Document:

Pentair Ltd. 2008 Omnibus Stock Incentive Plan, as amended

 Exhibit 10.9 
 PENTAIR LTD. 
 2008 OMNIBUS STOCK INCENTIVE PLAN 

As Amended and Restated Through September 28, 2012 
 1. Purpose and Effective Date. 
 (a) Purpose. The Pentair Ltd. 2008
Omnibus Stock Incentive Plan has several complementary purposes: (i) to promote the growth and success of the Company by linking a significant portion of participant compensation to the increase in value of the Company’s common stock;
(ii) to attract and retain top quality, experienced executives and key employees by offering a competitive incentive compensation program; (iii) to reward innovation and outstanding performance as important contributing factors to the
Company’s growth and progress; (iv) to align the interests of executives, key employees, directors and consultants with those of the Company’s shareholders by reinforcing the relationship between participant rewards and shareholder
gains obtained through the achievement by plan participants of short-term objectives and long-term goals; and (iv) to encourage executives, key employees, directors and consultants to obtain and maintain an equity interest in the Company.

 (b) Effective Date. This Plan became effective, and Awards were granted under this Plan: (1) with regard to
Non-Employee Directors, on and after February 26, 2008, provided that any Awards made prior to the date that the Plan is approved by the Company’s shareholders shall be contingent on such shareholder approval, and (2) with regard to
all other eligible individuals, the date that the Plan is approved by the Company’s shareholders. If the Company’s shareholders approve this Plan, then the Pentair, Inc. Omnibus Stock Incentive Plan (the “Prior Plan”) will
terminate on the date of such shareholder approval, and no new awards will be granted under the Prior Plan after its termination date; provided that the Prior Plan will continue to govern awards outstanding as of the date of such plan’s
termination and such awards shall continue in force and effect until fully distributed or terminated pursuant to their terms. The Plan terminated on September 28, 2012. 
 2. Definitions. Capitalized terms used in this Plan have the following meanings: 
 (a) “10% Stockholder” means an Eligible Employee who, as of the date an ISO is granted to such individual, owns more than ten percent (10%) of the total combined voting power of all classes
of Stock then issued by the Company or a Subsidiary corporation. 
 (b) “Administrator” means (i) the Committee
with respect to Participants who are Eligible Employees and Consultants and (ii) the Non-Employee Directors of the Board (or a committee of Non-Employee Directors appointed by the Board) with respect to Participants who are Directors.

 (c) “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2
under the Exchange Act. Notwithstanding the foregoing, for purposes of determining those individuals to whom an Option or Stock Appreciation Right may be granted, the term “Affiliate” means any entity that, directly or through one or more
intermediaries, is controlled by, controls, or is under common control with the Company within the meaning of Code Sections 414(b) or (c); provided that, in applying such provisions, the phrase “at least 20 percent” shall be used in
place of “at least 80 percent” each place it appears therein. 

 (d) “Award” means a grant of Options, Stock Appreciation Rights, Performance
Shares, Performance Units, Restricted Stock, Restricted Stock Units, Deferred Stock Rights, Dividend Equivalent Units, or any other type of award permitted under the Plan. 
 (e) “Board” means the Board of Directors of the Company. 
 (f)
“Cause” means, except as otherwise determined by the Administrator and set forth in an Award agreement, such act or omission by a Participant as is determined by the Administrator to constitute cause for termination, including but not
limited to any of the following: (i) a material violation of any Company policy, including any policy contained in the Company Code of Business Conduct; (ii) embezzlement from, or theft of property belonging to the Company or any
Affiliate; (iii) willful failure to perform or gross negligence in the performance of or failure to perform assigned duties; or (iv) other intentional misconduct, whether related to employment or otherwise, which has, or has the potential
to have, a material adverse effect on the business conducted by the Company or its Affiliates. 
 (g) “Change of
Control” means a change of control of the Company, as that term is defined in the KEESA. Notwithstanding the foregoing, with respect to an Award that is considered deferred compensation subject to Code Section 409A, the definition of
“Change of Control” shall be amended and interpreted in a manner that allows the definition to satisfy the requirements of a change of control under Code Section 409A solely for purposes of determining the timing of payment of such
Award. 
 (h) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of the
Code includes any successor provision and the regulations promulgated under such provision. 
 (i) “Committee” means
the Compensation Committee of the Board (or a successor committee with the same or similar authority). 
 (j)
“Company” means (i) prior to September 28, 2012, Pentair, Inc., a Minnesota corporation, or any successor thereto or (ii) on and after September 28, 2012, Pentair Ltd., a Swiss company, or any successor thereto.

 (k) “Consultant” means a person or entity rendering services to the Company or an Affiliate other than as an
employee of any such entity or a Director. 
 (l) “Deferred Stock Right” means the right to receive Stock or
Restricted Stock at some future time. 
 (m) “Director” means a member of the Board, and “Non-Employee
Director” means a Director who is not also an employee of the Company or its Subsidiaries. 
 (n) “Disability”
means, except as otherwise determined by the Administrator and set forth in an Award agreement: (i) with respect to an ISO, the meaning given in Code Section 22(e)(3), and (ii) with respect to all other Awards, a physical or mental
incapacity which qualifies an individual to collect a benefit under a long term disability plan maintained by the Company, or such similar mental or physical condition which the Administrator may determine to be a disability, regardless of whether
either the individual or the condition is covered by any such long term disability plan. The Administrator shall make the determination of Disability and may request such evidence of disability as it reasonably determines. 

  
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 (o) “Dividend Equivalent Unit” means the right to receive a payment, in cash or
Shares, equal to the cash dividends or other distributions paid with respect to a Share. 
 (p) “Eligible Employee”
means a key managerial, administrative or professional employee of the Company or an Affiliate whose position is evaluated at salary grade 40 or higher or who is in a position to make a material contribution to the continued profitable growth and
long term success of the Company or an Affiliate. 
 (q) “Exchange Act” means the Securities Exchange Act of 1934, as
amended. Any reference to a specific provision of the Exchange Act includes any successor provision and the regulations and rules promulgated under such provision. 
 (r) “Fair Market Value” means, per Share on a particular date: (i) the closing price on such date on the New York Stock Exchange, as reported in The Wall Street Journal, or if no sales of
Stock occur on the date in question, on the last preceding date on which there was a sale on such market; (ii) if the Shares are not listed on the New York Stock Exchange, but are traded on another national securities exchange or in an
over-the-counter market, the last sales price (or, if there is no last sales price reported, the average of the closing bid and asked prices) for the Shares on the particular date, or on the last preceding date on which there was a sale of Shares on
that exchange or market; or (iii) if the Shares are neither listed on a national securities exchange nor traded in an over-the-counter market, the price determined by the Administrator. 

(s) “Incentive Stock Option” or “ISO” mean an Option that meets the requirements of Code Section 422.

 (t) “KEESA” means the Key Executive Employment and Severance Agreement between the Company and key executives, as
approved by the Board and in effect from time to time. 
 (u) “Option” means the right to purchase Shares at a stated
price for a specified period of time. 
 (v) “Participant” means an individual selected by the Administrator to
receive an Award. 
 (w) “Performance Awards” means a Performance Share and Performance Unit, and any Award of
Restricted Stock, Restricted Stock Units, or Deferred Stock Rights the payment or vesting of which is contingent on the attainment of one or more Performance Goals. 
 (x) “Performance Goals” means any goals the Administrator establishes that relate to one or more of the following with respect to the Company or any one or more of its Subsidiaries, Affiliates
or other business units: net income; income from continuing operations; stockholder return; stock price appreciation; earnings per share (including diluted earnings per share); net operating profit (including after tax); revenue growth; organic
sales growth; return on equity; return on investment; return on invested capital (including after-tax); earnings before interest, taxes, depreciation and amortization; operating income; operating margin; market share; return on sales; asset
reduction; cost reduction; return on equity; cash flow (including free cash flow); and new product releases. As to each Performance Goal, the relevant measurement of performance shall be computed in accordance with generally accepted accounting
principles, if applicable; provided that, the Administrator may, at the time of 

  
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establishing the Performance Goal(s), exclude the effects of (i) extraordinary, unusual and/or non-recurring items of gain or loss, (ii) gains or losses on the disposition of a
business, (iii) changes in tax regulations or laws, or (iv) the effect of a merger or acquisition. Notwithstanding the foregoing, the calculation of any Performance Goal established for purposes of an Award shall be made without regard to
changes in accounting methods used by the Company or in accounting standards that may be required by the Financial Accounting Standards Board after a Performance Goal relative to an Award is established and prior to the time the compensation earned
by reason of the achievement of the relevant Performance Goal is paid to the Participant. In the case of Awards that the Administrator determines will not be considered “performance-based compensation” under Code Section 162(m), the
Administrator may establish other Performance Goals not listed in this Plan. Where applicable, the Performance Goals may be expressed, without limitation, in terms of attaining a specified level of the particular criterion or the attainment of an
increase or decrease (expressed as absolute numbers or a percentage) in the particular criterion or achievement in relation to a peer group or other index. The Performance Goals may include a threshold level of performance below which no payment
will be made (or no vesting will occur), levels of performance at which specified payments will be paid (or specified vesting will occur), and a maximum level of performance above which no additional payment will be made (or at which full vesting
will occur). 
 (y) “Performance Shares” means the right to receive Shares (including Restricted Stock) to the extent
Performance Goals are achieved. 
 (z) “Performance Unit” means the right to receive a payment valued in relation to a
unit that has a designated dollar value or the value of which is equal to the Fair Market Value of one or more Shares, to the extent Performance Goals are achieved. 
 (aa) “Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof. 

(bb) “Plan” means this Pentair Ltd. 2008 Omnibus Stock Incentive Plan, as may be amended from time to time. 

(cc) “Restriction Period” means the length of time established relative to an Award during which the Participant cannot sell,
assign, transfer, pledge or otherwise encumber the Stock or Stock Units subject to such Award and at the end of which the Participant obtains an unrestricted right to such Stock or Stock Units. 

(dd) “Restricted Stock” means a Share that is subject to a risk of forfeiture or restrictions on transfer, or both a risk of
forfeiture and restrictions on transfer. 
 (ee) “Restricted Stock Unit” means the right to receive a payment equal to
the Fair Market Value of one Share. 
 (ff) “Retirement” means, except as otherwise determined by the Administrator
and set forth in an Award agreement, (i) with respect to Participants who are Eligible Employees or Consultants, termination of employment or service from the Company and its Affiliates (for other than Cause) on or after attainment of age
fifty-five (55) and completion of ten (10) years of service with the Company and its Affiliates, and (ii) with respect to Director Participants, the Director’s removal (for other than Cause), or resignation or failure to be
re-elected (for other than Cause) on or after “retirement” as defined in the Company’s retirement policy for Non-Employee Directors. 

  
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 (gg) “Section 16 Participants” means Participants who are subject to the
provisions of Section 16 of the Exchange Act. 
 (hh) “Share” means a share of Stock. 

(ii) “Stock” means (i) prior to September 28, 2012, the Common Stock of the Company, par value of $0.16- 2/3 per
share, or (ii) on and after September 28, 2012, the registered shares of the Company, nominal value CHF 0.50 per share, subject to any capital changes. 
 (jj) “Stock Appreciation Right” or “SAR” means the right to receive a payment equal to the appreciation of the Fair Market Value of a Share during a specified period of time.

