Document:

EX-10.1

 Exhibit 10.1 

CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE 

This CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE (“Agreement”) is made effective this 5th day of January, 2018, by and between
Karen L. Keegans (“Employee”) and Pentair Management Company on behalf of itself, its predecessors, subsidiaries and affiliated entities (collectively, “Company”). 

1.     Separation Payment and Other Benefits. Provided Employee does not exercise her right of rescission under
Section 8, the Company shall pay Employee the sum of $1,700,000.00, less applicable withholdings (the “Separation Payment”). The Separation Payment shall be paid as follows: (a) a first installment of $850,000.00, less
withholdings, to be paid within twenty (20) days following Employee’s signature and delivery of this Agreement to the Company, and (b) a conditional second installment of $850,000.00, less withholdings, payable within twelve
(12) months following the Separation Date provided Employee has remained in strict compliance with her obligations under this Agreement. 
 Employee
will be paid her accrued and unused vacation balance (equivalent to four (4) weeks, less applicable withholdings) following the Separation Date with or without this Agreement. Further, provided Employee does not exercise her right of rescission
under Section 8, the Company will pay to Employee an additional lump sum of $37,320.00 less applicable withholdings (the “COBRA Subsidy”), which Employee may use toward the cost of future health insurance premiums or for other
purposes. The COBRA Subsidy will be paid to Employee at the same time the first installment of the Separation Payment is made. 
 As a participant in the
Pentair Management Incentive Plan (“MIP”), Employee will receive a MIP bonus award for the 2017 year, subject to the terms and conditions of the MIP, with any payment earned under the MIP for the 2017 year payable in March 2018 at the same
time other eligible participants in the MIP receive earned payments attributable to the 2017 year. Such MIP bonus amount will be calculated using Employee’s base salary in effect as of the Separation Date in accordance with the terms and
conditions of the MIP. Further, provided Employee does not exercise her right of rescission under Section 8, then when the Company performs the 2017 year-end calculation in order to calculate the amount
of the bonus payment for the 2017 year under the MIP, the SDF metric under the MIP shall be set at 100% of target. Employee shall not be eligible for any payment under the MIP for the 2018 year. 

Employee understands and agrees that, except as provided above and in Section 10 below, she has no rights to or claims under any other bonus or incentive
compensation plans of any type, including, but not limited to, the Pentair Management Incentive Plan, the Omnibus Stock Incentive Plan, the 2008 Omnibus Stock Incentive Plan, the 2012 Stock and Incentive Plan, the Flexible Perquisite Plan, the
Pentair plc Employee Stock Purchase and Bonus Plan, the Pentair, Inc. Supplemental Executive Retirement Plan (together with its predecessors, the “SERP”), the Pentair Inc. Deferred Compensation plan (referred to as the “Sidekick
Plan”), the Pentair, Inc. Retirement Savings and Stock Incentive Plan (the “401(k) Plan”), or any successor plans thereto, or any plans of employers acquired by the Company with respect to options, restricted stock, restricted stock
units or performance units. The Omnibus Stock Incentive Plan, the 2008 Omnibus Stock Incentive Plan, the 2012 Stock and Incentive Plan, or any successor plans thereto, and any other plans of employers acquired by the Company under which Employee

  
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holds vested or unvested options, restricted stock, restricted stock units or performance units, are in the aggregate called the “Pentair Equity Plans” and the document(s) establishing
the terms and conditions of the grants under the Pentair Equity Plans are called the “Terms & Conditions” in this Agreement. Provided Employee does not exercise her right of rescission under Section 8, the Company agrees that
Employee’s options, restricted stock, restricted stock units or performance units under the Pentair Equity Plans, if any, will be treated in accordance with Section 10 of this Agreement. 

2.    Discharge of Claims. In exchange for the benefits provided in this Agreement, Employee, on behalf of herself,
her agents, representatives, attorneys, assignees, heirs, executors, and administrators, hereby covenants not to sue and hereby releases and forever discharges the Company, and its past and present employees, agents, insurers, officials, officers,
directors, divisions, parents (including Pentair plc), subsidiaries, predecessors and successors, and all affiliated entities and persons, and all of their respective past and present employees, agents, insurers, officials, officers, and directors
from any and all claims and causes of action of any type arising, or which may have arisen, out of or in connection with her employment or the separation of her employment with the Company, including but not limited to claims, demands or actions
arising under the National Labor Relations Act, Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Age Discrimination in Employment Act of 1967 as amended by the Older Workers Benefit Protection Act,
the Equal Pay Act, 42 U.S.C. § 1981, the Sarbanes-Oxley Act, the Dodd–Frank Wall Street Reform and Consumer Protection Act, the Fair Credit Reporting Act, the Vocational Rehabilitation Act, the Family and Medical Leave Act, the Worker
Adjustment and Retraining Notification Act, the Fair Labor Standards Act, the Lily Ledbetter Fair Pay Act of 2009, the Americans with Disabilities Act, the Rehabilitation Act of 1973, the Genetic Information Nondiscrimination Act, the Immigration
Reform and Control Act of 1986, the Civil Rights Act of 1991, the Occupational Safety and Health Act, the Consumer Credit Protection Act, the American Recovery and Reinvestment Act of 2009, the Asbestos Hazard Emergency Response Act, Employee
Polygraph Protection Act, the Uniformed Services Employment and Reemployment Rights Act, the Minnesota Human Rights Act, the Minnesota Equal Pay for Equal Work Law, the Minnesota Fair Labor Standards Act, the Minnesota Labor Relations Act, the
Minnesota Occupational Safety and Health Act, the Minnesota Criminal Background Check Act, the Minnesota Lawful Consumable Products Law, the Minnesota Smokers’ Rights Law, the Minnesota Parental Leave Act, the Minnesota Adoptive Parent Leave
Law, the Minnesota Whistleblower Act, the Minnesota Drug and Alcohol Testing in the Workplace Act, the Minnesota Consumer Reports Law, the Minnesota Victim of Violent Crime Leave Law, the Minnesota Domestic Abuse Leave Law, the Minnesota Bone Marrow
Donation Leave Law, the Minnesota Military and Service Leave Law, the Minnesota Minimum Wage Law, the Minnesota Drug and Alcohol Testing in the Workplace Act, Minn. Stat. 176.82, Minnesota Statutes Chapter 181, the Minnesota Constitution, Minnesota
common law, and all other applicable state, county and local ordinances, statutes and regulations. Employee further understands that this discharge of claims extends to, but is not limited to, all claims which she may have as of the date of this
Agreement based upon statutory or common law claims for defamation, libel, slander, assault, battery, negligent or intentional infliction of emotional distress, negligent hiring or retention, breach of contract, retaliation, whistleblowing,
promissory estoppel, fraud, wrongful discharge, or any other theory, whether legal or equitable, and any and all claims for wages, salary, bonuses, commissions, damages, attorney’s fees or costs. Employee

  
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acknowledges that this release includes all claims that she is legally permitted to release, and as such, does not apply to any vested rights under the Company’s retirement plans, nor does
it preclude her from filing an administrative charge with a government agency, though she may not recover any damages or receive any relief from the Company if she does file such a charge. 

