Document:

EX-10.14

 Exhibit 10.14 

PENTAIR, INC. 
 RESTORATION PLAN

 As Amended and Restated Effective as of the Re-domicile Date (as defined below) 

 PENTAIR, INC. 

RESTORATION PLAN 
 TABLE OF
CONTENTS 
  
  

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	Name of Plan	  	 	1	  
	 SECTION 2.
	 	General Definitions	  	 	1	  
	 SECTION 3.
	 	Participation, Vesting And Benefit Service, And Rules Governing The Crediting Of Service, Disability And The Determination Of Compensation And Final Average Compensation	  	 	6	  
	 (a)
	 	Participation	  	 	6	  
	 (b)
	 	Vesting	  	 	7	  
	 (c)
	 	Benefit Service	  	 	7	  
	 (d)
	 	Service Credits	  	 	8	  
	 (e)
	 	Disability	  	 	9	  
	 (f)
	 	Compensation	  	 	10	  
	 SECTION 4.
	 	Payments In The Event Of Death Before The Benefit Commencement Date	  	 	10	  
	 SECTION 5.
	 	Payment Of Retirement Benefits	  	 	11	  
	 SECTION 6.
	 	Confidentiality, Covenants Not To Compete, And Non-Solicitation	  	 	11	  
	 (a)
	 	General	  	 	11	  
	 (b)
	 	Forfeiture and Other Remedies	  	 	12	  
	 SECTION 7.
	 	Funding And Payment Of Benefits	  	 	12	  
	 (a)
	 	General	  	 	12	  
	 (b)
	 	Employer Company	  	 	12	  
	 (c)
	 	Company Assumption of Liability	  	 	12	  
	 (d)
	 	Participation by Other Group Members	  	 	13	  
	 SECTION 8.
	 	Default	  	 	13	  
	 SECTION 9.
	 	Administration Of The Plan	  	 	14	  
	 (a)
	 	General	  	 	14	  
	 (b)
	 	Committee	  	 	14	  
	 (c)
	 	Discretion	  	 	14	  
	 (d)
	 	Indemnity	  	 	15	  
	 (e)
	 	Code Section 409A	  	 	15	  
	 (f)
	 	Use of Professional Services	  	 	15	  
	 (g)
	 	Communications	  	 	15	  
	 SECTION 10.
	 	Effect of KEESA	  	 	16	  
	 SECTION 11.
	 	Amendment Or Termination	  	 	16	  
	 (a)
	 	General	  	 	16	  
	 (b)
	 	Limitation on Power to Amend or Terminate	  	 	16	  
	 (c)
	 	Change in Control	  	 	17	  
	 (d)
	 	Continuation of Plan Provisions	  	 	17	  
	 SECTION 12.
	 	Claims	  	 	17	  
	 (a)
	 	Filing Claims	  	 	17	  
	 (b)
	 	Decision on Claim	  	 	17	  

  
 i 

							
	 (c)
	 	Appeal of Denied Claim	  	 	18	  
	 (d)
	 	Decision by Appeals Committee	  	 	18	  
	 SECTION 13.
	 	Miscellaneous	  	 	18	  
	 (a)
	 	Non-Alienation	  	 	18	  
	 (b)
	 	Employer’s Rights	  	 	18	  
	 (c)
	 	Interpretation	  	 	18	  
	 (d)
	 	Withholding of Taxes	  	 	18	  
	 (e)
	 	Offset for Amounts Due	  	 	19	  
	 (f)
	 	Computational Errors	  	 	19	  
	 (g)
	 	Requirement of Proof	  	 	19	  
	 (h)
	 	Tax Consequences	  	 	19	  
	 (i)
	 	Communications	  	 	19	  
	 (j)
	 	Not Compensation Under Other Benefit Plans	  	 	19	  
	 (k)
	 	Choice of Law	  	 	19	  
	 (l)
	 	Savings Clause	  	 	19	  
	 (m)
	 	Change in Control	  	 	19	  
	 SECTION 14.
	 	Transition Rules	  	 	20	  
	 (a)
	 	General	  	 	20	  
	 (b)
	 	2004 Vested Participants Benefits	  	 	20	  
	 (c)
	 	Excess	  	 	20	  

  
 ii 

 PENTAIR, INC. RESTORATION PLAN 

SECTION 1. Name of Plan. This plan shall be known as the Pentair, Inc. Restoration Plan. 

SECTION 2. General Definitions. Unless the context requires otherwise, when used herein the terms listed below, when capitalized or
applied to such capitalized terms, shall have the following meanings: 
 (1) “Adjustment Factor” is the factor used
in adjusting the Pension Amount to reflect the period of time between the date a Participant has a Separation from Service and his or her Benefit Commencement Date. The Adjustment Factor shall be the same adjustment factor applicable to such
Participant under the SERP. 
 (2) “Administrator” is the Company. 

(3) “Beneficiary” is a person entitled to receive benefits, if any, payable under the Plan after a former
Participant’s death. 
 (4) “Benefit Commencement Date” is the first day of the first calendar month as of
which a Participant’s Retirement Benefit is payable and shall be the same date as the Participant’s benefit commencement date under the SERP. 

(5) “Benefit Service” is the number of Years of Service, beginning with the calendar year which includes the
individual’s Benefit Service Date, during which an individual completes 1,000 Hours of Service as an Eligible Employee. Notwithstanding anything herein to the contrary, Benefit Service shall not be credited for any period after
December 31, 2017. 
 (6) “Benefit Service Date” is the date from and after which an individual may earn
Benefit Service, and shall be the same date as an individual’s benefit service date under the SERP. 
 (7) “Benefit Service
Percentage” is the sum of the percentages for each Year of Benefit Service completed, with the percentage for each such year determined as described below and dependent upon the individual’s age in whole years as of the first
day of the calendar year in which that Year of Benefit Service is completed. 
  

					
	 Attained Age in Whole Years
 at
Beginning of Relevant
 Year of Benefit Service
	  	Percentage	 
	 < 25
	  	 	4	% 
	 > 25 and < 35
	  	 	5.5	% 
	 > 35 and < 45
	  	 	7	% 
	 > 45 and < 55
	  	 	9	% 
	 > 55
	  	 	12	% 

 Example: Employee A, date of birth January 25, 1954, has a Benefit Service Date of
May 1, 1999. Employee A remains an Eligible Employee and completes 1,000 Hours of Service in each calendar year from and including 1999 through 2010. Employee A retires on March 1, 2011 and does not complete 1,000 Hours of Service in that
year. Employee A’s Benefit Service Percentage is 109% computed as follows: 
  

					
	 Year of Benefit Service
	  	Percentage	 
	 1999
	  	 	7	% 
	 2000—2009, inclusive
	  	 	90	% 
	 2010
	  	 	12	% 
		  	  
	  
	 
	 Total
	  	 	109	% 

 Notwithstanding the foregoing, a Participant’s Benefit Service Percentage shall not increase after
December 31, 2017. 
 (8) “Change In Control” is, with respect to periods ending prior to or upon the Merger, a change
in control of the Company as defined in the Pre-Merger KEESA or, with respect to periods ending after the Merger, a change in control as defined in the Post-Merger KEESA. 

(9) “Code” is the Internal Revenue Code of 1986, as amended. Any reference to specific provision of the Code shall be deemed
to refer to any successor provision thereto and the regulations promulgated thereunder. 
 (10) “Committee” is the
Compensation Committee of the Board of Directors of the Company. If the Committee is not in existence, then all references to the Committee herein shall mean the Board of Directors of the Company. 

(11) “Company” is Pentair, Inc., a Minnesota corporation, or any successor thereto. 

(12) “Compensation” is any item or class of remuneration or part thereof listed or described in the left-hand column
of Schedule 1 and not any such items listed or described in the right-hand column of Schedule 1. In the event a remuneration item is not listed or described in Schedule 1, the Administrator shall determine whether such item is included or excluded
from Compensation by taking into account the nature of the item and its similarity to an item which is so listed. 
 (13)
“Conversion Factor” is the factor used to convert the Pension Amount into the Monthly Installment, and shall be the same as the conversion factor under the SERP. 

  
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 (14) “Covered Compensation” is Final Average Compensation reduced by
Section 401(a)(17) Compensation. Covered Compensation earned after December 31, 2017 shall not be counted under the Plan. 
 (15)
“Covered Termination” is a covered termination, as defined in the KEESA, which entitles a Participant to a termination payment pursuant to Sections 8 and 9(a) of the KEESA. 

(16) “Disabled” or “Disability” is a physical or mental condition, resulting from physical or mental sickness or
injury, which prevents the individual from engaging in any substantial gainful activity, and which condition can be expected to last for a continuous period of not less than twelve (12) months. 

(17) “Effective Date” of the Plan is January 1, 1999; the effective date of this amended and restated Plan document is
the Re-domicile Date. 
 (18) “Eligible Employee” is an individual who is an eligible employee under the SERP.
Notwithstanding the foregoing, only individuals who are Eligible Employees on December 31, 2007 shall be entitled to be treated as an Eligible Employee for any period on or after January 1, 2008. 

(19) “Employer Company” is the Group member which employs a Participant as of the date the Participant has a Separation from
Service or otherwise terminates all Group employment due to death or Disability. 
 (20) “ERISA” is the Employee Retirement
Income Security Act of 1974, as amended. Any reference to a specific provision of ERISA shall be deemed to include any successor provision thereto and the regulations promulgated thereunder. 

(21) “Final Average Compensation” is the average Compensation determined by averaging Compensation in those five
(5) consecutive calendar years out of the last ten (10) consecutive calendar years, ending with the earlier of (i) the calendar year which ends coincident with or immediately preceding the date the Participant has a Separation from
Service, or otherwise ceases to be an Eligible Employee, whichever occurs first, or (ii) the calendar year ending December 31, 2017, for which the average Compensation is the highest. 

Notwithstanding the immediately preceding paragraph, Final Average Compensation shall not be less than the average Compensation for the sixty
(60) months immediately preceding the date the Participant has a Separation from Service or otherwise ceases to be an Eligible Employee, whichever occurs first, determined as the sum of Compensation in the final calendar year of such employment
plus Compensation in each of the four (4) calendar years preceding the final calendar year of such employment plus a percentage of the Compensation for the entire fifth calendar year preceding the final calendar year of such employment; such
percentage shall be determined as twelve minus the number of full calendar months for which Compensation was payable in the final calendar year of such employment divided by the number of months for which Compensation was paid in the fifth calendar
year preceding the final calendar year of such employment. 

  
 3 

 If the Participant’s relevant Compensation history is for less than the stated period of
time (e.g., less than five (5) years; less than ten (10) years), then such actual period shall be substituted in determining Final Average Compensation (e.g., if the individual has six (6) years of Compensation history, the high five
(5) consecutive years within such six (6) years shall be used in determining the average; if the individual has three (3) years of Compensation history, all such Compensation shall be used in determining the average). 

