Document:

ex10-1.htm

Exhibit 10.1

 

EMPLOYMENT SECURITY AGREEMENT

This Employment Security Agreement (the “Agreement”) is made by and between Internap Network Services Corporation (“Company”) and Kevin M. Dotts (“Employee”) effective the 30th day of August, 2012 (the “Effective Date”).

WHEREAS, in order to achieve its long-term objectives, Company recognizes that it is essential to attract and retain qualified key employees; and

WHEREAS, in consideration of the valuable service for, and critical contribution to the success of Company, Company desires to provide Employee with certain benefits in the event Employee’s employment is terminated, either in connection with or unrelated to a Change of Control of Company, on the terms and subject to the conditions set forth in this Agreement.  Capitalized terms that are used in this Agreement but not defined in connection with their use are defined in Article V.

NOW, THEREFORE, in consideration of the promises and of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed as follows:

ARTICLE I

TERMINATION BENEFITS

 

	
1.1

	
General Termination Benefits.  If Employee incurs a Qualifying Termination other than during a Protection Period, Employee will receive the following termination benefits:

 

	
  

	

(a)

	
Severance Pay.  Subject to Section 1.4 and Article 2, Employee will receive severance pay in an amount equal to twelve (12) months of Base Compensation to be paid monthly in equal installments over a twelve (12) month period, with the first installment being paid on the last day of the month that next follows by at least fifty (50) days the date of Employee’s Qualifying Termination, but only  if the general release required pursuant to Article 2 has been executed and delivered to Company and has become irrevocable by such date.

 

	
  

	
(b)

	
Accrued Obligations.  Employee will be entitled to (i) payment of any earned and unpaid Base Compensation as of Termination of Employment, (ii) payment of any earned but unpaid other amounts due as of the Termination of Employment, and (iii) payment of any earned but unused paid time off as of the Termination of Employment, only to the extent such paid time off is to be paid out under the vacation plan or policy sponsored by Company that is applicable to Employee (the “Accrued Obligations”). Accrued Obligations described in clause (i) above will be paid as part of Employee’s final ordinary payroll payment from Company for active employment or contemporaneously with such payment, but in no event later than the period required by local law, and Accrued Obligations described in clauses (ii) and (iii) above will be paid in accordance with the terms of the plan, policy, agreement or arrangement under which they arose (including with respect to time of payment or distribution).

 

  

  

  

 

	
  

	
(c)

	
Continued Welfare Benefits.  Employee and/or Employee’s dependents will be entitled to elect to continue their respective health or welfare coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) at Employee’s cost and/or Employee’s dependents, if any, cost. All premium payments paid by Employee and/or Employee’s dependents for coverage will be paid directly to the appropriate insurer or service provider for such benefit (which may be Company).

 

The provisions of this Section 1.1(c) will not prohibit Company from changing the terms of any benefit programs provided that any such changes apply to all employees of Company and its Affiliates (e.g., Company may switch insurance carriers or preferred provider organizations or change coverages).

 

	
  

	
(d)

	
Equity Compensation Adjustments.  Any equity-based compensation awards granted to Employee by Company that vested prior to such Termination of Employment will be governed by the terms of such awards and the controlling equity plan or agreement. Any equity-based compensation awards granted to Employee by Company that are unvested on Termination of Employment will expire, unless otherwise provided in such awards or equity plan or agreement.  Following Employee’s Termination of Employment, Company will not grant Employee any equity-based compensation awards.

 

	
  

	
(e)

	
401(k) Plan.  The terms of the 401(k) Plan will govern the Employee’s account balance, if any, under such 401(k) Plan.

 

Company’s obligations pursuant to this Section 1.1 shall survive Employee’s death.

 

	
1.2

	
Termination Benefits in Connection with a Change of Control.  If Employee incurs a Qualifying Termination during a Protection Period, Employee will receive the following termination benefits:

 

	
  

	
(a)

	
Severance Pay.  Subject to Section 1.4 and Article 2, Employee will receive severance pay in an amount equal to the sum of (i) twelve (12) months of Base Compensation, and (ii) Bonus, to be paid in a single lump-sum on the last day of the month that next follows by at least fifty (50) days the date of Employee’s Qualifying Termination, but only if the general release required pursuant to Article 2 has been executed and delivered to Company and has become irrevocable in accordance with its terms by such date. Any severance pay payable pursuant to this Section 1.2(a) will be reduced to the extent that Employee previously received any severance pay pursuant to Section 1.1(a). For purposes of this Section 1.2, “Bonus” shall mean the “maximum” bonus for Employee for the year in which the Termination of Employment occurs under the applicable bonus plan as established by Company’s Board of Directors.

 

	
  

	
(b)

	
Accrued Obligations.  Employee will be entitled to payment of any Accrued Obligations in accordance with the provisions of Section 1.1(b).

 

  

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(c)

	
Continued Welfare Benefits.  Employee and Employee’s dependents will be entitled to receive health and other welfare benefits in accordance with the provisions of Section 1.1(c).

 

	
  

	
(d)

	
Equity Compensation Adjustments.  Any equity-based compensation awards granted to Employee by Company that vested prior to such Termination of Employment will be governed by the terms of such awards and the controlling equity plan or agreement. Any equity-based compensation awards granted to Employee by Company that are unvested on Termination of Employment will vest immediately upon Termination of Employment, unless otherwise provided in such awards or equity plan or agreement. Following Termination of Employment, Company will not grant Employee any equity-based compensation awards.

 

	
  

	
(e)

	
401(k) Plan.  The terms of the 401(k) Plan will govern Employee’s account balance, if any, under such 401(k) Plan.

 

	
  

	
(f)

	
Conditional Cap on Severance Pay. If the payments to Employee pursuant to this Agreement (when considered with all other payments made to Employee as a result of termination of Employee’s employment with Company that are subject to Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”)) (the amount of all such payments, collectively, the “Parachute Payment”) result in Employee becoming liable for the payment of any excise taxes pursuant to Section 4999 of the Code (“280G Excise Tax”), Employee will receive either (i) the severance benefits payable pursuant to this Section 1.2 or (ii) the severance benefits payable pursuant to this Section 1.2 as reduced to avoid imposition of the 280G Excise Tax (the “Conditional Capped Amount”), whichever would result in the greatest after-tax (taking into account all federal, state and local income taxes and the Section 4999 of the Code excise tax) payment.

 

Not more than fourteen (14) days following Termination of Employment, Company will notify Employee in writing (i) whether the severance benefits payable pursuant to this Section 1.2 when added to any other Parachute Payments payable to Employee exceed an amount equal to 299% (the “299% Amount”) of Employee’s “base amount” as defined in Section 280G(b)(3) of the Code, (ii) the amount that is equal to the 299% Amount, (iii) whether the severance benefit described in Section 1.2(f)(i) or the Conditional Capped Amount pursuant to section 1.2(f)(ii) is greater on an after-tax basis and (iv) if the Conditional Capped Amount is the greater amount, the amount that the severance benefits payable pursuant to this Section 1.2 must be reduced to equal such amount.

 

The calculations and determinations described in this section will be made by Company’s public accounting firm in accordance with Section 280G of the Code or any successor provision thereto. The costs of obtaining such determination will be borne by Company.

 

Company’s obligations pursuant to this Section 1.2 shall survive Employee’s death.

 

  

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1.3

	
Termination Benefits in Connection With a Termination Other Than a Qualifying Termination.  If Employee’s  employment with Company terminates for any reason that is not described in Section 1.1 or 1.2, including due to death or Disability, Employee will receive the following termination benefits:

 

	
  

	
(a)

	
Severance Pay.  Employee will not receive any severance pay.

 

	
  

	
(b)

	
Accrued Obligations.  Employee or Employee’s estate, as applicable, will be entitled to payment of any Accrued Obligations in accordance with the provisions of Section 1.1(b).

 

	
  

	
(c)

	
Continued Welfare Benefits.  Employee and/or Employee’s dependants, as applicable, will be entitled to continue their respective health and welfare coverage, if any, pursuant to COBRA, at Employee’s and/or Employee’s dependents, if any, cost.

 

	
  

	
(d)

	
Equity Compensation Adjustments.  Any equity-based compensation awards granted to Employee by Company that vested prior to such Termination of Employment will be governed by the terms of such awards and the controlling equity plan or agreement. Any equity-based compensation awards granted to Employee by Company that are unvested on Termination of Employment will expire, unless otherwise provided in such awards or such equity plan or agreement.  Following Termination of Employment, Company will not grant Employee any equity-based compensation awards.

 

	
  

	
(e)

	
401(k) Plan.  The terms of the 401(k) Plan will govern Employee’s account balance, if any, under such 401(k) Plan.

 

	
  

	
(f)

	
Limitation on Benefits. In the event that Employee’s termination is later determined by a court of competent jurisdiction, at any time, to be a Qualifying Termination, or that Company did not have cause to support the termination, Employee acknowledges and agrees that the sole compensation to which Employee shall be entitled as a result of such Qualifying Termination shall be governed by, and limited to, the terms of Section 1.1 or Section 1.2 above, whichever is applicable.

 

	
1.4

	
Code Section 409A.   

 

	
  

	
(a)

	
It is the intention of Company and Employee that the provisions of this Agreement either (i) provide compensation that is not deferred compensation, or (ii) provide compensation that is deferred compensation exempt from Section 409A of the Code, or (iii) provide deferred compensation that complies with Section 409A of the Code and the rules, regulations and other authorities promulgated thereunder (including the transition rules thereof) (collectively, “409A”), and all provisions of this Agreement will be construed and interpreted in a manner consistent with this intent.

 

  

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(b)

	
To the extent Employee is a “specified employee,” as defined in Section 409A(a)(2)(B)(i) of the Code and as determined in good faith by Company, notwithstanding the timing of payment provided in any other Section of this Agreement, no payment, distribution or benefit under this Agreement that constitutes a distribution of deferred compensation (within the meaning of Treasury Regulation Section 1.409A-1(b)) upon separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), after taking into account all available exemptions, that would otherwise be payable during the six-month period after separation from service will be made during such six-month period, and any such payment, distribution or benefit will instead be paid on the first business day after such six-month period.

 

	
  

	
(c)

	
In the event that Company determines that any provision of this Agreement does not comply with 409A, Company will be entitled, without Employee’s consent, to amend or modify such provision to comply with 409A; provided, however, that such amendment or modification will, to the greatest extent commercially practicable, maintain the economic value to Employee of such provision.

 

	
  

	
(d)

	
For purposes of 409A, each installment of severance pay under Section 1.1(a) will be deemed to be a separate payment as permitted under Treasury Regulation Section 1.409A-2(b)(2)(iii).

 

ARTICLE II

CONDITIONS TO PAYMENT OF TERMINATION BENEFITS

 

As a condition of obtaining benefits under this Agreement pursuant to Sections 1.1 or 1.2, Employee will be required to (a) within twenty-one (21) days following Termination of Employment execute and deliver to Company a general release of claims against Company, at Company’s election, in either the form attached hereto as Exhibit A or in such form as Company then is regularly using with respect to terminated employees, and (b) comply with the covenants set forth in Article III below, or the covenants Company is then regularly using with respect to terminated employees, at Company’s election. In the event that Employee does not execute and deliver a general release as set forth above, or such release is revoked (but only to the extent revocation is permitted under the terms of such general release) by the date on which benefits under Section 1.1 or 1.2 are to begin, then Employee will forfeit all entitlement to any payment, benefit or other amount under Sections 1.1 or 1.2.

 

ARTICLE III

RESTRICTIVE COVENANTS

 

	
3.1

	Restrictive Covenants. Employee acknowledges and agrees that:

 

	
  

	
(a)

	
Employee: (i) will serve Company as a Key Employee; and/or (ii) will serve Company as a Professional; and/or (iii) will customarily and regularly solicit Customers and/or Prospective Customers for Company; and/or (iv) will customarily and regularly engage in making sales or obtaining orders or contracts for products or services to be provided or performed by others in Company; and/or (v) (A) will have a primary duty of managing a department or subdivision of Company, (B) will customarily and regularly direct the work of two (2) or more other employees, and (C) will have the authority to hire or fire other employees; and/or

 

  

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(b)

	
Employee’s position is a position of trust and responsibility with access to (i) Confidential Information, (ii) Trade Secrets, (iii) information concerning employees of Company, (iv) information concerning Customers of Company, and/or (v) information concerning Prospective Customers of Company.

 

	
  

	
(c)

	
Employee shall abide by the following both during and after Employee’s employment with Company for the periods specified below, whether or not Employee receives any benefits under this Agreement pursuant to Article I:

 

(i)           Trade Secrets and Confidential Information. Employee shall not: (A) both during and after Employee’s employment with Company, use, disclose or reverse engineer the Trade Secrets or the Confidential Information for any purpose other than Company’s Business, except as authorized in writing by Company; (B) during Employee’s employment with Company, use disclose or reverse engineer (1) any confidential information or trade secrets of any former employer or third party, or (2) any works of authorship developed in whole or in part by Employee during any former employment or for any other party, unless authorized in writing by the former employer or third party; or (C) upon Termination of Employment for any reason: (1) retain Trade Secrets or Confidential Information, including any copies existing in any form (including electronic form) which are in Employee’s possession or control, or (2) destroy, delete or alter the Trade Secrets or Confidential Information without Company’s prior written consent. The obligations under this Agreement shall: (I) with regard to the Trade Secrets, remain in effect as long as the information constitutes a trade secret under applicable law; and (II) with regard to the Confidential Information, remain in effect for so long as such information constitutes Confidential Information as defined in this Agreement.

