Document:

Form of stock option agreement

 Exhibit 10.2.1 
  
 NETLOGIC MICROSYSTEMS, INC. 
 STOCK OPTION AGREEMENT 
  
 NETLOGIC MICROSYSTEMS, INC., a Delaware corporation (the “Company”), has granted you (the “Optionee”) the option (the
“Option”) to purchase shares (the “Shares”) of common stock of the Company, par value $.01 per share (“Common Stock”), as set forth in the Notice of Grant of Stock Options which
is a part of this Stock Option Agreement (“Agreement”). The Option has been granted as an incentive to Optionee’s continued employment or other association with the Company, and in all respects subject to such continued
employment or other association and all other terms and conditions of this Agreement. By accepting the Option in accordance with the E*Trade online OptionsLink System you are agreeing that you and your Spouse or domestic partner are bound by all of
the terms of the Stock Option Agreement with respect to such Option grant. 
  
 1. Nature of the Option. The Option is intended to be an [Incentive/Nonstatutory] Option within the meaning of the Company’s 2004 Equity Incentive Plan (the “Plan”). All capitalized
terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Plan, which provisions are incorporated into this Agreement by this reference. The Optionee confirms and acknowledges that the Optionee has received and
reviewed copies of the Plan and the Information Statement, dated [July 23, 2004], with respect to the Plan. 
  
 2. Option Price. The “Option Price” is set forth in the Notice of Grant of Stock Options. 
  
 3. Vesting and Exercise of Option. The Option shall vest and become
exercisable during its term in accordance with the following provisions: 
  
 (a) Vesting and Right of Exercise. 
  
 (i) An Option shall vest and become exercisable with respect to one-fourth of the Shares at the first anniversary of the Vesting Commencement Date and as to one thirty-sixth of the remaining Shares subject to the
Option at the end of each successive month thereafter until all of the shares subject to the Option have vested, subject to the Optionee’s Continuous Employment. 
  
 (ii) In the event of the Optionee’s death, disability or other termination of employment, the Option
shall be exercisable in the manner and to the extent provided in Section 6.3 of the Plan. 
  
 (iii) No fraction of a Share shall be purchasable or deliverable upon exercise, but in the event any adjustment hereunder of the number of
Shares covered by the Option shall cause such number to include a fraction of a Share, such number of Shares shall be adjusted to the nearest smaller whole number of Shares. 
  
 (b) Method of Exercise. In order to exercise any portion of this Option which has vested, the Optionee shall notify
the Company in writing of the election to exercise the Option and 

 the number of Shares in respect of which the Option is being exercised, by executing and delivering the Notice of
Exercise of Stock Option in the form attached hereto as Appendix I. The certificate or certificates representing Shares as to which this Option has been exercised shall be registered in the name of the Optionee. 
  
 (c) Restrictions on Exercise. This Option may only be exercised with
respect any portion hereof which has vested in accordance with subsection (a) above. This Option may not be exercised if the issuance of the Shares upon such exercise or the method of payment of consideration for such Shares would constitute a
violation of any applicable federal or state securities law or other law or regulation. Furthermore, the method and manner of payment of the Option Price will be subject to the rules under Part 221 of Title 12 of the Code of Federal Regulations as
promulgated by the Federal Reserve Board if such rules apply to the Company at the date of exercise. As a condition to the exercise of this Option, the Company may require the Optionee to make any representation or warranty to the Company at the
time of exercise of this Option as in the opinion of legal counsel for the Company may be required by any applicable law or regulation, including the execution and delivery of an appropriate representation statement. Accordingly, the stock
certificate(s) for the Shares issued upon exercise of this Option may bear appropriate legends restricting transfer. 
  
 4. Non-Transferability of Option. This Option may be exercised during the lifetime of the Optionee only by the Optionee and may not be transferred
in any manner other than by will or by the laws of descent and distribution. The terms of this Option shall be binding upon the executors, administrators, heirs and successors of the Optionee. 
  
