Document:

EX-10.2

 Exhibit 10.2 
  

TRANSITION SERVICES AGREEMENT 

BY AND BETWEEN 
 PENTAIR
PLC 
 AND 
 NVENT
ELECTRIC PLC 
 DATED AS OF [●], 2018 

 
  
  

 

 TABLE OF CONTENTS 

 
  

							
	 	 	 	  	Page	 
	
	 ARTICLE I

DEFINITIONS
	  
  

	
	 ARTICLE II

SERVICES, DURATION AND SERVICES MANAGERS
	  
  

			
	Section 2.01	 	 Services
	  	 	3	 
	Section 2.02	 	 Duration of Services
	  	 	4	 
	Section 2.03	 	 Additional Unspecified Services
	  	 	4	 
	Section 2.04	 	 New Services
	  	 	5	 
	Section 2.05	 	 Services Not Included
	  	 	6	 
	Section 2.06	 	 Transition Services Managers
	  	 	6	 
	Section 2.07	 	 Personnel
	  	 	7	 
	Section 2.08	 	 Intellectual Property
	  	 	7	 
	Section 2.09	 	 Local Agreements
	  	 	8	 
	
	 ARTICLE III

PENTAIR MATERIALS
	  
  

			
	Section 3.01	 	 Corporate Policies
	  	 	8	 
	Section 3.02	 	 Limitation on Rights and Obligations with Respect to the Pentair Materials
	  	 	8	 
	
	 ARTICLE IV

ADDITIONAL ARRANGEMENTS
	  
  

			
	Section 4.01	 	 Software and Software Licenses
	  	 	9	 
	Section 4.02	 	 Pentair Computer-Based and Other Resources
	  	 	10	 
	Section 4.03	 	 Access to Facilities
	  	 	10	 
	Section 4.04	 	 Cooperation
	  	 	10	 
	Section 4.05	 	 Data Protection
	  	 	11	 
	
	 ARTICLE V

COSTS AND DISBURSEMENTS
	  
  

			
	Section 5.01	 	 Costs and Disbursements
	  	 	13	 
	Section 5.02	 	 Tax Matters
	  	 	14	 
	Section 5.03	 	 No Right to Set-Off
	  	 	15	 
	
	 ARTICLE VI

STANDARD FOR SERVICE
	  
  

			
	Section 6.01	 	 Standard for Service
	  	 	15	 
	Section 6.02	 	 Disclaimer of Warranties
	  	 	16	 
	Section 6.03	 	 Compliance with Laws and Regulations
	  	 	16	 

  
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	 ARTICLE VII

LIMITED LIABILITY AND INDEMNIFICATION
	  
  

			
	Section 7.01	 	 Consequential and Other Damages
	  	 	16	 
	Section 7.02	 	 Limitation of Liability
	  	 	16	 
	Section 7.03	 	 Obligation To Reperform; Liabilities
	  	 	16	 
	Section 7.04	 	 Release and Recipient Indemnity
	  	 	17	 
	Section 7.05	 	 Provider Indemnity
	  	 	17	 
	Section 7.06	 	 Indemnification Procedures
	  	 	17	 
	Section 7.07	 	 Liability for Payment Obligations
	  	 	17	 
	Section 7.08	 	 Exclusion of Other Remedies
	  	 	17	 
	Section 7.09	 	 Confirmation
	  	 	17	 
	
	 ARTICLE VIII

TERM AND TERMINATION
	  
  

			
	Section 8.01	 	 Term and Termination
	  	 	17	 
	Section 8.02	 	 Effect of Termination
	  	 	19	 
	Section 8.03	 	 Force Majeure
	  	 	19	 
	
	 ARTICLE IX

GENERAL PROVISIONS
	  
  

			
	Section 9.01	 	 No Agency
	  	 	19	 
	Section 9.02	 	 Subcontractors
	  	 	20	 
	Section 9.03	 	 Treatment of Confidential Information
	  	 	20	 
	Section 9.04	 	 Further Assurances
	  	 	21	 
	Section 9.05	 	 Dispute Resolution
	  	 	21	 
	Section 9.06	 	 Notices
	  	 	21	 
	Section 9.07	 	 Severability
	  	 	22	 
	Section 9.08	 	 Entire Agreement
	  	 	22	 
	Section 9.09	 	 No Third-Party Beneficiaries
	  	 	23	 
	Section 9.10	 	 Governing Law
	  	 	23	 
	Section 9.11	 	 Amendment
	  	 	23	 
	Section 9.12	 	 Interpretation
	  	 	23	 
	Section 9.13	 	 Counterparts
	  	 	23	 
	Section 9.14	 	 Assignability
	  	 	23	 
	Section 9.15	 	 Non-Recourse
	  	 	24	 
	Section 9.16	 	 Expenses
	  	 	24	 

  
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	List of Exhibits	 		  			
			
	Exhibit I	 	 Services Managers
	  			
			
	List of Schedules	 		  			
			
	Schedule A	 	 Pentair Services
	  			
	Schedule B	 	 nVent Services
	  			
	Schedule C	 	 Data Processing Guidelines
	  			

  

  
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 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT, dated as of [●], 2018 (this “Agreement”), is by and between Pentair plc, an Irish
public limited company (“Pentair”), and nVent Electric plc, an Irish public limited company (“nVent”). 

R E C I T A L S 

WHEREAS, the board of directors of Pentair has determined that it is in the best interests of Pentair and its shareholders that the
Electrical Business be operated by a newly incorporated publicly traded company and the Subsidiaries of such newly incorporated company; 

WHEREAS, Pentair and nVent have entered into the Separation Agreement; 

WHEREAS, in order to facilitate and provide for an orderly transition under the Separation Agreement, the Parties desire to enter into
this Agreement to set forth the terms and conditions pursuant to which each of the Parties shall provide to the other the Services for a transitional period; and 

WHEREAS, the Separation Agreement requires execution and delivery of this Agreement by Pentair and nVent on or prior to the
Distribution Date. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this
Agreement, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 The following capitalized terms used in this Agreement shall have the meanings set forth below: 

“Additional Services” shall have the meaning set forth in Section 2.03(a). 

“Affiliate” shall have the meaning set forth in the Separation Agreement. 

“Agreement” shall have the meaning set forth in the Preamble. 

“Ancillary Agreement” shall have the meaning set forth in the Separation Agreement. 

“Confidential Information” shall have the meaning set forth in Section 9.03(a). 

“Data Protection Laws” shall have the meaning set forth in Section 4.05(a). 

“Dispute” shall have the meaning set forth in the Separation Agreement. 

“Distribution” shall have the meaning set forth in the Separation Agreement. 

“Distribution Date” shall have the meaning set forth in the Separation Agreement. 

“Electrical Business” shall have the meaning set forth in the Separation Agreement. 

“EU” shall have the meaning set forth in Section 4.05(b)(i). 

 “Force Majeure” shall have the meaning set forth in the Separation
Agreement. 
 “Governmental Authority” shall have the meaning set forth in the Separation Agreement. 

“Group” shall have the meaning set forth in the Separation Agreement. 

“Intellectual Property” shall have the meaning set forth in the Separation Agreement. 

“Law” shall have the meaning set forth in the Separation Agreement. 

“Liabilities” shall have the meaning set forth in the Separation Agreement. 

“Local Agreements” shall have the meaning set forth in Section 2.09. 

“New Services” shall have the meaning set forth in Section 2.04(a). 

“Newly Developed IP” shall have the meaning set forth in Section 2.08. 

“nVent” shall have the meaning set forth in the Preamble. 

“nVent Group” shall have the meaning set forth in the Separation Agreement. 

“nVent Local Service Manager” shall have the meaning set forth in Section 2.06(b). 

“nVent Services” shall have the meaning set forth in Section 2.01(a). 

“nVent Services Manager” shall have the meaning set forth in Section 2.06(b). 

“Party” shall mean Pentair and nVent individually, and “Parties” means Pentair and nVent collectively, and,
in each case, their permitted successors and assigns. 
 “Pentair” shall have the meaning set forth in the Preamble. 

“Pentair Business” shall mean the businesses and operations of the Pentair Group other than the Electrical Business. 

“Pentair Group” shall have the meaning set forth in the Separation Agreement. 

“Pentair Intranet” shall mean the private network that is contained within Pentair. 

“Pentair Local Service Manager” shall have the meaning set forth in Section 2.06(a). 

“Pentair Materials” shall have the meaning set forth in Section 3.01(a). 

“Pentair Name and Pentair Marks” shall have the meaning set forth in the Separation Agreement. 

“Pentair Services” shall have the meaning set forth in Section 2.01(a). 

“Pentair Services Manager” shall have the meaning set forth in Section 2.06(a). 

“Personal Data Breach” shall have the meaning set forth in Section 4.05(b)(vi). 

  
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 “Provider” shall mean the Party or its Subsidiary or Affiliate providing a
Service under this Agreement. 
 “Provider Indemnified Party” shall have the meaning set forth in
Section 7.04. 
 “Recipient” shall mean the Party or its Subsidiary or Affiliate to whom a
Service under this Agreement is being provided. 
 “Recipient Indemnified Party” shall have the meaning set forth in
Section 7.05. 
 “Regulator” shall have the meaning set forth in
Section 4.05(b)(vi). 
 “Reimbursement Charge(s)” shall have the meaning set forth in
Section 5.01(c). 
 “Representative” shall have the meaning set forth in the Separation
Agreement. 
 “Schedule(s)” shall have the meaning set forth in Section 2.01. 

“Separation Agreement” shall mean the Separation and Distribution Agreement, dated as of the date hereof, by and between
Pentair and nVent, as such Separation and Distribution Agreement may be amended from time to time. 
 “Service Baseline
Period” shall have the meaning set forth in Section 2.03(c). 
 “Service Charge(s)”
shall have the meaning set forth in Section 5.01(a). 
 “Service Extension” shall have the
meaning set forth in Section 8.01(c). 
 “Service Increases” shall have the meaning set forth in
Section 2.03(b). 
 “Services” shall have the meaning set forth in
Section 2.01(a). 
 “Subsidiary” shall have the meaning set forth in the Separation Agreement.

 “Tax Law” shall have the meaning set forth in the Tax Matters Agreement. 

“Tax Matters Agreement” shall mean the Tax Matters Agreement, dated as of the date hereof, by and between Pentair and nVent,
as such Tax Matters Agreement may be amended from time to time. 
 “Taxes” shall have the meaning set forth in the Tax
Matters Agreement. 
 “Transfer Taxes” shall have the meaning set forth in Section 5.02(a). 

“VAT” shall have the meaning set forth in Section 5.02(a). 

ARTICLE II 
 SERVICES,
DURATION AND SERVICES MANAGERS 
 Section 2.01    Services. (a) Subject to the terms and conditions
of this Agreement, (i) Pentair shall provide or cause, to the extent permitted by applicable Law, to be provided to the nVent Group the services listed on Schedule A to this Agreement (the “Pentair Services”) and (ii) nVent shall
provide or cause, to the extent permitted by applicable Law, to be provided to the Pentair Group the services listed 

  
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on Schedule B to this Agreement (the “nVent Services”, and, collectively with the Pentair Services, any Additional Services, any Service Increases and any New Services, the
“Services”). For the avoidance of doubt, Services provided in different regions or countries (as indicated by such Services being listed on different subparts of the Schedules hereto) shall be considered separate Services hereunder,
notwithstanding that such Services may be similar in nature. All of the Services shall be for the sole use and benefit of the respective Recipient and its respective Party. 

(b)    Notwithstanding anything to the contrary contained herein or in any Schedule, the applicable Provider shall have no
obligation under this Agreement to: (i) operate the Recipient or any of its Affiliates or any portion thereof; (ii) advance funds; or (iii) expand its facilities or incur long-term capital expenses in order to provide the Services.
The respective obligations of the Provider to provide the Services are conditioned upon being provided with reasonable access during regular business hours to, and all necessary rights to utilize, the Recipient’s facilities, personnel, assets,
systems and technologies to the extent reasonably requested by the Provider, in each case to the extent necessary in connection with the performance of such Provider’s obligations hereunder. 

Section 2.02    Duration of Services. Subject to the terms of this Agreement, each of Pentair and nVent shall
provide or cause to be provided to the respective Recipients each Service until the earlier to occur of, with respect to each such Service, (a) twenty-four (24) months following the Distribution Date; (b) the expiration of the term
for such Service (or, subject to the terms of Section 8.01(c), the expiration of any Service Extension) as set forth on Schedule A or Schedule B (each a “Schedule”, and collectively, the
“Schedules”), (c) the date on which such Service is terminated under Section 8.01(b) or (d) the date on which this Agreement is terminated in its entirety by the mutual written agreement of the Parties
pursuant to Section 8.01(a)(ii). 
 Section 2.03    Additional Unspecified
Services. (a) After the date of this Agreement, if nVent or Pentair (i) identifies a service that (x) the Pentair Group provided to the nVent Group in the twelve (12) months prior to the Distribution Date that nVent
reasonably needs in order for the Electrical Business to continue to operate in substantially the same manner in which the Electrical Business operated prior to the Distribution Date, and such service was not included on Schedule A (other
than because the Parties agreed such service shall not be provided), or (y) the nVent Group provided to the Pentair Group in the twelve (12) months prior to the Distribution Date that
Pentair reasonably needs in order for the Pentair Business to continue to operate in substantially the same manner in which the Pentair Business operated prior to the Distribution Date, and such service was not included on Schedule B (other
than because the Parties agreed such service shall not be provided), and (ii) provides written notice to the other Party during the one hundred eighty (180) day period immediately following the date hereof requesting such additional
services, then such other Party shall use its commercially reasonable efforts to provide such requested additional services (such requested additional services, the “Additional Services”); provided, however, that no
Party shall be obligated to provide any Additional Service if it does not, in its reasonable judgment, have adequate resources to provide such Additional Service or if the provision of such Additional Service would significantly disrupt the
operation of its businesses; and provided, further, that the Provider shall not be required to provide any Additional Services if the Parties are unable to reach agreement on the terms thereof (including with respect to Service Charges
therefor). In connection with any request for Additional Services in accordance with this Section 2.03(a), the Pentair Services Manager and the nVent Services Manager shall in good faith negotiate the terms of a supplement
to the applicable Schedule, which terms shall be consistent with the terms of, and the pricing methodology used for, similar Services provided under this Agreement. Upon the mutual written agreement of the Parties, the supplement to the applicable
Schedule shall describe in reasonable detail the nature, scope, service period(s), termination provisions and other terms applicable to such Additional Services in a manner similar to that in which the Services are described in the existing
Schedules. Each supplement to the applicable Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of 

  
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the date of such agreement and the Additional Services set forth therein shall be deemed “Services” provided under this Agreement, in each case subject to the terms and conditions of
this Agreement. 
 (b)    After the date of this Agreement, if (i) a Recipient requests to increase, relative to
historical levels prior to the Distribution Date, the volume, amount, level or frequency, as applicable, of any Service provided by such Provider and (ii) such increase is reasonably determined by the Recipient as necessary for the Recipient to
operate its businesses (such increases, the “Service Increases”), then such Provider shall consider such request in good faith; provided, however, that no Party shall be obligated to provide any Service Increase,
including because, after good- faith negotiations between the Parties, the Parties fail to reach an agreement with respect to the terms thereof (including with respect to Service Charges therefor). In connection with any request for Service
Increases in accordance with this Section 2.03(b), the Pentair Services Manager and the nVent Services Manager shall in good faith negotiate the terms of an amendment to the applicable Schedule, which amendment shall be
consistent with the terms of, and the pricing methodology used for, the applicable Service. Each amended Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement and the Service
Increases set forth therein shall be deemed a part of the “Services” provided under this Agreement, in each case subject to the terms and conditions of this Agreement. 

(c)    Notwithstanding the foregoing clauses (a) and (b), and without limiting the remainder of this clause (c), the
Provider shall not be obligated to perform or to cause to be performed any Service in a volume or quantity in any fiscal year that exceeds the highest volumes or quantities of analogous services provided to Pentair’s applicable functional group
or Subsidiary during fiscal year 2017 (without reference to the transactions contemplated by the Separation Agreement) (the “Service Baseline Period”). If the Recipient requests that the Provider perform or cause to be performed any
Service in a volume or quantity that exceeds the highest volumes or quantities of analogous services that were provided to Pentair or its applicable functional group or Subsidiary during the Service Baseline Period, then: (i) if such higher
volume or quantity results from fluctuations occurring in the ordinary course of business of the Recipient, the Provider shall use commercially reasonable efforts to provide such requested higher volume or quantity; and (ii) if such higher
volume or quantity results from any other source, including an acquisition, merger, purchase or other business combination by the Recipient, the Parties shall cooperate and act in good faith to determine whether the Provider shall provide such
requested higher volume or quantity. If the Parties agree that the Provider shall provide the requested higher volume or quantity, then Pentair and nVent shall document such terms in an amendment to the applicable Schedule, which amendment shall be
consistent with the terms of, and the pricing methodology used for, the applicable Service. Each amended subsection of the applicable Schedule hereto, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of
such agreement and the volume or quantity increases set forth therein shall be deemed a part of the “Services” provided under this Agreement, in each case subject to the terms and conditions of this Agreement. 

Section 2.04    New Services. (a) From time to time during the term of this Agreement, either Party may
request the other Party to provide additional or different services which such other Party is not expressly obligated to provide under this Agreement (excluding, for the avoidance of doubt, any Additional Services or Service Increases, the
“New Services”). The Party receiving such request shall consider such request in good faith; provided, however, that no Party shall be obligated to provide any New Services, including because, after negotiations
between the Parties pursuant to Section 2.04(b), the Parties fail to reach an agreement with respect to the terms (including the Service Charges) applicable to the provision of such New Services. 