 (kk) “Subsidiary” means any corporation or limited liability company (except that is treated as a partnership for
U.S. income tax purposes) in an unbroken chain of entities beginning with the Company if each of the entities (other than the last entity in the chain) owns stock or equity interests possessing more than fifty percent (50%) of the total
combined voting power of all classes of stock or equity interests in one of the other entities in the chain. 
 3.
Administration. 
 (a) Administration. In addition to the authority specifically granted to the Administrator in this
Plan, the Administrator has full discretionary authority to administer this Plan, including but not limited to the authority to: (i) interpret the provisions of this Plan; (ii) prescribe, amend and rescind rules and regulations relating to
this Plan; (iii) correct any defect, supply any omission, or reconcile any inconsistency in any Award or agreement covering an Award in the manner and to the extent it deems desirable to carry this Plan into effect; and (iv) make all other
determinations necessary or advisable for the administration of this Plan. All Administrator determinations shall be made in the sole discretion of the Administrator and are final and binding on all interested parties. 

Notwithstanding any provision of the Plan to the contrary, the Administrator shall have the discretion to grant an Award with any vesting
condition, any Restriction Period or any performance period if the Award is granted to a newly hired or promoted Participant, or accelerate the vesting, Restriction Period or performance period of an Award, in connection with a Participant’s
death, disability, Retirement or termination by the Company without Cause. Any action by the Committee to accelerate or otherwise amend an Award for reasons other than Retirement, death, Disability or a termination by the Company without Cause, or
in connection with a Change of Control, shall include application of a commercially reasonable discount to the compensation otherwise payable to reflect the value of the accelerated payment 

Notwithstanding the above statement or any other provision of the Plan, once established, the Committee shall have no discretion to
increase the amount of compensation payable under an Award that is intended to be performance-based compensation under Code Section 162(m), although the Committee may decrease the amount of compensation a Participant may earn under such an
Award. 
 (b) Delegation to Other Committees or Officers. To the extent applicable law permits, the Board may delegate to
another committee of the Board or to one or more officers of the Company, or the Committee may delegate to one or more officers of the Company, any or all of their respective authority and responsibility as an Administrator of the Plan;
provided that 

  
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no such delegation is permitted with respect to Stock-based Awards made to Section 16 Participants at the time any such delegated authority or responsibility is exercised unless the
delegation is to another committee of the Board consisting entirely of Non-Employee Directors. If the Board or the Committee has made such a delegation, then all references to the Administrator in this Plan include such other committee or one or
more officers to the extent of such delegation. 
 (c) Indemnification. The Company will indemnify and hold harmless each
member of the Board and the Committee, and each officer or member of any other committee to whom a delegation under Section 3(b) has been made, as to any acts or omissions with respect to this Plan or any Award to the maximum extent that
the law and the Company’s by-laws permit. 
 4. Eligibility. The Administrator may designate any of the following as
a Participant from time to time, to the extent of the Administrator’s authority: any Eligible Employee, any Consultant or any Director, including a Non-Employee Director. The Administrator’s granting of an Award to a Participant will not
require the Administrator to grant an Award to such individual at any future time. The Administrator’s granting of a particular type of Award to a Participant will not require the Administrator to grant any other type of Award to such
individual. 
 5. Types of Awards. Subject to the terms of this Plan, the Administrator may grant any type of Award to
any Participant it selects, but only employees of the Company or a Subsidiary may receive grants of incentive stock options. Awards may be granted alone or in addition to, in tandem with, or in substitution for any other Award (or any other award
granted under another plan of the Company or any Affiliate). 
 6. Shares Reserved under this Plan. 

(a) Plan Reserve. Subject to adjustment as provided in Section 16, an aggregate of seven million five hundred thousand
(7,500,000) Shares are reserved for issuance under this Plan. The Shares reserved for issuance may be either authorized and unissued Shares or shares reacquired at any time and now or hereafter held as treasury stock. 

(b) Incentive stock Option Award Limits. Subject to adjustment as provided in Section 16, the Company may issue only an
aggregate of five million (5,000,000) Shares upon the exercise of incentive stock options. 
 (c) Replenishment of
Shares Under this Plan. The aggregate number of Shares reserved under Section 6(a) shall be depleted by the number of Shares with respect to which an Award is granted; provided that the aggregate number of Shares reserved under
Section 6(a) shall be depleted by three (3) Shares for each Share subject to a full-value Award. For this purpose, a full-value award includes Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units (valued in
relation to a Share), Deferred Stock Rights and any other similar Award under which the value of the Award is measured as the full value of a Share, rather than the increase in the value of a Share. If, however, an Award lapses, expires, terminates
or is cancelled without the issuance of Shares or the payment of other compensation under the Award, or if Shares are forfeited under an Award, or if Shares are issued under any Award and the Company subsequently reacquires them pursuant to rights
reserved upon the issuance of the Shares, then such Shares shall be recredited to the Plan’s reserve (in the same number as they depleted the reserve) and may again be used for new Awards under this Plan. Notwithstanding the foregoing, in no
event shall the following Shares be recredited to the Plan’s reserve: Shares tendered in payment of the exercise price of an Option; Shares withheld to satisfy federal, state or local tax withholding obligations; and Shares purchased by the
Company using proceeds from Option exercises. 

  
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 (d) Participant Limitations. Subject to adjustment as provided in Section 16, no
Participant may be granted Awards that could result in such Participant: 
 (i) receiving Options for, and/or
Stock Appreciation Rights with respect to, more than 750,000 Shares during any fiscal year of the Company; 

(ii) receiving Awards of Restricted Stock and/or Restricted Stock Units and/or Deferred Stock Rights relating to more than
500,000 Shares during any fiscal year of the Company; 
 (iii) receiving Awards of Performance Shares, and/or
Awards of Performance Units the value of which is based on the Fair Market Value of Shares, for more than 500,000 Shares during any fiscal year of the Company; 
 (iv) receiving Awards of Performance Units the value of which is not based on the Fair Market Value of Shares, for more than $3,000,000 during any fiscal year of the Company; or 

(v) receiving other Stock-based Awards pursuant to Section 11 relating to more than 100,000 Shares during any fiscal
year of the Company. 
 In all cases, determinations under this Section 6(d) should be made in a manner that is consistent with the
exemption for performance-based compensation that Code Section 162(m) provides. 
 7. Options. Subject to the terms
of this Plan, the Administrator will determine all terms and conditions of each Option, including but not limited to: 
 (a)
Whether the Option is an “incentive stock option” which meets the requirements of Code Section 422, or a “nonqualified stock option” which does not meet the requirements of Code Section 422; 

(b) The number of Shares subject to the Option; 
 (c) The date of grant, which may not be prior to the date of the Administrator’s approval of the grant; 
 (d) The exercise price, which may not be less than the Fair Market Value of the Shares subject to the Option as determined on the date of grant; provided that an incentive stock option granted to a 10%
Stockholder must have an exercise price at least equal to 110% of the Fair Market Value of the Shares subject to the Option as determined on the date of grant; 
 (e) The terms and conditions of exercise; provided that, subject to the provisions of Sections 12 and 16, one-third (1/3) of each Option may not become exercisable earlier than on each of the
first three (3) anniversaries of the date of grant; and provided further that if the aggregate Fair Market Value of the Shares subject to the Option (as determined on the date of grant of such Option) that become exercisable during a
calendar year exceed $100,000, then such Option shall be treated as a nonqualified stock option to the extent such $100,000 limitation is exceeded. 

  
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 (f) The term; provided that each Option must terminate no later than ten
(10) years after the date of grant and each incentive stock option granted to a 10% Stockholder must terminate no later than five (5) years after the date of grant. 
 In all other respects, the terms of any incentive stock option should comply with the provisions of Code section 422 except to the extent the Administrator determines otherwise. If an Option that is
intended to be an incentive stock option fails to meet the requirements thereof, the Option shall automatically be treated as a nonqualified stock option to the extent of such failure. 

Subject to the terms and conditions of the Award, vested Options may be exercised, in whole or in part, by giving notice of exercise to
the Company in such manner as the Company may prescribe. This notice must be accompanied by payment in full of the exercise price in cash or by use of such other instrument as the Administrator may agree to accept. 

Payment of the exercise price, applicable withholding taxes due upon exercise of the Option, or both may be made in the form of Stock
already owned by the Participant, which Stock shall be valued at Fair Market Value on the date the Option is exercised. A Participant who elects to make payment in Stock may not transfer fractional shares or shares of Stock with an aggregate Fair
Market Value in excess of the Option exercise price plus applicable withholding taxes. A Participant need not present Stock certificates when making payment in Stock, so long as other satisfactory proof of ownership of the Stock tendered is provided
(e.g., attestation of ownership of a sufficient number of shares of Stock to pay the exercise price). The Administrator shall have the discretion to authorize or accept payment by other forms or methods or to establish a cashless exercise program,
all within such limitations as may be imposed by the Plan or any applicable law. 
 8. Stock Appreciation Rights. Subject
to the terms of this Plan, the Administrator will determine all terms and conditions of each SAR, including but not limited to: 

(a) Whether the SAR is granted independently of an Option or relates to an Option; 

(b) The number of Shares to which the SAR relates; 
 (c) The date of grant, which may not be prior to the date of the Administrator’s approval of the grant; 
 (d) The grant price, provided that the grant price shall not be less than the Fair Market Value of the Shares subject to the SAR as determined on the date of grant; 

(e) The terms and conditions of exercise or maturity; provided that, subject to the provisions of Sections 12 and 16, one-third
(1/3) of each SAR may not become exercisable or mature earlier than on each of the first three (3) anniversaries of the date of grant; 
 (f) The term, provided that each SAR must terminate no later than ten (10) years after the date of grant; and 
 (g) Whether the SAR will be settled in cash, Shares or a combination thereof. 

  
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 If an SAR is granted in relation to an Option, then unless otherwise determined by the
Administrator, the SAR shall be exercisable or shall mature at the same time or times, on the same conditions and to the extent and in the proportion, that the related Option is exercisable and may be exercised or mature for all or part of the
Shares subject to the related Option. Upon exercise of any number of SAR, the number of Shares subject to the related Option shall be reduced accordingly and such Option may not be exercised with respect to that number of Shares. The exercise of any
number of Options that relate to an SAR shall likewise result in an equivalent reduction in the number of Shares covered by the related SAR. 
 9. Performance and Stock Awards. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each award of Restricted Stock, Restricted Stock Units, Deferred
Stock Rights, Performance Shares or Performance Units, including but not limited to: 
 (a) The number of Shares and/or units to
which such Award relates; 
 (b) Whether, as a condition for the Participant to realize all or a portion of the benefit provided
under the Award, one or more Performance Goals must be achieved during such period as the Administrator specifies; 
 (c) The
period of restriction with respect to Restricted Stock or Restricted Stock Units and the period of deferral for Deferred Stock Rights (which, subject to the provisions of Sections 12 and 16, in each case may not be less than three (3) years
from the date of grant); 
 (d) The performance period for Performance Awards (which, subject to the provisions of Sections 12
and 16, must be at least one year); 
 (e) With respect to Performance Units, whether to measure the value of each unit in
relation to a designated dollar value or the Fair Market Value of one or more Shares; and 
 (f) With respect to Restricted
Stock Units and Performance Units, whether to settle such Awards in cash, in Shares, or a combination thereof. 
 During the
time Restricted Stock is subject to the Period of Restriction, the Participant shall have all of the rights of a shareholder with respect to the Restricted Stock, including the right to vote such Stock and, unless the Administrator shall otherwise
provide, the right to receive dividends paid with respect to such Stock. 
 Except as otherwise provided in the Plan, at such
time as all restrictions applicable to an Award of Restricted Stock, Deferred Stock Rights or Restricted Stock Units are met and the Restriction Period expires, ownership of the Stock subject to such restrictions shall be transferred to the
Participant free of all restrictions except those that may be imposed by applicable law; provided that if Restricted Stock Units are paid in cash, said payment shall be made to the Participant after all applicable restrictions lapse and the
Restriction Period expires. 
 10. Dividend Equivalent Units. Subject to the terms of this Plan, the Administrator will
determine all terms and conditions of each award of Dividend Equivalent Units, including but not limited to whether: (a) such Award will be granted in tandem with another Award; (b) payment of the Award be made currently or credited to an
account for the Participant which 