3.    Separation From Employment. Employee’s employment with the Company ended on January 5, 2018
(“Separation Date”), and Employee is electing to sign this Agreement after her employment ended. Effective upon such Separation Date, Employee is deemed to resign from all positions of any nature held with respect to the Company, its
affiliates, or any of their benefit plans. 
 4.    Confidential Information Acquired During Employment. Employee
agrees that she will continue to treat, as private and privileged, any information, data, figures, projections, estimates, marketing plans, customer lists, lists of contract workers, tax records, personnel records, accounting procedures, formulas,
contracts, business partners, alliances, ventures and all other confidential information which Employee acquired while working for the Company. Employee agrees that she will not release any such information to any person, firm, corporation or other
entity at any time, except as may be required by law, or as agreed to in writing by the Company. Employee acknowledges that any violation of this non-disclosure provision shall entitle the Company to
appropriate injunctive relief and to any damages which it may sustain due to the improper disclosure. 
 Immunity from Liability: Employee
shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence to a federal, state or local government official, either directly or indirectly, or to an
attorney, and is made solely for the purpose of reporting or investigating a suspected violation of law. The same immunity will be provided for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or
other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade
secret information in the court proceeding if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. 

5.    Confidentiality, No Disparaging Remarks. Employee represents and agrees that she will keep the terms and
facts of this Agreement completely confidential, and that she will not disclose any information concerning this Agreement to anyone, except for her counsel, tax accountant, spouse or except as may be required by law or agreed to in writing by the
Company or as otherwise required for Employee to enforce or defend her rights hereunder. Further, subject to Section 14 below, Employee shall not make any disparaging remarks of any sort or otherwise communicate any disparaging comments about
the Company, its managers, officers or directors, or about any of the other released persons or entities identified in Section 2 to any other person or entity. The Company, for its part, agrees that its managers, officers and directors shall
not make any disparaging remarks of any sort or otherwise communicate any disparaging comments about Employee to any other person or entity. 

6.    Cooperation and Certification. At the request of the Company following the Separation Date and subject to
Section 14 below, Employee will cooperate with the Company, 

  
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with Pentair plc and with any affiliate of Pentair plc in any claims or lawsuits where Employee has knowledge of the facts. Nothing in this Agreement prevents Employee from testifying at an
administrative hearing, arbitration, deposition or in court in response to a lawful and properly served subpoena (provided Employee provides written notice of the service of the subpoena to the Company within twenty-four (24) hours of receipt),
nor does it preclude Employee from filing an administrative charge with a government agency or cooperating with a government agency in connection with an administrative charge (though she may not recover damages or receive any relief from the
Company if she does file such a charge as noted in Section 2 above). Finally, Employee certifies, warrants and represents that she has faithfully discharged her role with the Company at all times during her employment. Employee further
certifies, warrants and represents that she is unaware of any actual or potential violations of law by the Company, Pentair plc, or any affiliate of Pentair plc. 

7.    No Wrongdoing. Employee and the Company agree and acknowledge that the consideration exchanged herein does
not constitute, and shall not be construed as, an admission of liability or wrongdoing on the part of Employee, the Company or any entity or person, and shall not be admissible in any proceeding as evidence of liability or wrongdoing by anyone. 

8.    Notification of Release and Right to Rescind. This Agreement contains a release of certain legal rights which
Employee may have, including rights under the Age Discrimination in Employment Act and the Minnesota Human Rights Act. Employee is advised that she should consult with an attorney regarding such release and other aspects of this Agreement before
signing this Agreement. Employee understands that she may nullify and rescind this entire Agreement at any time within the next fifteen (15) days of the date of signature below by indicating her desire to do so in writing and delivering that
writing to the Company c/o Jörg H. Kasparek, Vice President, Compensation & Benefits, Pentair plc, Suite 600, 5500 Wayzata Boulevard, Golden Valley, MN 55416, by hand or by certified mail. Employee further understands that if she
rescinds this Agreement on a timely basis, the Company will not be bound by the terms of this Agreement, and, in such event, Employee will have no right to receive or right to retain the financial benefits conferred under this Agreement. 

9.    Outplacement. Provided Employee does not exercise her right of rescission under Section 8 herein, then
the Company shall pay for outplacement services for Employee’s benefit to be provided by a vendor selected by the Company to the extent such services are actually utilized by Employee within one (1) year following the Separation Date and
to the extent the cost does not exceed the Company-determined maximum. In lieu of outplacement services, Employee may elect to receive a cash payment in the amount of $45,000.00, less applicable withholdings, by informing the Company in writing of
such election within fifteen (15) days of the execution of this Agreement; if Employee makes such a timely election, the Company will provide the payment to her within sixty (60) days of the Separation Date. 

10.    Restricted Stock Units, Performance Share Units and Stock Options under Pentair Equity Plans; Retirement
Plans. Provided Employee does not exercise her right of rescission under Section 8, if Employee has unvested awards under the Pentair Equity Plans, the Company agrees to treat Employee’s unearned restricted stock units,
performance share units, and nonqualified stock options and incentive stock options, or other accrued benefits under the Pentair Equity Plans as follows: 

  
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	 	i.	Restricted Stock Units. Employee’s unvested Restricted Stock Units (RSUs) under the Pentair Equity Plans, if any, shall be treated by the Company as fully and immediately vested, effective as of the
Separation Date. The value of Employee’s RSUs (settled in stock) shall be deposited into Employee’s Fidelity brokerage account (reduced by applicable withholdings) within one month following the Separation Date, or if later, within
fourteen (14) days of the expiration of the rescission period under Section 8; provided, however, that if Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) and if the RSUs would be considered
deferred compensation under Section 409A, then the shares (reduced by applicable withholdings) will be deposited six (6) months following the Separation Date. 