(22) “Group” is the Company and, except as prescribed by the Administrator, each other corporation or unincorporated
business which is a member of a controlled group of corporations or a group of trades or businesses under common control (within the meaning of Code section 414(b) or (c)) which includes the Company, but with respect to other business entities
during only the periods of such common control with the Company. 
 (23) “Hour Of Service” is each hour which an
individual is paid or entitled to payment from a Group member for (i) the performance of duties as its employee and (ii) reasons related to such employment but other than for the performance of duties, such as vacation, illness, jury duty,
military duty or leave of absence other than (x) payments made or due under a plan maintained solely to comply with worker’s compensation, unemployment compensation, or disability insurance laws, or (y) payments made solely for
reimbursement of medical or medically related expenses; provided, however, no more than 501 Hours of Service shall be credited under clause (ii) immediately preceding for any single continuous period during which no duties as such an employee
are performed. An individual shall not receive duplicate Hour of Service credits for the same period of service or absence. 
 Regardless of
the actual number of Hours of Service completed during a year, in determining whether 1,000 Hours of Service have been completed during a calendar year an individual shall be credited with forty-five (45) Hours of Service for each calendar week
the individual is otherwise credited with an Hour of Service pursuant to the immediately preceding paragraph. 
 (24)
“KEESA” is the Post-Merger KEESA or the Pre-Merger KEESA, if any, in effect at the time of the applicable event. A “Post-Merger KEESA” is the Key Executive Employment and Severance Agreement, if any, in effect for
the Participant after the consummation of the Merger. A “Pre-Merger KEESA” is the Key Executive Employment and Severance Agreement, if any, in effect for the Participant prior to the consummation of the Merger. 

(25) “Merger” is the merger contemplated by the Merger Agreement among the Company, Tyco International Ltd., Pentair Ltd.,
Panthro Acquisition Co. and Panthro Merger Sub, Inc., as amended, pursuant to which, on September 28, 2012, the Company became an indirect wholly-owned subsidiary of Pentair Ltd. 

(26) “Monthly Installment” is a monthly payment, commencing as of the Participant’s Benefit Commencement Date,
payable for a term certain of one hundred eighty (180) consecutive months, and shall be determined by dividing the Participant’s Pension Amount by the Conversion Factor, with such monthly payment rounded to the nearest whole dollar amount.

  
 4 

 (27) “Participant” is an Eligible Employee who has become a participant
under the SERP. Once an individual becomes a Participant, he or she shall remain a Participant, except as provided in Section 3, until the first to occur of his or her death, Disability, or Separation from Service; provided, however, if the
individual has a non-forfeitable right to a Retirement Benefit as of the date he or she incurs such an event (determined without regard to the forfeiture provision of Section 6(b) unless such section has been actually enforced as to such
individual), then absent death the individual shall remain a Participant until the individual has received his or her entire Retirement Benefit or the Retirement Benefit has been forfeited as provided for in Section 6(b). 

(28) “Participation Date” is an Eligible Employee’s participation date under the SERP. 

(29) “Pension Amount” is an amount equal to the Participant’s Covered Compensation multiplied by his or her Benefit
Service Percentage, with such amount then multiplied by the Adjustment Factor if the Participant survives to his or her Benefit Commencement Date. 

(30) “Pension Plan” is the Pentair, Inc. Pension Plan, or any successor plan thereto. 

(31) “Pentair Ltd.” is Pentair Ltd., a Swiss company, or any successor thereto. 

(32) “Pentair plc” is Pentair plc, an Irish company, or any successor thereto. 

(33) “Plan” is the retirement plan herein described. When this term is modified by or with reference to a certain date
(e.g., Plan as in effect before year XXXX), it shall refer to the Plan as described in the Plan document in effect for the period referenced. 

(34) “Re-domicile Date” is the effective date of the consummation of the merger of Pentair Ltd. with and into Pentair
plc. 
 (35) “Retirement Benefit” is the monthly retirement benefit payable under the Plan as the Monthly
Installment. 
 (36) “Section 401(A)(17) Compensation” is the amount which would constitute Final Average
Compensation if the determination of Final Average Compensation was limited by the provisions of Code section 401(a)(17). Except as modified pursuant to the Administrator’s discretion as provided for under section 3(f)(2), for this purpose Code
section 401(a)(17) shall be applied as under the Pension Plan, regardless of whether the Participant concerned is covered by the Pension Plan or any other tax-qualified defined benefit plan sponsored by a Group member. 

  
 5 

 (37) “Separates from Service” or “Separation from Service” is
the termination of employment as an employee, from all business entities that comprise the Group, for reasons other than death or Disability. A Participant will be deemed to have incurred a Separation from Service when the level of bona fide
services performed by the Participant for the Group permanently decreases to a level equal to twenty percent (20%) or less of the average level of services performed by the Participant for the Group during the immediately preceding thirty-six
(36) month period (or such lesser period of service). Notwithstanding the foregoing, a Participant on a bona fide leave of absence from the Group shall be considered to have incurred a Separation from Service no later than the six
(6) month anniversary of the absence (or twenty-nine (29) months in the event of an absence due to a medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than six (6) months, where such impairment causes the Participant to be unable to perform the duties of his or her position or a substantially similar position) or the end of such longer period during which the individual has
the right by law or agreement to return to employment upon the expiration of the leave. Notwithstanding the foregoing, if following the Participant’s termination of employment from the Group the Participant becomes a non-employee director or
becomes or remains a consultant to the Group, then the date of the Participant’s Separation from Service may be delayed until the Participant ceases to provide services in such capacity to the extent required by Code section 409A. 

(38) “SERP” is the Pentair, Inc. Supplemental Executive Retirement Plan as amended and restated effective as of the
Re-domicile Date, but without regard to Appendix A thereto. 
 (39) “Spouse” is an individual whose marriage to a
Participant is recognized under the laws of the United States (or any one of the states) and who is considered the Participant’s spouse by the Internal Revenue Service for purposes of the Code. 

(40) “Year of Service” is a calendar year in which an individual completes 1,000 Hours of Service. 

SECTION 3. Participation, Vesting And Benefit Service, And Rules Governing The Crediting Of Service, Disability And The Determination Of
Compensation And Final Average Compensation. 
 (a) Participation. 

(1) General. The primary purpose of the Plan is to provide supplemental retirement benefits to Eligible Employees to reflect the loss
of pension benefits under tax-qualified defined benefit plans sponsored by a member or members of the Group due to the provision of Code section 401(a)(17). It is intended that the employees covered by the Plan constitute a select group of
management or highly paid employees, within the meaning of ERISA section 201(2), of the Group. Except as provided in Section 3(d)(6), in the event an individual who is not within such a select group becomes covered by the Plan, then
notwithstanding any Plan provision to the contrary such individual’s participation in the Plan shall immediately cease and retroactively he or she shall be treated as never having been covered by the Plan. 

  
 6 

 Because the Plan is described in ERISA section 201(2), and other ERISA provisions corresponding
thereto, certain provisions of ERISA do not apply to it and the benefits earned thereunder, including the provisions of Parts 2, 3, and 4 of Title I of ERISA relating to participation and vesting, funding, and fiduciary responsibilities,
respectively. In addition, the Plan is not a tax-qualified plan under the Code, and thus the Plan and benefits paid hereunder are not subject to certain rules which apply to benefits payable under such qualified plans, including the manner in which
a Participant’s or Beneficiary’s Plan benefits are subject to income tax. 
 (2) Repeal of Code Section 401(a)(17).
Notwithstanding any other provision of the Plan to the contrary, if Code section 401(a)(17) is repealed and no similar or corresponding provision is immediately enacted to replace it, then until further action by the Committee, if any, the Covered
Compensation and Benefit Percentages of each Participant shall be frozen as of the end of the calendar year which includes the effective date of such repeal; provided, however, upon a Change in Control this Section 3(a)(2) shall not apply to a
Participant so long as such Participant may incur a Covered Termination with respect to that Change in Control and shall not apply thereafter to a Participant who incurs a Covered Termination with respect to that Change in Control. 

(3) Participation Freeze. Notwithstanding the foregoing, only individuals who are Eligible Employees on December 31, 2007 shall be
entitled to participate in the Plan. Accordingly, any individual who is hired on or after January 1, 2008, will not be covered by the Plan. 

(b) Vesting. 
 (1)
General. Except as otherwise expressly provided herein, all benefits otherwise payable under the Plan to or with respect to a Participant shall be forfeited if the Participant has a Separation from Service before completing five
(5) Years of Service. 
 (2) Death or Disability. A Participant who dies or becomes Disabled while employed by a Group Member
shall be fully vested in his or her Retirement Benefit. 
 (3) Automatic Acceleration of Vesting. If a Participant has a Covered
Termination under his or her KEESA, then immediately before such termination the Participant shall be considered fully vested in his or her Retirement Benefit. 

(4) Other Forfeiture. Notwithstanding the foregoing provisions of this Section 3(b) or the number of Years of Service completed or
deemed completed, all benefits otherwise payable under the Plan to or with respect to a Participant or former Participant shall be subject to forfeiture to the extent provided in Section 6(b). 

(c) Benefit Service. 
 (1)
Death. An individual who ceases to be a Participant and terminates employment from the Group by reason of death shall be considered to have completed a Year of Service in the year of death for purposes of determining the Benefit Service
earned by such individual, regardless of the Hours of Service credited for such year. 

  
 7 

 (2) Benefit Service Upon a Covered Termination. If a Participant has a Covered
Termination under his or her KEESA, then immediately before such termination the Participant shall be credited with additional Years of Service for determining Benefit Service equal to the lesser of (i) three (3) and (ii) the greater
of (x) seven (7) minus the Benefit Service credited to such Participant under the Plan, determined without regard to this Section 3(c)(2), as of the first day of the Plan Year beginning immediately after such termination and
(y) zero (0); provided, however, the Benefit Percentage for each such additional year of service, if any, shall be determined based upon what would be the Participant’s attained age in whole years as of January 1 of each calendar year
beginning after the date of the Covered Termination corresponding to such additional year of service (e.g., if the Participant, date of birth March 3, 1947, incurs a Covered Termination in the year 2000 and receives three (3) additional
years of service hereunder, then the aggregate Benefit Percentage for such years shall be 30% (9% + 9% + 12%). The Benefit Service provided for by this Section 3(c)(2) shall be in addition to a Participant’s Benefit Service under the Plan
determined without regard to this Section 3(c)(2). 
 (d) Service Credits. 

