Document:

Second Supplemental Indenture

 Exhibit 4.3 

 
  
 TYCO FLOW CONTROL INTERNATIONAL FINANCE S.A., 
 as Issuer 

AND 
 PENTAIR
LTD. 
 as Guarantor 
 AND 
 PENTAIR, INC. 

AND 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Trustee 
 SECOND SUPPLEMENTAL INDENTURE 
 Dated as of September 24, 2012 

$550,000,000 of 3.150% Notes due 2022 
  

 
  

 THIS SECOND SUPPLEMENTAL INDENTURE is dated as of September 24, 2012 among TYCO FLOW
CONTROL INTERNATIONAL FINANCE S.A., a Luxembourg public limited liability company (société anonyme) with registered office at 29, avenue de la Porte Neuve, L-2227 Luxembourg and registered with the Luxembourg Trade and Companies
Register under number B 166305 (the “Company”), PENTAIR LTD., a corporation limited by shares (Aktiengesellschaft) organized under the laws of Switzerland and formerly known as Tyco Flow Control International Ltd.
(“Parent”), PENTAIR, INC., a Minnesota corporation (“Pentair”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (the “Trustee”). 

RECITALS 
 A.
Parent, the Company and the Trustee executed and delivered an Indenture, dated as of September 24, 2012 (the “Base Indenture”), to provide for the issuance by the Company from time to time of unsubordinated debt securities
evidencing its unsecured indebtedness and the guarantee of such securities by Parent to the extent described therein and herein. 
 B. Pursuant to resolutions of a duly authorized Pricing Committee of the Board of Directors, the Company has authorized the issuance of $550,000,000 principal amount of 3.150% Notes due 2022 (the
“Offered Securities”). 
 C. The entry into this Second Supplemental Indenture by the parties hereto is in all
respects authorized by the provisions of the Base Indenture. 
 D. Parent, the Company and Pentair desire to enter into this
Second Supplemental Indenture pursuant to Section 9.01 of the Base Indenture to establish the terms of the Offered Securities in accordance with Section 2.01 of the Base Indenture and to establish the form of the Offered Securities in
accordance with Section 2.02 of the Base Indenture. 
 E. All things necessary to make this Second Supplemental Indenture a
legal, valid and binding indenture and agreement according to its terms have been done. 
 NOW, THEREFORE, for and in
consideration of the foregoing premises, Parent, the Company, Pentair and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective holders from time to time of the Offered Securities as follows: 

ARTICLE I 
  

	Section 1.1.	Terms of Offered Securities. 

 The following terms relate to the Offered Securities: 
 (1) The Offered Securities
constitute a series of securities having the title “3.150% Notes due 2022”. 
 (2) The initial aggregate principal
amount of the Offered Securities that may be authenticated and delivered under the Base Indenture (except for Offered Securities 

  
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Second Supplemental Indenture 

 
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Offered Securities pursuant to Section 2.05, 2.06, 2.07, 2.11, or 3.03 of the Base
Indenture) is $550,000,000. 
 (3) The entire Outstanding principal of the Offered Securities shall be payable on
September 15, 2022. 
 (4) The rate at which the Offered Securities shall bear interest shall be 3.150% per year. The
date from which interest shall accrue on the Offered Securities shall be September 24, 2012, or the most recent Interest Payment Date to which interest has been paid or provided for. The Interest Payment Dates for the Offered Securities shall
be March 15 and September 15 of each year, beginning March 15, 2013. Interest shall be payable on each Interest Payment Date to the Holders of record at the close of business on the March 1 and September 1 prior to each
Interest Payment Date (a “regular record date”). The basis upon which interest shall be calculated shall be that of a 360-day year consisting of twelve 30-day months. 

(5) The Offered Securities shall be issuable in whole in the registered form of one or more Global Securities, and the Depositary for
such Global Securities shall be The Depository Trust Company, New York, New York. The Offered Securities shall be substantially in the form attached hereto as Exhibit A the terms of which are herein incorporated by reference. The Offered Securities
shall be issuable in denominations of $2,000 or any integral multiple of $1,000 in excess thereof. 
 (6) (A) The
Offered Securities will be subject to redemption at the Company’s option on any date (a “Redemption Date”) prior to the maturity date, in whole or from time to time in part, in $1,000 increments
(provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof). Prior to June 15, 2022, the Offered Securities will be redeemable at a redemption price equal to the greater of
(i) 100% of the principal amount of the Offered Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments of principal
and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption Date (assuming
a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 25 basis points, plus accrued and unpaid interest, if any, thereon to, but excluding, the Redemption Date. On or after June 15, 2022, the Offered
Securities will be redeemable in whole or in part from time to time, at the Company’s option, at a redemption price equal to 100% of the principal amount of the Offered Securities to be redeemed plus accrued and unpaid interest thereon to, but
excluding, the Redemption Date.  
 (B) As used herein: 

“Adjusted Redemption Treasury Rate”, with respect to any Redemption Date, means the rate equal to the semiannual
equivalent yield to maturity or interpolated (on a 30/360 day count basis) yield to maturity of the Comparable Redemption Treasury Issue, assuming a price for the Comparable Redemption Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Redemption Treasury Price for such Redemption Date. 

  
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Second Supplemental Indenture 

 “Comparable Redemption Treasury Issue” means the United States Treasury
security selected by the Quotation Agent as being the most recently issued United States Treasury note or bond as displayed by Bloomberg LP (or any successor service) on screens PXI through PX8 (or any other screens as may replace such screens on
such service) have a maturity comparable to the remaining term of the Offered Securities to be redeemed. 
 “Comparable
Redemption Treasury Price”, with respect to any Redemption Date, means (i) the average of the Redemption Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Redemption Reference
Treasury Dealer Quotations (unless there is more than one highest or lowest quotation, in which case only one such highest and/or lowest quotation shall be excluded), or (ii) if the Quotation Agent obtains fewer than four such Redemption
Reference Treasury Dealer Quotations, the average of all such Redemption Reference Treasury Dealer Quotations. 

“Quotation Agent” means a Redemption Reference Treasury Dealer appointed as such agent by the Company. 

“Redemption Reference Treasury Dealer” means four primary U.S. government securities dealers in the United States
selected by the Company. 
 “Redemption Reference Treasury Dealer Quotations”, with respect to each Redemption
Reference Treasury Dealer and any Redemption Date, means the average, as determined by the Quotation Agent, of the bid and offer prices at 11:00 a.m., New York City time, for the Comparable Redemption Treasury Issue (expressed in each case as a
percentage of its principal amount) for settlement on the Redemption Date quoted in writing to the Quotation Agent by such Redemption Reference Treasury Dealer on the third Business Day preceding such Redemption Date. 

(7) Except as provided herein, the Offered Securities shall not be subject to redemption, repurchase or repayment at the option of any
Holder thereof, upon the occurrence of any particular circumstances or otherwise. The Offered Securities will not have the benefit of any sinking fund. For the avoidance of doubt, Parent, the Company and their respective Affiliates may purchase
Offered Securities from the Holders thereof from time to time, either in the open market at prevailing prices or in private transactions at negotiated prices. Any Offered Securities purchased by Parent, the Company or any of their respective
Affiliates may, at the purchaser’s discretion, be held, resold or canceled, provided, however, that no Securities that constitute “restricted securities” (as defined in Rule 144 under the Securities Act of 1933) shall be resold for a
period of one year after the date hereof. 
 (8) Except as provided herein, the Holders of the Offered Securities shall have no
special rights in addition to those provided in the Base Indenture upon the occurrence of any particular events. 
 (9) The
Offered Securities will be general unsecured and unsubordinated obligations of the Company and will be ranked equally among themselves. 
 (10) The Offered Securities are not convertible into shares of common stock or other securities of the Company or Parent. 

  
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Second Supplemental Indenture 

	Section 1.2	Additional Defined Terms. 

As used herein, the following defined terms shall have the following meanings with respect to the Offered Securities only: 

“Attributable Debt”, in connection with a Sale and Lease-Back Transaction, as of any particular time, means the
aggregate of present values (discounted at a rate that, at the inception of the lease, represents the effective interest rate that the lessee would have incurred to borrow over a similar term the funds necessary to purchase the leased assets) of the
obligations of the Company, Parent or any Restricted Subsidiary for net rental payments during the remaining term of the applicable lease, including any period for which such lease has been extended or, at the option of the lessor, may be extended.
The term “net rental payments” under any lease of any period shall mean the sum of the rental and other payments required to be paid in such period by the lessee thereunder, not including any amounts required to be paid by such lessee,
whether or not designated as rental or additional rental, on account of maintenance and repairs, reconstruction, insurance, taxes, assessments, water rates or similar charges required to be paid by such lessee thereunder or any amounts required to
be paid by such lessee thereunder contingent upon the amount of sales, maintenance and repairs, reconstruction, insurance, taxes, assessments, water rates or similar charges. 
 “Change of Control” means the occurrence on or after the date of the Escrow Release Date of any of the following (excluding, in each case, the internal reorganization and other
transactions connected to the Spin-Off and the Merger): (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or
substantially all of the assets of Parent and its Subsidiaries, taken as a whole, to any person other than Parent or a direct or indirect wholly-owned Subsidiary of Parent; (2) the consummation of any transaction (including, without limitation,
any merger or consolidation) the result of which is that any person becomes the “beneficial owner” (as defined in Rules 13(d)(3) and 13(d)(5) under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock
of Parent or other Voting Stock into which Parent’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) Parent consolidates with, or merges with or into, any person,
or any person consolidates with, or merges with or into, Parent, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of Parent or such other person is converted into or exchanged for cash, securities or other
property, other than any such transaction where the shares of the Voting Stock of Parent outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, at least a majority of the Voting Stock of the surviving
person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the Board of Directors of Parent are not Continuing Directors
or (5) the approval by the holders of Parent’s Voting Stock of a plan for the liquidation or dissolution of Parent. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control under clause (1),
(2) or (5) above if: (i) Parent becomes a direct or indirect wholly-owned Subsidiary of a holding company or a holding company becomes the successor to Parent under Section 10.2 of the Base Indenture pursuant to a transaction
that is permitted under Section 10.1 of the Base Indenture and (ii) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction (or a series of related transactions) are

  
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the same or substantially the same (and hold in the same or substantially the same proportions) as the holders of Parent’s Voting Stock immediately prior to that transaction. The term
“person,” as used in this definition, means any Person and any two or more Persons as provided in Section 13(d)(3) of the Exchange Act. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event; provided, however, that a Change of Control Triggering Event otherwise arising by
virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a Change of Control if the Rating Agency or Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce
or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control
(whether or not the applicable Change of Control shall have occurred at the time of the purported Change of Control Triggering Event). Unless at least two of the three Rating Agencies are providing a rating for the Offered Securities at the
commencement of any period referred to in the definition of “Rating Event”, a Rating Event will be deemed to have occurred during such period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have
occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 
 “Consolidated Net Tangible Assets” at any date means Consolidated Net Worth less all intangible assets appearing on the most recently prepared consolidated balance sheet of Parent and its
Subsidiaries as of the end of a fiscal quarter of Parent and its Subsidiaries, prepared in accordance with United States generally accepted accounting principles as in effect on the date of the consolidated balance sheet. “Intangible
assets” means the amount (if any) stated under the heading “Goodwill and Other Intangible assets, net” or under any other heading of intangible assets separately listed, in each case on the face of such consolidated balance sheet.

 “Consolidated Net Worth” at any date means total assets less total liabilities, in each case appearing on
the most recently prepared consolidated balance sheet of Parent and its Subsidiaries as of the end of a fiscal quarter of Parent and its Subsidiaries, prepared in accordance with United States generally accepted accounting principles as in effect on
the date of the consolidated balance sheet. 
 “Consolidated Total Assets” at any date means the total assets
appearing on the most recently prepared consolidated balance sheet of Parent and its Subsidiaries as of the end of a fiscal quarter of Parent and its Subsidiaries, prepared in accordance with United States generally accepted accounting principles as
in effect on the date of the consolidated balance sheet. 
 “Continuing Director” means, as of any date after
the completion of the Distribution and the Merger, any member of the Board of Directors of Parent who: 
 (1) was
a member of such Board of Directors immediately after the completion of the Distribution and the Merger; or 

(2) was nominated for election, elected or appointed to such Board of Directors pursuant to a proposal by a majority of
the Continuing Directors who were members of 

  
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such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of a proxy statement of Parent in which such member was named as a
nominee for election as a director, without objection to such nomination). 
 “Distribution” means the pro-rata
distribution of all of the outstanding common stock of Parent to the shareholders of Tyco International Ltd. in the form of a special dividend out of Tyco International Ltd.’s qualifying surplus. 

“Escrow Account” means the 2022 Notes Escrow Account established pursuant to the Escrow Agreement. 

“Escrow Agreement” means the Escrow Agreement, dated as of September 24, 2012, by and among the Company, Parent,
Pentair, the Trustee and JPMorgan Chase Bank, NA, as Escrow Agent. 
 “Escrow Agent” means JPMorgan Chase Bank,
NA, as escrow agent under the Escrow Agreement. 
 “Fitch” means Fitch Inc., and its successors. 

“Funded Indebtedness” means any Indebtedness maturing by its terms more than one year from the date of the determination
thereof, including any Indebtedness renewable or extendible at the option of the obligor to a date later than one year from the date of the determination thereof. 
 “Indebtedness” means, without duplication, the principal amount (such amount being the face amount or, with respect to original issue discount bonds or zero coupon notes, bonds or
debentures or similar securities, determined based on the accreted amount as of the date of the most recently prepared consolidated balance sheet of Parent and its Subsidiaries as of the end of a fiscal quarter of Parent prepared in accordance with
United States generally accepted accounting principles as in effect on the date of such consolidated balance sheet) of (i) all obligations for borrowed money, (ii) all obligations evidenced by debentures, notes or other similar
instruments, (iii) all obligations in respect of letters of credit or bankers acceptances or similar instruments or reimbursement obligations with respect thereto (such instruments to constitute Indebtedness only to the extent that the
outstanding reimbursement obligations in respect thereof are collateralized by cash or cash equivalents reflected as assets on a balance sheet prepared in accordance with United States generally accepted accounting principles), (iv) all
obligations as lessee to the extent capitalized in accordance with United States generally accepted accounting principles in effect on the date of this Second Supplemental Indenture and (v) all Indebtedness of others consolidated in such
balance sheet that is guaranteed by the Company, Parent or any of their respective Subsidiaries or for which the Company, Parent or any of their respective Subsidiaries is legally responsible or liable (whether by agreement to purchase indebtedness
of, or to supply funds or to invest in, others). 
 “Investment Grade Rating” means a rating equal to or higher
than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the
Company. 

  
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 “Issue Date” means the date on which the Offered Securities are originally
issued. 
 “Merger” means the merger of Panthro Merger Sub with and into Pentair with Pentair surviving the
merger and all transactions contemplated by the Merger Agreement, except the Distribution, and all other actions or matters necessary or appropriate to give effect to the Merger Agreement and the transactions contemplated thereby, except the
Distribution. 
 “Merger Agreement” means the Merger Agreement, dated as of March 27, 2012, among Tyco,
Parent, Panthro Acquisition, Panthro Merger Sub and Pentair, as amended from time to time. 
 “Moody’s”
means Moody’s Investors Service, Inc., and its successors. 
 “Non-Recourse Indebtedness” means
Indebtedness upon the enforcement of which recourse may be had by the holder(s) thereof only to identified assets of Parent or the Company or any Subsidiary of Parent or the Company and not to Parent or the Company or any Subsidiary of Parent or the
Company personally (subject to, for the avoidance of doubt, customary exceptions contained in non-recourse financings to the non-recourse nature of the obligations thereunder). 