 

The confidentiality, property and proprietary rights protections available in this Agreement are in addition to, and not exclusive of, any and all other rights to which Company is entitled under federal and state law, including, but not limited to, rights provided under copyright laws, trade secret and confidential information laws, and laws concerning fiduciary duties.

 

(ii)           Non-Solicitation of Customers. During the Restricted Period, Employee shall not, directly or indirectly, solicit any Customer of Company for the purpose of selling or providing any products or services competitive with the Business. The restrictions set forth in this subsection apply only to Customers with whom Employee had Material Contact during the term of Employee’s employment.

 

  

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(iii)          Non-Solicitation of Prospective Customers.  During the Restricted Period, Employee shall not, directly or indirectly, solicit any Prospective Customer of Company for the purpose of selling or providing any products or services competitive with the Business. The restrictions set forth in this subsection apply only to Prospective Customers with whom Employee had Material Contact during the term of Employee’s employment.

 

(iv)          Non-Recruit of Employees. During the Restricted Period, Employee shall not, directly or indirectly, solicit, recruit or induce any Internap Employee to (i) terminate his or her employment relationship with Company, or (ii) work for any other person or entity engaged in the Business. The restrictions set forth in this subsection shall apply only to Internap Employees (a) with whom Employee had Material Interaction, or (b) that Employee, directly or indirectly, supervised.

 

(v)           Non-Competition. During the Restricted Period, Employee shall not, on Employee’s own behalf or on behalf of any person or entity, engage in the Business in the Territory. This restriction is specifically limited to the performance of any of the activities which Employee performed, or which are substantially similar to those which Employee performed, for or on behalf of Company. Nothing in this Agreement shall be construed to prohibit Employee from performing activities which Employee did not perform for or on behalf of Company.

 

(vi)          Non-Disparagement. Employee shall not make any disparaging or defamatory statements, whether written or oral, regarding Company. In addition, Employee shall not make any statement or take any action which may negatively impact Company’s ability to close those business transactions that Employee was, directly or indirectly, working on or had knowledge of during the course of Employee’s employment with Company.

 

(vii)         Definitions.  For purposes of this Section 3.1 only, capitalized terms shall be defined as follows:

 

(A)           “Business” means (1) those activities, products and services that are the same as or similar to the activities conducted and products and services offered and/or provided by Company within two (2) years prior to termination of Employee’s employment with Company, and (2) the business of providing information technology (IT) infrastructure services that enable businesses to securely store, host, access and deliver their online applications and media content through the Internet.  Such services include, but are not limited to: (I) Internet connectivity, (II) colocation services, (III) managed hosting services, (IV) CDN services and (V) “Cloud” computing services.

 

  

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(B)           “Confidential Information” means (1) information of Company, to the extent not considered a Trade Secret under applicable law, that (I) relates to the business of Company, (II) was disclosed to Employee or of which Employee became aware of as a consequence of Employee’s relationship with Company, (III) possesses an element of value to, and (IV) is not generally known to Company’s competitors, and (2) information of any third party provided to Company which Company is obligated to treat as confidential, including, but not limited to, information provided to Company by its licensors, suppliers or customers. Confidential Information includes, but is not limited to, (a) methods of operations, (b) price lists, (c) financial information and projections, (d) personnel data, (e) future business plans, (f) the composition, description, schematic or design of products, future products or equipment of Company or any third party, (g) advertising or marketing plans, and (h) information regarding independent contractors, employees, clients, licensors, suppliers, Customers, Prospective Customers or any third party, including, but not limited to, the names of Customers and Prospective Customers, Customer and Prospective Customer lists compiled by Company, and Customer and Prospective Customer information compiled by Company. Confidential Information shall not include any information that (x) is or becomes generally available to the public other than as a result of an unauthorized disclosure, (y) has been independently developed and disclosed by others without violating this Agreement or the legal rights of any party, or (z) otherwise enters the public domain through lawful means.

 

(C)           “Customer” means any person or entity to whom Company has sold its products or services.

 

(D)           “Key Employee” means that, by reason of Company’s investment of time, training, money, trust, exposure to the public or exposure to Customers, vendors or other business relationships during the course of Employee’s employment with Company, Employee will gain a high level of notoriety, fame, reputation or public persona as Company’s representative or spokesperson; will gain a high level of influence or credibility with Customers, vendors or other business relationships; or will be intimately involved in the planning for or direction of the business of Company or a defined unit of Company’s business. Such term also means that Employee possesses selective or specialized skills, learning or abilities or customer contacts or customer information by reason of having worked for Company.

 

(E)           “Internap Employee” means any person who (I) is employed by Company at the time of Employee’s Termination of Employment, or (II) was employed by Company during the last year of Employee’s employment with Company.

 

(F)           “Material Contact” means contact between Employee and a Customer or Prospective Customer: (I) with whom or which Employee dealt on behalf of Company; (II) whose dealings with Company were coordinated or supervised by Employee; (III) about whom Employee obtained Confidential Information in the ordinary course of business as a result of Employee’s association with Company; or (IV) who receives products or services authorized by Company, the sale or provision of which results or resulted in compensation, commissions or earnings for Employee within two (2) years prior to the Termination of Employment.

 

  

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(G)           “Material Interaction” means any interaction with an Internap Employee which relates or related, directly or indirectly, to the performance of Employee’s or the Internap Employee’s duties for Company.

 

(H)           “Professional” means an employee who has as a primary duty the performance of work requiring knowledge of an advanced type in a field of science or learning customarily acquired by a prolonged course of specialized intellectual instruction or requiring invention, imagination, originality or talent in a recognized field of artistic or creative endeavor. Such term shall not include employees performing technician work using knowledge acquired through on-the-job and classroom training, rather than by acquiring the knowledge through prolonged academic study, such as might be performed, without limitation, by a mechanic, a manual laborer or a ministerial employee.

 

(I)            “Prospective Customer” means any person or entity to whom Company has solicited to sell its products or services.

 

(J)            “Restricted Period” means the time period during Employee’s employment with Company, and (1) for twelve (12) months following Employee’s termination of employment with the Company if such termination is a Qualifying Termination, or (2) if Employee’s employment is terminated for any reason other than a Qualifying Termination, for twelve (12) months following Employee’s termination of employment with the Company, which will be inclusive of any portion of the Notice Period (as defined in Section 5.3 below), if any, during which Employee remains employed by the Company.

 

(K)           “Territory” means within each of the following discrete, severable, geographic areas:

 

(1)           the countries of the countries of Afghanistan, Albania, Algeria, Amsterdam, Andorra, Antigua and Barbuda, Argentina, Armenia, Australia, Bahamas, Bangladesh, Belgium, Belize, Bolivia, Bosnia, Brazil, Bulgaria, Canada, Canary Islands, Chile, China, Columbia, Costa Rica, Cote de Ivories’, Croatia, Curacao, Cyprus, Czech Republic, Denmark, Dominican Republic, Ecuador, Egypt, El Salvador, Estonia, Ethiopia, Fiji, France, Finland, Gaza, Great Britain, Germany, Greece, Guatemala, Guyana, Hong Kong, Honduras, Hungary, Ireland, India, Indonesia, Iran, Iraq, Israel, Italy, Jamaica, Japan, Jordan, Kenya, Korea, Kosovo, Kuwait, Lagos, Latvia, Lebanon, Luxemburg, Macao, Macedonia, Malaysia, Malta, Martinique, Mauritius, Mexico, Netherlands, New Zealand, Nicaragua, Nigeria, Norway, Oman, Pakistan, Philippines, Poland, Portugal, Puerto Rico, Qatar, Romania, Russia, Russian Federation, Saudi Arabia, Senegal, Serbia, Singapore, Slovakia, South Africa, Spain, South Korea, Sri Lanka, Sumatra, Suriname, Sweden, Switzerland, Taiwan, Thailand, The Netherlands, Trinidad & Tobago, Tunisia, Turkey, Taiwan, Uganda, United Kingdom, United Arab Emirates and Ukraine; and

 

  

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(2)           the continental United States; and

 

(3)           the states of the states of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming;  and

(4)            the counties of Cherokee, Clayton, Cobb, Coweta, Dekalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Hall, Henry, Paulding and Rockdale, Georgia; and

 

(5)           the city of Atlanta, Georgia; and

 

(6)           a fifteen (15) air mile radius of Company’s corporate headquarters.

 

(L)           “Trade Secrets” means information of Company, and its licensors, suppliers, clients and customers, without regard to form, including, but not limited to, technical or nontechnical data, a formula, a pattern, a compilation, a program, a device, a method, a technique, a drawing, a process, financial data, financial plans, product plans, a list of actual customers, clients, licensors or suppliers, or a list of potential customers, clients, licensors or suppliers which is not commonly known by or available to the public and which information (I) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use, and (II) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

 

	
3.2

	
Enforcement.  Upon Employee’s employment with an entity that is not an Affiliate of Company (a “Successor Employer”) during the period that the provisions of this Article III remain in effect, Employee will provide such Successor Employer with a copy of this Agreement and will notify Company of such employment within thirty (30) days thereof.  Upon the material, uncured, violation of any of the provisions of this Article III the payment of all severance benefits will cease, as applicable.  Such relief will apply regardless of when such violation is discovered. Without by implication limiting the generality of the foregoing, Company may suspend any payments due under this Agreement pending the outcome of litigation regarding a breach of any provision of this Agreement or regarding a dispute arising from the subject matter of this Agreement.

 

  

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3.3

	
Independent Covenants. Each of the covenants set forth in this Article III shall be construed as an agreement independent of (a) each of the other covenants set forth in this Article III, (b) any other agreements, or (c) any other provision in this Agreement, and the existence of any claim or cause of action by Employee against Company, whether predicated on this Agreement or otherwise, regardless of who was at fault and regardless of any claims that either Employee or Company may have against the other, shall not constitute a defense to the enforcement by Company of any of the covenants set forth in this Article III.  Company shall not be barred from enforcing any of the covenants set forth in this Article III by reason of any breach of any other part of this Agreement or any other agreement with Employee.

 

	
3.4

	
Right of Offset.  If Employee is at any time indebted to Company, or otherwise obligated to pay money to Company for any reason, Company, at its election, may offset amounts otherwise payable to Employee under this Agreement against any such indebtedness or amounts due from Employee to Company, to the extent permitted by law, except that no offset may be applied to any deferred compensation that is not exempt from Section 409A of the Code.

 

ARTICLE IV

DISPUTE RESOLUTION

 

	
4.1

	
Venue and Jurisdiction.  Employee and Company agree that any and all claims arising out of or relating to this Agreement shall be (a) brought in the Superior Court of Fulton County, Georgia, or (b) brought in or removed to the United States District Court for the Northern District of Georgia, Atlanta Division. Employee consents to the personal jurisdiction of the courts identified above. Employee waives (a) any objection to jurisdiction or venue, or (b) any defense claiming lack of jurisdiction or venue, in any action brought in such courts.

 

	
4.2

	
Entitlement to Injunctive Relief.  If Employee breaches any of the restrictions set forth in Article III, Employee agrees that: (a) Company would suffer irreparable harm; (b) it would be difficult to determine damages, and money damages alone would be an inadequate remedy for the injuries suffered by Company; and (c) if Company seeks injunctive relief to enforce this Agreement, Employee shall waive and shall not (i) assert any defense that Company has an adequate remedy at law with respect to the breach, (ii) require that Company submit proof of the economic value of any Trade Secret or Confidential Information, or (iii) require Company to post a bond or any other security.  Nothing contained in this Agreement shall limit Company’s right to any other remedies at law or in equity.

 

  

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4.3

	
Fees and Expenses.

 

	
  

	
(a)

	
Except as provided in Section 4.3(b) below, if Company or Employee sues in court against the other for a breach of any provision of this Agreement or regarding any dispute arising from the subject matter of this Agreement, if Company is the prevailing party it will be entitled to recover its attorneys’ fees, and court costs, regardless of which party initiated the proceedings.  If Employee is the prevailing party or if there is no prevailing party, Company and Employee will each bear their own costs and attorneys’ fees incurred.

 

	
  

	
(b)

	
If, subsequent to a Change of Control, (i) Company or Employee sues in court for benefits under Sections 1.1 or 1.2, or (ii) Company contests the validity, enforceability or Employee’s interpretation of, or determinations under, this Agreement for benefits under Sections 1.1 or 1.2, Company will pay all legal fees, expenses and damages which Employee may incur as a result of Employee’s instituting legal action to enforce the rights hereunder.  If Employee is the prevailing party or recovers any damages in such action, Employee will be entitled to receive in addition thereto pre-judgment and post-judgment interest on the amount of such damages.