(1) General. Subject to other Plan provisions, a Participant’s Years of Service shall be based upon the completion of 1,000 Hours
of Service during a calendar year. 
 (2) No Vesting Service Before Participation Date. No Year of Service completed before the
calendar year which includes an individual’s Participation Date shall be considered for purposes of applying Section 3(b)(1). 

(3) Non-Duplication of Service Credit. In no event shall a Participant be credited for more than one (1) Year of Service with
respect to any one (1) calendar year. In the event service credit for a period must be provided under the Plan by reason of applicable law (e.g., USERRA) and such credit duplicates service credit otherwise provided under the Plan, then the
service crediting provision which is most beneficial to the Participant under the circumstances shall be applied but without duplication of service credit for the same period. 

(4) Leaves of Absence. In the sole discretion of the Committee, a Participant may be granted service credit for a period of absence
from active employment due to illness, personal circumstances, or such other events as the Committee may authorize under the circumstances and in such amount or manner of service credit as the Committee deems appropriate under the circumstances, but
in no event shall such service credit duplicate any such credit otherwise provided under the Plan for the same period or extend beyond the date the Participant Separates from Service. Unless otherwise expressly provided by the Committee, however, in
no event shall a Participant earn Benefit Service during the period of such absence. 
 (5) Break in Service. Except as determined in
the sole discretion of the Committee, if a Participant incurs a Separation from Service before he or she has a nonforfeitable right to a Retirement Benefit by reason of Section 3(b)(1) and thereafter returns to employment as an Eligible
Employee, all service credits earned prior to such termination shall be ignored and, if the individual again becomes a Participant, the individual’s service credits under the Plan shall be determined as if he or she had not been previously
employed by any Group member. 

  
 8 

 (6) Transfer. If an individual becomes a Participant and subsequently, and without a
Separation from Service, becomes employed as other than an Eligible Employee, then upon the occurrence of such event the individual shall cease all active participation under the Plan (e.g., he or she will no longer accrue benefits under the Plan).

 (e) Disability. 
 (1)
General. This Section describes special service credit and other rules which apply to a Participant who becomes Disabled before age sixty-five (65) and while he or she is an Eligible Employee (i.e., a “Disabled Participant”).
In no event shall a Participant be considered Disabled until and unless he or she supplies all information and takes all acts (e.g., submits to medical examinations) reasonably requested by the Administrator to establish the fact of his or her
Disability. 
 (2) Credit for Benefit Service. A Disabled Participant shall receive credit for Benefit Service during the Disability
period. This service credit shall be determined, without duplication of other service credit provided under the Plan for the same period, based upon the complete whole years (with fractional years being rounded to the nearest whole year) which
elapse during the Disability period. The Disability period shall begin on the date of Disability as determined by the Administrator, taking into account any applicable waiting period (e.g., end of short-term disability period) prescribed by the
Administrator for this purpose, and shall end on the earliest of (i) the date the Participant is no longer Disabled or is considered not to be Disabled, (ii) the date the Disabled Participant attains age sixty-five (65), and (iii) the
date of the Participant’s death. 
 (3) Covered Compensation. Except as described in the immediately following paragraph, a
Participant’s Covered Compensation, determined as of the beginning of the Disability period, shall not change during the Disability period, and if a Disabled Participant recovers from the Disability before attaining age sixty-five (65) and
returns to employment as an Eligible Employee, Covered Compensation shall be determined as otherwise provided under the Plan and by assuming the Participant’s (x) Compensation during the Disability period was equal to the
Participant’s Final Average Compensation as of the beginning of the Disability period and (y) Section 401(a)(17) Compensation during the Disability period was equal to the Participant’s Section 401(a)(17) Compensation as of
the beginning of the Disability period. 
 Notwithstanding the immediately preceding paragraph, a Disabled Participant’s Covered
Compensation shall be decreased during the Disability period if and to the extent such Participant’s final average compensation or similar amount taken into account under the Pension Plan (or any other tax-qualified defined benefit plan
sponsored by a Group member) increases due to the imputation of compensation, during the Disability period and by reason of such disability, for purposes of determining retirement benefits under such plan. In such event, the Participant’s
Covered Compensation during the Disability period shall be decreased by the same amount by which final average compensation under such other plan is so increased, and clause (y) of the immediately preceding paragraph shall be applied by substituting
the phrase “as of the end of the Disability period” for the phrase “as of the beginning of the Disability period.” 

  
 9 

 (4) Payment of Disability Benefit. A Disabled Participant shall be entitled to a
Retirement Benefit commencing as of the first day of the month next following the Participant’s attainment of age sixty-five (65), even if such individual recovers from such Disability prior to such date. 

(5) Death During the Disability Period. If a Disabled Participant dies during the Disability period or the Disability ends by reason of
attainment of age sixty-five (65) and the Disabled Participant dies before benefits commence, a death benefit shall be paid after such Disabled Participant’s death to the extent provided in Section 4. 

(6) Proof of Disability. The Administrator shall determine whether and when a Participant is Disabled and may adopt such rules and
procedures as it deems appropriate for this purpose. Once a Participant is determined to be Disabled, the Administrator may require the Participant to verify that he or she remains Disabled, and such verification may include requiring the
Participant to submit to one or more medical examinations. If a Participant fails to supply information or take action as requested by the Administrator in order to determine whether the Participant is or remains Disabled, the Participant shall not
be considered Disabled or shall be considered to have recovered from the Disability, as the case may be, except that in no event shall benefits commence prior to the Participant’s age sixty-five (65). 

(f) Compensation. 
 (1)
General. Compensation, Final Average Compensation and Section 401(a)(17) Compensation shall be determined solely with respect to such remuneration earned from and after a Participant’s Benefit Service Date and during the period of
employment as an Eligible Employee. In the event a Participant is employed with a Group member before becoming an Eligible Employee or, subject to the provisions of Section 3(d)(6), after ceasing to be an Eligible Employee, the Administrator
shall determine such compensation allocable to periods of such employment in each capacity in such manner as it deems reasonable in its sole discretion under the circumstances (e.g., allocation of MIP bonuses for the year in which an individual is
promoted to an Eligible Employee). 
 (2) Determination. The amount of Compensation, Final Average Compensation and
Section 401(a)(17) Compensation shall be as determined from the books and records of the employing Group member and shall be determined on the basis of when such remuneration is paid to the Participant; provided, however, items of remuneration
or portions thereof may be determined on the basis of when the item is earned (in which case the item or portion shall not be again counted when paid) by the Participant if and to the extent the Administrator determines such treatment is appropriate
under the circumstances (e.g., including MIP bonuses earned during the final year of employment as Compensation before such bonus is actually paid; including an amount deferred at the election of the Participant as Compensation when it otherwise
would have been paid but for such election). 
 SECTION 4. Payments In The Event Of Death Before The Benefit Commencement Date. A
pre-retirement death benefit shall be payable under the same events, at the same time, in the same way and to the same persons and in the same proportions, and subject to the same adjustments, terms and conditions as provided for the pre-retirement
death benefit payable under Section 4 of the SERP, but solely with respect to the Pension Amount hereunder. 

  
 10 

 SECTION 5. Payment Of Retirement Benefits. A Retirement Benefit shall be payable under the
same events, at the same time, in the same way and to the same persons and in the same proportions, and subject to the same adjustments, terms and conditions as provided for the retirement benefit payable under Section 5 of the SERP, but solely
with respect to the Pension Amount hereunder. 
 SECTION 6. Confidentiality, Covenants Not To Compete, And Non-Solicitation. 

(a) General. Each Eligible Employee acknowledges that as a key executive of the Company or other Group member he or she has become
familiar and will continue to be familiar with the trade secrets, know-how, executive personnel, strategies, other confidential information and data of the Group and its members. Each Eligible Employee further acknowledges that the financial
security of the Group and the Company’s shareholders depends in large part on the efforts of executives like the Eligible Employee, and that a basic premise for the Plan is to compensate such individuals for their efforts in causing the Group
to grow and prosper, thereby helping to insure the Group’s financial future for years well beyond the time the individual leaves. Therefore, in consideration of the extension of the Plan to an Eligible Employee, he or she agrees that
(i) after Termination of Employment he or she shall not (directly or indirectly), without the Company’s prior written consent, use or disclose to any other person any confidential information or data concerning the Company or other Group
members or former Group members, and (ii) for a period of three (3) years from Termination of Employment he or she shall not (directly or indirectly) and without the Company’s prior written consent: 

 

	 	(1)	own, manage, control, participate in, consult with or render services of any kind for any concern which engages in a business which is competitive with any business being conducted, or contemplated being conducted, by
the Group as of the date of Termination of Employment; 

  

	 	(2)	become an employee or agent of any publicly traded corporation or other entity, or any division or subsidiary of such a corporation or entity, where more than 5% of such organization’s business is in competition
with any business being conducted, or contemplated being conducted, by the Group as of the date of Termination of Employment, unless the annual sales of such organization do not exceed $40 million; 

 

	 	(3)	participate in any plan or attempt to acquire the business or assets of the Group or control of the voting stock of any member thereof, or in any manner interfere with the control of the Company, whether by friendly or
unfriendly means; or 

  
 11 

	 	(4)	induce or attempt to induce any individual to leave the employ of the Company or other Group member or hire any such individual who approaches him or her for employment. 

If at the time of enforcement of the terms of this Section 6, a court shall hold that the duration, scope or area of restriction stated herein are
unreasonable under the circumstances then existing, the Eligible Employee agrees that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope, or area. 

(b) Forfeiture and Other Remedies. Upon any breach of the covenants described in this Section, all benefits then due under the Plan (and
all benefits which otherwise would be due under the Plan in the future) to the Eligible Employee or his or her beneficiaries shall be forfeited. The covenants described in this Section run in favor of and shall be enforceable by the Company or its
assigns. The Company shall be entitled to all legal and equitable remedies to prevent, cure and compensate for a breach of the covenants described herein, without posting of bond, and all such remedies shall be in addition to such forfeiture. By
accepting coverage under the Plan, each Eligible Employee acknowledges and agrees that his or her breach or breach of the covenants described in this Section 6 will result in irreparable harm to the Company. Therefore, to remedy or prevent such
a breach the Company shall be entitled to enjoin the Eligible Employee from taking or failing to take such actions as will or which may be reasonably considered to cause such a breach, including an injunction to prevent the Eligible Employee from
breaching the terms of this Section 6. 
 SECTION 7. Funding And Payment Of Benefits. 

(a) General. Except as expressly provided herein, the Plan is an unfunded deferred compensation arrangement. No Group member shall
establish or is required to establish any trust to fund benefits provided under the Plan, and no such member shall establish or is required to establish any type of earmarking or segregation of its assets to provide for such benefits. In the event
of default of a Group member’s obligations hereunder, each Participant and his or her beneficiaries shall have no greater entitlements or security than does a general creditor of the Group member. 