“Panthro Acquisition” refers to Panthro Acquisition Co., a Delaware corporation and currently a wholly-owned Subsidiary
of Parent. 
 “Panthro Merger Sub” refers to Panthro Merger Sub, Inc., a Minnesota corporation and currently a
wholly-owned Subsidiary of Panthro Acquisition. 
 “Principal Property” means any manufacturing, processing or
assembly plant, warehouse or distribution facility, office building or parcel of real property of Parent or any of its Subsidiaries that is located in the United States of America, Canada or the Commonwealth of Puerto Rico and (A) is owned by
Parent or any Subsidiary of Parent immediately after the completion of the Spin-Off and the Merger, (B) the initial construction of which has been completed after the date hereof, or (C) is acquired after the date hereof, in each case,
other than any such plants, facilities, warehouses, office buildings, parcels or portions thereof, that (i) in the opinion of the Board of Directors of Parent, are not collectively of material importance to the total business conducted by
Parent and its Subsidiaries as an entirety, or (ii) has a net book value (excluding any capitalized interest expense), immediately after completion of the Spin-Off and the Merger in the case of clause (A) of this definition, on the date of
completion of the initial construction in the case of clause (B) of this definition or on the date of acquisition in the case of clause (C) of this definition, of less than 1.0% of Consolidated Net Tangible Assets on the consolidated
balance sheet of Parent as of the applicable date. 
 “Purchase Agreement” means the Purchase Agreement, dated
September 10, 2012, among the Company, Parent, Pentair and J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and U.S. Bancorp Investments, Inc., as representatives of the purchasers named in Schedule I
thereto. 
 “Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of
Fitch, Moody’s or S&P ceases to rate the Offered Securities or fails to make a rating of the Offered 

  
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Securities publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F)
under the Exchange Act, selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

“Rating Event” means the rating on the Offered Securities is lowered by at least two of the three Rating Agencies and
such Offered Securities are rated below an Investment Grade Rating by at least two of the three Rating Agencies on any day during the period (which period shall be extended so long as the rating of such Offered Securities is under publicly announced
consideration for a possible downgrade by any of the Rating Agencies) commencing on the date of Parent’s first public notice of the occurrence of a Change of Control or Parent’s intention to effect a Change of Control and ending 60 days
following consummation or abandonment of such Change of Control. 
 “Restricted Subsidiary” means any
Subsidiary of Parent that owns or leases a Principal Property. 
 “Sale and Lease-Back Transaction” means an
arrangement with any Person providing for the leasing by Parent or a Restricted Subsidiary of any Principal Property whereby such Principal Property has been owned and in full operation for more than 180 days and has been or is to be sold or
transferred by Parent or a Restricted Subsidiary to such Person other than Parent, the Company or any of their respective Subsidiaries; provided, however, that the foregoing shall not apply to any such arrangement involving a lease for a term,
including renewal rights, for not more than three years. 
 “Spin-Off” refers to the transfer to Parent of Tyco
International Ltd.’s flow control business, the Distribution and all other transactions required under the Separation and Distribution Agreement, dated as of March 27, 2012, among Tyco International Ltd., Parent and The ADT Corporation, as
amended from time to time (the “Separation and Distribution Agreement”). 
 “S&P” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors. 

“Tyco Credit Facilities” means, collectively: (i) the Five-Year Senior Unsecured Credit Agreement, dated as of
June 22, 2012 among Tyco International Finance S.A., Tyco International Ltd., the lenders party thereto and Citibank, N.A., as Administrative Agent, as supplemented by the Subsidiary Guaranty, dated as of September 21, 2012, made by the
Company and Parent in favor of Citibank, N.A., as Administrative Agent; and (ii) the Five-Year Senior Unsecured Credit Agreement, amended as of June 22, 2012 and originally dated April 25, 2007, among Tyco International Finance S.A.,
Tyco International Ltd., the lenders party thereto and Citibank, N.A., as Administrative Agent, as supplemented by the Subsidiary Guaranty, dated as of September 21, 2012, made by the Company and Parent in favor of Citibank, N.A., as
Administrative Agent. 

  
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 “Tyco Administrative Agent” means the person named as the
“Administrative Agent” under the Tyco Credit Facilities. 
 “Voting Stock” means, with respect to any
specified “Person” as of any date, the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 

 

	Section 1.3.	Additional Covenants. 

The following additional covenants shall apply with respect to the Offered Securities so long as any of the Offered Securities remain
Outstanding (but subject to defeasance, as provided in the Base Indenture and Section 15 of this Second Supplemental Indenture): 
 (1) Limitation on Liens. 
 Neither the Company nor Parent will, and neither will
permit, any Restricted Subsidiary to, issue, assume or guarantee any Indebtedness that is secured by a mortgage, pledge, security interest, lien or similar encumbrance (each a “lien”) upon any property that at the time of such
issuance, assumption or guarantee constitutes a Principal Property, or any shares of stock of or Indebtedness issued by any Restricted Subsidiary, whether now owned or hereafter acquired, without effectively providing that, for so long as such lien
shall continue in existence with respect to such secured Indebtedness, the Offered Securities (together with, if the Company shall so determine, any other Indebtedness of the Company ranking equally with the Offered Securities, it being understood
that for purposes hereof, Indebtedness which is secured by a lien and Indebtedness which is not so secured shall not, solely by reason of such lien, be deemed to be of different ranking) shall be equally and ratably secured by a lien ranking ratably
with or equal to (or at the Company’s option prior to) such secured Indebtedness; provided, however, that the foregoing covenant shall not apply to: 
 (a) liens existing on the date the Offered Securities are first issued; 
 (b) liens on the stock, assets or Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary, unless created in contemplation of such Person becoming a Restricted
Subsidiary; 
 (c) liens on any assets or Indebtedness of a Person existing at the time such Person is merged
with or into or consolidated with or acquired by the Company, Parent or a Restricted Subsidiary or at the time of a purchase, lease or other acquisition of the assets of a corporation or firm as an entirety or substantially as an entirety by the
Company, Parent or any Restricted Subsidiary; 
 (d) liens on any Principal Property existing at the time of
acquisition thereof by the Company, Parent or any Restricted Subsidiary, or liens to secure the payment of the purchase price of such Principal Property by the Company, Parent or any Restricted Subsidiary, or to secure any Indebtedness incurred,
assumed or guaranteed by the Company, Parent or a Restricted Subsidiary for the purpose of financing all or any part of the purchase price of such Principal Property or improvements or construction thereon, which Indebtedness is incurred, assumed or
guaranteed prior to, at the time of or within 

  
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180 days after such acquisition (or in the case of real property, completion of such improvement or construction or commencement of full operation of such property, whichever is later);
provided, however, that in the case of any such acquisition, construction or improvement, the lien shall not apply to any Principal Property theretofore owned by the Company, Parent or a Restricted Subsidiary, other than the Principal
Property so acquired, constructed or improved (and accessions thereto and improvements and replacements thereof and the proceeds of the foregoing); 
 (e) liens securing Indebtedness owing by any Restricted Subsidiary to the Company, Parent or a Subsidiary thereof or by the Company to Parent; 

(f) liens in favor of the United States or any State thereof, or any department, agency or instrumentality or political
subdivision of the United States of America or any State thereof, or in favor of any other country or any political subdivision thereof, to secure partial, progress, advance or other payments pursuant to any contract, statute, rule or regulation or
to secure any Indebtedness incurred or guaranteed for the purpose of financing all or any part of the purchase price (or, in the case of real property, the cost of construction or improvement) of the Principal Property subject to such liens
(including liens incurred in connection with pollution control, industrial revenue or similar financings); 
 (g)
pledges, liens or deposits under workers’ compensation or similar legislation, and liens thereunder that are not currently dischargeable, or in connection with bids, tenders, contracts (other than for the payment of money) or leases to which
the Company, Parent or any Restricted Subsidiary is a party, or to secure the public or statutory obligations of the Company, Parent or any Restricted Subsidiary, or in connection with obtaining or maintaining self-insurance, or to obtain the
benefits of any law, regulation or arrangement pertaining to unemployment insurance, old age pensions, social security or similar matters, or to secure surety, performance, appeal or customs bonds to which the Company, Parent or any Restricted
Subsidiary is a party, or in litigation or other proceedings in connection with the matters heretofore referred to in this clause, such as interpleader proceedings, and other similar pledges, liens or deposits made or incurred in the ordinary course
of business; 
 (h) liens created by or resulting from any litigation or other proceeding that is being contested
in good faith by appropriate proceedings, including liens arising out of judgments or awards against the Company, Parent or any Restricted Subsidiary with respect to which the Company, Parent or such Restricted Subsidiary in good faith is
prosecuting an appeal or proceedings for review or for which the time to make an appeal has not yet expired; or final unappealable judgment liens which are satisfied within 15 days of the date of judgment; or liens incurred by the Company, Parent or
any Restricted Subsidiary for the purpose of obtaining a stay or discharge in the course of any litigation or other proceeding to which the Company, Parent or such Restricted Subsidiary is a party, provided that (x) in the case of liens arising
out of judgments or awards, the enforcement of such liens is effectively stayed and (y) the aggregate amount secured by all such liens does not at any time exceed the greater of (i) $25,000,000 or (ii) 0.5% of Consolidated Total
Assets; 

  
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 (i) liens for taxes or assessments or governmental charges or levies not yet
due or delinquent; or that can thereafter be paid without penalty, or that are being contested in good faith by appropriate proceedings; landlord’s liens on property held under lease; and any other liens or charges incidental to the conduct of
the business of the Company, Parent or any Restricted Subsidiary, or the ownership of their respective assets, that were not incurred in connection with the borrowing of money or the obtaining of advances or credit and that, in the opinion of the
Board of Directors of Parent, do not materially impair the use of such assets in the operation of the business of the Company, Parent or such Restricted Subsidiary or the value of such Principal Property for the purposes of such business;

 (j) liens to secure the Company’s, Parent’s or any Restricted Subsidiary’s obligations under
agreements with respect to spot, forward, future and option transactions, entered into in the ordinary course of business; 
 (k) liens not permitted by the foregoing clauses (a) to (j), inclusive, if at the time of, and upon giving effect to, the creation or assumption of any such lien, the aggregate amount of all
outstanding Indebtedness of the Company, Parent and all Restricted Subsidiaries (without duplication) secured by all such liens not so permitted by the foregoing clauses (a) through (j), inclusive, together with the Attributable Debt in respect
of Sale and Lease-Back Transactions permitted by paragraph (a) under subsection (2) below, do not exceed an amount equal to 15% of Consolidated Net Tangible Assets; and 

(l) any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part, of any
lien referred to in the foregoing clauses (a) to (k), inclusive; provided, however, that the principal amount of Indebtedness secured thereby (except to the extent otherwise excepted under clauses (a) through (k)) shall not exceed the
principal amount of Indebtedness so secured at the time of such extension, renewal or replacement, and that such extension, renewal or replacement shall be limited to all or a part of the assets (or any replacements therefor and products and
proceeds thereof) that secured the lien so extended, renewed or replaced (plus improvements and construction on real property). 

(2) Limitation on Sale and Lease-Back Transactions. 
 Neither the Company nor Parent will, and neither will permit any Restricted Subsidiary to, enter into any Sale and Lease-Back Transaction (other than with Parent, the Company and/or one or more
Subsidiaries of Parent) unless: 
 (a) the Company, Parent or such Restricted Subsidiary, at the time of entering
into such Sale and Lease-Back Transaction, would be entitled to incur Indebtedness secured by a lien on the Principal Property to be leased in an amount at least equal to the Attributable Debt in respect of such Sale and Lease-Back Transaction,
without equally and ratably securing the Offered Securities pursuant to Section 1.3(1) above; or 

  
 12 

Second Supplemental Indenture 

 (b) the direct or indirect proceeds of the sale of the Principal Property to
be leased are at least equal to the fair value of such Principal Property, as determined by Parent’s Board of Directors, and an amount equal to the net proceeds from the sale of the property or assets so leased is applied, within 180 days of
the effective date of any such Sale and Lease-Back Transaction, to the purchase or acquisition (or, in the case of real property, commencement of the construction) of property or assets or to the retirement (other than at maturity or pursuant to a
mandatory sinking fund or mandatory redemption provision) of Securities, or of Funded Indebtedness of Parent or a consolidated Subsidiary ranking on a parity with or senior to the Securities; provided that there shall be credited to the amount of
net worth proceeds required to be applied pursuant to this clause (b) an amount equal to the sum of (i) the principal amount of Securities delivered within 180 days of the effective date of such Sale and Lease-Back Transaction to the
Trustee for retirement and cancellation and (ii) the principal amount of other Funded Indebtedness voluntarily retired by Parent within such 180-day period, excluding retirements of Securities and other Funded Indebtedness as a result of
conversions or pursuant to mandatory sinking fund or mandatory prepayment provisions. 
 (3) Change of Control Triggering Event.

 (a) If a Change of Control Triggering Event occurs after the Escrow Release Date (as defined in Section 1.5(2)), unless
the Company has exercised its option to redeem the Offered Securities, it shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Offered Securities to repurchase, at the Holder’s election, all or
any part (equal to $1,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Offered Securities on the terms set forth herein. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101%
of the aggregate principal amount of Offered Securities repurchased, plus accrued and unpaid interest, if any, on the Offered Securities repurchased to, but excluding, the date of repurchase (a “Change of Control Payment”). Within
30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be
mailed to the Trustee and to the Holders of the Offered Securities describing in reasonable detail the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Offered Securities on the
date specified in the notice, which date shall, except as described in the immediately following sentence and other than as required by law, be no earlier than 30 days and no later than 60 days from the date such notice is mailed (a “Change
of Control Payment Date”). The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change
of Control Payment Date. 
 (b) In order to accept the Change of Control Offer, the Holder must deliver (or otherwise comply
with alternative instructions in accordance with the procedures of the Depositary) to the paying agent, at least five Business Days prior to the Change of Control Payment Date, its Offered Security together with the form entitled “Election
Form” (which form is contained in the form of note attached hereto as Exhibit A) duly completed, or a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory
Authority, Inc. or a commercial bank or trust company in the United States setting forth: 
 (i) the name of the Holder of such
Offered Security; 

  
 13 

Second Supplemental Indenture 

 (ii) the principal amount of such Offered Security; 

(iii) the principal amount of such Offered Security to be repurchased; 

(iv) the certificate number or a description of the tenor and terms of such Offered Security; 

(v) a statement that the Holder is accepting the Change of Control Offer; and 

(vi) a guarantee that such Offered Security, together with the form entitled “Election Form” duly completed, will be received
by the paying agent at least five Business Days prior to the Change of Control Payment Date. 
 (c) Any exercise by a Holder of
its election to accept the Change of Control Offer shall be irrevocable. The Change of Control Offer may be accepted for less than the entire principal amount of an Offered Security, but in that event the principal amount of such Offered Security
remaining outstanding after repurchase must be equal to $2,000 or an integral multiple of $1,000 in excess thereof. 
 (d) On
the Change of Control Payment Date, the Company shall, to the extent lawful: 
 (i) accept for payment all Offered Securities or
portions of such Offered Securities properly tendered pursuant to the Change of Control Offer; 
 (ii) deposit with the paying
agent an amount equal to the Change of Control Payment in respect of all Offered Securities or portions of Offered Securities properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Offered Securities properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Offered Securities or
portions of Offered Securities being repurchased. 
 (e) The Company shall not be required to make a Change of Control Offer
upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Offered
Securities properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Offered Securities if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the
Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 

(f) Notwithstanding the foregoing, Parent and the Company shall comply with the requirements of Rule 14e-1 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those 

  
 14 

Second Supplemental Indenture 

 
laws and regulations are applicable in connection with the repurchase of the Offered Securities as a result of a Change of Control Triggering Event. To the extent that the provisions of any such
securities laws or regulations conflict with this Section 1.3(3), neither the Company nor Parent shall be deemed to have breached its obligations under this Section 1.3(3) by virtue of its compliance with such laws or regulations.

  

	Section 1.4	Additional Events of Default. 

 The following additional events shall be established and shall each constitute an “Event of Default” under Section 6.01(a) of the Base Indenture with respect to the Offered Securities so
long as any of the Offered Securities remain Outstanding: 
 (10) an event of default shall happen and be continuing with respect
to any Indebtedness (other than Non-Recourse Indebtedness) of the Company, Parent or any Restricted Subsidiary under any indenture or other instrument evidencing or under which the Company, Parent or any Restricted Subsidiary shall have a principal
amount outstanding (such amount with respect to original issue discount bonds or zero coupon notes, bonds or debentures or similar securities based on the accreted amount determined in accordance with United States generally accepted accounting
principles and as of the date of the most recently prepared consolidated balance sheet of the Company, Parent or any Restricted Subsidiary, as the case may be) in excess of $100,000,000, and such event of default shall involve the failure to pay the
principal of such Indebtedness on the final maturity date thereof after the expiration of any applicable grace period with respect thereto, or such Indebtedness shall have been accelerated so that the same shall have become due and payable prior to
the date on which the same would otherwise have become due and payable, and such acceleration shall not be rescinded or annulled within 30 days after notice thereof shall have been given to the Company and Parent by the Trustee, or to the Company,
Parent and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Securities of such series; provided however that: 
 (i) if such event of default under such indenture or instrument shall be remedied or cured by the Company or Parent or waived by the requisite holders of such Indebtedness, then the Event of Default
hereunder by reason thereof shall be deemed likewise to have been thereupon remedied, cured or waived without further action upon the part of either the Trustee or any of the Securityholders; and 

(ii) subject to the provisions of Sections 7.01 and 7.02 of the Base Indenture, the Trustee shall not be charged with knowledge of
any such event of default unless written notice thereof shall have been given to the Trustee by the Company or Parent, as the case may be, by the holder or an agent of the holder of any such Indebtedness, by the trustee then acting under any
indenture or other instrument under which such default shall have occurred, or by the Holders of not less than 25% in the aggregate principal amount of Outstanding Offered Securities. 

  
 15 

Second Supplemental Indenture 

 (11) at any time prior to the Redemption Trigger Date (as defined in Section 1.6(1)),
the Company or Parent defaults in the performance of, or breaches, any of its respective covenants or agreements in the Escrow Agreement, or the Escrow Agreement ceases to be in full force and effect (other than in accordance with its terms) or the
Company or Parent asserts the invalidity thereof. 
  

	Section 1.5	Escrow. 