 

ARTICLE V

MISCELLANEOUS PROVISIONS

 

	
5.1

	
Employee Acknowledgement.  Employee is entering into this Agreement of Employee’s own free will. Employee acknowledges that Employee has had adequate opportunity to review this Agreement and consult with counsel of Employee’s own choosing. Employee represents that Employee has read and understands this Agreement, Employee is fully aware of this Agreement’s legal effect and has not acted in reliance upon any statements made by Company other than those set forth in writing in the Agreement.

 

	
5.2

	
At-Will Employment.  Notwithstanding any provision in this Agreement to the contrary, Employee hereby acknowledges and agrees that Employee’s employment with Company is for an unspecified duration and constitutes “at-will” employment, and Employee further acknowledges and agrees that this employment relationship may be terminated at any time, with or without Cause or for any or no Cause, at the option either of Company or Employee. Company may change Employee’s job duties, title, responsibilities, reporting level, compensation and benefits, as well as Company’s personnel policies and procedures, with or without notice at any time in the sole discretion of Company.

 

	
5.3

	
Notice of Termination by Employee. Except as otherwise expressly provided in this Agreement, Employee agrees to provide Company with written notice of Employee’s intent to terminate employment with Company not less than two (2) months prior to the proposed effective date of such termination (the “Notice Period”). Notwithstanding the foregoing, following receipt of such notice, Company may, in its sole and absolute discretion: (a) allow Employee to remain employed for the duration of the Notice Period; (b) allow Employee to remain employed for a portion of the Notice Period, and terminate Employee’s employment prior to expiration of the Notice Period; (c) allow Employee to remain employed for all or a portion of the Notice Period as set forth in subclauses (a) and (b) above, but direct Employee not to perform any services for Company and/or not to appear at Company’s offices during such period; or (d) immediately terminate Employee’s employment. During any portion of the Notice Period in which Employee remains employed by Company, Employee will continue to receive Employee’s Base Compensation and those health and welfare benefits for which Employee remains eligible. Notwithstanding anything to the contrary set forth in this Agreement, any termination of employment by Company as set forth in this Section shall not constitute a Qualifying Termination.

 

  

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5.4

	
Cooperation. Following termination of Employee’s employment for any reason, Employee shall cooperate with Company (including its employees, officers, directors, attorneys and representatives) and furnish complete and truthful information, testimony or affidavits in connection with any matters, including, but not limited to, any litigation, investigation or other dispute, about which Employee has knowledge or information. If Employee has any contact with any party adverse to Company in any investigation, lawsuit or dispute, Employee agrees to immediately notify the Company’s Senior Vice President, Legal Services first by telephone and as soon as possible thereafter in writing.

 

	
5.5

	
Successors and Assigns. The rights and obligations of Company under this Agreement will inure to the benefit of and will be binding upon the successors and assigns of Company. Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, sale of assets or otherwise) to all or substantially all of the business and/or assets of Company, by a written agreement in form and substance reasonably satisfactory to Employee, to assume expressly and agree to perform this Agreement in the same manner and to the same extent that Company would be required to perform it if no such succession had taken place. This Agreement is personal to Employee and without the prior written consent of Company is not assignable by Employee otherwise than by will or the laws of descent and distribution. This Agreement will inure to the benefit of and be enforceable by Employee’s personal and legal representatives, executors, administrators, heirs, distributes, devisees and legatees.

 

	
5.6

	
Amendment.  Except as provided in Section 1.4, this Agreement will not be modified, changed or in any way amended except by an instrument in writing signed by Company and Employee.

 

	
5.7

	
Severability.  The provisions of this Agreement are severable. If any provision of this Agreement is determined to be unenforceable, in whole or in part, then such provision shall be modified so as to be enforceable to the maximum extent permitted by law. If such provision cannot be modified to be enforceable, the provision shall be severed from this Agreement to the extent unenforceable. The remaining provisions and any partially enforceable provisions shall remain in full force and effect.

 

	
5.8

	
Integration. The provisions of this Agreement and any exhibits hereto constitute the entire and complete understanding and agreement between the parties with respect to the subject matter hereof, and supersede all prior and contemporaneous oral and written agreements, representations and understandings of the parties, including without limitation Company’s severance policy, any change of control agreement and employment agreement (including any offer letter) between Employee and Company, which are hereby terminated.

 

  

13

  

 

	
5.9

	
Choice of Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF GEORGIA WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAWS OF GEORGIA OR ANY OTHER JURISDICTION, AND, WHERE APPLICABLE, THE LAWS OF THE UNITED STATES.

 

	
5.10

	
Survival.  The provisions of Article II, Article III, Article IV, this Article V and Article VI will survive the termination of this Agreement.  The existence of any claim or cause of action of Employee against Company, whether predicated on this Agreement or otherwise, will not constitute a defense to the enforcement by Company of the covenants of Employee contained in this Agreement, including but not limited to those contained in Article III.

 

	
5.11

	
No Waiver.  No waiver by either party at any time of any breach by the other party of, or compliance with, any condition or provision of this Agreement to be performed by the other party will be deemed a waiver of similar or dissimilar provisions or conditions at any time.

 

	
5.12

	
Notice. For all purposes of this Agreement, all communications required or permitted to be given under this Agreement will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof confirmed), or five business days after having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or two business days after having been sent by a nationally recognized overnight courier service, addressed to Company at its principal executive office, to Company’s SVP, Legal Services, and to Employee at Employee’s principal residence, or to such other address as any party may have furnished to the other in writing, except that notices of change of address will be effective only upon receipt.

 

	
5.13

	
Counterparts. This Agreement shall be executed by Company and Employee in one or more counterparts which, taken together, shall constitute one original.

 

	
5.14

	
Construction. This Agreement is deemed to be drafted equally by both Employee and Company and will be construed as a whole and according to its fair meaning. Any presumption or principle that the language of this Agreement is to be construed against any party will not apply. The headings in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs, subparagraphs, sections, subsections or clauses are to those parts of this Agreement, unless the context clearly indicates to the contrary.

 

	
5.15

	
No Mitigation.  In no event will Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Employee under any of the provisions of this Agreement and such amounts will not be reduced whether or not Employee obtains other employment.

 

  

14

  

 

	
5.16

	
Withholding.  Company may deduct and withhold from any amounts payable under this Agreement such Federal, state, local, foreign or other taxes as are required to be withheld pursuant to any applicable law or regulation.

 

ARTICLE VI

DEFINITIONS

 

	
6.1

	
“Affiliate” means a corporation that is a member of a controlled group of corporations (as defined in Section 414(b) of the Code) that includes Company, any trade or business (whether or not incorporated) that is in common control (as defined in Section 414(c) of the Code) with Company, or any entity that is a member of the same affiliated service group (as defined in Section 414(m) of the Code) as Company.

 

	
6.2

	
“Base Compensation” means Employee’s gross base salary at the time of Termination of Employment before reduction by any pre-tax contributions to the 401(k) Plan or any other benefit plan maintained by Company or its Affiliates or any other deductions of any nature.

 

	
6.3

	
“Cause” means: (a) Employee’s conviction for, or plea of guilty or no contest to (i) a felony, or (ii) a crime involving moral turpitude; (b) Employee’s commission of an act constituting fraud, deceit or material misrepresentation with respect to Company; (c)  Employee’s embezzlement of Company’s or its Affiliates’ assets or funds; (d) Employee’s commission of any negligent or willful act or omission that causes material detriment (by reason, without limitation, of financial exposure or loss, damage to reputation or goodwill, or exposure to civil damages or criminal penalties or other prosecutorial action by any governmental authority) to Company or any Affiliate; (e) Employee’s resignation for any reason other than those defined in Section 6.8 below; or (f) Employee’s failure or refusal to (i) satisfactorily perform Employee’s duties to Company, (ii) follow the direction of any individual to whom Employee reports, (iii) abide by the policies, procedures and rules of Company, or (iv) abide by laws applicable to Employee in Employee’s capacity as an employee, executive or officer of Company, provided, that, for any such failure listed in this subclause (f), Company shall first give Employee written notice setting forth with specificity the reasons that Company believes Employee is failing, and thirty (30) days to cure such failure.

 

	
6.4

	
“Change of Control” means any of the following occurrences:

 

	
  

	
(a)

	
any “person,” as such term is used in Sections 3(a)(9) and 13(d) of the Securities Exchange Act of 1934 (“Person”), becomes a “beneficial owner,” as such term is used in Rule 13d-3 promulgated under that Act, of 30% or more of the voting stock of Company;

 

	
  

	
(b)

	
the majority of the Board of Directors of Company consists of individuals other than “incumbent” directors, which term means the members of the Board of Directors on the date hereof; provided that any person becoming a director subsequent to such date whose election or nomination for election was supported by two-thirds of the directors who then comprised the incumbent directors will be considered to be an incumbent director;

 

  

15

  

 

	
  

	
(c)

	
Company adopts any plan of liquidation providing for the distribution of all or substantially all of its assets;

 

	
  

	
(d)

	
all or substantially all of the assets or business of Company is disposed of pursuant to a merger, consolidation or other transaction (unless the stockholders of Company immediately prior to such merger, consolidation or other transaction beneficially own, directly or indirectly, in substantially the same proportion as they owned the voting stock of Company, all of the voting stock or other ownership interests of the entity or entities, if any, that succeed to the business of Company); or

 

	
  

	
(e)

	
Company combines with another company and is the surviving corporation but, immediately after the combination, the stockholders of Company immediately prior to the combination hold, directly or indirectly, 50% or less of the voting stock of the combined company (there being excluded from the number of shares held by such stockholders, but not from the voting stock of the combined company, any shares received by affiliates of such, other company in exchange for stock of such other company).

 

For purposes of the Change of Control definition, “Company” will include any entity that succeeds to all or substantially all, of the business of Company and “voting stock” will mean securities of any class or classes having general voting power under ordinary circumstances, in the absence of contingencies, to elect the directors of a corporation.

	
6.5

	
“Disability” means, as determined in Company’s sole discretion, Employee becomes mentally or physically impaired or disabled such that Employee is unable to perform the essential functions of Employee’s job even with reasonable accommodation for a period of at least one hundred twenty (120) days in the aggregate during any one hundred fifty (150) consecutive day period.

 

	
6.6

	
“401(k) Plan” means the Internap 401(k) Savings Plan or any other qualified retirement plan with a cash or deferred arrangement that is maintained or sponsored by Company or any Affiliate in which Employee is a participant.

 

	
6.7

	
“Protection Period” means the period beginning on the date that is six (6) months prior to the occurrence of a Change of Control and ending twenty-four (24) months following the occurrence of a Change of Control.

 

	
6.8

	
“Qualifying Termination”

 

	
  

	
(a)

	
In the case of any Termination of Employment other than during a Protection Period, “Qualifying Termination” shall mean:

 

	
  

	
(i)

	
the Termination of Employment by Company for any reason other than Cause, Disability or death; or

 

  

16

  

 

	
  

	
(ii)

	
the Termination of Employment by Employee for any of the following reasons:

 

	
  

	
(A)

	
a material reduction by Company in Employee’s Base Compensation or bonus eligibility unless similar reductions apply to senior executives of Company and its subsidiaries generally;

 

	
  

	
(B)

	
relocation of Company’s principal executive offices outside the Atlanta, Georgia metropolitan area (or, if Employee is not based at Company’s principal executive offices, the relocation of the office at which Employee is based by more than 50 miles); or

 

	
  

	
(C)

	
the assignment to Employee by Company of duties materially inconsistent with, or the material reduction of the powers and functions associated with, Employee’s positions, duties, responsibilities and status with Company or a material adverse change in Employee’s titles or offices, unless such action is in lieu of termination by Company of Employee’s employment due to Disability.

 

If Employee believes that an event specified in this Section 6.8(a)(ii) has occurred, Employee must notify Company of that belief within ninety (90) days following the occurrence of such event. Company will have thirty (30) days following receipt of such notice (such period, the “Designated Period”) in which to either rectify such event, determine that such an event exists, or determine that such an event does not exist. If Company does not take any of the foregoing actions within the Designated Period, Employee may terminate employment with Company during the fourteen (14) day period following the expiration of the Designated Period. If, during the Designated Period, Company determines that such an event exists Company shall either (A) undertake to cure such event during the Designated Period and provide Employee with written notice during the Designated Period of Company’s determination that such event has been cured, or (B) provide written notice to Employee during the Designated Period that it does not wish to cure such event, in which case, Employee may terminate employment during the fourteen (14) day period following receipt of the notice specified in this clause (B).  If, during the Designated Period, Company determines that (1) such event does not exist or (2) Company has cured such event pursuant to clause (A) of the preceding sentence, then (x) Employee will not be entitled to rely on or assert such event as a basis for a Qualifying Termination, and (y) if Employee disagrees with Company’s determination, Employee may file a claim pursuant to Article IV within thirty (30) days after Employee’s receipt of written notice of Company’s determination.