 5. Method of Payment. Payment of the aggregate Option Price shall be
by any of the following, or a combination thereof, at the election of the Optionee: 
  
 (a) cash; 
  
 (b) certified or
bank cashier’s check; or 
  
 (c) for as long as there exists
a public market for the Common Stock on the date of exercise, by surrender of shares of the Common Stock in accordance with Section 7.1(e) of the Plan, provided that if such shares were acquired upon exercise of an Incentive Option, the Optionee
must have first satisfied the holding period requirements under Section 422(a)(1) of the Code. In this case payment shall be made as follows: 
  
 (i) In addition to the execution and delivery of the Notice of Exercise of Stock Option, Optionee shall deliver to the Secretary of the
Company a written notice which shall set forth the portion of the purchase price the Optionee wishes to pay with Common Stock and the number of shares of such Common Stock the Optionee intends to surrender pursuant to the exercise of this Option,
which shall be determined by dividing the aforementioned portion of the purchase price by the Market Value of the Common Stock for the day on which the notice of exercise is sent or delivered; 
  
 (ii) Fractional shares shall be disregarded and the Optionee
shall pay in cash an amount equal to such fraction multiplied by the price determined under subparagraph (i) above; 
  
 (iii) The written notice shall be accompanied by a duly endorsed blank stock power with respect to the number of Shares set forth in the
notice, and the certificate(s) representing said Shares shall be delivered to the Company at its principal offices within two business days from the date of the notice of exercise; 
  

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 (iv) The Optionee hereby authorizes and directs the Secretary of the Company to transfer
so many of the Shares represented by such certificate(s) as are necessary to pay the purchase price in accordance with the provisions herein; and 
  
 (v) Notwithstanding any other provision herein, the Optionee shall only be permitted to pay the purchase price with Shares of the
Company’s Common Stock owned by him as of the exercise date in the manner and within the time periods allowed under 17 CFR §240.16b-3 promulgated under the Securities Exchange Act of 1934 as such regulation is presently constituted, as it
is amended from time to time, and as it is interpreted now or hereafter by the Securities and Exchange Commission. 
  
 In accordance with Section 7.1(e) of the Plan, the Optionee may elect to pay the exercise price by authorizing a third party to sell Shares subject to the
Option and remit to the Company a sufficient portion of the sale proceeds to pay the entire exercise price and any tax withholding resulting from such exercise. 
  

6. Adjustments Upon Changes in Capitalization. Subject to any required action by the stockholders of the Company, the number of Shares covered
by the Option, and the per share exercise price of the Option, shall be proportionately adjusted for certain corporate actions in accordance with and pursuant to Section 8.1 of the Plan. Such adjustments shall be made by the Committee, whose
determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no
adjustment by reason thereof shall be made with respect to, the number or Option Price of Shares of Common Stock subject to the Option. 
  
 7. Term of Option. This Option may not be exercised more than ten (10) years from the Grant Date set forth in the signature page of this Agreement,
and may be exercised during such term only in accordance with the terms of this Agreement. 
  
 8. Not Employment Contract. Nothing in this Agreement shall confer upon the Optionee any right to continue in the employ of the Company or shall interfere with or restrict in any way the rights of the Company,
which are hereby expressly reserved, to discharge the Optionee at any time for any reason whatsoever, with or without cause, subject to the provisions of applicable law. 
  
 9. Income Tax Withholding. 
  

(a) The Optionee authorizes the Company to withhold in accordance with applicable law from any compensation payable to him or her any taxes required to
be withheld by federal, state or local laws as a result of the exercise of this Option. 
  
 (b) Any adverse consequences incurred by an Optionee with respect to the use of shares of Common Stock to pay any part of the Option Price or of any tax in connection with the exercise of an Option, including, without
limitation, any adverse tax consequences arising as a result of a disqualifying disposition within the meaning of Section 422 of the Code shall be the sole responsibility of the Optionee. 
  

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 10. Adjustments in Acquisitions. [Applicable provision to be designated by Committee at time of
grant.] 
  
 [In accordance with the provisions of Section 8.2(a)
of the Plan, the Option will Accelerate in full in the event of an Acquisition if the Optionee remains employed by the Company or one of its Affiliates as of the date of the Acquisition, which means the closing date thereof, and the Option is not
assumed or replaced by the successor or acquiring entity or the entity in control of such successor or acquiring entity in accordance with Section 8.2 (referred to for purposes of this section as the “Acquirer”). Otherwise, the Option will
not Accelerate in the event of an Acquisition. In this regard, if the Optionee is offered employment or some other compensated continuing role by or on behalf of the Acquirer, including but not limited to, continuing employment with the Company, and
in connection therewith, the Acquirer offers to assume or replace the Option, the Option will not Accelerate if the Optionee does not accept the offer.] OR [Notwithstanding the provision of Section 8.2(a) of the Plan, in the event of an
Acquisition, outstanding options will not vest and become exercisable except as follows: [specify alternative treatment] 
  