(b)    In connection with any request for New Services in accordance with Section 2.04(a), the
Pentair Services Manager and the nVent Services Manager shall in good faith (i) negotiate the applicable Service Charge and the terms of a supplement to the applicable Schedule, which supplement shall

  
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describe in reasonable detail the nature, scope, service period(s), termination provisions and other terms applicable to such New Services, and (ii) determine any costs and expenses,
including any start-up costs and expenses, that would be incurred by the Provider in connection with the provision of such New Services, which costs and expenses shall be borne solely by the Recipient. Each
supplement to the applicable Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement and the New Services set forth therein shall be deemed “Services” provided under this
Agreement, in each case subject to the terms and conditions of this Agreement. 
 Section 2.05    Services Not
Included. It is not the intent of the Provider to render, nor of the Recipient to receive from the Provider, professional advice or opinions, whether with regard to Tax, legal, treasury, finance, employment or other business and financial
matters, technical advice, whether with regard to information technology or other matters, or the handling of or addressing environmental matters; the Recipient shall not rely on, or construe, any Service rendered by or on behalf of the Provider as
such professional advice or opinions or technical advice; and the Recipient shall seek all third-party professional advice and opinions or technical advice as it may desire or need. Nothing in this Agreement shall require the Provider to perform or
cause to be performed any Service to the extent that the manner of such performance would constitute a violation of: (a) applicable Law, (b) any of the terms, conditions or provisions of the Provider’s organizational documents or
(c) any existing contract or agreement with a third party. Without limitation to the foregoing, nothing in this Agreement shall require the Provider to perform or cause to be performed any Service that would require (x) an amendment to the
Provider’s organizational documents or (y) a change in the Provider’s legal form. 

Section 2.06    Transition Services Managers. (a) Pentair hereby appoints and designates the individual
holding the Pentair position set forth on Exhibit I to act as its initial services manager (the “Pentair Services Manager”), who will be directly responsible for coordinating and managing the delivery of the Pentair Services
and have authority to act on Pentair’s behalf with respect to matters relating to the provision of Services under this Agreement. The Pentair Services Manager will work with the personnel of the Pentair Group to periodically address issues and
matters raised by nVent relating to the provision of Services under this Agreement. Notwithstanding the requirements of Section 9.06, all communications from nVent to Pentair pursuant to this Agreement regarding routine
matters involving a Service shall be made through the individual specified as the local service manager (the “Pentair Local Service Manager”) with respect to such Service on the applicable Schedule or such other individual as may be
specified by the Pentair Services Manager in writing and delivered to nVent by email or facsimile transmission with receipt confirmed. Pentair shall notify nVent of the appointment of a different Pentair Services Manager or Pentair Local Service
Manager(s), if necessary, in accordance with Section 9.06. 
 (b)    nVent hereby appoints and
designates the individual holding the nVent position set forth on Exhibit I to act as its initial services manager (the “nVent Services Manager”), who will be directly responsible for coordinating and managing the delivery of
the nVent Services and have authority to act on nVent’s behalf with respect to matters relating to the provision of Services under this Agreement. The nVent Services Manager will work with the personnel of the nVent Group to periodically
address issues and matters raised by Pentair relating to the provision of Services under this Agreement. Notwithstanding the requirements of Section 9.06, all communications from Pentair to nVent pursuant to this Agreement
regarding routine matters involving a Service shall be made through the individual specified as the local service manager (the “nVent Local Service Manager”) with respect to such Service on the applicable Schedule or such other
individual as may be specified by the nVent Services Manager in writing and delivered to Pentair by email or facsimile transmission with receipt confirmed. nVent shall notify Pentair of the appointment of a different nVent Services Manager or nVent
Local Service Manager(s), if necessary, in accordance with Section 9.06. 

  
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 Section 2.07    Personnel. (a) The Provider of any
Service will make available to the Recipient of such Service such personnel as may be necessary to provide such Service on the understanding that such personnel shall remain employed and/or engaged by the Provider. The Provider will have the right,
in its reasonable discretion, to (i) designate which personnel it will assign to perform such Service, and (ii) remove and replace such personnel at any time; provided, however, that any such removal or replacement shall not
be the basis for any increase in any Service Charge or Reimbursement Charge payable hereunder or relieve the Provider of its obligation to provide any Service hereunder; and provided, further, that the Provider will use its
commercially reasonable efforts to limit the disruption to the Recipient in the transition of the Services to different personnel. 

(b)    In the event that the provision of any Service by the Provider requires the cooperation and services of the
personnel of the Recipient, the Recipient will make available to the Provider such personnel (who shall be appropriately qualified for purposes of so supporting the provision of such Service by the Provider) as may be necessary for the Provider to
provide such Service on the understanding that such personnel shall remain employed and/or engaged by the Recipient. The Recipient will have the right, in its reasonable discretion, to (i) designate which personnel it will make available to the
Provider in connection with the provision of such Service, and (ii) remove and replace such personnel at any time; provided, however, that any resulting increase in costs to the Provider shall be borne by the Recipient and any
adverse effect to the provision of such Service by the Provider shall not be deemed a breach of this Agreement; and provided, further, that the Recipient will use its commercially reasonable efforts to limit the disruption to the
Provider in the transition of such personnel. If the Provider, in its reasonable discretion and following discussions with the Recipient, requests the Recipient to remove and/or replace any such personnel from their roles in respect of the Services
being provided by the Provider, the Recipient shall comply with such request. 
 (c)    No Provider shall be liable
under this Agreement for any Liabilities incurred by the Recipient Indemnified Parties that are primarily attributable to, or that are a consequence of, any actions or inactions of the personnel of the Recipient, except for any such actions or
inactions undertaken pursuant to the direction of the Provider. 
 (d)    Nothing in this Agreement shall grant the
Provider, or its employees, agents and third-party providers that are performing the Services, the right directly or indirectly to control or direct the operations of the Recipient or any member of its Group. Such employees, agents and third-party
providers shall not be required to report to the management of the Recipient nor be deemed to be under the management or direction of the Recipient. The Recipient acknowledges and agrees that, except as may be expressly set forth herein as a Service
(including any Additional Services, Service Increases or New Services) or otherwise expressly set forth in the Separation Agreement, another Ancillary Agreement or any other applicable agreement, no Provider or any member of its Group shall be
obligated to provide, or cause to be provided, any service or goods to any Recipient or any member of its Group. 

Section 2.08    Intellectual Property. If, in the course of providing any Service, a Provider or any of its
Affiliates creates or develops any Intellectual Property solely for the benefit of the Recipient and paid for by the Recipient (“Newly Developed IP”), then as between the Parties, such Newly Developed IP shall be solely and
exclusively owned by such Recipient upon creation or development and shall be deemed a “work made for hire” under applicable Law. Without limiting the generality of the foregoing, to the extent any Newly Developed IP would not qualify as a
“work made for hire” under applicable Law, the Provider of such Newly Developed IP shall assign and transfer to the applicable Recipient, all of such Provider’s and its Affiliates’ right, title and interest in, to and under such
Newly Developed IP. The parties hereto shall take any and all actions and execute any and all other documents reasonably necessary to perfect, confirm and record the applicable Recipient’s ownership of such Newly Developed IP as contemplated in
this Section 2.08. 

  
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 Section 2.09    Local Agreements. (a) Pentair and nVent
each recognize and agree that there may be a need to document the Services provided hereunder in various countries from time to time. If such an agreement is required by applicable Law, in the reasonable determination of Pentair and nVent, or
Pentair and nVent mutually determine it to be necessary or desirable, in order for Providers to provide the Services in a particular country, Pentair and nVent shall cause the appropriate Affiliates of Pentair and nVent, respectively, to enter into
local implementing agreements (each, a “Local Agreement”); provided, however, that the execution or performance of any such Local Agreement shall in no way alter or modify any term or condition hereof nor the effect thereof, except to the
extent, and only to the extent, as expressly specified in such Local Agreement. Except as used in this Section 2.09, any references herein to this Agreement and the Services to be provided hereunder, shall include any Local Agreement and
the Services to be provided thereunder. 
 (b)    In accordance with Section 9.11, Pentair and
nVent may from time to time agree in writing to amend any terms of this Agreement and in such cases such amendment will be deemed to amend the terms of all Local Agreements. 

ARTICLE III 
 PENTAIR
MATERIALS 
 Section 3.01    Corporate Policies. (a) Subject to the terms and conditions of this
Agreement, Pentair grants to nVent a non-exclusive, royalty-free, fully paid-up, worldwide license to create or have created materials based on Pentair’s corporate
policies and manuals (the “Pentair Materials”) for distribution to employees of nVent and use such materials in the operation of the Electrical Business in substantially the same manner as the Pentair Materials were used by Pentair
prior to the Distribution Date. It is understood and agreed that, to the maximum extent permitted by applicable Law, Pentair makes no representation or warranty, express or implied, as to the accuracy or completeness of any of the Pentair Materials,
as to whether the Pentair Materials comply with Law, as to the non-infringement of any of the Pentair Materials or as to the suitability of any of the Pentair Materials for use by nVent in respect of its
business, or otherwise. 
 (b)    Notwithstanding the foregoing, the text of any materials created by or for nVent, and
related to, or based upon, any of the Pentair Materials, may not contain any references to Pentair (or any of Pentair’s marks, names, trade dress, logos or other source or business identifiers, including the Pentair Name and Pentair Marks),
Pentair’s publications, Pentair’s personnel (including senior management), Pentair’s management structures or any other indication (other than the verbatim or paraphrased reproduction of the content) that such materials are based upon
any of the Pentair Materials. 
 Section 3.02    Limitation on Rights and Obligations with Respect to the
Pentair Materials. Pentair shall have no obligation to (i) notify nVent of any changes or proposed changes to any of the Pentair Materials, (ii) include nVent in any consideration of proposed changes to any of the Pentair Materials,
(iii) provide draft changes of any of the Pentair Materials to nVent for review and/or comment or (iv) provide nVent with any updated materials relating to any of the Pentair Materials. nVent acknowledges and agrees that, except as
expressly set forth above, Pentair reserves all rights (including all Intellectual Property rights) in, to and under the Pentair Materials and no rights with respect to ownership or use, except as otherwise expressly provided in this Agreement,
shall vest in nVent. The Parties acknowledge and agree that, subject to the exceptions specified in Section 9.03, the Pentair Materials are the Confidential Information of Pentair. nVent shall use at least the same degree
of care to prevent and restrain the unauthorized use or disclosure of any confidential materials created by or for nVent that are based upon any of the Pentair Materials as it uses for its other confidential information of a like nature, but in no
event less than a reasonable degree of care. nVent will allow Pentair reasonable access to personnel and information as reasonably necessary to determine nVent’s compliance with the 

  
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provisions set forth above; provided, however, such access shall not unreasonably interfere with any of the business or operations of nVent. Subject to
Section 9.05, in the event that Pentair determines that nVent has not materially complied with some or all of its obligations with respect to any or all of the Pentair Materials, Pentair may terminate nVent’s rights
with respect to such Pentair Materials upon written notice to nVent and, in such case, Pentair shall be entitled to require such Pentair Materials to be returned to Pentair or destroyed and any materials created by or for nVent that are based upon
such Pentair Materials to be destroyed (with such destruction certified by nVent in writing to Pentair promptly after such termination). 

ARTICLE IV 
 ADDITIONAL
ARRANGEMENTS 
 Section 4.01    Software and Software Licenses. (a) If and to the extent requested
by nVent, Pentair shall use commercially reasonable efforts to assist nVent in its efforts to obtain licenses (or other appropriate rights) to use, duplicate and distribute, as necessary and applicable, certain computer software necessary for
Pentair to provide, and nVent to receive, Pentair Services; provided, however, that Pentair shall not be required to pay any fees or other payments or incur any obligations or liabilities to enable nVent to obtain any such licenses or
rights (except and to the extent that nVent advances such fees or payments to Pentair); provided, further, that Pentair shall not be required to seek broader rights or more favorable terms for nVent than those applicable to Pentair or
nVent, as the case may be, prior to the Distribution Date or as may be applicable to Pentair from time to time hereafter; and, provided, further, that nVent shall bear only those costs that relate solely and directly to obtaining such
licenses (or other appropriate rights) in the ordinary course. The Parties acknowledge and agree that there can be no assurance that Pentair’s efforts will be successful or that nVent will be able to obtain such licenses or rights on acceptable
terms or at all and, where Pentair enjoys rights under any enterprise or site license or similar license, the Parties acknowledge that such license typically precludes partial transfers or assignments or operation of a service bureau on behalf of
unaffiliated entities. In the event that nVent is unable to obtain such software licenses, the Parties shall work together using commercially reasonable efforts to obtain an alternative software license to allow Pentair to provide, and nVent to
receive, such Pentair Services, and the Parties shall negotiate in good faith an amendment to the applicable Schedule to reflect any such new arrangement, which amended Schedule shall not require nVent to pay for any fees, expenses or costs relating
to the software license that nVent was unable to obtain pursuant to the provisions of this Section 4.01(a). 

(b)    If and to the extent requested by Pentair, nVent shall use commercially reasonable efforts to assist Pentair in its
efforts to obtain licenses (or other appropriate rights) to use, duplicate and distribute, as necessary and applicable, certain computer software necessary for nVent to provide, and Pentair to receive, the nVent Services; provided,
however, that nVent shall not be required to pay any fees or other payments or incur any obligations or liabilities to enable Pentair to obtain any such licenses or rights (except and to the extent that Pentair advances such fees or payments
to nVent); provided, further, that nVent shall not be required to seek broader rights or more favorable terms for Pentair than those applicable to Pentair or nVent, as the case may be, prior to the Distribution Date or as may be
applicable to nVent from time to time hereafter; and, provided, further, that Pentair shall bear only those costs that relate solely and directly to obtaining such licenses (or other appropriate rights) in the ordinary course. The
Parties acknowledge and agree that there can be no assurance that nVent’s efforts will be successful or that Pentair will be able to obtain such licenses or rights on acceptable terms or at all and, where nVent enjoys rights under any
enterprise or site license or similar license, the Parties acknowledge that such license typically precludes partial transfers or assignments or operation of a service bureau on behalf of unaffiliated entities. In the event that Pentair is unable to
obtain such software licenses, the Parties shall work together using commercially reasonable efforts to obtain an alternative software license to allow nVent to provide, and Pentair to receive, such nVent Services, and the Parties shall negotiate in
good faith 

  
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an amendment to the applicable Schedule to reflect any such new arrangement, which amended Schedule shall not require Pentair to pay for any fees, expenses or costs relating to the software
license that Pentair was unable to obtain pursuant to the provisions of this Section 4.01(b). 

(c)    In the event that there are any costs associated with obtaining software licenses in accordance with
Section 4.01 that (i) would not be payable in the ordinary course, including in the form of a “transfer fee” or other similar fees or expenses payable by the Recipient or the Provider, and (ii) would not
have been payable by the Recipient or the Provider absent the need for a consent or waiver in connection with the license that the Recipient is seeking to obtain, such costs shall be borne by the Recipient. 

Section 4.02    Pentair Computer-Based and Other Resources. From and after the date of this Agreement, nVent
and its Affiliates shall cause all of their personnel having access to the Pentair Intranet or such other computer software, networks, hardware, technology or computer based resources pursuant to the Separation Agreement, any Ancillary Agreement, or
in connection with performance, receipt or delivery of a Service, to comply with all security guidelines (including physical security, network access, internet security, confidentiality and personal data security guidelines) of Pentair and its
Affiliates (of which Pentair provides nVent written notice). nVent shall ensure that the access contemplated by this Section 4.02 shall be used by such personnel only for the purposes contemplated by, and subject to the
terms of, this Agreement. Except as expressly provided in the Separation Agreement, any other Ancillary Agreement, any other applicable agreement or as required in connection with the performance or delivery of any Services, each of the Parties and
its Affiliates shall cease using (and shall cause their employees to cease using) the services made available by the other Party and its Affiliates prior to the Distribution Date. 

Section 4.03    Access to Facilities. (a) nVent shall, and shall cause, to the extent permitted by
applicable Law, its Subsidiaries to, allow Pentair and its Representatives reasonable access to the facilities of nVent necessary for Pentair to fulfill its obligations under this Agreement. 

(b)    Pentair shall, and shall cause, to the extent permitted by applicable Law, its Subsidiaries to, allow nVent and its
Representatives reasonable access to the facilities of Pentair necessary for nVent to fulfill its obligations under this Agreement. 

(c)    Notwithstanding the other rights of access of the Parties under this Agreement, each Party shall, and shall cause,
to the extent permitted by applicable Law, its Subsidiaries to, afford the other Party, its Subsidiaries and Representatives, following not less than five (5) business days’ prior written notice from the other Party, reasonable access
during normal business hours to the facilities, information, systems, infrastructure, and personnel of the relevant Providers as reasonably necessary for the other Party to verify the adequacy of internal controls over information technology,
reporting of financial data and related processes employed in connection with the Services, including in connection with verifying compliance with Section 404 of the Sarbanes-Oxley Act of 2002; provided, however, such access shall
not unreasonably interfere with any of the business or operations of such Party or its Subsidiaries. 
 (d)    Except as
otherwise permitted by the other Party in writing, each Party shall permit only its authorized Representatives, contractors, invitees or licensees to access the other Party’s facilities. 

Section 4.04    Cooperation. It is understood that it will require the significant efforts of both Parties to
implement this Agreement and to ensure performance of this Agreement by the Parties at the agreed-upon levels in accordance with all of the terms and conditions of this Agreement. The Parties will cooperate, acting in good faith and using
commercially reasonable efforts, to effect a smooth and orderly transition of the Services provided under this Agreement from the Provider to the Recipient (including 

  
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repairs and maintenance Services and the assignment or transfer of the rights and obligations under any third-party contracts relating to the Services); provided, however, that this
Section 4.04 shall not require either Party to incur any out-of-pocket costs or expenses. The Provider shall not be liable for failure to
(a) provide Services or (b) effect the transition of the Services where such failure arises as a result of the Parties not obtaining third party consents to such Service provision or transition despite the Parties’ commercially
reasonable efforts to obtain third party consents. 
 Section 4.05    Data Protection. (a) Each Party
hereby agrees to, and to cause its Affiliates to (i) comply with any data protection or data privacy laws or regulations in any jurisdiction in which the Services are provided, including, without limitation, the Irish Data Protection Acts 1998
and 2003 and any other legislation that implements the Data Protection Directive (1995/46/EC) and, with effect from May 25, 2018, the General Data Protection Regulation (Regulation (EU) 2016/679) and legislation enacted pursuant thereto (the
“Data Protection Laws”), applicable to it in connection with this Agreement, and (ii) adopt and incorporate principles of privacy by design and by default in respect of its processing of personal data. 