 

  

17

  

 

	
  

	
(b)

	
In the case of any Termination of Employment during a Protection Period, “Qualifying Termination” shall mean:

	
  

	
(i)

	
the Termination of Employment by Company for any reason other than Cause, Disability or death; or

	
  

	
(ii)

	
the Termination of Employment by Employee for any of the following reasons:

	
  

	
(A)

	
the assignment to Employee by Company of duties inconsistent with, or the reduction, other than due solely to the fact that Company no longer is a publicly traded company, of the powers and functions associated with Employee’s position, duties, responsibilities and status with Company immediately prior to a Change of Control, or a material adverse change in Employee’s titles or offices as in effect immediately prior to a Change of Control, or any removal of Employee from or any failure to re-elect Employee to any of such positions, except, in each of the foregoing cases, in connection with Termination of Employment by Company due to Cause, Disability or death;

	
  

	
(B)

	
a reduction by Company in Employee’s Base Compensation or bonus eligibility as in effect on the date of a Change of Control;

	
  

	
(C)

	
relocation of Company’s principal executive offices outside the Atlanta, Georgia metropolitan area (or, if Employee is not based at Company’s principal executive offices, the relocation of the office at which Employee is based by more than 50 miles);

	
  

	
(D)

	
Company’s requirement that Employee be based anywhere other than at Company’s principal executive offices in the Atlanta, Georgia metropolitan area (or, if Employee is not based at Company’s principal executive offices, the relocation of the office at which Employee is based by more than 50 miles), or if Employee agrees to a relocation outside the area, Company’s failure to reimburse Employee consistent with Company’s Domestic Relocation Program;

	
  

	
(E)

	
Company’s failure to continue in effect any Company-sponsored plan that is in effect on the date of a Change of Control (or replacement plans therefore that in the aggregate provide substantially similar or more favorable benefits) that is either a 401(k) Plan or provides incentive or bonus compensation or reimbursement for reasonable expenses incurred by Employee in connection with the performance of duties with Company;

	
  

	
(F)

	
any material breach by Company of any provision of this Agreement; or

 

  

18

  

 

	
  

	
(G)

	
any failure by Company to obtain the assumption of this Agreement by any successor or assign of Company.

	
  

	
(c)

	
Notwithstanding anything to the contrary contained herein, any amounts or benefits payable upon a Qualifying Termination that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code and applicable regulations will not be payable or distributable to Employee by reason of such circumstance unless the circumstances giving rise to such Qualifying Termination meet any description or definition of “separation from service” in Section 409A of the Code and applicable regulations (without giving effect to any elective provisions that may be available under such definition). If this provision prevents the payment or distribution of any amount or benefit, such payment or distribution shall be made on the date, if any, on which an event occurs that constitutes a Section 409A-compliant “separation from service.”

	
  

	
(d)

	
In the event that Employee is employed by a subsidiary of Company and not Company, for purposes of the term “Qualifying Termination,” “Company” will include such subsidiary.

	
6.9

	
“Termination of Employment” means the last date of Employee’s employment with Company and its Affiliates.

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the 26th day of July, 2012.

 

	INTERNAP NETWORK SERVICES	 	 	EMPLOYEE
	CORPORATION	 	 	 
	 	 	 	 
	By:  	
/s/ Carl B. Meyer

	 	 	
/s/ Kevin M. Dotts

	
Name: Carl B. Meyer

 

	 	 	
Kevin M. Dotts

	
Title:  

	 SVP, Human Resources	 	 	 

 

19Forms of Transitional Trademark License Agreement

 Exhibit 10.3 
 TRANSITIONAL TRADEMARK LICENSE AGREEMENT 
 This license agreement (this
“Agreement”) is entered into and effective this      day of             , 2012 (the “Effective Date”). This Agreement is made by and between Tyco
International Services Holding GmbH (“Licensor”), with a registered seat at Freier Platz 10, in 8200 Schaffhausen, Switzerland, and Tyco Flow Control International Ltd. (t/b/k/a Pentair Ltd.), a corporation limited by shares
(Aktiengesellschaft) organized under the laws of Switzerland with an address at c/o Pentair, Inc., 5500 Wayzata Boulevard, Suite 800 Golden Valley, Minnesota 55416 (“Licensee”) (each individually a “Party”
and collectively, the “Parties”) and, solely for purposes of Section 12(p) herein, Tyco International Ltd., a corporation limited by shares (Aktiengesellschaft) organized under the laws of Switzerland (“Licensor
Parent”). 
 WHEREAS, on September 19, 2011, Licensor announced its plan to separate the company’s
businesses into three distinct, publicly traded companies (the “Transaction”). Following completion of the Transaction, Licensor will continue to be the largest global provider of fire and security products and services for
commercial, industrial, governmental and retail customers worldwide, a standalone ADT North America Residential Security corporation will be formed and the existing Flow Control segment will also become a standalone company (such standalone company
and its subsidiaries, the “Flow Control Business”). Licensor subsequently announced on March 28, 2012 that, immediately following the Transaction, a subsidiary of Licensee will merge with Pentair, Inc.
(“Pentair”), conditional upon the Transaction taking place. Licensor’s shareholders will own approximately 52.5% and Pentair shareholders will own approximately 47.5% of Licensee; 

WHEREAS, while the Flow Control Business is transitioning from the Licensed Marks to new trade names, trademarks and domain names,
Licensee will need to continue to use the Licensed Marks in the Licensed Fields of Use (in each case, as defined below) for a period of time in order to continue its business uninterrupted and to exhaust all or most of its existing inventories of
products and other materials bearing one or more of the Licensed Marks in a manner consistent with “phase-out” use; and 
 WHEREAS, pursuant to the terms of this Agreement, Licensor hereby grants and Licensee hereby receives a license to use the Licensed Marks in the Licensed Fields of Use, as set forth herein.

 NOW THEREFORE, in consideration of the foregoing and the mutual promises and covenants contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

1. Definitions. 
 a. “Affiliate” means, when used with respect to a specified Person, a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with such specified Person. For the purposes of this definition, “control”, when used with respect to any specified Person shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the ownership of voting securities or other 

 
interests, by contract or otherwise. It is expressly agreed that no Party shall be deemed to be an Affiliate of another Party solely by reason of having one or more directors in common.

 b. “Change of Control” means the consummation of any transaction or series of related
transactions (i) pursuant to which Persons other than those Persons holding equity securities immediately prior to such transaction(s), become the direct or indirect, beneficial or record holders of shares or other equity interests representing
more than fifty percent (50%) of the aggregate ordinary voting power of a Party; and (ii) which results in the sale or other transfer of all or substantially all of the assets of a Party. 

c. “Confidential Information” means all non-public, confidential or proprietary Information
concerning a Party and/or its Subsidiaries or their past, current, or future activities, businesses or operations, or that was provided to a Party by a third party in confidence, except for any Information that (i) is or becomes publicly
available through no fault of the receiving Party or its subsidiaries, (ii) is lawfully acquired by such Party or its subsidiaries from other sources, (iii) is independently developed by the receiving Party, (iv) is necessary for a
Party to enforce its rights under this Agreement or (v) is required to be disclosed pursuant to applicable law (including in connection with financial statements or tax returns), stock exchange rule, subpoena or legal process, provided that the
receiving Party promptly notifies the disclosing Party of any such requirement, discloses no more Information than is so required and cooperates at the disclosing Party’s expense in any attempt to obtain a protective order or similar treatment.

 d. “End-of-Use Date” means (i) in the event this Agreement expires at the end of
the Term, the last day of the Term; or (ii) in the event this Agreement is terminated prior to the end of the Term in accordance with the provisions of Section 5 hereof, the earlier of: the last day of the Term, or the day that is
thirty (30) days following the date of termination for use on promotional materials and sixty (60) days following the date of termination for use on products. 

e. “Excluded Fields of Use” means the Excluded Fields of Use identified on Schedule C
hereto, as it may be amended by written agreement of the parties from time to time. 
 f. “Field of
Use” means any industry, operating segment or business field comprising a related group of goods and/or services. 
 g. “Force Majeure” means, with respect to a Party, an event beyond the control of such Party (or any Person acting on its behalf), which by its nature could not have been foreseen
by such Party (or such Person), or, if it could have been foreseen, was unavoidable, and includes, without limitation, acts of God, storms, floods, riots, labor unrest, pandemics, nuclear incidents, fires, sabotage, civil commotion or civil unrest,
interference by civil or military authorities, acts of war (declared or undeclared) or armed hostilities or other national or international calamity or one or more acts of terrorism or failure of energy sources or distribution facilities.
Notwithstanding the foregoing, the receipt by a Party of a hostile takeover offer, even if unforeseen or unavoidable, and such Party’s response thereto shall not be deemed an event of Force Majeure. 

 h. “Governmental Entity” means any nation or
government, any state, municipality or other political subdivision thereof and any entity, body, agency, commission, department, board, bureau or court, whether domestic, foreign or multinational, exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government and any executive official thereof. 
 i.
“Information” means information, content and data in written, oral, electronic, computerized, digital or other tangible or intangible media, including studies, reports, records, books, contracts, instruments, surveys, lists,
designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged
communications), memos and other materials prepared by attorneys or under their direction (including attorney work product), communications and other materials otherwise related to or made or prepared in connection with or in preparation for any
legal proceeding, and other technical, financial, employee or business information or data, documents, correspondence, materials, product literature, files, policies, procedures and manuals. 

j. “License” shall have the meaning ascribed to it in Section 2(a) hereof. 

k. “Licensed Fields of Use” means the Fields of Use identified on Schedule B hereto.

 l. “Licensed Marks” means the trade names, trademarks, service marks and domain names
set out on Schedule A hereto, as may be amended from time to time by written agreement of the parties, and all related applications and registrations therefor, and all related common law rights therein. 

m. “Marketing Materials” means all advertising and marketing materials, including but not limited
to packaging, tags, labels, advertising, marketing, promotions, displays, display fixtures, instructions, technical sheets, user guides, data sheets, warranties, websites and other materials of any and all types, and in written, digital or any other
format, associated with products or services within the Licensed Fields of Use that are marked with any of the Licensed Marks. 
 n. “Material Action” means to file any insolvency case or proceeding, to institute proceedings to have either Party be adjudicated bankrupt or insolvent, to institute proceedings
under any applicable insolvency law respecting either Party, to seek any relief for either Party under any law relating to relief from debts or the protection of debtors, to consent to the filing or institution of bankruptcy or insolvency
proceedings against either Party, to file a petition seeking, or consent to, relief with respect to either Party under any applicable federal or state law relating to bankruptcy or insolvency, to seek or consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator, custodian, or any similar official of or for either Party or all or any of the interests of either Party herein, to 

 
make any assignment for the benefit of creditors of either Party, to admit in writing the Party’s inability to pay its debts generally as they become due, or to take action in furtherance of
any of the foregoing. Notwithstanding the foregoing, the commencement of a reorganization proceeding under Chapter 11 of the Bankruptcy Code, or otherwise taking steps to reorganize or restructure that Party’s business as a going concern, shall
not constitute a “Material Action.” 
 o. “Material Breach” shall have the
meaning set forth in Section 5(a). 
 p. “New York Courts” shall have the
meaning ascribed to it in Section 12(e) hereof. 
 q. “Owner” means Tyco
International Services GmbH (formerly Tyco International Services AG). 
 r. “Person”
means any natural person, firm, individual, corporation, business trust, joint venture, association, company, limited liability company, partnership or other organization or entity, whether incorporated or unincorporated, or any Governmental Entity.

 s. “Term” shall have the meaning ascribed to it in Section 4 hereof.

 t. “Territory” means the world. 

