Document:

Prepared by MerrillDirect

Consulting Agreement

This Consulting
Agreement is made as of May 4, 2001, between CTN Media Group, Inc.,
a Delaware corporation (“CTN”), and C. Thomas McMillen (“Consultant”).

In consideration of the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

	1.	Consulting Relationship:  CTN hereby hires Consultant upon the terms
  and conditions set forth in this Agreement for the period beginning on the
  date hereof and ending as provided in Paragraph 4 hereof (the “Consulting
  Period”).
	 	 
	2.	Position and Duties:  During the Consulting Period, Consultant
  shall provide services to CTN in connection with sales and promotions
  specifically attempting to secure sales from contacts of Consultant.  Prior to contacting any prospect or
  accepting any deal, Consultant shall obtain the consent of CTN, through Tom
  Rocco.

3.          Base Compensation and Benefits.

	 	a.	Consultant
  shall receive a percentage commission (the “Commission Bonus”) equal to ten
  percent (10%) of any net revenue (after any applicable agency fees),
  including barter revenue, actually received by CTN from new sales procured by
  Consultant for CTN, which is entered into during the Consulting Period
  (“Commissionable Receipts”).  The
  Commission Bonus shall be paid to Consultant monthly for Commissionable
  Receipts for the previous month.  CTN
  shall provide an accounting of earned Commission Bonuses to Consultant on a
  monthly basis during the Consulting Period and at least every twelve (12)
  months after the Consulting Period has expired (the “Expiration Date”).  After the Expiration Date, Consultant
  shall be entitled to the ten percent (10%) Commission Bonus for the remaining
  term of any advertising contract in existence on the Expiration Date, and a
  five percent (5%) Commission Bonus (rather than 10%) for the first written
  renewal contract for an advertiser for which Consultant previously was paid a
  Commission Bonus during the Consulting Period of this Agreement.  In addition to the Commission Bonus, if
  Commissionable Receipts during the term of this Agreement exceed $500,000,
  Consultant shall receive an additional $10,000 bonus and if the
  Commissionable Receipts during the term of this Agreement exceed $1,000,000,
  Consultant shall receive an additional $25,000 bonus.
	 	 	 
	 	b.	CTN
  shall reimburse Consultant for reasonable pre-approved expenses incurred in
  the course of performing the duties under this Agreement in accordance with
  CTN's policies in effect from time to time with respect to travel,
  entertainment and other business expenses, subject to CTN's requirements with
  respect to reporting and documentation of such expenses.  However, in no event shall such expenses
  be reimbursed by CTN prior to the closing of the sale generated by Consultant
  to which the expenses relate.
	 	 	 
	4.	Term:  The "Consulting Period" shall
  commence on May 4, 2001 (the “Effective Date”) and shall terminate upon ten
  (10) days written notice by either party to the other.

 

	5.	Confidential Information:
  The Consultant acknowledges that the information, observations and data
  obtained by him while performing services for CTN concerning the business or
  affairs of CTN (“Confidential Information”) are the property of CTN.
  Therefore, Consultant agrees that, except in the performance of duties for
  CTN, that Consultant shall not during the Consulting Period or for two (2)
  years after the termination of this Agreement, for any reason whatsoever,
  disclose to any unauthorized person or use for his own account any
  Confidential Information without prior written consent of CTN, except (i) to
  the extent that the aforementioned matters become generally known to and
  available for use by the public other than as a result of Consultant's
  wrongful acts or wrongful omissions to act, (ii) as necessary to comply with
  compulsory legal process, provided that Consultant shall provide prior notice
  to CTN regarding such disclosure and CTN, as applicable, shall have the right
  to contest such disclosure, (iii) as necessary to counsel and other
  professional advisors retained by the Consultant, subject to the
  attorney/client privilege or a valid and binding non–disclosure
  agreement between Consultant and such professional and (iv) disclosures of
  information obtained from a third party free of restrictions or disclosure of
  information in Consultant's possession prior to the date hereof which was
  obtained from a source other than CTN or its predecessors. Consultant shall
  deliver to CTN at CTN’s request and expense, at the termination of this
  Agreement, all memoranda, notes, plans, records, reports, computer tapes and
  software and other documents and data (and copies thereof) relating to
  Confidential Information, Work Product or the business of CTN which it may
  then possess or have under its or his control.	 
	 	 	 
	6.	Inventions and Patents:
  Consultant agrees that all ideas, concepts, marketing strategies, management
  techniques, product development, methods, designs, analyses, drawings,
  reports, and all similar or related information which relates to CTN actual
  or anticipate business, research and development or existing or future
  products or services and which are conceived, developed or made by Consultant
  while performing services for CTN (“Work Product”) belong to CTN.  Consultant will promptly disclose such
  Work Product to CTN and perform all actions reasonably requested by CTN
  (whether during or after the Consulting Period) to establish and confirm such
  ownership (including, without limitation, assignments, consents, powers of
  attorney and other instruments).	 
	 	 	 
	7.	Non-Compete, Non-Solicitation.	 
	 	 	 
	 	a.	Consultant
  acknowledges that in the course of providing services for CTN he will become
  familiar with CTN's trade secrets and with other confidential information
  concerning CTN and that his services will be of special, unique and
  extraordinary value to CTN. Therefore, Consultant agrees that, during the
  Consulting Period and for two years after the termination of this Agreement,
  such termination being for any reason whatsoever (the “Non-Compete Period”),
  he shall not directly or indirectly own, manage, control, consult with,
  render services for, or in any other manner engage in any business competing
  with the businesses of CTN, which is an information or entertainment network
  and which has as its primary business marketing to colleges or universities
  (the “Business”) within any geographical area in which CTN engages or plans
  to engage in such businesses, which is expected to be the United States of
  America.  Notwithstanding the foregoing,
  nothing herein shall prohibit Consultant from being a passive owner of not
  more than 5% of the outstanding stock of any class of a company which is
  publicly traded that competes with the Business, so long as Consultant has no
  active participation in the management or the business of such company.
				

 

	 	b.	During
  the Non-Compete Period, Consultant shall not directly or indirectly, on
  behalf of any Person in the Business solicit, encourage, entice or induce (or
  attempt to do any of the foregoing) a customer of Company with whom
  Consultant had contact while providing services for CTN to cease doing
  business with Company.
	 	 	 
	 	c.	During
  the Consulting Period and for eighteen (18) months thereafter, Consultant
  shall not directly or indirectly through another entity (i) knowingly
  solicit, encourage, entice or induce or attempt to induce any employee of the
  company to leave the employ of CTN, or in any way interfere with the
  relationship between CTN and any employee thereof, (ii) knowingly hire any
  person who was an employee of CTN at any time during the Consulting Period or
  (iii) knowingly induce or attempt to induce any customer, supplier, licensee
  or other business relation of CTN or in any way interfere with the
  relationship between any such customer, supplier, licensee or business
  relation and CTN.
	 	 	 