 Subject to the terms of any other written agreement between the Optionee and the Company related to the Optionee’s employment by or other association
with the Company and in accordance with Sections 8.1, 8.2, 8.4 and 8.5 of the Plan, the Committee may, if it so determines in the exercise of its sole discretion, also make provision for proportionately adjusting the number or class of securities
covered by the Option, as well as the price to be paid therefor, in the event that the Company effects one or more Acquisitions, corporate separations, reorganizations, liquidations or other increases or reductions of shares of its outstanding
Common Stock. 
  
 [To be added to option grants to employees who
are executive officers and members of management who have a director title or are otherwise identified by the Committee: 
  
 If, following a Change of Control in which the Option has been assumed by the successor or acquiring entity as of the date thereof, in the event of the
Optionee’s Involuntary Termination of employment within 24 months after the effective date of the Change of Control the vesting of the assumed Option shall be accelerated such that the Option will so vest as of the effective date of such
Involuntary Termination with respect to all Shares that would have become vested during such 24-month period but for the Change of Control and Involuntary Termination (assuming the Optionee’s Continuous Employment). An “Involuntary
Termination” is one that occurs by reason of dismissal for any reason other than Misconduct or of voluntary resignation following: (i) a change in position that materially reduces the level of the Optionee’s responsibility, (ii) a
material reduction in the Optionee’s base salary, or (iii) relocation by more than 50 miles; provided that (ii) and (iii) will apply only if the Optionee has not consented to the change or relocation. “Misconduct” shall
mean the commission of any act of fraud, embezzlement or dishonesty by the Optionee, any unauthorized use or disclosure by such person of confidential information or trade secrets of the Company (or any Parent or Subsidiary), or any other
intentional misconduct by such person adversely affecting the business affairs of the Company (or any Parent or Subsidiary) in a material manner. The foregoing definition shall not be deemed to be inclusive of all the acts or omissions which the
Company (or any Parent or Subsidiary) may consider as grounds for the dismissal or discharge of the Optionee.] 
  
 THIS AGREEMENT is binding upon the parties and entered into effective as of the date set forth in the Notice of Grant of Stock Options. 
  

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 APPENDIX I 
  
 NETLOGIC MICROSYSTEMS, INC. 
  

NOTICE OF EXERCISE OF STOCK OPTION 
  
 I
                                        
                                        
     (print legibly) hereby elect to exercise the following stock options(s) granted to me by NETLOGIC MICROSYSTEMS, INC. (the “Company”) under its 2004 Equity Incentive Plan (the
“Plan”). All shares being purchased are fully vested and exercisable pursuant to Section 3 of the listed Option Agreement. 
  
 1.                      Shares at $
                 per share (Grant date):
                     ) 
  
 2.                      Shares at $
                 per share (Grant date):
                     ) 
  
 3.                      Shares at $
                 per share (Grant date):
                     ) 
  
 4.                      Shares at $
                 per share (Grant date):
                     ) 
  
 Cash exercise in the amount of $
                                        

  
 Shares purchased under the Plan should be issued to me as follows: 

 
 Name:
                                        
                                        
                 
  
 If you choose to include your spouse, you must designate below how you wish your shares to be registered by checking the appropriate box. If we receive no designation, the shares will be designated as Joint Tenants.

  
              Joint Tenants
                                        
         Community Property 
  
              Tenants in Common
                                     Tenancy by Entirety

  
 Verification by
                                        
                                        
                             Stock Administration 
  
 Certificate to be delivered to (complete item 1 or 2 below) 
  

							
	 1.
	  	Employee                 	  	Home Address:	  	_____________________________________
	 	  	 	  	 	  	_____________________________________
			
	 2.
	  	(Insert Name of Second Broker)	  	__________________________________________
			
	 	  	Acct #:	  	__________________________________________
		
	 Contact Name & Number:
	  	__________________________________________

  

			
	 Signature:
	 	  

  
 Date:
                                        
                            
  
 Social Security No.:
                                        

  

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 [For Company Use Only] 
  
 As of the date set forth above, the above named person has the vested right to exercise the number of shares set forth above. 
  