2. License. 
 a. Subject to the terms, conditions and limitations of this Agreement, Licensor, on behalf of itself and its Affiliates, hereby grants to Licensee the non-exclusive right and license to use the Licensed
Marks solely (i) in connection with the Licensed Fields of Use in the Territory during the Term; (ii) in a manner in conformity with the practices of the members of the Flow Control Business prior to the Effective Date, and (iii) in a
manner that does not harm or disparage Licensor, Owner or their respective Affiliates or the reputation or goodwill of the Licensed Marks (the “License”). 

b. For avoidance of doubt, no use by or through Licensee of the Licensed Marks, or any component thereof, on or in
connection with physical, electronic, magnetic or other materials (including without limitation products) in existence on or prior to the Effective Date (collectively, “Pre-Existing Materials”) shall constitute a breach of this
Agreement; provided, however, that in the event any Pre-Existing Material is in breach of Licensor’s obligations under that certain License Agreement between Tyco International Services GmbH (“TIS”) and Licensor dated as of
June 29, 2007 (as may be amended or modified from time to time, the “JV License Agreement”), Licensor shall notify Licensee in writing, specifying in detail any changes required to cure such breach, and Licensee shall have
sixty (60) days after receipt of such notice to address such changes under the procedures of Section 8.c. hereof. 
 c. Licensee shall permanently cease, and shall cause all sublicensees to permanently cease, all use of the Licensed Marks no later than the End-of-Use Date, and Licensee and its sublicensees shall make no
use of the Licensed Marks thereafter. 

 d. Notwithstanding any other provision of this Agreement, Licensee is not
permitted to use TYCO standing alone where “TYCO” would: 
  

	 	i.	Immediately precede or be followed directly by ELECTRONIC(S) or ELECTRICAL or ELECTRIC(S) (for example, use of “the TYCO electronic panel” is not
permissible); or 

  

	 	ii.	Be followed in proximity in the same sentence or phrase by ELECTRONIC(S) or ELECTRICAL or ELECTRIC(S) unless there is a business descriptor in between (for example, use
of “Tyco uses electronic panels” is not permissible, but “Tyco control systems use electronic panels” is permissible). 

 e. Notwithstanding and without limiting any other provision of this Agreement, Licensee is not permitted to make new uses of the mark “TYCO” alone. 

f. Notwithstanding any other provision of this Agreement, Licensee is not permitted to use the Licensed Marks in
connection with any Excluded Fields of Use. 
 3. Fees. The License is fully paid-up and accordingly no further
royalty, license fee or other consideration is to be paid by the Licensee during the Term of the License in consideration for the grant of the License. 
 4. Term. 
 a. Except as set forth in
Section 4(b) below, the “Term” of this Agreement shall begin on the Effective Date and shall continue for a period of two (2) years, unless earlier terminated in accordance with the provisions of Section 5
below. Throughout the Term, Licensee will diligently work to secure any known legal, governmental and regulatory approval requirements needed to cease all use of the Licensed Marks by the end of the Term. 

b. Notwithstanding the provisions of Section 4(a) above, and in order to avoid misleading the public about the
relationship between the Parties after the Effective Date, Licensee shall make reasonable efforts to promptly update its Marketing Materials to remove all uses of, and references to “Tyco International,” “Tyco International
Company” and “Tyco International Ltd.” as a company related to or affiliated with Licensor and such uses shall cease in accordance with the below provisions: 

 

	 	i.	On websites controlled by Licensee or its sublicensees, including social media websites, within
[                    ] business days of the Effective Date of this Agreement; 

 

	 	ii.	On all other Marketing Materials, within six (6) months of the Effective Date of this Agreement except that Licensee shall have the right to exhaust any such
Marketing Materials in use by the Flow Control Business in the six (6) months immediately before the Effective Date throughout the duration of the Term. 

 c. Licensee shall provide Licensor with a summary report at the End-of-Use
Date, which (i) provides confirmation that all use of the Licensed Marks has ceased; and (ii) shall notify Licensor in writing of the active domain name registrations and trade name registrations, if any, containing or comprising the
Licensed Marks. Licensor shall have the right to require Licensee to transfer said domain name or trade name registrations to Licensor or Owner, at Licensor’s sole cost and expense. Licensor thereafter may maintain any such transferred domain
names or trade names at its sole discretion, cost and expense. 
 5. Termination. 

a. For Material Breach. Licensor may terminate this Agreement in the event Licensee materially breaches this
Agreement and fails to reasonably cure said material breach within sixty (60) days of receiving written notice from Licensor under Section 12(k), setting forth a reasonable description of the asserted material breach. Only the following
acts shall constitute a material breach (“Material Breach”) of the Agreement: 
  

	 	i.	Any use by Licensee or its sublicensees of the Licensed Marks in any Field of Use other than the Licensed Fields of Use. 

 

	 	ii.	Any failure to materially comply with the obligations under Section 8 (Quality Control). 

 

	 	iii.	Any material failure to comply with Section 7(a). 

  

	 	iv.	Any assignment in violation of Section 6(a). 

  

	 	v.	Upon the Occurrence of a Material Action; Automatic Termination. This Agreement shall automatically terminate without the need for any other or ratifying act if and
when (A) a Material Action takes place with respect to Licensee or (B) the JV License Agreement terminates for any reason; provided, however, that in the event Licensor contemporaneously or subsequently acquires, licenses or is otherwise
vested with the same or substantially similar rights in the Licensed Marks in the Licensed Fields of Use, then Licensee’s rights under this Agreement shall be promptly reinstated. If Licensor becomes subject to a Material Action, Licensee may,
in its sole discretion terminate this Agreement by providing written notice to Licensor of its intent to terminate. 

 b. No Termination for non-Material Breach. In that one objective of this License is to expeditiously but without undue expense or loss of revenue to Licensee end the use of the Licensed Marks in
the Licensed Fields of Use by the end of the Term, without limiting the Parties’ rights under Section 12(f), only the events identified in Section 5(a) shall be grounds for Licensor to terminate this Agreement prior to
the end of the Term. For all other breaches of this Agreement (each a “non-Material Breach”), Licensee must 

 
make commercially reasonable efforts to correct such non-Material Breach within sixty (60) days of receiving written notice from Licensor under Section 12(k), setting forth a
reasonable description of the asserted breach. The Parties agree that the mutual covenants and considerations of this Agreement shall not prejudice the Parties’ respective rights to recover damages for any Material Breach of this Agreement.

 c. Effect of Expiration or Termination. Upon expiration or termination of this Agreement and the rights
granted hereby, Licensee shall end all use of the Licensed Marks no later than the End-of-Use Date. Until the End-of-Use Date, Licensee shall comply with all provisions of this Agreement, including but not limited to its obligations under
Section 8 hereof. After the End-of-Use Date, the Licensee shall have no further right to use any of the Licensed Marks. 
 d. No Goodwill Redundancy upon Termination. 
  

	 	i.	Any and all goodwill which accrues or which has accrued as a consequence of the implementation of this Agreement has accrued and shall accrue for the benefit of
Licensor. Consequently, upon the proper termination of this Agreement, Licensee shall not acquire any right not expressly mentioned herein and in particular shall not be entitled to receive from Licensor any kind of compensation, redundancy fee or
whatever payment on the basis of any goodwill which might have arisen out of the implementation of this Agreement. 

  

	 	ii.	In case the Licensee has prior to the date of execution of this Agreement already conducted any activity or task within the framework of this Agreement, Licensee
acknowledges and agrees that all such use has been under the control of Licensor. 

 6. Assignment;
Sublicensing. 
 a. This Agreement remains personal to Licensee and may not be assigned or transferred by
Licensee without Licensor’s prior written consent in its sole discretion. For purposes of this Section 6(a), an assignment shall include a Change of Control, merger, reorganization (in bankruptcy or otherwise), assumption in
bankruptcy or equity and asset sale, regardless of whether such transaction is considered an “assignment” under governing law. 
 b. Sublicensing. 
  

	 	i.	Subject to Section 6(b)(iii), Licensee may grant a sublicense of its rights under this Agreement to use the Licensed Marks for the Licensed Fields of Use to
a current Affiliate in connection with the furtherance of Licensee’s or such Affiliate’s operations. 

  

	 	ii.	 Subject to Section 6(b)(iii), if at any time Licensee divests any part of its business that is part of the Flow Control Business to any Person
that is not a Member’s Direct 

	 	
Competitor, Licensee may sublicense that Person to use the Licensed Marks for the Licensed Fields of Use, provided that any such sublicense must require that that Person discontinue all use of
the Licensed Marks no later than the End-of-Use Date. For purposes of this Section 6(b)ii: 

  

	 	(1)	“Direct Competitor” means any Person, alone or together with its Affiliates under common ultimate operational management, (A) that offers
Competitive Goods and Services, (B) that derives consolidated gross revenues from Competitive Goods and Services in excess of $750,000,000 (seven hundred and fifty million US dollars) and (C) for whom sales of Competitive Goods and
Services represent more than twenty percent (20%) of total consolidated revenues; provided, however, that a Person shall not be considered a Direct Competitor of a Member unless the goods and services of such Member and its Affiliates that meet
the same buyer or customer needs as the goods or services of such other Person account for more than $750,000,000 (seven hundred and fifty million US dollars) in consolidated gross revenues of such Member and its Affiliates.

  

	 	(2)	 “Competitive Goods and Services” means goods and/or services that meet the same buyer or customer needs as one or more goods
and/or services offered by a Member or any of its Affiliates. 

  

	 	(3)	“Members” means Tyco Electronics Services GmbH (“Electronics”), TIS and Licensor, including their respective successors and
assigns that are admitted as Members of TIS under the Agreement between Members of Tyco International Services GmbH, among Electronics, Licensor, TIS and Halsey Group S.A.R.L. dated as of January 15, 2007. 

 

	 	iii.	In the event that Licensee grants a sublicense permitted under Section 6(b)(i) after the date hereof, such sublicense shall be in writing and require the
sublicensee to comply with all terms of this Agreement, to include but not be limited to Section 4 (Term), Section 5 (Termination), and Section 8 (Quality Control). Licensee shall be liable for and hereby
expressly accepts liability for any breach of this Agreement by sublicensees to whom it granted a sublicense after the Effective Date or breach of such sublicense agreement. All such sublicenses shall automatically terminate (A) upon expiration
or termination of this Agreement; and (B) in the event any sublicensee is divested from Licensee. 

 c. Acknowledgement. Licensee acknowledges and agrees that:
(i) this Agreement is in the nature of a personal service arrangement; (ii) under applicable trademark law, the Licensor would be excused from accepting performance from or rendering service to an assignee of the contract; and
(iii) any restrictions on assignment under this Agreement are valid and enforceable under Bankruptcy Code Section 365(c)(1). 
 d. Any purported transaction in violation of this Section 6 shall be null and void ab initio and of no force and effect. In the event of a permitted assignment, this Agreement shall be binding
upon and inure to the benefit of the Parties and its respective permitted successors and assigns. 
 7. Intellectual
Property Rights. 
 a. Ownership. Owner and its Affiliate is, and the Parties agree and
acknowledge that Owner and its Affiliate is, the sole and exclusive owner of all right, title and interest in the Licensed Marks and all the goodwill associated therewith. Licensor and its Affiliates have the right to enter this Agreement and grant
the license herein. Licensee understands, accepts and agrees that its usage of the Licensed Marks, including all goodwill in Licensed Marks shall inure solely to the benefit of Owner and its Affiliates. Nothing in this Agreement shall be construed
as granting to Licensee any rights, title or interests in or to the Licensed Marks, other than the rights granted hereby to use the Licensed Marks in accordance with this Agreement. The Licensee shall not apply to register the Licensed Marks or any
trade names, domain names, trademarks or service marks that contain the Licensed Marks or are confusingly similar to or dilutive of the Licensed Marks. After the expiration or termination of the Agreement, Licensee shall not use, register, apply to
register or cooperate in any use, application to register or registration of the Licensed Marks or any trade names, trademarks or service marks that contain the Licensed Marks or are confusingly similar to or dilutive of the Licensed Marks. Licensee
shall not, during the Term or thereafter, attack Owner’s or its Affiliates’ title to or in the Licensed Marks, the validity of the Licensed Marks, or any registration thereof, or oppose any effort by Owner or its Affiliates to register any
of the Licensed Marks or any confusingly similar variations or formatives thereof anywhere in the world. 
 b.
Maintenance and Procurement of Trademark Registrations. Licensor shall be responsible in its sole discretion for all procurement and maintenance of the Licensed Marks. Licensor, its Affiliate or Owner, as applicable, shall renew all Licensed
Marks in the Licensed Fields of Use in their sole discretion. In the event that Licensor elects not to renew any Licensed Mark in the Licensed Fields of Use, Licensor will provide Licensee no less than ninety (90) days’ written notice of
its intention not to renew, and the cost of renewal, and Licensee shall have the right, but not the obligation, to instruct Licensor to renew, and Licensor shall renew at Licensee’s expense. Licensor shall be the sole and exclusive Party
entitled to procure and/or register the Licensed Marks. 

 c. Enforcement. 

 

	 	i.	Licensee shall inform Licensor of any infringement of the Licensed Marks that comes to its attention at any time during the Term; such information shall also state
whether such infringement is regarded as material. 

  

	 	ii.	Licensor shall, in its sole discretion and at its sole expense, have the exclusive right to sue in its own name for any infringement of the Licensed Marks or take any
other enforcement action it deems necessary or appropriate under the circumstances. 

 d.
Maintenance of Domain Names and Trade Names. 
  

	 	i.	During the Term, Licensee shall be responsible, at Licensee’s sole cost and expense, for management and maintenance of all trade names and domain names that
contain or comprise the Licensed Marks, on behalf of and for the benefit of Licensor and which are listed on Schedule D hereto (which shall promptly be amended by written agreement of the parties upon actual notice of any additional trade names or
domain names that contain or comprise the Licensed Marks). In the event that Licensee decides not to renew a domain name or trade name listed on Schedule D, it shall notify Licensor in writing no later than ninety (90) days prior to expiration
of the registration for said domain name or trade name. Licensor shall have the right to require Licensee to transfer said domain name or trade name registration to Licensor or Owner, at Licensor’s sole cost and expense. Licensor thereafter
shall maintain any such transferred domain names or trade names at its sole discretion, cost and expense. 