(b) Employer Company. Except as otherwise expressly provided herein, the Employer Company shall pay or provide for the payment of
benefits hereunder. If the Employer Company does not timely pay such benefits, then, except as described in subsection (c) immediately following, the sole recourse of the claimant Participant or Beneficiary is against such Employer Company and
no other member of the Group shall be responsible to pay or provide for the payment of such benefits or liable for the nonpayment thereof. 

(c) Company Assumption of Liability. Under the following circumstances, the Company shall assume and be responsible for the payment of
benefits hereunder even though it is not the Employer Company: 
  

	 	(i)	the Employer Company is not participating in the Plan as of the date benefits hereunder are scheduled to commence to a Participant or his or her beneficiaries; 

  
 12 

	 	(ii)	the Employer Company does not timely pay or provide for the payment of benefits hereunder and such failure is not corrected within thirty (30) days; or 

 

	 	(iii)	the Participant has a Termination of Employment due to a sale of the stock (or rights analogous to stock) or assets of a Group member, and the Participant has earned a non-forfeitable Retirement Benefit (determined
without regard to the forfeiture provision of Section 6(b) unless such section has been actually enforced as to such individual) on or before the date of such termination. 

The Company’s obligation under paragraph (i) immediately preceding shall cease when the Employer Company agrees to participate in the Plan. The
Company’s obligation under paragraph (ii) immediately preceding shall cease when the Employer Company is current on its payment of benefits. The Company’s obligation under paragraph (iii) immediately preceding shall not come into
effect (or if previously effective, shall cease) as of the date the person who purchased such stock or assets, or a person who controls such person, agrees in writing to assume the liability for the benefits the Participant has then earned
hereunder; provided, however, that upon a Change in Control the Company, any person in control of the Company, and the Employer Company if not the Company, shall be jointly and severally responsible for payment of benefits hereunder regardless of
the other provisions of this Section 7 and the assumption of such liability by another person shall not discharge the Company, any person in control of the Company, and such Employer Company from liability hereunder. 

(d) Participation by Other Group Members. A member of the Group may join in this Plan by adopting a written resolution of its board of
directors, and delivering such resolution to the Administrator. Any Group member, other than the Company, may end its participation under the Plan by a written resolution of its board of directors delivered to the Committee, provided, however, that
no such resolution ending participation shall be effective until thirty (30) days after it is received by the Administrator. By agreeing to join in the Plan, each Group member agrees to pay or provide for the payment o£ benefits hereunder
to those Participants and their beneficiaries with respect to whom such member is the Employer Company. No such member, other than the Company, shall have any power or authority to terminate, amend, administer, modify, or interpret the Plan, all
such powers being reserved to the Administrator and the Committee. 
 SECTION 8. Default. Should the Employer Company (and the
Company to the extent provided for in Section 7(c)) fail to pay when due any benefit under the Plan to or with respect to a Participant or Beneficiary and such failure to pay continues for a period of sixty (60) days from receipt of a
written notice of nonpayment from the affected Participant or Beneficiary, the Employer Company (and the Company to the extent provided in Section 7(c)) shall be in default hereunder and shall pay to the Participant or Beneficiary the benefits
past due and the reasonable costs of collection of any such amount, including reasonable attorney’s fees and costs; provided, however, if the Administrator in good faith disputes the amount of such benefit due or whether a person is entitled to
such a benefit, then to the extent and duration of such a dispute the Employer Company (and the Company to the extent provided for in Section 7(c)) shall not be 

  
 13 

 
considered in default hereunder; provided further, however, a Participant for whom a KEESA becomes operative due to a Change in Control, and regardless of whether such Participant incurs a
Covered Termination, shall be entitled to payment or reimbursement of such costs of collection as provided under Section 13(l). 

SECTION 9. Administration Of The Plan. 

(a) General. The Company, through its designated officers and agents, shall be the Administrator and thereby handle the day-to-day
administration of the Plan and such other administrative duties as are allocated to the Administrator under the Plan. All such administrative duties and powers shall be performed by and rest in the Company’s Senior Vice President of Human
Resources (or persons designated by such Senior Vice President). Except as otherwise provided under the Plan, the Administrator shall: 
  

	 	(1)	determine the rights and benefits of individuals and other persons under the Plan; 

  

	 	(2)	interpret, construe, and apply the provisions of the Plan; 

  

	 	(3)	process and direct the payment of Plan benefits; 

  

	 	(4)	adopt such forms as it deems appropriate or desirable to administer the Plan and pay benefits thereunder; and 

  

	 	(5)	adopt such rules and procedures as it deems appropriate or desirable to administer the Plan. 

(b) Committee. The Committee shall exercise such powers as are allocated to it under the Plan and shall be empowered to direct other
persons as to Plan administration, and its directions shall be followed to the extent consistent with the powers delegated to the Committee and not otherwise contrary to the provisions of the Plan. 

(c) Discretion. In exercising their powers and duties under this Section, and their other powers and duties granted under the Plan, the
Committee and the Administrator and each member or delegate thereof is granted such discretion as is appropriate or necessary to carry out such duties and powers. This discretion necessarily follows from the fact that the Plan does not, and is not
intended to, prescribe all rules necessary to administer the Plan or anticipate all circumstances or events which may arise in the course of such administration. 

(d) Indemnity. No member of the Committee or person acting on behalf of the Administrator shall be subject to any liability with respect
to the performance of his or her duties under the Plan or a related document unless he or she acts fraudulently or in bad faith. The Company shall indemnify and hold harmless the members of the Committee and the Company’s officers and
employees, and the officers and employees of another Group member, from any liability with respect to the performance of their duties under the Plan, unless such duties were performed fraudulently or in bad faith. Such indemnification shall cover
any and all reasonable attorneys’ fees and expenses, judgments, fines and amounts paid in settlement, but only to the extent such amounts are (i) actually and reasonably incurred, (ii) not otherwise paid or reimbursable under an
applicable employer paid insurance policy, and (iii) not duplicative of other payments made or reimbursements due by the Company or its affiliates under other indemnity agreements. 

  
 14 

 (e) Code Section 409A. The Plan shall be administered, and the Administrator and the
Committee shall exercise their discretionary authority under the Plan, in a manner consistent with Code section 409A and Treasury Regulations and other applicable guidance thereunder. Any permissible discretion to accelerate or defer a Plan payment
under such Regulations, the power which to exercise is not otherwise described expressly in the Plan, shall be exercised by the Committee. Any other discretion with respect to, or which directly or indirectly impact, the application of Code section
409A, the exercise of which is not expressly lodged in the Committee, shall be exercised by the Administrator. In the event the matter over which such discretion may be exercised relates to a Committee member or a delegate of the Administrator, or
such member or delegate is otherwise unable to freely exercise such discretion, such member or delegate shall not take part in the deliberations and decisions regarding that matter. 

(f) Use of Professional Services. The Administrator and the Committee may obtain the services of such attorneys, accountants, record
keepers or other persons as it deems appropriate, any of whom may be the same persons who are providing services to the Company or other Group member. In any case in which the Administrator and the Committee utilizes such services, it shall retain
exclusive discretionary authority and control over the administration and operation of the Plan. 
 (g) Communications. Requests,
claims, appeals, and other communications related to the Plan shall be in writing and shall be made by transmitting the same via the U.S. Mail to the Company’s Senior Vice President of Human Resources, at the Company’s corporate
headquarters address. 
 SECTION 10. Effect of KEESA. If a Participant incurs a Covered Termination, then as or with respect to that
Participant: 
  

	 	(i)	notwithstanding the provisions of Section 6, the scope or duration (or both) of such Participant’s covenants under Section 6 shall be no greater or longer than similar covenants provided for in such
Participant’s KEESA and, to the extent there are no such similar covenants in such Participant’s KEESA, then Section 6 shall be void and of no force and effect; 

 

	 	(ii)	if the Participant is not fully vested in his or her accrued benefit under the Pension Plan when he or she so terminates employment, such Participant’s Pension Amount as of the Benefit Commencement Date shall be
increased by the present value of such non-vested accrued benefit; such present value shall be determined (x) as of the Benefit Commencement Date, (y) by using the amount of such non-vested accrued benefit payable as of the Benefit
Commencement Date as calculated under the terms of 

  
 15 

	 	
the Pension Plan and by assuming the Participant was eligible to receive such non-vested accrued benefit under the Pension Plan on and after the attainment of age fifty-five (55), and (z) by
using UP 84 mortality and seven percent (7%) interest; and 

  

	 	(iii)	in the case of any conflict between the terms and provisions of this Plan and the terms and provisions of such Participant’s KEESA, the terms of such Participant’s KEESA shall control to the extent more
beneficial to such Participant, and the obligations of the Company under such KEESA shall be in addition to any of its obligations under the Plan. 

SECTION 11. Amendment Or Termination. 

(a) General. This Plan may be terminated or amended, in whole or in part, at any time by written resolution of the Board of Directors of
the Company. Any such action may apply to the Plan as a whole, or any individual Participant or group of Participants. Except as provided in Section 11(b) and (c), any such action may reduce or eliminate (retroactively or prospectively, or
both) any benefits under the Plan that otherwise would be payable but for such action. 
 (b) Limitation on Power to Amend or
Terminate. 
 (1) Vested Participants. As to any Participant who has earned a non-forfeitable Retirement Benefit (determined
without regard to Section 6) before the date the Plan is amended or terminated (or, if later, before the date such action is effective), no such amendment or termination shall (without the specific written consent of the Participant): 

 

	 	(i)	reduce the Retirement Benefit earned by the Participant; 

  

	 	(ii)	reduce the amount of Plan benefits then being paid to a Participant or change the form in which such benefits are being paid; or 

  

	 	(iii)	terminate, amend, or otherwise change the liability of the Company, Employer Company, or other person to pay or provide for the payment of Retirement Benefits protected under clauses (i) and (ii) immediately
preceding. 

 (2) Beneficiaries. As to any former Participant who has died before the date the Plan is amended or
terminated (or, if later, before the date such action is effective), no such amendment or termination shall (without the specific written consent of such Participant’s Beneficiary): 

 

	 	(i)	reduce the amount of Plan benefits to which such Beneficiary is entitled or change the form in which benefits are payable; or 

  

	 	(ii)	terminate, amend, or otherwise change the liability of the Company, Employer Company, or other person to pay or provide for the payment of benefits protected under clause (i) immediately preceding.