(b)    In furtherance of, and not in limitation of, the foregoing Section 4.05(a), the Provider,
when acting as data processor on behalf of the Recipient, as data controller, pursuant to the terms of this Agreement, the Provider agrees to, and to cause, to the extent permitted by applicable Law, its Affiliates to: 

(i)    only process personal data (A) in accordance with the restrictions relating to data processing
as outlined in Schedule C, (B) in accordance with the Recipient’s instructions that have been provided in writing (including to the extent necessary for the purposes set out in this Agreement) or (C) to the extent it is
required to process personal data by applicable Law (which, for the purposes of this Section 4.05, shall mean in the case of any Recipient entity which is a data controller established in or otherwise subject to data
protection laws applicable in the European Union (“EU”) only EU law or the laws of the EU member state in which that data controller is established) in which case, where permitted by applicable Law, the Provider shall inform the
Recipient of the legal requirement before processing personal data; 
 (ii)    implement technical and
organizational measures in a manner that complies with Data Protection Laws, taking into account (A) the state of the art, the costs of implementation and the nature, scope, context and purposes of processing, to protect personal data against
accidental or unlawful destruction or accidental loss, alteration, unauthorized disclosure or access to the personal data and against all other unlawful forms of processing, and (B) the nature of the processing, the requirements to assist the
Recipient in responding to requests by data subjects to exercise their rights of access, rectification or erasure and the requirements to restrict or object to processing of personal data or data portability; 

(iii)    ensure that employees or representatives who have access to the personal data (A) only
process the personal data in accordance with Section 4.05(b)(i) above and (B) are bound to hold the information in confidence to the standard required under this Agreement (whether under a written agreement or
otherwise); 
 (iv)    not transfer personal data to any country or territory outside of the originating
country or territory without the prior written consent of the Recipient, not to be unreasonably withheld, and which consent may be conditional upon the relevant third parties entering into an agreement on similar terms as this Agreement with the
Recipient, provided that where the Provider is seeking to transfer personal data from any originating country or territory within the EU or the EEA to a country or territory outside the EEA it shall be permitted to do so if such data

  
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is subject to adequate safeguards or is otherwise transferred in accordance with the Data Protection Laws and (A) there is a current European Commission finding of adequacy pursuant to
Article 25(6) of Directive 95/46/EC or, after May 24, 2018, Article 45 of Regulation (EU) 2016/679 in respect of the country, territory or sector to which the personal data is being transferred; (B) the transfer is to the United States to
an entity that is a certified member of the EU-US Privacy Shield; or (C) the Recipient and the relevant importing entity are party to a contract in relation to the export incorporating standard
contractual clauses in the form adopted by the European Commission under Decision 2010/87/EU, as amended or replaced from time to time; 

(v)    promptly inform the Recipient of and assist (at the Recipient’s cost) with requests by data
subjects to exercise their rights of access, rectification or erasure, to restrict or object to processing of personal data or data portability and use reasonable endeavors to communicate any rectification or erasure of personal data or restriction
of processing to any recipient to whom the relevant personal data have been disclosed; 
 (vi)    notify
the Recipient without undue delay after becoming aware of (A) any actual or suspected breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorized disclosure of, or access to, personal data transmitted,
stored or otherwise processed (“Personal Data Breach”) or (B) any inquiry by or request for information by any person having regulatory or supervisory authority over all or any part of the Services or the business of the
Provider or the Recipient (“Regulator”) concerning, or made under, Data Protection Laws, or of any material breach by it of any Data Protection Laws (including any formal or informal enforcement proceedings against it by a
Regulator, or, without prejudice to Section 4.05(b)(vii)(B), any notification of any data breach to a Regulator under the Data Protection Laws), and upon the Recipient’s reasonable written request, provide the
Recipient with all co-operation and assistance reasonably requested by the Recipient to enable the Recipient to notify the Personal Data Breach to the relevant data protection authority and data subject(s) (as
applicable); 
 (vii)    upon receipt of a notification of a breach under
Section 4.05(b)(vi), (A) work together with the Recipient, acting reasonably and in good faith, to mitigate any adverse effects of any such breach on the Recipient’s business and the affected data subjects (at the
Recipient’s cost), each acting reasonably and in good faith and (B) not release or publish any filing, communication, notice, press release, or report concerning the breach without first consulting the Recipient with regards to the content
of that notice and giving due regard to the Recipient’s reasonable comments, save that the Provider may disclose a breach to the extent required by applicable Law; 

(viii)    assist the Recipient with assessing the impact of processing personal data, take account of the
Recipient’s reasonable requirements when carrying out a privacy impact assessment and with any consultations with a data protection authority if, and to the extent, an assessment or consultation is required to be carried out under the Data
Protection Laws; 
 (ix)    provide the Recipient with all information necessary to demonstrate
compliance with data processor obligations under the Data Protection Laws and allow the Recipient or an auditor mandated by the Recipient to carry out audits, including inspections of all facilities, equipment, documents and electronic data relating
to the processing of personal data by the Provider or any approved Affiliate, third party or approved subcontractor to verify compliance with this Section 4.05 and the Provider shall inform the Recipient if any instructions
pursuant to this Section 4.05(b)(ix) would breach applicable Data Protection Laws; 

  
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 (x)    unless expressly stated otherwise in this
Agreement, the Provider shall, and shall procure that any Affiliates, subcontractors or third parties shall, on termination of this Agreement immediately cease to use the personal data and shall, at the Recipient’s option, return the personal
data to the Recipient or delete the personal data and all copies and extracts of the personal data unless required to retain a copy in accordance with EU laws or the applicable laws of any EU or EEA country in which the Recipient is established;

 (xi)    inform the applicable data controller of any changes to its subcontractors; and 

(xii)    ensure that any subcontractor with which it contracts from the date of this Agreement and to which
it delegates the processing of personal data on behalf of the Recipient is bound by a written agreement imposing on the subcontractor obligations no less restrictive than those set out in this Section 4.05. 

To the extent used in this Section 4.05, the terms, “data controller”, “data
processor”, “personal data” and “processing” (or any form of “process”) shall have the meaning set out in applicable Data Protection Laws and “European Economic Area” or
“EEA” shall mean the countries which are party to the European Economic Area Agreement 1994, as amended from time to time. 

ARTICLE V 
 COSTS AND
DISBURSEMENTS 
 Section 5.01    Costs and Disbursements. (a) Except as otherwise provided in this
Agreement, a Recipient of Services shall pay to the Provider of such Services a monthly fee for the Services (or category of Services, as applicable) (each fee constituting a “Service Charge” and, collectively, “Service
Charges”) as listed on the Schedules hereto. 
 (b)    The amount of the Service Charge for each Service shall
increase three percent (3%) annually on each anniversary of this Agreement (including during the term of any Service Extension). In addition, during the term of this Agreement, the amount of a Service Charge for any Services (or category of
Services, as applicable) may increase to the extent of: (i) any increases mutually agreed to by the Parties, (ii) any Service Charges applicable to any Additional Services, Service Increases or New Services, and (iii) any increase in
the rates or charges imposed by any unaffiliated third-party provider that is providing Services. Together with any monthly invoice for Service Charges and Reimbursement Charges, the Provider shall provide the Recipient with documentation to support
the calculation of such Service Charges or any Reimbursement Charges. 
 (c)    The Recipient shall reimburse the
Provider for reasonable out-of-pocket costs and expenses incurred by the Provider or its Affiliates in connection with providing the Services (including necessary
travel-related expenses) (each such cost or expense, a “Reimbursement Charge” and, collectively, “Reimbursement Charges”); provided, however, that any such cost or expense that is materially
inconsistent with historical practice between the Parties for any Service (including business travel and related expenses) shall require advance approval of the Recipient. Any authorized travel-related expenses incurred in performing the Services
shall be incurred and charged to the Recipient in accordance with the Provider’s then-applicable business travel policies made known to the Recipient. 

(d)    The Service Charges and Reimbursement Charges due and payable hereunder shall be invoiced and paid in the currency
indicated in the column entitled “Fees (Local)” in the relevant Schedule hereto. The Recipient, or, to the extent permitted by applicable Law, a designee of the Recipient, shall pay the amount of each monthly invoice by wire transfer (or
such other method of payment as may be agreed between the Parties) to the Provider within sixty (60) days of the receipt of each such invoice, 

  
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including appropriate documentation as described herein. In the absence of a timely notice of billing dispute in accordance with the provisions of Article VIII of the Separation Agreement,
if the Recipient fails to pay such amount by the due date, the Recipient shall be obligated to pay to the Provider, in addition to the amount due, interest at an annual default interest rate of three percent (3%), or the maximum legal rate,
whichever is lower, accruing from the date the payment was due through the date of actual payment. In the event of any billing dispute, the Recipient shall promptly pay any undisputed amount. 

(e)    Subject to the confidentiality provisions set forth in Section 9.03, each Party shall,
and shall, to the extent permitted by applicable Law, cause their respective Affiliates to, provide, upon ten (10) days’ prior written notice from the other Party, any information within such Party’s or its Affiliates’ possession
that the requesting Party reasonably requests in connection with any Services being provided to such requesting Party by an unaffiliated third-party provider, including any applicable invoices, agreements documenting the arrangements between such
third-party provider and the Provider and other supporting documentation; provided, however, that each Party shall make no more than one such request during any calendar month. 

Section 5.02    Tax Matters. (a) Without limiting any provisions of this Agreement, the Recipient
shall be responsible for (i) all excise, sales, use, transfer, stamp, documentary, filing, recordation and other similar Taxes, (ii) any value added, goods and services or similar recoverable indirect Taxes (“VAT”) and
(iii) any related interest and penalties (collectively, “Transfer Taxes”), in each case imposed or assessed as a result of the provision of Services by the Provider. In particular, but without prejudice to the generality of the
foregoing, all amounts payable pursuant to this Agreement are exclusive of amounts in respect of VAT. Where any taxable supply of Services for VAT purposes is made pursuant to this Agreement by the Provider to the Recipient, the Recipient shall
either (i) on receipt of a valid VAT invoice from the Provider, pay to the Provider such additional amounts in respect of VAT as are chargeable on the supply of the services at the same time as payment is due for the supply of the services; or
(ii) where required by applicable Law to do so, account directly to the relevant Governmental Authority for any such VAT amounts. The Party required to account for Transfer Tax shall provide to the other Party evidence of the remittance of the
amount of such Transfer Tax to the relevant Governmental Authority, including, without limitation, copies of any Tax returns remitting such amount. The Provider agrees that it shall take commercially reasonable actions to cooperate with the
Recipient in obtaining any refund, return, rebate, or the like of any Transfer Tax, including by filing any necessary exemption or other similar forms, certificates, or other similar documents. The Recipient shall promptly reimburse the Provider for
any costs incurred by the Provider or its Affiliates in connection with the Recipient obtaining a refund or overpayment of refund, return, rebate, or the like of any Transfer Tax. For the avoidance of doubt, any applicable gross receipts-based or
net income-based Taxes shall be borne by the Provider unless the Provider is required by law to obtain, or allowed to separately invoice for and obtain, reimbursement of such Taxes from the Recipient. 

(b)    The Recipient shall be entitled to deduct and withhold Taxes required by any Tax Law to be withheld on payments
made pursuant to this Agreement. To the extent any amounts are so withheld, the Recipient shall (i) pay, in addition to the amount otherwise due to the Provider under this Agreement, such additional amount as is necessary to ensure that the net
amount actually received by the Provider will equal the full amount the Provider would have received had no such deduction or withholding been required, (ii) pay such deducted and withheld amount to the proper Governmental Authority, and
(iii) promptly provide to the Provider evidence of such payment to such Governmental Authority. The Provider shall, prior to the date of any payment to be made pursuant to this Agreement, at the request of the Recipient, make commercially
reasonable efforts to provide the Recipient any certificate or other documentary evidence (x) required by Tax Law or (y) which the Provider is entitled by Tax Law to provide in order to reduce the amount of any Taxes that may be deducted
or withheld from such payment 

  
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and the Recipient agrees to accept and act in reliance on any such duly and properly executed certificate or other applicable documentary evidence. 

(c)    If the Provider (i) receives any refund (whether by payment, offset, credit or otherwise) or
(ii) utilizes any overpayment of Taxes that are borne by Recipient pursuant to this Agreement, then the Provider shall promptly pay, or cause to be paid, to the Recipient an amount equal to the deficiency or excess, as the case may be, with
respect to the amount that the Recipient has borne if the amount of such refund or overpayment (including, for the avoidance of doubt, any interest or other amounts received with respect to such refund or overpayment) had been included originally in
the determination of the amounts to be borne by Recipient pursuant to this Agreement, net of any additional Taxes the Provider incurs or will incur as a result of the receipt of such refund or such overpayment. 

Section 5.03    No Right to Set-Off. The Recipient shall timely pay
the full amount of Service Charges and Reimbursement Charges and shall not set-off, counterclaim or otherwise withhold any amount owed to the Provider under this Agreement on account of any obligation owed by
the Provider to the Recipient. 
 ARTICLE VI 

STANDARD FOR SERVICE 

Section 6.01    Standard for Service. 

(a)    The Provider agrees (i) to perform the Services with substantially the same nature, quality, standard of care
and service levels at which the same or similar services were performed by or on behalf of the Provider in the twelve (12) months prior to the Distribution Date or, if not so previously provided, then substantially similar to that which are
applicable to similar services provided to the Provider’s Affiliates or other business components; and (ii) upon receipt of written notice from the Recipient identifying any outage, interruption or other failure of any Service, to respond
to such outage, interruption or other failure of such Service in a manner that is substantially similar to the manner in which such Provider or its Affiliates responded to any outage, interruption or other failure of the same or similar services in
the twelve (12) months prior to the Distribution Date. The Parties acknowledge that an outage, interruption or other failure of any Service shall not be deemed to be a breach of the provisions of this Section 6.01 so
long as the applicable Provider complies with the foregoing clause (ii). Further, each Recipient acknowledges that the applicable Provider may be providing similar services (or services that involve the same resources as those used to provide the
Services) to its internal organizations, Affiliates and/or third parties. Each Provider reserves the right to modify the Services in connection with changes to its internal organization in the ordinary course of business; provided,
however, that no such modification may result in any modification that would reduce the benefits provided to the Recipient hereunder in any material respect or increase the Service Charges payable hereunder. 

(b)    Nothing in this Agreement shall require the Provider to perform or cause to be performed any Service to the extent
that the manner of such performance would constitute a violation of: (i) applicable Law, (ii) any of the terms, conditions or provisions of the Provider’s organizational documents or (iii) any existing contract or agreement with
a third party. Without limitation to the foregoing, nothing in this Agreement shall require the Provider to perform or cause to be performed any Service that would require (x) an amendment to the Provider’s organizational documents or
(y) a change in the Provider’s legal form. If the Provider is or becomes aware of any potential violation on the part of the Provider, the Provider shall promptly send a written notice to the Recipient of any such potential violation. The
Parties each agree to cooperate and use commercially reasonable efforts to obtain any necessary third-party consents required under any existing contract or agreement with a third party to allow the Provider to perform or cause to be performed any
Service in accordance with the standards set forth in this Section  

  
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6.01. Any costs and expenses incurred by either Party in connection with obtaining any such third-party consent that is required to allow the Provider to perform or cause to be performed
any Service shall be solely the responsibility of the Recipient. If, with respect to a Service, the Parties, despite the use of such commercially reasonable efforts, are unable to obtain a required third-party consent or the performance of such
Service by the Provider would continue to constitute a violation of applicable Laws, the Provider shall use commercially reasonable efforts in good faith to provide such Services in a manner as closely as possible to the standards described in this
Section 6.01 that would apply absent the exception provided for in the first sentence of this Section 6.01(b). 

Section 6.02    Disclaimer of Warranties. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, THE PARTIES HEREBY
EXPRESSLY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, WITH RESPECT TO THE SERVICES. UNLESS OTHERWISE EXPRESSLY SET FORTH IN
THIS AGREEMENT, ALL SERVICES ARE PROVIDED ON AN “AS IS, WHERE IS” BASIS WITHOUT WARRANTY OF ANY KIND. 

Section 6.03    Compliance with Laws and Regulations. Each Party shall be responsible for its own compliance
and its subcontractors’ compliance with any and all Laws applicable to its performance under this Agreement. No Party will knowingly take any action in violation of any such applicable Law that results in liability being imposed on the other
Party. 
 ARTICLE VII 

LIMITED LIABILITY AND INDEMNIFICATION 

Section 7.01    Consequential and Other Damages. Notwithstanding anything to the contrary contained in the
Separation Agreement or this Agreement, the Provider shall not be liable to the Recipient or any of its Affiliates or Representatives, whether in contract, tort (including negligence and strict liability) or otherwise, at law or equity, for any
special, indirect, incidental, punitive or consequential damages whatsoever (including lost profits or damages calculated on multiples of earnings approaches), which in any way arise out of, relate to or are a consequence of, the performance or
nonperformance by the Provider (including any Affiliates and Representatives of the Provider and any unaffiliated third-party providers, in each case, providing the applicable Services) under this Agreement or the provision of, or failure to
provide, any Services under this Agreement, including with respect to loss of profits, business interruptions or claims of customers. 

Section 7.02    Limitation of Liability. The Liabilities of each Provider and its Affiliates and
Representatives, collectively, under this Agreement for any act or failure to act in connection herewith (including the performance or breach of this Agreement), or from the sale, delivery, provision or use of any Services provided under or
contemplated by this Agreement, whether in contract, tort (including negligence and strict liability) or otherwise, at law or equity, shall not exceed the total aggregate Service Charges (excluding any Reimbursement Charges) actually paid to such
Provider by the Recipient pursuant to this Agreement. The foregoing limitations on Liability in this Section 7.02 shall not apply to any breach of Section 9.03. 

Section 7.03    Obligation To Reperform; Liabilities. In the event of any breach of this Agreement by any
Provider with respect to the provision of any Services (with respect to which the Provider can reasonably be expected to re-perform in a commercially reasonable manner), the Provider shall (a) promptly
correct in all material respects such error, defect or breach or re-perform in all material respects such Services at the request of the Recipient and at the sole cost and expense of the Provider and
(b) subject to the limitations set forth in Sections 7.01 and 7.02, reimburse the Recipient and its Affiliates 

  
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and Representatives for Liabilities attributable to such breach by the Provider. The remedy set forth in this Section 7.03 shall be the sole and exclusive remedy of the
Recipient for any such breach of this Agreement. Any request for re-performance in accordance with this Section 7.03 by the Recipient must be in writing and specify in reasonable
detail the particular error, defect or breach, and such request must be made no more than one (1) month from the date such error, defect or breach becomes apparent or should have reasonably become apparent to the Recipient. 