	8.	Enforcement.:  If, at the time of enforcement of
  paragraphs 5, 6 or 7 of this Agreement, a court holds that the restrictions
  stated herein are unreasonable under circumstances then existing, the parties
  hereto agree that the maximum period, scope or geographical area reasonable
  under such circumstances shall be substituted for the stated period, scope
  and area. Because Consultant’s services are unique and because the Consultant
  has access to Confidential Information and Work Product, the parties hereto
  agree that money damages would be an inadequate remedy for any breach of this
  Agreement. Therefore, in the event a breach or threatened breach of this
  Agreement, CTN or its successors or assigns may, in addition to other rights
  and remedies existing in their favor, apply to any court of competent
  jurisdiction for specific performance and/or injunctive or other relief in
  order to enforce, or prevent any violations of, the provision hereof (without
  posting a bond or other security).
	 	 	 
	9.	Consultant Representations:  Consultant hereby represents and warrants
  to CTN that (i) the execution, delivery and performance of this Agreement by
  Consultant does not and will not conflict with, breach, violate or cause a default
  under any contract, agreement, instrument, order, judgment or decree to which
  Consultant is a party or by which he is bound, (ii) Consultant is not a party
  to or bound by any consulting agreement, employment agreement, non–compete
  agreement or confidentiality agreement with any other person or entity,
  except as previously disclosed to the Company, which would prohibit his
  performance under this Agreement, and (iii) upon the execution and delivery
  of this Agreement to the Company, this Agreement shall be valid and binding
  obligation of Consultant, enforceable in accordance with its terms.
	 	 	 
	10.	Notices:  Any notice provided for in this Agreement
  shall be in writing and shall be either personally delivered, mailed by first
  class mail (postage prepaid and return receipt requested) or sent by telecopy
  or reputable overnight courier service (charges prepaid) to the recipient at
  the address or telecopy number below indicated:
	 	 
	 	a.	Notice
  to Consultant:
	 	 	C.
  Thomas McMillen
	 	 	8401
  Corporate Drive
	 	 	Suite
  550
	 	 	Landover,
  MD  20785
						

 

	 	b.	Notices
  to CTN:
	 	 	CTN
  Media Group, Inc.
	 	 	3350
  Peachtree Road, Suite 1500
	 	 	Atlanta,
  Georgia  30326
	 	 	Telecopy
  No.: (404) 257-9517
	 	 	Attention:  Neil H. Dickson

Or
such other address or telecopy number or to the attention of such other person
as the recipient party shall have specified by prior written notice to the
sending party, any notice under this Agreement will be deemed to have been
given when so delivered or sent or, if mailed, five days after deposit in the
U.S. Mail.

	11.	Severability:  Whenever possible, each provision of this
  Agreement will be interpreted in such a manner as to be effective and valid,
  illegal or unenforceable in any respect under any applicable law or rule in
  any jurisdiction, such invalidity, illegality or unenforceability will not
  affect any other provision or any other jurisdiction, but this Agreement will
  be reformed, construed and enforced in such jurisdiction as if such invalid,
  illegal or unenforceable provision had never been contained herein.
	 	 
	12.	Complete Agreement:  This Agreement and those documents
  expressly referred to herein and other documents of even date herewith embody
  the complete agreement and understanding among the parties and supersede and
  preempt any prior understandings, agreements or representations by or among
  the parties, written or oral, which may have related to the subject matter
  hereof in any way.  This Agreement
  supersedes any previous Consulting Agreements between Consultant and
  CTN.  This Agreement is governed under
  the laws of the state of Georgia.
	 	 
	13.	Counterparts:  This Agreement may be executed in separate
  counterparts, each of which to be an original and all of which taken together
  constitute one and the same agreement.
	 	 
	14.	Successors and Assigns:  This Agreement is intended to bind and
  inure to the benefit of and be enforceable by all parties and their
  respective heirs, successors and assigns, except that Consultant nor CTN may
  not assign its rights or delegate his obligations hereunder without the prior
  written consent of the other party.
	 	 
	15.	Amendment and Waiver:  The provisions of this Agreement may be
  amended or waived with the prior written consent of CTN and Consultant, and
  no course of conduct or failure or delay in enforcing the provisions of this
  Agreement shall affect the validity, binding effect or enforceability of this
  Agreement.
	 	 
	16.	Independent Contractor:  Consultant does hereby agree and
  acknowledge that he is an independent contractor, which controls his own
  day-to-day activities and is not an employee, joint venturer or partner of
  CTN.  Further, the Consultant shall
  not have the ability to bind CTN and all advertising sold must be approved by
  CTN. Consultant shall indemnify and hold harmless CTN for any taxes owed by
  Consultant which may be assessed against CTN.

In Witness Whereof, the parties hereto have executed this Agreement as
of the date first written above.

	 	 	CTN MEDIA
  GROUP, INC.	 
	 	 	 	 
	 	By:	             /s/ Neil H. Dickson	 
	 	 	

	 	Its:	             Executive Vice President	 
	 	 	

	 	 	 	5/21/01
	 	 	 	 
	 	Consultant:	 
	 	 	 	 
	 	 	             /s/ C. Thomas McMillen	 
	 	

	 	C.
  Thomas McMillen	5/21/01Prepared by MerrillDirect

EXHIBIT
10.30

PENTAIR,
INC.

OMNIBUS STOCK INCENTIVE PLAN

AS AMENDED AND RESTATED

SECTION
1.    BACKGROUND AND PURPOSE

             1.1        Background.  Pentair, Inc. ("Pentair")
maintains a comprehensive equity compensation incentive plan to award long-term
equity incentives which tie the compensation of executives and key managerial
employees to Pentair operating results. 
In particular, this Plan is designed to attract and retain top quality
executives and key employees, encourage innovation and growth, reward
executives for attainment of short-term performance objectives and long-term
shareholder value, recognize outstanding performance, encourage executive stock
ownership and, in general, to align management and shareholder interests.  Pentair established the Plan in 1990 by
combining its then separate equity compensation plans into one plan to achieve
administrative consistency and greater flexibility in structuring equity
compensation awards.

             1.2        Restatement
of Plan.  Pentair amended
and restated this Plan to authorize additional shares of Stock and ICUs with
which to make grants under the Plan, clarify certain administrative practices
and bring the Plan into compliance with Code requirements enacted since the
Plan’s adoption.  The amended and
restated Plan was adopted on February 14, 1996, subject to shareholder
approval, and applies to all equity compensation grants made after that
date.  This amended and restated plan
extends until February 14, 2006.