			
	Date:
                                	  	__________________________________________
		
	 Amount due Company: $
                                
	  	 

  
 NetLogic Microsystems, Inc. Stock Administration 
 1875 Charleston Road 
 Mountain View, California 94043 
 (650) 961-6676 
  

 - 6 -Supplemental Indenture

 Exhibit 4.1 
  
 SUPPLEMENTAL INDENTURE 
  
 SUPPLEMENTAL INDENTURE (“Supplemental Indenture”) dated as of August 2, 2004 by and among Pentair, Inc., a Minnesota corporation, (the
“Company”), the subsidiaries of the Company signatory hereto and U.S. Bank National Association, a national banking association, as Trustee under the Indenture (the “Trustee”). 
  
 RECITALS 
  
 The Company has heretofore executed and delivered to the Trustee an Indenture dated as of June 1, 1999, as amended by a
Officers’ Certificate and Supplemental Indenture dated October 5, 2003 (as amended, the “ Indenture”), providing for the issuance of 7.85% Senior Notes due 2009. 
  
 Section 901(5) of the Indenture provides that the Company and the Trustee are authorized to execute and deliver this
Supplemental Indenture. 
  
 NOW, THEREFORE, THIS SUPPLEMENTAL
INDENTURE WITNESSETH: 
  
 For and in consideration of the
premises and for good and valuable consideration the receipt of which is hereby acknowledged, it is mutually covenanted and agreed, for the equal and proportionate benefit of the Holders of the Securities as follows: 
  
 A. Capitalized Terms. Capitalized terms used herein but not defined shall have the meanings
assigned to them in the Indenture. 
  
 B. Additional Definitions. The Securities
shall be subject to the following additional definitions: 
  
 “Credit
Agreement” means the Amended and Restated Credit Agreement dated as of July 25, 2003 among the Company, various subsidiaries of the Company, various financial institutions and Bank of America N.A., as administrative agent (as amended, restated,
or otherwise modified from time to time). 
  
 “Credit Agreement
Guaranty” means the Guaranty dated as May 1, 2001, as amended and supplemented, issued by the certain Subsidiaries of the Company whereby such Subsidiaries guaranty all obligations of the Company under or in connection with the Credit Agreement
(as amended, restated, or otherwise modified or supplemented from time to time). 
  
 “Foreign Subsidiary” means any Subsidiary (i) organized under the laws of a jurisdiction other than the United States or a state thereof, and (ii) which conducts substantially all of its business and operations in a jurisdiction
other than the United States. 
  
 “Intercreditor Agreement” means the
Intercreditor Agreement dated as of May 1, 2001, among Bank of America, N.A. as agent for various financial institutions which are parties to the Credit 
  

 1 

 Agreement and certain other creditors of the Company, (as amended, restated or modified from time to time). 

 
 “Indenture Subsidiary Guaranty” means a Guaranty issued by various domestic
Subsidiaries of the Company which shall guaranty payment of all of the Company’s obligations and liabilities under or in connection with the Indenture and shall be substantially in the form of Exhibit A hereto. 
  
 “Subsidiary Guaranty” shall have the meaning set forth in the Intercreditor
Agreement. 
 “Subsidiary Guarantor” means, on any day, each Subsidiary that has executed a counterpart of the Indenture Subsidiary Guaranty
on or prior to that day (and has not been released from its obligations thereunder in accordance with the terms thereof). 
  
 C. Addition of New Section 1011 to Article Ten. For purpose of the Securities, the following new Section 1011 to Article Ten of the Indenture is added in proper numerical
sequence: 
  
 SECTION 1011. “Indenture
Subsidiary Guaranty. 
  
 The Company will take, and will cause
its Subsidiaries to take, such actions as are reasonably necessary so that as of August 2, 2004 and at all times thereafter all of the Company’s obligations hereunder are guaranteed by Subsidiaries (other than Foreign Subsidiaries) that, in the
aggregate together with the Company, own 90% or more of the consolidated assets of the Company and its Subsidiaries (excluding Foreign Subsidiaries) and earned 90% or more of the consolidated revenue of the Company and it Subsidiaries (excluding
Foreign Subsidiaries) during the most recent period of four consecutive fiscal quarters (excluding the revenues of any Subsidiary or business unit which has been divested or liquidated on or prior to any date of determination), in each case pursuant
to the Indenture Subsidiary Guaranty; provided, however, that as a condition to the effectiveness of the Indenture Subsidiary Guaranty, an Other Creditor Supplement in the form of Exhibit A to the Intercreditor Agreement shall have been executed and
delivered by the Company and the Trustee in accordance with the terms of the Intercreditor Agreement. 
  