Section 7.04    Release and Recipient Indemnity. Subject to Section 7.01, each
Recipient hereby releases the applicable Provider and its Affiliates and Representatives (each, a “Provider Indemnified Party”), and each Recipient hereby agrees to indemnify, defend and hold harmless each such Provider Indemnified
Party from and against any and all Liabilities arising from, relating to or in connection with: (a) the use of any Services by such Recipient or any of its Affiliates, Representatives or other Persons using such Services; or (b) the sale,
delivery, provision or use of any Services provided under or contemplated by this Agreement, in the case of each of clause (a) and (b), except to the extent that such Liabilities arise out of, relate to or are a consequence of the applicable
Provider Indemnified Party’s violation of applicable Law, bad faith, gross negligence or willful misconduct. 

Section 7.05    Provider Indemnity. Subject to Section 7.01, each Provider hereby
agrees to indemnify, defend and hold harmless the applicable Recipient and its Affiliates and Representatives (each a “Recipient Indemnified Party”), from and against any and all Liabilities arising from, relating to or in
connection with: (a) the use of any Services by such Recipient or any of its Affiliates, Representatives or other Persons using such Services; or (b) the sale, delivery, provision or use of any Services provided under or contemplated by
this Agreement, in the case of each of clause (a) and (b), to the extent that such Liabilities arise out of, relate to or are a consequence of the applicable Provider’s violation of applicable Law, bad faith, gross negligence or willful
misconduct. 
 Section 7.06    Indemnification Procedures. The provisions of Sections 4.2 through
4.6 of the Separation Agreement shall govern claims for indemnification under this Agreement. 

Section 7.07    Liability for Payment Obligations. Nothing in this Article VII shall be deemed to
eliminate or limit, in any respect, Pentair’s or nVent’s express obligation in this Agreement to pay Service Charges and Reimbursement Charges for Services rendered in accordance with this Agreement. 

Section 7.08    Exclusion of Other Remedies. The provisions of Section 7.03,
7.04 and 7.05 of this Agreement shall, to the maximum extent permitted by applicable Law, be the sole and exclusive remedies of the Provider Indemnified Parties and the Recipient Indemnified Parties, as applicable, for any claim, loss,
damage, expense or liability, whether arising from statute, principle of common or civil law, principles of strict liability, tort, contract or otherwise under this Agreement. 

Section 7.09    Confirmation. Neither Party excludes nor disclaims responsibility for any liability which
cannot be excluded or disclaimed pursuant to applicable Law. 
 ARTICLE VIII 

TERM AND TERMINATION 

Section 8.01    Term and Termination. (a) This Agreement shall commence immediately upon the Distribution
Date and shall terminate upon the earlier to occur of: (i) the last date on which either Party is obligated to provide any Service to the other Party in accordance with the terms of this Agreement or (ii) the mutual written agreement of
the Parties to terminate this Agreement in its entirety. 

  
 -17- 

 (b)    Without prejudice to a Recipient’s rights with respect to a
Force Majeure, a Recipient may from time to time terminate this Agreement with respect to the entirety of any individual Service but not a portion thereof: 

(i)    for any reason or no reason, upon providing at least thirty (30) days’ prior written
notice to the Provider; provided, however, that, with respect to any individual Service provided exclusively for a Recipient, such Recipient shall pay to the Provider the necessary and reasonable documented out-of-pocket costs incurred in connection with the wind down of such Service other than any employee severance and relocation expenses, but including unamortized license fees
and costs for equipment used to provide such Service, contractual obligations under agreements used to provide such Service, any breakage or termination fees and any other termination costs payable by the Provider with respect to any resources or
pursuant to any other third-party agreements that were used by the Provider to provide such Service (or an equitably allocated portion thereof, in the case of any such equipment, resources or agreements that also were used for purposes other than
providing Services); or 
 (ii)    if the Provider of such Service has failed to perform any of its
material obligations under this Agreement with respect to such Service, and such failure shall continue to exist thirty (30) days after receipt by the Provider of written notice of such failure from the Recipient. 

In the event that any Service is terminated other than at the end of a month, the Service Charge associated with such Service shall be pro-rated appropriately. The Parties acknowledge that there may be interdependencies among the Services being provided under this Agreement that may not be identified on the applicable Schedules and agree that, if
the Provider’s ability to provide a particular Service in accordance with this Agreement is materially and adversely affected by the termination of another Service in accordance with Section 8.01(b)(i), then the
Parties shall negotiate in good faith to amend the Schedule relating to such affected continuing Service, which amendment shall be consistent with the terms of, and the pricing methodology used for, comparable Services. 

(c)    In connection with the termination of any Service, if the Recipient reasonably determines that it will require such
Service to continue beyond the date on which such Service is scheduled to terminate, the Recipient may request that the Provider extend such Service (any such extension, a “Service Extension”) for a specified period beyond the
scheduled termination of such Service (which period shall in no event be longer than one hundred and eighty (180) days) by written notice to the Provider no less than thirty (30) days prior to the date of such scheduled termination, and
Provider shall consider any such request in good faith; provided, however, that no Party shall be obligated to agree to any Service Extension, including because, after good-faith negotiations between the Parties, the Parties fail to
reach an agreement with respect to the terms thereof; provided, further, however, that (i) there shall be no more than one (1) Service Extension with respect to each Service and (ii) the Provider shall not be
obligated to provide such Service Extension if a third-party consent is required and cannot be obtained by the Provider. Unless otherwise agreed by Provider and Recipient, the Service Charge applicable to any such Service Extension shall be one
hundred and twenty percent (120%) of the Service Charge applicable to such Service immediately prior to the Service Extension. In connection with any request for Service Extensions in accordance with this Section 8.01(c),
the Pentair Services Manager and the nVent Services Manager shall in good faith (x) negotiate the terms of an amendment to the applicable Schedule, which amendment shall be consistent with the terms of the applicable Service, and
(y) determine the costs and expenses (other than Service Charges), if any, that would be incurred by the Provider or the Recipient, as the case may be, in connection with the provision of such Service Extension, which costs and expenses shall
be borne solely by the Party requesting the Service Extension. Each amended Schedule to implement a Service Extension, as agreed to in writing by the Parties, shall be deemed part of this 

  
 -18- 

 
Agreement as of the date of such agreement and any Services provided pursuant to such Service Extensions shall be deemed “Services” provided under this Agreement, in each case subject
to the terms and conditions of this Agreement. 
 Section 8.02    Effect of Termination. Upon termination of
any Service pursuant to this Agreement, the Provider of the terminated Service will have no further obligation to provide the terminated Service, and the relevant Recipient will have no obligation to pay any future Service Charges relating to any
such Service; provided, however, that the Recipient shall remain obligated to the relevant Provider for the (a) Service Charges and Reimbursement Charges owed and payable in respect of Services provided prior to the effective date
of termination and (b) any applicable charges described in Section 8.01(b)(i), which charges shall be payable only in the event that the Recipient terminates any Service pursuant to
Section 8.01(b)(i). In connection with the termination of any Service, the provisions of this Agreement not relating solely to such terminated Service shall survive any such termination, and in connection with a termination
of this Agreement, Article I, Article VII (including liability in respect of any indemnifiable Liabilities under this Agreement arising or occurring on or prior to the date of termination), Article VIII, Article IX, all
confidentiality obligations under this Agreement and liability for all due and unpaid Service Charges and Reimbursement Charges and any applicable charges payable pursuant to Section 8.01(b)(i), shall continue to survive
indefinitely. Following termination of this Agreement with respect to any Service, each Party agrees to cooperate (at the applicable Recipient’s expense) in providing for an orderly transition of such Service to such Recipient or to a successor
service provider (including using commercially reasonable efforts to deliver to the applicable Recipient, in the format maintained by the applicable Provider, any and all data to the extent generated for or on behalf of such Recipient or any of its
Affiliates in connection with such terminated Service and stored on such Provider’s systems that has not been previously transferred to such Recipient or its designee). 

Section 8.03    Force Majeure. (a) Neither Party (nor any Person acting on its behalf) shall have any
liability or responsibility for failure to fulfill any obligation (other than a payment obligation) under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a
consequence of a Force Majeure; provided, however, that (i) such Party (or such Person) shall have exercised commercially reasonable efforts to minimize the effect of such Force Majeure on its obligations; and (ii) the
nature, quality and standard of care that the Provider shall provide in delivering a Service after a Force Majeure shall be substantially the same as the nature, quality and standard of care that the Provider provides to its Affiliates with respect
to such Service. In the event of an occurrence of a Force Majeure, the Party whose performance is affected thereby shall give notice of suspension as soon as reasonably practicable to the other stating the date and extent of such suspension and the
cause thereof, and such Party shall resume the performance of such obligations as soon as reasonably practicable after the removal of such cause. 

(b)    During the period of a Force Majeure, the Recipient shall be entitled to permanently terminate such Service(s) (and
shall be relieved of the obligation to pay Service Charges for such Services(s) throughout the duration of such Force Majeure) if a Force Majeure shall continue to exist for more than fifteen (15) consecutive days, it being understood that
Recipient shall not be required to provide any advance notice of such termination to Provider or pay any charges in connection therewith. 

ARTICLE IX 
 GENERAL
PROVISIONS 
 Section 9.01    No Agency. Nothing in this Agreement shall be deemed in any way or for any
purpose to constitute any Party an agent of an unaffiliated party in the conduct of such other party’s business. A Provider of any Service under this Agreement shall act as an independent contractor and not as the agent of the Recipient in
performing such Service, maintaining control over its employees, its 

  
 -19- 

 
subcontractors and their employees and complying with all withholding of income at source requirements, whether federal, national, state, local or foreign. For the avoidance of doubt, each
Provider, or its Affiliates, as the case may be, shall have the sole right to exercise all authority with respect to the employment (including termination of employment), assignment and compensation of its employees, legal representatives and agents
who perform Services. 
 Section 9.02    Subcontractors. A Provider may hire or engage one or more
subcontractors to perform any or all of its obligations under this Agreement; provided, however, that (a) such Provider shall use the same degree of care in selecting any such subcontractor as it would if such contractor was being
retained to provide similar services to the Provider and (b) such Provider shall in all cases remain primarily responsible for all of its obligations under this Agreement with respect to the scope of the Services, the standard for services as
set forth in Article VII and the content of the Services provided to the Recipient. 

Section 9.03    Treatment of Confidential Information. 

(a)    The Parties shall not, and shall cause, to the fullest extent permitted by applicable Law, all other persons
providing Services or having access to information of the other Party that is confidential or proprietary (“Confidential Information”) not to, disclose to any other person or use, except for purposes of this Agreement, any
Confidential Information of the other Party; provided, however, that the Confidential Information may be used by such Party to the extent that such Confidential Information has been (i) in the public domain through no fault of
such Party or any member of such Group or any of their respective Representatives, (ii) later lawfully acquired from other sources by such Party (or any member of such Party’s Group) which sources are not themselves bound by a
confidentiality obligation, or (iii) independently generated without reference to any Confidential Information of the other Party; provided, further, that each Party may disclose Confidential Information of the other Party, to the
extent not prohibited by applicable Law: (A) to its Representatives on a need-to-know basis in connection with the performance of such Party’s obligations
under this Agreement; (B) in any report, statement, testimony or other submission required to be made to any Governmental Authority having jurisdiction over the disclosing Party; or (C) in order to comply with applicable Law, or in
response to any summons, subpoena or other legal process or formal or informal investigative demand issued to the disclosing Party in the course of any litigation, investigation or administrative proceeding. In the event that a Party becomes legally
compelled (based on advice of counsel) by deposition, interrogatory, request for documents subpoena, civil investigative demand or similar judicial or administrative process to disclose any Confidential Information of the other Party, such
disclosing Party shall, to the extent that providing such notice would not violate applicable Law, provide the other Party with prompt prior written notice of such requirement, and, to the extent reasonably practicable, cooperate with the other
Party (at such other Party’s expense) to obtain a protective order or similar remedy to cause such Confidential Information not to be disclosed, including interposing all available objections thereto, such as objections based on settlement
privilege. In the event that such protective order or other similar remedy is not obtained, the disclosing Party shall furnish only that portion of the Confidential Information that has been legally compelled, and shall exercise its commercially
reasonable efforts (at such other Party’s expense) to obtain assurance that confidential treatment will be accorded such Confidential Information. 

(b)    Each Party shall, and shall cause, to the fullest extent permitted by applicable Law, its Representatives to,
protect the Confidential Information of the other Party by using the same degree of care to prevent the unauthorized disclosure of such as the Party uses to protect its own confidential information of a like nature, but in any event no less than a
reasonable degree of care. 
 (c)    Each Party shall be liable for any failure by its respective Representatives to
comply with the restrictions on use and disclosure of Confidential Information contained in this Agreement. 

  
 -20- 

 (d)    Each Party shall comply with all applicable local, state,
national, federal and foreign privacy and data protection Laws that are or that may in the future be applicable to the provision of Services under this Agreement. 

(e)    Each Party acknowledges that neither it nor any of its Affiliates will acquire any right, title or interest in or
to any Confidential Information of the other party hereto by reason of this Agreement or the provision of the Services hereunder. 

(f)    Each Party agrees to only use Confidential Information of the other party hereto in connection with the provision
and/or receipt of the Services, as applicable. 
 (g)    All Confidential Information, including all personal data
processed by a Party on behalf of the other Party, whether in written, electronic or other form shall be and remain the sole and exclusive property of the disclosing Party, and shall be promptly returned or destroyed (at the election of the
receiving Party) by the receiving Party, upon the written request of the disclosing Party. To the extent that the receiving Party is unable to return or destroy any digital data, the obligation of confidentiality hereunder shall survive with respect
to such information until it is either returned or destroyed. 
 Section 9.04    Further Assurances. Each
Party covenants and agrees that, without any additional consideration, it shall execute and deliver any further legal instruments and perform any acts that are or may become necessary to effectuate this Agreement. 

Section 9.05    Dispute Resolution. Any Dispute shall be resolved in accordance with the procedures set forth
in Article VIII of the Separation Agreement, which shall be the sole and exclusive procedures for the resolution of any such Dispute unless otherwise specified herein or in Article VIII of the Separation Agreement. 

Section 9.06    Notices. Except with respect to routine communications by the Pentair Services Manager, nVent
Services Manager, Pentair Local Services Manager and nVent Local Services Manager under Section 2.06, all notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be
given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service or by facsimile (followed by delivery of an original via overnight courier service) or by registered or certified
mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 9.06): 

 

	 	(i)	if to Pentair: 

 Pentair plc 

43 London Wall 
 London EC2M 5TF

 United Kingdom 

	 	Attention:	General Counsel 

	 	Facsimile:	+44-207-347-8925 

and 
 Pentair plc 

c/o Pentair Management Company 

5500 Wayzata Boulevard, Suite 600 

Golden Valley, Minnesota 55416 

  
 -21- 

 Attention: General Counsel 

Facsimile: (763) 656-5403 

with a copy (which shall not constitute notice) to: 

Foley & Lardner LLP 

777 East Wisconsin Avenue 

Milwaukee, WI 53202 

	 	Attention:	Benjamin F. Garmer, III 

	 	  	John K. Wilson 

	 	Facsimile:	(414) 297-4900 

  

	 	(ii)	if to nVent: 

 nVent Electric plc 

[●] 

	 	Attention:	General Counsel 

	 	Facsimile:	[●] 

 and 

nVent Electric plc 
 c/o nVent
Management Company 
 1665 Utica Avenue 

St. Louis Park, MN 55416 

	 	Attention:	General Counsel 

	 	Facsimile:	[●] 

 with a copy (which shall not constitute notice) to: 

Foley & Lardner LLP 

777 East Wisconsin Avenue 

Milwaukee, WI 53202 

	 	Attention:	Benjamin F. Garmer, III 

	 	  	John K. Wilson 

  

	 	Facsimile:	(414) 297-4900 

Section 9.07    Severability. If any term or other provision of this Agreement is invalid, illegal or
incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions
contemplated by this Agreement is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest
extent possible. 
 Section 9.08    Entire Agreement. This Agreement, together with the documents referenced
herein (including the Separation Agreement and any other Ancillary Agreements) constitutes the entire agreement between the parties with respect to the subject matter hereof, supersede all prior written and oral and all contemporaneous oral
agreements, negotiations, discussions, writings, understandings, 

  
 -22- 

 
commitments and conversations with respect to such subject matter and there are no agreements or understandings between the parties other than those set forth or referred to herein or therein.

 Section 9.09    No Third-Party Beneficiaries. Except as provided in Article VII with respect to
Provider Indemnified Parties and Recipient Indemnified Parties, this Agreement is for the sole benefit of the Parties and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon
any other Person, including any union or any employee or former employee of Pentair or nVent, any legal or equitable right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified period, under or by reason
of this Agreement. 
 Section 9.10    Governing Law. The construction, interpretation and performance of
this Agreement shall be governed and construed according to the laws of the State of New York, without regard to conflicts of laws principles (other than Section 5-1401 and
Section 5-1402 of the General Obligations Law of the State of New York). 

Section 9.11    Amendment. No provision of this Agreement, including any Schedules to this Agreement, may be
amended, supplemented or modified except by a written instrument making specific reference to this Agreement or any such Schedules to this Agreement, as applicable, signed by all the Parties. 

Section 9.12    Interpretation. Interpretation of this Agreement shall be governed by the following rules of
construction: (a) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other genders as the context requires; (b) the terms “hereof,” “herein,”
and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement (or the applicable Ancillary Agreement) as a whole (including all of the Schedules, Exhibits and Appendices hereto and
thereto) and not to any particular provision of this Agreement (or such Ancillary Agreement); (c) Article, Section, Exhibit, Schedule and Appendix references are to the Articles, Sections, Exhibits, Schedules and Appendices to this Agreement (or the
applicable Ancillary Agreement) unless otherwise specified; (d) the word “including” and words of similar import when used in this Agreement (or the applicable Ancillary Agreement) shall mean “including, without limitation”;
(e) the word “or” shall not be exclusive; (f) unless expressly stated to the contrary in this Agreement or in any Ancillary Agreement, all references to “the date hereof,” “the date of this Agreement,”
“hereby” and “hereupon” and words of similar import shall all be references to [•], 2018, regardless of any amendment or restatement hereof; and (g) except where the context otherwise requires, references to
Subsidiaries of nVent refers to Persons that will be Subsidiaries of nVent upon consummation of the Distribution. Pentair and nVent have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of
interpretation should arise, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this
Agreement or any interim drafts of this Agreement; and (h) unless otherwise specified in a particular case, the word “days” refers to calendar days. 