             1.3        2001
Amendments.  Pentair is
amending the Plan, effective February 14, 2001, to authorize additional shares
of Stock with which to make grants under the Plan, implement a cap on the
amount of authorized shares of Stock available for various types of Stock
awards, other than Options, and clarify the authority of the Committee to amend
outstanding grants.

SECTION
2.    DEFINITIONS

             Unless the context requires
otherwise, when capitalized the terms listed below shall have the following
meanings when used in this or any other section of the Plan:

             2.1        “Affiliate”
is any corporation, business trust, division, partnership or joint venture in
which Pentair owns (either directly or indirectly) fifty percent (50%) or more
of the voting stock, or rights analogous to voting stock, but only for the
duration of such ownership.

             2.2        “Board”
is the Board of Directors of Pentair, Inc., as elected from time to time.

             2.3        “Book Value
per Share” or “Book Value” is the total consolidated
shareholders' equity of Pentair at the close of a Fiscal Year, less the equity
attributable to preferred shares, divided by the number of shares of Stock
outstanding at the end of that Fiscal Year.

             2.4        “Code”
is the Internal Revenue Code of 1986, as amended.

             2.5        “Committee”
is the Compensation and Personnel Committee of the Board, as appointed from
time to time.

             2.6        “Disabled”
or “Disability”
is a physical or mental incapacity which qualifies an individual to collect a
benefit under the long-term disability plan of Pentair or an Affiliate, or such
other condition which the Committee may determine to be a Disability.

             2.7        “Eligible
Employee” is any key managerial, administrative or professional
employee of Pentair or an Affiliate, generally in salary grade 25 or higher,
who is in a position to make a material contribution to the continued
profitable growth and long term success of Pentair or an Affiliate.

             2.8        “Fair Market
Value” is the closing price of a share of Stock on the relevant date
as reported on either the NASDAQ National Market System or the New York Stock
Exchange, depending on which exchange then lists Pentair stock, or as otherwise
determined using procedures established by the Committee.

             2.9        “Fiscal Year”
is the twelve (12) consecutive month period beginning January 1 and ending
December 31.

             2.10      “Incentive Compensation Unit” or “ICU” is a unit representing
the right to receive an amount determined by attainment of corporate
performance objectives over an applicable Incentive Period.

             2.11      “Incentive Period” is a period of continuous employment fixed
by the Committee at the time of grant of an ICU after which such ICU may become
payable, provided all relevant performance objectives have been met.

             2.12      “Incentive Stock Option” or “ISO” is an Option which is
designated as such by the Committee and intended to so qualify under Code
section 422.

             2.13      “Nonqualified Stock Option” or “NQSO” is any Option which is
not an ISO.

             2.14      “Option” is a right granted pursuant to the Plan to purchase
Stock subject to such terms and conditions as may be specified by the Committee
at the time of grant.

             2.15      “Participant” is an Eligible Employee approved by the Committee
to receive a grant or award under the Plan.

             2.16      “Pentair” is Pentair, Inc., a Minnesota corporation.

             2.17      “Performance Period” is the period of time over which a
Participant must meet the relevant performance criteria established by the
Committee at the time of an award of Performance Shares or Performance Units.

             2.18      “Performance Share” is a share of Stock, Restricted Stock, or a
Right to Restricted Stock, awarded by the Committee, subject to such
performance targets or other restrictions as are established by the Committee
at the time of award.

             2.19      “Performance Unit” is an amount equal to the value of an ICU
determined on the date of award.

             2.20      “Plan” is the Pentair, Inc. Omnibus Stock Incentive Plan, as
amended from time to time.

             2.21      “Restricted Stock” is Stock issued or transferred to a
Participant by means of an award subject to such restrictions as may be imposed
at the time of grant by the Committee, and which will remain subject to said
restrictions until such time as the restrictions lapse.

             2.22      “Retirement” is the time a Participant who is eligible to
receive retirement income benefits from the Pentair tax qualified pension plan
separates from employment.

             2.23      “Right to Restricted Stock” is a right awarded to a Participant
to receive Stock or Restricted Stock which will vest at some future time and
which is subject to such restrictions as may be imposed at the time of grant by
the Committee, and which will remain subject to such restrictions until the
restrictions lapse.

             2.24      “Significant Shareholder” is an employee who owns more than ten
percent (10%) of the total combined voting power of all classes of stock issued
by Pentair as of the date such employee is granted an Option.  For this purpose, the provisions of Code
sections 422 and 424, as amended, shall apply.

             2.25      “Stock” is Pentair common stock.

SECTION
3.    SHARES SUBJECT TO THE PLAN

             3.1        Shares.  (a)  Number
of Shares.  The maximum number of
shares of Stock which may be issued for any type of award or grant under the
Plan shall be 5,600,000, subject to adjustment as provided in Sections 3.1(b)
and 3.3.  Not more than twenty percent
(20%) of such shares shall be available for various types of grants, other than
Options, which may be made under the Plan.

             (b)        Unused
Shares.  Any shares of Stock subject
to an Option which is canceled, expires or otherwise terminates without having
been exercised in full (unless such cancellation is due to the exercise of a
related SAR), or any shares of Restricted Stock, Rights to Restricted Stock or
Performance Shares which are forfeited, shall again be available for grants or
awards under the Plan.

             3.2        Incentive
Compensation Units.  The
maximum number of Incentive Compensation Units which may be awarded under the
Plan is 4,000,000, subject to adjustment as provided in this Section 3.2 and in
Section 3.3.  If an ICU is awarded, but
is forfeited or otherwise terminates without payment having been made to the
Participant, then such ICU shall again be available for awards under the Plan.

             3.3        Antidilution.  In the event of a change in the number or
class of outstanding shares of Stock by reason of a stock dividend or split,
recapitalization, reclassification, merger, consolidation, or other similar
corporate change, the number of shares of Stock as to which grants of Options
or other awards under the Plan may be made, and the number of ICUs available
for award under the Plan, shall be adjusted proportionately to the nearest
whole share or unit. Any such action shall be within the discretion of the
Committee, whose determination shall be conclusive.

             If such an adjustment is made with
respect to shares then subject to an Option, the number of shares and the
Option price per share shall be adjusted proportionately so the aggregate
exercise price of such Option shall not change.

SECTION
4.    STOCK OPTIONS

             4.1        Granting
Options.  Participants
may be granted ISOs, SARs or NQSOs.  No
one Participant shall be granted, in the aggregate, Options or SARs on more
than 150,000 shares in any calendar year. 
Solely for purposes of determining the number of Options or SARs
available for grant to an individual in any calendar year, Options which are
canceled or repriced shall be counted against this annual maximum to the extent
required by applicable regulations.