  
 16 

 (c) Change in Control. In addition to the limitations described in Section 11(b),
upon a Change in Control for which a Participant’s KEESA becomes operative and under which a Covered Termination has or may occur, then without the specific written consent of the Participant (or Beneficiary in the event of the
Participant’s death), the Plan as in existence immediately prior to the Change in Control may not be (directly or indirectly) terminated, amended, or otherwise changed in any respect during the three year period beginning with the date of the
Change in Control, but only with respect to such individual. The prohibition herein described shall apply to any action which affects or is intended to affect the terms and provisions of the Plan as then in effect during such three year period,
regardless of when made or effective. 
 (d) Continuation of Plan Provisions. To the extent that any Plan benefits, and rights and
obligations allocable thereto, are protected under Section 11(b) and (c), then as to the persons described in Section 11(b) and (c) the Plan shall continue in force and effect, as if no such amendment or termination had occurred,
until such benefits are fully paid or fully provided for to such persons. 
 SECTION 12. Claims. 

(a) Filing Claims. A Participant or Beneficiary (or a person who in good faith believes he or she is a Participant or Beneficiary, i.e.,
a “claimant”) who believes he or she has been wrongly denied benefits under the Plan may file a written claim for benefits with the Administrator. Although no particular form of written claim is required, no such claim shall be considered
unless it provides a reasonably coherent explanation of the claimant’s position. 
 (b) Decision on Claim. The Administrator
shall in writing approve or deny the claim within sixty (60) days of receipt, provided that such sixty (60) day period may be extended for reasonable cause by notifying the claimant. If the claim is denied, in whole or in part, the
Administrator shall provide notice in writing to the claimant, setting forth the following: 
  

	 	(1)	the specific reason or reasons for the denial; 

  

	 	(2)	a specific reference to the pertinent Plan provisions on which the denial is based; 

  

	 	(3)	a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material is necessary; and 

 

	 	(4)	the steps to be taken if the claimant wishes to appeal the decision to the Committee. 

  
 17 

 (c) Appeal of Denied Claim. 

(1) Filing Appeals. A claimant whose claim has been denied in whole or in part may appeal such denial to the Committee by filing a
written appeal with the Administrator within sixty (60) days of the date of the denial. A decision of the Administrator which is not appealed within the time herein provided shall be final and conclusive as to any matter which was presented to
the Administrator. 
 (2) Rights on Appeal. A claimant (or a claimant’s duly authorized representative) who appeals the
Administrator’s decision shall, for the purpose of preparing such appeal, have the right to review any pertinent Plan documents, and submit issues and comments in writing to the Committee. 

(d) Decision by Appeals Committee. The Committee shall make a final and full review of any properly appealed decision of the
Administrator within sixty (60) days after receipt of the appeal, provided that such period may be extended for reasonable cause by notifying the claimant. The Committee’s decision shall be in writing and shall include specific reasons for
its decisions and specific references to the pertinent Plan provisions on which its decision is based. 
 SECTION 13.
Miscellaneous. 
 (a) Non-Alienation. Except as otherwise provided under the Plan or as required under applicable law,
unless otherwise determined by the Administrator, no right or benefit under this Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate,
sell, transfer, assign, pledge, encumber, or charge the same shall be void, and no such right or benefit shall be in any manner liable for or subject to the debts, contracts, liabilities, engagements, or torts of any person entitled to such right or
benefit, and no such right or benefit shall be subject to garnishment, attachment, execution, or levy of any kind. 
 (b) Employer’s
Rights. The right of a Group member to discipline or discharge employees or to exercise rights related to the tenure of employment shall not be adversely affected in any manner by reason of the existence of the Plan or any action hereunder. 

(c) Interpretation. Section and subsection headings are for convenient reference only and shall not be deemed to be part of the
substance of this instrument or in any way to enlarge or limit the contents of any Section or subsection. Masculine gender shall include the feminine, and vice versa, and singular shall include the plural, and vice versa, unless the context clearly
requires otherwise. 
 (d) Withholding of Taxes. All benefits earned under the Plan or the payment of such benefits, as the case may
be, shall be subject to withholding for federal, state, local and other taxes as required by law. If and to the extent any such withholding is required before such benefits are paid to the Participant or Beneficiary, such withholdings shall be made
from amounts otherwise payable to such person by a Group member (e.g., salary). If no such other amounts are available to satisfy such withholdings, the Company may reduce the Participant’s Retirement Benefit by the amount needed to pay the
Participant’s portion of such tax, plus, with respect to a distribution for FICA taxes, an amount equal to the withholding taxes due under federal, state or local law resulting from the payment of such FICA tax, and an additional amount to pay
the additional income tax at source on wages attributable to the pyramiding of the section 3401 wages and taxes, but no greater than the aggregate of the FICA amount and the income tax withholding related to such FICA amount. 

  
 18 

 (e) Offset for Amounts Due. A Participant’s Retirement Benefit may be reduced by one
or more offsets to repay any amounts then due and owing by the Participant to a Group member, unless another means of repayment is agreed to by the Administrator. Except for the right to immediate offset by reduction of the vested Pension Amount for
an amount up to $5,000, or such higher amount as allowed in Treasury Regulations under Code section 409A or other applicable guidance, no such offset shall be made before an amount is scheduled to be paid to the Participant or Beneficiary and the
amount then offset shall not exceed the amount that would be then otherwise paid. 
 (f) Computational Errors. In the event
mathematical, accounting, actuarial or other errors are made in administration of the Plan due to mistakes of facts, the Administrator may make equitable adjustments, which may be retroactive, to correct such errors. Such adjustments shall be
conclusive and binding on all Participants and Beneficiaries. 
 (g) Requirement of Proof. In discharging their duties and
responsibilities under the Plan, the Administrator and the Committee may require proof of any matter concerning this Plan, and no person shall acquire any rights or be entitled to receive any benefits under this Plan until such proof is furnished.

 (h) Tax Consequences. Neither the Company nor any other Group member represents or guarantees that any particular federal, foreign,
state or local income, payroll, or other tax consequence will result from participation in this Plan or payment of benefits under the Plan. 

(i) Communications. The Administrator shall prescribe the forms of communication, including forms for benefit application and the like,
with respect to the Plan as it deems appropriate. Any such communication and assent or consent thereto may be handled by electronic means. 

(j) Not Compensation Under Other Benefit Plans. No amounts paid or payable to a Participant under the Plan shall be deemed to be salary
or compensation for purposes of any other employee benefit plan of the Company or any other Group member except as and to the extent otherwise specifically provided in such other plan. 

(k) Choice of Law. To the extent not preempted by ERISA or any other federal statute, the construction and interpretation of the Plan
shall be governed by the laws of the State of Minnesota, without reference to conflict of law principles thereof. 
 (l) Savings
Clause. Should any valid federal or state law or final determination of any agency or court of competent jurisdiction affect any provision of this Plan, the Plan provisions not affected by such determination shall continue in full force and
effect. 
 (m) Change in Control. A Participant for whom a KEESA becomes operative due to a Change in Control, and regardless of
whether such Participant incurs a Covered Termination, shall be entitled to adjudicate any dispute regarding his or her benefits or rights and 

  
 19 

 
entitlements under the Plan, after compliance to the extent necessary with the claim procedures under Section 12, in the forums and venues as provided in Section 22 of the KEESA, and
shall be entitled to payment or reimbursement of costs and expenses related to such adjudication as provided in Section 15 of the KEESA. 

SECTION 14. Transition Rules. 

(a) General. Except as described in this Section, this Plan document shall govern when and how Plan benefits are payable with respect to
individuals who are Participants on or after January 1, 2009. For the period that began on January 1, 2005 and ended December 31, 2008, the Plan as in effect on December 31, 2004 governed the rights and obligations of the Company
and Participants, except as modified by the Administrator in its discretion so that the Plan and its operations were in good faith compliance with Code section 409A. 

(b) 2004 Vested Participants Benefits. The Plan document in effect as of December 31, 2004 (the “2004 Plan”) shall govern
when and how then vested Plan benefits are payable, including the elections available or discretion granted to choose or affect the form or commencement date of such benefits. In determining such vested Plan benefits, the Pension Amount as of such
date shall be determined as if the Participant had a Separation from Service on the earlier of (i) December 31, 2004 and (ii) the actual date of such event. The Pension Amount as so determined shall be increased by the adjustment
factor for the period from the first of the month next following the earlier of such dates to the annuity commencement date, and shall be converted into the annuity forms available for payment, all as provided for in the 2004 Plan. 

(c) Excess. The excess, if any, of the total Plan benefit payable to or with respect to a Participant expressed as the Monthly
Installment over the Plan benefit so payable expressed as the Monthly Installment and described in subsection (b) immediately preceding shall be subject to this Plan document. 

The undersigned, by the authority of the Board of Directors of Pentair, Inc., does hereby approve the form and content of this amended and
restated Plan document. 
  

					
	Dated:                                     
                                    	 		 	  

  
 20 

 SCHEDULE 1 
  

			
	 Items Included
	  	 Items Excluded

	 Base salary or wages, including such salary or wages deferred at the election of an individual under the Pentair, Inc. Non-Qualified Deferred
Compensation Plan
  
 401(k) plan before-tax and after-tax employee contributions

 
 Section 125 plan (flexible benefit plan) pre-tax employee contributions

 
 Employee Stock Purchase and Bonus Plan employer bonus contributions

 
 Management Incentive Plan (or successor plan) bonus, including such bonus deferred at the
election of an individual under the Pentair, Inc. Non-Qualified Deferred Compensation Plan
  

Holiday pay
  

Sick leave pay
  

Bereavement pay
  

Jury duty pay
  

Military pay
  

Gain-sharing payments
  

Profit-sharing payments
  

Short-term disability benefits
  

Perquisites
	  	 Cash payments made and property or rights in property other than cash granted under or pursuant to the Omnibus Stock Incentive Plan or
successor plan
  
 Special awards under the Management Incentive Plan or successor
plan
  
 Severance pay

 
 Moving expense reimbursements

 
 Employee business expense reimbursements

 
 Tuition reimbursement

 
 Adoption assistance payments

 
 Computer hardware and software purchase reimbursements

 
 Special cash awards

 
 Foreign duty pay enhancements

 
 Except as expressly provided in the column immediately to the left, amounts contributed
to (e.g., deferred salary) or received under or pursuant to non-qualified deferred compensation arrangements including, but not limited to, the Pentair, Inc. Non-Qualified Deferred Compensation Plan

 
 Except as expressly provided in the column immediately to the left, all contributions
(other than after-tax employee contributions) to and all benefits received under a tax-qualified planEX-10.15

 Exhibit 10.15 

THIS DEED OF INDEMNIFICATION (“Deed”) dated as of June 3, 2014 and effective as of the consummation of the merger
(the “Merger”) between Pentair Ltd. and the Company (“Effective Time”), is made by and between Pentair plc, a public limited company incorporated in Ireland (registered number 536025) and having its registered
office at Arthur Cox Building, Earlsfort Centre, Earlsfort Terrace, Dublin 2 (the “Company”), and [•] (“Covered Person”). 

