Document:

RESTRICTION ON TRANSFER

THE ISSUANCE OF THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933,  AS  AMENDED,  OR QUALIFIED UNDER ANY STATE SECURITIES LAWS.  THIS WARRANT
MAY  NOT  BE  TRANSFERRED WITHOUT (I) THE OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY  THAT  SUCH TRANSFER MAY BE LAWFULLY MADE WITHOUT REGISTRATION UNDER THE
SECURITIES  ACT OF 1933, AS AMENDED, AND ALL APPLICABLE STATE SECURITIES LAWS OR
(II)  SUCH  REGISTRATION.

                                     WARRANT

                  To Subscribe for and Purchase Common Stock of

                            THE FEMALE HEALTH COMPANY

     THIS  CERTIFIES  THAT,  for value received, Gerald Stein, or his registered
assigns,  is  entitled  to  subscribe  for  and  purchase from The Female Health
Company  (herein  called  the  "Company"),  a corporation organized and existing
under  the laws of the State of Wisconsin, at the price specified below (subject
to  adjustment as noted below) at any time from and after the date hereof to and
including February 20, 2007, the number of fully paid and nonassessable (subject
to  Wisconsin  law)  shares  of the Company's Common Stock equal to (a) $100,000
(the  "Guarantee  Amount"),  divided by (b) the Warrant purchase price as of the
date  of  exercise  determined  in  accordance  with  the  next  paragraph.

     The  Warrant purchase price (subject to adjustment as noted below) shall be
a  price  per share equal to 70% of the "market price" of the Common Stock as of
the  day  immediately  prior  to  the  date  the exercise notice is given to the
Company,  but  in  no  event  shall such per share price be less than $0.50 (the
"Minimum  Price")  or  more  than  $1.00  (the  "Maximum  Price").

     For  purposes  of  determining  the "market price" of the Common Stock, the
price  shall  be  determined  as  the  average last sale price of a share of the
Company's  Common  Stock for the five trading days ending on the day immediately
prior to the date a notice of exercise is issued to the Company by the holder of
this  Warrant.

     This  Warrant is subject to the following provisions, terms and conditions:

     1.     The  rights  represented  by  this  Warrant  may be exercised by the
holder  hereof,  in whole or in part, by written notice of exercise delivered to
the  Company 20 days prior to the intended date of exercise and by the surrender
of  this  Warrant (properly endorsed if required) at the principal office of the
Company  and  upon payment to it by check of the purchase price for such shares.
The  Company  agrees  that  the  shares  so

<PAGE>
purchased  shall  be  and  are  deemed  to be issued to the holder hereof as the
record  owner  of  such  shares as of the close of business on the date on which
this  Warrant  shall  have  been surrendered and payment made for such shares as
aforesaid.  Subject  to  the  provisions  of  the  next  succeeding  paragraph,
certificates for the shares of stock so purchased (bearing an appropriate legend
to  indicate  that  the  shares  have not been registered under securities laws)
shall  be delivered to the holder hereof within a reasonable time, not exceeding
10  days,  after  the  rights  represented  by  this  Warrant shall have been so
exercised,  and,  unless  this Warrant has expired, a new Warrant reflecting the
Guarantee  Amount,  if  any,  as  to which this Warrant shall not then have been
exercised  shall  also  be  delivered  to  the  holder  hereof within such time.

     2.     Notwithstanding  the  foregoing,  however,  the Company shall not be
required  to  deliver  any certificate for shares of stock upon exercise of this
Warrant  except  in  accordance  with  the  provisions,  and  subject  to  the
limitations,  of paragraph 6 hereof and the restrictive legend under the heading
"Restriction  on  Transfer."

     3.     The  Company covenants and agrees that all shares that may be issued
upon the exercise of the rights represented by this Warrant will, upon issuance,
be duly authorized and issued, fully paid and nonassessable (except as set forth
in Wisconsin Statues Section 180.0622(2)(b)).  The Company further covenants and
agrees  that  during  the  period  within  which  the rights represented by this
Warrant  may  be  exercised,  the Company will at all times have authorized, and
reserved  for the purpose of issue or transfer upon exercise of the subscription
rights  evidenced  by  this Warrant, a sufficient number of shares of its Common
Stock  to  provide  for  the exercise of the rights represented by this Warrant.