             4.2        Option
Terms and Conditions.  (a)  Grant of Option.  Except as otherwise limited by the Plan, the
Committee shall have the discretion to grant to a Participant any number or
type of Options at any time, and subject to such terms and conditions as the
Committee may determine.

             (b)        Exercise
Limit.  With respect to Options
designated as ISOs at the time of grant, to the extent the aggregate Fair
Market Value of Stock, determined as of the date of grant, with respect to
which ISOs are first exercisable during any single calendar year exceeds
$100,000,  or such other limit as shall
be allowed under the Code, such Options shall be treated as NQSOs.  In applying this limit Options shall be
taken into account in the order granted.

             (c)         Option
Price.  The Option price of an ISO
or NQSO shall be not less than Fair Market Value as of the date of grant.  If an ISO is granted to a Significant
Shareholder, the Option price shall be not less than 110% of Fair Market Value
on the date of grant.

             (d)        Term
of Option.  Each Option shall expire
at the time specified by the Committee when granting the Option.  The Committee may not fix a term which is
shorter than required under any applicable state or federal law, nor longer
than ten (10) years from the date of grant. 
With respect to a Significant Shareholder, the Committee may not fix a
term which is longer than five (5) years from the date of grant.  An Option term may extend beyond the Plan's
termination date.

             (e)        
Manner of Exercise.  To exercise
an Option, whether partially or completely, the Participant shall give written
notice to Pentair in such form and manner as the Committee may prescribe.  Payment for Stock to be acquired by the
exercise of an Option must accompany the written notice of exercise.

             (f)         Payment.  (1)  General.  Full payment for all Stock to be acquired
upon the exercise of an Option, together with an amount sufficient to satisfy
applicable federal, state or local withholding taxes, shall be made at the time
such Option, or any part thereof, is exercised, and no Stock certificate shall
be issued until such payment has been made. 
Payment may be made in cash or in such other form as is acceptable to
the Committee, provided that in the case of an ISO, no form of payment shall be
allowed which would prevent the Option from qualifying as such within the
meaning of Code section 422.

             (2)         Payment
with Options.  The Participant, in
lieu of or in combination with a payment in cash, may transfer to Pentair a
sufficient number of outstanding Options as will pay all applicable withholding
tax liability incurred on exercise of the Option.  For this purpose, the Participant may use only Options having an
exercise price less than Fair Market Value on the date such Options are
transferred or exercised, and the value of such any Option so transferred shall
be the difference between its then exercise price and Fair Market Value.  Transfer of an Option for payment of taxes
shall be considered exercise of the Option.

             (3)         Payment
with Stock.  Subject to such Code
requirements as are relevant to ISOs, a Participant, in lieu of or in
combination with a payment in cash, may transfer to Pentair a sufficient number
of shares of Stock to satisfy all or any part of the Option price and
applicable withholding taxes.  Such
Stock may be Stock already owned by the Participant or, in the case of an NQSO,
Stock to be acquired by exercise of the Option.  For this purpose, the value of the Stock shall be Fair Market
Value as of the date of exercise.  Where
payment is made in whole or in part by Stock, the Participant may not transfer
fractional shares of Stock or shares of Stock with an aggregate Fair Market
Value in excess of the Option price plus applicable withholding taxes.

             (4)         Interim
Broker Loan.  The Committee may
arrange through a stock brokerage or other similar agent, a loan to a
Participant of some or all of the funds needed to exercise an Option.  Upon application for such loan and receipt
of written notice of exercise of an Option from a Participant, the broker will
pay to Pentair the amount requested by the Participant to pay the Option
exercise price and applicable withholding taxes.  Pentair will promptly deliver to such broker a certificate
representing the total number of shares of Stock to be acquired by exercise of
said Option.  The broker will then sell
part or all of these shares and pay to the Participant the proceeds from the
sale, less the loan principal and any interest charged thereon from the date
the broker received the notice of exercise until the date the broker is repaid.

             (5)         Other
Payment Methods.  The Committee may,
in its discretion, authorize payment by other methods or forms within the
limitations imposed by the Plan and applicable state or federal law.

             (g)        No
Tandem Options.  No ISO granted
under this Plan shall contain terms which would limit or otherwise affect a
Participant’s right to exercise any other Option, nor shall any NQSO contain
terms which will limit or otherwise affect the Participant's right to exercise
any other Option in such a manner that an Option intended to be an ISO would be
deemed a tandem option.

             4.3        Stock
Appreciation Rights.   (a)  Grant of Stock Appreciation Rights.  The Committee may grant Stock Appreciation
Rights (“SARs”) to Participants who have been granted ISOs.  These SARs may relate to any number of
shares, up to the total number of shares the Participant could acquire by
exercise of the underlying ISOs.  An SAR
shall expire no later than the expiration date of the underlying ISO, and the
amount paid shall not be more than 100% of the difference between the Option
price and Fair Market Value of the Stock subject to the Option, determined on
the date the SAR is exercised.

             (b)        Exercise.  Stock Appreciation Rights may be exercised
at the same time, to the same extent and subject to the same conditions as the
related ISO, and only when the Fair Market Value of the Stock subject to the
ISO exceeds the Option price.  The
exercise of an SAR shall cancel the related ISO; the exercise of an ISO shall
cancel a related SAR.

             (c)         Payment
of Stock Appreciation Rights.  Upon
exercise of an SAR, the Participant shall be paid in cash, Stock, Rights to
Restricted Stock, Restricted Stock, or a combination thereof, as the Committee
shall determine at the time of grant. 
If payment is made in Stock, Rights to Restricted Stock or Restricted
Stock, the shares shall be valued at Fair Market Value on the date the SAR is
exercised.

             4.4        Issuance
of Certificates.  (a)  Delivery.  As soon as practicable after either the exercise of an Option and
the delivery of payment therefor, or the exercise of an SAR which is to be paid
in Stock, Rights to Restricted Stock or Restricted Stock, Pentair shall:

	 	(i)	if Stock is to be issued due to the
  exercise of an Option, record in the name of the Participant a number of
  certificated or uncertificated shares equal to the number of shares acquired
  by the Participant through exercise of the Option;
	 	 	 
	 	(ii)	if payment is to be made in Restricted
  Stock, record in the name of the Participant a number of nonnegotiable
  certificated or uncertificated shares equal to the number of shares of
  Restricted Stock acquired; and
	 	 	 
	 	(iii)	if payment is to be made in Rights to
  Restricted Stock, establish and maintain a 
  separate written account for each Participant and record in such
  account the number of Rights to Restricted Stock so acquired.

 

             Consistent with applicable state or
federal law, the Committee may fix a minimum or maximum period of time during
which a Participant may not sell any such Stock or Restricted Stock, or obtain
Restricted Stock in lieu of a Right to Restricted Stock.