 (1) On the Issue
Date, (i) the Company shall deposit (or cause to be deposited) into the Escrow Account the aggregate amount paid for the Offered Securities and the related guarantees, net of the initial purchasers’ discount and commissions, pursuant to
Section 3 of the Purchase Agreement (the “2022 Notes Proceeds”) and (ii) Pentair will deposit into the Escrow Account an amount equal to: (x) the Special Mandatory Redemption Price (as defined in Section 1.6(3))
that would be payable pursuant to Section 1.6(3) if the Special Mandatory Redemption Date were February 8, 2013, less (y) the 2022 Notes Proceeds (the “Pentair Deposit”). 

(2) Upon the satisfaction of all of the following conditions (collectively, the “Escrow Release Conditions”), and only
upon the satisfaction of the Escrow Release Conditions, the Company, Parent and Pentair shall execute a Notice of Distribution and Merger, in the form set forth in Exhibit A to the Escrow Agreement, or such other notice as shall be mutually agreed
with the Escrow Agent, to cause (x) the 2022 Notes Proceeds (together with any interest thereon or proceeds or investment income in respect thereof) to be released to the Company and (y) the Pentair Deposit (together with any interest
thereon or proceeds or investment income in respect thereof) to be released to Pentair: 
 (a) the Distribution has been
completed in all material respects in accordance with the Separation and Distribution Agreement; 
 (b) the Merger has been
completed in all material respects in accordance with the Merger Agreement; 
 (c) the Tyco Administrative Agent shall have
provided a written release of the Company’s and Parent’s guarantees of the Tyco Credit Facilities; and 
 (d) no Event
of Default has occurred and is continuing. 
 Satisfaction of certain of the Escrow Release Conditions may occur simultaneous
with or immediately after the release of funds from the Escrow Account, but the funds will be released upon the certification by the Issuer, the Guarantor and Pentair to the Escrow Agent that such Escrow Release Conditions will be satisfied
simultaneous with or immediately after the release of funds. The date on which the Escrow Release Conditions are satisfied or deemed satisfied is referred to as the “Escrow Release Date”. 

 

	Section 1.6	Special Mandatory Redemption. 

 (1) If (i) the Escrow Release Date does not occur on or before February 1, 2013 or (ii) if either the Merger or the Spin-Off is terminated or abandoned pursuant to the terms of the Merger
Agreement or the Separation and Distribution Agreement, as applicable (the earlier of such dates, the “Redemption Trigger Date”), then: 
 (a) the Company will be required to effect the redemption of the Offered Securities in the manner set forth in this Section 1.6 (the “Special Mandatory Redemption”); 

  
 16 

Second Supplemental Indenture 

 (b) if either the Merger or the Spin-Off is terminated or abandoned as set
forth in clause (ii) above, the Company, Parent and Pentair shall execute a Notice of Termination, in the form set forth in Exhibit B to the Escrow Agreement, or such other notice as shall be mutually agreed with the Escrow Agent; 

(c) the Company, Parent and Pentair shall cause all funds in the Escrow Account to be disbursed to the Trustee for the
purpose of effecting the Special Mandatory Redemption and paying the Special Mandatory Redemption Price; and 

(d) the Company, Parent and Pentair shall make all commercially reasonable efforts to cause any funds disbursed from the
Escrow Account to the Trustee in excess of the Special Mandatory Redemption Price to be released to Pentair on or promptly after the Special Mandatory Redemption Date. 
 (2) On the Business Day after the Redemption Trigger Date, the Company will deliver to the Trustee a redemption notice setting forth the Special Mandatory Redemption Date (as defined below) and the
Special Mandatory Redemption Price (as defined below). The Trustee will promptly forward such notice to the Holders of the Offered Securities. 
 (3) On the fifth Business Day (the “Special Mandatory Redemption Date”) after the Redemption Trigger Date, the Company shall redeem the Offered Securities at a redemption price (the
“Special Mandatory Redemption Price”) in cash equal to the sum of (i) 101% of the aggregate principal amount of the Offered Securities to be redeemed, plus (ii) accrued and unpaid interest, if any, thereon to, but
excluding, the Special Mandatory Redemption Date. The funds disbursed from the Escrow Account to the Trustee in the manner set forth in Section 1.6(1)(c) shall be used by the Trustee to fund the Special Mandatory Redemption Price. 

(4) Interest on the Offered Securities shall cease to accrue on and after the Special Mandatory Redemption Date, unless the Company shall
default in the payment of the Special Mandatory Redemption Price. 
  

	Section 1.7	Additional Changes to the Base Indenture. 

 (1) For purposes of applying, and determining compliance with, the covenants and other obligations of the Company and Parent set forth in the Base Indenture and this Second Supplemental Indenture,
including the covenants set forth in Article IV and Article X of the Base Indenture and Section 1.3 of this Second Supplemental Indenture, the Spin-Off and the Merger shall be deemed to have occurred immediately prior to the Issue Date.

  
 17 

Second Supplemental Indenture 

 (2) Section 9.01 of the Base Indenture is hereby deleted with respect to the Offered
Securities and replaced with the following: 
 Section 9.01 Supplemental Indentures Without the Consent of
Securityholders. 
 In addition to any supplemental indenture otherwise authorized by this Indenture, Parent,
the Company and the Trustee from time to time and at any time may enter into an indenture or indentures supplemental hereto which shall conform to the provisions of the Trust Indenture Act as then in effect or amend the Escrow Agreement in
accordance with its provisions, without the consent of the holders of any series of Securities, for one or more of the following purposes: 
 (a) to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series or the Escrow Agreement, including making any such changes as are required for this Indenture to comply with
the Trust Indenture Act; 
 (b) to add an additional obligor on the Securities, to add a guarantor of any
outstanding series of Securities or to evidence the succession of another Person to Parent or the Company, or successive successions, and the assumption by the successor Person of the covenants, agreements and obligations of Parent or the Company,
as the case may be, pursuant to Article X; 
 (c) to provide for uncertificated Securities in addition to or in
place of certificated Securities; 
 (d) to add to the covenants of the Company for the benefit of the holders of
any outstanding series of Securities (and if such covenants are to be for the benefit of less than all outstanding series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender
any right or power herein conferred upon Parent or the Company or conferred by the Escrow Agreement upon Parent or the Company; 
 (e) to add any additional Events of Default for the benefit of the holders of any outstanding series of Securities (and if such Events of Default are to be applicable to less than all outstanding series,
stating that such Events of Default are expressly being included solely to be applicable to such series); 
 (f)
to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall not become effective with respect to any outstanding Security of any series created prior to the execution of such supplemental
indenture which is entitled to the benefit of such provision; 
 (g) to secure the Securities of any series or
any related Guarantee; 

  
 18 

Second Supplemental Indenture 

 (h) to make any other change that does not adversely affect the rights of
any Securityholder of Outstanding Securities of the affected series of Securities in any material respect; 
 (i)
to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to provide which, if any, of the covenants of the Company shall apply to such series, to provide which
of the Events of Default shall apply to such series, to name one or more guarantors and provide for guarantees of such series of Securities, to provide for the terms and conditions upon which the Guarantee by Parent or another guarantor of such
series of Securities may be released or terminated, or to define the rights of the holders of such series of Securities; 
 (j) to issue additional Securities of any series; provided that such additional Securities have the same terms as, and be deemed part of the same series as, the applicable series of Securities issued
hereunder to the extent required by Section 2.01(b); 
 (k) to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee with respect to the Securities of one or more series or by a successor Escrow Agent under the Escrow Agreement and to add to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trust hereunder by more than one Trustee; 
 (l) to
supplement any of the provisions herein to permit or facilitate the defeasance and discharge of the Securities of any series in a manner consistent with the provisions described in Section 11.03; provided, however, that any such action shall
not adversely affect the interest of the holders of Securities of such series or any other series in any material respect; or 
 (m) to conform the text of this Indenture, any supplemental indenture or any Security to the description thereof in any prospectus, prospectus supplement or offering circular or memorandum or supplement
thereto with respect to the offer and sale of Securities of any series, to the extent that such description is inconsistent with a provision in this Indenture, any supplemental indenture or Security, as provided in an Officer’s Certificate.

 Upon the request of the Company, accompanied by Board Resolutions authorizing the execution of any such
supplemental indenture, and upon receipt by the Trustee of the documents described in Section 9.05, the Trustee shall join with Parent and the Company in the execution of any such supplemental indenture, and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee 

  
 19 

Second Supplemental Indenture 

 
shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Any supplemental indenture authorized by the provisions of this Section 9.01 may be executed by Parent, the Company
and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02. 
 (3) Section 11.03(c)(iii) of the Base Indenture is hereby deleted with respect to the Offered Securities and replaced with the following: 

(iii) no Event of Default under clauses (1), (2), (5), (6), (7), (8) or (11) of Section 6.01(a) shall have occurred and be
continuing, and no event which with notice or lapse of time or both would become such an Event of Default shall have occurred and be continuing, on the date of such deposit; 
 ARTICLE II 
 MISCELLANEOUS 

 

	Section 2.1.	Definitions. 

 Capitalized
terms used but not defined in this Second Supplemental Indenture shall have the meanings ascribed thereto in the Base Indenture. 
  

	Section 2.2.	Confirmation of Indenture. 

The Base Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all respects ratified and confirmed, and the
Base Indenture, this Second Supplemental Indenture and all indentures supplemental thereto shall be read, taken and construed as one and the same instrument. 
  

	Section 2.3.	Concerning the Trustee. 

In carrying out the Trustee’s responsibilities hereunder, the Trustee shall have all of the rights, protections and immunities which
it possesses under the Indenture. The recitals contained herein and in the Offered Securities, except the Trustee’s certificate of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for
their correctness. The Trustee shall not be responsible for and makes no representations as to (i) the validity or sufficiency of this Second Supplemental Indenture or of the Offered Securities, (ii) the proper authorization hereof by
Parent and the Company by action or otherwise, (iii) the due execution hereof by Parent and the Company or (iv) the consequences of any amendment herein provided for. The Trustee shall not be accountable for the use or application by the
Company of the Offered Securities or the proceeds thereof. 

  
 20 

Second Supplemental Indenture 

	Section 2.4.	Governing Law. 

 This
Second Supplemental Indenture and the Offered Securities shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State without regard to
conflicts of law principles that would require the application of any other law. This Second Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of this Second Supplemental Indenture and shall,
to the extent applicable, be governed by such provisions. 
  

	Section 2.5.	Separability. 

 In case
any one or more of the provisions contained in this Second Supplemental Indenture or in the Offered Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Second Supplemental Indenture or of such Offered Securities, but this Second Supplemental Indenture and such Offered Securities shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein. 
  

	Section 2.6.	Counterparts. 

 This
Second Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Second Supplemental
Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
  

	Section 2.7	No Benefit. 

 Nothing in
this Second Supplemental Indenture, express or implied, shall give to any Person other than the parties hereto and their successors or assigns, and the Holders of the Offered Securities, any benefit or legal or equitable rights, remedy or claim
under this Second Supplemental Indenture or the Base Indenture. 
  

	Section 2.8	Amendments and Supplemental Indentures. 

 This Second Supplemental Indenture and the Offered Securities are subject to the provisions regarding supplemental indentures and amendments set forth in Article IX of the Base Indenture, as amended by
this Second Supplemental Indenture. 
  

	Section 2.9	Legal, Valid and Binding Obligation. 

 Parent and the Company hereby represent and warrant that, assuming the due authorization, execution and delivery of this Second Supplemental Indenture by the Trustee, this Second Supplemental Indenture is
the legal, valid and binding obligation of Parent and the Company enforceable against Parent and the Company in accordance with its terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or
affecting the enforcement of creditors’ rights and to general equity principles. 

  
 21 

Second Supplemental Indenture 

 [Signature Page Follows] 

  
 22 

Second Supplemental Indenture 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed all as of the day and year first above written. 
  

			
	TYCO FLOW CONTROL INTERNATIONAL FINANCE S.A., as Issuer
		
	By:	 	 /s/ Andrea Goodrich

		 	 Name: Andrea Goodrich

		 	 Title:  Managing Director

		
	By:	 	 /s/ Peter Schieser

		 	 Name: Peter Schieser

		 	 Title:  Managing Director

	
	PENTAIR LTD., as Parent
		
	By:	 	 /s/ Mark Armstrong

		 	 Name: Mark Armstrong

		 	 Title:   Director

		
	By:	 	 /s/ Andrea Goodrich

		 	 Name: Andrea Goodrich

		 	 Title:   Director

	
	PENTAIR, INC.
		
	By:	 	 /s/ Michael G. Meyer

		 	 Name: Michael G. Meyer

		 	 Title:   Vice President of Treasury and Tax

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Richard Prokosch

		 	 Name: Richard Prokosch

		 	 Title:   Vice President

 EXHIBIT A 
 FORM OF 3.150% NOTES 
 [Insert the Private Placement Legend and/or the Global Security
legend, as applicable] 
 3.150% NOTES DUE 2022 

 

			
	No. [        ]	  	$[            ]
	CUSIP No. [                ]	  	

 TYCO FLOW CONTROL INTERNATIONAL FINANCE S.A. 

29 Avenue de la Porte Neuve 
 L-2227 Luxembourg 
 R.C.S. B 166305 

promises to pay to [        ] or registered assigns, the principal sum of
[            ] Dollars on September 15, 2022. 
 Interest Payment Dates:
March 15 and September 15 
 Record Dates: March 1 and September 1 

Each holder of this Security (as defined below), by accepting the same, agrees to and shall be bound by the provisions hereof and of the
Indenture described herein, and authorizes and directs the Trustee described herein on such holder’s behalf to be bound by such provisions. Each holder of this Security hereby waives all notice of the acceptance of the provisions contained
herein and in the Indenture and waives reliance by such holder upon said provisions. 
 This Security shall not be entitled to
any benefit under the Indenture, or be valid or become obligatory for any purpose, until the Certificate of Authentication hereon shall have been signed by or on behalf of the Trustee. The provisions of this Security are continued on the reverse
side hereof, and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 
 IN WITNESS
WHEREOF, the Company has caused this instrument to be signed in accordance with Section 2.04 of the Base Indenture. 
 Date:
[                    ] 
  

	
	TYCO FLOW CONTROL INTERNATIONAL FINANCE S.A.
	
	  

	
	 Name:

Title:

	
	  

  
 A-1

 
	
	 [If second signature is applicable]
  

Name:
 Title:

  
 A-2

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory
		
	Dated:	 	

  
 A-3

 GUARANTEE 
 For value received, PENTAIR LTD. hereby absolutely, unconditionally and irrevocably guarantees (i) to the holder of this Security the payment of principal of, premium, if any, and interest and any
Additional Amounts, if any, on, the Security upon which this Guarantee is set forth in the amounts and at the time when due and payable whether by declaration thereof, or otherwise, and interest on the overdue principal and interest, if any, of such
Security, if lawful, to the holder of such Security and the Trustee on behalf of the Holders, and (ii) to the Trustee all amounts owed to the Trustee under the Indenture, in each case in accordance with and subject to the terms and limitations
of such Security and Article XV of the Base Indenture. This Guarantee will not become effective until the Trustee or Authenticating Agent duly executes the certificate of authentication on this Security. This Guarantee shall be governed by and
construed in accordance with the laws of the State of New York, without regard to conflict of law principles thereof. 
 Dated: 

 

			
	PENTAIR LTD.
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-4

 TYCO FLOW CONTROL INTERNATIONAL FINANCE S.A. 

29 Avenue de la Porte Neuve 
 L-2227 Luxembourg 
 R.C.S. B 166305 

3.150% Notes due 2022 
 This security is one of a duly authorized series of debt securities of Tyco Flow Control International Finance S.A., a Luxembourg public limited liability company (société anonyme)
(the “Company”), issued or to be issued in one or more series under and pursuant to an Indenture for the Company’s unsubordinated debt securities, dated as of September 24, 2012 (the “Base Indenture”), duly executed and
delivered by and among the Company, Pentair Ltd. (“Parent”) and Wells Fargo Bank, National Association (the “Trustee”), as supplemented by the Second Supplemental Indenture, dated as of September 24, 2012 (the “Second
Supplemental Indenture”), by and among the Company, Parent, Pentair, Inc., a Minnesota corporation, and the Trustee. The Base Indenture as supplemented and amended by the Second Supplemental Indenture is referred to herein as the
“Indenture.” By the terms of the Base Indenture, the debt securities issuable thereunder are issuable in series that may vary as to amount, date of maturity, rate of interest and in other respects as provided in the Base Indenture. This
security is one of the series designated on the face hereof (individually, a “Security,” and collectively, the “Securities”), and reference is hereby made to the Indenture for a description of the rights, limitations of rights,
obligations, duties and immunities of the Trustee, the Company, Parent and the holders of the Securities (the “Securityholders”). Capitalized terms used herein and not otherwise defined shall have the meanings given them in the Base
Indenture or the Second Supplemental Indenture, as applicable. 
 1. Interest. The Company promises to pay interest
on the principal amount of this Security at an annual rate of 3.150%. The Company will pay interest semi-annually on March 15 and September 15 of each year (each such day, an “Interest Payment Date”). If any Interest Payment
Date, redemption date or maturity date of this Security is not a Business Day, then payment of interest or principal (and premium, if any) shall be made on the next succeeding Business Day with the same force and effect as if made on the date such
payment was due, and no interest shall accrue for the period after such date to the date of such payment on the next succeeding Business Day. Interest on the Securities will accrue from the most recent date to which interest has been paid or duly
provided for or, if no interest has been paid, from the date of issuance; provided that, if there is no existing Default in the payment of interest, and if this Security is authenticated between a regular record date referred to on the face hereof
and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; and provided, further, that the first Interest Payment Date shall be March 15, 2013. Interest will be calculated on the basis
of a 360-day year consisting of twelve 30-day months. 
 2. Method of Payment. The Company will pay interest on
the Securities (except defaulted interest), if any, to the persons in whose name such Securities are registered at the close of business on the regular record date referred to on the facing page of this Security for such interest installment. In the
event that the Securities or a portion thereof are called for redemption and the Redemption Date is subsequent to a regular record date with respect to any 

  
 A-5

 
Interest Payment Date and prior to such Interest Payment Date, interest on such Securities will be paid upon presentation and surrender of such Securities as provided in the Indenture. The
principal of and the interest on the Securities shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose
in accordance with the Indenture. 
 3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National
Association, the Trustee, will act as paying agent and Security Registrar. The Company may change or appoint any paying agent or Security Registrar without notice to any Securityholder. Parent, the Company or any of their Subsidiaries may act in any
such capacity. 
 4. Indenture. The terms of the Securities include those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act of 1939 (“TIA”) as in effect on the date the Indenture is qualified. The Securities are subject to all such terms, and Securityholders are referred to the Indenture and TIA
for a statement of such terms. The Securities are unsecured general obligations of the Company and constitute the series designated on the face hereof as the “3.150% Notes due 2022”, initially limited to $550,000,000 in aggregate principal
amount. 
 The Company will furnish to any Securityholder upon written request and without charge a copy of the Base Indenture
and the Second Supplemental Indenture. Requests may be made to: Tyco Flow Control International Finance S.A., 29 Avenue de la Porte Neuve, L-2227 Grandy-Duchy of Luxembourg, Attention: The Managing Directors. 

