Document:

Confidentiality and Non-Competition Agreement

 Exhibit 10.2 
  
 CONFIDENTIALITY AND 
 NON-COMPETITION AGREEMENT 
  
 THIS CONFIDENTIALITY AND NON-COMPETITION AGREEMENT (“Agreement”) is made this 6th day of January, 2005, by and between Pentair, Inc. (“Employer” or “Pentair”), and Michael Schrock (“Executive”).

  
 RECITALS 
  
 WHEREAS, Executive is currently the President and Chief Operating Officer of
Pentair’s Enclosures Group and, in recognition of the value Executive adds to Pentair and as an inducement for Executive to enter into this Agreement, Pentair wishes to offer Executive the independent consideration set forth in section 1 of
this Agreement. 
  
 WHEREAS, as a condition of receiving the independent
consideration set forth in section 1 of this Agreement, Executive wishes to voluntarily enter into this Agreement. 
  
 WHEREAS, Executive acknowledges that he will continue to be employed in a position of trust and confidence and that he will continue to have access to and will
become more familiar with the products, methods, technology, services and procedures used by Employer in the future. 
  
 WHEREAS, Executive acknowledges that Employer has expended significant time and money on promotion, advertising, and the development of goodwill and a sound
business reputation. Employer has developed a list of customers and spent time and resources to learn the customers’ needs for Employer’s services and products. Employer also has entered into business relationships designed to discover
likely future customers. All of the foregoing are valuable, special and unique assets of Employer’s business. Executive acknowledges that the Employer’s customer lists, including future changes to the customer lists, are confidential
information which should not be disclosed to persons outside of Employer’s organization or used by Executive for his own benefit or the benefit of other persons. 
  
 WHEREAS, Executive acknowledges that Employer has expended significant time and money on technology, research, and development.
Employer has developed products, processes, technologies and services, which are valuable, special and unique assets of Employer’s business. Executive acknowledges that the products, processes, technologies and services, including future
changes thereto, are confidential information which should not be disclosed to persons outside of Employer’s organization or used by Executive for his own benefit or the benefit of other persons. 
  
 WHEREAS, Executive recognizes that the disclosure to or use by third parties of any of
Employer’s confidential or proprietary information, trade secrets, or Executive’s unauthorized use of such information would seriously harm Employer’s business and cause monetary loss that would be difficult, if not impossible, to
measure. 

 WHEREFORE, the parties hereby agree as follows: 
  

	1.	Restricted Stock Award. Pentair hereby grants Executive a one-time special award of 61,275 shares of restricted stock which are subject to the provisions of Pentair’s
Omnibus Stock Incentive Plan. Notwithstanding the typical vesting schedule used for such awards under the Omnibus Stock Incentive Plan, 100% of this award shall vest on the fifth anniversary of the grant. 

  
 Executive acknowledges that he was not entitled to receive this award prior
to his execution of this Agreement, and that execution of this Agreement is a condition of his right to receive the award. 
  

	2.	Confidential Information. “Confidential Information” means information belonging to Employer of a special and unique nature and value, including, but not limited
to, such matters as Employer’s personnel and compensation information; accounts; trade secrets; procedures; manuals; financial cost and sales data; supply sources and resources; contracts; price lists, accounting and bookkeeping practices;
office policies and practices; financial information; marketing plans; business plans; prospect names and lists; existing and potential business opportunities; confidential reports; customer lists and contracts; customers’ needs for
Employer’s products and services; litigation and other legal matters, as well as information specific to the Employer’s products, such as source code, coding standards, programming techniques, processes and systems; computer programs,
algorithms, techniques, processes, designs, specifications, diagrams, flow charts, ideas, systems, and methods of operation of such programs; and research and development work. 

  
 Executive acknowledges that Employer has taken reasonable measures to
preserve the secrecy of its Confidential Information, including, but not limited to, requiring Executive to execute this Agreement. Executive will not, during or after the term of employment, disclose Employer’s Confidential Information which
Executive may learn or acquire during his employment to any other person or entity or use said Confidential Information for Executive’s own benefit or for the benefit of another. If either Executive or Employer terminate the employment
relationship, Executive will immediately deliver to Employer all property and Confidential Information, including work in progress, originals and copies of business forms, computer files, diskettes, source codes, manuals, including training
materials, catalogs, customer lists, financial information, computer equipment, office equipment, and all other materials in Executive’s possession or control which belong to Employer or contain information subject to this Agreement.