             (b)        Designation.  Shares acquired pursuant to the exercise of
an ISO shall be designated as such on the stock transfer records of Pentair, to
the extent the value of such shares does not exceed the exercise limit
contained in Section 4.2(b).  Shares
acquired by exercise of an Option which exceed this exercise limit shall be
designated on Pentair's stock transfer records as shares acquired pursuant to
the exercise of an NQSO.  For purposes
of this exercise limit, the designation of shares as acquired pursuant to the
exercise of an ISO or NQSO shall be subject to change as permitted by
applicable Code provisions.

SECTION
5.    RESTRICTED STOCK AND INCENTIVE
COMPENSATION
UNITS

             5.1        Restricted
Stock Awards   (a)  Written Agreement.  Each award of Restricted Stock or Rights to
Restricted Stock shall be evidenced by a written agreement, executed by the
Participant and Pentair.  Such agreement
shall specify the number of shares of Restricted Stock or the number of Rights
to Restricted Stock awarded and any terms and conditions the Committee may
require on such award.

             (b)        Restriction
Period.  At the time of an award of
Restricted Stock or Rights to Restricted Stock, the Committee shall fix a
period of time ("Restriction Period") during which such restrictions
as are imposed by the Committee shall remain in effect; provided that the
number of shares of Stock with respect to which the Committee may make an award
which fixes a Restriction Period of less than three (3) years shall not exceed
five percent (5%) of the maximum number of shares available under the
Plan.  Such restrictions shall lapse
upon expiration of the Restriction Period, or sooner if otherwise provided in
the Plan.

             (c)         Restrictions.  In addition to such other restrictions as
the Committee may impose at grant, each share of Restricted Stock or Right to
Restricted Stock shall be subject to the following restrictions:

	 	(i)	Neither Restricted Stock nor Rights to
  Restricted Stock may be sold, assigned, transferred, pledged, hypothecated,
  or otherwise disposed of during a Restriction Period.

	 	(ii)	Except as otherwise herein provided,
  unless the Participant remains continuously employed by Pentair or an
  Affiliate until the conditions for the removal of such restrictions as the
  Committee may impose have been satisfied, Restricted Stock and Rights to
  Restricted Stock shall be forfeited and returned to Pentair, and all rights
  of a Participant to receive Restricted Stock or vest in Rights to Restricted
  Stock shall terminate without any payment or consideration by Pentair.

             (d)        Recordkeeping.  As soon as practicable after the execution
of the written agreement required by Section 5.2(a), Pentair shall:

	 	(i)	for awards of Restricted Stock, record
  in the name of the Participant a number of nonnegotiable, certificated or
  uncertificated shares equal to the number of shares of Restricted Stock
  awarded; and

	 	(ii)	for awards of Rights to Restricted Stock,
  establish and maintain a separate written account for each Participant and
  record in such account the number of Rights to Restricted Stock awarded.

             (e)         Dividends.  Dividends declared with respect to shares of
Restricted Stock shall be paid in cash to the Participant as and when declared,
or as otherwise determined by the Committee. 
Where Rights to Restricted Stock are awarded, the Committee shall
determine whether amounts equivalent to dividends declared on Stock subject to
an award of Rights to Restricted Stock shall be paid when the dividends are
declared, or as otherwise determined by the Committee.  Dividends, regardless of when paid, shall be
subject to all applicable withholding taxes.

             5.2        Incentive
Compensation Units.  (a)  Award Agreements. Each ICU award
shall be evidenced by a written agreement, executed by the Participant and
Pentair, which shall specify the number of ICUs awarded and contain such other
terms and conditions as the Committee may require.

             (b)        ICU
Account.  Pentair shall establish
and maintain a separate account ("ICU Account") for each Participant
and record in such accounts the number of ICUs awarded to each
Participant.  The number of ICUs which
may be realized by each Participant may be adjusted by any conditions specified
by the Committee in the award agreement. 
The maintenance of an ICU Account is principally a bookkeeping function
and does not entitle a Participant to realize on an ICU award.

             (c)         Earning
an ICU Award.    (1)  General.  The ability of a Participant to realize on an ICU award shall be
determined by achievement of specific corporate performance factors over the
designated Incentive Period.  The
maximum amount of compensation per ICU payable to a Participant in any calendar
year by reason of an ICU award shall not exceed twice the growth in Book Value,
determined pursuant to Section 5.2(d), over the applicable Incentive Period.

             (2)         Incentive
Period.  At the time of award, the
Committee shall fix the Incentive Period during which the Participant must
remain continuously employed by Pentair or an Affiliate.  The Incentive Period shall generally be
three (3) years, unless another expiration date is specified by the Committee
or the Plan provides otherwise.

             (3)         Corporate
Performance Factors.  The amount of
compensation payable to a Participant on account of an ICU award shall be
determined by application of the following factors:

	(i)	the change in Book Value per share of
  Stock over the designated Incentive Period;
	 	 
	(ii)	the growth in earning per share of Stock
  over the designated Incentive Period;
	 	 
	(iii)	the average return on equity of Stock
  over the designated Incentive Period; or
	 	 
	(iv)	such other factors as the Committee
  shall specify at the time of grant.

             (d)        Valuation
of Incentive Compensation Unit.   (1)  Valuation at Expiration of Incentive
Period.  As soon as practicable
after the Incentive Period expires, Pentair's audited financial statements for
the preceding Fiscal Year shall be provided in final form to the Committee,
which shall determine the value of each ICU. 
Such value shall be based on the net increase in Book Value over the
Incentive Period, calculated by subtracting the beginning Book Value (
determined as of the December 31 immediately preceding the date the ICUs were
awarded) from the ending Book Value (determined on the December 31 immediately
following the end of the Incentive Period). 
The resulting number shall then be subject to adjustment by a multiplier
which takes into account average return on equity, compounded growth in earnings
per share, or any other corporate performance factors established with respect
to the award being valued.

             (2)         Valuation
if Incentive Period Shortened.  If
for any reason an Incentive Period is shortened, the Committee shall determine
the value of an affected Participant's ICUs as soon as practicable after the
date such Period prematurely ends, and for this purpose, the ending Book Value
shall be determined as of the December 31 immediately preceding the date the
Incentive Period ends, or as otherwise determined by the Committee.

             (3)         Adjustments
to Valuation Formula.  The Committee
shall retain the discretion to modify the factors or formula used to value an
ICU award; provided, however, that any such change shall be defined in the
written agreement executed pursuant to Section 5.2(a) at the time of
grant.  No such modification shall in
any event cause the value of an ICU award made to any one Participant to exceed
the maximum possible award as defined in Section 5.2(c)(1).