 The Indenture Subsidiary Guaranty shall cease to be effective upon the payment in full of the principal and interest on the Securities and all other
payments due under the Indenture. In addition, the Indenture Subsidiary Guaranty shall, without any further action of any Holder or the Trustee, cease to be effective on the first date on which the Credit Agreement Guaranty (or any replacement
thereof) ceases to be effective (a “Credit Agreement Guaranty Termination”); provided, however that the foregoing release shall be effective only if each Subsidiary Guaranty ceases to be effective by its terms upon a Credit Agreement
Guaranty Termination.  
  
 In addition, if at any time any
Subsidiary Guarantor is released from its obligations under the Credit Agreement Guaranty (or any replacement thereof), then such Subsidiary Guarantor shall without any further action of any Holder or the Trustee be released from the Indenture
Subsidiary Guaranty; provided, however, that the foregoing release shall be effective only if such Person is concurrently released from its obligations under the terms of each Subsidiary Guaranty upon any such Credit Agreement Guaranty
release. 
  

 2 

 The Indenture Subsidiary Guaranty shall further cease to be effective upon defeasance of the Securities
or discharge of the Indenture pursuant to Article Four of the Indenture. 
  
 D.
Addition of New Paragraph (10) to Section 901. Section 901 of Article Nine of the Indenture is hereby amended by the insertion of the following paragraph (10) immediately after paragraph (9) therein. 
  
 “(10) to document release of any Subsidiary Guaranty under Section 1011
or in accordance with the terms thereof.” 
  
 E. Addition of New Paragraph
(4) to Section 902. Section 902 of Article Nine of the Indenture is hereby amended by the insertion of the following paragraph (4) immediately after paragraph (3) therein. 
  
 “(4) to add additional Subsidiary Guarantors with respect to the Securities; provided however, that the Form of
Supplemental Indenture to be delivered by the Company and additional Subsidiary Guarantors shall be substantially as set forth on Exhibit B hereto.” 
  
 F. Ratification of Indenture; Supplemental Indentures Part of Indenture 
  
 Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and al the terms, conditions and
provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and the Trustee and every Holder shall be bound hereby. 
  
 G. Miscellaneous. 
  
 All headings and captions preceding the text of the several sections of this
Supplemental Indenture are intended solely for convenience of reference and shall not constitute a part of this Supplemental Indenture, nor shall they affect its meaning, construction or effect. 
  
 This Supplemental Indenture embodies the entire agreement and understanding
between the Company and the Trustee and the Holders with regard to the matters set forth herein, and supersedes all prior agreements and undertakings relating to such matters. 
  
 This Supplemental Indenture shall be governed by, and enforced in accordance with the internal laws of the State of New
York. 
  
 The Company agrees to pay directly all of the
out-of-pocket expenses of the Trustee (including without limitation the reasonable fees and expenses of special counsel to the Trustee) in connection with the preparation, negotiation, and execution of this Supplemental Indenture and any other
document required to be furnished herewith 
  
 This Supplemental
Indenture may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement. 
  

 3 

 IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed as of the
date first written above. 
  

							
	ATTEST:	  	PENTAIR, INC.
				
	By:	 	  

	  	By:	 	  

	Its:	 	  

	  	Its:	 	  

		
	ATTEST:	  	U.S. BANK NATIONAL ASSOCIATION
				
	By:	 	  

	  	By:	 	  

	Its:	 	  

	  	Its:	 	  

  

 4 

 EXHIBIT A 
 INDENTURE SUBSIDIARY GUARANTY 
 (7.85% SENIOR NOTES DUE 2009) 
  
 THIS INDENTURE SUBSIDIARY GUARANTY (this “Guaranty”) dated
as of August 2, 2004 is executed in favor of each Holder and U.S. Bank National Association, a national banking association, as Trustee (the “Trustee”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, Pentair, Inc. (the “Company”) and the Trustee have entered into an Indenture dated as of June 1, 1999, as amended, (as amended,
restated or otherwise modified from time to time, the “Indenture;” capitalized terms used but not defined herein have the respective meanings ascribed thereto in the Indenture); and 
  
 WHEREAS, each of the undersigned is willing to guaranty the Liabilities (as
defined below) as hereinafter set forth. 
  
 NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the undersigned agrees as follows: 
  
 Section 1. Guaranty. Each of the undersigned hereby jointly and severally, unconditionally and irrevocably, as primary obligor and not merely as
surety, guarantees the full and prompt payment when due, whether by acceleration or otherwise, and at all times thereafter, of (a) all obligations of the Company, howsoever created, arising or evidenced, whether direct or indirect, absolute or
contingent, now or hereafter existing, or due or to become due, which arise out of or in connection with the Indenture and any Securities issued under (and as defined in) the Indenture, in each case as the same may be amended, modified, extended or
renewed from time to time, and (b) all costs and expenses paid or incurred by the Trustee in enforcing this Guaranty or any Security against such undersigned (all such obligations being herein collectively called the “Liabilities”);
provided, however, that the liability of each of the undersigned hereunder shall be limited to the maximum amount of the Liabilities which such undersigned may guaranty without violating any fraudulent conveyance or fraudulent transfer
law. 
  
 Section 2. Payment Prior to Maturity of
Liabilities. Each of the undersigned agrees that as between it on the one hand and the Holders and the Trustee on the other hand, in the event of the occurrence of any Event of Default under Section 501(6) or (7) of the Indenture, and if
such event shall occur at a time when any of the Liabilities may not then be due and payable, such undersigned will pay forthwith the full amount which would be payable hereunder by such undersigned if all Liabilities were then due and payable.

  
 Section 3. Continuing Guaranty; Termination. This
Guaranty shall in all respects be a continuing, irrevocable, absolute and unconditional guaranty of payment and performance and not only collectibility, and shall, subject to the following sentence, remain in full force and effect (notwithstanding,
without limitation, the dissolution of any of the undersigned, that at any time or from time to time no Liabilities are outstanding or any other circumstance) until all Liabilities 
  

 A-1 

 have been paid in full (other than contingent and indemnification obligations not yet due and payable). Notwithstanding
anything herein to the contrary, this Guaranty shall, without further action by the Company or any of the undersigned, cease to be effective on the first date on which the Credit Agreement Guaranty (or any replacement thereof) ceases to be effective
(a “Credit Agreement Guaranty Termination”); provided, however, that the foregoing release shall be effective only if all other Subsidiary Guaranties (as defined in the Intercreditor Agreement referred to below) cease to be
effective by their terms upon a Credit Agreement Guaranty Termination. In addition, this Guaranty shall terminate upon defeasance of the Securities or discharge of the Indenture pursuant to Article Four of the Indenture. 
  
 Section 4. Returned Payments. The undersigned further agree that if at
any time all or any part of any payment theretofore applied by any Holder to any of the Liabilities is or must be rescinded or returned by any Holder for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or
reorganization of the Company or any of the undersigned), such Liabilities shall, for the purposes of this Guaranty, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence, notwithstanding such
application by such Holder, and this Guaranty shall continue to be effective or be reinstated, as the case may be, as to such Liabilities, all as though such application by such Holder had not been made. 
  
 Section 5. Rights of the Holder and the Trustee.  

 
 (a) Any amounts received by any Holder or the Trustee from whatever
source on account of the Liabilities may be applied toward the payment of the Liabilities in accordance with the Indenture; and, notwithstanding any payments made by or for the account of any of the undersigned pursuant to this Guaranty, the
undersigned shall not be subrogated to any rights of a Holder until such time as this Guaranty shall have been discontinued as to all of the undersigned and payment of the full amount of all Liabilities (other than contingent and indemnification
obligations not yet due and payable) shall have been made. 
  
 (b)
The undersigned hereby expressly waive: (i) notice of the acceptance of this Guaranty, (ii) notice of the existence or creation or non-payment of all or any of the Liabilities, (iii) presentment, demand, notice of dishonor, protest, and all other
notices whatsoever, (iv) all diligence in collection or protection of or realization upon any Liabilities or any security for or guaranty of any Liabilities and (v) any modification, amendment or waiver with respect to the Liabilities or the
Indenture. 
  
 (c) The creation or existence from time to time of
additional Liabilities to any Holder and the Trustee or any of them is hereby authorized, without notice to the undersigned (or any of them), and shall in no way affect or impair the rights of any Holder or the Trustee or the obligations of the
undersigned under this Guaranty. 
  