  
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provides for the deferral of such amounts until a stated time; and (c) the Award will be settled in cash or Shares; provided that Dividend Equivalent Units may be granted only in
connection with a “full value” Award as defined in Section 6(c). 
 11. Other Stock-Based Awards. Subject
to the terms of this Plan, the Administrator may grant to Participants other types of Awards, which shall be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, Shares, either alone or in addition to or in
conjunction with other Awards, and payable in Stock or cash. Without limitation, such Award may include the issuance of shares of unrestricted Stock, which may be awarded in payment of director fees, in lieu of cash compensation, in exchange for
cancellation of a compensation right, as a bonus, or upon the attainment of Performance Goals or otherwise, or rights to acquire Stock from the Company. The Administrator shall determine all terms and conditions of the Award, including but not
limited to, the time or times at which such Awards shall be made, and the number of Shares to be granted pursuant to such Awards or to which such Award shall relate; provided that any Award that provides for purchase rights shall be priced at
100% of Fair Market Value on the date of the Award. 
 12. Effect of Termination on Awards. Except as otherwise provided
by the Administrator in an Award Agreement or, subject to Section 3(a), as determined by the Administrator at the time of termination of a Participant’s service: 
 (a) Termination of Employment or Service. If a Participant’s service with the Company and its Affiliates as an employee or Director ends for any reason other than (i) a termination for
Cause, (ii) Retirement, (iii) death or (iv) Disability, then: 
 (i) Any outstanding Options or
SARs, to the extent otherwise exercisable on the date such Participant’s service ends, shall be exercisable no later than ninety (90) days following the Participant’s termination date or, if earlier, the expiration date of the Option
or SAR. At the conclusion of such ninety (90) day period, all such Options and SARs then unexercised shall be forfeited. 
 (ii) All other Awards made to the Participant, to the extent not then earned or paid to the Participant, shall terminate no later than the Participant’s last day of employment, or service as a
Director. 
 (b) Retirement of Corporate Officer or Director. Upon Retirement of a Participant who is then a
Board-appointed corporate officer or a Director: 
 (i) Any outstanding Options or SARs shall remain outstanding
(and shall continue to vest in accordance with the terms of the Award as if the Participant had continued in employment or service) until the earlier of the expiration date of the Award and the fifth anniversary of such Participant’s Retirement
date; provided, however, that such extension shall result in the conversion of an incentive stock option to a nonqualified stock option to the extent required under the Code. 

(ii) All Restricted Stock, Restricted Stock Units and Deferred Stock Rights (that are not Performance Awards) outstanding
on the Participant’s Retirement date shall be immediately vested, and any other terms and conditions applicable to such Awards shall be deemed to have lapsed or otherwise been satisfied. Payment for all such Awards shall be made to the
Participant in either unrestricted shares of Stock or cash, depending on the payment terms applicable to such Award. 

  
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 (iii) All Performance Awards outstanding on the Participant’s
Retirement date shall be paid in either unrestricted shares of Stock or cash, as the case may be, following the end of the performance period and based on achievement of the Performance Goals established for such Awards, as if the Participant had
not retired. 
 (iv) Notwithstanding the provisions of Section 2(ff), effective for Awards granted on or
after July 29, 2008, the provisions of subsections 12(b)(i), (ii) and (iii) shall apply only with respect to the termination of employment or service from the Company and its Affiliates (for other than Cause) of a Board-appointed
corporate officer, on or after attainment of age sixty (60) and completion of ten (10) years of service with the Company and its Affiliates. 
 (c) Retirement of Other Participants. Upon (A) Retirement of a Participant who is then a Board-appointed corporate officer prior to the attainment of age sixty (60) (with respect to
Awards granted on or after July 29, 2008), or (B) Retirement of a Participant who is not then a Board-appointed corporate officer or a Director:: 
 (i) Any Options and SARs exercisable on such Participant’s Retirement date shall be exercisable no later than ninety (90) days following such date or, if earlier, the expiration date of the
Option or SAR. At the end of such ninety (90) day period, all Options and SARs then unexercised shall be forfeited. 
 (ii) All Restricted Stock, Restricted Stock Units and Deferred Stock Rights (that are not Performance Awards) shall vest on a prorated basis, based on the portion of the restriction or deferral period, as
applicable, which the Participant has completed at the time of Retirement and any other terms and conditions applicable to such Awards shall be deemed to have lapsed or otherwise been satisfied. 

(iii) All Performance Awards outstanding on the Participant’s Retirement date shall be paid in either unrestricted
shares of Stock or cash, as the case may be, following the end of the performance period and based on achievement of the Performance Goals established for such Awards, as if the Participant had not retired, but prorated based on the portion of the
performance period which the Participant has completed at the time of Retirement. 
 (d) Death or Disability. If a
Participant’s service with the Company and its Affiliates ends due to death or Disability: 
 (i) All
Options and SARs shall vest immediately and shall be exercisable until the earlier of twelve (12) months following the date the Participant’s service ends and the expiration date of the Option or SAR. Upon such earlier date, all Options
and SARs then unexercised shall be forfeited. 
 (ii) All Restricted Stock, Restricted Stock Units and Deferred
Stock Rights (that are not Performance Awards or for which any Performance Goals have been satisfied) shall be immediately vested, and any other terms and conditions applicable to such Awards shall be deemed to have lapsed or otherwise been
satisfied. 
 (iii) All Performance Awards shall be paid in either unrestricted shares of Stock or cash, as the
case may be, following the end of the performance period and based on achievement of the Performance Goals established for such Awards, as if the Participant had not terminated service. 

  
 11 

 (e) Termination for Cause. If a Participant’s employment with the Company and
its Affiliates or service as a Director is terminated for Cause, all Awards and grants of every type, whether or not then vested, shall terminate no later than the Participant’s last day of employment. The Committee shall have discretion to
determine whether this Section 12(f) shall apply, whether the event or conduct at issue constitutes Cause for termination and the date on which Awards to a Participant shall terminate. 

(f) Consultants and Other Stock-Based Awards. The Committee shall have the discretion to determine, at the time an Award is made,
the effect of the termination of service of a Consultant on Awards held by such individual, and the effect on Other Stock-Based Awards of the Participant’s termination of employment or service with the Company and its Affiliates. 

13. Transferability.  
 (a) Restrictions on Transfer. Awards are not transferable other than by will or the laws of descent and distribution, unless and to the extent the Administrator allows a Participant
to designate in writing a beneficiary to exercise the Award or receive payment under an Award after the Participant’s death or transfer an Award as provided in subsection (b). 

(b) Permitted Transfers. If allowed by the Administrator, a Participant may transfer the ownership of some or all of the vested or
earned Awards granted to such Participant, other than incentive stock options to (i) the spouse, children or grandchildren of such Participant (the “Family Members”), (ii) a trust or trust established for the exclusive benefit of
such Family Members, or (iii) a partnership in which such Family Members are the only partners. Notwithstanding the foregoing, vested or earned Awards may be transferred without the Administrator’s pre-approval if the transfer is made
incident to a divorce as required pursuant to the terms of a “domestic relations order” as defined in Section 414(p) of the Code; provided that no such transfer will be allowed with respect to ISOs if such transferability is not
permitted by Code Section 422. Any such transfer shall be without consideration and shall be irrevocable. No Award so transferred may be subsequently transferred, except by will or applicable laws of descent and distribution. The Administrator
may create additional conditions and requirements applicable to the transfer of Awards. Following the allowable transfer of a vested Option, such Option shall continue to be subject to the same terms and conditions as were applicable to the Option
immediately prior to the transfer. For purposes of settlement of the Award, delivery of Stock upon exercise of an Option and the Plan’s Change of Control provisions, however, any reference to a Participant shall be deemed to refer to the
transferee. 
 14. Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards. 

(a) Term of Plan. The Plan terminated on September 28, 2012. 

(b) Termination and Amendment. The Board or the Committee may amend, alter, suspend, discontinue or terminate this Plan at any
time, subject to the following limitations: 
 (i) the Board must approve any amendment of this Plan to the
extent the Company determines such approval is required by: (A) action of the Board, (B) applicable corporate law, or (C) any other applicable law; 

  
 12 

 (ii) shareholders must approve any amendment of this Plan to the extent the
Company determines such approval is required by: (A) Section 16 of the Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market on which the Shares are then traded, or (D) any
other applicable law; and 
 (iii) shareholders must approve any of the following Plan amendments: (A) an
amendment to materially increase any number of Shares specified in Section 6(a), 6(b) or the limits set forth in Section 6(d) (except as permitted by Section 16), (B) an amendment to expand the group of individuals that may
become Participants, or (C) an amendment that would diminish the protections afforded by Section 14(e) or that would materially change the minimum vesting and performance requirements of an Award as required in the Plan. 

(c) Amendment, Modification or Cancellation of Awards. Except as provided in Section 14(e) and subject to the
requirements of this Plan, the Administrator may modify, amend or cancel any Award; or waive any restrictions or conditions applicable to any Award or the exercise of the Award, provided that any modification or amendment that materially
diminishes the rights of the Participant, or the cancellation of the Award, shall be effective only if agreed to by the Participant or any other person(s) as may then have an interest in the Award, but the Administrator need not obtain Participant
(or other interested party) consent for the adjustment or cancellation of an Award pursuant to the provisions of Section 16 or the modification of an Award to the extent deemed necessary to comply with any applicable law, the listing
requirements of any principal securities exchange or market on which the Shares are then traded, or to preserve favorable accounting or tax treatment of any Award for the Company. Notwithstanding the foregoing, unless determined otherwise by the
Administrator, any such amendment shall be made in a manner that will enable an Award intended to be exempt from Code Section 409A to continue to be so exempt, or to enable an Award intended to comply with Code Section 409A to continue to
so comply. 
 (d) Survival of Authority and Awards. Notwithstanding the foregoing, the authority of the Board and the
Administrator under this Section 14 and to otherwise administer the Plan will extend beyond the date of this Plan’s termination. In addition, termination of this Plan will not affect the rights of Participants with respect to Awards
previously granted to them, and all unexpired Awards will continue in force and effect after termination of this Plan except as they may lapse or be terminated by their own terms and conditions. 

(e) Repricing and Backdating Prohibited. Notwithstanding anything in this Plan to the contrary, and except for the adjustments
provided in Section 16, neither the Administrator nor any other person may decrease the exercise price for any outstanding Option or SAR after the date of grant nor allow a Participant to surrender an outstanding Option or SAR to the Company as
consideration for the grant of a new Option or SAR with a lower exercise price. In addition, the Administrator may not make a grant of an Option or SAR with a grant date that is effective prior to the date the Administrator takes action to approve
such Award. 
 (f) Foreign Participation. To assure the viability of Awards granted to Participants employed or residing
in foreign countries, the Administrator may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the Administrator may approve such supplements to, or
amendments, restatements or alternative versions of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions that the Administrator approves for purposes of using this Plan in
a foreign country will not affect the terms of this Plan for any other country. In addition, all such supplements, amendments, restatements or alternative versions must comply with the provisions of Section 14(b)(ii). 