             (e)         Payment
of ICU Account.  Payment of the
value of each ICU shall be made to the Participant, or, if applicable, a
designated beneficiary, as soon as practicable after valuation.  Such payment may be made in cash, Stock,
Rights to Restricted Stock, Restricted Stock or any combination thereof, as the
Committee shall determine at the time of grant.  If payment is made in Stock, Rights to Restricted Stock or
Restricted Stock, the shares shall be valued at Fair Market Value (as adjusted
for any restrictions) on the date the Incentive Period expires.

SECTION 6.    PERFORMANCE
SHARES AND PERFORMANCE UNITS

             6.1        Performance
Awards.   (a)  Performance Agreement.  Each award of Performance Shares and
Performance Units shall be evidenced by a written agreement, executed by the
Participant and Pentair.  Such agreement
shall establish all terms and conditions applicable to the payment of a
Performance Share or Performance Unit as the Committee may determine, including
the achievement of relevant performance objectives.  These performance objectives shall include such financial
measures as return on shareholders equity, growth in earnings per share, return
on sales, growth in income, growth in sales and various techniques which
compare actual returns with required returns based on cost of capital criteria.

             (b)        Performance
Accounts.  At such time as a
performance award is made, Pentair shall establish an account
("Performance Account") for each Participant and credit the
Performance Units and Performance Shares awarded to such account.  Performance Shares shall be credited in the
form of Restricted Stock or Rights to Restricted Stock.  The maintenance of Performance Accounts is
principally a bookkeeping function, and does not entitle a Participant to payment
of any awards hereunder.

             (c)         Dividends.  Dividends or the equivalent paid with
respect to Restricted Stock shall be paid in cash to the Participant as and
when declared, or as other determined by the Committee. The Committee shall
determine whether dividends or the equivalent declared on Stock subject to
Rights to Restricted Stock shall be paid when declared, or as otherwise
determined by the Committee.  Dividends,
regardless of when paid, shall be subject to all applicable withholding taxes.

             6.2        Performance
Period and Targets.  (a)  Performance Period.  The Performance Period shall be established
by the Committee at the time of the award. 
This period may differ for each award granted to any one Participant.

             (b)        Performance
Targets.  At the time a performance
award is established, the Committee shall establish such performance targets as
it determines to be relevant. 
Successful completion of performance targets within the designated
Performance Period shall be certified by the Committee, using such measures of
performance during the Performance Period as are specified in the performance
agreement.

             6.3        Earning a
Performance Award.  The
Committee shall pay a performance award to a Participant based on the degree of
attainment of the relevant performance targets during the Performance Period,
and in accordance with the provisions of the performance agreement.  The maximum amount of compensation a
Participant may be granted by reason of a performance award in any one calendar
year shall be $100,000, calculated by reference to Fair Market Value of the
award on date of grant.

             6.4        Payment
of Performance Awards.  (a)  Time for Payment. No performance
award shall be payable until after earned in accordance with the terms and
conditions of the performance agreement, unless otherwise provided in the Plan
or in the sole discretion of the Committee. 
Any Performance Shares, Performance Units or other amounts credited to a
Performance Account shall be paid to the Participant only when, and to the
extent, the Committee so determines. 
All such determinations shall be made during the four (4) month period
immediately following the end of the Performance Period as established in the
performance agreement.

             (b)        Form
of Payment.  Payment of Performance
Shares or Performance Units shall be in the form of cash, Stock, Rights to
Restricted Stock or Restricted Stock, or a combination thereof as determined by
the Committee at the time of grant.  If
payment is made in Stock, Rights to Restricted Stock or Restricted Stock, the shares
shall be valued at Fair Market Value (as adjusted for any restrictions) on the
date the Performance Period expires.

             6.5        Bonus
Plans.  (a)  Executive Bonus Award.  On February 14, 1996, Pentair adopted the
Executive Officer Performance Plan (“EOPP”), an annual bonus plan designed to
compensate participating executive officers for performance as measured against
the key financial measurements defined in the EOPP plan.  Cash awards under the EOPP are limited to an
amount equal to an EOPP participant’s annual base salary, even though a total bonus
award under the EOPP may exceed that amount. 
To the extent an annual bonus award exceeds the amount which can be paid
in cash pursuant to the EOPP, the balance shall be considered an award of
Performance Shares payable in the form of Restricted Stock under the Plan.  The performance targets applicable to such
Performance Shares shall be the same as the criteria established under the EOPP
for purposes of earning the award.  The
Performance Shares so granted shall be subject to any vesting conditions the
Committee may impose as of the date the Performance Shares are issued.  The maximum amount of compensation a
Participant may be granted by reason of a Performance Share award under the
EOPP in any one calendar year is equal to the maximum award available to such
Participant under the EOPP, reduced by the amount of such award payable to the
Participant in cash.

             (b)        Management
Incentive Plan.  Pentair also
maintains an annual bonus plan (the “MIP”) which provides incentive
compensation for management employees other than executive officers.  Like the EOPP, cash awards under the MIP are
limited to an amount equal to a MIP participant’s annual base salary, even
though a total bonus award under the MIP may exceed that amount.  To the extent such an annual bonus award
exceeds the amount which can be paid in cash under the MIP, the balance shall
be considered an award of Performance Shares payable in the form of Restricted
Stock under the Plan.  The Performance
Shares so granted shall be subject to any vesting conditions the Committee may
impose as of the date the Performance Shares are issued.  The maximum amount of compensation a
Participant may be granted by reason of a Performance Share award under the MIP
in any one calendar year is equal to the maximum award available to such
Participant under the MIP reduced by the amount of such award payable to the
Participant in cash.

SECTION
7.    TERMINATION OF EMPLOYMENT

             7.1        General
Rule.  Except as
otherwise provided herein, Options and SARs may be exercised and Restricted
Stock, Rights to Restricted Stock, ICUs, Performance Share or Performance Unit
awards paid to a Participant only in accordance with the terms and conditions
specified by the Committee at the time of grant.

             7.2        Exceptions
for Death, Disability or Retirement.  (a)  Death of
Participant.  If a Participant's
employment terminates due to death, any benefits under the Plan may be
transferred to the beneficiary designated by the Participant.  If no beneficiary has been duly designated,
said benefits shall transfer pursuant to the provisions of such Participant's
will, or if there is no will, by the laws of intestate succession in the state
in which the Participant is domiciled on the date of death.  The individual who succeeds to the
Participant's benefits under the Plan may:

	(i)	exercise any outstanding Options to the
  same extent the Participant was entitled to exercise such Options, together
  with any Options the Committee may accelerate, at any time prior to the
  earlier of six (6) months from the date of the Participant's death, or the
  date the Options would otherwise expire by their terms;
	 	 
	(ii)	receive payment of any shares of
  Restricted Stock or Rights to Restricted Stock based on a deemed lapse of the
  restrictions, or of any ICUs based on a deemed expiration of the Incentive
  Period and attainment of the relevant performance goals, provided that any
  such payment may be either prorated or otherwise paid as determined by the
  Committee;
	 	 
	(iii)	receive payment of a Performance Share
  or Performance Unit award, as determined by the Committee, based on the
  degree to which established performance targets had been attained as of the
  Participant's death.