     4.     (a)     In  case  the  Company  shall  at  any  time  subdivide  its
outstanding  shares of Common Stock into a greater number of shares, the Minimum
Price and the Maximum Price in effect immediately prior to such subdivision each
shall be proportionately reduced, and conversely, in case the outstanding shares
of  Common  Stock  of  the  Company  shall  be combined into a smaller number of
shares,  the  Minimum Price and the Maximum Price in effect immediately prior to
such  combination  each  shall  be  proportionately  increased.

          (b)     If any event occurs as to which in the opinion of the Board of
Directors  of  the  Company  the  other  provisions  of this paragraph 4 are not
strictly  applicable  or  if  strictly  applicable  would not fairly protect the
purchase  rights  of the holder of this Warrant or of Common Stock in accordance
with  the  essential intent and principles of such provisions, then the Board of
Directors  shall  make  an  adjustment in the application of such provisions, in
accordance  with  such  essential  intent  and principles, so as to protect such
purchase  rights  as  aforesaid.

                                        2
<PAGE>
     5.     This  Warrant  shall  not  entitle  the  holder hereof to any voting
rights  or  other  rights  as  a  stockholder  of  the  Company.

     6.     (a)     The  holder of this Warrant, by acceptance hereof, agrees to
give  written  notice  to  the  Company  before  transferring  this  Warrant  or
transferring  any  Common  Stock  issuable or issued upon the exercise hereof of
such  holder's intention to do so, describing briefly the manner of any proposed
transfer  of this Warrant or such holder's intention as to the disposition to be
made  of  shares  of  Common  Stock issuable or issued upon the exercise hereof.
Such  holder  shall  also  provide  the  Company  with  an  opinion  of  counsel
satisfactory  to  the  Company  to the effect that the proposed transfer of this
Warrant  or  disposition of shares received upon exercise hereof may be effected
without  registration  or  qualification  (under  any  Federal or State law) and
without  causing  the  loss  of  the  applicable  securities  law  registration
exemption(s)  relied  upon  by  the  Company  when it issued this Warrant.  Upon
receipt  of such written notice and opinion by the Company, such holder shall be
entitled  to  transfer  this  Warrant, or to exercise this Warrant in accordance
with  its  terms  and  dispose  of  the shares received upon such exercise or to
dispose  of  shares  of Common Stock received upon the previous exercise of this
Warrant, all in accordance with the terms of the notice delivered by such holder
to  the  Company,  provided  that an appropriate legend respecting the aforesaid
restrictions  on  transfer  and disposition shall be endorsed on this Warrant or
the  certificates  for  such  shares.

          (b)     This  Warrant includes certain registration rights pursuant to
a  Registration Rights Agreement, a copy of which is attached hereto as Schedule
1.

     7.     Subject  to  the  provisions of paragraph 6 hereof, this Warrant and
all  rights  hereunder  are  transferable, in whole or in part, at the principal
office  of  the  Company  by  the  holder hereof in person or by duly authorized
attorney,  upon  surrender  of  this  Warrant properly endorsed.  Each taker and
holder  of this Warrant, by taking or holding the same, consents and agrees that
the bearer of this Warrant, when endorsed, may be treated by the Company and all
other  persons  dealing  with  this Warrant as the absolute owner hereof for any
purpose  and  as  the person entitled to exercise the rights represented by this
Warrant,  or  to  the transfer hereof on the books of the Company, any notice to
the contrary notwithstanding; but until such transfer on such books, the Company
may  treat  the  registered  holder  hereof  as  the  owner  for  all  purposes.

     8.     All  questions  concerning  this  Warrant  will  be  governed  and
interpreted  and enforced in accordance with the laws of the State of Wisconsin,
other  than  its  choice  of  laws  provisions.

                                        3
<PAGE>
     IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its
duly  authorized  officer  and this Warrant to be dated as of February 20, 2002.