Section 9.13    Counterparts. This Agreement may be executed in one or more counterparts, and by each
Party in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by
facsimile or portable document format (PDF) shall be as effective as delivery of a manually executed counterpart of this Agreement. 

Section 9.14    Assignability. This Agreement shall not be assigned by operation of Law or otherwise without
the prior written consent of Pentair and nVent, except that each Party may: 

  
 -23- 

 (a)    assign all of its rights and obligations under this Agreement to
any of its Subsidiaries; provided, that in connection with any such assignment, the assigning Party provides a guarantee to the non-assigning Party (in a form reasonably agreed upon) for any liability
or obligation of the assignee under this Agreement; 
 (b)    in connection with the divestiture of any Subsidiary or
business of such Party that is a Recipient to an acquiror that is not a competitor of the Provider, assign to the acquiror of such Subsidiary or business its rights and obligations as a Recipient with respect to the Services provided to such
divested Subsidiary or business under this Agreement; provided, that (i) in connection with any such assignment, the assigning Party provides a guarantee to the non-assigning Party (in a form
reasonably agreed upon) for any liability or obligation of the assignee under this Agreement, (ii) any and all costs and expenses incurred by either Party in connection with such assignment (including in connection with clause (iii) of
this proviso) shall be borne solely by the assigning Party, and (iii) the Parties shall in good faith negotiate any amendments to this Agreement, including the Schedules hereto, that may be necessary or appropriate in order to assign such
Services; and 
 (c)    in connection with the divestiture of any Subsidiary or business of such Party that is a
Recipient to an acquiror that is a competitor of the Provider, assign to the acquiror of such Subsidiary or business its rights and obligations as a Recipient with respect to the Services provided to such divested Subsidiary or business under this
Agreement; provided, that (i) in connection with any such assignment, the assigning Party provides a guarantee to the non-assigning Party (in a form reasonably agreed upon) for any liability or
obligation of the assignee under this Agreement, (ii) any and all costs and expenses incurred by either Party in connection with such assignment (including in connection with clause (iii) of this proviso) shall be borne solely by the
assigning Party, (iii) the Parties shall in good faith negotiate any amendments to this Agreement, including the Schedules hereto, that may be necessary or appropriate in order to ensure that such assignment will not (x) materially and
adversely affect the businesses and operations of each of the Parties and their respective Affiliates or (y) create a competitive disadvantage for the Provider with respect to an acquiror that is a competitor, and (iv) no Party shall be
obligated to provide any such assigned Services to an acquiror that is a competitor if the provision of such assigned Services to such acquiror would disrupt the operation of such Party’s businesses or create a competitive disadvantage for such
Party with respect to such acquirer. 

Section 9.15    Non-Recourse. No past, present or future director,
officer, employee, incorporator, member, partner, shareholder, Affiliate, agent, attorney or representative of either Pentair or nVent or their Affiliates shall have any liability for any obligations or liabilities of Pentair or nVent, respectively,
under this Agreement or for any claims based on, in respect of, or by reason of, the transactions contemplated by this Agreement. 

Section 9.16    Expenses. Except as otherwise provided in this agreement, all costs, fees and expenses
incurred by the parties hereto in connection with this Agreement and the transactions contemplated hereby shall be borne solely and entirely by the party that has incurred such expenses. 

  
 -24- 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the date first
written above by their respective duly authorized officers. 
  

							
	PENTAIR PLC
		
	By:	 	 
		 		 	 Name:  
	 	[●]                
		 		 	 Title:
	 	[●]
	
	NVENT ELECTRIC PLC
		
	By:	 	 
		 		 	 Name:  
	 	[●]
		 		 	 Title:
	 	[●]EX-10.3

 Exhibit 10.3 

EMPLOYEE MATTERS AGREEMENT 

BY AND BETWEEN 
 PENTAIR
PLC 
 AND 
 NVENT
ELECTRIC PLC 
 DATED AS OF [•], 2018 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 Section 1.01.
	 	Definitions	  	 	2	 
	 Section 1.02.
	 	Interpretation	  	 	10	 
		
	 ARTICLE II GENERAL PRINCIPLES AND TRANSITION SERVICES
	  	 	10	 
			
	 Section 2.01.
	 	General Principles for Allocation of Liabilities	  	 	10	 
	 Section 2.02.
	 	Benefit Plans	  	 	12	 
	 Section 2.03.
	 	Individual Agreements	  	 	13	 
	 Section 2.04.
	 	Collective Bargaining	  	 	13	 
	 Section 2.05.
	 	Non-U.S. Regulatory Compliance	  	 	13	 
		
	 ARTICLE III ASSIGNMENT OF EMPLOYEES
	  	 	13	 
			
	 Section 3.01.
	 	Employees and Taxes	  	 	13	 
	 Section 3.02.
	 	No-Hire and Nonsolicitation	  	 	15	 
		
	 ARTICLE IV EQUITY, CASH, AND EXECUTIVE COMPENSATION
	  	 	16	 
			
	 Section 4.01.
	 	Equity Awards	  	 	16	 
	 Section 4.02.
	 	Incentive Plans	  	 	22	 
	 Section 4.03.
	 	Employee Stock Purchase Plan	  	 	23	 
	 Section 4.04.
	 	Director Compensation	  	 	23	 
		
	 ARTICLE V U.S. QUALIFIED AND NONQUALIFIED RETIREMENT PLANS
	  	 	24	 
			
	 Section 5.01.
	 	Pentair U.S. Pension Plans	  	 	24	 
	 Section 5.02.
	 	Pentair and nVent U.S. Savings Plans	  	 	25	 
	 Section 5.03.
	 	Supplemental Executive Retirement Plan	  	 	27	 
	 Section 5.04.
	 	Non-Qualified Deferred Compensation Plan	  	 	27	 
	 Section 5.05.
	 	Nonqualified Plan Participation; Distributions	  	 	28	 
		
	 ARTICLE VI U.S. WELFARE BENEFIT PLANS
	  	 	28	 
			
	 Section 6.01.
	 	U.S. Welfare Plans for Active Employees	  	 	28	 
	 Section 6.02.
	 	U.S. Retiree Welfare Plan	  	 	30	 
	 Section 6.03.
	 	Vacation, Holidays and Leaves of Absence	  	 	31	 
	 Section 6.04.
	 	Severance and Unemployment Compensation	  	 	31	 
	 Section 6.05.
	 	Workers’ Compensation	  	 	31	 
	 Section 6.06.
	 	Insurance Contracts	  	 	32	 
	 Section 6.07.
	 	Third-Party Vendors	  	 	32	 
		
	 ARTICLE VII NON-U.S. EMPLOYEES AND BENEFIT
PLANS
	  	 	32	 
			
	 Section 7.01.
	 	Non-U.S. Employees	  	 	32	 
	 Section 7.02.
	 	Non-U.S. Retirement Plans	  	 	33	 
	 Section 7.03.
	 	Non-U.S. Welfare Plans	  	 	33	 
	 Section 7.04.
	 	Non-U.S. Fringe Benefits	  	 	33	 

  
 i 

							
	 ARTICLE VIII MISCELLANEOUS
	  	 	33	 
			
	 Section 8.01.
	 	Employee Records	  	 	33	 
	 Section 8.02.
	 	Preservation of Rights to Amend	  	 	35	 
	 Section 8.03.
	 	Fiduciary Matters	  	 	35	 
	 Section 8.04.
	 	Further Assurances	  	 	35	 
	 Section 8.05.
	 	Counterparts; Entire Agreement; Corporate Power	  	 	35	 
	 Section 8.06.
	 	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	  	 	36	 
	 Section 8.07.
	 	Assignability	  	 	36	 
	 Section 8.08.
	 	Third-Party Beneficiaries	  	 	36	 
	 Section 8.09.
	 	Notices	  	 	36	 
	 Section 8.10.
	 	Severability	  	 	37	 
	 Section 8.11.
	 	Force Majeure	  	 	37	 
	 Section 8.12.
	 	No Set-Off	  	 	37	 
	 Section 8.13.
	 	Headings	  	 	37	 
	 Section 8.14.
	 	Survival of Covenants	  	 	37	 
	 Section 8.15.
	 	Waivers of Default	  	 	37	 
	 Section 8.16.
	 	Dispute Resolution	  	 	37	 
	 Section 8.17.
	 	Specific Performance	  	 	37	 
	 Section 8.18.
	 	Amendments	  	 	38	 
	 Section 8.19.
	 	Mutual Drafting	  	 	38	 

  
 ii 

 List of Schedules 
  

			
	 Schedule 1.01(a)
	  	nVent Group Employees and Former nVent Group Employees
	 Schedule 1.01(b)
	  	nVent Incentive Plans
	 Schedule 1.01(c)
	  	nVent Non-U.S. Retirement Plans
	 Schedule 1.01(d)
	  	nVent Non-U.S. Welfare Plans
	 Schedule 1.01(e)
	  	nVent U.S. Welfare Plans
	 Schedule 1.01(f)
	  	Individual Agreements
	 Schedule 2.01
	  	Certain Benefit Plans
	 Schedule 2.03
	  	Certain Individual Agreements
	 Schedule 4.01
	  	Equity Awards
	 Schedule 8.01(b)
	  	Employee Records

  
 iii 

 EMPLOYEE MATTERS AGREEMENT 

THIS EMPLOYEE MATTERS AGREEMENT, dated as of [•], 2018 (this “Agreement”), is by and between Pentair plc, an
Irish public limited company (“Pentair”), and nVent Electric plc, an Irish public limited company (“ nVent”). nVent and Pentair are referred to together as the “Parties” and individually as a
“Party.” Capitalized terms used in this Agreement shall have the meanings set forth in this Agreement, or if they are not defined herein, as ascribed to them in the Separation and Distribution Agreement. 

R E C I T A L S 

WHEREAS, Pentair and its Subsidiaries currently own and operate both the Pentair Business and the Electrical Business; 

WHEREAS, the board of directors of Pentair (the “Pentair Board”) has determined that it is in the best interests of
Pentair and its shareholders that the Electrical Business be operated by a newly incorporated publicly traded company and the Subsidiaries of such newly incorporated company; 

WHEREAS, nVent has been incorporated for these purposes and has not engaged in activities except those incidental to its formation and
in preparation for the transactions described herein; 
 WHEREAS, in furtherance of the foregoing, the Pentair Board and the board of
directors of nVent (the “nVent Board”) have determined that it is appropriate and desirable for Pentair and its applicable Subsidiaries to transfer to nVent Finance the nVent Assets and certain entities designated by nVent Finance
that will be Subsidiaries of nVent Finance as of the Distribution Date (any such entities, the “nVent Designees”), and for nVent Finance and the nVent Designees to assume the nVent Liabilities, in each case as more fully described
in the Separation and Distribution Agreement, the Ancillary Agreements (including this Agreement) and the Plan of Reorganization (the “Separation”); 

WHEREAS, Pentair intends that, on the Distribution Date and subject to the terms and conditions of this Agreement, it will make a
distribution in specie of the Electrical Business to the holders of the Pentair Ordinary Shares on the Record Date (“Qualifying Pentair Shareholders”), effected by the transfer of Pentair’s entire legal and beneficial interest
in the issued share capital of nVent Finance to nVent in consideration for nVent issuing nVent Ordinary Shares directly to Qualifying Pentair Shareholders on a pro rata basis in return, as more fully described in the Separation and Distribution
Agreement and the Ancillary Agreements (including this Agreement) (the “Distribution”); 
 WHEREAS, in order to
effectuate the Separation and the Distribution, Pentair and nVent have entered into that certain Separation and Distribution Agreement, dated as of [•], 2018 (the “Separation and Distribution Agreement”); and 

WHEREAS, in addition to the matters addressed by the Separation and Distribution Agreement, the Parties desire to enter into this
Agreement to set forth the terms and conditions of certain employment, compensation, and benefit matters. 

  

 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained in this Agreement, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.01. Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below. 

“Adjusted Pentair Equity Awards” shall mean, collectively, Adjusted Pentair Options, Adjusted Pentair Restricted Stock Unit
Awards, and Adjusted Pentair Performance Share Unit Awards. 
 “Adjusted Pentair Option” shall mean a Pentair Option,
adjusted as of the Effective Time in accordance with Section 4.02(a). 
 “Adjusted Pentair Performance
Share Unit Award” shall mean a Pentair Performance Share Unit Award, adjusted as of the Effective Time in accordance with Section 4.02(c). 

“Adjusted Pentair Restricted Stock Unit Award” shall mean a Pentair Restricted Stock Unit Award, adjusted as of the Effective
Time in accordance with Section 4.02(b). 
 “Affiliate” shall have the meaning set forth in the
Separation and Distribution Agreement. 
 “Agreement” shall have the meaning set forth in the preamble to this Agreement
and shall include all Schedules hereto and all amendments, modifications, and changes hereto entered into pursuant to Section 8.18. 

“Ancillary Agreement” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Assets” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Benefit Plan” shall mean any contract, agreement, policy, practice, program, plan, trust, commitment or arrangement
providing for benefits, perquisites or compensation of any nature from an employer to any Employee, or to any current or former family member, dependent, or beneficiary of any such Employee, including pension plans, superannuation plans, thrift
plans, supplemental pension plans, and welfare plans, and contracts, agreements, policies, practices, programs, plans, trusts, commitments, and arrangements providing for terms of employment, fringe benefits, severance benefits, termination
indemnities, change in control protections or benefits, travel and accident, life, accidental death and dismemberment, disability and accident insurance, tuition reimbursement, travel reimbursement, vacation, sick, personal or bereavement days,
leaves of absences, and holidays; provided, however, that the term “Benefit Plan” shall not include any government-sponsored benefits, such as workers’ compensation, unemployment, or any similar plans, programs, or
policies. 
 “COBRA” shall mean the U.S. Consolidated Omnibus Budget Reconciliation Act of 1985, as codified in
Section 601 et seq. of ERISA and in Section 4980B of the Code. 

  
 2 

 “Code” shall have the meaning set forth in the Separation and Distribution
Agreement. 
 “Dispute” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Distribution” shall have the meaning set forth in the recitals to this Agreement. 

“Distribution Date” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Distribution Ratio” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Effective Time” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Electrical Business” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Employee” shall mean any Pentair Group Employee or nVent Group Employee. 

“ERISA” shall mean the U.S. Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated
thereunder. 
 “Exchange Act” shall have the meaning set forth in the Separation and Distribution Agreement. 

“FICA” shall have the meaning set forth in Section 3.01(e)(A). 

“Force Majeure” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Former nVent Group Employee” shall mean (a) each individual who is a former employee of Pentair or any of its current
or former Subsidiaries as of the Effective Time whose most recent employment with Pentair was primarily dedicated to the Electrical Business, and (b) each individual who is identified on Schedule 1.01(a)(ii)(A) hereto,
but excluding (c) each individual who is identified on Schedule 1.01(a)(ii)(B) hereto. 
 “Former
Employees” shall mean Former Pentair Group Employees and Former nVent Group Employees. 
 “Former Pentair
Director” shall mean each individual who was a non-employee member of the Pentair Board but no longer serves as such as of the Effective Time, other than a Transferred Director. 

“Former Pentair Group Employee” shall mean any individual who is a former employee of Pentair or any of its current or former
Subsidiaries as of the Effective Time and who is not a Former nVent Group Employee. 
 “Former
Non-U.S. Employee” shall mean any Former Employee other than a Former U.S. Employee. 

  
 3 

 “Former U.S. Employee” shall mean any Former Employee who was assigned primarily
to operations in the United States during his or her employment with Pentair or any of its current or former Subsidiaries. 

“FUTA” shall have the meaning set forth in Section 3.01(e)(A). 

“Governmental Authority” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Incurred Claims” shall mean a Liability related to services or benefits provided under a Benefit Plan, and shall be deemed
to be incurred: (a) with respect to medical, dental, vision, and prescription drug benefits, upon the rendering of services giving rise to such Liability; (b) with respect to death benefits, life insurance, accidental death and
dismemberment insurance, and business travel accident insurance, upon the occurrence of the event giving rise to such Liability; (c) with respect to disability benefits, upon the date of disability, as determined by the disability benefit
insurance carrier or claim administrator, giving rise to such Liability; (d) with respect to a period of continuous hospitalization, upon the date of admission to the hospital; and (e) with respect to tuition reimbursement or adoption
assistance, upon completion of the requirements for such reimbursement or assistance, whichever is applicable. 

“Indemnitee” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Individual Agreement” shall mean any individual (a) employment contract, (b) retention, severance, or change of
control agreement, (c) expatriate (including any international assignee) contract or agreement (including agreements and obligations regarding repatriation, relocation, equalization of taxes, and living standards in the host country), (d)
intellectual property assignment agreements, or (e) other agreement containing restrictive covenants (including confidentiality, noncompetition, and nonsolicitation provisions) between a member of the Pentair Group or the nVent Group, on the
one hand, and an nVent Group Employee or Former nVent Group Employee, on the other hand, as in effect immediately prior to the Effective Time, including each agreement listed in Schedule 1.01(f) hereto. 

“IRS” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Law” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Liabilities” shall have the meaning set forth in the Separation and Distribution Agreement. 

“nVent” shall have the meaning set forth in the preamble to this Agreement. 

“nVent Assets” shall have the meaning set forth in the Separation and Distribution Agreement. 

“nVent Benefit Plan” shall mean any Benefit Plan established, sponsored, maintained, or contributed to by a member of the
nVent Group as of or after the Effective Time. 
 “nVent Board” shall have the meaning set forth in the recitals to this
Agreement. 