  
 13 

 In addition, if an Award is held by a Participant who is employed or residing in a foreign country and the
amount payable or Shares issuable under such Award would be taxable to the Participant under Code Section 457A in the year such Award is no longer subject to a substantial risk of forfeiture, then the amount payable or Shares issuable under
such Award shall be paid or issued to the Participant as soon as practicable after such substantial risk of forfeiture lapses (or, for Awards that are not considered nonqualified deferred compensation subject to Code Section 409A, no later than
the end of the short-term deferral period permitted by Code Section 457A) notwithstanding anything in this Plan or the Award Agreement to contrary. 
 (g) Code Section 409A. The provisions of Code Section 409A are incorporated herein by reference to the extent necessary for any Award that is subject to Code Section 409A to comply
therewith. 
 15. Taxes. 
 (a) Withholding. In the event the Company or an Affiliate of the Company is required to withhold any Federal, state or local taxes or other amounts in respect of any income recognized by a
Participant as a result of the grant, vesting, payment or settlement of an Award or disposition of any Shares acquired under an Award, the Company may deduct (or require an Affiliate to deduct) from any payments of any kind otherwise due the
Participant cash, or with the consent of the Committee, Shares otherwise deliverable or vesting under an Award, to satisfy such tax obligations. Alternatively, the Company may require such Participant to pay to the Company, in cash, promptly on
demand, or make other arrangements satisfactory to the Company regarding the payment to the Company of the aggregate amount of any such taxes and other amounts. If Shares are deliverable upon exercise or payment of an Award, the Committee may permit
a Participant to satisfy all or a portion of the Federal, state and local withholding tax obligations arising in connection with such Award by electing to (a) have the Company withhold Shares otherwise issuable under the Award, (b) tender
back Shares received in connection with such Award or (c) deliver other previously owned Shares; provided that the amount to be withheld may not exceed the total minimum federal, state and local tax withholding obligations associated
with the transaction to the extent needed for the Company to avoid an accounting charge. If an election is provided, the election must be made on or before the date as of which the amount of tax to be withheld is determined and otherwise as the
Committee requires. In any case, the Company may defer making payment or delivery under any Award if any such tax may be pending unless and until indemnified to its satisfaction. 

(b) No Guarantee of Tax Treatment. Notwithstanding any provisions of the Plan, the Company does not guarantee to any Participant
or any other Person with an interest in an Award that (i) any Award intended to be exempt from Code Section 409A shall be so exempt, (ii) any Award intended to comply with Code Section 409A or Code Section 422 shall so
comply, (iii) any Award shall otherwise receive a specific tax treatment under any other applicable tax law, nor in any such case will the Company or any Affiliate indemnify, defend or hold harmless any individual with respect to the tax
consequences of any Award. 
 (c) Participant Responsibilities. If a Participant shall dispose of Stock acquired through
exercise of an ISO within either (i) two (2) years after the date the Option is granted or (ii) one (1) year after the date the Option is exercised (i.e., in a disqualifying disposition), such

  
 14 

 
Participant shall notify the Company within seven (7) days of the date of such disqualifying disposition. In addition, if a Participant elects, under Code Section 83, to be taxed at the
time an Award of Restricted Stock (or other property subject to such Code section) is made, rather than at the time the Award vests, such Participant shall notify the Company within seven (7) days of the date the Restricted Stock subject to the
election is awarded. 
 16. Adjustment Provisions; Change of Control. 

(a) Adjustment of Shares. If: (i) the Company shall at any time be involved in a merger or other transaction in which the
Shares are changed or exchanged; (ii) the Company shall subdivide or combine the Shares or the Company shall declare a dividend payable in Shares, other securities or other property; (iii) the Company shall effect a cash dividend the
amount of which, on a per Share basis, exceeds ten percent (10%) of the Fair Market Value of a Share at the time the dividend is declared, or the Company shall effect any other dividend or other distribution on the Shares in the form of cash,
or a repurchase of Shares, that the Board determines by resolution is special or extraordinary in nature or that is in connection with a transaction that the Company characterizes publicly as a recapitalization or reorganization involving the
Shares; or (iv) any other event shall occur, which, in the case of this clause (iv), in the judgment of the Board or Committee necessitates an adjustment to prevent dilution or enlargement of the benefits or potential benefits intended to be
made available under this Plan, then the Administrator shall, in such manner as it may deem equitable to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, adjust as applicable:
(A) the number and type of Shares subject to this Plan (including the number and type of Shares described in Sections 6(a), (b) and (d)) and which may after the event be made the subject of Awards; (B) the number and type of Shares
subject to outstanding Awards; (C) the grant, purchase, or exercise price with respect to any Award; and (D) to the extent such discretion does not cause an Award that is intended to qualify as performance-based compensation under Code
Section 162(m) to lose its status as such, the Performance Goals of an Award. In each case, with respect to Awards of incentive stock options, no such adjustment may be authorized to the extent that such authority would cause this Plan to
violate Code Section 422(b). 
 Without limitation, in the event of any reorganization, merger, consolidation, combination
or other similar corporate transaction or event, whether or not constituting a Change of Control (other than any such transaction in which the Company is the continuing corporation and in which the outstanding Stock is not being converted into or
exchanged for different securities, cash or other property, or any combination thereof), the Administrator may substitute, on an equitable basis as the Administrator determines, for each Share then subject to an Award and the Shares subject to this
Plan (if the Plan will continue in effect), the number and kind of shares of stock, other securities, cash or other property to which holders of Stock are or will be entitled in respect of each Share pursuant to the transaction. 

Notwithstanding the foregoing, in the case of a stock dividend (other than a stock dividend declared in lieu of an ordinary cash
dividend) or subdivision or combination of the Shares (including a reverse stock split), if no action is taken by the Administrator, adjustments contemplated by this subsection that are proportionate shall nevertheless automatically be made as of
the date of such stock dividend or subdivision or combination of the Shares. 
 (b) Issuance or Assumption.
Notwithstanding any other provision of this Plan, and without affecting the number of Shares otherwise reserved or available under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization, the
Administrator may authorize the issuance or assumption of awards under this Plan upon such terms and conditions as it may deem appropriate. 

  
 15 

 (c) Change of Control. If the Participant has in effect an employment, retention,
change of control, severance or similar agreement with the Company or any Affiliate that discusses the effect of a Change of Control on the Participant’s Awards, then such agreement shall control. In all other cases, unless provided otherwise
in an Award agreement, in the event of a Change of Control: 
 (i) Each Option or SAR that is then held by a
Participant who is employed by or in the service of the Company or an Affiliate shall become immediately and fully vested, and, unless otherwise determined by the Board or Committee, all Options and SARs shall be cancelled on the date of the Change
of Control in exchange for a cash payment equal to the excess of the Change of Control price of the Shares covered by the Option or SAR that is so cancelled over the purchase or grant price of such Shares under the Award; 

(ii) Restricted Stock, Restricted Stock Units and Deferred Stock Rights (that are not Performance Awards) that are not
then vested shall vest; 
 (iii) All Performance Awards that are earned but not yet paid shall be paid, and all
Performance Awards for which the performance period has not expired shall be cancelled in exchange for a cash payment equal to the amount that would have been due under such Award(s) if the Performance Goals (as measured at the time of the Change of
Control) were to continue to be achieved at the same rate through the end of the performance period, or if higher, assuming the target Performance Goals had been met at the time of such Change of Control; and 

(iv) All Dividend Equivalent Units that are not vested shall vest and be paid in cash, and all other Awards that are not
vested shall vest and if an amount is payable under such vested Award, such amount shall be paid in cash based on the value of the Award. 
 If the value of an Award is based on the Fair Market Value of a Share, Fair Market Value shall be deemed to mean the per share Change of Control price. The Administrator shall determine the per share
Change of Control price paid or deemed paid in the Change of Control transaction. 
 Except as otherwise expressly provided in
any agreement between a Participant and the Company or an Affiliate, if the receipt of any payment by a Participant under the circumstances described above would result in the payment by the Participant of any excise tax provided for in
Section 280G and Section 4999 of the Code, then the amount of such payment shall be reduced to the extent required to prevent the imposition of such excise tax. 

  
 16 

 17. Miscellaneous. 

(a) Other Terms and Conditions. The grant of any Award may also be subject to other provisions (whether or not applicable to the
Award granted to any other Participant) as the Administrator determines appropriate, including, without limitation, provisions for: 
 (i) the payment of the purchase price of Options by delivery of cash or other Shares or other securities of the Company (including by attestation) having a then Fair Market Value equal to the purchase
price of such Shares, or by delivery (including by fax) to the Company or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions to a broker-dealer to sell or margin a sufficient portion of the
Shares and deliver the sale or margin loan proceeds directly to the Company to pay for the exercise price; 

(ii) restrictions on resale or other disposition of Shares; and 

(iii) compliance with federal or state securities laws and stock exchange requirements. 

(b) Employment and Service. The issuance of an Award shall not confer upon a Participant any right with respect to continued
employment or service with the Company or any Affiliate, or the right to continue as a Director. Unless determined otherwise by the Administrator, for purposes of the Plan and all Awards, the following rules shall apply: 

(i) a Participant who transfers employment between the Company and its Affiliates, or between Affiliates, will not be
considered to have terminated employment; 
 (ii) a Participant who ceases to be a Non-Employee Director because
he or she becomes an employee of the Company or an Affiliate shall not be considered to have ceased service as a Non-Employee Director with respect to any Award until such Participant’s termination of employment with the Company and its
Affiliates; 
 (iii) a Participant who ceases to be employed by the Company or an Affiliate and immediately
thereafter becomes a Non-Employee Director, a non-employee director of an Affiliate, or a consultant to the Company or any Affiliate shall not be considered to have terminated employment until such Participant’s service as a director of, or
consultant to, the Company and its Affiliates has ceased; and 
 (iv) a Participant employed by an Affiliate will
be considered to have terminated employment when such entity ceases to be an Affiliate. 
 Notwithstanding the foregoing, for
purposes of an Award that is subject to Code Section 409A, if a Participant’s termination of employment or service triggers the payment of compensation under such Award, then the Participant will be deemed to have terminated employment or
service upon his or her “separation from service” within the meaning of Code Section 409A. 
 (c) No
Fractional Shares. No fractional Shares or other securities may be issued or delivered pursuant to this Plan, and the Administrator may determine whether cash, other securities or other property will be paid or transferred in lieu of any
fractional Shares or other securities, or whether such fractional Shares or other securities or any rights to fractional Shares or other securities will be canceled, terminated or otherwise eliminated. 

  
 17 

 (d) Unfunded Plan. This Plan is unfunded and does not create, and should not be
construed to create, a trust or separate fund with respect to this Plan’s benefits. This Plan does not establish any fiduciary relationship between the Company and any Participant or other person. To the extent any person holds any rights by
virtue of an Award granted under this Plan, such rights are no greater than the rights of the Company’s general unsecured creditors. 
 (e) Requirements of Law and Securities Exchange. The granting of Awards and the issuance of Shares in connection with an Award are subject to all applicable laws, rules and regulations and to such
approvals by any governmental agencies or national securities exchanges as may be required. Notwithstanding any other provision of this Plan or any award agreement, the Company has no liability to deliver any Shares under this Plan or make any
payment unless such delivery or payment would comply with all applicable laws and the applicable requirements of any securities exchange or similar entity, and unless and until the Participant has taken all actions required by the Company in
connection therewith. The Company may impose such restrictions on any Shares issued under the Plan as the Company determines necessary or desirable to comply with all applicable laws, rules and regulations or the requirements of any national
securities exchanges. 
 (f) Governing Law. This Plan, and all agreements under this Plan, will be construed in
accordance with and governed by the laws of the State of Minnesota, without reference to any conflict of law principles. Any legal action or proceeding with respect to this Plan, any Award or any award agreement, or for recognition and enforcement
of any judgment in respect of this Plan, any Award or any award agreement, may only be heard in a “bench” trial, and any party to such action or proceeding shall agree to waive its right to a jury trial. 