                                          THE  FEMALE  HEALTH  COMPANY

                                          By   /s/   O.B.  Parrish
                                               -----------------------

                                          Its   Chairman  and  CEO
                                               -----------------------

                                        4
<PAGE>
                               FORM OF ASSIGNMENT
                       (To Be Signed Only Upon Assignment)

     FOR  VALUE  RECEIVED,  the  undersigned hereby sells, assigns and transfers
unto  _________________________________  this  Warrant,  and  appoints
_________________________  to  transfer  this Warrant on the books of The Female
Health  Company  with  the  full  power  of  substitution  in  the  premises.

Dated:______________________

In  the  presence  of:

____________________________       _____________________________________________

                                   (Signature  must  conform  in all respects to
                                   the  name  of  the holder as specified on the
                                   face  of  this  Warrant  without  alteration,
                                   enlargement  or  any  change  whatsoever, and
                                   the  signature  must  be  guaranteed  in  the
                                   usual  manner.)

<PAGE>
                                SUBSCRIPTION FORM

           To be Executed by the Holder of this Warrant if such Holder
              Desires to Exercise this Warrant in Whole or in Part:

To:  THE  FEMALE  HEALTH  COMPANY  (the  "Company")

                   The  undersigned  _________________________

                    Please  insert  Social  Security  or  other
                       identifying  number  of  Subscriber:
                           _________________________

hereby  irrevocably elects to exercise the right of purchase represented by this
Warrant  for,  and  to  purchase thereunder, ________ shares of the Common Stock
provided for therein and tenders payment herewith to the order of the Company in
the  amount of $_______, such payment being made as provided on the face of this
Warrant,  based upon an exercise with respect to a Guarantee Amount of $________
and  a  purchase  price  of  $____  per  share.

     The  undersigned requests that certificates for such shares of Common Stock
be  issued  as  follows:

Name:

Address:

Deliver  to:

Address:

Dated:                        Signature  _______________________________________

                              Note:  The  signature  on  this  Subscription Form
                              must  correspond with the name as written upon the
                              face  of this Warrant in every particular, without
                              alteration  or enlargement or any change whatever.<PAGE>

Exhibit 10.7

                                  PENTAIR, INC.
                OUTSIDE DIRECTORS NONQUALIFIED STOCK OPTION PLAN
                     (as amended through February 27, 2002)

1.       Purpose. The purposes of this Plan are to (i) encourage stock
         -------
ownership by Outside Directors of the Company through the granting of
nonqualified stock options to purchase shares of Pentair, Inc. Common Stock,
(ii) provide an incentive to the directors to continue to serve the Company and
(iii) aid the Company in continuing to attract qualified director candidates.

         Options granted under the Plan will not meet the requirements of
                                             ---
Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"). The
exercise of options is necessarily speculative, and the Company gives no
assurance as to the future value of Stock.

         2.       Definitions.
                  -----------

a.       "Company" means Pentair, Inc. and any first-tier or second-tier
         subsidiary, including a joint venture partially owned by a subsidiary.

         b.       "Board" means the Board of Directors of Pentair, Inc.

         c.       "Plan" means the Outside Directors Nonqualified Stock Option
                  Plan.

         d.       "Optionee" means an Outside Director who has entered into an
                  option agreement.

         e.       "Outside Director" means any member of the Board who is not
                  also an employee of the Company.

         f.       "Stock" means Pentair, Inc, Common Stock.

         3.       Administration.  The Plan shall be administered by the Board.
                  --------------

         4.       Grants to Directors. Each Outside Director shall be given
                  -------------------
annually a fixed number of options to acquire Stock as provided in Section 5.
When an individual who has not previously been an Outside Director first joins
the Board, he or she shall receive a one-time grant of options as provided in
Section 5. In addition, as of the Plan's effective date, each Outside Director
shall receive a one-time option grant. The number of shares to be covered by
each option and the terms of such options shall be governed by the provisions
of the Plan. Each time an Outside Director is granted an option, he or she
shall be notified and given an option agreement for purposes of accepting the
grant of options.

         5.       Grant of Option.
                  ---------------

         a.       Number of Shares.  Subject to the provisions of Article 12,
                  ----------------
the maximum number of shares as to which options may be granted under the Plan
shall be 175,000 shares of Stock.

<PAGE>

         b.       Determination of Grant.
                  ----------------------

         (i)      One-Time Grant. Each individual who is an Outside Director on
                  --------------
                  the Plan's effective date shall receive a one-time grant of
                  options to purchase five thousand (5,000) shares of Stock.