 

	 	ii.	Performance Share Units. Employee’s outstanding Performance Share Units (PSUs) shall be converted to RSUs effective upon the spin-off of the Company’s electrical
business into the new publicly traded company to be named nVent Electric plc. The value of the PSUs converted to RSUs shall be at the level of performance approved by the Compensation Committee, and following the conversion, the value of such RSUs
(settled in stock) shall be deposited into Employee’s Fidelity brokerage account (reduced by applicable withholdings) effective upon the Separation Date. 

  

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

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

 

	 	iv.	 Retirement Plans. Employee shall be entitled to receive payments under the Sidekick Plan and the 401(k)
Plan (collectively, the “Retirement Plans”), without regard to whether Employee signs this Agreement. Payment or distributions of Employee’s Retirement Plans’ benefits will be made in accordance with the terms of the applicable
Retirement Plan documents, deferral elections, Internal Revenue Code regulations, or the 

  
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Employee Retirement Income Security Act of 1974, including the requirement that if Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) and if payments
under the Retirement Plans would be considered deferred compensation under Section 409A, then the value (reduced by applicable withholdings) will be paid or begin to be paid no sooner than six (6) months following the Separation Date.

 Employee acknowledges that it is Employee’s responsibility to review her personal Fidelity account and take action prior to the
expiration dates for each grant. 
 11.    Narrow Post-Employment Restrictions.

(a) Definitions. For the purpose of Section 11 of this Agreement, the following definitions shall apply: 

The Business. The “Business” means each of the business segments, business units, and subsidiary operations of Pentair plc
and its subsidiary entities and affiliates on a global basis. The parties acknowledge that due to Employee’s executive position and global duties and responsibilities on behalf of Pentair plc and the Company: (i) she is familiar with all
business segments and business units of Pentair plc; (ii) she has been materially involved in all business segments and business units of Pentair plc on a global basis; and (iii) she has received lucrative financial benefits as a result of
her exposure to and involvement in all business segments and business units of Pentair plc on a global basis. 
 Competitor.
“Competitor” means any economic concern, whether an entity or a person, that competes against the Business in any geographic market where the Company, Pentair plc or any of its affiliates does business. 

Pentair Entities. “Pentair Entities” includes the Company, Pentair plc, any affiliate of Pentair plc and any entity that is
a spin-off from Pentair plc or its subsidiaries. 
 Throughout her employment with the Company,
Employee became intimately familiar with trade secrets, know-how, business strategies, marketing strategies, product development, proprietary information and confidential information concerning the Business
and concerning the operations of the Company, Pentair plc and its affiliates. As a result of Employee’s intimate familiarity with the proprietary and confidential information regarding the Business, Employee acknowledges and agrees that
she would be able to engage in unfair competition vis-à-vis the Pentair Entities in the event she were to: (i) become employed by or otherwise involved in
any way with a Competitor; (ii) solicit or accept competitive business from customers of the Pentair Entities; or (iii) solicit employees of the Pentair Entities. Accordingly, Employee agrees to the narrow post-employment restrictions
set forth in Sections 11(b) and 11(c) below. 
 (b) Non-Competition. Employee agrees
that for a twenty-four (24) month period following the Separation Date, she will not (whether in her individual capacity or as an agent of a third party) become employed by, consult with, obtain an ownership interest in, render services to, or
have any competitive involvement with a Competitor in any market in the world where Pentair Entities are conducting the Business.

  
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 (c) Non-Solicitation. Employee agrees that
for a twenty-four (24) month period following the Separation Date, she will not, for herself or for any third party, directly or indirectly, (i) solicit or accept business from any customer of the Pentair Entities, or (ii) solicit any
employee of the Pentair Entities the purpose of hiring such person or otherwise entice, induce or encourage, directly or indirectly, any such employee to leave his or her employment.

The parties acknowledge and agree that the requirement in Section 11(c)(ii) which prohibits Employee from directly or indirectly soliciting or otherwise
enticing, inducing or encouraging any employee of the Pentair Entities to leave his or her employment is intended to prohibit and shall prohibit, without limitation, Employee from doing any of the following: (a) solicit for hire or solicit for
retainer as an independent consultant or as contingent worker any employee of any of the Pentair Entities; (b) participate in the recruitment of any employee of any of the Pentair Entities, such as through interviewing; (c) serve as a
reference for an employee of the Pentair Entities; (d) offer an opinion regarding the candidacy as a potential employee, independent consultant or contingent worker of an individual employed by the Pentair Entities; (e) assist or encourage
any third party to pursue an employee of the Pentair Entities for potential employment, independent consulting or contingent worker opportunities; or (f) assist or encourage any employee of the Pentair Entities to leave the Pentair Entities in order
to be an employee, independent consultant or contingent worker for a third party. 
 (d) Reasonableness and Notice. Employee agrees
that in light of the money and benefits conferred to her under this Agreement, the narrow nature of the restrictive covenants imposed under Sections 11(b) and 11(c) are reasonable and will not result in any hardship to her. Further, Employee
acknowledges and agrees that her breach of any obligation under this Section 11 would cause irreparable harm to the Pentair Entities and that such harm may not be compensable entirely with monetary damages. If Employee violates her
obligations under this section, the aggrieved Pentair Entities may, but shall not be required to, seek injunctive relief and/or any other remedy allowed at law, in equity, or under this Agreement. Any injunctive relief sought shall be in
addition to and not in limitation of any monetary relief or other remedies or rights at law, in equity, or under this Agreement. In connection with any suit at law or in equity under this Agreement, the Pentair Entities shall be entitled to an
accounting, and to the repayment of all profits, compensation, commissions, fees, or other remuneration which Employee or any other entity or person has either directly or indirectly realized on its behalf or on behalf of another and/or may realize,
as a result of, growing out of, or in connection with the violation which is the subject of the suit. Further, in the event of Employee’s breach of this section, Employee shall disgorge the value of all payments and benefits conferred to
her by virtue of this Agreement, including the Separation Payment. In addition to the foregoing, the Pentair Entities shall be entitled to collect from Employee any reasonable attorney’s fees and costs incurred in bringing any action
against Employee or otherwise to enforce the terms of this Agreement. The parties agree that it is their intent that the restrictions in this Section 11 be enforced to the maximum allowable extent or modified to permit enforcement to the
maximum allowable extent under the laws of Minnesota as determined by a court of appropriate jurisdiction in Minnesota, and the parties further agree to and acknowledge the sufficiency of the parties’ contacts with the State of Minnesota in
order to confer exclusive jurisdiction of Minnesota courts applying Minnesota law. 