5. Optional Redemption. The Securities will be subject to redemption at the option of the Company on any date prior to
the maturity date, in whole or from time to time in part, in $1,000 increments (provided that any remaining principal amount thereof shall be at least the minimum authorized denomination thereof), on written notice given to the
Securityholders thereof not less than 30 days nor more than 90 days prior to the date fixed for redemption in such notice (the “Redemption Date”). Prior to June 15, 2022, the Securities will be redeemable at a redemption price equal
to the greater of (i) 100% of the principal amount of such Securities to be redeemed and (ii) as determined by the Quotation Agent and delivered to the Trustee in writing, the sum of the present values of the remaining scheduled payments
of principal and interest thereon due on any date after the Redemption Date (excluding the portion of interest that will be accrued and unpaid to and including the Redemption Date) discounted from their scheduled date of payment to the Redemption
Date (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Redemption Treasury Rate plus 25 basis points, plus, in either the case of clause (i) or clause (ii), accrued and unpaid interest, if any, thereon to, but
excluding, the Redemption Date. On or after June 15, 2022, the Securities will be redeemable at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest thereon to, but
excluding, the Redemption Date. This Security is also subject to redemption to the extent provided in Article XIV of the Indenture. 
 If the giving of the notice of redemption is completed as provided in the Indenture, interest on such Securities or portions of Securities shall cease to accrue on and after the Redemption Date, unless
the Company shall default in the payment of any such redemption price and accrued interest with respect to any such Security or portion thereof. 

  
 A-6

 Except as otherwise expressly provided herein or in the Second Supplemental Indenture, the
Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities. 

6. Special Mandatory Redemption. The Securities are subject to redemption on the fifth Business Day (the “Special
Mandatory Redemption Date”) after the Redemption Trigger Date at a redemption price (the “Special Mandatory Redemption Price”) in cash equal to the sum of (i) 101% of the aggregate principal amount of the Securities to
be redeemed, plus (ii) accrued and unpaid interest, if any, thereon to, but excluding, the Special Mandatory Redemption Date. Interest on the Securities shall cease to accrue on and after the Special Mandatory Redemption Date, unless the
Company shall default in the payment of the Special Mandatory Redemption Price. 
 7. Change of Control Triggering
Event. If a Change of Control Triggering Event occurs after the Escrow Release Date, unless the Company has exercised its option to redeem this Security, it shall be required to make an offer to the holder of this Security to repurchase, at such
holder’s election, all or a part (equal to $1,000 or an integral multiple of $1,000 in excess thereof; provided that any remaining principal amount of this Security shall be at least the minimum authorized denomination thereof), of this
Security, in cash equal to 101% of the aggregate principal amount of this Security repurchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. Within 30 days following any Change of Control Triggering Event, or
at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control Triggering Event, a notice shall be mailed to each Holder describing in
reasonable detail the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase this Security on the date specified in the notice, which date shall, except as described in the immediately
following sentence and other than as required by law, be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the
offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the date of repurchase. 

8. Denominations, Transfer, Exchange. The Securities are in registered form without coupons in the denominations of
$2,000 or any integral multiple of $1,000 in excess thereof. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Securities may be presented for exchange or for registration of transfer
(duly endorsed or with the form of transfer endorsed thereon duly executed if so required by the Company or the Security Registrar) at the office of the Security Registrar or at the office of any transfer agent designated by the Company for such
purpose. No service charge will be made for any registration of transfer or exchange, but a Securityholder may be required to pay any applicable taxes or other governmental charges. If the Securities are to be redeemed, the Company will not be
required to: (i) issue, register the transfer of, or exchange any Security during a period beginning at the opening of business 15 days before the day of mailing of a notice of redemption of less than all of the outstanding Securities of the
same series and ending at the close of business on the day of such mailing; (ii) register the transfer of or exchange any Security of any series or portions thereof selected for redemption, in whole or in part, except the unredeemed portion of
any such Security being redeemed in part; nor (iii) register the transfer of or exchange a Security of any series between the applicable record date and the next succeeding Interest Payment Date. 

  
 A-7

 9. Persons Deemed Owners. The registered Securityholder may be treated as
its owner for all purposes. 
 10. Repayment to Parent or the Company. Any funds or Governmental Obligations deposited
with any paying agent or the Trustee, or then held by Parent or the Company, in trust for payment of principal of, premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such
Securities for at least one year after the date upon which the principal of, premium, if any, or interest on such Securities shall have respectively become due and payable, shall be repaid to Parent or the Company, as applicable, or (if then held by
Parent or the Company) shall be discharged from such trust. After return to the Company or Parent, Holders entitled to the money or securities must look to the Company or Parent, as applicable, for payment as unsecured general creditors. 

11. Amendments, Supplements and Waivers. The Base Indenture contains provisions permitting the Company, Parent and the
Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the securities of each series at the time Outstanding affected by such supplemental indenture or indentures to enter into supplemental indentures
for the purpose of adding, changing or eliminating any provisions of the Base Indenture or any supplemental indenture or of modifying in any manner not covered elsewhere in the Base Indenture the rights of the holders of the securities of such
series; provided, however, that no such supplemental indenture, without the consent of the holders of each Security then Outstanding and affected thereby, shall: (i) extend a fixed maturity of or any installment of principal of
any Securities of any series or reduce the principal amount thereof, or reduce the amount of principal of any original issue discount security that would be due and payable upon declaration of acceleration of the maturity thereof; (ii) reduce
the rate of or extend the time for payment of interest of any Security of any series; (iii) reduce the premium payable upon the redemption of any Security; (iv) make any Security payable in Currency other than that stated in the Security;
(v) impair the right to institute suit for the enforcement of any payment on or after the fixed maturity thereof (or in the case or redemption, on or after the redemption date); (vi) modify any subordination provisions applicable to this
Security or the guarantee of this Security in a manner adverse in any material respect to the holder hereof; or (vii) reduce the percentage of Securities, the holders of which are required to consent to any such supplemental indenture or
indentures. The Base Indenture also contains provisions permitting the holders of not less than a majority in aggregate principal amount of the Outstanding securities of each series affected thereby, on behalf of all of the holders of the securities
of such series, to waive any past default under the Base Indenture, and its consequences, except a default in the payment of the principal of, premium, if any, or interest on, any of the securities of such series as and when the same shall become
due by the terms of such securities. 
 Any such consent or waiver by the registered Securityholder shall be conclusive and
binding upon such holder and upon all future holders and owners of this Security and of any Security issued in exchange for this Security or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any
notation of such consent or waiver is made upon this Security. 

  
 A-8

 12. Defaults and Remedies. If an Event of Default with respect to the
securities of a series issued pursuant to the Base Indenture occurs and is continuing, the Trustee or the holders of at least 25% in aggregate principal amount of the Securities of such series then Outstanding, by notice in writing to the Company
and Parent (and to the Trustee if notice is given by such holders), may declare the unpaid principal of, premium, if any, and accrued interest, if any, due and payable immediately. Subject to the terms of the Indenture, if an Event of Default under
the Indenture shall occur and be continuing, the Trustee will be under no obligation to exercise any of its rights or powers under the Indenture at the request or direction of any of the holders, unless such holders have offered the Trustee
indemnity satisfactory to it. Upon satisfaction of certain conditions set forth in the Indenture, the holders of a majority in principal amount of the Outstanding securities of a series issued pursuant to the Base Indenture will have the right to
direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the securities of such series. 

13. Trustee, Paying Agent and Security Registrar May Hold Securities. The Trustee, subject to certain limitations imposed by the
TIA, or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar. 

14. No Recourse Against Others. No recourse under or upon any obligation, covenant or agreement of the Indenture, or of
any Security, or for any claim based thereon or otherwise in respect hereof or thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of Parent or the Company or of any predecessor or
successor Person, either directly or through Parent or the Company or any such predecessor or successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that the Indenture and the obligations issued hereunder and thereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, organizers,
shareholders, partners, members, officers, directors, managers or agents as such, of Parent or the Company or of any predecessor or successor Person, or any of them, because of the creation of the indebtedness authorized by the Indenture, or under
or by reason of the obligations, covenants or agreements contained in the Indenture or in the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by
constitution or statute, of, and any and all such rights and claims against, every such incorporator, organizer, shareholder, partner, member, officer, director, manager or agent as such, because of the creation of the indebtedness authorized by the
Indenture, or under or by reason of the obligations, covenants or agreements contained in the Indenture or in the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the acceptance
of the Securities. 
 15. Discharge of Indenture. The Indenture contains certain provisions pertaining to
defeasance, which provisions shall for all purposes have the same effect as if set forth herein. 

16. Authentication. This Security shall not be valid until the Trustee signs the certificate of authentication attached
to the other side of this Security. 

  
 A-9

 17. Guarantee. All payments by the Company under the Indenture and this Security are
fully and unconditionally guaranteed to the Holder of this Security by Parent, as provided in the related Guarantee and the Indenture. 
 18. Additional Amounts. The Company and Parent are obligated to pay Additional Amounts on this Security to the extent provided in Article XIV of the Indenture. 

19. Abbreviations. Customary abbreviations may be used in the name of a Securityholder or an assignee, such as: TEN COM
(= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

20. Governing Law. The Base Indenture, the Second Supplemental Indenture and this Security (and the Guarantee hereon)
shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State without regard to conflicts of laws principles that would require the
application of any other law. 

  
 A-10

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: (I) or (we) assign and transfer this Security to 

 
  
 (Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 

and irrevocably appoint                   
                                         
                                         
                                         
                                      agent to transfer this
Security on the books of the Company. The agent may substitute another to act for him. 
  

 
  

			
	Date:	 	  

  

			
	Your Signature:	 	  

	(Sign exactly as your name appears on the face of this Security)

  

			
	Signature Guarantee:	 	  

  
 A-11

 ELECTION FORM 
 TO BE COMPLETED ONLY IF THE HOLDER 
 ELECTS TO ACCEPT THE CHANGE OF
CONTROL OFFER 
  
  

The undersigned hereby irrevocably requests and instructs the Company to repurchase the within Security (or the portion thereof specified
below), pursuant to its terms, on the Change of Control Payment Date specified in the Change of Control Offer, for the Change of Control Payment specified in the within Security, to the undersigned,  

					
	  
	 	, at	 	  

	  
	 		 	(please print or typewrite name, address and telephone number
	of the undersigned).	 		 	

 For this election to accept the Change of Control Offer to be effective, the undersigned must
(A) deliver, to the address of the paying agent set forth below or at such other place or places of which the Company shall from time to time notify the Holder of the within Security, either (i) the Security with this “Election
Form” form duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange or the Financial Industry Regulatory Authority, Inc. or a commercial bank or a trust company in the
United States setting forth (a) the name of the Holder of the Security, (b) the principal amount of the Security, (c) the principal amount of the Security to be repurchased, (d) the certificate number or description of the tenor
and terms of the Security, (e) a statement that the option to elect repurchase is being exercised, and (f) a guarantee stating that the Security to be repurchased, together with this “Election Form” duly completed, will be
received by the paying agent at least five Business Days prior to the Change of Control Payment Date or (B) otherwise comply with alternative instructions in accordance with the procedures of the depositary. The address of the paying agent is
[        ]; Attention: [            ]. 
 If less than the entire principal amount of the within Security is to be repurchased, specify the portion thereof (which principal amount must be $1,000 or an integral multiple of $1,000 in excess
thereof; provided that any remaining principal amount shall be at least the minimum authorized denomination thereof) which the Holder elects to have repurchased: $        . 

 

			
	Holder:
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-12Exchange and Registration Rights Agreement

 Exhibit 4.4 
 Tyco Flow Control International Finance, S.A. 
 U.S. $350,000,000 1.875%
Notes due 2017 
 U.S. $550,00,000 3.150% Notes due 2022 

 
  

Exchange and Registration Rights Agreement 

September 24, 2012 
 J.P. Morgan Securities LLC 
 Merrill Lynch, Pierce, Fenner & Smith 

                     Incorporated 

U.S. Bancorp Investments, Inc. 

           As representatives of the several Purchasers 

           named in Schedule I hereto, 
 c/o J.P. Morgan Securities LLC 
 383 Madison Avenue 

New York, New York 10179 
 and 

c/o Merrill Lynch, Pierce, Fenner & Smith 
                         Incorporated 

One Bryant Park 
 New York, New York 10036

 and 
 c/o U.S. Bancorp Investments,
Inc. 
 214 N. Tryon Street, 26th Floor 

Charlotte, North Carolina 28202 

Tyco Flow Control International Finance, S.A., a Luxembourg public limited liability company (société anonyme) (the
“Company”), proposes to issue and sell to the Purchasers (as defined herein) upon the terms set forth in the Purchase Agreement (as defined herein) $350,000,000 principal amount of its 1.875% Notes due 2017 and $550,000,000
principal amount of its 3.150% Notes due 2022 (collectively the “Securities”), which are guaranteed as to the payment of principal, premium, if any, and interest by Pentair Ltd. (formerly Tyco Flow Control International Ltd.), a
corporation limited by shares (Aktiengesellschaft) organized under the laws of Switzerland (the “Guarantor”). As an inducement to the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the
obligations of the Purchasers thereunder, the Company and the Guarantor agree with the Purchasers for the benefit of holders (as defined herein) from time to time of the Registrable Securities (as defined herein) as follows: 

1. Certain Definitions. For purposes of this Exchange and Registration Rights Agreement (this “Agreement”), the
following terms shall have the following respective meanings: 
 “Base Interest” shall mean the interest that
would otherwise accrue on the Securities under the terms thereof and the Indenture, without giving effect to the provisions of this Agreement. 

 The term “broker-dealer” shall mean any broker or dealer registered with
the Commission under the Exchange Act. 
 “Business Day” shall have the meaning set forth in
Rule 13e-4(a)(3) promulgated by the Commission under the Exchange Act, as the same may be amended or succeeded from time to time. 
 “Closing Date” shall mean the date on which the Securities are initially issued. 
 “Commission” shall mean the United States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act, whichever is
the relevant statute for the particular purpose. 
 “EDGAR System” means the EDGAR filing system of the
Commission and the rules and regulations pertaining thereto promulgated by the Commission in Regulation S-T under the Securities Act and the Exchange Act, in each case as the same may be amended or succeeded from time to time (and without regard to
format). 
 “Effective Time,” in the case of (i) an Exchange Registration, shall mean the time and date as
of which the Commission declares the Exchange Registration Statement effective or as of which the Exchange Registration Statement otherwise becomes effective and, (ii) a Shelf Registration, shall mean the time and date as of which the
Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes effective. 
 “Electing Holder” shall mean any holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(ii)
or Section 3(d)(iii) and the instructions set forth in the Notice and Questionnaire. 
 “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from time to time. 

“Exchange Offer” shall have the meaning assigned thereto in Section 2(a). 

“Exchange Registration” shall have the meaning assigned thereto in Section 3(c). 

“Exchange Registration Statement” shall have the meaning assigned thereto in Section 2(a). 

“Exchange Securities” shall have the meaning assigned thereto in Section 2(a). 