  

	 	ii.	Licensee shall not procure any new domain names containing the Licensed Marks. 

 8. Quality Control. 
 a. Licensee acknowledges that
the Licensed Marks are extremely valuable and must continue to be associated only with high-quality goods and services in order to maintain their value. 
 b. Product Quality. Licensee shall only use the Licensed Marks in connection with high-quality goods that comply with all applicable laws and regulations in the jurisdictions in which such goods
are manufactured, sold or distributed. Any Licensee products manufactured, sold or distributed under the Licensed Marks must be of substantially the same quality as relevant products sold by the Flow Control Business as of the Effective Date to
comply with the quality standards of this Agreement. Licensee agrees to cooperate and comply with all such reasonable quality control measures requested by 

 
Licensor consistent with the terms of this Agreement, including rights to inspect plants, facilities, goods or other products bearing or associated with the Licensed Marks to monitor product
quality within normal business hours at Licensor’s expense. 
 c. Suspension. Without prejudice to
the Licensor’s right to terminate pursuant to Section 5 of this Agreement, the right to use the Licensed Marks shall be suspended in relation to any product not complying with Section 8(b) above, until such time as Licensee has cured
such non-compliance. In the event Licensor suspends Licensee’s rights to use the Licensed Marks in relation to any such product, Licensor will evaluate all submissions evidencing correction of the identified quality control failure within a
commercially reasonable period, not to exceed thirty (30) business days from of receipt from Licensee. Failure to provide written notice during such time period of rejection of such evidence of correction, specifying in detail the grounds of
the rejection, shall be deemed acceptance of the cure and shall automatically cure any breach and lift the suspension. 
 d. Use of Licensed Marks. Licensee shall use the Licensed Marks in accordance with appropriate standards and good practice for trademark use; each use by the Flow Control Business on the Effective
Date shall be deemed to meet the appropriate standards of this Section 8. Upon Licensor’s reasonable request, Licensee will submit samples of its Marketing Materials bearing the Licensed Marks and/or goods manufactured, sold or
distributed under the Licensed Marks to Licensor, at Licensor’s expense. 
 e. Keyword Advertising.
Licensee shall not enter into any agreements relating to the placement of paid listings for “keyword” or similar website searches, or use metatags or similar methods to increase the rankings for its own websites by Internet search engines
(or similar future devices and activities), in each case that consist of the Licensed Marks either alone or in combination with other words or phrases unless such agreements will terminate no later than six (6) months prior to the end of the
Term. 
 f. Social Media. Except as used by the Flow Control Business in the six (6) months
immediately before the Effective Date, and subject to Section 2.b. hereof, Licensee and its sublicensees shall not use the Licensed Marks in any social media channels, including Facebook, YouTube, and Twitter. 

9. Confidentiality. 
 a. During the course of performance of this Agreement, a Party may disclose to the other Party certain Confidential Information. Each Party shall hold such Confidential Information in confidence
and shall take reasonable measures to protect it from public disclosure, such measures in no event to be less than the highest degree of care taken by each Party to protect its own Confidential Information at a comparable level of protection for
similar types of Confidential Information. Neither Party shall disclose the other Party’s Confidential Information in violation of this Agreement, and shall use it solely for the purpose of securing its rights and performing its obligations
under this Agreement. At the conclusion of this Agreement, the receiving Party shall either return to 

 
the disclosing Party any Confidential Information of the other Party in its possession (including all copies thereof or materials based on or incorporating such Confidential Information) or
shall, at the disclosing Party’s direction, destroy such Confidential Information and certify as to such destruction to the disclosing Party; provided, however, that the receiving Party shall be allowed to retain one copy of the Confidential
Information for archival purposes only. 
 b. Notwithstanding anything set forth herein to the contrary,
either Party may disclose the other Party’s Confidential Information upon the order of any competent court or government agency, or as required by applicable law or regulation or the rules and requirements of any exchange on which a Party has
its securities listed; provided, however, that prior to any such disclosure, if permitted by law or otherwise reasonably practicable, the receiving Party shall provide the disclosing Party with reasonable notice of such order or requirement, and the
opportunity to obtain protective relief. Licensor shall be permitted to disclose Licensee’s Confidential Information, as reasonably necessary and subject to a written confidentiality agreement with any such party, with protections equal to or
greater than those in this Agreement, to its agents, legal representatives, and other third parties as required to prosecute or otherwise obtain, register, maintain and enforce the Licensed Marks. 

10. Indemnification. Each party (the “Breaching Party”) agrees for itself and its
Affiliates, sublicensees, employees, agents, customers, successors and assigns, to indemnify and hold harmless the other party, its Affiliates, successors, legal representatives, assigns and licensees, and their respective officers, agents and
employees, from and against all claims, counterclaims, demands, liabilities, suits, actions, judgments, losses, costs and expenses (including all reasonable expenses and attorneys’ fees, in connection therewith) for any loss, damage, injury or
other casualty of whatsoever kind, or by whomsoever caused (irrespective of negligence or fault, whether sole, concurrent, active, passive, comparative, strict, contractual or vicarious of Licensor) (collectively, “Damages”)
arising from material breaches of this Agreement by the Breaching Party. 
 11. Insurance. As of the Effective
Date of this Agreement, Licensee shall maintain, during the term of this Agreement, with insurance companies with a Best’s rating of A- or above commercial general liability insurance in the amount of at least $3,000,000 (combined single limit
per occurrence) with a broad form property damage liability coverage. This insurance shall include broad form blanket contractual liability, personal injury liability, bodily injury liability, advertising liability, products and completed operations
liability coverage. Each coverage shall be written on an “occurrence” form. 
 12. Miscellaneous.
 
 a. No Relationship Created. Nothing contained in this Agreement shall be deemed or construed to
create any partnership or joint venture between Licensor and Licensee, nor shall the execution, completion and implementation of this Agreement confer on either Party any power to bind or impose any obligations on the other Party or any third
parties or to pledge the credit of the other Party. 

 b. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the Parties and each of their respective successors and permitted assigns. 
 c.
Recordal of Licenses. Licensee shall be entitled to record (i) a “short form” of this Agreement or a form of this Agreement redacting Confidential Information (for clarity, all information listed on the Schedules hereto shall
be considered Confidential Information and, unless otherwise agreed, shall not be filed in connection with such short form or redacted agreement, except as redacted to list only the relevant Licensed Marks listed on Schedule A as necessary for each
recordal), but not this Agreement in its entirety, in those jurisdictions requiring such a recordal; and/or (ii) enter Licensee as a registered or authorized user of the Licensed Marks in those jurisdictions requiring such a recordal. Licensee
shall bear all costs related to such a recordal, and Licensor shall promptly provide all commercially reasonable support necessary to effect such recordal of this Agreement. 

d. Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New
York, without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

 e. Consent to Jurisdiction. Each of the Parties irrevocably submits to the exclusive jurisdiction of
(a) the Supreme Court of the State of New York, New York County, or (b) the United States District Court for the Southern District of New York (the “New York Courts”), for the purposes of any suit, action or other
proceeding arising out of or relating this Agreement and to the non-exclusive jurisdiction of the New York Courts for the enforcement of any award issued thereunder. Each of the Parties further agrees that service of any process, summons, notice or
document by U.S. registered mail to such Party’s respective address set forth above shall be effective service of process for any action, suit or proceeding in the New York Courts with respect to any matters to which it has submitted to
jurisdiction in this Section 12(e). Each of the Parties irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby
in the New York Courts, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

 f. Specific Performance. The Parties agree that irreparable damage would occur in the event that the
provisions of this Agreement were not performed in accordance with their specific terms. Accordingly, it is hereby agreed that the Parties shall be entitled to an injunction or injunctions to enforce specifically the terms and provisions hereof in
any court of the United States or any state having jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity. 
 g. Waiver of Jury Trial. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS 

 
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS
APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12(g). 
 h.
Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or
unenforceable the remaining terms and provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable. The
Parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 i. Force Majeure. Neither Party (nor any Person acting on its behalf) shall have any liability or
responsibility for failure to fulfill any obligation (other than a payment obligation) under this Agreement, so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of
circumstances of Force Majeure. A Party claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence of any such event: (a) notify the other Party of the nature and extent of any such Force Majeure
condition and (b) use due diligence to remove any such causes and resume performance under this Agreement as soon as feasible. 
 j. Interpretation. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of
proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement. 
 k. Notices. All notices, requests or other communications required or given in connection with this Agreement shall be in writing and shall be deemed given or made on the date hand-delivered by one
Party to the other or the date received by registered, certified or express mail by the Party giving the same to the other Party at the address set forth above, or such other addresses as shall have been given by written notice. 

l. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all
of which shall be deemed one and the same instrument. 

 m. Title and Headings. Headings of the Sections of this Agreement are
for convenience of the Parties only and shall be given no substantive or interpretive effect whatsoever. 
 n.
Official Language. The official language of this Agreement shall be English. In the event of any differences between the English version of this Agreement and any translation, the provisions of the English version shall prevail. 

o. Entire Agreement. This Agreement and the Schedule attached hereto and incorporated by reference and the
Separation and Distribution Agreement, dated as of March 27, 2012, by and among Licensor, Licensee and The ADT Corporation constitute the entire agreement between the Parties related to its subject matter and supersede all prior agreements and
understandings between the Parties related to its subject matter. No provision of this Agreement may be modified, amended or waived except by a written agreement between the Parties entered into after the date of this Agreement’s execution.

 p. Licensor Parent Guaranty. Licensor Parent hereby unconditionally and irrevocably guarantees to
Licensee the performance in full by Licensor and its Affiliates of their obligations under this Agreement. 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day
and year first above written. 
  

					
	TYCO INTERNATIONAL	 		 	TYCO FLOW CONTROL
	SERVICES HOLDING GMBH	 		 	INTERNATIONAL LTD.
			
	  
	 		 	  

			
	Name:	 		 	Name:
			
	Title:	 		 	Title:
			
		 		 	 Solely for purposes of Section 12(p) herein,
   TYCO INTERNATIONAL LTD.

			
		 		 	  

			
		 		 	Name:
			
		 		 	Title:

 TRANSITIONAL TRADEMARK LICENSE AGREEMENT 

This license agreement (this “Agreement”) is entered into and effective this     day of
            , 2012 (the “Effective Date”). This Agreement is made by and between Grinnell, LLC (“Licensor”), a Delaware limited liability company with a
registered address at 1501 Yamato Road, Boca Raton, Florida 33431, and Tyco Flow Control International Ltd. (t/b/k/a Pentair Ltd.), a corporation limited by shares (Aktiengesellschaft) organized under the laws of Switzerland with an address
at c/o Pentair, Inc., 5500 Wayzata Boulevard, Suite 800 Golden Valley, Minnesota 55416 (“Licensee”) (each individually a “Party” and collectively, the “Parties”) and, solely for purposes of
Section 12(p) herein, Tyco International Ltd., a corporation limited by shares (Aktiengesellschaft) organized under the laws of Switzerland (“Licensor Parent”). 

WHEREAS, on September 19, 2011, Licensor announced its plan to separate the company’s businesses into three distinct,
publicly traded companies (the “Transaction”). Following completion of the Transaction, Licensor will continue to be the largest global provider of fire and security products and services for commercial, industrial, governmental and
retail customers worldwide, a standalone ADT North America Residential Security corporation will be formed and the existing Flow Control segment will also become a standalone company (such standalone company and its subsidiaries, the “Flow
Control Business”). Licensor subsequently announced on March 28, 2012 that, immediately following the Transaction, a subsidiary of Licensee will merge with Pentair, Inc. (“Pentair”), conditional upon the Transaction
taking place. Licensor’s shareholders will own approximately 52.5% and Pentair shareholders will own approximately 47.5% of Licensee; 
 WHEREAS, while the Flow Control Business is transitioning from the Licensed Marks to new trade names, trademarks and domain names, Licensee will need to continue to use the Licensed Marks in the
Licensed Field of Use (in each case, as defined below) for a period of time in order to continue its business uninterrupted and to exhaust all or most of its existing inventories of products and other materials bearing one or more of the Licensed
Marks in a manner consistent with “phase-out” use; and 
 WHEREAS, pursuant to the terms of this Agreement,
Licensor hereby grants and Licensee and its Affiliates hereby receive a license to use the Licensed Marks in the Licensed Field of Use, as set forth herein. 
 NOW THEREFORE, in consideration of the foregoing and the mutual promises and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows: 
 1. Definitions. 