 

	(b)	Disability of Participant.  A Participant who becomes Disabled may:
	 	 
	(i)	exercise outstanding Options that are
  otherwise exercisable, together with any Options the Committee may
  accelerate, at any time prior to the earlier of twelve (12) months after the
  date of Disability or the date the Options would otherwise expire by their
  terms;
	 	 
	(ii)	be paid a prorated amount of an award
  of Restricted Stock or Rights to Restricted Stock or ICUs, determined by
  application of the payment provisions in Section 7.2(a)(ii), based on a
  deemed lapse of restrictions or a deemed expiration of an Incentive Period and
  attainment of the relevant performance goals;
	 	 
	(iii)	be paid a Performance Share or
  Performance Unit award prior to expiration of a Performance Period, as the
  Committee shall determine by considering the degree of attainment of
  established performance targets.
	 	 
	(c)	Retirement.  At the time of Retirement, a Participant
  may:
	 	 
	(i)	exercise outstanding Options which are
  otherwise exercisable, together with any Options the Committee may
  accelerate, at any time prior to the earlier of thirty (30) days following
  Retirement, or the date the Options would otherwise expire by their terms;
	 	 
	(ii)	receive a prorated payment of an award
  of Restricted Stock, Rights to Restricted Stock or ICUs, determined by
  application of the payment provisions in Section 7.2(a)(ii), based on a
  deemed lapse of restrictions or a deemed expiration of an Incentive Period
  and, if applicable, attainment of relevant performance goals;
	 	 
	(iii)	receive a payment of Performance Shares
  or Performance Units as the Committee shall determine by considering the
  degree to which performance targets have been attained.

             (d)        Other
Termination of Employment.  (1)  Termination Not for Cause.  If a Participant’s employment ends for
reasons other than those listed in Sections 7.2 or 7.3, outstanding Options may
be exercised no later than the earlier of thirty (30) days following such
termination, or the date the Options would, by their terms, expire.   Any other outstanding awards under the
Plan, to the extent not then earned and paid to the Participant, shall
terminate unless accelerated by the Committee, subject to the provisions of
Section 8.1.

             (2)         Termination
for Cause.  If a Participant's
services are terminated for cause, as determined by the Committee, all Options
or other benefits granted under the Plan, to the extent not already exercised
or otherwise earned or paid, shall terminate.

             7.3        Change in Control.  (a)   Definitions.  Unless the context requires otherwise, when
capitalized the terms listed below shall have the following meanings when used
in this or any other section of the Plan:

	(1)	“Change in Control” is
  a change in control of Pentair, as that term is defined in the KEESA.
	 	 
	(2)	“KEESA” is the Key Executive
  Employment and Severance Agreement between Pentair and key executives, as
  approved by the Board effective August 23, 2000.

             (b)        Treatment
of Options.  Upon the occurrence of
a Change in Control, all Options granted to a Participant who is then employed
by Pentair or an Affiliate shall, to the extent not then vested or exercised,
become fully vested and immediately exercisable without regard to the terms and
conditions attached to such Options at the time of grant.  To the extent such Options are then
exercised under circumstances which would otherwise result in a grant of Reload
Options to the Participant, no such Reload Options will be granted.

             (c)         Treatment
of Restricted Stock.  Upon the
occurrence of a Change in Control the restrictions then applicable to all
outstanding shares of Restricted Stock awarded under the Plan shall
automatically lapse.  If on the Change
in Control date any dividends declared with respect to such Restricted Stock
have not been paid to the Participant, then all such amounts shall be paid
within ten (10) days of the Change in Control date.

             (d)        Treatment
of Rights to Restricted Stock.  Upon
the occurrence of a Change in Control, all Rights to Restricted Stock shall be
fully and immediately vested and the participant shall be paid within ten (10)
days the cash value of the shares of Stock which otherwise would have been
issued based on the Fair Market Value of the Stock on the Change in Control
date, together with any then unpaid dividends which have been declared on the
Stock subject to the award of Rights to Restricted Stock.

             (e)         ICUs.  Outstanding ICUs shall be valued by assuming
the corporate performance goals for the applicable Incentive Period have been
met and shall be paid in cash within ten (10) days of the Change in Control
date, as follows:

(i)          one-third of the ICUs awarded less
than one (1) year prior to the Change in Control date shall be paid;

(ii)         two-thirds of the ICUs awarded one (1),
but less than two (2) years prior to the Change in Control date shall be paid;

(iii)        all of the ICUs awarded two (2) or more
years prior to the Change in Control date shall be paid.

             (f)         Performance
Shares.  Upon the occurrence of a
Change in Control the restrictions then applicable to all outstanding
Performance Shares shall lapse and any dividends declared with respect to such
shares which have not been paid shall be paid within ten (10) days of the
Change in Control date.

             (g)        Performance
Units.  Outstanding Performance
Units shall be valued by assuming all performance targets for the applicable
Performance Period have been fully met and shall be paid as cash within ten
(10) days of the Change in Control date, as follows:

	(i)	one-third of the Performance Units
  granted less than one (1) year prior to the Change in Control date shall be
  paid;
	 	 
	(ii)	two-thirds of the Performance Units
  granted one (1) but less than two (2) years prior to the Change in Control
  date shall be paid;
	 	 
	(iii)	all of the Performance Units granted
  two (2) or more years prior to the Change in Control date shall be paid.

 

             (h)        Participants
Covered under a KEESA.  The
provisions of this Section 7.3 shall also apply to a Participant who terminates
employment before a Change in Control if the Participant has entered into a
KEESA and is entitled to benefits thereunder pursuant to Section 2(b) of the
KEESA.

             (i)          Governing
Documents.  In the case of any
conflict between the provisions of this Section 7.3 and any other provision of
the Plan, this Section 7.3 will control. 
In the case of any conflict between the terms of this Plan and the terms
and provisions of a Participant’s KEESA, the terms of such KEESA shall control
to the extent more beneficial to such Participant, and the obligations of
Pentair under such KEESA shall be in addition to any of its obligations under
the Plan.