  
 2 

 The term “holder” shall mean each of the Purchasers and other persons who
acquire Securities from time to time (including any successors or assigns), in each case for so long as any such person owns any Securities. 
 “Indenture” shall mean the Indenture, dated as of September 24, 2012, among the Company, the Guarantor and Wells Fargo Bank, National Association, as trustee, as the same may be
amended from time to time. 
 “Notice and Questionnaire” means a Notice of Registration Statement and Selling
Securityholder Questionnaire substantially in the form of Exhibit A hereto, with such changes thereto as the Company may reasonably determine. 
 The term “person” shall mean a corporation, limited liability company, association, partnership, organization, business, individual, government or political subdivision thereof or
governmental agency. 
 “Purchase Agreement” shall mean the Purchase Agreement, dated as of September 10,
2012 among the Purchasers, the Company and the Guarantor relating to the Securities. 
 “Purchasers” shall mean
the Purchasers named in Schedule I to the Purchase Agreement. 
 “Registrable Securities” shall mean the
Securities; provided, however, that a Security shall cease to be a Registrable Security upon the earliest to occur of the following: (i) in the circumstances contemplated by Section 2(a), the Security has been exchanged for an
Exchange Security in an Exchange Offer as contemplated in Section 2(a) (provided that any Exchange Security that, pursuant to the last two sentences of Section 2(a), is included in a prospectus for use in connection with resales by
broker-dealers shall be deemed to be a Registrable Security with respect to Sections 5, 6 and 9 until resale of such Registrable Security has been effected within the Resale Period); (ii) in the circumstances contemplated by Section 2(b),
a Shelf Registration Statement registering such Security under the Securities Act has been declared or becomes effective and such Security has been sold or otherwise transferred by the holder thereof pursuant to and in a manner contemplated by such
effective Shelf Registration Statement; (iii) subject to Section 8(b), such Security is actually sold by the holder thereof pursuant to Rule 144 under circumstances in which any legend borne by such Security relating to restrictions
on transferability thereof, under the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture; or (iv) such Security shall cease to be outstanding. 

“Registration Default” shall have the meaning assigned thereto in Section 2(c). 

“Registration Default Period” shall have the meaning assigned thereto in Section 2(c). 

“Registration Expenses” shall have the meaning assigned thereto in Section 4. 

  
 3 

 “Resale Period” shall have the meaning assigned thereto in
Section 2(a). 
 “Restricted Holder” shall mean (i) a holder that is an affiliate of the Company or
the Guarantor within the meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings with any person to
participate in the Exchange Offer for the purpose of distributing Exchange Securities and (iv) a holder that is a broker-dealer, but only with respect to Exchange Securities received by such broker-dealer pursuant to an Exchange Offer in
exchange for Registrable Securities acquired by the broker-dealer directly from the Company. 
 “Rule 144”,
“Rule 405”, “Rule 415”, “Rule 424”, “Rule 430B” and “Rule 433” shall mean, in each case, such rule promulgated by the Commission under the Securities Act (or any
successor provision), as the same may be amended or succeeded from time to time. 
 “Securities” shall mean the
$350,000,000 principal amount of 1.875% Notes due 2017 and $550,000,000 principal amount of 3.150% Notes due 2022 of the Company to be issued and sold to the Purchasers, and securities issued in exchange therefor or in lieu thereof pursuant to the
Indenture. Each Security is entitled to the benefit of the guarantee provided for in the Indenture (the “Guarantee”), on the terms and to the extent set forth therein, and, unless the context otherwise requires, any reference herein
to a “Security,” an “Exchange Security” or a “Registrable Security” shall include a reference to the related Guarantee. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder, as the same may be amended or succeeded from
time to time. 
 “Shelf Registration” shall have the meaning assigned thereto in Section 2(b). 

“Shelf Registration Statement” shall have the meaning assigned thereto in Section 2(b). 

“Special Interest” shall have the meaning assigned thereto in Section 2(c). 

“Suspension Period” shall have the meaning assigned thereto in Section 2(b). 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and regulations promulgated
by the Commission thereunder, as the same may be amended or succeeded from time to time. 
 “Trustee” shall
mean Wells Fargo Bank, National Association, as trustee under the Indenture, together with any successors thereto in such capacity. 
 Unless the context otherwise requires, any reference herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Agreement, and the words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision. 

  
 4 

 2. Registration Under the Securities Act. 

(a) Except as set forth in Section 2(b) below, the Company and the Guarantor agree to use their commercially
reasonable efforts to file under the Securities Act, no later than 180 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration Statement”, and
such offer, the “Exchange Offer”) any and all of the Securities for a like aggregate principal amount of debt securities issued by the Company and (subject to the terms of the Indenture) guaranteed by the Guarantor, which debt
securities and guarantee are substantially identical to the Securities and the related Guarantee, respectively (and are entitled to the benefits of the Indenture), except that they have been registered pursuant to an effective registration statement
under the Securities Act, and do not contain provisions for Special Interest contemplated in Section 2(c) below (such new debt securities hereinafter called “Exchange Securities”). The Company and the Guarantor agree to use all
commercially reasonable efforts to cause the Exchange Registration Statement to become effective under the Securities Act no later than 365 days after the Closing Date. The Exchange Offer will be registered under the Securities Act on the
appropriate form and will comply with all applicable tender offer rules and regulations under the Exchange Act. Unless the Exchange Offer would not be permitted by applicable law or Commission policy, the Company and the Guarantor further agree to
use all commercially reasonable efforts to (i) commence the Exchange Offer promptly (but no later than 10 Business Days) following the Effective Time of such Exchange Registration Statement, (ii) hold the Exchange Offer open for at least
20 Business Days in accordance with Regulation 14E promulgated by the Commission under the Exchange Act and (iii) exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn promptly following
the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been “completed” only (i) if the debt securities and any related guarantee received by holders other than Restricted Holders in the Exchange Offer for
Registrable Securities are, upon receipt, transferable by each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the
States of the United States of America and (ii) upon the Company having exchanged, pursuant to the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of
the Exchange Offer, which shall be on a date that is at least 20 and not more than 30 Business Days following the commencement of the Exchange Offer. The Company and the Guarantor agree (x) to include in the Exchange Registration Statement a
prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (y) to keep such Exchange Registration Statement effective for a period (the “Resale Period”) beginning when Exchange Securities
are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have
the benefit of the rights of indemnification and contribution set forth in Subsections 6(a), (c), (d) and (e). 

  
 5 

 (b) If (i) on or prior to the time the Exchange Offer is completed
existing law or Commission interpretations are changed such that the debt securities or the related guarantee received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are not or would not be, upon receipt,
transferable by each such holder without restriction under the Securities Act, (ii) the Effective Time of the Exchange Registration Statement is not within 365 days following the Closing Date and the Exchange Offer has not been completed within
30 Business Days of such Effective Time or (iii) any holder of Registrable Securities notifies the Company prior to the 20th Business Day following the completion of the Exchange Offer that: (A) it is prohibited by law or Commission
policy from participating in the Exchange Offer, (B) it may not resell the Exchange Securities to the public without delivering a prospectus and the prospectus supplement contained in the Exchange Registration Statement is not appropriate or
available for such resales or (C) it is a broker-dealer and owns Securities acquired directly from the Company or an affiliate of the Company, then the Company and the Guarantor shall, in lieu of (or, in the case of clause (iii), in addition
to) conducting the Exchange Offer contemplated by Section 2(a), use its commercially reasonable efforts to file under the Securities Act no later than 30 days after the time such obligation to file arises (but no earlier than 90 days after the
Closing Date), a “shelf” registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may
be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and the Guarantor agree to use all commercially reasonable
efforts to cause the Shelf Registration Statement to become or be declared effective no later than 90 days after such Shelf Registration Statement filing obligation arises (but no earlier than 180 days after the Closing Date); provided, that
if at any time the Company and the Guarantor are or become “well-known seasoned issuers” (as defined in Rule 405) and are eligible to file an “automatic shelf registration statement” (as defined in Rule 405), then the
Company and the Guarantor shall file the Shelf Registration Statement in the form of an automatic shelf registration statement as provided in Rule 405. The Company and the Guarantor agree to use all commercially reasonable efforts to keep such
Shelf Registration Statement continuously effective until the earlier of such time as there are no longer any Registrable Securities outstanding or 365 days following the Effective Time. No holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder. The Company and the Guarantor agree, after the Effective Time of the
Shelf Registration Statement and promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to use all commercially reasonable efforts to enable such holder to use the prospectus forming a part thereof for
resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement (whether by post-effective amendment thereto or by filing a prospectus
pursuant to Rules 430B and 424(b) under the Securities Act identifying such holder); provided, however, that nothing in this 

  
 6 

 
sentence shall (A) relieve any such holder of the obligation to return a properly completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii)
hereof or (B) require the Company and Guarantor to file more than one post-effective amendment to the Shelf Registration Statement in any 30-day period. The Company and the Guarantor further agree to supplement or make amendments to the Shelf
Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Company and the Guarantor for such Shelf Registration Statement or by the Securities Act or rules and regulations
thereunder for shelf registration, and the Company agrees to furnish, or cause to be furnished, to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. The
Company’s and the Guarantor’s obligation to file a Shelf Registration Statement under clause (i) of this Section 2(b), to cause such Shelf Registration Statement to become and remain effective and to comply with its other
undertakings in this Section 2(b) in connection with such Shelf Registration Statement shall terminate upon the completion of the Exchange Offer pursuant to Section 2(a). 
 Notwithstanding the foregoing, the Company and the Guarantor may suspend the availability of any Shelf Registration Statement or, following the consummation of the Exchange Offer, the Exchange
Registration Statement (x) if such action is required by applicable law or is taken by the Company or Guarantor in good faith and for valid business reasons (not including avoidance of the Company’s and Guarantor’s obligations
hereunder), including the acquisition or divestiture of assets, or (y) with respect to a Shelf Registration Statement required to be filed solely due to the condition set forth in Section 2(b)(ii) hereof, if such action occurs following
the consummation of the Exchange Offer. Any period during which the Shelf Registration Statement or Exchange Registration Statement is unavailable in connection with resales of Registrable Securities or Exchange Securities, respectively, except as
permitted by clause (y) of this paragraph, is referred to herein as a “Suspension Period”. 
 (c) In the event
that (i) the Company and the Guarantor have not filed the Exchange Registration Statement or the Shelf Registration Statement on or before the date on which such registration statement is required to be filed pursuant to Section 2(a) or
Section 2(b), respectively, or (ii) such Exchange Registration Statement or Shelf Registration Statement has not become effective or been declared effective by the Commission on or before the date on which such registration statement is
required to become or be declared effective pursuant to Section 2(a) or Section 2(b), respectively, or (iii) the Exchange Offer has not been completed within 30 Business Days after the Effective Time of the Exchange Registration
Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Registration Statement or Shelf Registration Statement required by Section 2(a) or Section 2(b) is filed and declared or
becomes effective but shall thereafter either be withdrawn by the Company and the Guarantor or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the effectiveness of such
registration statement (except as specifically permitted herein including with respect to any Shelf Registration Statement during any applicable Suspension Period in accordance with the second paragraph of Section 2(b)) without being succeeded

  
 7 

 
immediately by an additional registration statement filed and declared or otherwise becoming effective or (v) one or more Suspension Periods remain in effect for an aggregate of more than 60
days in any consecutive twelve-month period (each such event referred to in clauses (i) through (v), a “Registration Default” and each period during which a Registration Default has occurred and is continuing, a
“Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 9(b), special interest (“Special Interest”), in addition to the Base Interest,
shall accrue on all Registrable Securities during the Registration Default Period (but only with respect to one Registration Default at any particular time) until such time as all Registration Defaults have been cured at a per annum rate of 0.25%
for the first 90 days of any Registration Default Period (aggregating, for such purpose, the length of such Registration Default Periods with all subsequent Registration Default Periods), and at a per annum rate of 0.50% thereafter until such time
as no Registration Default exists, regardless of the number of Registration Defaults that shall have occurred and be continuing. 
 (d) The Company and the Guarantor shall take all actions reasonably necessary or advisable to be taken by them to ensure that the transactions contemplated herein are effected as so contemplated,
including all actions necessary or desirable to register the Guarantee under the registration statement contemplated in Section 2(a) or 2(b) hereof, as applicable. 
 (e) Any reference herein to a registration statement or prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time;
and any reference herein to any post-effective amendment to a registration statement or to any prospectus supplement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such
time. 
 3. Registration Procedures. 
 If the Company and the Guarantor file a registration statement pursuant to Section 2(a) or Section 2(b), the following provisions shall apply: 

(a) At or before the Effective Time of the Exchange Registration or any Shelf Registration, whichever may occur first, the Company and
the Guarantor shall qualify the Indenture under the Trust Indenture Act. 
 (b) In the event that such qualification would
require the appointment of a new trustee under the Indenture, Company and the Guarantor shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 

(c) In connection with the Company’s and the Guarantor’s obligations with respect to the registration of Exchange Securities as
contemplated by Section 2(a) (the “Exchange Registration”), if applicable, the Company and the Guarantor shall: 
 (i) prepare and file with the Commission, no later than 180 days after the Closing Date, an Exchange Registration Statement on any form which 

  
 8 

 
may be utilized by the Company and the Guarantor and which shall permit the Exchange Offer and resales of Exchange Securities by broker-dealers during the Resale Period to be effected as
contemplated by Section 2(a), and use all commercially reasonable efforts to cause such Exchange Registration Statement to become effective no later than 365 days after the Closing Date; 

(ii) as soon as practicable prepare and file with the Commission such amendments and supplements to such Exchange
Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Exchange Registration Statement for the periods and purposes contemplated in Section 2(a) and as may be required by
the applicable rules and regulations of the Commission and the instructions applicable to the form of such Exchange Registration Statement, and promptly provide each broker-dealer holding Exchange Securities with such number of copies of the
prospectus included therein (as then amended or supplemented), in conformity in all material respects with the requirements of the Securities Act and the Trust Indenture Act, as such broker-dealer reasonably may request prior to the expiration of
the Resale Period, for use in connection with resales of Exchange Securities; 
 (iii) promptly notify each
broker-dealer that has requested or received copies of the prospectus included in such Exchange Registration Statement, and confirm such advice in writing, (A) when such Exchange Registration Statement or the prospectus included therein or any
prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Exchange Registration Statement or any post-effective amendment, when the same has become effective, (B) of any comments by the Commission
and by the blue sky or securities commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Exchange Registration Statement or prospectus or for additional information,
(C) of the issuance by the Commission of any stop order suspending the effectiveness of such Exchange Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the representations and
warranties of the Company contemplated by Section 5 cease to be true and correct in all material respects, (E) of the receipt by the Company and the Guarantor of any notification with respect to the suspension of the qualification of the
Exchange Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, (F) the occurrence of any event that causes the Company or the Guarantor to become an “ineligible issuer” as defined
in Rule 405, or (G) if at any time during the Resale Period when a prospectus is required to be delivered under the Securities Act, that such Exchange Registration Statement, prospectus, prospectus amendment or supplement or post-effective
amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act or contains an untrue statement of a material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the circumstances then existing; 

  
 9 

 (iv) in the event that the Company and the Guarantor would be required,
pursuant to Section 3(c)(iii)(G), to notify any broker-dealers holding Exchange Securities (except during any Suspension Period not constituting a Registration Default), use their commercially reasonable efforts to promptly prepare and furnish,
or cause to be furnished, to each such holder a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of such Exchange Securities during the Resale Period, such prospectus shall conform in
all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances then existing; 
 (v) use all commercially
reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such Exchange Registration Statement or any post-effective amendment thereto at the earliest practicable date; 

(vi) use all commercially reasonable efforts to (A) register or qualify the Exchange Securities under the securities
laws or blue sky laws of such jurisdictions as are contemplated by Section 2(a) no later than the commencement of the Exchange Offer, to the extent required by such laws, (B) keep such registrations or qualifications in effect and comply
with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions until the expiration of the Resale Period, (C) take any and all other actions as may be reasonably necessary or advisable to enable each
broker-dealer holding Exchange Securities to consummate the disposition thereof in such jurisdictions and (D) obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to
effect the Exchange Registration, the Exchange Offer and the offering and sale of Exchange Securities by broker-dealers during the Resale Period; provided, however, that neither the Company nor the Guarantor shall be required for any such
purpose to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(c)(vi) or (2) consent to
general service of process in any such jurisdiction or become subject to taxation in any such jurisdiction; 

(vii) obtain a CUSIP number for each series of Exchange Securities, not later than the applicable Effective Time; and

 (viii) comply in all material respects with all applicable rules and regulations of the Commission, and make
generally available to its securityholders no later than eighteen months after the Effective Time of such Exchange Registration Statement, “earning statements” of the Company and its subsidiaries and of the Guarantor and its subsidiaries
complying with Section 11(a) of the Securities Act (including, at the option of the Company, Rule 158 thereunder). 