         (ii)     Initial Grants. Each individual who does not receive a grant
                  --------------
                  under Section 5b(i) and who is elected to the Board after the
                  Plan's effective date shall receive a one-time grant of
                  options to purchase five thousand (5,000) shares of Stock.

         (iii)    Ongoing Grants. For each calendar year an individual is an
                  --------------
                  Outside Director, he or she shall receive a grant of options
                  to purchase five thousand (5,000) shares of Stock.

         c.       Option Term and Vesting. Each option granted shall be
                  -----------------------
exercisable only within ten (10) years from the date of grant and shall be
first exercisable for one-third of the number of shares for which options were
granted following the first anniversary of the date of grant, an additional
one-third following the second anniversary and the final one-third following
the third anniversary.

         d.       Reload Options. Options granted under the Plan with ten (10)
                  --------------
year terms which are exercised by a stock swap not later than the fifth
anniversary of the date of grant are eligible for the grant of a reload option.
Any such reload option shall be equal to the number of shares surrendered for
purposes of exercising a qualifying option. The reload options shall be for a
term equal to the remainder of the original term of the option to which the
reload option relates and shall have an exercise price not less than the fair
market value of Stock, determined as of the date the reload options are granted.

         The grant of reload options pursuant to the provisions of this Article
5(c) shall be automatic and each eligible Optionee will be notified and given
an opportunity to accept an option agreement. Grants of reload options shall be
subject to the maximum number of shares authorized and available under the Plan
as described in Article 5(a).

         e.       Exercise Price.  The price to be paid upon the exercise of
                  --------------
each option granted under the Plan shall be no less than the fair market value
of Stock, determined as of the date the option is granted.

         f.       Fair Market Value. For purposes of this Article 5, the fair
                  -----------------
market value of Stock shall mean the closing price of a share of Stock on the
relevant date as reported by the New York Stock Exchange, or as otherwise
determined using procedures established by the Board.

         g.       Amendments to Article 5. The provisions of this Article 5 may
                  -----------------------
not be amended more than once every six (6) months, other than to comport with
changes in the Code, the Employee Retirement Income Security Act, or the rules
and regulations promulgated under either of them.

         6.       Effective Date and Period of Plan. The Plan is effective for
                  ---------------------------------
a period of ten (10) years from January 15, 1998.

<PAGE>

         7.       Period of Option. The term of any option issued pursuant to
                  ----------------
the Plan shall not exceed ten (10) years from the date granted (or in the case
of an option granted pursuant to Article 12, ten (10) years from the date the
substituted option was granted by the predecessor corporation). An option term
may extend beyond the termination of this Plan.

         Each option shall become exercisable at such time or times and in the
manner provided in the Plan, as may be amended thereafter, providing such
amendment does not postpone exercise of then outstanding options.

         8.       Termination.
                  -----------

         a.       Death or Permanent Disability of Optionee. In the event of
                  -----------------------------------------
death or permanent disability of an Optionee while a member of the Board, and
prior to the time an option has been fully exercised, any option which has not
then expired by its terms shall be exercisable only within the six (6) months
immediately succeeding the date of death or disability and then only (i) by the
person or persons to whom the Optionee's rights under the option shall pass by
will or the laws of descent and distribution, and (ii) to the extent the
Optionee was entitled to exercise the option at the date of death or
disability.  Permanent disability shall be as defined in Code section 105.

         b.       Termination for Reasons Other than Death or Permanent
                  -----------------------------------------------------
Disability. Upon removal of an Optionee from the Board for reasons other than
----------
death or permanent disability, all options hereunder will terminate within
thirty (30) days of the date of the Optionee's removal from the Board unless
the Board in its discretion prescribes a later date.

         9.       Transferability.
                  ---------------

         a.       Options Not Transferable.  Each option granted under this
                  ------------------------
Plan shall be nontransferable other than on the death of the Optionee by will
or by operation of the laws of descent and distribution of the state in which
the Optionee is domiciled on the date of death.  Options shall be exercisable
during the Optionee's lifetime only by the Optionee.

         b.       Transfer Restrictions. Each share of Stock acquired by
                  ---------------------
exercise of an option under this Plan shall be subject to such restriction on
transfer as the Board shall determine is necessary to comply with the
Securities Act of 1933, as amended. Stock certificates evidencing such shares
shall bear an appropriate restrictive legend. No Stock may be sold,
transferred, hypothecated or otherwise disposed of in violation of such
restriction.