a. “Affiliate” means, when used with respect to a specified Person, a Person that directly or
indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such specified Person. For the purposes of this definition, “control”, when used with respect to any specified Person shall mean
the possession, directly or indirectly, of the power to direct or cause the direction of the 

 
management and policies of such Person, whether through the ownership of voting securities or other interests, by contract or otherwise. It is expressly agreed that no Party shall be deemed to be
an Affiliate of another Party solely by reason of having one or more directors in common. 
 b.
“Change of Control” means the consummation of any transaction or series of related transactions (i) pursuant to which Persons other than those Persons or their Affiliates holding equity securities immediately prior to
such transaction(s), become the direct or indirect, beneficial or record holders of shares or other equity interests representing more than fifty percent (50%) of the aggregate ordinary voting power of a Party; and (ii) which results in
the sale or other transfer of all or substantially all of the assets of a Party other than to an Affiliate of such Party. 
 c. “Confidential Information” means all non-public, confidential or proprietary Information concerning a Party and/or its Subsidiaries or their past, current, or future activities,
businesses or operations, or that was provided to a Party by a third party in confidence, except for any Information that (i) is or becomes publicly available through no fault of the receiving Party or its subsidiaries, (ii) is lawfully
acquired by such Party or its subsidiaries from other sources, (iii) is independently developed by the receiving Party, (iv) is necessary for a Party to enforce its rights under this Agreement or (v) is required to be disclosed
pursuant to applicable law (including in connection with financial statements or tax returns), stock exchange rule, subpoena or legal process, provided that the receiving Party promptly notifies the disclosing Party of any such requirement,
discloses no more Information than is so required and cooperates at the disclosing Party’s expense in any attempt to obtain a protective order or similar treatment. 

d. “End-of-Use Date” means (i) in the event this Agreement expires at the end of the Term,
the last day of the Term; or (ii) in the event this Agreement is terminated prior to the end of the Term in accordance with the provisions of Section 5 hereof, the earlier of: the last day of the Term, or the day that is thirty
(30) days following the date of termination for use on promotional materials and sixty (60) days following the date of termination for use on products. 

e. “Field of Use” means any industry, operating segment or business field comprising a related
group of goods and/or services. 
 f. “Force Majeure” means, with respect to a Party, an
event beyond the control of such Party (or any Person acting on its behalf), which by its nature could not have been foreseen by such Party (or such Person), or, if it could have been foreseen, was unavoidable, and includes, without limitation, acts
of God, storms, floods, riots, labor unrest, pandemics, nuclear incidents, fires, sabotage, civil commotion or civil unrest, interference by civil or military authorities, acts of war (declared or undeclared) or armed hostilities or other national
or international calamity or one or more acts of terrorism or failure of energy sources or distribution facilities. Notwithstanding the foregoing, the receipt by a Party of a hostile takeover offer, even if unforeseen or unavoidable, and such
Party’s response thereto shall not be deemed an event of Force Majeure. 

 g. “Governmental Entity” means any nation or
government, any state, municipality or other political subdivision thereof and any entity, body, agency, commission, department, board, bureau or court, whether domestic, foreign or multinational, exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government and any executive official thereof. 
 h.
“Information” means information, content and data in written, oral, electronic, computerized, digital or other tangible or intangible media, including studies, reports, records, books, contracts, instruments, surveys, lists,
designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes, marketing plans, customer names, communications by or to attorneys (including attorney-client privileged
communications), memos and other materials prepared by attorneys or under their direction (including attorney work product), communications and other materials otherwise related to or made or prepared in connection with or in preparation for any
legal proceeding, and other technical, financial, employee or business information or data, documents, correspondence, materials, product literature, files, policies, procedures and manuals. 

i. “License” shall have the meaning ascribed to it in Section 2(a) hereof. 

j. “Licensed Field of Use” means the manufacturing, marketing, sale and servicing of the butterfly
valves, check valves and actuators which were sold or provided by the Flow Control Business under the Licensed Marks in the six (6) months immediately prior to and including the Effective Date (excluding the marketing or sale of such products
for use in fire protection systems and security systems). 
 k. “Licensed Marks” means
the trade names, trademarks, service marks and domain names set out on Schedule A hereto, as may be amended from time to time by written agreement of the parties, and all related applications and registrations therefor, and all related common
law rights therein. 
 l. “Marketing Materials” means all advertising and marketing
materials, including but not limited to packaging, tags, labels, advertising, marketing, promotions, displays, display fixtures, instructions, technical sheets, user guides, data sheets, warranties, websites and other materials of any and all types,
and in written, digital or any other format, associated with products or services within the Licensed Field of Use that are marked with any of the Licensed Marks. 

m. “Material Action” means to file any insolvency case or proceeding, to institute proceedings to
have either Party be adjudicated bankrupt or insolvent, to institute proceedings under any applicable insolvency law respecting either Party, to seek any relief for either Party under any law relating to relief from debts or the protection of
debtors, to consent to the filing or institution of bankruptcy or insolvency proceedings against either Party, to file a petition seeking, or consent to, relief with respect to either Party under any applicable federal or state law relating to
bankruptcy or insolvency, to seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian, or any similar official of or for either Party or all or any of the

 
interests of either Party herein, to make any assignment for the benefit of creditors of either Party, to admit in writing the Party’s inability to pay its debts generally as they become
due, or to take action in furtherance of any of the foregoing. Notwithstanding the foregoing, the commencement of a reorganization proceeding under Chapter 11 of the Bankruptcy Code, or otherwise taking steps to reorganize or restructure that
Party’s business as a going concern, shall not constitute a “Material Action.” 
 n.
“Material Breach” shall have the meaning set forth in Section 5(a). 
 o.
“New York Courts” shall have the meaning ascribed to it in Section 12(e) hereof. 
 p. “Person” means any natural person, firm, individual, corporation, business trust, joint venture, association, company, limited liability company, partnership or other
organization or entity, whether incorporated or unincorporated, or any Governmental Entity. 
 q.
“Term” shall have the meaning ascribed to it in Section 4 hereof. 
 r.
“Territory” means the world. 
 2. License. 

a. Subject to the terms, conditions and limitations of this Agreement, Licensor, on behalf of itself and its Affiliates,
hereby grants to Licensee and all of its Affiliates the non-exclusive right and license to use the Licensed Marks solely (i) in connection with the Licensed Field of Use in the Territory during the Term; and (ii) in a manner in conformity
with the practices of the members of the Flow Control Business prior to the Effective Date (the “License”). 
 b. For avoidance of doubt, no use by or through Licensee of the Licensed Marks, or any component thereof, on or in connection with physical, electronic, magnetic or other materials (including without
limitation products) in existence on or prior to the Effective Date (collectively, “Pre-Existing Materials”) shall constitute a breach of this Agreement. 

c. Licensee and its Affiliates shall permanently cease all use of the Licensed Marks no later than the End-of-Use Date,
and Licensee and its Affiliates shall make no use of the Licensed Marks thereafter, except for any fair use under applicable trademark law, or as is otherwise required or permitted by law. 

3. Fees. The License is fully paid-up and accordingly no further royalty, license fee or other consideration is to be paid
by the Licensee or its Affiliates during the Term of the License in consideration for the grant of the License. 

 4. Term. 

a. The “Term” of this Agreement shall begin on the Effective Date and shall continue for a period of five
(5) years, unless earlier terminated in accordance with the provisions of Section 5 below. Throughout the Term, Licensee and its Affiliates will diligently work to secure any known legal, governmental and regulatory approval
requirements needed to cease all use of the Licensed Marks by the end of the Term. 
 b. Licensee and its
Affiliates shall provide Licensor with a summary report at the end of the End-of-Use Date, which (i) provides confirmation that all use of the Licensed Marks has ceased and (ii) shall notify Licensor in writing of the active domain name
registrations and trade name registrations, if any, containing or comprising the Licensed Marks. Licensor shall have the right to require Licensee or its applicable Affiliate to transfer said domain name or trade name registrations to Licensor, at
Licensor’s sole cost and expense. Licensor thereafter may maintain any such transferred domain names or trade names at its sole discretion, cost and expense. 
 5. Termination. 
 a. For Material Breach.
Licensor may terminate this Agreement in the event Licensee or its Affiliate materially breaches this Agreement and fails to reasonably cure said material breach within sixty (60) days of receiving written notice from Licensor under
Section 12(k), setting forth a reasonable description of the asserted material breach. Only the following acts shall constitute a material breach (“Material Breach”) of the Agreement: 

 

	 	i.	Any use by Licensee or its Affiliates of the Licensed Marks in any Field of Use other than the Licensed Field of Use. 

 

	 	ii.	Any failure to materially comply with the obligations under Section 8 (Quality Control). 

 

	 	iii.	Any material failure to comply with Section 7(a). 

  

	 	iv.	Any assignment in violation of Section 6(a). 

  

	 	v.	Upon the Occurrence of a Material Action. This Agreement shall automatically terminate without the need for any other or ratifying act if and when a Material Action
takes place with respect to Licensee, or, if a Material Action takes place with respect to Licensee’s Affiliate, this Agreement shall automatically terminate with respect to such Affiliate. If Licensor becomes subject to a Material Action,
Licensee may, in its sole discretion terminate this Agreement by providing written notice to Licensor of its intent to terminate. 

 b. No Termination for non-Material Breach. In that one objective of this License is to expeditiously but without undue expense or loss of revenue to Licensee end

 
the use of the Licensed Marks in the Licensed Field of Use by the end of the Term, without limiting the Parties’ rights under Section 12(f), only the events identified in
Section 5(a) shall be grounds for Licensor to terminate this Agreement prior to the end of the Term. For all other breaches of this Agreement (each a “non-Material Breach”), Licensee and its Affiliates must make
commercially reasonable efforts to correct such non-Material Breach within sixty (60) days of receiving written notice from Licensor under Section 12(k), setting forth a reasonable description of the asserted breach. The Parties
agree that the mutual covenants and considerations of this Agreement shall not prejudice the Parties’ respective rights to recover damages for any Material Breach of this Agreement. 

c. Effect of Expiration or Termination. Upon expiration or termination of this Agreement and the rights granted
hereby, Licensee and its Affiliates shall end all use of the Licensed Marks no later than the End-of-Use Date. Until the End-of-Use Date, Licensee and its Affiliates shall comply with all provisions of this Agreement, including but not limited to
its obligations under Section 8 hereof. After the End-of-Use Date, the Licensee and its Affiliates shall have no further right to use any of the Licensed Marks. 

d. No Goodwill Redundancy upon Termination. 

 

	 	i.	Any and all goodwill which accrues or which has accrued as a consequence of the implementation of this Agreement has accrued and shall accrue for the benefit of
Licensor. Consequently, upon the proper termination of this Agreement, Licensee and its Affiliates shall not acquire any right not expressly mentioned herein and in particular shall not be entitled to receive from Licensor any kind of compensation,
redundancy fee or whatever payment on the basis of any goodwill which might have arisen out of the implementation of this Agreement. 

  

	 	ii.	In case the Licensee or its Affiliates have prior to the date of execution of this Agreement already conducted any activity or task within the framework of this
Agreement, Licensee and its Affiliates acknowledge and agree that all such use has been under the control of Licensor. 

 6. Assignment. 
 a. This Agreement remains personal
to Licensee and its Affiliates and may not be assigned or transferred by Licensee or its Affiliates without Licensor’s prior written consent in its sole discretion, except for any assignments or transfers to any Affiliate(s) of Licensee. For
purposes of this Section 6(a), an assignment shall include a Change of Control, merger, reorganization (in bankruptcy or otherwise), assumption in bankruptcy or equity and asset sale, regardless of whether such transaction is considered
an “assignment” under governing law. 

 b. Acknowledgement. Licensee and its Affiliates acknowledge and agree
that: (i) this Agreement is in the nature of a personal service arrangement; (ii) under applicable trademark law, the Licensor would be excused from accepting performance from or rendering service to an assignee of the contract; and
(iii) any restrictions on assignment under this Agreement are valid and enforceable under Bankruptcy Code Section 365(c)(1). 
 c. Any purported transaction in violation of this Section 6 shall be null and void ab initio and of no force and effect. In the event of a permitted assignment, this Agreement shall be
binding upon and inure to the benefit of the Parties and its respective permitted successors and assigns. 
 7.
Intellectual Property Rights. 
 a. Ownership. Licensor or its Affiliate is, and the Parties
agree and acknowledge that Licensor or its Affiliate is, the sole and exclusive owner of all right, title and interest in the Licensed Marks and all the goodwill associated therewith. Licensor and its Affiliates have the right to enter this
Agreement and grant the license herein. Licensee understands, accepts and agrees that its usage of the Licensed Marks, including all goodwill in Licensed Marks shall inure solely to the benefit of Licensor and its Affiliates. Nothing in this
Agreement shall be construed as granting to Licensee or its Affiliates any rights, title or interests in or to the Licensed Marks, other than the rights granted hereby to use the Licensed Marks in accordance with this Agreement. The Licensee and its
Affiliates shall not apply to register the Licensed Marks or any trade names, domain names, trademarks or service marks that contain the Licensed Marks or are confusingly similar to or dilutive of the Licensed Marks. After the expiration or
termination of the Agreement, Licensee and its Affiliates shall not use, register, apply to register or cooperate in any use, application to register or registration of the Licensed Marks or any trade names, trademarks or service marks that contain
the Licensed Marks or are confusingly similar to or dilutive of the Licensed Marks. Licensee and its Affiliates shall not, during the Term or thereafter, attack Licensor’s or its Affiliates’ title to or in the Licensed Marks, the validity
of the Licensed Marks, or any registration thereof, or oppose any effort by Licensor or its Affiliates to register any of the Licensed Marks or any confusingly similar variations or formatives thereof anywhere in the world. 

b. Maintenance and Procurement of Trademark Registrations. Licensor shall be responsible in its sole discretion for
all procurement and maintenance of the Licensed Marks. Licensor or its Affiliates, as applicable, shall renew all Licensed Marks in the Licensed Field of Use in their sole discretion. In the event that Licensor elects not to renew any Licensed Mark
in the Licensed Field of Use, Licensor will provide Licensee no less than ninety (90) days’ written notice of its intention not to renew, and the cost of renewal, and Licensee shall have the right, but not the obligation, to instruct
Licensor to renew, and Licensor shall renew at Licensee’s expense. Licensor shall be the sole and exclusive Party entitled to procure and/or register the Licensed Marks. Licensor shall be the sole and exclusive Party entitled to procure and/or
register the Licensed Marks. 

 c. Enforcement. 