WHEREAS, it is essential to the Company to retain and attract as directors and officers the most capable persons available; 

WHEREAS, Covered Person will be a director and/or officer of the Company upon the Effective Time; 

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify persons serving as directors
and/or officers of the Company to the fullest extent permitted by applicable law so that they will serve or continue to serve as directors and/or officers of the Company free from undue concern that they will not be so indemnified; 

WHEREAS, the articles of association of the Company (the “Articles”) permit the Company, so far as permitted by the Irish
Companies Acts, to indemnify any current or former member of the Company’s Board of Directors (the “Board”), current or former officer of the Company or any person who is serving or has served at the request of the Company as a
member of the board of directors or as an officer of another corporation to the fullest extent permitted by law, and requires the Company under certain circumstances to advance expenses relating to the defence or settlement of indemnification
matters; and Covered Person has been serving and continues to serve as a director and/or officer of the Company in part in reliance on the Articles; 

WHEREAS, the Company wishes to provide Covered Person with specific contractual assurance that the protection promised by the Articles, as
well as certain additional protections permitted by the Articles and applicable law, will be available to Covered Person (regardless of, among other things, any amendment to or revocation of the Company’s Articles or any change in the
composition of the Company’s Board or acquisition transaction relating to the Company); 
 WHEREAS, this Deed is a supplement to and in
furtherance of the indemnification provided in the Articles or other governing documents of the Company and/or its subsidiaries and any resolutions adopted pursuant thereto and shall not be deemed a substitute thereafter, nor to diminish or abrogate
any rights of the Covered Person; 

 NOW, THEREFORE, in consideration of the above premises and intending to be legally bound hereby,
the parties agree as follows: 
 1. Certain Definitions. 

(a) Affiliate: any corporation or other person or entity that directly, or indirectly through one or more intermediaries, controls or is
controlled by, or is under common control with, the person specified. 
 (b) Board: the Board of Directors of the Company. 

(c) Change of Control: shall occur, with respect to the Company, if: 

(i) any Person becomes a “Beneficial Owner”, as such term is used in Rule 13d-3 promulgated under the Exchange
Act, of 50% or more of the Voting Shares (as defined below) of the Company; 
 (ii) the majority of the Board consists of
individuals other than Incumbent Directors, which term means the members of the Board immediately following the Merger, provided that any person becoming a member of the Board subsequent to such date whose election or nomination for election was
supported by three-quarters of the members of the Board who then comprised the Incumbent Directors shall be considered to be an Incumbent Director; 

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

(iv) all or substantially all of the assets or business of the Company is disposed of pursuant to a merger, consolidation or
other transaction (unless the shareholders of the Company immediately prior to such a merger, consolidation or other transaction beneficially own, directly or indirectly, 50% or more of the Voting Shares or other ownership interests of the entity or
entities, if any, that succeed to the assets or business of the Company); or 
 (v) the Company combines with another company
and is the surviving corporation but, immediately after the combination, the shareholders of the Company immediately prior to the combination hold, directly or indirectly, 50% or less of the Voting Shares of the combined company (there being
excluded from the number of shares held by such shareholders, but not from the Voting Shares of the combined company, any shares received by Affiliates of such other company in exchange for shares of such other company). 

(d) Enterprise: the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit
plan or other enterprise of which Covered Person is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, board of directors’ committee member, employee or agent. 

(e) Exchange Act: the U.S. Securities Exchange Act of 1934, as amended. 

  
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 (f) Expenses: any expense, liability, or loss, including reasonable attorneys’ fees,
judgments, fines, ERISA excise taxes and penalties, amounts paid or to be paid in settlement, any interest, assessments, or other charges imposed thereon, any federal, state, local, or foreign taxes imposed as a result of the actual or deemed
receipt of any payments under this Deed, and all other costs and obligations, paid or incurred in connection with investigating, defending, prosecuting (subject to Section 2(b)), being a witness in, participating in (including on appeal), or
preparing for any of the foregoing in, any Proceeding relating to any Indemnifiable Event. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security
for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. 
 (g) Indemnifiable Event:
(i) any event or occurrence that takes place either prior to or after the execution of this Deed, related to the fact that Covered Person is or was a director, officer, secretary or employee of the Company, or while a director, officer or
secretary of the Company is or was serving at the request of the Company as a director, officer, secretary, employee, trustee, agent, or fiduciary of any other Enterprise, or related to anything done or not done by Covered Person in any such
capacity, whether or not the basis of the Proceeding is alleged action in an official capacity as a director, officer, secretary, employee, trustee, agent, or fiduciary or in any other capacity while serving as a director, officer, secretary,
employee, trustee, agent, or fiduciary, or (ii) any event or occurrence that took place prior to the Effective Time, related to the fact that Covered Person was a director or officer of Pentair Ltd., or while a director or officer of Pentair
Ltd. was serving at the request of Pentair Ltd. as a director, officer, employee, trustee, agent, or fiduciary of any other Enterprise, or was a director, officer, employee, trustee, agent, or fiduciary of a foreign or domestic corporation that was
a predecessor corporation of Pentair Ltd. or another Enterprise at the request of such predecessor corporation, or related to anything done or not done by Covered Person in any such capacity, whether or not the basis of the Proceeding is alleged
action in an official capacity as a director, officer, employee, trustee, agent, or fiduciary or in any other capacity while serving as a director, officer, employee, trustee, agent, or fiduciary. 

(h) Independent Counsel: the person or body appointed as such in connection with Section 3. 

(i) officer of the Company: officer of the Company as defined or appointed by the Board. 

(j) Person: means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a
trust, a joint venture, an unincorporated organization, a governmental authority or similar entity or organization. 
 (k) Proceeding:
any threatened, pending, or completed investigation, inquiry, hearing, action, suit, proceeding or alternative dispute resolution mechanism (including by or in the right of the Company), whether civil, criminal, administrative or investigative. 

(l) Reviewing Party: the person or body appointed as such in accordance with Section 3. 

(m) Specified Change of Control: a Change of Control of the Company (other than a Change in Control approved by a majority of the
Incumbent Directors). 
 (n) Voting Shares: with respect to any Enterprise, capital shares of any class or classes having general
voting power under ordinary circumstances, in the absence of contingencies, to elect the directors (or similar function) of such Enterprise. 

  
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 2. Agreement to Indemnify. 

(a) General Agreement. In the event Covered Person was, is, or is threatened to be made a party to or is otherwise involved in a
Proceeding by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify Covered Person from and against any and all Expenses to the fullest extent permitted by law, as the same exists or may hereafter be amended or
interpreted (but in the case of any such amendment or interpretation, only to the extent that such amendment or interpretation permits the Company to provide broader indemnification rights than were permitted prior thereto). For the purpose of this
Deed, the meaning of the phrase “to the fullest extent permitted by law” shall include, but not be limited to: (i) to the fullest extent permitted by the provisions of Irish law and/or the Articles that authorise, permit or
contemplate indemnification by agreement, court action or corresponding provisions of any amendment to or replacement of such provisions; and (ii) to the fullest extent authorised or permitted by any amendments to or replacements of Irish law
and/or the Articles adopted after the date of this Deed that increase the extent to which a company may indemnify its directors, officers or secretary. 

(b) Initiation of Proceeding. Notwithstanding anything in this Deed to the contrary, Covered Person shall not be entitled to
indemnification pursuant to this Deed in connection with any Proceeding initiated by Covered Person against the Company or any director or officer of the Company unless (i) the Company has joined in or the Board has consented to the initiation
of such Proceeding; (ii) the Proceeding is one to enforce indemnification rights under Section 5; or (iii) the Proceeding is instituted after a Specified Change in Control and Independent Counsel has approved its initiation. 

(c) Mandatory Indemnification. Notwithstanding any other provision of this Deed, top the fullest extent permitted by law, to the extent
that Covered Person has been successful on the merits or otherwise in defense of any Proceeding relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, Covered Person shall be indemnified by the Company
hereunder against all Expenses incurred in connection therewith. 
 (d) Expense Advances. If Covered Person is made or threatened to
be made a party to a Proceeding or is otherwise involved in a Proceeding by reason of (or arising in part out of) an Indemnifiable Event, Covered Person is entitled, upon written request to the Company, to advancement of reimbursement by the Company
of reasonable expenses, including attorneys’ fees and disbursements, incurred by the person in advance of the final disposition of the Proceeding to the fullest extent permitted by law (“Expense Advances”), upon receipt by the
Company of a written affirmation by Covered Person of a good faith belief that the criteria for indemnification by the Company pursuant to this Section 2 have been satisfied and a written undertaking by Covered Person to repay all amounts so
paid or reimbursed by the Company, if it is ultimately determined (by a final, non-appealable adjudication or arbitration decision to which Covered Person is a party) that the criteria for such indemnification under this Section 2 have not been
satisfied. Covered Person shall not be entitled to any Expense Advance in respect of a 

  
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Proceeding if in the determination of the Reviewing Party (which determination is subject to challenge by Covered Person pursuant to Section 4(b)) it previously has already been ultimately
determined that Covered Person is not entitled to indemnification under this Section 2 in respect of the Indemnifiable Event that is the subject matter of the Proceeding. Covered Person’s obligation to reimburse the Company for Expense
Advances shall be unsecured and no interest shall be charged thereon. 
 (e) Partial Indemnification. If Covered Person is entitled
under any provision of this Deed to indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Covered Person for the portion thereof to which Covered
Person is entitled. 
 (f) Prohibited Indemnification. Notwithstanding any other provision of this Deed, no indemnification pursuant
to this Deed shall be paid by the Company: 
 (i) on account of any Proceeding in which judgment is rendered against Covered
Person for an accounting of profits made from the purchase or sale by Covered Person of securities of the Company pursuant to the provision of Section 16(b) of the Exchange Act or similar provision of any federal, state, or local laws; or 