(g) Limitations on Actions. Any legal action or proceeding with respect to this Plan, any Award or any award agreement, must be
brought within one year (365 days) after the day the complaining party first knew or should have known of the events giving rise to the complaint. 
 (h) Construction. Whenever any words are used herein in the masculine, they shall be construed as though they were used in the feminine in all cases where they would so apply; and wherever any
words are used in the singular or plural, they shall be construed as though they were used in the plural or singular, as the case may be, in all cases where they would so apply. Title of sections are for general information only, and this Plan is
not to be construed with reference to such titles. 
 (i) Severability. If any provision of this Plan or any award
agreement or any Award (i) is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or (ii) would disqualify this Plan, any award agreement or any Award under any law the
Administrator deems applicable, then such provision should be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Administrator, materially altering the
intent of this Plan, award agreement or Award, then such provision should be stricken as to such jurisdiction, person or Award, and the remainder of this Plan, such award agreement and such Award will remain in full force and effect. 

  
 18Pentair Ltd. Omnibus Stock Incentive Plan, as amended

 Exhibit 10.10 
 PENTAIR LTD. 
 OMNIBUS STOCK INCENTIVE PLAN 

As Amended 

Effective September 28, 2012 
 SECTION 1 
 BACKGROUND AND PURPOSE 

1.1 Background. Effective January 12, 1990, Pentair, Inc. combined its various equity compensation plans into one
plan, the Pentair, Inc. 1990 Omnibus Stock Incentive Plan, to facilitate structuring of equity compensation awards and to permit administration of its equity compensation program under a consistent set of rules. 

Pentair most recently restated the Plan effective as of December 12, 2007 to conform the terms of the Plan with the requirements of
section 409A of the Code and to make clarifying administrative changes. The Plan is amended effective September 28, 2012 to reflect the effect of the consummation of the merger contemplated by the Merger Agreement, dated as of March 27,
2012, among Pentair, Inc., Tyco International Ltd., Pentair Ltd., Panthro Acquisition Co. and Panthro Merger Sub, Inc., in which Pentair, Inc. was merged with and into Panthro Merger Sub, Inc. and became a wholly owned subsidiary of Pentair Ltd. on
September 28, 2012. 
 1.2 Purpose. Pentair maintains this comprehensive equity compensation and incentive
plan for the following purposes: 
 (a) To promote the growth and success of Pentair by linking a significant portion of
participant compensation to the increase in value of Pentair common stock; 
 (b) To attract and retain top quality, experienced
executives and key employees by offering a competitive incentive compensation program; 
 (c) To reward innovation and
outstanding performance as important contributing factors to Pentair’s growth and progress; 
 (d) To align the interests
of executives and key employees with those of shareholders by reinforcing the relationship between participant rewards and shareholder gains obtained through the achievement by plan participants of short-term objectives and long-term goals; and

 (e) To encourage executives and key employees to obtain and maintain an equity interest in Pentair. 

 SECTION 2 
 DEFINITIONS 
 Unless the context requires otherwise, when capitalized the
terms listed below shall have the following meanings when used in this or other sections of the Plan: 
 (1)
“Affiliate” is any corporation, business trust, division, partnership, joint venture, limited liability company or other legal entity which is not a Subsidiary, but in which Pentair holds (directly or indirectly) a significant ownership
interest, the employees of which the Committee has determined may be eligible for Awards, but only during periods of such ownership as the Committee shall prescribe. 

(2) “Award” is an Option, SAR, Restricted Stock, Right to Restricted Stock, Restricted Unit, Performance Award
or other cash or Stock incentive granted to a Participant, subject to the terms, conditions and restrictions of the Plan and to such other terms, conditions and restrictions as may be established with respect to an Award. 

(3) “Board” is (a) prior to September 28, 2012, the Board of Directors of Pentair, Inc., as elected
from time to time or (b) on and after September 28, 2012, the Board of Directors of Pentair Ltd., as elected from time to time. 
 (4) “Change in Control” is a change in control of Pentair, as that term is defined in the KEESA. Notwithstanding the foregoing, with respect to an Award that is considered deferred compensation
subject to Code section 409A, the definition of “Change in Control” (if a Change in Control results in the payment of such Award) shall be amended and interpreted in a manner that allows the definition to satisfy the requirements of a
change of control under Code section 409A. 
 (5) “Code” is the Internal Revenue Code of 1986, as
amended. 
 (6) “Committee” is the Compensation Committee of the Board, as appointed from time to time.

 (7) “Consultant” is a person or entity rendering services to a member of the Pentair Group who is
not an employee of any such member and who is not otherwise eligible to participate under this Plan or another similar type of equity compensation plan sponsored by Pentair, but who has contributed, or can be expected to contribute, to the growth
and success of the Pentair Group or any member thereof. 
 (8) “Disabled” or “Disability” is
a physical or mental incapacity which qualifies an individual to collect a benefit under a long term disability plan maintained by Pentair, or such similar mental or physical condition which the Committee may determine to be a Disability, regardless
of whether either the individual or the condition is covered by any such long term disability plan. 
 (9)
“Eligible Employee” is a key managerial, administrative or professional employee of a member of the Pentair Group whose position is generally evaluated at salary grade 25 or higher and who is in a position to make a material contribution
to the 

  
 -2-

 
continued profitable growth and long term success of the Pentair Group or any member thereof. In the case of employees of an Affiliate, this term shall not include individuals who are otherwise
eligible to participate under the Plan or another similar plan sponsored by Pentair. 
 (10) “Fair Market
Value” is the closing price of a share of Stock on the relevant date as reported on the New York Stock Exchange, or such other exchange as may then list Pentair Stock, or, in the event the Stock ceases to be so listed, as otherwise determined
using procedures established by the Committee. 
 (11) “Fiscal Year” is the twelve
(12) consecutive month period beginning January 1 and ending December 31. 
 (12) “Incentive
Stock Option” or “ISO” is an Option which is designated as such and is intended to so qualify under Code section 422. 
 (13) “KEESA” is the Key Executive Employment and Severance Agreement between Pentair and key executives, as approved by the Board and in effect from time to time. 

(14) “Nonqualified Stock Option” or “NQSO” is any Option which is not, or cannot be treated as, an
ISO. 
 (15) “Option” is a right to purchase Stock subject to such terms and conditions as are
established relative to the grant, or as otherwise provided under the Plan. 
 (16) “Participant” is an
Eligible Employee or a Consultant approved by the Committee to receive an Award. 
 (17) “Pentair” is
(a) prior to September 28, 2012, Pentair, Inc., a Minnesota corporation, and (b) on and after September 28, 2012, Pentair Ltd., a Swiss company. 

(18) “Pentair Group” is, as of any relevant date, Pentair and all Subsidiaries and Affiliates. 

(19) “Performance Award” is an Award the payment of which is based solely on the degree of attainment of
Performance Goals over a Performance Cycle, both as established relative to such Award. 
 (20) “Performance
Cycle” is the period established relative to a Performance Award during which the performance of an individual with respect to the Performance Goals for the Pentair Group, or any subgroup thereof, any member of the Pentair Group or any unit,
branch or division of such member, as relevant to the Award, is measured for the purpose of determining the extent to which a Performance Award has been earned. 
 (21) “Performance Goals” are the business or financial objectives, or both, established relative to a Performance Award and which are to be achieved over a Performance Cycle. The Performance
Goals for Awards intended to qualify for the 

  
 -3-

 
performance-based compensation exception under Code section 162(m) shall be related to one or more of the following business criteria: net income; stockholder return; stock price appreciation;
earnings per share; revenue growth; return on investment; return on invested capital; earnings before interest, taxes, depreciation and amortization; operating income; market share; return on sales; asset reduction; cost reduction; return on equity;
cash flow; and new product releases. 
 (22) “Performance Share” is a share of Stock, Restricted Stock
or a Right to Restricted Stock, the payment of which is determined by the Participant’s degree of attainment of Performance Goals over a Performance Cycle, or upon the lapse of any other restrictions, all as established relative to the Award.

 (23) “Performance Unit” is a unit representing the right to receive an amount of cash or Stock,
which amount is determined by the Participant’s degree of attainment of Performance Goals over a Performance Cycle, both as established relative to the Award. 

(24) “Plan” is the Pentair Ltd. Omnibus Stock Incentive Plan, as described in this plan document, and as it may
be amended from time to time. 
 (25) “Reload Option” is an Option granted to a Participant who, within
five (5) years of the date an Option with a reload feature is granted, exercises such Option by making payment for all or part of the Option exercise price in shares of Stock. 

(26) “Restricted Stock” is Stock issued to a Participant subject to such restrictions as are established
relative to such Award, and which will remain subject to said restrictions until such time as the restrictions lapse. 
 (27) “Restricted Unit” is a unit representing the right to receive an amount of cash or Stock at such time as the restrictions established relative to the Award are satisfied. 

(28) “Restriction Period” is the length of time established relative to an Award, during which the Participant
receiving the Award cannot sell, assign, transfer, pledge or otherwise encumber any Stock so awarded and at the end of which the Participant obtains an unrestricted right to such Stock. 

(29) “Retirement” is the ending of employment with the Pentair Group by a Participant who has attained age
fifty-five (55) and completed ten (10) years of service with the Pentair Group. 
 (30) “Right to
Restricted Stock” is a right awarded to a Participant to receive Stock or Restricted Stock at some future time, which Award is subject to such restrictions as may be established relative to the Award and which shall remain subject to such
restrictions until said restrictions lapse and Stock or Restricted Stock can be issued to the Participant. 

(31) “Significant Shareholder” is an Eligible Employee who, as of the date an ISO is granted to such individual,
owns more than ten percent (10%) of the total combined voting power of all classes of Stock then issued by Pentair or a Subsidiary corporation. 

  
 -4-

 (32) “Stock” is (a) prior to September 28, 2012,
Pentair, Inc. common stock, par value $0.16 2/3 per share, or (b) on and after September 28, 2012, registered shares of Pentair Ltd., nominal value CHF 0.50 per share, subject to any capital changes. 

(33) “Stock Appreciation Right” or “SAR” is an Award which entitles a Participant to receive, subject
to such terms and conditions as may be established relative to the Award, an amount of cash or shares of Stock, Restricted Stock or Rights to Restricted Stock measured by the increase in Fair Market Value of Stock from the date of grant to the date
of exercise. 
 (34) “Subsidiary” is any corporation, business trust, division, partnership, joint
venture, limited liability company or other legal entity in which Pentair owns (directly or indirectly) fifty percent (50%) or more of the voting stock, or rights analogous to voting stock, but only during the period such ownership interest
exists. 
 (35) “Units” are Awards which entitle a Participant to receive, subject to such terms and
conditions as are relevant to the Award, including the attainment of Performance Goals over a Performance Cycle, an amount measured by the change in the Fair Market Value of Stock, or such other amount as may be established relative to the Unit
Award, which amount may be paid to the Participant in cash, Stock, Restricted Stock, Rights to Restricted Stock or any combination thereof. 
 SECTION 3 
 SHARES AVAILABLE FOR AWARDS 

3.1 Number of Shares. The number of shares of Stock that may be issued or transferred to Participants on account of Awards
which may be made during the term of the Plan is 5,000,000, plus the number of shares of Stock authorized for such purposes under prior versions of the plan which as of May 1, 2004 are not subject to awards under any such prior plan, subject to
adjustment as provided in Section 3.2. Such shares of Stock shall be made available, at the discretion of the Committee, from authorized but unissued shares, treasury shares or shares acquired in the open market. 