  
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 Employee agrees that while the restrictive covenants imposed under this Section 11 are in effect, Employee
shall give written notice to the Company within ten days after accepting any other employment, position, or ownership interest with any entity that has operations which compete with the operations of any of the Pentair Entities. Such written notice
shall be delivered to the Company c/o Pentair General Counsel & Secretary, Pentair plc, Suite 600, 5500 Wayzata Boulevard, Golden Valley, MN 55416, by hand or by certified mail. Employee agrees that the Company may notify such new
employer, company or corporate entity that Employee is bound by this Agreement and, at the Company’s election, furnish such employer, company or corporate entity with a copy of Section 11 of this Agreement. 

12.    Return of Company Property. Employee covenants, warrants and represents that she has returned any and all
Company property that was ever in her possession or under her control to the Company prior to her signature of this Agreement, and this covenant, warranty and representation expressly extends to (but is not limited to) security card, keys, codes,
materials, books, files, laptop computer and cell phone. 
 13.    Minnesota Law, Forum and Merger. The terms of
this Agreement shall be governed by the laws of the State of Minnesota, the location of Pentair’s main U.S. office, and shall be construed and enforced thereunder. Any dispute arising under this Agreement shall be determined exclusively by a
Minnesota court of appropriate jurisdiction, and the parties acknowledge the existence of sufficient contacts to the State of Minnesota to confer exclusive jurisdiction upon courts in that state. This Agreement supersedes and replaces all prior oral
and written agreements, understandings, and representations between Employee and the Company. Further, Employee understands and agrees that, except as provided in this Agreement, all claims which she has or may have against the Company and the other
released parties are fully released and discharged by this Agreement. The only claim which Employee may hereafter assert against the Company or any of the other released parties is limited to an alleged breach of this Agreement. 

14.    Administrative Charges, Investigations, and Proceedings. Nothing in this Agreement prohibits Employee from
reporting possible violations of federal or state law or regulation to the government, including but not limited to the EEOC, Department of Justice, Securities and Exchange Commission, Congress, and any agency inspector general, or filing a charge
with or participating in an investigation or proceeding conducted by the EEOC or a comparable state or local agency (collectively, any such activity shall be referred to as a “Government Report”). Employee does not need prior
authorization of the Company to make a Government Report and is not required to notify the Company that she has made a Government Report. The restrictions in Sections 5-6 above regarding confidentiality, non-disparagement and cooperation do not apply in connection with a Government Report. Notwithstanding the provisions of this Section 14, Employee’s release of claims in Section 2 above waives
any alleged right to recover any monetary damages, receive payment for attorneys’ fees, costs or disbursements or receive any relief from the Company in connection with any matter, including a Government Report, but this Agreement does not
limit any right of Employee to receive a reward from the government for providing it information in connection with a Government Report.

15.    Construction of this Agreement and Severability. Should this Agreement require judicial interpretation, the
court shall not construe the Agreement more strictly against any party, 

  
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including the party who prepared it. Any portions of this Agreement found by a court of competent jurisdiction to be invalid, illegal, overly broad or unenforceable in any respect shall be
revised to the minimum amount necessary in order to be valid and enforceable. 
 16.    Employee Understands the
Terms of this Agreement. Other than stated herein, Employee warrants that (a) no promise or inducement has been offered for this Agreement; (b) this Agreement is executed without reliance upon any statement or representation of the
Company or its representatives concerning the nature and extent of any claims or liability therefor, if any; (c) Employee is legally competent to execute this Agreement and accepts full responsibility therefor; (d) the Company has advised
Employee to consult with an attorney, and Employee has had a sufficient opportunity to consult with an attorney; (e) the Company has allowed Employee twenty-one (21) days within which to consider
this proposed Agreement; and (f) Employee fully understands this Agreement and has been advised by counsel (or has consciously chosen not to seek counsel) of the consequences of signing this Agreement. The parties acknowledge and agree that if
Employee has not signed this proposed Agreement within the twenty-one (21) day period following the Company’s presentation of the offer of this Agreement to Employee, then the offer of this Agreement
shall expire by its own terms and be of no further force or effect without any further action required on the part of the Company. 
  