(ii) if a court or governmental or administrative authority of competent jurisdiction by a final determination not subject to
appeal, determines that such indemnification would be invalid under applicable law. 
 3. Reviewing Party; Exhaustion of
Remedies. (a) Prior to any Specified Change in Control, the Reviewing Party with respect to a Proceeding shall be (i) the members of the Board who are not parties to such Proceeding, even though less than a quorum (acting by a
majority vote thereof); (ii) a committee comprised entirely of members of the Board who are not parties to such Proceeding (acting by a majority vote thereof), such committee to be designated by a majority vote of the Board; (iii) if there
is no such member of the Board, or if such member or members of the Board so direct, by Independent Counsel in a written opinion; or (iv) the General Meeting of Shareholders (acting by resolution of a majority of the shares represented at the
General Meeting). After a Specified Change of Control, the Reviewing Party shall be Independent Counsel. 
 (b) With respect to all matters
arising after a Specified Change in Control concerning the rights of Covered Person to indemnification and Expense Advances under this Deed, the indemnification agreement, dated as of the date hereof, between Pentair Management Company and Covered
Person (the “Pentair Management Company Indemnification Agreement”), or any other agreement to which the Company or any of its Affiliates is a party or under applicable law or the Articles now or hereafter in effect relating to
indemnification for Indemnifiable Events, the Company and Pentair Management Company shall seek legal advice only from Independent Counsel selected by Covered Person and approved by the Company (which approval shall not be unreasonably withheld),
and who has not otherwise performed services for the Company, Pentair Management Company or Covered Person (other than previously acting as Independent Counsel) within the last five years. The Independent Counsel shall not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of interest 

  
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(other than previously acting as Independent Counsel) in representing the Company, Pentair Management Company or Covered Person in an action to determine Covered Person’s rights under
this Deed. Such Independent Counsel, among other things, shall render its written opinion to the Company, Pentair Management Company and Covered Person as to whether and to what extent Covered Person should be permitted to be indemnified under
applicable law. In doing so, the Independent Counsel may consult with (and rely upon) counsel in any appropriate jurisdiction who would qualify as Independent Counsel (“Local Counsel”). The Company agrees to pay the reasonable fees
of the Independent Counsel and the Local Counsel and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities, loss, and damages arising out of or relating to this Deed or the engagement of
Independent Counsel or the Local Counsel pursuant hereto. 
 (c) The Pentair Management Company Indemnification Agreement provides
that, prior to making written demand on Pentair Management Company for indemnification pursuant to Section 4(a) of the Pentair Management Company Indemnification Agreement or making a request for Expense Advance (as defined in the Pentair
Management Company Indemnification Agreement) pursuant to Section 2(d) of the Pentair Management Company Indemnification Agreement, Covered Person shall (i) seek such indemnification or Expense Advance, as applicable, under any applicable
insurance policy and (ii) request that the Company consider in its discretion whether to make such indemnification or Expense Advance, as applicable. Upon any such request by Covered Person of the Company, the Company shall consider whether to
make such indemnification or Expense Advance, as applicable, based on the facts and circumstances related to the request. The Company may require, as a condition to making any indemnification or Expense Advance, as applicable, that Covered Person
enter into an agreement providing for such indemnification or Expense Advance, as applicable, to be made subject to substantially the same terms and conditions applicable to an indemnification or Expense Advance, as applicable, by Pentair Management
Company under the Pentair Management Company Indemnification Agreement (including, without limitation, conditioning any Expense Advance upon delivery to the Company of an undertaking of the type described in Section 2(d) of the Pentair
Management Company Indemnification Agreement). 
 4. Indemnification Process and Appeal.  

(a) Indemnification Payment. Covered Person shall be entitled to indemnification of Expenses, and shall receive payment thereof, from
the Company in accordance with this Deed as soon as practicable after Covered Person has made written demand on the Company for indemnification, unless the Reviewing Party has given a written opinion to the Company that Covered Person is not
entitled to indemnification under applicable law. 
 (b) Adjudication or Arbitration. (i) If Covered Person has not received
indemnification or an Expense Advance after making a demand in accordance with the terms of this Deed (a “Nonpayment”), Covered Person shall have the right to enforce its indemnification rights under this Deed by commencing
litigation in a court in Ireland having subject matter jurisdiction thereof (each such court, as applicable, the “Applicable Court”) in each case seeking an initial determination by the court or challenging any determination by the
Reviewing Party or any aspect thereof. Any determination by the Reviewing Party not challenged by Covered Person in any such litigation shall be binding on the Company, Pentair Management 

  
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Company and Covered Person. The remedy provided for in this Section 4(b) shall be in addition to any other remedies available to Covered Person at law or in equity. The Company, Pentair
Management Company and Covered Person hereby irrevocably and unconditionally (A) agree that any action or proceeding arising out of or in connection with this Deed shall be brought only in the Applicable Court and not in any court in the United
States or in any other country, (B) consent to submit to the exclusive jurisdiction of the Applicable Court for purposes of any action or proceeding arising out of or in connection with this Deed, (C) waive any objection to the laying of
venue or any such action or proceeding in the Applicable Court, and (D) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Applicable Court has been brought in an improper or inconvenient
forum. 
 (ii) Alternatively, in the case of a Nonpayment, Covered Person, at his or her option, may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. 

(iii) In the event that a determination shall have been made pursuant to this Deed that Covered Person is not entitled to
indemnification or an Expense Advance, any judicial proceeding or arbitration commenced pursuant to this Section 4(b) shall be conducted in all respects as a de novo trial, or arbitration, on the merits, and Covered Person shall not be
prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 4(b) the Company shall have the burden of proving Covered Person is not entitled to indemnification or Expense
Advance, as the case maybe. If Covered Person commences a judicial proceeding or arbitration pursuant to this Section 4(b), Covered Person shall not be required to reimburse the Company for any advances pursuant to Section 2(d) until a
final determination is made with respect to Covered Person’s entitlement to an Expense Advance (as to which all rights of appeal have been exhausted or lapsed). 

(iv) In the event that Covered Person, pursuant to this Section 4(b), seeks a judicial adjudication of or an award in
arbitration to enforce his or her rights under, or to recover damages for breach of, this Deed, if Covered Person prevails in whole or in part in such action, Covered Person shall be entitled to recover from the Company, and shall be indemnified by
the Company against, any and all Expenses actually and reasonably incurred by Covered Person in so enforcing his or her rights under, or so recovering damages for breach of, this Deed, in such judicial adjudication or arbitration. 

(c) Defence to Indemnification, Burden of Proof, and Presumptions. 

(i) It shall be a defence to any action brought by Covered Person against the Company to enforce this Deed that it is not
permissible under applicable law for the Company to indemnify Covered Person for the amount claimed; provided that the Company may not assert this defence in an action brought by Covered Person to enforce a claim for Expense Advance in respect of a
Proceeding unless it previously has already been ultimately determined (by a final, non-appealable adjudication or arbitration decision to which Covered Person is a party) that Covered Person is not entitled to indemnification under Section 2
in respect of the Indemnifiable Event that is the subject matter of the Proceeding. 

  
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 (ii) In connection with any action or any determination by the Reviewing Party or
otherwise as to whether Covered Person is entitled to be indemnified hereunder, the burden of proving such a defence or determination shall be on the Company. 

(iii) Neither the failure of the Reviewing Party or the Company (including its Board, Independent Counsel, or its shareholders)
to have made a determination prior to the commencement of such action by Covered Person that indemnification of Covered Person is proper under the circumstances because Covered Person has met the standard of conduct set forth in applicable law, nor
an actual determination by the Reviewing Party or Company (including its Board, Independent Counsel, or its shareholders) that Covered Person had not met such applicable standard of conduct, shall be a defence to the action or create a presumption
that Covered Person has not met the applicable standard of conduct. 
 (iv) For purposes of this Deed, to the fullest extent
permitted by law, the termination of any claim, action, suit, or proceeding, by judgment, order, settlement (whether with or without court approval), conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a
presumption that Covered Person did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. 

(v) For purposes of any determination of good faith in relation to this Deed, Covered Person shall be deemed to have acted in
good faith if Covered Person’s action is based on the records or books of account of any Enterprise, including financial statements, or on information supplied to Covered Person by the management of such Enterprise in the course of their
duties, or on the advice of legal counsel for such Enterprise or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser or other expert selected by such Enterprise. The
provisions of this Section 4(c)(v) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Covered Person may be deemed or found to have met the applicable standard of conduct set forth in applicable law.

 (vi) The knowledge and/or actions, or failure to act, of any other director, trustee, partner, managing member, fiduciary,
officer, agent or employee of any Enterprise shall not be imputed to Covered Person for purposes of determining any right to indemnification under this Deed. 

(vii) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Deed
that the procedures or presumptions of this Deed are not valid, binding and enforceable and shall stipulate in any court or before any arbitrator that the Company is bound by all the provisions of this Deed. 

5. Indemnification for Expenses Incurred in Enforcing Rights. In addition to Covered Person’s rights under
Section 4(b)(iv), the Company shall indemnify Covered Person against any and all Expenses that are incurred by Covered Person in connection with any action brought by Covered Person: 

  
 8 

 (a) for indemnification or advance payment of Expenses under any agreement to which the Company
or any of its Affiliates is a party (other than this Deed) or under applicable law, the Articles now or hereafter in effect relating to indemnification or advance payment of Expenses for Indemnifiable Events (it being specified, for the avoidance of
doubt, that this clause (a) shall not be deemed to provide Covered Person with a right to the indemnification or advance payment of Expenses being sought in such action); and/or 

(b) for obtaining recovery under directors’ and officers’ liability insurance policies maintained by the Company, 

but only in the event that Covered Person ultimately is determined to be entitled to such indemnification or insurance recovery, as the case may be. In
addition, the Company shall, if so requested by Covered Person, provide Expense Advances to Covered Person, subject to and in accordance with Section 2(d), in respect of any such action. 

6. Notification and Defense of Proceeding. 

(a) Notice. Promptly after receipt by Covered Person of notice of the commencement of any Proceeding, Covered Person shall, if a claim
in respect thereof is to be made against the Company under this Deed, notify the Company and Pentair Management Company of the commencement thereof; but the omission so to notify the Company and Pentair Management Company will not relieve the
Company from any liability that it may have to Covered Person, except as provided in Section 6(c). 
 (b) Defence. With respect
to any Proceeding as to which Covered Person notifies the Company and Pentair Management Company of the commencement thereof, the Company will be entitled to participate in the Proceeding at its own expense and except as otherwise provided below, to
the extent the Company so wishes, it may assume the defence thereof with counsel reasonably satisfactory to Covered Person. After notice from the Company to Covered Person of its election to assume the defence of any Proceeding, the Company shall
not be liable to Covered Person under this Deed or otherwise for any Expenses subsequently incurred by Covered Person in connection with the defence of such Proceeding other than reasonable costs of investigation or as otherwise provided below.
Covered Person shall have the right to employ legal counsel in such Proceeding, but all Expenses related thereto incurred after notice from the Company of its assumption of the defence shall be at Covered Person’s expense unless: (i) the
employment of legal counsel by Covered Person has been authorized by the Company, (ii) Covered Person has reasonably determined that there may be a conflict of interest between Covered Person and the Company in the defence of the Proceeding,
(iii) after a Specified Change in Control, the employment of counsel by Covered Person has been approved by the Independent Counsel, or (iv) the Company shall not in fact have employed counsel to assume the defence of such Proceeding, in
each of which cases all Expense of legal counsel of Covered Person in respect of the Proceeding shall be borne by the Company. The Company shall not be entitled to assume the defence of any Proceeding brought by or on behalf of the Company or as to
which Covered Person shall have employed legal counsel as provided for in (ii), (iii) and (iv) above. 