3.2 Adjustments to Maximum Number of Shares of Stock. (a) Reuse of Shares of Stock. For purposes of determining
the number of shares of Stock available for issuance or delivery under the Plan at any given point in time, no Stock shall be deemed issued or delivered in connection with an Option until such Option is exercised and Stock is delivered to the
Participant. If any Award, whether issued under the Plan or any prior version of the plan, is surrendered, exercised, cashed out, lapses, expires, or otherwise terminates without either Restricted or unrestricted Stock having been issued to the
Participant, the number of shares subject to such Award, if any, shall be again available for issuance as Awards. Such number of shares of unrestricted Stock as are tendered by a Participant as full or partial payment of withholding or other taxes,
the number of shares of Restricted Stock surrendered for tax payment purposes, and the number of shares used to pay an Option exercise price will again be available 

  
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for issuance as Awards. Upon the exercise of an SAR issued in tandem with an Option or a Unit issued in tandem with an Award of Restricted Stock, Rights to Restricted Stock or Performance Shares,
the exercise of the SAR or the Unit which does not settle in shares of Stock, Restricted Stock or Rights to Restricted Stock shall cancel the tandem Option or applicable Stock Award, making such number of shares of Stock again available for issuance
as Awards. 
 (b) Antidilution. In the event of any merger, reorganization, consolidation, recapitalization, share
exchange, Stock dividend, Stock split, spin-off or other change in Pentair corporate structure affecting the Stock, the Committee shall make substitutions or adjustments in the aggregate number and kinds of shares reserved for issuance under the
Plan, in the number, kind and price of shares subject to outstanding Awards, and in the Award limits detailed in Section 3.3, provided that any such substitutions or adjustments will be, to the extent deemed appropriate by the Committee,
consistent with the treatment of Stock not subject to the Plan, and that the number of shares subject to any Award will always be a whole number. 
 In the event of a corporate merger, consolidation, acquisition of assets or stock, separation, reorganization or liquidation, the Committee shall be authorized to cause Pentair to issue Options or assume
other stock options, whether or not in a transaction to which Code section 424(a) applies, by means of substitution of new Options for previously issued stock options or an assumption of previously issued stock options. In such event the aggregate
number of shares of Stock available for issuance as Awards will be increased to reflect such substitution or assumption, and such shares as are substituted or assumed shall not be counted against the limit set forth in Section 3.1. 

3.3 Restrictions on Awards. The Awards granted to any one Participant in a Fiscal Year shall not exceed Options to purchase
750,000 shares of Stock, which number shall include any SARs granted in tandem with an Option; 500,000 shares of Restricted Stock or Rights to Restricted Stock, which number shall include any Restricted Units issued in tandem with such an Award; or
Performance Shares with a Fair Market Value in excess of $3,000,000 for each year in a Performance Cycle, which number shall include any Performance Units issued in tandem with an Award of Performance Shares Furthermore, not more than twenty percent
(20%) of the maximum number of shares of Stock available under the Plan may be used for Awards settled in Stock, Restricted Stock or Rights to Restricted Stock To the extent a Unit or SAR is granted in tandem with another Award and settles in
Stock, Restricted Stock or Rights to Restricted Stock so as to cancel an Award of Units or SARs, such Unit or SAR shall be counted against the above limits; Units or SARs which will settle in cash shall not be so counted. For purposes of applying
the dollar limit stated herein, all Awards shall be valued using the Fair Market Value of Stock on the date the Award is made, without regard to any vesting or other restrictions which may then apply. 

3.4 Vesting of Awards. Except as otherwise provided in Section 6 or Section 8, and subject to the discretion of
the Committee as described in Section 9.1, Awards shall vest as herein described. 
 (a) Options. Awards of ISOs and
NQSOs shall vest, or become exercisable, over a term which shall not be less than three (3) years, with not more than one-third of an Award of Options vesting on the first anniversary of the grant date, not more than one-third on

  
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the second anniversary of the grant date, and not more than one-third on the third anniversary of the grant date. To the extent Options treated as ISOs cannot be treated as such due to the
application of the exercise limits contained in Section 4.2(b), such Options shall be exercisable as NQSOs, and shall vest in accordance with the vesting provisions applicable to such ISOs at the time of grant; such Options shall not be treated
as a new grant of NQSOs for vesting purposes. Unless another vesting term is established by the Committee, Reload Options are vested and exercisable as of the grant date. 
 (b) Stock Appreciation Rights. Stock Appreciation Rights shall vest and become exercisable at such time as is established as a term or condition of the Award. To the extent SARs are issued in
tandem with Options, such SARs shall vest at the same times and over the same period as the related Options. 
 (c)
Restricted Stock, Rights to Restricted Stock and Restricted Units. Awards of Restricted Stock, Rights to Restricted Stock and Restricted Units shall vest following completion of the Restriction Period established relative to the Award. No
portion of such an Award shall vest sooner than the third anniversary of the grant date. Restricted Units shall vest at such time as is established as a term or condition of the Award. Restricted Units awarded in tandem with Restricted Stock or
Rights to Restricted Stock, shall vest at the same times and over the same period as the related Restricted Stock or Rights to Restricted Stock. 
 (d) Performance Awards. An Award of Performance Shares or Performance Units shall establish a Performance Cycle which shall be not less than one (1) year, but may be of any other length as the
Committee may determine. At the end of a Performance Cycle, Performance Shares or Performance Units, to the extent earned, shall be vested. Performance Units shall vest at such time as is established as a term or condition of the Award. To the
extent Performance Units are awarded in tandem with Performance Shares, such Units shall vest at the same times and over the same period as the Performance Shares. 
 (e) Other Awards. To the extent the Committee makes an Award other than one of the types of Awards described herein, such Award shall vest at the time or times and over the period established
relative to such Award. 
 (f) Exceptions to Vesting Rules. The Committee shall have the discretion to make an Award with
any vesting condition, including making such Award vested at grant, to the extent it deems such action is necessary in relation to business circumstances then existing. As an example, to align the interests of a newly hired Participant with those of
Pentair, the Committee may determine it is necessary to make an Award that will provide such individual with immediate ownership of Stock. 
 SECTION 4 
 TYPES AND TERMS OF AWARDS 

4.1 General. The Committee shall determine the type or types of Awards to be granted to each Participant, which Awards
shall be evidenced by such written or electronic documents as the Committee shall authorize. The types of Awards described herein may be granted under the Plan. If an Option (other than an ISO) or SAR is granted to a Participant who

  
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does not provide services to Pentair or any other member of the Pentair Group that is considered an “eligible issuer of service recipient stock” within the meaning of the regulations
promulgated under Code section 409A, then such Option or SAR is considered deferred compensation that must comply with the requirements of Code section 409A. 
 4.2 Incentive Stock Options. (a) Grant of ISOs. Incentive Stock Options shall have an exercise price equal to not less than one hundred percent (100%) of the Fair Market
Value of Stock on the date of grant. If an ISO is granted to a Significant Shareholder, the exercise price shall not be less than 110% of the Fair Market Value of Stock on the date of grant. Unless earlier terminated, ISOs shall expire not later
than ten (10) years from the date of grant. ISOs awarded to a Significant Shareholder shall expire not later than five (5) years from the date of grant. The term of an ISO may extend beyond the Plan termination date. No ISO shall contain
terms which would limit or otherwise affect a Participant’s right to exercise any other Option, nor shall any NQSO contain any 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. 
 (b) ISO Exercise Limit. The aggregate Fair
Market Value of Stock, determined as of the date of grant, subject to an Award of ISOs which may become exercisable for the first time in any calendar year, shall not exceed $100,000 and, to the extent such limit is exceeded, any Options which
exceed the limit shall be treated as NQSOs. In determining whether this exercisability limit has been met or exceeded, ISOs are taken into account in the order granted, and any acceleration of an ISO exercise date shall change the date the ISO is
first exercisable for purposes of applying this limit. Notwithstanding this limit, Options granted with an aggregate Fair Market Value not in excess of $100,000 need not be designated as ISOs. In the event this exercise limit shall be adjusted by
law, this Section 4.2 (b) shall be applied so as to take into account such limit as adjusted. 
 4.3
Nonqualified Stock Options. Nonqualified Stock Options granted under the Plan shall have an exercise price equal to not less than one hundred percent (100%) of the Fair Market Value of Stock on the date of grant. NQSOs shall
expire at such time or times as specified in documents evidencing the grant, although all such Options shall expire not later than ten (10) years from the date of grant. The term of a NQSO may extend beyond the Plan termination date.

 4.4 Reload Options. If the Committee, in its discretion, grants an Option with a reload feature, a Participant
who, within five (5) years of the grant date, exercises such an Option by tendering Stock as payment for the exercise price shall receive a grant of Reload Options. The number of Reload Options granted shall be equal to the number of shares of
Stock utilized by the Participant to pay the exercise price. Each Reload Option shall have an exercise price equal to one hundred percent (100%) of the Fair Market Value of Stock on the date the Reload Option is granted, and shall expire at the
same time as the Option exercised would have expired by its terms. The Reload Options may be granted as either ISOs or NQSOs and, to the extent allowable under applicable law, will be the same type of Option as was exercised to trigger the grant of
the Reload Option. Reload Options shall be subject to the same terms and conditions as the Option exercised, except that the use of Stock to pay the exercise price of a Reload Option will not entitle the Participant to another grant of Reload
Options. Any Options exercised after a Participant ends employment or otherwise ceases to provide services to the Pentair Group shall not be eligible for a grant of Reload Options, regardless of whether such Option was originally granted with a
reload feature, and regardless of the manner in which the exercise price is paid. 

  
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 4.5 Stock Appreciation Rights. Stock Appreciation Rights may be granted in
tandem with Options and may relate to any number of shares of Stock a Participant could acquire by exercise of an underlying ISO or NQSO. SARs also may be granted in any number without relation to an Option Award. An Award of SARs not related to
Options shall specify the terms and conditions applicable to the Award, provided that no SAR shall contain any terms which will limit or otherwise affect the ability of an ISO to qualify as such. 

4.6 Restricted Stock and Performance Shares. (a) Awards of Restricted Stock. An Award of Restricted Stock shall
specify the number of shares of Stock so awarded, the Restriction Period applicable to the Award and any other restrictions which shall apply to the Award. In addition to such other restrictions as may be specified at the time a Restricted Stock
Award is made, each share of Restricted Stock shall also be subject to the following restrictions: 
 (i) No
share of Restricted Stock may be sold, assigned, transferred, pledged or otherwise encumbered or disposed of while subject to any restrictions. 
 (ii) Except as otherwise provided in the Plan, unless the Participant remains continuously employed by a member of the Pentair Group until all restrictions lapse or are otherwise removed by the Committee,
all Restricted Stock awarded to such Participant shall be forfeited and returned to Pentair. 
 During the time Restricted Stock
remains subject to the relevant restrictions, the Participant shall have all of the rights of a shareholder with respect to the Restricted Stock, including the right to vote such Stock and, unless the Committee shall provide otherwise, the right to
receive dividends paid with respect to such Stock. 
 (b) Awards of Performance Shares. The Performance Goals which shall
apply to a Performance Award shall be established by the Committee before the Performance Cycle commences or, if after such Performance Cycle has commenced, while achievement of the Performance Goal is substantially uncertain. In awarding
Performance Shares, the Committee shall have the discretion to use such performance measures as it deems appropriate with respect to Participants who are not reasonably likely to be covered employees, within the meaning of Code section 162(m), at
the time all or any part of a Restricted Stock or Performance Share Award is otherwise deductible by the Participant’s employer for federal income tax purposes. 
 4.7 Rights to Restricted Stock. Rights to Restricted Stock shall be subject to the same terms and conditions as Restricted Stock, as described in Section 4.6, except that Participants
receiving an Award of Rights to Restricted Stock shall not have any of the rights of a shareholder until such time as the Rights to Restricted Stock vest, all restrictions are removed and the Stock is issued to the Participant. In the discretion of
the Committee, however, a Participant may receive payment of, or have credited to a bookkeeping account established for this purpose the equivalent of, the amounts that would otherwise be payable as dividends on the number of shares of Stock into
which the Rights to Restricted Stock may be converted. 