SECTION
8.  CHANGES TO AWARDS

             8.1        Acceleration
of Benefits.  The
Committee shall have the discretion to accelerate the exercise date of an
Option or SAR or the time at which restrictions on Stock or Rights thereto
lapse, to remove any Stock restrictions or to accelerate the expiration of an
Incentive Period or Performance Period due to changes in applicable tax or
other laws, or such other changes of circumstances as may arise after the date
of an award under the Plan, or to take any such similar action it may decide,
in its absolute discretion, is in the best interests of Pentair and equitable
to a Participant (or such Participant's heirs or beneficiaries).  Notwithstanding the above, however, the
Committee shall have no discretion to increase the amount of compensation a Participant
could earn by application of the preestablished performance goals and financial
measurements relevant to the award, although the Committee shall retain the
discretion to decrease any such award. Any action by the Committee to
accelerate a grant or award for reasons other than death, disability or change
in control of Pentair shall include application of a commercially reasonable
discount to the compensation payable to reflect the value of accelerated
payment.

             8.2        Accounting
Standards.  Calculation
of changes to any performance goal established 
for purposes of making awards under the Plan shall be without regard to
changes in accounting methods used by Pentair or in accounting standards that
may be required by the Financial Accounting Standards Board after the goal is
established and prior to the time compensation earned on account of achievement
of the relevant performance goal is paid to the Participant.

             8.3        Amendment
of Awards.  The Committee
shall have the discretion to amend the terms of any grant or award made under
the Plan.  Any such amendment may be
made either prospectively or retroactively, as necessary, provided that no such
amendment shall either impair the rights of an affected Participant without the
consent of such Participant or amend the terms of an Option so as to reduce the
Option price.  Absent shareholder
approval, the Committee may not cancel any outstanding Option and replace it
with a new Option which has a lower Option price, if such action would have the
same economic effect as reducing the Option price of such a canceled Option.

SECTION
9.    MISCELLANEOUS PROVISIONS

             9.1        Stockholder
Privileges.  (a)  Options. Until such time as a Stock
certificate is issued, a Participant, or other person entitled to exercise an
Option under the Plan, shall have none of the privileges of a stockholder with
respect to Stock covered by an Option granted under this Plan.

             (b)        Other
Awards.  Upon delivery of Restricted
Stock to a Participant (or to an escrow holder, if applicable) such Participant
shall have all of the rights of a shareholder with respect to the Restricted
Stock, subject to the restrictions imposed, including the right to receive
dividends and vote the shares of Restricted Stock. Participants for whom an
account is established to record an award of Rights to Restricted Stock shall
not have the rights of a shareholder until such time as the Rights to
Restricted Stock vest, but may, in the discretion of the Committee, receive
payment of or credit for the equivalent of dividends otherwise payable with
respect to the number of shares of Stock to which such Rights to Restricted
Stock relate.

             In the event of forfeiture, the
certificate or certificates, if any, representing such Restricted Stock shall
be delivered to Pentair, accompanied by executed instruments of transfer.  If the Restricted Stock is held in escrow,
Pentair shall be entitled to have the certificates representing the Restricted
Stock redelivered to it out of escrow.

             (c)         Interest.  The Committee may provide for the crediting
of earnings interest with respect to Performance Units or ICUs credited to a
Participant's account.  Any rate of
earnings credited hereunder shall be determined by the Committee.

             (d)        Sale
of Stock or Restricted Stock.  The
Committee may fix a period during which any Stock, Right to Restricted Stock or
Restricted Stock acquired under the Plan may not be sold, provided that the
Committee may not fix any period which is less than or which exceeds such
requirements as may be imposed by applicable state or federal law.

             9.2        Amendment,
Suspension, Modification and Termination of Plan.  The Committee, subject to approval by the
Board, may amend or modify the Plan at any time to conform to changes in
applicable laws or in any other respect deemed to be in the best interests of
Pentair. Pursuant to Code section 422, however, no such amendment shall,
without shareholder approval (i) materially increase the number of shares of
Stock as to which ISOs may be granted under the Plan, (ii) materially modify
the requirements as to eligibility to receive Options under the Plan, (iii)
materially increase the benefits accruing to Participants receiving ISOs under
the Plan, (iv) reduce an ISO Option price below Fair Market Value on the day
the Option is granted, (v) permit the award of SARs other than in tandem with
an ISO, (vi) extend the period during which an Option may be granted or
exercised, or (vii) extend the termination date of the provisions of the Plan
which permit the granting of ISOs. No amendment or modification of the Plan
shall adversely affect any Participant under the Plan, or any section thereof,
without such Participant's consent.

             9.3        Administration.  The Plan shall be administered by the
Committee.  Pursuant to this delegation,
the Committee is authorized to (i) interpret and construe the Plan, (ii) adopt,
amend, or rescind rules and regulations relating to the Plan, and (iii) make
all other determinations necessary or advisable for the administration of the
Plan, to the extent not contrary to the express provisions of the Plan.  Any actions, determinations or other
interpretations made by the Committee within the scope of its authority shall
be final, binding and conclusive for all purposes.

             9.4        Indemnification.  To the extent permitted by law, members of
the Committee and the Board shall be indemnified and held harmless by Pentair
with respect to any loss, cost, liability or expense that may reasonably be
incurred in connection with any claim, action, suit or proceeding which arises
by reason of any act or omission under the Plan, taken within the scope of the
authority delegated herein.

             9.5        Expenses.  The expenses of maintaining and
administering this Plan shall be borne by Pentair.

             9.6        Rights of
Participants.  Nothing in
this Plan shall interfere with or limit in any way the right of Pentair or an
Affiliate to terminate any individual's employment at any time, with or without
notice or cause.  This Plan does not,
nor is it intended to, confer upon any employee the right to continue in the
employment of Pentair or an Affiliate.

             9.7        Transferability.   (a) 
Nontransferability. 
Except as otherwise specified in the Plan, Options, SARs, Restricted
Stock, Rights to Restricted Stock, ICUs, Performance Shares and Performance
Units granted or awarded under the Plan shall not be transferrable.

             (b)        Designation
of Beneficiary(ies).  A Participant
may designate a person or persons to receive his or her Plan benefits in the
event of death.  Such designation shall
be on forms as prescribed by the Committee and may be modified or revoked only
in writing.

             9.8        Governing
Law.  To the extent not
preempted by applicable federal law, this Plan shall be construed and
interpreted in accordance with the substantive laws of the State of Minnesota.

             IN WITNESS WHEREOF, this
amended and restated Plan has been executed this ____ day of ___________, 2001.

	 	PENTAIR, INC.
	 	 
	 	 
	 	By 
	 	

	 	 
	 	 	Chief Executive Officer
	 	 
	 	 
	 	By 
	 	

	 	 	Roy T. Rueb
	 	 	Secretary

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