  

	3.	Competition Restrictions. 

  

	 	(a)	Full-Time Commitment. 

  
 During the period of the employment relationship between Executive and Employer, Executive will devote his full-time and energy to furthering
Employer’s business and will not pursue any other business activity without Employer’s written consent. 

	 	(b)	Post-Employment Restrictions. 

  
 Executive acknowledges that during his employment with Pentair and his work for Pentair and its subsidiaries, he has become intimately familiar with trade
secrets, know-how, executive personnel, business strategies, product development, proprietary information and Confidential Information concerning the business of Pentair and other members of the Pentair controlled group of companies (the
“Group”). In consideration for the benefits paid to Executive under this Agreement, Executive agrees that he shall not either directly or indirectly, for a period of two (2) years following his last day of employment with Employer (the
“Separation Date”), do any of the following: 
  
 a. own, manage, control, be employed by, participate in, consult with or render services of any kind for any concern which engages in a business which is competitive with any business being conducted, or contemplated being conducted, by the
Group as of the Separation Date; 
  
 b. become an
employee or agent of any corporation or other entity, or any division or subsidiary of such a corporation or entity, where more than five percent (5%) of such organization’s business, based on consideration of percentage of revenues, assets,
and people, is in competition with any business being conducted, or contemplated being conducted, by the Group as of the Separation Date; 
  
 c. participate in any plan or attempt to acquire the business or assets of the Group or control of the voting stock of any member thereof,
or in any manner interfere with the control of Pentair, whether by friendly or unfriendly means, unless by the discretion of the Compensation Committee his participation is deemed acceptable; 
  
 d. solicit, offer to provide, provide, sell or offer to sell
any service or product similar to those which the Group sells to: (i) any customer with whom Executive (or other employees or agents under Executive’s supervision) has had contact or for whom Executive (or other employees or agents under
Executive’s supervision) has performed services during the term of Executive’s employment; or (ii) any prospective customer who has been solicited by Employer or who has approached the Group and with whom Executive (or any other employee
or agent under the Executive’s supervision) has had contact or for whom Executive (or other employees or agents under Executive’s supervision) has attempted to perform services during the term of Executive’s employment; or 

 
 e. solicit any of the Group’s employees for the
purpose of hiring them or inducing them to leave their employment with the Group, nor will Executive own, manage, operate, join, control, consult with, participate in the ownership, management, operation or control of, be employed by, or be
connected in any manner with any person or entity which engages in the conduct proscribed by this paragraph during the term of Executive’s employment and for a period of (2) years following the Separation Date. 

	4.	Stipulated Reasonableness. Executive acknowledges that the nature of Executive’s position, the period of time necessary to fill Executive’s position in the event
Executive’s employment is terminated, the period of time necessary to allow customers of Employer’s business to become familiar with Executive’s replacement in the event Executive’s employment is terminated, and the period of
time necessary to obliterate the identification between Employer and Executive in the minds of Employer’s customers commands that the two (2) year restrictive period be imposed hereunder for the protection of Employer’s investment in its
business. Executive further agrees the restrictions contained in this Agreement shall apply no matter how his employment terminates and regardless of whether the termination is voluntary or involuntary. Executive further agrees that the restrictions
contained in this Agreement shall survive the termination of his employment. 

  

	5.	Remedies. Executive acknowledges and agrees that his breach of this Agreement would cause irreparable harm to Employer and members of the Group and that such harm may not be
compensable entirely with monetary damages. If Executive violates this Agreement, Employer and any injured member of the Group 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 to which Pentair or the Group is or may be entitled at law, in equity, or under this Agreement. In connection
with any suit at law or in equity under this Agreement, Employer and any member of the Group shall be entitled to an accounting, and to the repayment of all profits, compensation, commissions, fees, or other remuneration which Executive 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. In addition to the foregoing,
Employer and any member of the Group shall be entitled to collect from Executive any reasonable attorney’s fees and costs incurred in bringing any action against Executive or otherwise to enforce the terms of this Agreement, as well as any
attorney’s fees and costs for the collection of any judgments in Employer’s favor arising out of this Agreement. 