							
		 		 	EMPLOYEE
			
	Dated: January 5, 2018	 		 	 /s/ Karen L. Keegans

		 		 	Karen L. Keegans
			
	Dated: January 5, 2018	 		 	PENTAIR MANAGEMENT COMPANY
				
		 		 	By	 	 /s/ Randall J. Hogan

		 		 		 	Randall J. Hogan
		 		 		 	Chairman & Chief Executive Officer

  
 9Exhibit

SEPARATION AGREEMENT AND RELEASE
THIS SEPARATION AGREEMENT AND RELEASE (the “Agreement”) is made and entered into as of the Closing Date, by Paul Thelen (the “Executive”), Churchill Downs Incorporated (“Seller”) and Big Fish Games, Inc. (the “Company”).
WHEREAS, Seller and the Company have entered into a Stock Purchase Agreement, dated as of November 29, 2017 (the “SPA”), with Aristocrat Technologies, Inc., a Nevada corporation (the “Purchaser”), pursuant to which the Parties have agreed that the Seller will sell all of the Shares to the Purchaser and will receive the Purchase Price in exchange therefor (the “Share Purchase”), on the terms and subject to the conditions set forth therein.  Capitalized terms used but not defined herein shall have the meanings given to the capitalized terms in the SPA;
WHEREAS, the Executive and the Seller are parties to that certain offer letter dated November 11, 2014 (the “Employment Agreement”) governing the terms of the Executive’s employment with the Company;
WHEREAS, the Executive and the Seller are parties to that certain Restrictive Covenant Agreement dated November 12, 2014 (the “Restrictive Covenant Agreement”) and that certain Shareholder Agreement dated November 12, 2014 as amended by the First Amendment to the Shareholder Agreement dated October 23, 2015 (collectively, the “Shareholder Agreement” ); 
WHEREAS, the Executive and Seller are parties to the Restricted Stock Unit Agreements dated February 23, 2016 and February 17, 2017 (collectively, the “RSU Awards”); 
WHEREAS, the Executive and Seller are parties to the Performance Share Unit Agreements dated September 22, 2015; October 23, 2015; February 23, 2016; and February 17, 2017 (collectively, the “PSU Awards”); and
WHEREAS, the Executive, Seller and the Company desire to enter into an agreement regarding the Executive’s separation of employment from the Company immediately following the Share Purchase and a release of claims.
NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Seller, the Company and the Executive agree as follows:
1.Separation from Employment.
(a)The Executive’s employment with the Company shall be terminated effective immediately following the effective time of the Closing (the “Separation Date”).
(b)The Executive shall be removed from any and all director, manager and officer positions that the Executive holds with the Seller, the Company and any of their respective Affiliates as of the Separation Date.
(c)The Executive acknowledges and agrees that he has received appropriate notice, and that he is not entitled to (or hereby waives) any additional notice with respect thereto.  The Executive further agrees that his separation from employment shall be considered a “Voluntary Resignation” as defined in his Employment Agreement.
(d)Subject to the remainder of this Agreement, and provided that Executive signs and returns this Agreement to the Seller and the Company within 21 days after his receipt thereof, does not revoke this Agreement pursuant to paragraph 7 below, and complies with the terms of this Agreement and the Employment Agreement, the Company will continue to pay the Executive his base salary at his current annualized rate, less required and authorized withholdings and deductions, and the Executive will continue 

to participate in all Company Plans in which he currently participates and shall continue to be eligible to participate in the 401(k) plan maintained by Seller until the Separation Date.
2.Severance.  Subject to the terms of this Agreement and provided that the Executive signs and returns this Agreement to the Seller and the Company within 21 days after the Executive’s receipt thereof, does not revoke this Agreement in accordance with paragraph 7 below, and complies with this Agreement and the Employment Agreement:
(a)the Executive is entitled to 12 months of salary continuation set forth in Section 4.1(a) of the Employment Agreement, equal to $424,360 in the aggregate, less deductions required by law or otherwise authorized by Executive, which will be paid in bi-weekly installments through Seller’s regularly scheduled payroll commencing six months after the Separation Date (or, if sooner, upon the date of the Executive’s death), with payments that are delayed during such six-month period paid to the Executive in a lump sum as soon as practicable following the expiration of such period;
(b)the Executive is entitled to 12 months of COBRA subsidy set forth in Section 4.1(b) of the Employment Agreement, equal to $23,820 in the aggregate, less deductions required by law or otherwise authorized by Executive, which will be paid in bi-weekly installments through Seller’s regularly scheduled payroll commencing six months after the Separation Date (or, if sooner, upon the date of the Executive’s death), with payments that are delayed during such six-month period paid to the Executive in a lump sum as soon as practicable following the expiration of such period; and
(c)the Executive is be entitled to the Executive’s target bonus for the 2017 fiscal year under the Churchill Downs Incorporated Executive Annual Incentive Plan (the “Bonus”), which the parties agree equals a gross amount of $339,448, and which Executive agrees will be paid in one lump sum payment on the Separation Date, less deductions required by law or otherwise authorized by Executive.
(d)In connection with the change in control of the Company with respect to the Executive, the Seller shall terminate the RSU Awards and the PSU Awards and shall pay out to the Executive the total amount set forth on Exhibit A hereto thereunder (the “Total Amount”) in stock as of the Closing Date, in full satisfaction of any and all obligations that the Seller has to the Executive under Executive’s restricted stock unit agreements and performance share unit agreements and under the Seller’s 2007 Omnibus Stock Incentive Plan and Seller’s 2016 Omnibus Stock Incentive Plan.
3.Amendment of Shareholder Agreement.  The Executive and the Seller agree that, effective as of the Separation Date, Section 2.1(b) of the Shareholder Agreement is hereby deleted and replaced in its entirety by the following:
“(b)    Intentionally Omitted”
Except as expressly amended by this Agreement, the Shareholder Agreement remains in full force and effect.
4.Final Paycheck and Business Expenses.  Regardless of whether the Executive signs this Agreement, the Company will pay the Executive his final paycheck through the Separation Date.  The Company also will reimburse the Executive for reasonable business expenses appropriately incurred by the Executive prior to the Separation Date in furtherance of his employment with the Company, subject to the Company’s applicable business expense reimbursement policy.  The Executive shall submit all requests to the Company for expense reimbursements no later than the Separation Date.  Any requests submitted thereafter shall not be eligible for reimbursement, except as required by applicable law.
5.Executive Benefits.  Except as set forth in this Agreement or as otherwise required by applicable law, the Executive’s participation in and rights under any of the Seller’s or the Company’s employee benefit plans and programs will be governed by the terms and conditions of those plans and programs, which plans, programs, terms and conditions may be amended, modified, suspended or terminated by the Seller or the Company at any time for any or no reason to the extent permitted by law.  The Executive shall remain responsible for timely electing to receive continued coverage under the Company’s group health care plan pursuant to COBRA, if the Executive chooses to so elect, and the Executive shall be responsible for paying the full cost of such COBRA coverage.  The 