  
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 4.8 Unit Awards. (a) Restricted Units. Restricted Units may be
granted in tandem with Awards of Restricted Stock or Rights to Restricted Stock, and may relate to any number of such shares. Restricted Units also may be granted without relation to an Award of Restricted Stock or Rights to Restricted Stock. An
Award of Restricted Units shall specify the Restriction Period and other restrictions which may relate to such Units. Restricted Units awarded in tandem with an Award of Restricted Stock or Rights to Restricted Stock shall be subject to the same
terms and conditions as the Award of Restricted Stock or Rights to Restricted Stock to which such Units relate. 
 (b)
Performance Units. Performance Units may be granted in tandem with Performance Shares and may relate to any number of such shares. Performance Units may also be granted without relation to an Award of Performance Shares. An Award of
Performance Units shall also specify the Performance Goals and Performance Cycle applicable to the Award. Performance Units issued in tandem with an Award of Performance Shares shall have the same Performance Goals and Performance Cycle as the
Performance Shares to which they relate. The value, if any, of Performance Units shall be paid to the Participant based upon the degree to which the Performance Goals were attained, with such results determined as soon as practicable after the
Performance Cycle ends. 
 4.9 Other Stock or Cash Awards. The Committee may, in its sole discretion, grant other
types of Awards, which Awards may be payable in cash, Stock, Restricted Stock or Rights to Restricted Stock. Such Awards may be granted singly, in combination with, in replacement of or as alternatives to the grants or Awards described in this
Section 4, subject to such terms and conditions as may be established in the documents evidencing the Award. Any such Award shall be consistent with the other types of Awards described herein, subject to the limits stated in Section 3.3
and consistent with the goals and objectives of the Plan. 
 SECTION 5 

SETTLEMENT OF AWARDS 
 5.1 Forms of Payment. Awards shall settle in accordance with the terms and conditions relevant to such Award, and in accordance with the procedures herein described. 

5.2 Exercising Options. Subject to the terms and conditions of the Award, vested Options may be exercised, in whole or in
part, by giving notice of exercise to Pentair in such manner as may be prescribed. This notice must be accompanied by payment in full of the exercise price in cash or by use of such other instrument as the Committee may agree to accept. 

Payment in full may be made in the form of Stock already owned by the Participant, which Stock shall be valued at Fair Market Value on
the date the Option is exercised. A Participant who elects to make payment in Stock may not transfer fractional shares or shares of Stock with an aggregate Fair Market Value in excess of the Option exercise price plus applicable withholding taxes. A
Participant need not present Stock certificates when making payment in Stock, so long as other satisfactory proof of ownership of the Stock tendered is provided (e.g., attestation of ownership of a sufficient number of shares of Stock to pay the
exercise price). The Committee shall have the discretion to authorize or accept payment by other forms or methods or to establish a cashless exercise program, all within such limitations as may be imposed by the Plan or any applicable law.

  
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 5.3 Exercise of SARs. Stock Appreciation Rights may be exercised at the time,
to the extent and subject to the conditions applicable to the Award. If the SARs were issued in tandem with an Option, the SAR is exercisable only when the Fair Market Value of the Stock subject to the Award exceeds the Stock’s Fair Market
Value on the date of grant. Stock Appreciation Rights issued without relation to an Option Award shall be exercisable, and the value of the SARs determined, in accordance with the terms and conditions relevant to the Award. To the extent an SAR is
granted in tandem with an Option, the exercise of the SAR shall cancel the related Option, and the exercise of such Option shall cancel any related SAR. The amount paid to the Participant upon the exercise of an SAR shall be the amount established
at the time the Award was made and shall be not more than one hundred percent (100%) of the difference between the Fair Market Value of the Stock as determined on the date the SAR is granted and the Fair Market Value of the Stock on the date of
exercise. 
 5.4 Restricted Stock, Rights to Restricted Stock and Restricted Units. Except as otherwise provided
in the Plan, at such time as all restrictions applicable to an Award of Restricted Stock, Rights to Restricted Stock or Restricted Units are met and the Restriction Period expires, ownership of the Stock awarded subject to such restrictions shall be
transferred to the Participant free of all restrictions except those that may be imposed by applicable law; provided that if Restricted Units are paid in cash, said payment shall be made to the Participant after all applicable restrictions lapse and
the Restriction Period expires. To the extent a Restricted Unit was granted in tandem with an Award of Restricted Stock or Rights to Restricted Stock, payment of the Unit in cash shall cancel the related Award of Restricted Stock or Rights to
Restricted Stock, and transfer of the Stock free of restrictions shall cancel the related Restricted Unit. 
 5.5
Performance Shares and Performance Units. Except as otherwise provided in the Plan, a Performance Award shall be paid to the Participant after earned in accordance with the terms and conditions applicable to the Award. All
determinations with respect to the degree to which the Performance Goals were met during the Performance Cycle shall be made as soon as practicable after the end of the Performance Cycle. Performance Awards may be paid in cash, Stock, Restricted
Stock, Rights to Restricted Stock, or any combination thereof as the Committee may determine. To the extent Performance Units were awarded in tandem with Performance Shares, payment of the Units in cash shall cancel the related Award of Performance
Shares, and payment of the Performance Share Award in Stock shall cancel the related Performance Unit. 
 5.6 Delivery of
Stock. As soon as practicable after the exercise of an Option, the satisfaction of restrictions applicable to Restricted Stock or Rights to Restricted Stock or the satisfactory attainment of Performance Goals over a Performance Cycle,
Pentair shall cause to be delivered to the Participant evidence of the Participant’s unconditional ownership of such Stock, whether through use of certificated or uncertificated shares. Shares acquired pursuant to the exercise of an ISO shall
be designated as such on the records maintained by Pentair for this purpose. 

  
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 5.7 Deferral of Recognition of Awards. To the extent allowed by the Committee,
Participants may elect to defer the income recognized due to the exercise of an NQSO or SAR, the lapse of restrictions applicable to Restricted Stock or Restricted Units, the earning of a Performance Award, or the payment of any other type of Award
(other than an ISO). Any such election must be made in the form and manner as specified by the Committee. 
 SECTION 6

 TERMINATION OF AWARDS 
 6.1 General Rule. Except as otherwise provided herein, and subject to the discretion of the Committee as described in Section 9.1, Options and SARs may be exercised and Awards of
Restricted Stock, Rights to Restricted Stock, Restricted Units, Performance Shares or Performance Units paid only in accordance with the terms and conditions specified relative to the grant or, in the case of a Change in Control, as provided in
Section 8. 
 6.2 Termination of Employment or Service. If a Participant’s employment with the Pentair
Group ends for any reason other than (i) a termination for cause, (ii) Retirement, (iii) death or (iv) Disability, any outstanding Options or SARs, to the extent otherwise exercisable on the date the Participant’s employment
ends, may be exercised no later than ninety (90) days following the Participant’s termination date or, if earlier, the expiration date of the Option or SAR. At the conclusion of such ninety (90) day period, all such Options and SARs
then unexercised shall be forfeited. All other Awards made to the Participant, to the extent not then earned or paid to the Participant, shall terminate no later than the Participant’s last day of employment. 

6.3 Retirement. (a) Retirement of Corporate Officer. Upon Retirement of a Participant who is then a Board
appointed corporate officer any outstanding Options or SARs shall remain outstanding (and shall continue to vest in accordance with the terms of the Award as if the Participant had continued in employment) until the earlier of the expiration date
specified at the time the Award was made and the fifth anniversary of such Participant’s Retirement date; provided, however, such extension shall result in the conversion of an ISO to a NQSO to the extent provided under the Code. The
Restriction Period applicable to Awards of Restricted Stock, Rights to Restricted Stock or Restricted Units outstanding on the Participant’s Retirement date, as well as any other terms and conditions applicable to such Awards shall be deemed to
have lapsed or otherwise been satisfied. Payment for all such Awards shall be made to the Participant in either unrestricted shares of Stock or cash, depending on the payment terms applicable to such Award. All Performance Awards outstanding on the
Participant’s Retirement Date shall be paid in either unrestricted shares of Stock or cash, as the case may be, based on the degree to which the Participant had attained the applicable Performance Goals as of such Participant’s Retirement
date. 
 (b) Other Participants. Upon Retirement of a Participant not covered by Section 6.3(a), any Options and
SARs exercisable on such a Participant’s Retirement date may be exercised no later than ninety (90) days following such date or, if earlier, the expiration date of the Option or SAR. At the end of such ninety (90) day period, all
Options and SARs then unexercised shall be forfeited. The Restriction Period applicable to an outstanding Award of Restricted Stock, Rights to Restricted Stock or Restricted Units shall be deemed to have lapsed

  
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on a prorated basis, based on the portion of the Restriction Period which the Participant has completed at the time of Retirement. The amount earned and payable on account of an outstanding
Performance Award shall also be prorated based on the degree to which the Participant has attained the relevant Performance Goals and the portion of the Performance Cycle completed as of the date of Retirement. 

6.4 Death of Participant. If a Participant dies during employment with a member of the Pentair Group, all outstanding
Options and SARS shall be exercisable by, or paid to, the Participant’s estate or the person who has acquired the right to exercise Options or SARs by bequest or inheritance. The Participant’s estate, or any person who succeeds to the
Participant’s benefits under the Plan, shall have up to twelve (12) months to exercise any outstanding Options or SARs to the same extent the Participant would have been entitled to exercise said Options or SARs on the date of death. At
the end of said twelve (12) month period, all Options and SARs then unexercised shall be forfeited. The Restriction Period applicable to an outstanding Award of Restricted Stock, Rights to Restricted Stock or Restricted Units shall be deemed to
have lapsed on a prorated basis, using the portion of the Restriction Period which the Participant had completed on the date of death. The amount earned and payable on account of an outstanding Performance Award shall also be prorated based on the
degree to which the Participant had attained the relevant Performance Goals and the portion of the Performance Cycle completed as of the date of death. 
 6.5 Disability of Participant. If a Participant’s employment with all members of the Pentair Group ends due to a Disability, the Participant shall have up to twelve (12) months to
exercise any outstanding Options or SARs to the same extent the Participant would have been entitled to exercise said Options or SARs as of the date the Disability determination is effective. At the end of said twelve (12) month period all
Options or SARs then unexercised shall be forfeited. The Restriction Period applicable to an outstanding Award of Restricted Stock, Rights to Restricted Stock or Restricted Units shall be deemed to have lapsed on a prorated basis, based on the
portion of the Restriction Period the Participant had completed as of the date of Disability. The amount earned and payable on account of an outstanding Performance Award shall also be prorated based on the degree to which the Participant had
attained the relevant Performance Goals and the portion of the Performance Cycle completed as of the date of Disability. The Committee shall have such discretion as is necessary to determine whether and when a Participant is considered Disabled for
purposes of the Plan. 
 6.6 Termination for Cause. If a Participant’s employment with all members of the
Pentair Group is terminated for cause, all Awards and grants of every type, whether or not then vested, shall terminate no later than the Participant’s last day of employment. The Committee shall have discretion to determine whether this
Section 6.6 shall apply, whether the event or conduct at issue constitutes cause for termination of employment and the date on which Awards to a Participant shall terminate. For purposes of the Plan, termination for cause shall include, but is
not limited to: (i) a material violation of any Pentair policy, including any policy contained in the Pentair Code of Business Conduct, (ii) embezzlement from, or theft of property belonging to a member of the Pentair Group,
(iii) willful failure to perform or gross negligence in the performance of or failure to perform assigned duties or (iv) other intentional misconduct, whether related to employment or otherwise, which has, or has the potential to have, a
material adverse effect on the business conducted by the Pentair Group or a member thereof. 