         10.      Payment.
                  -------

         a.       General. Full payment for all Stock to be acquired pursuant
                  -------
to the exercise of an option shall be made at the time such option, or any part
thereof, is exercised, except that the Board may permit deferred payment if at
least the minimum interest rate required under Code section 483 is charged.
Payment shall be made in cash or in one of the alternative forms specified
below.

         b.       Payment with Options. In lieu of paying cash for the exercise
                  --------------------
price, the Optionee

                                     3

<PAGE>

may pay such exercise price by transferring to the Company a sufficient number
of outstanding options. The cash derived from the transfer of options for
payment of such exercise price will be equal to the appreciated value of the
options, measured by the excess of the current market value of the Stock over
the exercise price of the option.

         c.       Payment in Stock.  Shares of Stock also may be exchanged in
                  ----------------
payment for the exercise price due upon exercise of an option.  For this
purpose, the value of the Stock will be the fair market value as of the date of
exercise.  Any such transfer of Stock must be in whole shares; the Optionee may
not transfer fractional shares of Stock.

         11.      Form of Option.  The form of option granted pursuant to the
                  --------------
Plan and the contents of the option agreement shall be subject to the
provisions of the Plan.

         12.      Anti-dilution. If the number of outstanding shares of Stock
                  -------------
shall be changed in number or class by reason of split-ups, combinations,
mergers, consolidations recapitalizations or the declaration of a Stock
dividend, the number and class of shares as to which options may thereafter be
granted, and the number and class of shares then subject to outstanding
options, shall be adjusted proportionately to the nearest whole share. In
addition, the price per share payable upon exercise of each outstanding option
also shall be adjusted proportionately to reflect any such adjustment in the
number of shares then subject to outstanding options. Any adjustment made
pursuant to this Article 12 shall be determined in the sole discretion of the
Board, provided, however, that no adjustment shall be made in the number of
shares subject to outstanding options for Stock dividends in any calendar year
which, in the aggregate, do not exceed three percent (3%) of the total number
of shares of such Stock outstanding on the record date used to determine the
stockholders entitled to receive the latest such dividend in such calendar year.

         13.      Modification and Termination.  The Board may, at any time,
                  ----------------------------
terminate, modify or suspend the Plan.

         14.      Interpretation of Plan.  Full power and authority to
                  ----------------------
construe, interpret and administer the Plan and all option contracts issued
thereunder shall be vested in the Board.  Decisions of the Board shall be
final, conclusive and binding upon all parties, including the Company, the
stockholders and Optionees.

         15.      Expenses of Administration.  The expenses of administering
                  --------------------------
this Plan shall be borne by the Company.

         16.      Removal from Board. The fact that an Outside Director has
                  ------------------
been granted an option under this Plan shall not affect or qualify the right of
the Board or the shareholders of the Company to remove such individual from the
Board consistent with the provisions of the Company's Articles of Incorporation
or By-Laws, or under applicable provisions of Minnesota law.

         17.      Change in Control. Upon the occurrence of a Change in Control
                  -----------------
of the Company, as that term is defined in the Key Executive Employment and
Severance Agreement ("KEESA"), as approved by the Board effective August 23,
2000, all outstanding options granted to an individual who is then an Outside
Director shall, to the extent not then exercisable, become

                                      4

<PAGE>

fully and immediately exercisable without regard to the time at which such
options would otherwise become first exercisable under Section 5b of the Plan.
Regardless of the manner in which payment for such options is made, however, no
reload options shall be granted upon the exercise of options which have become
exercisable by application of this Section 17. In the case of a conflict
between this Section 17 and any other Plan provision, this Section 17 shall
control.

         IN WITNESS WHEREOF, this Plan, as amended and restated effective
February 27, 2002, has been executed this 14th day of March, 2002.

                                       PENTAIR, INC.

         By ________________________________________
             Its:  Chief Executive Officer

         By ________________________________________
             Its:  Secretary

                                      5

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