Executive acknowledges and agrees that the Company shall have no obligation to provide the Executive any of the COBRA-related benefits set forth in Section 4.1(b) of the Employment Agreement other than as set forth in paragraph 2(b) of this Agreement.
6.Cooperation.  The Executive shall cooperate fully with the Seller, the Company and the other Released Parties (defined below) in transitioning his responsibilities as requested by the Seller and the Company, and in any administrative, investigative, litigation or other legal matter(s) that may arise or have arisen involving the Seller, the Company or any of the other Released Parties and which in any way relate to or involve the Executive’s employment with the Company.  The Executive’s obligation to cooperate hereunder shall include, without limitation, meeting and conferring with such persons at such times and in such places as the Seller, the Company and the other Released Parties may reasonably require, and giving truthful evidence and truthful testimony and executing and delivering to the Seller, the Company and any of the other Released Parties any papers reasonably requested by any of them.  In the event any cooperation required under this Paragraph requires more than de minimis time (e.g. litigation assistance), the Company shall compensate Executive at the rate of $300.00 per hour.
7.Release.
(a)Subject to the limitations set forth herein, the Executive (on behalf of himself and his Affiliates and assigns), hereby irrevocably and unconditionally waives, generally releases and forever discharges, effective as of and conditioned upon the Closing, the Seller and its Affiliates (including the Company and its Subsidiaries), their respective directors, officers, employees, shareholders, representatives and agents, past, present and future, and each of their respective successors and assigns (each, a “Released Party”) from any and all liabilities, actions, causes of actions, suits, controversies, damages, claims, debts, sums of money and demands whatsoever (collectively, the “Claims”), in law or equity, either in contract or in tort (whether known or unknown, suspected or unsuspected, asserted or unasserted, absolute or contingent, accrued or unaccrued and whether due or to become due), on account of, arising out of or relating to any act or omission of any kind or character whatsoever of any Released Party occurring at or prior to the Closing or any operations of any Released Party’s businesses at or prior to the Closing, including the calculation and payment of any and all amounts due to the Executive or any Affiliate of the Executive in connection with the Share Purchase and the Executive’s termination of employment with the Company.
(b)The Executive understands and agrees that this Agreement extends to all Claims of every nature and kind whatsoever (whether known or unknown, suspected or unsuspected, asserted or unasserted, absolute or contingent, accrued or unaccrued and whether due or become due) and all rights under Section 1542 of the California Civil Code are hereby expressly waived.  The Executive acknowledges that the Executive has read and understands Section 1542 of the California Civil Code, which states:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS/HER FAVOR AT THE TIME OF EXECUTING THE RELEASE WHICH IF KNOWN TO HIM/HER MUST HAVE MATERIALLY AFFECTED HIS/HER SETTLEMENT WITH THE DEBTOR.
The Executive relinquishes all rights and benefits under Section 1542 of the California Civil Code and any other similar law of any state or jurisdiction dealing with the release of unknown claims.  The Executive agrees that this release is fairly and knowingly made.
(c)The Executive hereby irrevocably covenants to refrain from, directly or indirectly, asserting any Claim of any kind, or commencing, instituting or causing to be commenced or instituted, any Claim of any kind against any Released Party before any court, administrative agency or other forum by reason of any matters released hereby except insofar as Executive seeks to challenge the effectiveness of any release of federal age discrimination claims under the Age Discrimination in Employment Act
(d)The Executive acknowledges that the Restrictive Covenant Agreement remains in full force and effect and shall be assigned to the Purchaser in connection with the transactions contemplated by the SPA.

(e)The Executive acknowledges all other terms of the Shareholder Agreement remain in full force and effect, except as otherwise modified pursuant to paragraph 3 of this Agreement.
(f)The Executive acknowledges and agrees that the foregoing payments and benefits in this Agreement each provide the Executive with valuable consideration to which the Executive would not otherwise be entitled if the Executive had not signed this Agreement, including the Release.
(g)The Executive acknowledges that this Agreement constitutes a knowing and voluntary waiver of any and all rights or Claims that the Executive may have under Title VII of the 1964 Civil Rights Act, and the amendments thereto, and/or the California Fair Employment and Housing Act.  The Executive further acknowledges that this Agreement constitutes a knowing and voluntary waiver of any and all rights or Claims that may exist or that the Executive may claim under the Federal Age Discrimination in Employment Act (“ADEA”), as amended by the Older Workers Benefit Protection Act (“OWBPA”), which have arisen on or before the Closing.  The Executive further expressly acknowledges and agrees that:
(i)In return for this Agreement, the Executive will receive compensation to which the Executive was not entitled to receive before entering into this Agreement;
(ii)The Executive was advised by the Seller and the Company and is hereby advised in writing by this Agreement to consult with an attorney before signing this Agreement;
(iii)The Executive has twenty-one (21) days from the date the Executive receives this Agreement in which to consider the Agreement.  By signing this Agreement, the Executive acknowledges that he has been given twenty-one (21) days to consider the foregoing and voluntarily chose to sign the Agreement prior to the expiration of the twenty-one (21) day period;
(iv)The Executive was informed that the Executive has seven (7) days following the date of execution of the Agreement in which to revoke the Executive’s agreement to settle any Claim the Executive may have under the ADEA.  If the Executive choses to revoke the Executive’s acceptance within the seven (7) day revocation period, the Executive must send written notice to the Seller at the following address via email and overnight delivery:
Churchill Downs Incorporated
600 North Hurstbourne Parkway, Suite 400
Louisville, KY 40222
Attn:  Chuck Kenyon, Senior Vice President of Human Resources
chuck.kenyon@kyderby.com; and
(v)Subject to all other conditions precedent, this Agreement will become effective on the eighth day after the Executive signs it so long as the Executive has not revoked it in accordance with the provisions herein.
(h)Subject to the limitations set forth herein, the Seller and its Affiliates (including the Company and its Subsidiaries), hereby irrevocably and unconditionally waive, generally release and forever discharge, effective as of and conditioned upon the Closing, Executive, his affiliates and assigns (“Released Parties”) from any and all liabilities, actions, causes of actions, suits, controversies, damages, claims, debts, sums of money and demands whatsoever , in law or equity, either in contract or in tort (whether known or unknown, suspected or unsuspected, asserted or unasserted, absolute or contingent, accrued or unaccrued and whether due or to become due), on account of, arising out of or relating to any act or omission of any kind or character whatsoever occurring at or prior to the Closing including, without limitation, any operations of any of the  Released Party’s businesses at or prior to the Closing or the Executive’s termination of employment with the Company (the “Seller Released Claims”).
8.Representations and Warranties.
(a)The Executive hereby represents and warrants to the Released Parties that this Agreement has been duly executed and delivered by the Executive and constitutes the valid and binding obligation of the Executive, enforceable in accordance with its terms.  Each of Seller and the Company hereby represents and warrants to the Executive that this Agreement has been duly executed and delivered by Seller and the 