  
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 6.7 Consultants. The Committee shall have the discretion to determine whether
and how the provisions of Sections 6.3 through 6.6 shall apply to a Consultant, and when a Consultant shall be considered to have ceased providing services to the Pentair Group for purposes of applying Section 6.2. 

SECTION 7 

TRANSFERABILITY 
 7.1 General. Except as otherwise provided in this Section 7, Awards cannot be assigned, transferred (other than by will or the laws of descent and distribution), pledged, or otherwise
encumbered (whether by operation of law or otherwise). 
 7.2 Limited Purpose Transfers. (a) Allowable
Transfers. If allowed by the Committee, a Participant may transfer the ownership of some or all of the vested or earned Awards granted to such Participant, other than ISOs, to (i) the spouse, children or grandchildren of such Participant
(the “Family Members”), (ii) a trust or trust established for the exclusive benefit of such Family Members, or (iii) a partnership in which such Family Members are the only partners. Any such transfer shall be without
consideration and shall be irrevocable. No Award so transferred may be subsequently transferred, except by will or applicable laws of descent and distribution. The Committee may create additional conditions and requirements applicable to the
transfer of Awards. 
 (b) Treatment of Options After Transfer. Following the allowable transfer of a vested NQSO, such
Option shall continue to be subject to the same terms and conditions as were applicable to the NQSOs immediately prior to the transfer. For purposes of settlement of the Award, delivery of Stock upon exercise of an Option and the Plan’s Change
in Control provisions, however, any reference to a Participant shall be deemed to refer to the transferee. With respect to a Change in Control, however, such event as may cause the termination of Awards shall continue to apply with respect to the
Participant, following which event the transferred NQSOs shall be exercisable by the transferee only to the extent and for the periods specified in Section 8. If the transferred NQSOs are exercised at such time and in such manner as to result
in a grant of Reload Options, the Reload Options shall be granted to the Participant. 
 SECTION 8 

CHANGE IN CONTROL 
 8.1 Treatment of Options. Upon the occurrence of a Change in Control, all Options granted to a Participant who is then employed by Pentair or a Subsidiary 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. 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. 
 8.2 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. 

  
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 8.3 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 number of shares of Stock into which an Award of Rights to Restricted Stock can then be converted. 

8.4 Treatment of Performance Shares. Upon the occurrence of a Change in Control, the Performance Goals then applicable to
all outstanding Performance Shares shall be deemed satisfied. The Committee shall have the discretion to pay to the Participant, in cash or Stock, such amount of the Award, if any, as it shall determine within ten (10) days of the Change in
Control date, together with any dividends declared with respect to such shares which have not yet been paid. 
 8.5
Treatment of Units. Outstanding Awards of Units shall be valued by assuming that all Performance Goals have been satisfied and any other restrictions applicable to such Award have been met or have otherwise lapsed. The Committee shall
have the discretion to pay to the Participant such amount of the Award, if any, as it shall determine within ten (10) days of the Change in Control date. If such Units were issued in tandem with another Award, payment for such Units shall be
made in Stock or cash, depending on the payment terms relevant to the Award. 
 8.6 Participants Covered Under a
KEESA. The provisions of this Section 8 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 3(b) of the KEESA. 
 8.7 Governing Documents. In the case of any conflict between the provisions of
this Section 8 and any other provisions of the Plan, this Section 8 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 9 
 ADMINISTRATION 

9.1 Committee as Administrator. (a) General. The Plan shall be administered by the Committee, which shall have
full power and authority to select Participants, interpret the Plan, grant Awards, continue, accelerate, or suspend the exercisability or vesting of an Award, and adopt such rules and procedures for operating the Plan as it may deem necessary or
appropriate. Notwithstanding the above statement, once established the Committee shall have no discretion to increase the amount of compensation a Participant whose Awards are, or are reasonably thought to be, subject to Code section 162(m) may earn
by application of any 

  
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Performance Goals relevant to an Award, although the Committee shall retain the discretion to decrease the amount of compensation a Participant may earn under the terms of an Award. Any action by
the Committee to accelerate or otherwise amend an Award for reasons other than Retirement, death, Disability or a Change in Control shall be made only in response to business circumstances then existing and, if appropriate, shall include application
of a commercially reasonable discount to the compensation otherwise payable to reflect the value of accelerated payment. 
 (b)
Compliance with Applicable Law. The power and authority of the Committee shall include, but not be limited to, making such amendments or modifications to the Plan or to an Award as may be necessary or desirable to make available to
Participants tax or other benefits of, or to comply with, the laws, regulations or accounting rules of the United States, any state, any other domestic jurisdiction or any foreign jurisdiction in which any member of the Pentair Groups operates or in
which Participants who are subject to such laws reside or work. 
 (c) Code Section 409A. The provisions of Code
section 409A are incorporated herein by reference to the extent necessary for any Award that is subject to Code section 409A to comply therewith. 
 9.2 Delegation of Authority. To the extent permitted under Minnesota law, the Committee may delegate to officers of Pentair any or all of its duties, power and authority under the Plan
subject to such conditions or limitations as the Committee may establish. Notwithstanding the preceding sentence, the Committee may not delegate the power to amend or terminate the Plan nor the authority to award performance-based compensation or
determine the degree to which such compensation has been earned with respect to an Award for a Participant who is, or is reasonably thought to be, subject to Code section 162(m). In no event, however, shall an officer of Pentair have or obtain the
authority to grant Awards to himself or herself or to any person who is subject to Section 16 of the Securities Exchange Act of 1934. 
 9.3 Accounting Standards. Calculation of changes to any Performance Goal established for purposes of an Award shall be made 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 a Performance Goal relative to an Award is established and prior to the time the compensation earned by reason of the achievement of the relevant
Performance Goal is paid to the Participant. 
 9.4 Amendment of Awards. Except as otherwise provided in the Plan,
the Committee shall have the discretion to amend the terms of any Award. 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 or an SAR so as to reduce the Option price or SAR grant price. Absent shareholder approval, the Committee may not cancel any outstanding Option or SAR and replace it with a new
Option or SAR with a lower Option price or SAR grant price, if such action would have the same economic effect as reducing the Option price or SAR grant price of such a cancelled Option or SAR. Notwithstanding the foregoing, in no event may the
exercise price of an Option or the grant price of an SAR be reduced, even with the approval of 

  
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the Company’s shareholders, unless such reduction is made pursuant to the adjustment provisions contained in Section 3.2 of the Plan and in accordance with section 1.409A-1(b)(5)(v)(D)
of the Treasury Regulations, or in connection with a transaction which is considered the grant of a new Option or SAR for purposes of section 409A of the Code, provided that the new exercise price or grant price is not less than the Fair Market
Value of a share of Stock on the new grant date. 
 9.5 Term of Plan. The Plan terminated on May 1, 2008.

 SECTION 10 
 PLAN AMENDMENT AND TERMINATION 
 10.1 Plan Amendment. Pentair
may, by written resolution of its Board or through action of the Committee, at any time and from time to time, amend the Plan in whole or in part. Notwithstanding this authority, no such amendment shall, without shareholder approval, have the effect
of repricing an Option, increasing the number of shares of Stock available for purposes of making Awards, increasing the limits described in Section 3.3 applicable to various types of Awards, materially enhancing the benefits available to
Participants, materially expanding the class of individuals who are eligible to receive Awards, or making such other change as would, under applicable law or regulation, or standards issued by a self-regulating organization, require shareholder
approval. 
 10.2 Plan Termination. Pentair may, by written resolution of its Board, terminate the Plan at any
time. 
 SECTION 11 
 MISCELLANEOUS 
 11.1 Participant Rights. The right of a
member of the Pentair Group to discipline or discharge a Participant, or to exercise any rights related to the tenure of any individual’s employment or other service shall not be affected in any manner by the existence of the Plan or any action
taken pursuant to the Plan. The selection of an individual to receive an Award in any given Fiscal Year shall not require that such individual receive an Award in any subsequent Fiscal Year. Furthermore, the grant to a Participant of a specific type
of Award does not require that such individual be selected to receive any other type of Award. The Committee has the discretion to consider such factors as it deems pertinent when selecting Participants and determining the type and amount of Awards
to be made to a Participant. 
 11.2 Participant Responsibilities. If a Participant shall dispose of Stock
acquired through exercise of an ISO within either (i) two (2) years after the date the Option is granted or (ii) one (1) year after the date the Option is exercised (i.e., in a disqualifying disposition), such Participant shall
notify Pentair within seven (7) days of the date of such disqualifying disposition. In addition, if a Participant elects, under Code section 83, to be taxed at the time an Award of Restricted Stock (or other property subject to such Code
section) is made, rather than at the time the Award vests, such Participant shall notify Pentair within seven (7) days of the date the Restricted Stock subject to the election is awarded. 

  
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 11.3 Funding. The Plan is an unfunded plan, and Pentair has no obligation to
create any trust or separate fund or to otherwise set aside funds or segregate assets to ensure payment of any Award. The Plan does not create a fiduciary relationship between Pentair and any Participant or other person. To the extent any
Participant or other person holds any rights by virtue of an Award under the Plan, such right shall, except as may otherwise be provided in a KEESA, be no greater than the right of an unsecured general creditor of Pentair. 

11.4 Expenses. The expenses of maintaining and administering the Plan shall be borne by Pentair. 

11.5 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 may arise by reason of any act or omission under the Plan taken within the scope
of the authority delegated hereunder. 
 11.6 Communications. Pentair may, unless otherwise prescribed by any
applicable state or federal law or regulation, provide to Participants any notices, grants, Awards, forms, reports or shares of Stock by using either paper or electronic means. 

11.7 Interpretation. Section and subsection headings are for convenience of reference and not part of this Plan, and shall
not influence its interpretation. Wherever any words are used in the Plan in the singular, masculine, feminine or neuter form, they shall be construed as though they were also used in the plural, feminine, masculine or non-neuter form, respectively,
in all cases where such interpretation is reasonable. 
 11.8 Governing Law. To the extent not preempted by
applicable federal law, the construction and interpretation of the Plan shall be made in accordance with the substantive laws of the State of Minnesota, but without regard to any choice or conflict of laws provisions thereof. 

11.9 Severability. If any provision of the Plan shall be ruled or declared invalid for any reason, said illegality or
invalidity shall not affect the remaining provisions of the Plan, and such remaining provisions shall be construed and enforced as if such illegal or invalid provision had never been included in the Plan. 

  
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