 Section 6. Release of
Guarantor. If, at any time, any of the undersigned is released from its obligations under the Credit Agreement Guaranty (or any replacement thereof) because such undersigned ceases to be a subsidiary of the Company or for any other reason, then
such undersigned shall, without any further action by any Holder or the Trustee or any of the undersigned, be released from its obligations hereunder; provided that any such release shall be 
  

 A-2 

 effective only if the applicable undersigned is concurrently released from its obligations under the terms of each other
Subsidiary Guaranty upon a release under the Credit Agreement Guaranty. 
  
 Section 7. Guaranty Subject to Intercreditor Agreement. All payments received by any Holder or the Trustee hereunder are subject to the terms of the Intercreditor Agreement. 
  
 Section 8. General. (a) No delay on the part of either the Holders or
the Trustee in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by a Holder or the Trustee of any right or remedy shall preclude other or further exercise thereof or the exercise of any other
right or remedy; nor shall any modification or waiver of any provision of this Guaranty be binding upon any Holder or the Trustee except as expressly set forth in a writing duly signed and delivered on behalf the Trustee. No action of Holder or the
Trustee permitted hereunder shall in any way affect or impair the rights of any Holder or the Trustee or the obligations of the undersigned under this Guaranty. For purposes of this Guaranty, Liabilities shall include, without limitation, all
obligations of the Company to the Trustee or the Holders arising under or in connection with the Indenture and the Securities issued under (and as defined in) the Indenture, notwithstanding any right or power of the Company or anyone else to assert
any claim or defense as to the invalidity or unenforceability of any such obligation, and no such claim or defense shall affect or impair the obligations of the undersigned hereunder. 
  
 (b) This Guaranty shall be binding upon the undersigned and the successors and assigns of the undersigned; and to the extent
that the Company or any of the undersigned is a partnership, corporation, limited liability company or other entity, all references herein to the Company and to the undersigned, respectively, shall be deemed to include any successor or successors,
whether immediate or remote, to such entity. The term “undersigned” as used herein shall mean all parties executing this Guaranty and each of them, and all such parties shall be jointly and severally obligated hereunder. 

 
 (c) This Guaranty shall be construed in accordance with and governed by
the internal laws of the State of New York. Wherever possible each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or
invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty. 
  
 (d) This Guaranty may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, and each such counterpart shall be deemed to be an original but all such counterparts shall together constitute one and the same Guaranty. At any time after the date of this Guaranty, any additional
subsidiary of the Company may become a party hereto by executing and delivering to the Trustee a counterpart of this Guaranty; provided that any such additional Subsidiary shall concurrently become a party to each other Subsidiary Guaranty.
Immediately upon such execution and delivery (and without any further action), each such additional person or entity will become a party to, and will be bound by all of the terms of, this Guaranty. 
  

 A-3 

 (e) This Guaranty may be secured by one or more security agreements, pledge agreements, mortgages, deeds
of trust or other similar documents. 
  
 (f) EACH OF THE
UNDERSIGNED, AND (BY ACCEPTING THE BENEFITS HEREOF) EACH OF THE TRUSTEE AND THE HOLDERS, HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS GUARANTY, OR ANY OTHER LOAN DOCUMENT AND ANY
AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH
ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 A-4 

 IN WITNESS WHEREOF, this Guaranty has been duly executed and delivered as of the day and year first above
written. 
  

			
	 [NAME OF SUBSIDIARY GUARANTORS]

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 A-5 

			
	Signature page for the Guaranty dated as of             , 2004 issued by various subsidiaries of Pentair, Inc. (the
“Company”) in favor of U.S. Bank National Association, as Trustee under the Indenture dated as of June 1, 1999 between the Company and the Trustee as amended, restated, or otherwise modified from time to time.
	
	The undersigned is executing a counterpart hereof for purposes of becoming a party hereto (and attached hereto is a supplement to Schedule I to the Guaranty setting forth the address
for the undersigned):
	
	 [NAME OF SUBSIDIARY]

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 A-6 

 SCHEDULE I TO INDENTURE SUBSIDIARY GUARANTY 
  
 ADDRESSES 
  
 All notices and communications should be sent to Pentair, Inc., attention Louis L. Ainsworth,
5500 Wayzata Boulevard, Suite 800, Golden Valley, Minnesota 55416-1259. 