Company, as applicable, and constitutes the valid and binding obligation of Seller and the Company, as applicable, enforceable in accordance with its terms.
(b)The Executive hereby represents and warrants to the Released Parties that (a) the Executive has not transferred, assigned, conveyed or otherwise disposed of, or purported to transfer, assign, convey or otherwise dispose of, to any Person all or any part of, or interest in, any Claim or possible Claim and the Executive has no pending Claims, (b) to the best of the Executive’s knowledge, no other Person has any interest in any of the Claims released hereunder, (c) no authorization, instruction, consent or approval of any Person is required to be obtained by the Executive in connection with the execution and delivery of this Agreement and the performance hereof, (d) the Executive fully intends to release all Claims and (e) the Executive has read and understands this Agreement, has consulted with counsel with respect to the execution and delivery of this Agreement and has been fully apprised of the consequences hereof and voluntarily enters into this Agreement with full knowledge of its terms and conditions and that such terms and conditions are binding on the Executive.  Each of Seller and the Company hereby represents and warrants to Executive that (a) it has not transferred, assigned, conveyed or otherwise disposed of, or purported to transfer, assign, convey or otherwise dispose of, to any Person all or any part of, or interest in, any Seller Released Claim or possible Seller Released Claim and it has no pending Seller Released Claims, (b) to the best of their knowledge, no other Person has any interest in any of the Seller Released Claims released hereunder, (c) no authorization, instruction, consent or approval of any Person is required to be obtained by the Seller or the Company in connection with the execution and delivery of this Agreement and the performance hereof, (d) it fully intends to release all Seller Released Claims and (e) it has read and understands this Agreement, has consulted with counsel with respect to the execution and delivery of this Agreement and has been fully apprised of the consequences hereof and voluntarily enters into this Agreement with full knowledge of its terms and conditions and that such terms and conditions are binding on Seller and the Company.
(c)The Executive hereby represents and warrants to the Released Parties that he has access to adequate information regarding the scope and effect of this Agreement to make an informed and knowledgeable decision with regard to entering into this Agreement.  The Executive hereby further represents and warrants to the Released Parties that he has not relied upon the Released Parties, other than as expressly set forth otherwise in this Agreement, in deciding to enter into this Agreement and has instead made his own independent analysis and decision to enter into this Agreement.
(d)The Executive hereby represents and warrants to the Released Parties that he understands and acknowledges that he may hereafter discover facts and legal theories concerning this Agreement and the subject matter hereof in addition to or different from those which the Executive now believes to be true.  The Executive understands and hereby agrees that this Agreement shall remain effective in all respects notwithstanding those additional or different facts and legal theories or the discovery of those additional or different facts or legal theories.  The Executive assumes the risk of any mistake of fact or law with regard to any potential Claim or with regard to any of the facts which are now unknown to him relating thereto.  Further, in entering into this Agreement, the Executive acknowledges and agrees that he is not relying upon any information, other than as expressly set forth in this Agreement.  Each of Seller and the Company hereby represents and warrants to the Executive that it understands and acknowledges that it may hereafter discover facts and legal theories concerning the Seller Released Claims in addition to or different from those which they now believe to be true.  Each of Seller and the Company understands and hereby agrees that this Agreement shall remain effective in all respects notwithstanding those additional or different facts and legal theories or the discovery of those additional or different facts or legal theories.  Each of Seller and the Company assumes the risk of any mistake of fact or law with regard to any potential Seller Released Claim or with regard to any of the facts which are now unknown to them relating thereto.
9.Miscellaneous.
(a)Specific Enforcement.  The Executive agrees and understands that monetary damages would not adequately compensate an injured Released Party for the breach of this Agreement by the Executive, that this Agreement shall be specifically enforceable and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order.  

Further, the Executive waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach.  Each of Seller and the Company agrees and understands that monetary damages may not adequately compensate the Executive for the breach of this Agreement by Seller or the Company, as applicable, that this Agreement shall be specifically enforceable and that any breach or threatened breach of this Agreement shall be a proper subject of a temporary or permanent injunction or restraining order.  Further, each of Seller and the Company waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach.
(b)Amendments and Waivers.  Except as set forth otherwise herein, any term hereof may be amended and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of each of the Executive, the Seller and the Company.
(c)Headings.  The headings in this Agreement are for convenience of reference only and will not control or affect the meaning or construction of any provisions of this Agreement.
(d)Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.
(e)Assignment; Binding Effect.  The Executive may not assign, delegate or otherwise transfer any of his rights or obligations under this Agreement without the prior written consent of the Seller and the Company.  Subject to the foregoing, this Agreement shall be binding upon the Executive and his heirs and permitted successors and assigns, as applicable.  This Agreement shall also be binding upon and inure to the benefit of each of the Released Parties and their respective heirs, successors and assigns.
(f)Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.  This Agreement will be governed by, and construed in accordance with, the law of the State of Washington without regard to the conflict of laws rules of such state.  Each of the Seller, Company and the Executive hereby irrevocably consents and agrees that he or it shall bring any action, suit or proceeding with respect to any matter arising under or relating to this Agreement or the subject matter hereof, or any other dispute out of or related to Executive’s employment with the Company, in the state or federal courts located in Seattle, Washington (or if jurisdiction is not available in such courts, then in any federal court located in the State of Washington), unless any such party, based on the good faith advice of his or its counsel, determines that any such court may not exercise or have jurisdiction over the other Person or such matter or that a judgment rendered by such court may not be enforceable in the jurisdiction of the organization of the other Person or a jurisdiction in which such other Person’s office(s) or assets are located, as applicable.  Each of the Seller, Company and the Executive irrevocably accepts and submits, for himself or itself and in respect of his or its properties, to the jurisdiction of the state and federal courts located in Seattle, Washington (or if jurisdiction is not available in such court, then in any federal court located in the State of Washington), in personam, generally and unconditionally, with respect to any such action, suit or proceeding.  Each of the Seller, Company and the Executive hereby irrevocably consents to the service of process in any such action, suit or proceeding in any such court by the mailing of a copy thereof by registered or certified mail, postage prepaid, to such Person.  In addition to or in lieu of any such service, service of process may also be made in any other manner permitted by applicable law.  Each of the Seller, Company and the Executive hereby irrevocably and unconditionally waives any objection or defense which he may now or hereafter have to the laying of venue to any such action, suit or proceeding in the state and federal courts located in Seattle, Washington (or if jurisdiction is not available in such court, then in any federal court located in the State of Washington and hereby irrevocably and unconditionally waives and agrees not to plead or claim that any such action, suit or proceeding brought in such court has been brought in an inconvenient forum.  EACH OF THE SELLER, COMPANY AND THE EXECUTIVE HEREBY WAIVES HIS OR ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE SUBJECT MATTER HEREOF.  EACH OF THE SELLER, COMPANY AND THE EXECUTIVE ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND 

WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF SUCH PERSON.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MIGHT BE FILED IN ANY COURT AND THAT MAY RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING ALL COMMON LAW AND STATUTORY CLAIMS. EACH OF THE SELLER, COMPANY AND THE EXECUTIVE FURTHER REPRESENTS AND WARRANTS THAT HE OR IT, AS APPLICABLE, HAS REVIEWED THIS WAIVER WITH HIS OR ITS LEGAL COUNSEL AND THAT HE KNOWINGLY AND VOLUNTARILY WAIVES HIS OR ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH SUCH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, MODIFICATIONS, SUPPLEMENTS OR RESTATEMENTS HEREOF.  IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.  TO THE EXTENT THAT THE APPLICABLE LAW DOES NOT PERMIT ENFORCEMENT OF A WAIVER OF A JURY TRIAL, EACH OF THE SELLER, COMPANY AND THE EXECUTIVE AGREES THAT ANY DISPUTE COVERED BY THIS PARAGRAPH SHALL BE RESOLVED BY JUDICIAL REFERENCE OR OTHER SIMILAR COURT-SPONSORED PROCESS.
(g)[Reserved].
(h)Nothing contained in this Agreement shall prevent or limit the Executive (or his attorney) from making or initiating communications directly with, responding to any inquiry from, volunteering information to, making reports to, or testifying truthfully before any governmental or self-regulatory agency or entity, including but not limited to the U.S. Securities and Exchange Commission, regarding possible violations of law or regulation, and the Executive acknowledges that he is not required to advise or seek permission from the Seller and the Company prior to engaging in any such activity; provided, however, that in connection with any such activity, the Executive shall inform such agency or entity that the information the Executive is providing is confidential and, provided further that the Executive is not permitted to reveal any information that is protected by the attorney-client privilege or attorney-work product protection or any other privilege belonging to the Seller or the Company.  Further, the Executive understands and acknowledges that the Executive is hereby notified that, under the Defend Trade Secrets Act (specifically, 18 USC §1833), the Executive cannot be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law. The Executive also understands that the Executive may not be held so liable for disclosures made in a complaint or other document filed in a lawsuit or other proceeding, if that filing is made under seal.  In addition, the Executive understands that individuals who file a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except under court order, provided the individual's actions are consistent with 18 USC §1833.
(i)Further Assurances.  The Executive will, from time to time, execute and deliver or cause to be executed and delivered, all such documents and instruments and will take or cause to be taken, all such further or other actions as the Seller and/or the Company may reasonably deem necessary or desirable to consummate the transactions contemplated by this Agreement, in any such case at the Seller’s or the Company’s sole cost and expense, as applicable.  Each of Seller and the Company will, from time to time, execute and deliver or cause to be executed and delivered, all such documents and instruments and will take or cause to be taken, all such further or other actions as the Executive may reasonably deem necessary or desirable to consummate the transactions contemplated by this Agreement, in any such case at the Executive’s sole cost and expense.
(j)Entire Agreement.  This Agreement constitutes the entire agreement of the Executive with respect to the subject matter of this Agreement, and is a complete and final integration thereof.  This Agreement supersedes all prior agreements and understandings, both oral and written, of the Executive with respect to the subject matter of this Agreement.

(k)Termination of this Agreement.  This Agreement shall terminate upon any termination of the SPA in accordance with its terms.
(l)Withholding; Compliance with IRS Code Section 409A.  All amounts and benefits payable under this Agreement shall be reduced by any and all required or authorized withholding and deductions.  It is intended that any amounts payable under this Agreement will be exempt from or (if applicable) comply with Section 409A of the Code, and treasury regulations relating thereto, so as not to subject the Executive to the payment of any interest and tax penalty which may be imposed under Section 409A of the Code, and this Agreement shall be interpreted and construed accordingly; provided, however, that none of the Seller, the Company nor any of the other Released Parties shall be responsible for any taxes, penalties, interest or other losses or expenses incurred by the Executive due to any failure to comply with Section 409A of the Code.  The timing of the payments or benefits provided herein may be modified to so comply with Section 409A of the Code.  All references in this Agreement to the Executive’s termination of employment and to the Separation Date shall mean a separation from service within the meaning of Section 409A of the Code.  Each payment under this Agreement as a result of the separation of the Executive’s service shall be considered a separate payment for purposes of Section 409A of the Code.  Any reimbursement payable to the Executive pursuant to this Agreement shall be conditioned on the submission by the Executive of all expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to the Executive in no event later than the last day of the calendar year following the calendar year in which the Executive incurred the reimbursable expense.  Any amount of expenses eligible for reimbursement or in-kind benefit provided during a calendar year shall not affect the amount of expenses eligible for reimbursement or in-kind benefit to be provided during any other calendar year.  The right to reimbursement or to an in-kind benefit pursuant to this Agreement shall not be subject to liquidation or exchange for any other benefit. For the avoidance of doubt, the Company shall have no obligation under this Agreement, the Employment Agreement or otherwise to provide any tax gross-up or other similar payment(s) to the Executive with respect to the Severance or Bonus.  
[Remainder of page intentionally left blank.]

THE PARTIES STATE THAT THEY HAVE READ AND UNDERSTAND THE FOREGOING AND KNOWINGLY AND VOLUNTARILY INTEND TO BE BOUND THERETO:

_______________________________
Paul Thelen
	
	
	CHURCHILL DOWNS INCORPORATED

	 

	 

	 

	By: __________________________________

	Name: _______________________________

	Title: _________________________________

	 

	 

	 

	BIG FISH GAMES, INC.

	 

	 

	 

	By: __________________________________

	Name: _______________________________

	Title: _________________________________

	 

[Confidential Separation and Release Agreement]

Exhibit A

Restricted Stock Units and Performance Share Units - Paul Thelen

	
				
	Awards
	Unvested Units as of Closing Date
	Vesting %
	Units Vesting at Closing Date 

	RSU Awards 
	 
	 
	 

	February 23, 2016
	1,652
	 
	 

	February 17, 2017
	2,236
	 
	 

	 
	 
	 
	 

	Total RSU Awards
	3,888
	100%
	3,888

	 
	 
	 
	 

	PSU Awards
	 
	 
	 

	‘15 - ‘17 PSUs
	10,280
	100%
	10,280

	’16 - ’18 PSUs
	9,912
	50%
	4,956

	’17 - ’19 PSUs
	6,706
	50%
	3,353

	 
	 
	 
	 

	Total PSU Awards
	26,898
	 
	18,589

	Grand Total Awards
	30,786
	 
	22,477

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