  
 4 

 “nVent Designees” shall have the meaning set forth in the recitals to this
Agreement. 
 “nVent Director Deferred Compensation Plan” shall mean the nVent plc Compensation Plan for Non-Employee Directors. 
 “nVent Equity Awards” shall mean, collectively, nVent Options,
nVent Restricted Stock Unit Awards and nVent Performance Share Unit Awards. 
 “nVent Equity Plan” shall mean the nVent plc
2018 Omnibus Stock Incentive Plan. 
 “nVent ESPP” shall mean the nVent plc Employee Stock Purchase and Bonus Plan, which
shall include the nVent plc International Stock Purchase and Bonus Plan. 
 “nVent Finance” shall have the meaning set
forth in the Separation and Distribution Agreement. 
 “nVent Group” shall have the meaning set forth in the Separation and
Distribution Agreement. 
 “nVent Group Employee” shall mean (a) each individual who is employed by Pentair or any of
its Subsidiaries and primarily dedicated to the Electrical Business as of immediately prior to the Effective Time (including any such individual who is not actively working as of the Effective Time as a result of an illness, injury, or leave of
absence), and (b) each individual who is identified on Schedule 1.01(a)(i)(A) hereto, but excluding (c) each individual who is identified on Schedule 1.01(a)(i)(B) hereto. 

“nVent HSA” shall have the meaning set forth in Section 6.01(d). 

“nVent Incentive Plans” shall mean any cash incentive compensation plan or program sponsored or maintained by any member of
the nVent Group immediately following the Effective Time, including the plans listed in Schedule 1.01(b) hereto. 

“nVent Liabilities” shall have the meaning set forth in the Separation and Distribution Agreement. 

“nVent Non-Qualified Deferred Compensation Plan” shall mean the nVent Management
Company Non-Qualified Deferred Compensation Plan. 
 “nVent Nonqualified Plans”
shall mean the nVent Supplemental Executive Retirement Plan, the nVent Non-Qualified Deferred Compensation Plan and the Flow Control Supplemental Savings and Retirement Plan. 

“nVent Non-Qualified Plan Trust” shall mean the trust for the nVent Non-Qualified Deferred Compensation Plan to be established by nVent Management Company. 
 “nVent Non-U.S. Retirement Plans” shall mean, collectively, the plans listed on Schedule 1.01(c) hereto. 

“nVent Non-U.S. Welfare Plans” shall mean the Welfare Plans established, sponsored,
maintained, or contributed to by any member of the nVent Group for the benefit of nVent Group Employees and Former nVent Group Employees who are Non-U.S. Employees and Former
Non-U.S. Employees, respectively, including the Welfare Plans listed in Schedule 1.01(d) hereto. 

  
 5 

 “nVent Option” shall mean an option to purchase nVent Ordinary Shares granted by
nVent pursuant to the nVent Equity Plan in accordance with Section 4.02(a). 
 “nVent Ordinary
Shares” shall have the meaning set forth in the Separation and Distribution Agreement. 
 “nVent Performance Share Unit
Award” shall mean a performance share unit award in respect of nVent Ordinary Shares granted pursuant to the nVent Equity Plan in accordance with Section 4.02(c). 

“nVent Ratio” shall mean the quotient obtained by dividing the Pentair
Pre-Distribution Stock Value by the nVent Stock Value. 
 “nVent Restricted Stock Unit
Award” shall mean a restricted stock unit award in respect of nVent Ordinary Shares granted pursuant to the nVent Equity Plan in accordance with Section 4.02(b). 

“nVent Share Fund” shall have the meaning set forth in Section 5.02(a). 

“nVent Share Unit” shall mean a unit used for purposes of measuring the liability owed under a
non-qualified deferred compensation plan having a value equal to the fair market value of one Electrical Ordinary Share. 

“nVent Stock Value” shall mean the closing share price of an nVent Ordinary Share on the NYSE on the Distribution Date. 

“nVent Supplemental Executive Retirement Plan” shall mean the nVent Management Company Supplemental Executive Retirement
Plan. 
 “nVent U.S. Retiree Welfare Plan” shall mean the nVent Management Company Retiree Flex Plan. 

“nVent U.S. Savings Plan” shall mean the nVent Management Company Retirement and Incentive Savings Plan. 

“nVent U.S. Savings Plan Trust” shall mean the trust for the nVent U.S. Savings Plan to be established by nVent Management
Company. 
 “nVent U.S. Welfare Plans” shall mean the Welfare Plans established, sponsored, maintained, or contributed to
by any member of the nVent Group for the benefit of nVent Group Employees and Former nVent Group Employees who are U.S. Employees and Former U.S. Employees, respectively, including the Welfare Plans listed in
Schedule 1.01(e) hereto. 
 “Non-U.S. Employee” shall
mean any Employee other than a U.S. Employee. 
 “NYSE” shall have the meaning set forth in the Separation and Distribution
Agreement. 

  
 6 

 “Parties” or “Party” shall have the meaning set forth in the
preamble to this Agreement. 
 “Pentair” shall have the meaning set forth in the preamble to this Agreement. 

“Pentair Benefit Plan” shall mean any Benefit Plan established, sponsored, maintained or contributed to by Pentair or any of
its Subsidiaries immediately prior to the Effective Time, excluding any nVent Benefit Plan. 
 “Pentair Board” shall have
the meaning set forth in the recitals to this Agreement. 
 “Pentair Business” shall have the meaning set forth in the
Separation and Distribution Agreement. 
 “Pentair Compensation Committee” shall mean the Compensation Committee of the
Pentair Board. 
 “Pentair Director” shall mean each non-employee member of the
Pentair Board as of immediately prior to the Effective Time, other than any Transferred Director. 
 “Pentair Director Deferred
Compensation Plan” shall mean the Pentair plc Compensation Plan for Non-Employee Directors. 

“Pentair ESPP” shall mean the Pentair plc Employee Stock Purchase and Bonus Plan, which includes the Pentair plc
International Stock Purchase and Bonus Plan. 
 “Pentair Equity Awards” shall mean, collectively, Pentair Options, Pentair
Restricted Stock Unit Awards and Pentair Performance Share Unit Awards. 
 “Pentair Equity Plan” shall mean any equity
compensation plan sponsored or maintained by Pentair immediately prior to the Effective Time, including the Pentair plc 2012 Stock and Incentive Plan, the Pentair plc 2008 Omnibus Stock Incentive Plan, the Pentair plc Omnibus Stock Incentive Plan,
the Pentair plc Outside Directors Nonqualified Stock Option Plan, and the Pentair ESPP. 
 “Pentair Group” shall have the
meaning set forth in the Separation and Distribution Agreement. 
 “Pentair Group Employee” shall mean any individual who
is employed by Pentair or any of its Subsidiaries as of the Effective Time (including any such individual who is not actively working as of the Effective Time as a result of an illness, injury, or leave of absence) who is not an nVent Group
Employee. 
 “Pentair HSA” shall have the meaning set forth in Section 6.01(d). 

“Pentair Incentive Plans” shall mean any cash incentive compensation plan or program sponsored or maintained by Pentair or
any of its Subsidiaries immediately prior to the Effective Time, other than any nVent Incentive Plans. 
 “Pentair Non-Qualified Deferred Compensation Plan” shall mean the Pentair, Inc. Non-Qualified Deferred Compensation Plan. 

  
 7 

 “Pentair Nonqualified Plans” shall mean the Pentair Non-Qualified Deferred Compensation Plan, the Pentair SERP, the Pentair Retirement Restoration Plan, the Pentair Director Deferred Compensation Plan, the Sta-Rite Industries Pre-2005 Officers’ Supplemental Retirement Income Program and the Sta-Rite IndustriesPost-2004 Officers’ Supplemental Retirement Income Program. 

“Pentair Non-Qualified Plan Trust” shall mean the trust established pursuant to the
Trust Agreement for the Pentair, Inc. Nonqualified Deferred Compensation Plan. 
 “Pentair
Non-U.S. Retirement Plans” shall mean any retirement plans established, sponsored, maintained, or contributed to by Pentair or any of its Subsidiaries for the benefit of
Non-U.S. Employees or Former Non-U.S. Employees, excluding any nVent Non-U.S. Retirement Plans. 

“Pentair Non-U.S. Welfare Plan” shall mean any Welfare Plan established, sponsored,
maintained, or contributed to by Pentair or any of its Subsidiaries for the benefit of Non-U.S. Employees or Former Non-U.S. Employees, excluding any nVent Non-U.S. Welfare Plan. 
 “Pentair Option” shall mean an option to purchase Pentair
Ordinary Shares granted pursuant to a Pentair Equity Plan that is outstanding as of immediately prior to the Effective Time. 

“Pentair Ordinary Shares” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Pentair Performance Share Unit Award” shall mean a performance share unit award in respect of Pentair Ordinary Shares
granted pursuant to a Pentair Equity Plan that is outstanding as of immediately prior to the Effective Time. 
 “Pentair
Post-Distribution Stock Value” shall mean the closing per share price of a Pentair Ordinary Share trading on the NYSE on the Distribution Date. 

“Pentair Pre-Distribution Stock Value” shall mean the closing per share price of a
Pentair Ordinary Share trading “regular way with due bills” on the NYSE on the trading day immediately preceding the Distribution Date. 

“Pentair Ratio” shall mean the quotient obtained by dividing the Pentair
Pre-Distribution Stock Value by the Pentair Post-Distribution Stock Value. 
 “Pentair
Restricted Stock Unit Award” shall mean a restricted stock unit award in respect of Pentair Ordinary Shares granted pursuant to a Pentair Equity Plan that is outstanding as of immediately prior to the Effective Time. 

“Pentair Retiree Welfare Plan” shall mean the Pentair, Inc. Retiree Flex Plan. 

“Pentair Retirement Restoration Plan” shall mean, collectively, the Pentair, Inc. Restoration Plan (as Amended and Restated
effective August 23, 2000) and the Pentair, Inc. Restoration Plan (effective January 1, 2009). 
 “Pentair
SERP” shall mean, collectively, the Pentair, Inc. Supplemental Executive Retirement Plan (as adopted on June 16, 1988), the Pentair, Inc. 1999 Supplemental Executive Retirement Plan, and the Pentair, Inc. Supplemental Executive
Retirement Plan. 

  
 8 

 “Pentair Share Fund” shall have the meaning set forth in
Section 5.02(a). 
 “Pentair Share Unit” shall mean a unit used for purposes of measuring the
liability owed under a non-qualified deferred compensation plan having a value equal to the fair market value of one Pentair Ordinary Share. 

“Pentair U.S. Pension Plans” shall mean, collectively, the Pentair, Inc. Pension Plan and the Pentair Pump Group, Inc.
Bargaining Unit Employees Pension Plan. 
 “Pentair U.S. Savings Plan” shall mean the Pentair, Inc. Retirement Savings and
Stock Incentive Plan. 
 “Pentair U.S. Savings Plan Trust” shall mean the trust for the Pentair U.S. Savings Plan. 

“Pentair U.S. Welfare Plan” shall mean any Welfare Plan established, sponsored, maintained, or contributed to by Pentair or
any of its Subsidiaries for the benefit of U.S. Employees or Former U.S. Employees, excluding any nVent U.S. Welfare Plan. 

“Pentair Welfare Plans” shall mean the Pentair U.S. Welfare Plans and the Pentair
Non-U.S. Welfare Plans. 
 “Person” shall have the meaning set forth in the
Separation and Distribution Agreement. 
 “Privileged Information” shall have the meaning set forth in the Separation and
Distribution Agreement. 
 “Qualifying Pentair Shareholders” shall have the meaning set forth in the recitals to this
Agreement. 
 “Record Date” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Restricted Period” shall have the meaning set forth in Section 3.02(a). 

“Securities Act” shall mean the U.S. Securities Act of 1933, as amended, together with the rules and regulations promulgated
thereunder. 
 “Separation” shall have the meaning set forth in the recitals to this Agreement. 

“Separation and Distribution Agreement” shall have the meaning set forth in the recitals to this Agreement. 

“Subsidiary” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Transferred Director” shall mean any nVent non-employee director as of the Effective
Time who served on the Pentair Board immediately prior to the Effective Time. 
 “Transition Period” shall mean the period
beginning on the Effective Time and ending on December 31, 2018. 

  
 9 

 “Transition Services Agreement” shall have the meaning set forth in the
Separation and Distribution Agreement. 
 “U.S.” shall mean the United States of America. 

“U.S. Employees” shall mean Employees who are assigned primarily to operations in the United States. 

“Value Factor” shall mean the quotient of (a) the Pentair Pre-Distribution Stock
Value divided by (b) the sum of (i) the Pentair Post-Distribution Stock Value plus (ii) the product of (A) the nVent Stock Value multiplied by (B) the Distribution Ratio. 

“Welfare Plan” shall mean any “welfare plan” (as defined in Section 3(1) of ERISA) or a “cafeteria
plan” under Section 125 of the Code, and any benefits offered thereunder, and any other plan offering health benefits (including medical, prescription drug, dental, vision, mental health, substance abuse, and retiree health), disability
benefits, or life, accidental death and dismemberment, and business travel insurance, pre-tax premium conversion benefits, dependent care assistance programs, employee assistance programs, paid time-off programs, contribution funding toward a health savings account, flexible spending accounts, or cashable credits. 

Section 1.02. Interpretation. Section 11.17 of the Separation and Distribution Agreement is hereby
incorporated by reference. 
 ARTICLE II 

GENERAL PRINCIPLES AND TRANSITION SERVICES 

Section 2.01. General Principles for Allocation of Liabilities. 

(a) Acceptance and Assumption of nVent Liabilities. Except as otherwise specifically provided herein, as of the Effective Time, nVent
and the applicable nVent Designees accept, assume, and agree to faithfully perform, discharge, and fulfill all of the following Liabilities in accordance with their respective terms (each of which shall be considered an nVent Liability), regardless
of when or where such Liabilities arose or arise, or whether the facts on which they are based occurred prior to or subsequent to the Effective Time, regardless of where or against whom such Liabilities are asserted or determined (including any
Liabilities arising out of claims made by Pentair’s or nVent’s respective directors, officers, Employees, Former Employees, agents, Subsidiaries, or Affiliates against any member of the Pentair Group or the nVent Group) or whether asserted
or determined prior to the date hereof, and regardless of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud, or misrepresentation by any member of the Pentair Group or the nVent Group, or any of their
respective directors, officers, Employees, Former Employees, agents, Subsidiaries, or Affiliates: 
 (A) any and all wages, salaries,
incentive compensation (as the same may be modified by this Agreement), equity compensation (as the same may be modified by this Agreement), commissions, bonuses, and any other employee compensation or benefits payable to or on behalf of any nVent
Group Employees and Former nVent Group Employees after the Effective Time, without regard to when such wages, salaries, incentive compensation, equity compensation, commissions, bonuses, or other employee compensation or benefits are or may have
been awarded or earned; 

  
 10 

 (B) any and all Liabilities whatsoever with respect to claims made by or with respect to any
nVent Group Employees or Former nVent Group Employees in connection with any Benefit Plan listed on Schedule 2.01 plus any other Benefit Plan that is not retained or assumed by any member of the Pentair Group pursuant to this Agreement, the
Separation and Distribution Agreement, or any other Ancillary Agreement; 
 (C) any and all other Liabilities with respect to any nVent
Group Employees or Former nVent Group Employees; and 
 (D) any and all Liabilities expressly assumed or retained by any member of the
nVent Group pursuant to this Agreement. 
 (b) Acceptance and Assumption of Pentair Liabilities. Except as otherwise specifically
provided herein, as of the Effective Time, Pentair and certain members of the Pentair Group designated by Pentair accept, assume, and agree to faithfully perform, discharge, and fulfill all of the following Liabilities held by nVent or any nVent
Designee and Pentair, and the applicable members of the Pentair Group shall be responsible for such Liabilities in accordance with their respective terms (each of which shall be considered a Pentair Liability), regardless of when or where such
Liabilities arose or arise, or whether the facts on which they are based occurred prior to or subsequent to the Effective Time, regardless of where or against whom such Liabilities are asserted or determined (including any Liabilities arising out of
claims made by Pentair’ or nVent’s respective directors, officers, Employees, Former Employees, agents, Subsidiaries, or Affiliates against any member of the Pentair Group or the nVent Group) or whether asserted or determined prior to the
date hereof, and regardless of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud, or misrepresentation by any member of the Pentair Group or the nVent Group, or any of their respective directors,
officers, Employees, Former Employees, agents, Subsidiaries, or Affiliates: 
 (A) any and all wages, salaries, incentive compensation (as
the same may be modified by this Agreement), equity compensation (as the same may be modified by this Agreement), commissions, bonuses, and any other employee compensation or benefits payable to or on behalf of any Pentair Group Employees and Former
Pentair Group Employees after the Effective Time, without regard to when such wages, salaries, incentive compensation, equity compensation, commissions, bonuses, or other employee compensation or benefits are or may have been awarded or earned; 

(B) any and all Liabilities whatsoever with respect to claims made by or with respect to any Pentair Group Employees or Former Pentair Group
Employees in connection with any Benefit Plan not retained or assumed by any member of the nVent Group pursuant to this Agreement, the Separation and Distribution Agreement, or any other Ancillary Agreement; 

(C) any and all other Liabilities with respect to any Pentair Group Employees or Former Pentair Group Employees; and 

(D) any and all Liabilities expressly assumed or retained by any member of the Pentair Group pursuant to this Agreement. 

(c) Unaddressed Liabilities. To the extent that this Agreement does not address particular Liabilities with respect to any Employee or
under any Benefit Plan and the Parties later determine that they should be allocated in connection with the Distribution, the Parties shall agree in good faith on the allocation, taking into account the handling of comparable Liabilities under this
Agreement. 

  
 11 

 Section 2.02. Benefit Plans. 

(a) Establishment of Plans. nVent shall, or shall cause an applicable member of the nVent Group to, adopt Benefit Plans (and related
trusts, if applicable), to be effective no later than the Effective Time (or if provided in this Agreement, to be effective at the end of the Transition Period) with terms that are in the aggregate comparable (or such other standard as is specified
in this Agreement with respect to any particular Benefit Plan) to those of the corresponding Pentair Benefit Plans as in effect immediately prior to the date such plans are adopted; provided, however, that nVent may limit participation
in any such nVent Benefit Plan to nVent Group Employees and Former nVent Group Employees who were entitled to participate in the corresponding Pentair Benefit Plan immediately prior to the date of adoption of such plan to the extent consistent with
this Agreement. 
 (b) Service Credit. The nVent Benefit Plans shall, and nVent shall cause each member of the nVent Group to,
recognize each nVent Group Employee’s and each Former nVent Group Employee’s full service with Pentair or any of its Subsidiaries or predecessor entities at or before the Effective Time, to the same extent that such service was credited by
Pentair for similar purposes prior to the Effective Time as if such full service had been performed for a member of the nVent Group, for purposes of eligibility, vesting, and determination of level of benefits under any such nVent Benefit Plan. 