 

	 	i.	Licensee shall inform Licensor of any infringement of the Licensed Marks that comes to its attention at any time during the Term; such information shall also state
whether such infringement is regarded as material. 

  

	 	ii.	Licensor shall, in its sole discretion and at its sole expense, have the exclusive right to sue in its own name for any infringement of the Licensed Marks or take any
other enforcement action it deems necessary or appropriate under the circumstances. 

 d.
Maintenance of Domain Names and Trade Names. 
  

	 	i.	During the Term, Licensee shall be responsible, at Licensee’s sole cost and expense, for management and maintenance of all trade names and domain names that
contain or comprise the Licensed Marks, on behalf of and for the benefit of Licensor and which are listed on Schedule A hereto (which shall promptly be amended by written agreement of the parties upon actual notice of any additional trade names or
domain names that contain or comprise the Licensed Marks). In the event that Licensee decides not to renew a domain name or trade name listed on Schedule A, it shall notify Licensor in writing no later than ninety (90) days prior to expiration
of the registration for said domain name or trade name. Licensor shall have the right to require Licensee to transfer said domain name or trade name registration to Licensor or Owner, at Licensor’s sole cost and expense. Licensor thereafter
shall maintain any such transferred domain names or trade names at its sole discretion, cost and expense. 

  

	 	ii.	Licensee and its Affiliates shall not procure any new domain names containing the Licensed Marks. 

8. Quality Control. 
 a. Licensee and its Affiliates acknowledges that the Licensed Marks are valuable and must continue to be associated only with goods and services in keeping with Product Quality as specified in
Section 8.b herein, in order to maintain their value. 
 b. Product Quality. Licensee and its
Affiliates shall only use the Licensed Marks in connection with goods that comply with all applicable laws and regulations in the jurisdictions in which such goods are manufactured, sold or distributed. Any Licensee products manufactured, sold or
distributed by or for Licensee or its Affiliates under the Licensed Marks must be of substantially the same quality as relevant products sold by the Flow Control Business as of the Effective Date to comply with the quality standards of this
Agreement. Licensee and its Affiliates agree to cooperate and comply with all such reasonable quality control measures requested by Licensor consistent with the terms of this Agreement, including reasonable rights, to be exercised no more than

 
once annually, except as necessary to cure a confirmed breach under Section 5.a.ii., to inspect plants, facilities, goods or other products bearing or associated with the Licensed
Marks for the sole purpose to monitor product quality within normal business hours at Licensor’s expense and subject to the confidentiality provisions herein. 

c. Suspension. Without prejudice to the Licensor’s right to terminate pursuant to Section 5 of
this Agreement, the right to use the Licensed Marks shall be suspended in relation to any product not complying with Section 8(b) above, until such time as Licensee has cured such non-compliance. In the event Licensor suspends
Licensee’s or its Affiliate’s rights to use the Licensed Marks in relation to any such product, Licensor will evaluate all submissions evidencing correction of the identified quality control failure within a commercially reasonable period,
not to exceed thirty (30) business days from of receipt from Licensee or such Affiliate. Failure to provide written notice during such time period of rejection of such evidence of correction, specifying in detail the grounds of the rejection,
shall be deemed acceptance of the cure and shall automatically cure any breach and lift the suspension. 
 d.
Use of Licensed Marks. Licensee and its Affiliates shall use the Licensed Marks in accordance with appropriate standards and good practice for trademark use; each use substantially similar to use by the Flow Control Business on the Effective
Date shall be deemed to meet the appropriate standards of this Section 8. Upon Licensor’s reasonable request, to be exercised no more than once annually, except as necessary to cure a confirmed breach under
Section 5.a.ii, Licensee or its Affiliates will submit samples of its Marketing Materials bearing the Licensed Marks and/or goods manufactured, sold or distributed under the Licensed Marks to Licensor, at Licensor’s expense.

 e. Keyword Advertising. Licensee and its Affiliates shall not enter into any agreements relating to the
placement of paid listings for “keyword” or similar website searches, or use metatags or similar methods to increase the rankings for its own websites by Internet search engines (or similar future devices and activities), in each case that
consist of the Licensed Marks either alone or in combination with other words or phrases unless such agreements will terminate no later than six (6) months prior to the end of the Term. 

f. Social Media. Except as used by the Flow Control Business in the six (6) months immediately before the
Effective Date, and subject to Section 2.b. hereto, Licensee and its Affiliates shall not use the Licensed Marks in any social media channels, including Facebook, YouTube, and Twitter. 

g. Generally. Licensee and its Affiliates shall, at all times, conduct their businesses and operations so as not to
bring disrepute upon the Licensed Marks, Licensor and its Affiliates. 

 9. Confidentiality. 

a. During the course of performance of this Agreement, a Party may disclose to the other Party certain Confidential
Information. Each Party shall hold such Confidential Information in confidence and shall take reasonable measures to protect it from public disclosure, such measures in no event to be less than the highest degree of care taken by each Party to
protect its own Confidential Information at a comparable level of protection for similar types of Confidential Information. Neither Party shall disclose the other Party’s Confidential Information in violation of this Agreement, and shall use it
solely for the purpose of securing its rights and performing its obligations under this Agreement. At the conclusion of this Agreement, the receiving Party shall either return to the disclosing Party any Confidential Information of the other Party
in its possession (including all copies thereof or materials based on or incorporating such Confidential Information) or shall, at the disclosing Party’s direction, destroy such Confidential Information and certify as to such destruction to the
disclosing Party; provided, however, that the receiving Party shall be allowed to retain one copy of the Confidential Information for archival purposes only. 
 b. Notwithstanding anything set forth herein to the contrary, either Party may disclose the other Party’s Confidential Information upon the order of any competent court or government agency, or as
required by applicable law or regulation or the rules and requirements of any exchange on which a Party has its securities listed; provided, however, that prior to any such disclosure, if permitted by law or otherwise reasonably practicable, the
receiving Party shall provide the disclosing Party with reasonable notice of such order or requirement, and the opportunity to obtain protective relief. Licensor shall be permitted to disclose Licensee’s Confidential Information, as reasonably
necessary and subject to a written confidentiality agreement with any such party, with protections equal to or greater than those in this Agreement, to its agents, legal representatives, and other third parties as required to prosecute or otherwise
obtain, register, maintain and enforce the Licensed Marks. 
 10. Indemnification. Each party (the
“Breaching Party”) agrees for itself and its Affiliates, sublicensees, employees, agents, customers, successors and assigns, to indemnify and hold harmless the other party, its Affiliates, successors, legal representatives, assigns
and licensees, and their respective officers, agents and employees, from and against all claims, counterclaims, demands, liabilities, suits, actions, judgments, losses, costs and expenses (including all reasonable expenses and attorneys’ fees,
in connection therewith) for any loss, damage, injury or other casualty of whatsoever kind, or by whomsoever caused (irrespective of negligence or fault, whether sole, concurrent, active, passive, comparative, strict, contractual or vicarious of
Licensor) (collectively, “Damages”) arising from material breaches of this Agreement by the Breaching Party. 

11. Insurance. As of the Effective Date of this Agreement, Licensee shall maintain, during the term of this Agreement, with
insurance companies with a Best’s rating of A- or above commercial general liability insurance in the amount of at least $3,000,000 (combined single limit per occurrence) with a broad form property damage liability coverage. This insurance
shall include broad form blanket contractual liability, personal injury liability, bodily injury liability, advertising liability, products and completed operations liability coverage. Each coverage shall be written on an “occurrence”
form. 

 12. Miscellaneous. 

a. No Relationship Created. Nothing contained in this Agreement shall be deemed or construed to create any
partnership or joint venture between Licensor and Licensee, nor shall the execution, completion and implementation of this Agreement confer on either Party any power to bind or impose any obligations on the other Party or any third parties or to
pledge the credit of the other Party. 
 b. Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of the Parties and each of their respective successors and permitted assigns. 
 c.
Recordal of Licenses. Licensee shall be entitled to record (i) a “short form” of this Agreement or a form of this Agreement redacting Confidential Information (for clarity, all information listed on the Schedules hereto shall
be considered Confidential Information and, unless otherwise agreed, shall not be filed in connection with such short form or redacted agreement, except as redacted to list only the relevant Licensed Marks listed on Schedule A as necessary for each
recordal), but not this Agreement in its entirety, in those jurisdictions requiring such a recordal; and/or (ii) enter Licensee as a registered or authorized user of the Licensed Marks in those jurisdictions requiring such a recordal. Licensee
shall bear all costs related to such a recordal, and Licensor shall promptly provide all commercially reasonable support necessary to effect such recordal of this Agreement. 

d. Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of New
York, without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York.

 e. Consent to Jurisdiction. Each of the Parties irrevocably submits to the exclusive jurisdiction of
(a) the Supreme Court of the State of New York, New York County, or (b) the United States District Court for the Southern District of New York (the “New York Courts”), for the purposes of any suit, action or other
proceeding arising out of or relating this Agreement and to the non-exclusive jurisdiction of the New York Courts for the enforcement of any award issued thereunder. Each of the Parties further agrees that service of any process, summons, notice or
document by U.S. registered mail to such Party’s respective address set forth above shall be effective service of process for any action, suit or proceeding in the New York Courts with respect to any matters to which it has submitted to
jurisdiction in this Section 12(e). Each of the Parties irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement or the transactions contemplated hereby
in the New York Courts, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

 f. Specific Performance. The Parties agree that irreparable damage
would occur in the event that the provisions of this Agreement were not performed in accordance with their specific terms. Accordingly, it is hereby agreed that the Parties shall be entitled to an injunction or injunctions to enforce specifically
the terms and provisions hereof in any court of the United States or any state having jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity. 

g. Waiver of Jury Trial. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN
INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 12(g). 

h. Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction
shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement in any other jurisdiction. If any provision of this
Agreement is so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable. The Parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 i. Force Majeure. Neither Party (nor any Person acting on its behalf) shall have any liability or responsibility for failure to fulfill any obligation (other than a payment obligation) under this
Agreement, so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of circumstances of Force Majeure. A Party claiming the benefit of this provision shall, as soon as
reasonably practicable after the occurrence of any such event: (a) notify the other Party of the nature and extent of any such Force Majeure condition and (b) use due diligence to remove any such causes and resume performance under this
Agreement as soon as feasible. 
 j. Interpretation. In the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this
Agreement. 

 k. Notices. All notices, requests or other communications required or
given in connection with this Agreement shall be in writing and shall be deemed given or made on the date hand-delivered by one Party to the other or the date received by registered, certified or express mail by the Party giving the same to the
other Party at the address set forth above, or such other addresses as shall have been given by written notice. 

l. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all
of which shall be deemed one and the same instrument. 
 m. Title and Headings. Headings of the Sections
of this Agreement are for convenience of the Parties only and shall be given no substantive or interpretive effect whatsoever. 
 n. Official Language. The official language of this Agreement shall be English. In the event of any differences between the English version of this Agreement and any translation, the provisions of
the English version shall prevail. 
 o. Entire Agreement. This Agreement and the Schedule attached hereto
and incorporated by reference and the Separation and Distribution Agreement, dated as of March 27, 2012, by and among Licensor, Licensee and The ADT Corporation constitute the entire agreement between the Parties related to its subject matter
and supersede all prior agreements and understandings between the Parties related to its subject matter. No provision of this Agreement may be modified, amended or waived except by a written agreement between the Parties entered into after the date
of this Agreement’s execution. 
 p. Licensor Parent Guaranty. Licensor Parent hereby unconditionally
and irrevocably guarantees to Licensee and its Affiliates the performance in full by Licensor and its Affiliates of their obligations under this Agreement. 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day
and year first above written.  
  

					
	GRINNELL, LLC	 		 	TYCO FLOW CONTROL
		 		 	INTERNATIONAL LTD.
			
	  
	 		 	  

			
	Name:	 		 	Name:
			
	Title:	 		 	Title:
			
		 		 	 Solely for purposes of Section 12(p) herein,
   TYCO INTERNATIONAL LTD.

			
		 		 	  

			
		 		 	Name:
			
		 		 	Title:

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