive Award for a fiscal year referenced in paragraph 2
         immediately preceding exceeds one times the participant's annual base
         salary for such year, then immediately upon a Change in Control such
         excess shall be paid to the participant in restricted shares and such
         shares shall be subject to the terms and provisions of the Pentair
         Omnibus Stock Incentive Plan upon a Change in Control.

8.       To the extent any provision of the MIP may be in conflict with this
         Change in Control provision, the provisions of this section shall
         apply. In the case of any conflict between the terms and provisions of
         this Plan and the terms and provisions of the KEESA entered into by an
         MIP participant, the terms of such KEESA shall control to the extent
         more beneficial to such participant, and the obligations of Pentair
         under such KEESA shall be in addition to any of its obligations under
         the MIP.

                                       5

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