  

	6.	Judicial Modification. If any one or more of the terms of this Agreement are deemed to be invalid or unenforceable by a court of law, the validity, enforceability, and
legality of the remaining provisions will not, in any way, be affected or impaired thereby; and, notwithstanding the foregoing, all provisions of this Agreement shall be enforced to the extent that is reasonable as determined by a Minnesota state or
federal court. 

  

	7.	Invention Assignment. During Executive’s employment with Employer, Executive will promptly disclose to Employer, in writing, any ideas, inventions or discoveries
(collectively, “Inventions”) related to Pentair’s business. Executive agrees that these Inventions shall belong to Pentair; Executive hereby assigns such Inventions to Pentair subject to the limitations set forth below; I warrant and
represent that I will execute any documents necessary to effectuate the assignment of all of my right, title and interest in such Inventions to Pentair; and Executive will cooperate in Pentair’s efforts to protect its rights to the Inventions.
Executive understands that his agreement in this paragraph does not apply to any invention for which none of Pentair’s equipment, supplies, facilities or trade secret information were used and which was developed entirely on my own time,

 and (1) which does not relate (a) directly to Pentair’s business or (b) to Pentair’s actual or
demonstrably anticipated research or development, or (2) which does not result from any work that Executive performed for Pentair. 
  
 Executive further agrees that during and after the term of his employment, without charge to the Employer but at its expense, to execute, acknowledge and
deliver any and all papers necessary for the Employer to obtain patents for its own benefit on the Inventions in any and all countries and that said patents, applications for patents and Inventions shall remain the property of the Employer whether
patented or not. 
  

	8.	Nonwaiver. Employer’s decision to refrain from enforcing a breach of any part of this Agreement (or Employer’s settlement of any claims for breach) will not prevent
Employer from enforcing the Agreement as to any other breach of this Agreement that Employer discovers and shall not operate as a waiver against any future enforcement of any part of this Agreement, any other agreement with Executive or any other
agreement with any other employee of Employer. 

  

	9.	Compensation Committee Discretion. The Compensation Committee of the Board of Directors of Pentair shall have the ability to waive or override certain clauses of this
agreement, provided, however, that such waiver shall no be to reduce benefits to Executive under the Agreement. 

  

	10.	Assignment. This Agreement may be assigned by Employer. 

  

	11.	Choice of Law/Forum. This Agreement shall be construed and determined according to the laws of the State of Minnesota, and any disputes arising out of this Agreement shall be
determined in a Minnesota state or federal court of appropriate jurisdiction. 

  

	12.	At-Will. Nothing in this Agreement is intended to provide nor shall this Agreement provide Executive with any contractual rights to employment for any period of time.
Executive acknowledges that his employment relationship with Employer is one of at-will employment. 

  

	13.	Merger/Capacity. This Agreement incorporates the entire understanding between the parties as to its subject matter. Other than stated herein, Executive has been offered no
oral or written promises, inducements, or representations, and Executive executes this Agreement without reliance on any oral or written promises, inducements, or representations other than those set forth in this Agreement. This Agreement may not
be canceled, modified or otherwise changed except by another written agreement signed by Executive and Employer. Executive and Employer represent that each party is of legal age, under no legal disability, has full legal authority to enter into this
Agreement, and has had a reasonable and adequate opportunity to consult with independent counsel regarding the effect of this Agreement, the sufficiency of the independent consideration provided Executive hereunder, and the reasonableness of the
restrictions set forth herein. This Agreement is subject to the provisions of the Key Executive Employee Severance Agreement dated August 23, 2000 between Executive and Employer. 