  
 10 

 (d) In connection with the Company’s and the Guarantor’s obligations with respect
to the Shelf Registration, if applicable, the Company and the Guarantor shall: 
 (i) use its commercially
reasonable efforts to prepare and file with the Commission, within the time periods specified in Section 2(b), a Shelf Registration Statement on any form which may be utilized by the Company and the Guarantor and which shall register all of the
Registrable Securities for resale by the holders thereof in accordance with such method or methods of disposition as may be specified by the holders of Registrable Securities as, from time to time, may be Electing Holders and use all commercially
reasonable efforts to cause such Shelf Registration Statement to become effective within the time periods specified in Section 2(b); 
 (ii) mail the Notice and Questionnaire to the holders of Registrable Securities (A) not less than 30 days prior to the anticipated Effective Time of the Shelf Registration Statement or (B) in
the case of an “automatic shelf registration statement” (as defined in Rule 405), mail the Notice and Questionnaire to the holders of Registrable Securities not later than the Effective Time of such Shelf Registration Statement, and
in any such case no holder shall be entitled to be named as a selling securityholder in the Shelf Registration Statement, and no holder shall be entitled to use the prospectus forming a part thereof for resales of Registrable Securities at any time,
unless and until such holder has returned a completed and signed Notice and Questionnaire to the Company by the deadline for response set forth therein; 
 (iii) after the Effective Time of the Shelf Registration Statement, upon the request of any holder of Registrable Securities that is not then an Electing Holder, promptly send a Notice and Questionnaire
to such holder; provided that the Company and the Guarantor shall not be required to (A) take any action to name such holder as a selling securityholder in the Shelf Registration Statement or to enable such holder to use the prospectus
forming a part thereof for resales of Registrable Securities until such holder has returned a completed and signed Notice and Questionnaire to the Company and (B) nothing in this clause (iii) shall require the Company or the Guarantor to
file a post-effective amendment to the Shelf Registration Statement more than once in any 30-day period; 
 (iv)
as soon as practicable prepare and file with the Commission such amendments and supplements to such Shelf Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf
Registration Statement for the period specified in Section 2(b) and as may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Shelf Registration Statement, and furnish, or
cause to be furnished, to the Electing 

  
 11 

 
Holders copies of any such supplement or amendment simultaneously with or prior to its being used or filed with the Commission to the extent such documents are not publicly available on the
Commission’s EDGAR System; 
 (v) comply in all material respects with the provisions of the Securities Act
with respect to the disposition of all of the Registrable Securities covered by such Shelf Registration Statement in accordance with the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement;

 (vi) provide (A) the Electing Holders, (B) the underwriters (which term, for purposes of this
Exchange and Registration Rights Agreement, shall include a person deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act), if any, thereof, (C) any sales or placement agent therefor, (D) counsel for
any such underwriter or agent and (E) and not more than one counsel for all the Electing Holders the opportunity to participate in the preparation of such Shelf Registration Statement, each prospectus included therein or filed with the
Commission and each amendment or supplement thereto; 
 (vii) for a reasonable period prior to the filing of such
Shelf Registration Statement, and throughout the period specified in Section 2(b), make available at reasonable times at the Company’s principal place of business or such other reasonable place for inspection by the persons referred to in
Section 3(d)(vi) who shall certify to the Company that they have a current intention to sell the Registrable Securities pursuant to the Shelf Registration such financial and other information and books and records of the Company and the
Guarantor, and use their commercially reasonable efforts to cause the officers, employees, counsel and independent certified public accountants of the Company and the Guarantor to respond to such inquiries, as shall be reasonably necessary (and, in
the case of counsel, not violate an attorney-client privilege, in such counsel’s reasonable belief), in the judgment of the respective counsel referred to in Section 3(d)(vi), to conduct a reasonable investigation within the meaning of
Section 11 of the Securities Act; provided, however, that the foregoing inspection and information gathering on behalf of the Electing Holders shall be conducted by one counsel designated by the holders of at least a majority in
aggregate principal amount of the Registrable Securities held by the Electing Holders at the time outstanding, and provided further that each such party shall be required (pursuant to an agreement in form and substance reasonably satisfactory
to the Company) to maintain in confidence and not to disclose to any other person any information or records reasonably designated by the Company as being confidential, until such time as (A) such information becomes a matter of public record
(whether by virtue of its inclusion in such Shelf Registration Statement or otherwise except as a result of a breach of this or any other obligation of confidentiality to the Company or the Guarantor known to such party), or (B) such person
shall be required so to disclose such information pursuant to a subpoena or order of any court or other governmental agency or 

  
 12 

 
body having jurisdiction over the matter (subject to the requirements of such order, and only after such person shall have given the Company prompt prior written notice of such requirement), or
(C) such information is required to be set forth in such Shelf Registration Statement or the prospectus included therein or in an amendment to such Shelf Registration Statement or an amendment or supplement to such prospectus in order that such
Shelf Registration Statement, prospectus, amendment or supplement, as the case may be, complies with applicable requirements of the federal securities laws and the rules and regulations of the Commission and does not contain an untrue statement of a
material fact or omit to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 

(viii) promptly notify each of the Electing Holders and confirm such advice in writing, (A) when such Shelf
Registration Statement or the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when the same has
become effective, (B) of any comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Shelf Registration
Statement or prospectus or for additional information, (C) of the issuance by the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or the initiation or threatening of any proceedings for that
purpose, (D) if at any time the representations and warranties of the Company and the Guarantor set forth in Section 5 cease to be true and correct in all material respects, (E) of the receipt by the Company or the Guarantor of any
notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, (F) the occurrence of any event that causes the
Company or the Guarantor to become an “ineligible issuer” as defined in Rule 405, or (G) if at any time when a prospectus is required to be delivered under the Securities Act, that such Shelf Registration Statement, prospectus,
prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act or contains an untrue statement of a material fact or omits to
state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
 (ix) use all commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement or any post-effective amendment thereto at the earliest
practicable date; 
 (x) if requested by any Electing Holder, promptly incorporate in a prospectus supplement or
post-effective amendment such information as is 

  
 13 

 
required by the applicable rules and regulations of the Commission and as such Electing Holder specifies should be included therein relating to the terms of the sale of such Registrable
Securities, including information with respect to the principal amount of Registrable Securities being sold by such Electing Holder, the name and description of such Electing Holder, the offering price of such Registrable Securities and any
discount, commission or other compensation payable in respect thereof and with respect to any other terms of the offering of the Registrable Securities to be sold by such Electing Holder; and make all required filings of such prospectus supplement
or post-effective amendment promptly after notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; 
 (xi) furnish, or cause to be furnished, to each Electing Holder and the counsel referred to in Section 3(d)(vi) a copy of such Shelf Registration Statement, each such amendment and supplement thereto
(in each case including all exhibits thereto (in the case of an Electing Holder of Registrable Securities, upon request in writing) and documents incorporated by reference therein) and such number of copies of such Shelf Registration Statement
(excluding exhibits thereto and documents incorporated by reference therein unless specifically so requested by such Electing Holder) and of the prospectus included in such Shelf Registration Statement (including each preliminary prospectus and any
summary prospectus), in conformity in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act to the extent such documents are not available through the Commission’s EDGAR System, and such other
documents as such Electing Holder may reasonably request in writing in order to facilitate the offering and disposition of the Registrable Securities owned by such Electing Holder and to permit such Electing Holder to satisfy the prospectus delivery
requirements of the Securities Act; and subject to Section 3(e), the Company and the Guarantor hereby consent to the use of such prospectus (including such preliminary and summary prospectus) and any amendment or supplement thereto by each such
Electing Holder (subject to any applicable Suspension Period imposed pursuant to Section 2(b) hereof), in each case in the form most recently provided to such person by the Company, in connection with the offering and sale of the Registrable
Securities covered by the prospectus (including such preliminary and summary prospectus) or any supplement or amendment thereto; 
 (xii) use all commercially reasonable efforts to (A) register or qualify the Registrable Securities to be included in such Shelf Registration Statement under such securities laws or blue sky laws of
such jurisdictions as any Electing Holder shall reasonably request in writing, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such
jurisdictions during the period the Shelf Registration Statement is required to remain effective under Section 2(b) and for so long as may be necessary to enable any such Electing Holder to complete its distribution of Registrable Securities
pursuant to such Shelf Registration Statement, (C) take any and all other actions as may be 

  
 14 

 
reasonably necessary or advisable to enable each such Electing Holder to consummate the disposition in such jurisdictions of such Registrable Securities and (D) obtain the consent or
approval of each governmental agency or authority, whether federal, state or local, which may be required to effect the Shelf Registration or the offering or sale in connection therewith or to enable the selling holder or holders to offer, or to
consummate the disposition of, their Registrable Securities; provided, however, that neither the Company nor the Guarantor shall be required for any such purpose to (1) qualify as a foreign corporation or other entity or as a dealer in
securities in any jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(d)(xii) or (2) consent to general service of process in any such jurisdiction or become subject to taxation in
any such jurisdiction; 
 (xiii) unless any Registrable Securities shall be in book-entry only form, cooperate
with the Electing Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates, if so required by any securities exchange upon which any Registrable Securities are
listed, shall be printed, penned, lithographed, engraved or otherwise produced by any combination of such methods, on steel engraved borders, and which certificates shall not bear any restrictive legends; 

(xiv) obtain a CUSIP number for each series of Registrable Securities, not later than the applicable Effective Time;

 (xv) whether or not any portion of the offering contemplated by the Shelf Registration is an underwritten
offering or is made through a placement or sales agent or any other entity, but subject to Section 7 hereof with respect to any underwritten offering, (A) make such representations and warranties to any Electing Holder, placement agent or
underwriter in form, substance and scope as are customarily made to such persons in connection with an offering of debt securities pursuant to any appropriate agreement or to a registration statement filed on the form applicable to the Shelf
Registration; (B) obtain an opinion or opinions of counsel to the Company and the Guarantor, addressed to any Electing Holder, placement agent or underwriter that shall confirm, in customary form and covering such matters, of the type
customarily covered by such an opinion to such person, as such person may reasonably request, dated the effective date of such Shelf Registration Statement (or if such Shelf Registration Statement contemplates an underwritten offering of a part or
all of the Registrable Securities, dated the date of the closing under the underwriting agreement relating thereto) (it being agreed that the matters to be covered by such opinion shall include the due authorization, execution and delivery of the
relevant agreement of the type referred to in the last sentence of Section 7 hereof; the due authorization, execution, authentication and issuance, and the validity and enforceability, of the Securities and the Guarantees; and the absence of
governmental approvals required to be obtained in connection with the Shelf Registration, the offering and sale of the Registrable Securities, this Exchange and Registration Rights Agreement or any agreement of the type referred to in

  
 15 

 
the last sentence of Section 7 hereof, except such approvals as may be required under state securities or blue sky laws; (C) obtain a letter from counsel to the Company and the
Guarantor, addressed to any Electing Holder, placement agent or underwriter, to the effect that such Shelf Registration Statement appears on its face to comply as to form with the rules and regulations of the Commission relating to registration
statements on such form, and, as of the date of the letter, the absence from such Shelf Registration Statement and the prospectus included therein, as then amended or supplemented (in each case other than the financial statements and other financial
information contained therein) of an untrue statement of a material fact or the omission to state therein a material fact necessary to make the statements therein not misleading (in the case of any such prospectus, in the light of the circumstances
existing at the time)); (D) obtain a “cold comfort” letter or letters from the independent certified public accountants of the Company and the Guarantor addressed to any Electing Holder, placement agent or underwriter, dated
(i) the effective date of such Shelf Registration Statement and (ii) the effective date of any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective amendment to such Shelf Registration
Statement which includes unaudited or audited financial statements as of a date or for a period subsequent to that of the latest such statements included in such prospectus (and, if such Shelf Registration Statement contemplates an underwritten
offering pursuant to any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or
for a period subsequent to that of the latest such statements included in such prospectus, dated the date of the closing under the underwriting agreement relating thereto), such letter or letters to be in customary form and covering such matters of
the type customarily covered by letters of such type; (E) deliver such documents and certificates, including officers’ certificates, as may be reasonably requested in writing by any Electing Holder, placement agent or underwriter, provided
that such Electing Holder, placement agent or underwriter shall confirm to the Company and Guarantor that Section 11 of the Securities Act provides that, in the event an action were to be brought against any such Electing Holder, placement
agent or underwriter under Section 11 of the Securities Act with respect to sales of Registrable Securities, such person would have available to it, among other things, a due diligence defense under Section 11 of the Securities Act, to
evidence the accuracy of the representations and warranties made pursuant to clause (A) above or those contained in Section 5(a) hereof and the compliance with or satisfaction of any agreements or conditions contained in the underwriting
agreement or other agreement entered into by the Company or the Guarantor; and (F) undertake such obligations relating to expense reimbursement, indemnification and contribution as are provided in Section 6 hereof; 

(xvi) notify in writing each holder of Registrable Securities of any proposal by the Company to amend or waive any
provision of this Agreement pursuant to Section 9(h) and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the text of the amendment or waiver proposed or effected, as the case may be; and 

  
 16 

 (xvii) comply in all material respects with all applicable rules and
regulations of the Commission, and make generally available to their respective securityholders no later than eighteen months after the Effective Time of such Shelf Registration Statement an “earning statement” of the each of the Company
and its subsidiaries and of the Guarantor and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Company and the Guarantor, Rule 158 thereunder). 

(e) In the event that the Company and the Guarantor would be required, pursuant to Section 3(d)(viii)(G), to notify the Electing
Holders, the Company and the Guarantor shall use their commercially reasonable efforts to promptly prepare and furnish, or cause to be furnished, to each of the Electing Holders a reasonable number of copies of a prospectus supplemented or amended
so that, as thereafter delivered to purchasers of Registrable Securities, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and shall not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. Each Electing Holder agrees that upon receipt of any
notice from the Company and the Guarantor pursuant to Section 3(d)(viii)(G), such Electing Holder shall forthwith discontinue the disposition of Registrable Securities pursuant to the Shelf Registration Statement applicable to such Registrable
Securities until such Electing Holder shall have received copies of such amended or supplemented prospectus, and if so directed by the Company and the Guarantor, such Electing Holder shall deliver to the Company (at the Company’s expense) all
copies, other than permanent file copies, of the prospectus covering such Registrable Securities in such Electing Holder’s possession at the time of receipt of such notice. 

(f) In the event of a Shelf Registration, in addition to the information required to be provided by each Electing Holder in its Notice
and Questionnaire, the Company may require such Electing Holder to furnish to the Company such additional information regarding such Electing Holder and such Electing Holder’s intended method of distribution of Registrable Securities as may be
required in order to comply with the Securities Act. Each such Electing Holder agrees to notify the Company as promptly as practicable of any inaccuracy or change in information previously furnished by such Electing Holder to the Company or of the
occurrence of any event in either case as a result of which any prospectus relating to such Shelf Registration contains or would contain an untrue statement of a material fact regarding such Electing Holder or such Electing Holder’s intended
method of disposition of such Registrable Securities or omits to state any material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly to furnish to the Company any additional information required to correct and update any previously furnished information or

  
 17 

 
required so that such prospectus shall not contain, with respect to such Electing Holder or the disposition of such Registrable Securities, an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. 
 (g) Until the earlier to occur of the expiration of one year after the Closing Date or the time that the Securities are freely resaleable pursuant to Rule 144, the Company and the Guarantor will not, and
will not permit any of their respective “affiliates” (as defined in Rule 144) to, resell any of the Securities that have been reacquired by any of them except pursuant to an effective registration statement, or a valid exemption from
the registration requirements, under the Securities Act. 
 (h) As a condition to its participation in the Exchange Offer, each
holder of Registrable Securities shall furnish, upon the request of the Company, a written representation to the Company (which may be contained in the letter of transmittal or “agent’s message” transmitted via The Depository Trust
Company’s Automated Tender Offer Procedures, in either case contemplated by the Exchange Registration Statement) to the effect that (A) it is not an “affiliate” of the Company and the Guarantor, as defined in Rule 405 of the
Securities Act, or if it is such an “affiliate”, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (B) it is not engaged in and does not intend to engage in, and
has no arrangement or understanding with any person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer, (C) it is acquiring the Exchange Securities in its ordinary course of business, (D) if it
is a broker-dealer that holds Securities that were acquired for its own account as a result of market-making activities or other trading activities (other than Securities acquired directly from the Company or the Guarantor or any of their
affiliates), it will deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by it in the Exchange Offer, (E) if it is a broker-dealer, that it did not purchase the
Securities to be exchanged in the Exchange Offer from the Company or the Guarantor or any of their affiliates, and (F) it is not acting on behalf of any person who could not truthfully and completely make the representations contained in the
foregoing subclauses (A) through (E). 
 4. Registration Expenses. 