(c) No Duplication or Acceleration of Benefits. Notwithstanding anything to the contrary in this Agreement, the Separation and
Distribution Agreement, or any other Ancillary Agreement, no participant in any nVent Benefit Plan shall receive service credit or benefits to the extent that receipt of such service credit or benefits would result in duplication of benefits
provided to such participant by the corresponding Pentair Benefit Plan or any other plan, program, or arrangement sponsored or maintained by a member of the Pentair Group. Furthermore, unless expressly provided for in this Agreement, in the
Separation and Distribution Agreement, or in any other Ancillary Agreement, or required by applicable Law, no provision in this Agreement shall be construed to create any right to accelerate vesting or entitlements under any compensation or Benefit
Plan, program, or arrangement sponsored or maintained by a member of the Pentair Group or member of the nVent Group on the part of any Employee or Former Employee. 

(d) Beneficiaries. References to Pentair Group Employees, Former Pentair Group Employees, nVent Group Employees, Former nVent Group
Employees, and non-employee directors of either Pentair or nVent (including Transferred Directors), shall, where the context clearly contemplates, be deemed to refer to their current or former beneficiaries,
dependents, survivors, and alternate payees, as applicable. 
 (e) Transition Period. With respect to any Pentair Benefit Plan in
which the nVent Group will continue to participate during the Transition Period, references to nVent Group Employees shall be deemed to refer to any employee who is hired by the nVent Group during the Transition Period, and references to Former
nVent Group Employees shall be deemed to refer to an nVent Group Employee whose employment terminates during the Transition Period, and such terms also shall, where the context clearly contemplates, be deemed to refer to such individuals’
current or former beneficiaries, dependents, survivors, and alternate payees, as applicable. 

  
 12 

 Section 2.03. Individual Agreements. 

(a) Assignment by Pentair. Except as otherwise set forth on Schedule 2.03 hereto, to the extent necessary,
Pentair shall assign, or cause an applicable member of the Pentair Group to assign, to nVent or another member of the nVent Group, as designated by nVent, all Individual Agreements, with such assignment to be effective as of or prior to the
Effective Time; provided, however, that to the extent that assignment of any such Individual Agreement is not permitted by the terms of such agreement or by applicable Law, then effective as of or prior to the Effective Time, each
member of the nVent Group shall be considered to be a successor to each member of the Pentair Group for purposes of, and a third-party beneficiary with respect to, such Individual Agreement, such that each member of the nVent Group shall enjoy all
of the rights and benefits under such agreement (including rights and benefits as a third-party beneficiary), with respect to the business operations of the nVent Group; and provided, further, that, on and after the Effective Time,
Pentair shall not be permitted to enforce any Individual Agreement (including any agreement containing noncompetition or nonsolicitation covenants) against an nVent Group Employee or Former nVent Group Employee for action taken in such
individual’s capacity as an nVent Group Employee or Former nVent Group Employee. 
 (b) Assumption by nVent. Except as otherwise
set forth on Schedule 2.03 hereto, effective as of or prior to the Effective Time, nVent shall assume and honor, or shall cause a member of the nVent Group to assume and honor, all Individual Agreements. 

Section 2.04. Collective Bargaining. Effective no later than immediately prior to the Effective Time, to the extent necessary,
nVent shall cause the appropriate member of the nVent Group to (a) assume all collective bargaining, works council, or similar agreements (including any national, sector, or local collective bargaining agreement) that cover nVent Group
Employees or Former nVent Group Employees and the Liabilities arising under any such agreements, and (b) join any industrial, employer, or similar association or federation if membership is required for the relevant collective bargaining
agreement to continue to apply. 
 Section 2.05. Non-U.S. Regulatory Compliance. Pentair
shall have the authority to adjust the treatment described in this Agreement with respect to nVent Group Employees or Former nVent Group Employees who are located outside of the United States in order to ensure compliance with the applicable laws or
regulations of countries outside of the United States or to preserve the tax benefits provided under local tax law or regulation before the Distribution. 

ARTICLE III 
 ASSIGNMENT OF
EMPLOYEES 
 Section 3.01. Employees and Taxes. 

(a) Assignment and Transfer of Employees. Effective no later than immediately prior to the Effective Time and except as otherwise
agreed by the Parties or as required by applicable Law, (i) the applicable member of the Pentair Group or the nVent Group shall have taken such actions as are necessary to ensure that each nVent Group Employee is employed by a member of the
nVent Group as of the Effective Time, and (ii) the 

  
 13 

 
applicable member of the Pentair Group or the nVent Group shall have taken such actions as are necessary to ensure that each individual who is a Pentair Group Employee is employed by a member of
the Pentair Group as of the Effective Time. Each of the Parties agrees to execute, and to seek to have the applicable Employees execute, such documentation, if any, as may be necessary to reflect such assignment and/or transfer. 

(b) At-Will Status. Nothing in this Agreement shall create any obligation on the part of any
member of the Pentair Group or any member of the nVent Group to (i) continue the employment of any Employee or permit the return of any Employee from a leave of absence for any period after the date of this Agreement (except as required by
applicable Law) or (ii) change the employment status of any Employee from “at-will,” to the extent that such Employee is an “at-will” employee
under applicable Law. 
 (c) Severance. The Parties acknowledge and agree that the Distribution and the assignment, transfer, or
continuation of the employment of Employees as contemplated by this Section 3.01 shall not be deemed an involuntary termination of employment entitling any nVent Group Employee or Pentair Group Employee to severance
payments or benefits, except as required by applicable Law or as otherwise agreed between the Parties. Notwithstanding Section 6.05 or anything to the contrary contained in any business transfer agreement entered into
between a member of the Pentair Group and a member of the nVent Group, nVent (or a member of the nVent Group designated by nVent) shall retain (or assume or reimburse to the extent necessary), and agrees to faithfully perform, discharge, and fulfill
any Liabilities in respect of any severance payments or benefits that become payable pursuant to applicable Law to any nVent Group Employee as a result of the transfer of such nVent Group Employee to a member of the nVent Group as contemplated by
Section 3.01(a). 
 (d) No Change of Control or Change in Control. The Parties acknowledge and agree that
neither the consummation of the Distribution nor any transaction contemplated by this Agreement, the Separation and Distribution Agreement, or any other Ancillary Agreement shall be deemed a “change of control,” “change in
control,” or term of similar import for purposes of any Benefit Plan sponsored or maintained by any member of the Pentair Group or member of the nVent Group, except as required by applicable Law. 

(e) U.S. Payroll and Related Taxes. With respect to any nVent Group Employee or group of nVent Group Employees located in the United
States, the Parties shall, or shall cause their respective Subsidiaries to: 
 (A) treat nVent (or the applicable member of the nVent
Group) as a “successor employer” and Pentair (or the applicable member of the Pentair Group) as a “predecessor,” within the meaning of Sections 3121(a)(1) and 3306(b)(1) of the Code, for purposes of taxes imposed under the United
States Federal Insurance Contributions Act, as amended (“FICA”), or the United States Federal Unemployment Tax Act, as amended (“FUTA”); 

(B) cooperate with each other to avoid, to the extent possible, the restart of FICA and FUTA upon or following the Effective Time with
respect to each such nVent Group Employee for the tax year during which the Effective Time occurs; and 

  
 14 

 (C) use commercially reasonable efforts to implement the alternate procedure described in
Section 5 of Revenue Procedure 2004-53; provided, however, that, to the extent that nVent (or the applicable member of the nVent Group) cannot be treated as a “successor employer”
to Pentair (or the applicable member of the Pentair Group) within the meaning of Sections 3121(a)(1) and 3306(b)(1) of the Code with respect to any nVent Group Employee or group of nVent Group Employees, then (A) with respect to the portion of
the tax year commencing on January 1, 2018 and ending on the Distribution Date, Pentair shall (x) be responsible for all payroll obligations, tax withholding, and reporting obligations for such nVent Group Employees and (y) furnish a
Form W-2 or similar earnings statement to all such nVent Group Employees for such period, and (B) with respect to the remaining portion of such tax year, nVent shall (x) be responsible for all
payroll obligations, tax withholding, and reporting obligations regarding such nVent Group Employees and (y) furnish a Form W-2 or similar earnings statement to all such nVent Group Employees, subject to
the provisions of the Transition Services Agreement. 
 Section 3.02. No-Hire and
Nonsolicitation. 
 (a) No-Hire. Each Party agrees that, for a period of twenty-four
(24) months following the Distribution Date (the “Restricted Period”), such Party shall not, and shall cause its Subsidiaries and Affiliates not to, without the prior written consent of the Chief Human Resources Officer of the
other Party, directly or indirectly hire as an employee or an independent contractor any individual who is a Pentair Group Employee, in the case of nVent, or an nVent Group Employee, in the case of Pentair. 

(b) Nonsolicitation. Each Party agrees that, during the Restricted Period, such Party shall not, and shall cause its Subsidiaries and
Affiliates not to, without prior written consent of the Chief Human Resources Officer of the other Party, either directly or indirectly, and whether on its own behalf or in service or on behalf of others, solicit, aid, induce, or encourage any
individual who is a Pentair Group Employee at [Grade 44] (or any equivalent level established following the Separation) or above, in the case of nVent, or an nVent Group Employee at [Grade 44] (or any equivalent level established following the
Separation) or above, in the case of Pentair, to leave his or her employment in order to work for such Party. 
 (c) Limited
Exceptions. Notwithstanding Section 3.02(a) and Section 3.02(b), this Section 3.02 shall not prohibit (i) generalized solicitations that are not directed to
specific Persons or Employees of the other Party, (ii) the solicitation and hiring of a Person whose employment was involuntarily terminated by the other Party, or (iii) the solicitation and hiring of a Person after receipt by the
soliciting Party (in advance of any solicitation or, in the case of a response to a general solicitation as permitted under clause (i) above, in advance of any subsequent solicitation in connection with the recruiting process) of the express
written consent of the Party that employs the Person who is to be solicited and/or hired. Except as provided in clause (ii) above with respect to involuntary terminations, without regard to the use of the term “Employee” or
“employs,” the restrictions under this Section 3.02 shall be applicable to (A) any Pentair Group Employee whose employment terminates after the Effective Time, and (B) any nVent Group Employee whose
employment terminates after the Effective Time, in each case, until the date that is six months after such Employee’s last date of employment with Pentair or nVent, as applicable. The restrictions under this
Section 3.02 shall not apply to any Former Pentair Group Employee or Former nVent Group Employee whose most recent employment with Pentair and its Subsidiaries was terminated prior to the Effective Time. 

  
 15 

 ARTICLE IV 

EQUITY, CASH, AND EXECUTIVE COMPENSATION 

Section 4.01. Equity Awards. 

(a) General. Each Pentair Equity Award granted that is outstanding as of immediately prior to the Effective Time shall be adjusted as
described below; provided, however, that, effective immediately prior to the Effective Time, the Pentair Compensation Committee may provide for different adjustments with respect to some or all Pentair Equity Awards to the extent that
the Pentair Compensation Committee deems such adjustments necessary and appropriate. Any adjustments made by the Pentair Compensation Committee pursuant to the foregoing sentence shall be deemed incorporated by reference herein as if fully set forth
below and shall be binding on the Parties and their respective Affiliates. 
 (b) nVent Equity Plan. Before the Effective Time, the
nVent Equity Plan shall be established, with such terms as are necessary to permit the implementation of the provisions of this Section 4.01. 

(c) Stock Options. Each Pentair Option that is outstanding immediately prior to the Effective Time shall be converted as of the
Effective Time into either or both an Adjusted Pentair Option and an nVent Option as described below: 
 (A) Stock Options Granted on or
After May 9, 2017. Except as set forth on Schedule 4.01, each such Pentair Option granted on or after May 9, 2017, will be adjusted as follows: 

(1) If the Pentair Option is held by a Pentair Group Employee, a Former Pentair Group Employee, a Pentair Director or a Former
Pentair Director then such option shall be converted as of the Effective Time into an Adjusted Pentair Option, and shall be subject to the same terms and conditions (including with respect to vesting and expiration) after the Effective Time as were
applicable to such Pentair Option immediately prior to the Effective Time (except as otherwise provided herein, including in this Section 4.01(c)(A)(1) and Section 4.01(f)); provided,
however, that from and after the Effective Time: 
  

	 	a)	the number of Pentair Ordinary Shares subject to such Adjusted Pentair Option, rounded down to the nearest whole share, shall be equal to the product of (1) the number of Pentair Ordinary Shares subject to the
corresponding Pentair Option immediately prior to the Effective Time multiplied by (2) the Pentair Ratio; and 

  

	 	b)	the per share exercise price of such Adjusted Pentair Option, rounded up to the nearest whole cent, shall be equal to the quotient of (1) the per share exercise price of the corresponding Pentair Option immediately
prior to the Effective Time divided by (2) the Pentair Ratio. 

  
 16 

 (2) If the Pentair Option is held by an nVent Group Employee, a Former nVent
Group Employee, or a Transferred Director then such option shall be converted as of the Effective Time into an nVent Option, and shall be subject to the same terms and conditions (including with respect to vesting and expiration) after the Effective
Time as were applicable to such Pentair Option immediately prior to the Effective Time (except as otherwise provided herein, including in this Section 4.01(c)(A)(2) and Section 4.01(f));
provided, however, that from and after the Effective Time: 
  

	 	a)	the number of nVent Ordinary Shares subject to such nVent Option, rounded down to the nearest whole share, shall be equal to the product of (1) the number of Pentair Ordinary Shares subject to the corresponding
Pentair Option immediately prior to the Effective Time multiplied by (2) the nVent Ratio; and 

  

	 	b)	the per share exercise price of such nVent Option, rounded up to the nearest whole cent, shall be equal to the quotient of (1) the per share exercise price of the corresponding Pentair Option immediately prior to
the Effective Time divided by (2) the nVent Ratio. 

 (B) Stock Options Granted Prior to
May 9, 2017. Each such Pentair Option granted prior to May 9, 2017, regardless of by whom held, shall be converted as of the Effective Time into both an Adjusted Pentair Option and an nVent Option, and each such Adjusted
Pentair Option and nVent Option shall be subject to the same terms and conditions (including with respect to vesting and expiration) after the Effective Time as were applicable to such Pentair Option immediately prior to the Effective Time (except
as otherwise provided herein, including in this Section 4.01(c)(B) and Section 4.01(f)); provided, however, that from and after the Effective Time: 

(1) the number of Pentair Ordinary Shares subject to such Adjusted Pentair Option, rounded down to the nearest whole share,
shall be equal to the product of (a) the number of Pentair Ordinary Shares subject to the corresponding Pentair Option immediately prior to the Effective Time multiplied by (b) the Value Factor; 

(2) the number of nVent Ordinary Shares subject to such nVent Option, rounded down to the nearest whole share, shall be equal
to the product of (a) the number of Pentair Ordinary Shares subject to the corresponding Pentair Option immediately prior to the Effective Time multiplied by (b) the Distribution Ratio multiplied by (c) the Value Factor;

 (3) the per share exercise price of such Adjusted Pentair Option, rounded up to the nearest cent, shall be equal to the
quotient of (a) the per share exercise price of the corresponding Pentair Option immediately prior to the Effective Time divided by (b) the Pentair Ratio; and 

  
 17 

 (4) the per share exercise price of such nVent Option, rounded up to the nearest
cent, shall be equal to the quotient of (a) the per share exercise price of the corresponding Pentair Option immediately prior to the Effective Time divided by (b) the nVent Ratio. 

Notwithstanding anything to the contrary in this Section 4.01(c), the exercise price, the number of Pentair Ordinary Shares and
nVent Ordinary Shares subject to each Adjusted Pentair Option and nVent Option, respectively, and the terms and conditions of exercise of such options shall be determined in a manner consistent with the requirements of Section 409A of the Code.
In addition, in the case of any Pentair Option to which Section 421 of the Code applies by reason of its qualification under Section 422 of the Code as of immediately prior to the Effective Time, the exercise price, the number of Pentair
Ordinary Shares and nVent Ordinary Shares subject to such option, and the terms and conditions of exercise of such option shall be determined in a manner consistent with the requirements of Section 424(a) of the Code. 

(d) Restricted Stock Unit Awards. Each Pentair Restricted Stock Unit Award that is outstanding immediately prior to the Effective Time
shall be converted as of the Effective Time into either or both an Adjusted Pentair Restricted Stock Unit Award and an nVent Restricted Stock Unit Award as described below: 

(A) Restricted Stock Unit Awards Granted on or after May 9, 2017. Except as set forth on Schedule 4.01, each
such Pentair Restricted Stock Unit Award granted on or after May 9, 2017 shall be adjusted as follows: 
 (1) If the
Pentair Restricted Stock Unit Award is held by a Pentair Group Employee or a Former Pentair Group Employee, such award shall be converted as of the Effective Time into an Adjusted Pentair Restricted Stock Unit Award, and shall be subject to the same
terms and conditions (including with respect to vesting) after the Effective Time as were applicable to such Pentair Restricted Stock Unit Award immediately prior to the Effective Time (except as otherwise provided herein, including in this
Section 4.01(d)(A)(1) and Section 4.01(f)); provided, however, that from and after the Effective Time the number of shares subject to such Adjusted Pentair Restricted Stock Unit Award
shall be equal to the product of (a) the number of Pentair Ordinary Shares subject to the corresponding Pentair Restricted Stock Unit Award immediately prior to the Effective Time multiplied by (b) the Pentair Ratio, rounded to the nearest
whole share. 
 (2) If the Pentair Restricted Stock Unit Award is held by an nVent Group Employee or a Former nVent Group
Employee, such award shall be converted as of the Effective Time into an nVent Restricted Stock Unit Award, and shall be subject to the same terms and conditions (including with respect to vesting) after the Effective Time as were applicable to such
Pentair Restricted Stock Unit Award immediately prior to the Effective Time (except as otherwise provided herein, including in this Section 4.01(d)(A)(2) and Section 4.01(f)); provided,
however, that from and after the Effective Time (a) payment, if any, shall be made in nVent Ordinary Shares with respect to an nVent Restricted Stock Unit Award that is stock-settled and (b) the number of shares subject to such
nVent Restricted Stock Unit Award shall be equal to the product of (i) the number of Pentair Ordinary Shares subject to the corresponding Pentair Restricted Stock Unit Award immediately prior to the Effective Time multiplied by (ii) the
nVent Ratio, rounded to the nearest whole share. 