							
	PENTAIR, INC.	 	EXECUTIVE
			
	By	 	  

	 	

	Its	 	  

	 	Date:	 	  

	Date:Form of Incentive Stock Option Agreement

 Exhibit 10.1 
  
 INCENTIVE STOCK OPTION AGREEMENT 
  
 UNDER THE CAMDEN NATIONAL CORPORATION 
 2003
STOCK OPTION AND INCENTIVE PLAN 
  
 Name of
Optionee:________________________________________ 
  
 No. of Option
Shares:______________________________________ 
  
 Option Exercise Price per
Share:______________________________ 
  
 Grant
Date:______________________________________________ 
  
 Expiration
Date:___________________________________________ 
  
 Pursuant to
the Camden National Corporation 2003 Stock Option and Incentive Plan (the “Plan”) as amended through the date hereof, Camden National Corporation (the “Company”) hereby grants to the Optionee named above an option (the
“Stock Option”) to purchase on or prior to the Expiration Date specified above all or part of the number of shares of Common Stock, no par value, (the “Stock”) of the Company specified above at the Option Exercise Price per Share
specified above subject to the terms and conditions set forth herein and in the Plan. 
  
 1. Exercisability Schedule. No portion of this Stock Option may be exercised until such portion shall have become exercisable. Except as set forth below, and subject to the discretion of the Administrator (as
defined in Section 2 of the Plan) to accelerate the exercisability schedule hereunder, this Stock Option shall be exercisable with respect to the following number of Option Shares on the dates indicated: 
  

					
	 Incremental (Aggregate) Number
 of
Option Shares Exercisable

	  	 	  	Exercisability Date

	 _________________
	  	(        )	  	_________________
			
	 _________________
	  	(        )	  	_________________
			
	 _________________
	  	(        )	  	_________________
			
	 _________________
	  	(        )	  	_________________
			
	 _________________
	  	(        )	  	_________________

  
 Once exercisable, this
Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan. 
  
 2. Manner of Exercise. 
  
 (a) The Optionee may exercise this Stock Option only in the following manner: from time to time on or prior to the Expiration Date of this Stock Option,
the Optionee 

 may give written notice to the Administrator of his or her election to purchase some or all of the Option Shares
purchasable at the time of such notice. This notice shall specify the number of Option Shares to be purchased. 
  
 Payment of the purchase price for the Option Shares may be made by one or more of the following methods: (i) in cash, by certified or bank check or other
instrument acceptable to the Administrator; (ii) through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or that have been beneficially owned by the Optionee for at least
six months and are not then subject to any restrictions under any Company plan; (iii) with the prior consent of the Administrator, by the Optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions
to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in the event the Optionee chooses to pay the option purchase price as so provided, the Optionee and
the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; or (iv) a combination of (i), (ii) and (iii) above. Payment
instruments will be received subject to collection. 
  
 The
delivery of certificates representing the Option Shares will be contingent upon the Company’s receipt from the Optionee of full payment for the Option Shares, as set forth above and any agreement, statement or other evidence that the Company
may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent resale of the shares of Stock will be in compliance with applicable laws and regulations. In the
event the Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the Optionee upon the exercise of the Stock Option shall be net of the shares
attested to. 
  
 (b) Certificates for the shares of Stock
purchased upon exercise of this Stock Option shall be issued and delivered to the Optionee upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in connection with such issuance and with
the requirements hereof and of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the Optionee. The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with
respect to, any shares of Stock subject to this Stock Option unless and until this Stock Option shall have been exercised pursuant to the terms hereof, the Company shall have issued and delivered the shares to the Optionee, and the Optionee’s
name shall have been entered as the stockholder of record on the books of the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such shares of Stock. 
  
 (c) The minimum number of shares with respect to which this Stock Option may
be exercised at any one time shall be 100 shares, unless the number of shares with respect to which this Stock Option is being exercised is the total number of shares subject to exercise under this Stock Option at the time. 
  
 (d) Notwithstanding any other provision hereof or of the Plan, no portion of
this Stock Option shall be exercisable after the Expiration Date hereof. 
  

 2 

 3. Termination of Employment. If the Optionee’s employment by the Company or a Subsidiary (as
defined in the Plan) is terminated, the period within which to exercise the Stock Option may be subject to earlier termination as set forth below. 
  