The Company and the Guarantor agree to bear and to pay or cause to be paid promptly all expenses incident to the Company’s and the
Guarantor’s performance of or compliance with this Agreement, including (a) all Commission and any FINRA registration, filing and review fees and expenses including reasonable and documented fees and disbursements of one counsel for the
Electing Holders in connection with such registration, filing and review (such counsel’s fees and disbursements not to exceed $100,000), (b) all fees and expenses in connection with the qualification of the Registrable Securities, the
Securities and the Exchange Securities, as applicable, for offering and sale under the State securities and blue sky laws referred to in Section 3(d)(xii) and determination of their eligibility for investment under the laws of such
jurisdictions as the Electing Holders may designate, including any reasonable and 

  
 18 

 
documented fees and disbursements of one counsel for the Electing Holders in connection with such qualification and determination (such counsel’s fees and disbursements not to exceed
$25,000), (c) all expenses relating to the preparation, printing, production, distribution and reproduction of each registration statement required to be filed hereunder, each prospectus included therein or prepared for distribution pursuant
hereto, each amendment or supplement to the foregoing, the expenses of preparing the Securities or Exchange Securities, as applicable, for delivery and the expenses of printing or producing any selling agreements and blue sky or legal investment
memoranda and all other documents in connection with the offering, sale or delivery of Securities or Exchange Securities, as applicable, to be disposed of (including certificates representing the Securities or Exchange Securities, as applicable),
(d) messenger, telephone and delivery expenses relating to the offering, sale or delivery of Securities or Exchange Securities, as applicable, and the preparation of documents referred in clause (c) above, (e) reasonable and
documented fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any counsel for the Trustee and of any collateral agent or custodian, (f) internal expenses (including all salaries and expenses of the Company’s
and the Guarantor’s officers and employees performing legal or accounting duties), (g) reasonable fees, disbursements and expenses of counsel and independent certified public accountants of the Company and the Guarantor,
(h) reasonable and documented fees, disbursements and expenses of one counsel for the Electing Holders retained in connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate principal amount of
the Registrable Securities held by Electing Holders (which counsel shall be reasonably satisfactory to the Company) (such counsel’s fees and disbursements not to exceed $50,000), (i) any fees charged by securities rating services for
rating the Registrable Securities, the Securities or the Exchange Securities, as applicable, and (j) fees, expenses and disbursements of any other persons, including special experts, retained by the Company and the Guarantor in connection with
such registration (collectively, the “Registration Expenses”). To the extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities, Securities or Exchange Securities, as applicable, the
Company and the Guarantor shall reimburse such person for the full amount of the Registration Expenses so incurred, assumed or paid promptly after receipt of a request therefor, which shall be accompanied by written evidence of the expenses so
incurred. Notwithstanding the foregoing, the holders of the Registrable Securities being registered shall pay all agency fees and commissions and underwriting discounts and commissions, if any, and transfer taxes, if any, attributable to the sale of
such Registrable Securities, Securities and Exchange Securities, as applicable, and the fees and disbursements of any counsel or other advisors or experts retained by such holders (severally or jointly), other than the counsel and experts
specifically referred to above. 

  
 19 

 5. Representations and Warranties. 

The Company and the Guarantor, jointly and severally, represent and warrant to, and agree with, each Purchaser and each of the holders
from time to time of Registrable Securities that: 
 (a) Each registration statement covering Registrable Securities, Securities
or Exchange Securities, as applicable, and each prospectus (including any preliminary or summary prospectus) contained therein or furnished pursuant to Section 3(c) or Section 3(d) and any further amendments or supplements to any such
registration statement or prospectus, when it becomes effective or is filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act and the Trust Indenture Act and will not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and at all times subsequent to the Effective Time when a prospectus would be required to
be delivered under the Securities Act, other than from (i) such time as a notice has been given to holders of Registrable Securities pursuant to Section 3(c)(iii)(G) or Section 3(d)(viii)(G) until (ii) such time as the Company
and the Guarantor furnish an amended or supplemented prospectus pursuant to Section 3(c)(iv) or Section 3(e) each such registration statement, and each prospectus (including any summary prospectus) contained therein or furnished pursuant
to Section 3(c) or Section 3(d), as then amended or supplemented, will conform in all material respects to the requirements of the Securities Act and the Trust Indenture Act and will not contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; provided, however, that this representation and warranty shall not apply
to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by a holder of Registrable Securities expressly for use therein. 

(b) Any documents incorporated by reference in any prospectus referred to in Section 5(a), when they become or became effective or
are or were filed with the Commission, as the case may be, will conform or conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and none of such documents will contain or contained an
untrue statement of a material fact or will omit or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this representation and warranty shall not
apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by a holder of Registrable Securities expressly for use therein. 

(c) The compliance by the Company and the Guarantor with all of the provisions of this Agreement and the consummation of the transactions
herein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to
which the Company and the Guarantor or any of their respective subsidiaries is a party or by which the Company or the Guarantor or any such subsidiary is bound or to which any of the property or assets of the Company or the Guarantor or any such
subsidiary is subject, (ii) result in any violation of the provisions of the certificate of incorporation, as amended, or the by-laws or other governing documents, as applicable, of the Company or the Guarantor or (iii) result in any
violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company, the Guarantor or 

  
 20 

 
any of their respective subsidiaries or any of their respective properties except in the case of (i) and (iii) above, for any default, breach, violation or conflict which would not
reasonably be expected to have a material adverse effect on the general affairs, management, consolidated financial condition, consolidated shareholders’ equity or consolidated results of operations of the Guarantor and its subsidiaries, taken
as a whole, or which would not reasonably be expected to interfere with the ability of the Company and the Guarantor to fulfill their obligations hereunder or the ability of holders to participate in the Exchange Offer and to use the prospectus
contained in the Exchange Registration Statement and Shelf Registration Statement to resell Exchange Securities and Registrable Securities, respectively, as provided for herein; and no consent, approval, authorization, order, registration or
qualification of or with any such court or governmental agency or body is required for the consummation by the Company and the Guarantor of the transactions contemplated by this Agreement, except (x) the registration under the Securities Act of
the Registrable Securities, the Securities and the Exchange Securities, as applicable, and qualification of the Indenture under the Trust Indenture Act, (y) such consents, approvals, authorizations, registrations or qualifications as may be
required under state securities or blue sky laws in connection with the offering and distribution of the Registrable Securities, the Securities and the Exchange Securities, as applicable, and (z) such consents, approvals, authorizations,
registrations or qualifications that have been obtained and are in full force and effect as of the date hereof. 
 (d) This
Agreement has been duly authorized, executed and delivered by the Company and by the Guarantor. 
 6. Indemnification and
Contribution. 
 (a) Indemnification by the Company and the Guarantor. The Company and the Guarantor, jointly and
severally, will indemnify and hold harmless each of the holders of Registrable Securities included in an Exchange Registration Statement and each of the Electing Holders as holders of Registrable Securities included in a Shelf Registration Statement
against any losses, claims, damages or liabilities, joint or several, to which such holder or such Electing Holder may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Exchange Registration Statement or any Shelf Registration Statement, as the case may be, under which such Registrable
Securities, Securities or Exchange Securities were registered under the Securities Act, or any preliminary, final or summary prospectus (including, without limitation, any “issuer free writing prospectus” as defined in Rule 433)
contained therein or furnished by the Company to any such holder or any such Electing Holder, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, and will reimburse each such holder and each such Electing Holder for any and all legal or other expenses reasonably incurred by them in connection with investigating or
defending any such action or claim as such expenses are incurred; provided, however, that neither the Company nor the Guarantor shall be 

  
 21 

 
liable to any such person in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission
or alleged omission made in such registration statement, or preliminary, final or summary prospectus (including, without limitation, any “issuer free writing prospectus” as defined in Rule 433), or amendment or supplement thereto, in
reliance upon and in conformity with written information furnished to the Company by such person expressly for use therein. 

(b) Indemnification by the Electing Holders. The Company and the Guarantor may require, as a condition to including any
Registrable Securities in any Shelf Registration Statement filed pursuant to Section 2(b), that the Company and the Guarantor shall have received an undertaking reasonably satisfactory to them from each Electing Holder of Registrable Securities
included in such Shelf Registration Statement, severally and not jointly, to (i) indemnify and hold harmless the Company, the Guarantor and all other Electing Holders of Registrable Securities included in such Shelf Registration Statement
against any losses, claims, damages or liabilities to which the Company, the Guarantor or such other Electing Holders may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in such registration statement, or any preliminary, final or summary prospectus (including, without limitation, any
“issuer free writing prospectus” as defined in Rule 433) contained therein or furnished by the Company and the Guarantor to any Electing Holder, or any amendment or supplement thereto, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or
omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Electing Holder expressly for use therein, and (ii) reimburse the Company and the Guarantor for any legal or
other expenses reasonably incurred by the Company and the Guarantor in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that no such Electing Holder shall be required to
undertake liability to any person under this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be received by such Electing Holder from the sale of such Electing Holder’s Registrable Securities pursuant to such
registration. 
 (c) Notices of Claims, Etc. Promptly after receipt by an indemnified party under subsection (a) or
(b) above of written notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification provisions of or contemplated by this
Section 6, notify such indemnifying party in writing of the commencement of such action; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than
under the indemnification provisions of or contemplated by Section 6(a) or Section 6(b). In case any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement thereof, such
indemnifying party shall be 

  
 22 

 
entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, such indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense
thereof other than reasonable costs of investigation. To the extent that an indemnifying party does not assume the defense of any such action, it is understood and agreed that the indemnifying party shall not, in connection with any proceeding or
related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all indemnified parties, and that all such fees and expenses shall be reimbursed as they are
incurred; provided that the fees and expenses of such separate firm or any local counsel shall be reasonable. No indemnifying party shall, without the prior written consent of the indemnified party, effect the settlement or compromise
of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party
to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to, or
an admission of, fault, culpability or a failure to act by or on behalf of any indemnified party. 
 (d) Contribution. If
for any reason the indemnification provisions contemplated by Section 6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in
respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion
as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well
as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation (even if the holders were treated as one entity for such
purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 6(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, or
liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions 

  
 23 

 
of this Section 6(d), no Electing Holder shall be required to contribute any amount in excess of the amount by which the dollar amount of the proceeds received by such holder from the sale
of any Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The holders’ obligations in this Section 6(d) to contribute shall be several in proportion to the principal amount of Registrable Securities registered by them and not joint. 

(e) The obligations of the Company and the Guarantor under this Section 6 shall be in addition to any liability which the Company or
the Guarantor may otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of each holder, each Electing Holder, and each person, if any, who controls any of the foregoing within the meaning of the
Securities Act; and the obligations of the holders and the Electing Holders contemplated by this Section 6 shall be in addition to any liability which the respective holder or Electing Holder may otherwise have and shall extend, upon the same
terms and conditions, to each officer and director of the Company or the Guarantor (including any person who, with his consent, is named in any registration statement as about to become a director of the Company or the Guarantor) and to each person,
if any, who controls the Company within the meaning of the Securities Act, as well as to each officer and director of the other holders and to each person, if any, who controls such other holders within the meaning of the Securities Act. 

7. Underwritten Offerings. 
 Each holder of Registrable Securities hereby agrees with the Company and the Guarantor and each other such holder that no holder of Registrable Securities may participate in any underwritten offering
hereunder unless (a) the Company and the Guarantor give their prior written consent to such underwritten offering, (b) the managing underwriter or underwriters thereof shall be designated Electing Holders holding at least a majority in
aggregate principal amount of the Registrable Securities to be included in such offering, provided that such designated managing underwriter or underwriters is or are reasonably acceptable to the Company and the Guarantor, (c) each
holder of Registrable Securities participating in such underwritten offering agrees to sell such holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the persons entitled selecting the managing
underwriter or underwriters hereunder and (d) each holder of Registrable Securities participating in such underwritten offering completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents reasonably required under the terms of such underwriting arrangements. The Company and the Guarantor hereby agree with each holder of Registrable Securities that, to the extent they consent to an underwritten offering hereunder, they will
negotiate in good faith and execute all indemnities, underwriting agreements and other documents 

  
 24 

 
reasonably required under the terms of such underwriting arrangements, including using all commercially reasonable efforts to procure customary legal opinions and auditor “comfort”
letters. 
 8. Rule 144. 
 (a) Facilitation of Sales Pursuant to Rule 144. The Company and the Guarantor covenant to the holders of Registrable Securities that to the extent they shall be required to do so under the Exchange
Act, the Company and the Guarantor shall timely file the reports required to be filed by them under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1)
of Rule 144), and shall take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the
Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any holder of Registrable Securities in connection with that holder’s sale pursuant to Rule 144, the Company and the Guarantor shall
deliver to such holder written statements as to whether they have complied with such requirements. 
 (b) Availability of
Rule 144 Not Excuse for Obligations Under Section 2. The fact that holders of Registrable Securities may become eligible to sell such Registrable Securities pursuant to Rule 144 shall not (1) cause such Securities to cease to be
Registrable Securities or (2) excuse the Company’s and the Guarantor’s obligations set forth in Section 2 of this Agreement, including without limitation the obligations in respect of an Exchange Offer, Shelf Registration and
Special Interest. 
 9. Miscellaneous. 
 (a) No Inconsistent Agreements. The Company and the Guarantor represent, warrant, covenant and agree that they have not granted, and shall not grant, registration rights with respect to Registrable
Securities, Exchange Securities or Securities, as applicable, or any other securities which would be inconsistent with the terms contained in this Agreement. 
 (b) Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at law if the Company and the Guarantor fail to perform any of their respective obligations hereunder
and that the Purchasers and the holders from time to time of the Registrable Securities may be irreparably harmed by any such failure, and accordingly agree that the Purchasers and such holders, in addition to any other remedy to which they may be
entitled at law or in equity, shall be entitled to compel specific performance of the obligations of the Company and the Guarantor under this Agreement in accordance with the terms and conditions of this Agreement, in any court of the United States
or any State thereof having jurisdiction. Time shall be of the essence in this Agreement. 
 (c) Notices. All notices,
requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly 

  
 25 

 
given when delivered by hand, if delivered personally, by facsimile or by courier, or three days after being deposited in the mail (registered or certified mail, postage prepaid, return receipt
requested) as follows: (i) If to the Company before the Distribution, to it at Tyco Flow Control International Finance, S.A., c/o Tyco International Management Company, LLC, 9 Roszel Road, Princeton NJ 08540, or if to the Company after the
Distribution, to it at Tyco Flow Control International Finance, S.A., c/o Pentair, Inc., 5500 Wayzata Boulevard, Suite 800, Golden Valley MN 55416, (ii) if to the Guarantor before the Distribution, to it at Pentair Ltd., c/o Tyco International
Management Company, LLC, 9 Roszel Road, Princeton NJ 08540, or if to the Guarantor after the Distribution, to it at Pentair Ltd., c/o Pentair, Inc., 5500 Wayzata Boulevard, Suite 800, Golden Valley MN 55416 and (iii) if to a holder, to the
address of such holder set forth in the security register or other records of the Company, or to such other address as the Company or any such holder may have furnished to the other in writing in accordance herewith, except that notices of change of
address shall be effective only upon receipt. For purposes of this Section 9(c), the term “Distribution” shall have the meaning assigned to it in the Purchase Agreement. 

(d) Parties in Interest. All the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and
shall be enforceable by the parties hereto, the holders from time to time of the Registrable Securities and the respective successors and assigns of the foregoing. In the event that any transferee of any holder of Registrable Securities shall
acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further writing or action of any kind, be deemed a beneficiary hereof for all purposes and such
Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities such transferee shall be entitled to receive the benefits of, and be conclusively deemed to have agreed to be
bound by all of the applicable terms and provisions of this Agreement. If the Company shall so request, any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable Securities subject to all of the applicable
terms hereof. 
 (e) Survival. The respective indemnities, agreements, representations, warranties and each other
provision set forth in this Agreement or made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any holder of Registrable Securities, any director,
officer or partner of such holder, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the Registrable Securities pursuant to the Purchase Agreement, the transfer and registration of Registrable
Securities by such holder and the consummation of an Exchange Offer. 
 (f) Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
 (g) Headings.
The descriptive headings of the several Sections and paragraphs of this Agreement are inserted for convenience only, do not constitute a part of this Agreement and shall not affect in any way the meaning or interpretation of this Agreement.

  
 26 

 (h) Entire Agreement; Amendments. This Agreement and the other writings referred to
herein (including the Indenture and the form of Securities) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject matter. This Agreement supersedes all prior agreements and
understandings between the parties with respect to its subject matter. This Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or
prospectively) only by a written instrument duly executed by the Company and the Guarantor and the holders of at least a majority in aggregate principal amount of the Registrable Securities at the time outstanding. Each holder of any Registrable
Securities at the time or thereafter outstanding shall be bound by any amendment or waiver effected pursuant to this Section 9(h), whether or not any notice, writing or marking indicating such amendment or waiver appears on such Registrable
Securities or is delivered to such holder. 
 (i) Inspection. For so long as this Agreement shall be in effect, this
Agreement and a complete list of the names and addresses of all the record holders of Registrable Securities shall be made available for inspection and copying on any Business Day by any holder of Registrable Securities for proper purposes only
(which shall include any purpose related to the rights of the holders of Registrable Securities under the Securities, the Indenture and this Agreement) at the offices of the Company at the address thereof set forth in Section 9(c) and at the
office of the Trustee under the Indenture. 
 (j) Counterparts. This Agreement may be executed by the parties in
counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. 
 (k) Severability. If any provision of this Agreement, or the application thereof in any circumstance, is held to be invalid, illegal or unenforceable in any respect for any reason, the validity,
legality and enforceability of such provision in every other respect and of the remaining provisions contained in this Agreement shall not be affected or impaired thereby. 

  
 27 

 If the foregoing is in accordance with your understanding, please sign and return to us four
counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this letter and such acceptance hereof shall constitute a binding agreement between each of the Purchasers, the Company and the Guarantor. It is
understood that your acceptance of this letter on behalf of each of the Purchasers is pursuant to the authority set forth in a form of Agreement among Purchasers, the form of which shall be submitted to the Company for examination upon request, but
without warranty on your part as to the authority of the signers thereof. 
  