 EXHIBIT B 
 FORM OF SUPPLEMENTAL INDENTURE TO BE 
 DELIVERED BY ADDITIONAL SUBSIDIARY GUARANTORS 

 
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as
of [    ] among the undersigned subsidiaries (the “Additional Subsidiary Guarantors”) of Pentair, Inc., a Minnesota corporation (or its permitted successor) (the “Company”), the other Subsidiary
Guarantors (the “Existing Subsidiary Guarantors”) and U.S. Bank National Association, a national banking association, a Delaware corporation, not in its individual capacity but solely as trustee under the Indenture (the
“Trustee”). 
  
 RECITALS 
  
 The Company and the Existing Subsidiary Guarantors have heretofore executed
and delivered to the Trustee an Indenture (the “Indenture”), dated as of June 1, 1999, as amended, providing for the issuance of $250,000,000 7.85% Senior Notes due 2009. 
  
 Section 10.4 of the Indenture contemplates that under certain circumstances the Company may cause Additional Subsidiary
Guarantors to execute and deliver to the Trustee a subsidiary guaranty pursuant to which the Additional Subsidiary Guarantors will guarantee payment of the Securities on the same terms and conditions as those set forth in Section 10.4 of the
Indenture. 
  
 Pursuant to Section 9.01(4) of the Indenture, the
Company and the Trustee, are authorized to execute and deliver this Supplemental Indenture. 
  
 NOW THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH 
  
 For and in consideration of the premises and for good and valuable consideration the receipt of which is hereby acknowledged, it is mutually covenanted and agreed, for the equal and proportionate benefit of the
Holders of the Securities as follows: 
  
 A. Capitalized Terms. Capitalized terms
used herein but defined shall have the meanings assigned to them in the Indenture. 
  
 B. Guaranties. Each of the Additional Subsidiary Guarantors hereby agrees to execute a counterpart of the Indenture Subsidiary Guaranty the signature page of which is set forth as Attachment 1 hereto. 
  
 C. Ratification of Indenture; Supplemental Indentures part of Indenture. 
  
 Except as expressly amended hereby, the Indenture is in all respects ratified
and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and the Trustee and every Holder shall be bound hereby.

  
 D. Miscellaneous. 
  

 B-1 

 All headings and captions preceding the text of the several sections of this Supplemental Indenture are
intended solely for convenience of reference and shall not constitute a part of this Supplemental Indenture, nor shall they affect its meaning, construction or effect. 
  
 This Supplemental Indenture embodies the entire agreement and understanding between the Company and the Trustee and the
Holders with regard to the matters set forth herein, and supersedes all prior agreements and undertakings relating to such matters. 
  
 This Supplemental Indenture shall be governed by, and enforced in accordance with the internal laws of the State of New York. 
  
 The Company agrees to pay directly all of the out-of-pocket expenses of the
Trustee (including without limitation the reasonable fees and expenses of special counsel to the Trustee) in connection with the preparation, negotiation, and execution of this Supplemental Indenture and any other document required to be furnished
herewith 
  
 This Supplemental Indenture may be executed in any
number of counterparts, each executed counterpart constituting an original, but all together only one agreement. 
  

 B-2 

 IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed as of the
date first written above. 
  

	
	PENTAIR, INC.
	
	  

	Name:
	Title:
	
	[SUBSIDIARY GUARANTORS]
	
	  

	Name:
	Title:
	
	[ADDITIONAL SUBSIDIARY GUARANTORS]
	
	  

	Name:
	Title:
	
	US Bank National Association, not in its individual capacity but solely as Trustee
	
	  

	Name:
	Title:

  

 B-3 

 Signature page for the Indenture Subsidiary Guaranty dated as of
            2004 issued by the various subsidiaries of Pentair, Inc. (the “Company”) in favor of U.S. Bank National Association, as Trustee and the creditors referred to in
such Indenture Subsidiary Guaranty, including the Holders under the Indenture dated as of June 1, 1999, among the Company, and the Trustee. as amended, restated, or otherwise modified from time to time, pursuant to which the Company issued
$250,000,000 7.85% Senior Notes, due 2009. 
  

	
	The undersigned is executing a counterpart hereof as of this              day of
            , 20     for purposes of becoming a party hereto (and attached hereto is a supplement to Schedule I to the Indenture Subsidiary Guaranty
setting forth the address for the undersigned):

  

			
	[ADDITIONAL SUBSIDIARY GUARANTOR]
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

 B-4

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