 (a) Termination Due to Death. If the Optionee’s employment terminates by reason of death, any Stock Option held by the Optionee shall become
fully exercisable and may thereafter be exercised by the Optionee’s legal representative or legatee for a period of 12 months from the date of death or until the Expiration Date, if earlier. 
  
 (b) Termination Due to Disability. If the Optionee’s employment
terminates by reason of disability (as determined by the Administrator), any Stock Option held by the Optionee shall become fully exercisable and may thereafter be exercised by the Optionee for a period of 12 months from the date of termination or
until the Expiration Date, if earlier. The death of the Optionee during the 12-month period provided in this Section 3(b) shall extend such period for another 12 months from the date of death or until the Expiration Date, if earlier. 
  
 (c) Termination for Cause. If the Optionee’s employment
terminates for Cause, any Stock Option held by the Optionee shall terminate immediately and be of no further force and effect. For purposes hereof, “Cause” shall mean a vote by the Board resolving that the Optionee shall be dismissed as a
result of (i) any material breach by the Optionee of any agreement between the Optionee and the Company; (ii) the conviction of or plea of nolo contendere by the Optionee to a felony or a crime involving moral turpitude; or (iii) any material
misconduct or willful and deliberate non-performance (other than by reason of disability) by the Optionee of the Optionee’s duties to the Company. 
  
 (d) Other Termination. If the Optionee’s employment terminates for any reason other than death, disability, or Cause, and unless otherwise
determined by the Administrator, any Stock Option held by the Optionee may be exercised, to the extent exercisable on the date of termination, for a period of three months from the date of termination or until the Expiration Date, if earlier. Any
Stock Option that is not exercisable at such time shall terminate immediately and be of no further force or effect. 
  
 The Administrator’s determination of the reason for termination of the Optionee’s employment shall be conclusive and binding on the Optionee and
his or her representatives or legatees. 
  
 4. Incorporation of
Plan. Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized
terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein. 
  
 5. Transferability. This Agreement is personal to the Optionee, is non-assignable and is not transferable in any manner, by operation of law or
otherwise, other than by will or the laws of descent and distribution. This Stock Option is exercisable, during the Optionee’s lifetime, only by the Optionee, and thereafter, only by the Optionee’s legal representative or legatee.

  

 3 

 6. Status of the Stock Option. This Stock Option is intended to qualify as an “incentive
stock option” under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), but the Company does not represent or warrant that this Stock Option qualifies as such. The Optionee should consult with his or her own tax
advisors regarding the tax effects of this Stock Option and the requirements necessary to obtain favorable income tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements. If the Optionee intends to
dispose or does dispose (whether by sale, gift, transfer or otherwise) of any Option Shares within the one-year period beginning on the date after the transfer of such shares to him or her, or within the two-year period beginning on the day after
the grant of this Stock Option, he or she will notify the Company within 30 days after such disposition. 
  
 7. Tax Withholding. The Optionee shall, not later than the date as of which the exercise of this Stock Option becomes a taxable event for Federal
income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event. The Optionee may elect to have the
minimum required tax withholding obligation satisfied, in whole or in part, by (i) authorizing the Company to withhold from shares of Stock to be issued, or (ii) transferring to the Company, a number of shares of Stock with an aggregate Fair Market
Value that would satisfy the withholding amount due. 
  
 8.
Miscellaneous. 
  
 (a) Notice hereunder shall be given to
the Company at its principal place of business, and shall be given to the Optionee at the address set forth below, or in either case at such other address as one party may subsequently furnish to the other party in writing. 
  
 (b) This Stock Option does not confer upon the Optionee any rights with
respect to continuance of employment by the Company or any Subsidiary. 
  

			
	CAMDEN NATIONAL CORPORATION
		
	By:	 	  

	Title:	 	 

  
 The foregoing Agreement is
hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned. 
  

			
	Dated:                     	 	

	 	 	Optionee’s Signature
		
	 	 	Optionee’s name and address:
		
	 	 	  

		
	 	 	  

		
	 	 	  

  

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