			
	Very truly yours,
	
	Tyco Flow Control International Finance, S.A.
		
	By	 	 /s/ Andrea Goodrich

		 	 Name: Andrea Goodrich

		 	 Title:   Managing Director

		
	By:	 	 /s/ Peter Schieser

		 	 Name: Peter Schieser

		 	 Title:   Managing Director

	
	Pentair Ltd. (formerly Tyco Flow Control International Ltd.)
		
	By	 	 /s/ Mark Armstrong

		 	 Name: Mark Armstrong

		 	 Title:   Director

  
 28 

 Accepted as of the date hereof: 

 

			
	J.P. Morgan Securities LLC
		
	By:	 	 /s/ Maria Sramek

		 	Maria Sramek
		 	Executive Director
	
	 Merrill Lynch, Pierce, Fenner & Smith
                       Incorporated

		
	By:	 	 /s/ Happy Hazelton

		 	Happy Hazelton
		 	Managing Director
	
	U.S. Bancorp Investments, Inc.
		
	By:	 	 /s/ David Wood

  
 29 

 Exhibit A 
 TYCO FLOW CONTROL INTERNATIONAL FINANCE, S.A. 
 INSTRUCTION TO DTC
PARTICIPANTS 
 (Date of Mailing) 
 URGENT - IMMEDIATE ATTENTION REQUESTED 
 DEADLINE FOR RESPONSE:
[DATE]* 
 The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which beneficial
interests in Tyco Flow Control International Finance, S.A. (the “Company”) 1.875% Notes due 2017 and 3.150% Notes due 2022 (collectively the “Securities”) are held. 

The Company is in the process of registering the Securities under the Securities Act of 1933 for resale by the beneficial owners thereof. In order to
have their Securities included in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling Securityholder Questionnaire. 

It is important that beneficial owners of the Securities receive a copy of the enclosed materials as soon as possible as their rights to have the
Securities included in the registration statement depend upon their returning the Notice and Questionnaire by [Deadline For Response]. Please forward a copy of the enclosed documents to each beneficial owner that holds interests in the
Securities through you. If you require more copies of the enclosed materials or have any questions pertaining to this matter, please contact Tyco Flow Control International Finance, S.A., [Address and Telephone Number of Issuer]. 

 

	*	Not less than 28 calendar days from date of mailing. 

  
 A-1

 TYCO FLOW CONTROL INTERNATIONAL FINANCE, S.A. 

NOTICE OF REGISTRATION STATEMENT 
 AND 
 SELLING SECURITYHOLDER QUESTIONNAIRE 

(DATE) 
 Reference is hereby
made to the Exchange and Registration Rights Agreement (the “Exchange and Registration Rights Agreement”) between Tyco Flow Control International Finance S.A. (the “Company”), Pentair Ltd. (the
“Guarantor”) and the Purchasers named therein. Pursuant to the Exchange and Registration Rights Agreement, the Company has filed or will file with the United States Securities and Exchange Commission (the
“Commission”) a registration statement on Form S-3 (the “Shelf Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities
Act”), of the Company’s 1.875% Notes due 2017 and 3.150% Notes due 2022 (the “Securities”). A copy of the Exchange and Registration Rights Agreement has been filed as an exhibit to the Shelf Registration Statement and
can be obtained from the Commission’s website at www.sec.gov. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Exchange and Registration Rights Agreement. 

Each beneficial owner of Registrable Securities (as defined below) is entitled to have the Registrable Securities beneficially owned by it included in
the Shelf Registration Statement. In order to have Registrable Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling Securityholder Questionnaire (“Notice and Questionnaire”) must
be completed, executed and delivered to the Company’s counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of Registrable Securities who do not properly complete, execute and return
this Notice and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii) may not use the Prospectus forming a part thereof for resales of Registrable Securities. 

Certain legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and related Prospectus. Accordingly,
holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement and related
Prospectus. 
 The term “Registrable Securities” is defined in the Exchange and Registration Rights Agreement. 

  
 A-2

 ELECTION 
 The undersigned holder (the “Selling Securityholder”) of Registrable Securities hereby elects to include in the Shelf Registration Statement the Registrable Securities beneficially owned
by it and listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and conditions of this Notice and Questionnaire and the
Exchange and Registration Rights Agreement, including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if the undersigned Selling Securityholder were an original party thereto. 

Pursuant to the Exchange and Registration Rights Agreement, the undersigned has agreed to indemnify and hold harmless the Company and the Guarantor,
their officers who sign any Shelf Registration Statement, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, against certain loses arising out of an untrue statement, or the alleged untrue
statement, of a material fact in the Shelf Registration Statement or the related prospectus or the omission, or alleged omission, to state a material fact required to be stated in such Shelf Registration Statement or the related prospectus, but only
to the extent such untrue statement or omission, or alleged untrue statement or omission, was made in reliance on and in conformity with the information provided in this Notice and Questionnaire. 

Upon any sale of Registrable Securities pursuant to the Shelf Registration Statement, the Selling Securityholder will be required to deliver to the
Company and Trustee the Notice of Transfer set forth in Appendix A to the Prospectus and as Exhibit B to the Exchange and Registration Rights Agreement. 

  
 A-3

 The Selling Securityholder hereby provides the following information to the Company and the Guarantor and
represents and warrants that such information is accurate and complete: 
 QUESTIONNAIRE 

 

											
	(1)	 	(a)	  	Full legal name of Selling Securityholder:
			
		 		  	  

			
		 	(b)	  	Full legal name of registered Holder (if not the same as in (a) above) of Registrable Securities listed in Item (3) below:
			
		 		  	  

			
		 	(c)	  	Full legal name of DTC Participant (if applicable and if not the same as (b) above) through which Registrable Securities listed in Item (3) below are
held:
			
		 		  	  

			
	(2)	 	Address for notices to Selling Securityholder:	  	
				
		 		  	  
	  	
				
		 		  	  
	  	
				
		 		  	  
	  	
					
		 		  	Telephone:	 	  
	  	
					
		 		  	Fax:	 	  
	  	
					
		 		  	Contact Person:	 	  
	  	

											
					
		 		  	E-mail for Contact Person:	 	  
	 	
		
	(3)	 	 Beneficial Ownership of Securities:
			
		 		  	Except as set forth below in this Item (3), the undersigned does not beneficially own any Securities.
			
		 	 (a)	  	Principal amount of Registrable Securities beneficially owned:
                                         
                                         
             
		 		  	CUSIP No(s). of such Registrable Securities:
                                         
                                         
                                         
 
			
		 	 (b)	  	Principal amount of Securities other than Registrable Securities beneficially owned:
                                         
                     
			
		 		  	  

		 		  	CUSIP No(s). of such other Securities:
                                         
                                         
                                         
           
			
		 	 (c)	  	 Principal amount of Registrable Securities that the undersigned wishes to be included in the Shelf Registration Statement:
                                        

 CUSIP No(s). of such Registrable Securities to be included in the Shelf Registration Statement:
                                         

		
	(4)	 	 Beneficial Ownership of Other Securities of the Company and the Guarantor:
			
		 		  	Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of the
Company or the Guarantor, other than the Securities listed above in Item (3).

  
 A-4

											
		 		 	State any exceptions here:
			
		 		 	  

			
		 		 	  

			
		 		 	  

		
	(5)	 	Individuals who exercise dispositive powers with respect to the Securities:
			
		 		 	If the Selling Securityholder is not an entity that is required to file reports with the Commission pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 (a “Reporting Company”), then the Selling Securityholder must disclose the name of the natural person(s) who exercise sole or shared dispositive powers with respect to the Securities. Selling Securityholders should disclose the
beneficial holders, not nominee holders or other such others of record. In addition, the Commission has provided guidance that Rule 13d-3 of the Securities Exchange Act of 1934 should be used by analogy when determining the person or persons
sharing voting and/or dispositive powers with respect to the Securities.
			
		 	(a)	 	Is the holder a Reporting Company?
			
		 		 	Yes                           
                   No                     
                       
			
		 		 	If “No”, please answer Item (5)(b).
			
		 	(b)	 	List below the individual or individuals who exercise dispositive powers with respect to the Securities:
			
		 		 	  

			
		 		 	  

			
		 		 	  

			
		 		 	Please note that the names of the persons listed in (b) above will be included in the Shelf Registration Statement and related Prospectus.
		
	(6)	 	Relationships with the Company and the Guarantor:
			
		 		 	Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any
position or office or has had any other material relationship with the Company or the Guarantor (or their respective predecessors or affiliates) during the past three years.
			
		 		 	State any exceptions here:
			
		 		 	  

			
		 		 	  

			
		 		 	  

  
 A-5

											
	(7)	 	Plan of Distribution:
			
		 		 	Except as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as follows (if
at all): Such Registrable Securities may be sold from time to time directly by the undersigned Selling Securityholder. Such Registrable Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of
sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions) (i) on any national securities exchange or quotation service on which
the Registered Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the over-the-counter market, or (iv) through the
writing of options. In connection with sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the Registrable Securities in the
course of hedging the positions they assume. The Selling Securityholder may also sell Registrable Securities short and deliver Registrable Securities to close out such short positions, or loan or pledge Registrable Securities to broker-dealers that
in turn may sell such securities.
			
		 		 	State any exceptions here:
			
		 		 	  

			
		 		 	  

			
		 		 	  

			
		 		 	Note: In no event may such method(s) of distribution take the form of an underwritten offering of Registrable Securities without the prior written agreement of the
Company.
		
	(8)	 	Broker-Dealers:
			
		 		 	The Commission requires that all Selling Securityholders that are registered broker-dealers or affiliates of registered broker-dealers be so identified in the Shelf
Registration Statement. In addition, the Commission requires that all Selling Securityholders that are registered broker-dealers be named as underwriters in the Shelf Registration Statement and related Prospectus, even if they did not receive the
Registrable Securities as compensation for underwriting activities.
			
		 	(a)	 	State whether the undersigned Selling Securityholder is a registered broker-dealer:
			
		 		 	Yes                           
                   No                     
                       
			
		 	(b)	 	If the answer to (a) is “Yes”, you must answer (i) and (ii) below, and (iii) below if applicable. Your answers to (i) and
(ii) below, and (iii) below if applicable, will be included in the Shelf Registration Statement and related Prospectus.

  
 A-6

											
		 		 	 (i)     Were the Securities acquired as compensation for underwriting
activities?

			
		 		 	Yes                           
                   No                     
                       
			
		 		 	If you answered “Yes”, please provide a brief description of the transaction(s) in which the Securities were acquired as compensation:
			
		 		 	  

			
		 		 	  

			
		 		 	  

			
		 		 	 (ii)    Were the Securities acquired for investment purposes?

			
		 		 	Yes                           
                   No                     
                       
			
		 		 	 (iii)   If you answered “No” to both (i) and (ii), please explain the Selling
Securityholder’s reason for acquiring the Securities:

			
		 		 	  

			
		 		 	  

			
		 		 	  

			
		 	(c)	 	State whether the undersigned Selling Securityholder is an affiliate of a registered broker-dealer and, if so, list the name(s) of the broker-dealer
affiliate(s):
			
		 		 	Yes                           
                   No                     
                       
			
		 		 	  

			
		 		 	  

			
		 		 	  

			
		 	(d)	 	If you answered “Yes” to question (c) above:
			
		 		 	 (i)     Did the undersigned Selling Securityholder purchase Registrable Securities in the
ordinary course of business?

			
		 		 	Yes                           
                   No                     
                       
			
		 		 	If the answer is “No” to question (d)(i), provide a brief explanation of the circumstances in which the Selling Securityholder acquired the Registrable
Securities:
			
		 		 	  

			
		 		 	  

			
		 		 	  

  
 A-7

											
			
		 		 	 (ii)     At the time of the purchase of the Registrable Securities, did the undersigned
Selling Securityholder have any agreements, understandings or arrangements, directly or indirectly, with any person to dispose of or distribute the Registrable Securities?

			
		 		 	Yes                           
                   No                     
                       
			
		 		 	If the answer is “Yes” to question (d)(ii), provide a brief explanation of such agreements, understandings or arrangements:
			
		 		 	  

			
		 		 	  

			
		 		 	  

			
		 		 	If the answer is “No” to Item (8)(d)(i) or “Yes” to Item (8)(d)(ii), you will be named as an underwriter in the Shelf Registration Statement
and the related Prospectus.
		
	(9)	 	Hedging and short sales:
			
		 	(a)	 	State whether the undersigned Selling Securityholder has or will enter into “hedging transactions” with respect to the Registrable Securities:
			
		 		 	Yes                           
                   No                     
                       
			
		 		 	If “Yes”, provide below a complete description of the hedging transactions into which the undersigned Selling Securityholder has entered or will enter and
the purpose of such hedging transactions, including the extent to which such hedging transactions remain in place:
			
		 		 	  

			
		 		 	  

			
		 		 	  

			
		 	(b)	 	Set forth below is Interpretation A.65 of the Commission’s July 1997 Manual of Publicly Available Interpretations regarding short selling:
			
		 		 	“An issuer filed a Form S-3 registration statement for a secondary offering of common stock which is not yet effective. One of the selling shareholders wanted to
do a short sale of common stock “against the box” and cover the short sale with registered shares after the effective date. The issuer was advised that the short sale could not be made before the registration statement becomes effective,
because the shares underlying the short sale are deemed to be sold at the time such sale is made. There would, therefore, be a violation of Section 5 if the shares were effectively sold prior to the effective
date.”

  
 A-8

											
		 		 	By returning this Notice and Questionnaire, the undersigned Selling Securityholder will be deemed to be aware of the foregoing
interpretation.

*        *        *      
  *        * 
 By signing below, the Selling Securityholder acknowledges that it understands
its obligation to comply, and agrees that it will comply, with the provisions of the Securities Exchange Act of 1934, particularly Regulation M (or any successor rule or regulation). 
 The Selling Securityholder hereby acknowledges its obligations under the Exchange and Registration Rights Agreement to indemnify and hold harmless the Company and the Guarantor and certain other persons
as set forth in the Exchange and Registration Rights Agreement. 
 In the event that the Selling Securityholder transfers all or any portion of
the Registrable Securities listed in Item (3) above after the date on which such information is provided to the Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations
under this Notice and Questionnaire and the Exchange and Registration Rights Agreement. 
 By signing below, the Selling Securityholder consents
to the disclosure of the information contained herein in its answers to Items (1) through (9) above and the inclusion of such information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder understands
that such information will be relied upon by the Company and the Guarantor in connection with the preparation of the Shelf Registration Statement and related Prospectus. 
 In accordance with the Selling Securityholder’s obligation under Section 3(d) of the Exchange and Registration Rights Agreement to provide such information as may be required by law for
inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein which may occur subsequent to the date hereof at any time while the
Shelf Registration Statement remains in effect and to provide such additional information that the Company may reasonably request regarding such Selling Securityholder and the intended method of distribution of Registrable Securities in order to
comply with the Securities Act. Except as otherwise provided in the Exchange and Registration Rights Agreement, all notices hereunder and pursuant to the Exchange and Registration Rights Agreement shall be made in writing, by hand-delivery,
first-class mail, or air courier guaranteeing overnight delivery as follows: 
  

									
		 	(i)	  	To the Company:	 	  
	  	
		 		  		 	  
	  	
		 		  		 	  
	  	
		 		  		 	  
	  	
		 		  		 	  
	  	

  
 A-9

									
		 	(ii)	  	With a copy to:	 	  
	  	
		 		  		 	  
	  	
		 		  		 	  
	  	
		 		  		 	  
	  	
		 		  		 	  
	  	

 Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the Company’s counsel,
the terms of this Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives, and
assigns of the Company, the Guarantor and the Selling Securityholder (with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item (3) above. This Notice and Questionnaire shall be governed in
all respects by the laws of the State of New York. 

  
 A-10

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be
executed and delivered either in person or by its duly authorized agent. 
  

			
	Dated:	 	  

  

			
	  

	Selling Securityholder
	(Print/type full legal name of beneficial owner of Registrable Securities)
		
	By:	 	  

	Name:
	Title:

 PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE]
TO THE COMPANY’S COUNSEL AT: 
  

			
	  
	 	
	  
	 	
	  
	 	
	  
	 	
	  
	 	

  
 A-11

 Exhibit B 
 NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT 
 Wells Fargo Bank, National Association

 Tyco Flow Control International Finance, S.A. 
 c/o Wells Fargo Bank, National Association 
 [Address of Trustee] 

Attention: Trust Officer 
  

	 	Re:	Tyco Flow Control International Finance, S.A. (the “Company”) 

 [1.875% Notes due 2017] 
 [3.150% Notes due 2022] 

Dear Sirs: 
 Please be advised that
                             has transferred $         aggregate
principal amount of the above-referenced Securities pursuant to an effective Registration Statement on Form [    ] (File No. 333        ) filed by the Company. 

We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied and that the
above-named beneficial owner of the Securities is named as a “Selling Holder” in the Prospectus dated [date] or in supplements thereto, and that the aggregate principal amount of the Securities transferred are the Securities listed
in such Prospectus opposite such owner’s name. 
 Dated:
                     
  

			
	Very truly yours,
		
		 	  

		 	(Name)
		
	By:	 	  

		 	(Authorized Signature)

  
 B-1

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