  
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 (c) Settlement of Claims. The Company shall not be liable to indemnify Covered Person
under this Deed or otherwise for any amounts paid in settlement of any Proceeding effected without the Company’s written consent, such consent not to be unreasonably withheld; provided, however, that if a Specified Change in Control has
occurred, the Company shall be liable for indemnification of Covered Person for amounts paid in settlement if the Independent Counsel has approved the settlement. The Company shall not settle any Proceeding in any manner that would impose any
penalty or limitation on Covered Person without Covered Person’s written consent. The Company shall not be liable to indemnify Covered Person under this Deed with regard to any judicial award to the extent the Company was not given a reasonable
and timely opportunity, at its expense, to participate in the defence of such action; the Company’s liability hereunder shall not be excused if participation in the Proceeding by the Company was barred by this Deed. 

7. Establishment of Trust. In the event of a Specified Change in Control, the Company shall, upon written request by
Covered Person, create a trust for the benefit of Covered Person (the “Trust”) and from time to time upon written request of Covered Person shall fund the Trust in an amount sufficient to satisfy any and all Expenses reasonably anticipated
at the time of each such request to be incurred in connection with investigating, preparing for, participating in, and/or defending any Proceeding relating to an Indemnifiable Event. The amount or amounts to be deposited in the Trust pursuant to the
foregoing funding obligation shall be determined by the Independent Counsel. The terms of the Trust shall provide that (i) the Trust shall not be revoked or the principal thereof invaded without the written consent of Covered Person,
(ii) the Trustee (as defined below) shall advance, within five business days of a request by Covered Person, any and all Expenses to Covered Person (and Covered Person hereby agrees to reimburse the Trust under the same circumstances for which
Covered Person would be required to reimburse the Company under Section 2(d) of this Deed), (iii) the Trust shall continue to be funded by the Company in accordance with the funding obligation set forth above, (iv) the Trustee shall
promptly pay to Covered Person all amounts for which Covered Person shall be entitled to indemnification pursuant to this Deed or otherwise, and (v) all unexpended funds in the Trust shall revert to the Company upon a final determination by the
Independent Counsel or a court of competent jurisdiction, as the case may be, that Covered Person has been fully indemnified under the terms of this Deed. The trustee of the Trust (the “Trustee”) shall be chosen by Covered Person.
Nothing in this Section 7 shall relieve the Company of any of its obligations under this Deed. All income earned on the assets held in the Trust shall be reported as income by the Company for federal, state, local, and foreign tax purposes. The
Company shall pay all costs of establishing and maintaining the Trust and shall indemnify the Trustee against any and all expenses (including attorney’s fees), claims, liabilities, loss, and damages arising out of or relating to this Deed or
the establishment and maintenance of the Trust. 
 8. Non-Exclusivity. It being the policy of the Company that
indemnification of Covered Person shall be made to the fullest extent permitted by law, the indemnification provided by this Deed shall not be deemed exclusive (a) of any other rights that Covered Person may be entitled, including pursuant to
the Articles, any separate agreement, including the Pentair Management Indemnification Agreement (provided, however, that upon the Effective Time, this Deed shall supersede any indemnification agreement between Pentair Ltd. and Covered Person
entered into prior to the date thereof), applicable law, any insurance purchased by the Company, vote of shareholders or disinterested members of the Board, or pursuant to the direction (however embodied) of any court of competent jurisdiction, or
otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office, or (b) of 

  
 10 

 
the power of the Company to indemnify any person who is or was an employee or agent of the Company or of another Enterprise which he or she is serving or has served at the request of the Company.
The indemnification provided by this Deed shall continue as to Covered Person after he or she has ceased to be a member of the Board or officer of the Company and shall inure to the benefit of his or her heirs, executors, and administrators. 

To the extent that a change in applicable law (whether by statute or judicial decision) permits greater indemnification than would be afforded
currently under the Articles, the Pentair Management Company Indemnification Agreement, applicable law or this Deed, it is the intent of the parties that Covered Person enjoy by this Deed the greater benefits so afforded by such change. 

9. Liability Insurance. The Company may procure insurance on behalf of Covered Person against any liability asserted against him
or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Company would have the power to indemnify him against such liability under the provisions of this Deed, the Articles and/or
applicable law. The insurance premiums shall be charged to and paid by the Company or its subsidiaries. 
 To the extent the Company
maintains an insurance policy or policies providing general and/or directors’ and officers’ liability insurance, Covered Person shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of
the coverage available for any Company director or officer. 
 10. Exclusions. In addition to and notwithstanding any other
provision of this Deed to the contrary, the Company shall not be obligated under this Deed to make any payment pursuant to this Deed for which payment is expressly prohibited by law (including, with respect to any director or secretary of the
Company, in respect of any liability expressly prohibited from being indemnified pursuant to section 200 of the Irish Companies Act 1963 (as amended) (including any successor provisions) but (i) in no way limiting any rights under section 391
of the Irish Companies Act 1963 (as amended), and (ii) to the extent any such limitations or prescriptions are amended or determined by a court of a competent jurisdiction to be void or inapplicable, or relief to the contrary is granted, then
the Covered Person shall receive the greatest rights then available under law. 
 11. Continuation of Contractual Indemnity or Period
of Limitations. All agreements and obligations of the Company contained herein shall continue for so long as Covered Person shall be subject to, or involved in, any Proceeding for which indemnification is provided pursuant to this Deed. 

12. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Deed is
unavailable to Covered Person for any reason whatsoever, the Company, in lieu of indemnifying Covered Person, shall contribute to the amount incurred by Covered Person, whether for judgments, fines, penalties, excise taxes, amounts paid or to be
paid in settlement and/or for Expenses, in connection with any claim relating to an Indemnifiable Event under this Deed, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect
(i) the relative benefits received by the Company and Covered Person as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees
and agents) and Covered Person in connection with such event(s) and/or transaction(s). 

  
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 13. Amendment of this Deed. No supplement, modification, or amendment of this Deed
shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Deed shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no
such waiver shall operate as a continuing waiver. Except, as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof. 

14. Subrogation. In the event of payment under this Deed, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Covered Person, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring
suit to enforce such rights. 
 15. No Duplication of Payments. The Company shall not be liable under this Deed to make any
payment in connection with any claim made against Covered Person to the extent Covered Person has otherwise received payment (under any insurance policy, the Articles, the Pentair Management Company Indemnification Agreement or otherwise) of the
amounts otherwise indemnifiable hereunder. 
 16. Obligations of the Company. In the event a Proceeding results in a judgment
in Covered Person’s favor or otherwise is disposed of in a manner that allows the Company to indemnify Covered Person in connection with such Proceeding under the Articles as then in effect, the Company will provide such indemnification to
Covered Person and will reimburse Pentair Management Company for any indemnification or Expense Advance previously made by Pentair Management Company in connection with such Proceeding. 

17. Assignability; Binding Effect. This Deed is not assignable by either the Company or Covered Person without the prior written
consent of the other and any attempt to assign this Deed without such consent shall be void and of no effect. This Deed shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors
(including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs, and personal and legal representatives; provided,
however, that Pentair Management Company shall be a beneficiary of, and have the right to enforce, Section 16 hereof. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation, or
otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Covered Person, expressly to assume and agree to perform this Deed in the same
manner and to the same extent that the Company would be required to perform if no such succession had taken place. The indemnification provided under this Deed shall continue as to Covered Person for any action taken or not taken while serving in an
indemnified capacity pertaining to an Indemnifiable Event even though he may have ceased to serve in such capacity at the time of any Proceeding or is deceased and shall inure to the benefit of the heirs, executors, administrators, legatees and
assigns of such a person. 

  
 12 

 18. Severability. Any term or provision of this Deed which is invalid or
unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Deed in any other
jurisdiction. If any provision of this Deed is so broad as to be unenforceable, such provision shall be interpreted to be only so broadly as is enforceable. 

19. Governing Law. This Deed shall be governed by and construed in accordance with the laws of Ireland without giving effect to
any choice or conflict of law or rules. 
 20. Counterparts. This Deed may be executed in multiple counterparts (any one of
which need not contain the signatures of both the Company and Covered Person), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. This Deed, to the extent signed and delivered
by means of a facsimile machine or other electronic transmission, shall be treated in all manner and respects as an original agreement and shall be considered to have the same binding legal effects as if it were the original signed version thereof
delivered in person. At the request of either the Company or Covered Person, the other party shall re-execute original forms thereof and deliver them to the requesting party. Neither the Company nor Covered Person shall raise the use of a facsimile
machine or other electronic means to deliver a signature or the fact that any signature was transmitted or communicated through the use of facsimile machine or other electronic means as a defence to the formation of an agreement and both the Company
and Covered Person forever waive any such defence. 
 21. Notices. All notices, demands, and other communications required or
permitted hereunder shall be made in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at: 

Pentair plc 
 Arthur Cox Building

 Earlsfort Centre 
 Earsfort
Terrace 
 Dublin 2 
 Ireland

 Attention: Secretary 
 and

 Pentair Management Company 

5500 Wayzata Blvd, Suite 800 

Golden Valley, Minnesota 

Attention: General Counsel 
 And to Covered Person
at: 
 [Name, Address] 

  
 13 

 Notice of change of address shall be effective only when given in accordance with this Section. All notices
complying with this Section shall be deemed to have been received on the date of hand delivery or on the day of actual receipt. 
 22.
Interpretation. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same
meaning and effect as the word “shall”. The word “or” shall be construed to have the same meaning and effect as the inclusive term “and/or”. The word “extent” in the phrase “to the extent” shall mean
the degree to which a subject or other thing extends, and such phrase shall not mean simply “if”. Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth therein) and
(ii) the headings contained in this Deed are for reference purposes only and shall not affect in any way the meaning or interpretation of this Deed. 

[The remainder of page intentionally left blank.] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have caused this Deed to be executed as of the day
and year first above written. 
  

			
	GIVEN under the Common Seal of	  	
	PENTAIR PLC	  	  

	and delivered as a Deed	  	Director
		
		  	  

		  	Director/Secretary
		
	 SIGNED and DELIVERED as a DEED

by [COVERED PERSON]
 in the presence of:
	  	  

		  	Signature
		
	  
	  	
	Witness (Signature)	  	
		
	  
	  	
	Witness (Print Name)	  	
		
	Witness Address:

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