  
 18 

 (B) Restricted Stock Unit Awards Granted Prior to May 9, 2017. Each
such Pentair Restricted Stock Unit Award granted prior to May 9, 2017, regardless of by whom held, shall be converted as of the Effective Time into both an Adjusted Pentair Restricted Stock Unit Award and an nVent Restricted Stock Unit Award,
and each such Adjusted Pentair Restricted Stock Unit Award and nVent Restricted Stock Unit Award shall be subject to the same terms and conditions after the Effective Time as were applicable to such Pentair Restricted Stock Unit Award prior to the
Effective Time (except as otherwise provided herein, including in this Section 4.01(d)(B) and Section 4.01(f)); provided, however, that: 

(1) payment, if any, shall be made in Pentair Ordinary Shares (with respect to Adjusted Pentair Restricted Stock Unit Awards)
and nVent Ordinary Shares (with respect to nVent Restricted Stock Unit Awards) with respect to any such Pentair Restricted Stock Unit Award that is stock-settled; 

(2) the number of shares subject to such Adjusted Pentair Restricted Stock Unit Award shall equal the number of Pentair
Ordinary Shares subject to the corresponding Pentair restricted Stock Unit Award immediately prior to the Effective Time; and 

(3) the number of shares subject to such nVent Restricted Stock Unit Award shall be equal to the product of (a) the number
of Pentair Ordinary Shares subject to the Pentair Restricted Stock Unit Award immediately prior to the Effective Time multiplied by (b) the Distribution Ratio, rounded down to the nearest whole share. 

(e) Performance Share Unit Awards. Except as set forth on Schedule 4.01, with respect to each Pentair Performance Share Unit
Award, regardless of by whom held, the Pentair Compensation Committee shall determine, as of the Effective Time, the extent to which the performance goal(s) established for such awards have been satisfied as of the Effective Time. Based on that
determination, the Pentair Compensation Committee shall determine the number of Pentair Performance Share Units that have been earned based on achievement of such goal(s), and any such Performance Share Units that have not been so earned shall be
forfeited as of the Effective Time. Each Pentair Performance Share Unit so earned shall be converted as of the Effective Time into an Adjusted Pentair Restricted Stock Unit Award and/or an nVent Restricted Stock Unit Award, in the same manner as is
provided in Section 4.01(d)(B), depending on the original date of grant of such of award, and each such Adjusted Pentair Restricted Stock Unit Award and nVent Restricted Stock Unit Award shall be subject to the same terms
and conditions (including any time-vesting requirements that must be satisfied as of the end of the performance period) after the Effective Time as were applicable to such Pentair Performance Share Unit Award prior to the Effective Time (except as
otherwise provided herein, including in this Section 4.01(e) and Section 4.01(f)); provided, however, that such awards shall no longer be subject to the achievement of performance
goal(s) after the Effective Time. 

  
 19 

 (f) Miscellaneous Award Terms. With respect to Adjusted Pentair Equity Awards held by
nVent Group Employees, employment with the nVent Group shall be treated as employment with Pentair. With respect to nVent Equity Awards held by Pentair Group Employees, employment with the Pentair Group shall be treated as employment with nVent. In
addition, none of the Separation, the Distribution, or any employment transfer described in Section 3.01 shall constitute a termination of employment for any Employee for purposes of any Adjusted Pentair Equity Award or any
nVent Equity Award. After the Effective Time, for any award adjusted under this Section 4.01, for purposes of applying any provisions of an employment agreement, award agreement or the terms of an equity plan that describes
the treatment of such award in connection with a “change of control”, “change in control” or similar term: 
 (A) with
respect to nVent Equity Awards held by Pentair Group Employees, Former Pentair Group Employees and members of the Pentair Board, reference to a “change in control,” “change of control,” or similar definition shall be deemed to
include a “change in control,” “change of control,” or similar definition as set forth in the applicable Pentair Equity Plan, and 

(B) with respect to Adjusted Pentair Equity Awards held by nVent Group Employees and Transferred Directors, reference to a “change in
control,” “change of control,” or similar definition shall be deemed to include a change in control as set forth in the nVent Equity Plan. 

(g) Settlement; Tax Reporting; and Withholding. 

(A) Except as otherwise provided in this Section 4.01(g), after the Effective Time, Pentair shall settle
stock-settled Adjusted Pentair Equity Awards, regardless of by whom held and nVent shall settle stock-settled nVent Equity Awards, regardless of by whom held. If any individual holding an Adjusted Pentair Equity Award or an Electric Equity Award
made a deferral election with respect to any such award under the Pentair Non-Qualified Deferred Compensation Plan (which election, if made by an Electric Group Employee, shall carryover to the Electric Non-Qualified Deferred Compensation Plan), then to the extent such deferral election is effective, Pentair may direct that Electric issue Electric Ordinary Shares in respect of such an Electric Equity Award to the
Pentair Non-Qualified Plan Trust and Electric may direct that Pentair issue Pentair Ordinary Shares in respect of such Pentair Equity Award to the Electric Non-Qualified
Plan Trust.  
 (B) Upon the vesting or settlement of any stock-settled nVent Equity Awards (regardless of by whom held), nVent
shall be solely responsible for (1) ensuring the satisfaction of all applicable tax withholding requirements on behalf of each nVent Group Employee and Transferred Director and (2) ensuring the collection and remittance in cash of all
withholding taxes to the Pentair Group with respect to each Pentair Group Employee, Former Pentair Group Employee and Pentair Director (with the Pentair Group being responsible for remittance of the applicable taxes and payment and remittance of the
applicable employer taxes relating to such individuals to the applicable Governmental Authority), subject to the terms of the Transition Services Agreement. 

(C) Upon the vesting or settlement of any stock-settled Adjusted Pentair Equity Awards (regardless of by whom held), Pentair shall be solely
responsible for (1) ensuring the satisfaction of all applicable tax withholding requirements on behalf of each Pentair Group Employee, Former Pentair Group Employee and Pentair Director and (2) 

  
 20 

 
ensuring the collection and remittance in cash of all withholding taxes to the nVent Group with respect to each nVent Group Employee and Transferred Director (with nVent Group being responsible
for remittance of the applicable taxes and payment and remittance of the applicable employer taxes relating to such individuals to the applicable Governmental Authority). 

(D) Following the Effective Time, Pentair shall be responsible for all income tax reporting in respect of Adjusted Pentair Equity Awards and
nVent Equity Awards held by Pentair Group Employees, Former Pentair Group Employees and Pentair Directors, and nVent shall be responsible for all income tax reporting in respect of Adjusted Pentair Equity Awards and nVent Equity Awards held by nVent
Group Employees and Transferred Directors, subject to the terms of the Transition Services Agreement. 
 (E) nVent shall be responsible for
the payment of cash-settled dividend equivalents on any Adjusted Pentair Equity Awards or nVent Equity Awards held by an nVent Group Employee or Transferred Director. Prior to the date any such payment is due, Pentair shall pay nVent in cash amounts
required to pay (1) any dividend equivalents with respect to any stock-settled Adjusted Pentair Equity Awards held by nVent Group Employees and (2) any dividend equivalents accrued prior to the Effective Time with respect to any
stock-settled nVent Equity Awards held by nVent Group Employees or Transferred Directors. 
 (F) Pentair shall be responsible for the
payment of cash-settled dividend equivalents on any Adjusted Pentair Equity Awards or nVent Equity Awards held by a Pentair Group Employee or Former Employee. Prior to the date any such settlement is due, nVent shall pay Pentair in cash amounts
required to pay any dividend equivalents accrued after the Effective Time with respect to any stock-settled nVent Equity Awards held by Pentair Group Employees or Former Pentair Group Employees. 

(G) Following the Effective Time, (1) if any stock-settled Adjusted Pentair Equity Award held by an nVent Group Employee shall fail to
become vested, such Adjusted Pentair Equity Award shall be forfeited to Pentair, and (2) if any stock-settled nVent Equity Award held by a Pentair Group Employee or Former Employee shall fail to become vested, such nVent Equity Award shall be
forfeited to nVent. 
 (h) Obligations under Prior Agreement. Pentair previously entered into the Amended and Restated Separation and
Distribution Agreement by and among Tyco International Ltd., Pentair and The ADT Corporation, dated as of September 27, 2012. Article VI of such agreement imposed certain obligations on Pentair with respect to certain Tyco equity awards that
were converted into Pentair equity awards. With respect to any such Pentair equity awards are converted into awards relating to nVent Shares, Pentair assigns to nVent, and nVent assumes and agrees to be responsible for, all of the obligations and
liability of Pentair under such agreement. 
 (i) Cooperation. Each of the Parties shall establish an appropriate administration
system to administer, in an orderly manner, (1) exercises of vested Adjusted Pentair Options, and nVent Options, (2) the vesting and forfeiture of unvested Adjusted Pentair Equity Awards and nVent Equity Awards, and (3) the
withholding and reporting requirements with respect to all awards. Each of the Parties shall work together to unify and consolidate all indicative data and payroll and employment information on regular timetables and make certain that each
applicable Person’s data and records in respect of such awards are 

  
 21 

 
correct and updated on a timely basis. The foregoing shall include employment status and information required for vesting and forfeiture of awards and tax withholding/remittance, compliance with
trading windows, and compliance with the requirements of the Exchange Act and other applicable Laws. Without limiting the foregoing provisions of this Section 4.01(h), each Party agrees that, without the written consent of
the other Party, such Party shall, during the three-year period commencing on the Distribution Date, continue to engage the stock plan administrator that Pentair has engaged immediately prior to the Effective Time as its third-party administrator
for Pentair Equity Awards, in the case of Pentair, and nVent Equity Awards, in the case of nVent. 
 (j) Registration and Other
Regulatory Requirements. nVent agrees to file Forms S-1, S-3, and S-8 registration statements with respect to, and to cause
to be registered pursuant to the Securities Act, the nVent Ordinary Shares authorized for issuance under the nVent Equity Plan, as required pursuant to the Securities Act, before the date of issuance of any nVent Ordinary Shares pursuant to the
nVent Equity Plan. Pentair agrees to facilitate the adoption and approval of the nVent Equity Plan consistent with the requirements of Treasury Regulations Section 1.162- 27(f)(4)(iii). 

(k) Equity Awards in Certain Non-U.S. Jurisdictions. Notwithstanding the foregoing provisions
of this Section 4.01, the Parties may mutually agree, in their sole discretion, not to adjust certain outstanding Pentair Equity Awards pursuant to the foregoing provisions of this Section 4.01
where those actions would create or trigger adverse legal, accounting, or tax consequences for Pentair, nVent, and/or the affected non-U.S. award holder. In such circumstances, Pentair and/or nVent may take
any action necessary or advisable to prevent any such adverse legal, accounting, or tax consequences, including agreeing that the outstanding Pentair Equity Awards of the affected non-U.S. award holders shall
terminate in accordance with the terms of the Pentair Equity Plan and the underlying award agreements, in which case nVent or Pentair, as applicable, shall equitably compensate the affected non-U.S. award
holders in an alternate manner determined by nVent or Pentair, as applicable, in its sole discretion, or apply an alternate adjustment method. Where and to the extent required by applicable Law or tax considerations outside the United States, the
adjustments described in this Section 4.01 shall be deemed to have been effectuated immediately prior to the Distribution Date. 

Section 4.02. Incentive Plans. 

(a) Establishment of nVent Incentive Plans. Before the Effective Time, nVent shall, or shall cause another member of the nVent Group
to, establish or assume the nVent Incentive Plans. The nVent Incentive Plans shall govern incentives to be paid with respect to periods commencing after the 2017 fiscal year of Pentair. In no event shall any nVent Group Employee or Former nVent
Group Employee be entitled to any payments under the Pentair Incentive Plans with respect to any period after the 2017 fiscal year of Pentair. 

(b) Fiscal Year 2017 Annual Bonus and CPUs. No later than the Effective Time, Pentair shall have determined and caused the payment of
any (i) bonuses accrued by the nVent Group Employees and Former nVent Group Employees under the Pentair Incentive Plans in respect of the 2017 fiscal year, and (ii) cash performance units earned by the nVent Group Employees and Former
nVent Group Employees under the Pentair Equity Plan in respect of the 2015 through 2017 performance period. 

  
 22 

 (c) Allocation of Liabilities. (i) The Pentair Group shall be solely responsible for
funding, paying, and discharging all obligations relating to any incentive bonus awards under any Pentair Incentive Plan with respect to (A) payments earned before, as of, or after the Effective Time by Pentair Group Employees or Former Pentair
Group Employees, and (B) payments made prior to the Effective Time to nVent Group Employees and Former nVent Group Employees, and no member of the nVent Group shall have any obligations with respect thereto; and (ii) the nVent Group shall
be solely responsible for funding, paying, and discharging all obligations relating to any incentive bonus awards under any nVent Incentive Plan with respect to payments made after the Effective Time to nVent Group Employees or Former nVent Group
Employees, and no member of the Pentair Group shall have any obligations with respect thereto. As of the Effective Time, nVent will assume the accrual with respect to any nVent Incentive Plan awards. 

Section 4.03. Employee Stock Purchase Plan. 

(a) Cessation of Participation in Pentair ESPP. nVent Group Employees shall continue to participate in the Pentair ESPP through the
last pay period that ends before the Effective Time. For clarity, the last purchase of Pentair Ordinary Shares under the Pentair ESPP shall occur from the paycheck paid with respect to such last pay period. From and after such date, the nVent Group
Employees shall cease to participate in the Pentair ESPP, other than with respect to any final purchase to be made with respect to such last pay period. Notwithstanding the foregoing, the administrator of the Pentair plc International Stock Purchase
and Bonus Plan may establish an alternate date for cessation of participation of nVent Group Employees in the Pentair plc International Stock Purchase and Bonus Plan, as it determines to be necessary or advisable to accommodate the operation and
administration of the Pentair plc International Stock Purchase and Bonus Plan. 
 (b) Establishment of nVent ESPP. Before the
Effective Time, nVent shall establish the nVent ESPP, to be effective at the Effective Time or as soon as practicable thereafter. The nVent ESPP shall provide that nVent Group Employees shall (1) be eligible to participate in the nVent ESPP as
of the Effective Time to the extent that they were eligible to participate in the Pentair ESPP as of immediately prior to such date, and (2) receive credit for all service credited under the Pentair ESPP as of immediately prior to the Effective
Time. Notwithstanding the foregoing, nVent may delay implementation of the nVent ESPP or otherwise choose not to establish such nVent ESPP in one or more countries (i) to the extent necessary to complete those actions and undertakings that
nVent, in its sole discretion, determines to be necessary or advisable to comply with applicable Law or (ii) if nVent determines, in its sole discretion, that establishing and maintaining such nVent ESPP in such country would not be
commercially reasonable in light of the facts and circumstances. 
 Section 4.04. Director Compensation. 

(a) Allocation of Directors’ Compensation. Pentair shall be responsible for the payment of any fees for service on the Pentair
Board that are earned at, before, or after the Effective Time, and nVent shall not have any responsibility for any such payments. With respect to any nVent non-employee director, nVent shall be responsible for
the payment of any fees for service on the nVent Board that are earned at any time after the Effective Time and Pentair shall not have any responsibility for any such payments. 

(b) Establishment of nVent Compensation Program for Non-Employee Directors and the nVent Director
Plan. Before the Effective Time, nVent shall establish the nVent compensation program for non-employee directors and the nVent Director Deferred Compensation Plan, to be effective at the Effective Time.

  
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 (c) Assumption of Liabilities for Directors’ Deferred Compensation. As
of the Effective Time, nVent shall, and shall cause the nVent Director Deferred Compensation Plan to, assume all Liabilities under the Pentair Director Deferred Compensation Plan of the Transferred Directors, determined as of the Effective Time, and
the Pentair Group and the Pentair Director Deferred Compensation Plan shall be relieved of all such Liabilities. Pentair shall retain all Liabilities under the Pentair Director Deferred Compensation Plan for Pentair Directors and Former Pentair
Directors. 
 (d) Share Fund in Pentair Director Deferred Compensation Plan. From and after the Effective Time, the account of each
participant in the Pentair Director Deferred Compensation Plan that is deemed invested in Pentair Shares Units shall be converted into an account holding both Pentair Share Units and nVent Share Units as follows: 

(A) Each Pentair Share Unit immediately after the Effective Time shall equal the number of Pentair Share Units immediately prior to the
Effective Time; and 
 (B) The number of nVent Shares Units shall be equal to the product of (a) the number of Pentair Ordinary Shares
subject to the Pentair Share Units immediately prior to the Effective Time multiplied by (b) the Distribution Ratio, rounded down to the nearest whole share. 

Pentair Directors participating in the Pentair Director Deferred Compensation Plan shall be prohibited from increasing their holdings in such nVent Share
Units under such plan, except with respect to the automatic reinvestment of any dividend equivalents. 
 (e) Share Fund in nVent Director
Deferred Compensation Plan. From and after the Effective Time, the nVent Director Deferred Compensation Plan shall offer nVent Share Units as a deemed investment option under such plan, in accordance with the terms of such plan. In addition, the
nVent Director Deferred Compensation Plan shall include Pentair Share Units in connection with the transfer of account balances pursuant to Section 4.04(c). Transferred Directors participating in the nVent Director Deferred
Compensation Plan shall be prohibited from increasing their holdings in such Pentair Share Units under such plan, except with respect to the automatic reinvestment of any dividend equivalents. 

ARTICLE V 
 U.S. QUALIFIED AND
NONQUALIFIED RETIREMENT PLANS 
 Section 5.01. Pentair U.S. Pension Plans. 

(a) Retention of Plan. As of the Effective Time, the Pentair Group shall retain sponsorship of each Pentair U.S. Pension Plans, and,
from and after the Effective Time, all Assets and Liabilities thereunder shall remain Assets and Liabilities of the Pentair Group. 
 (b)
Eligibility of nVent Employees. Prior to the Effective Time, Pentair shall take such actions as are necessary (including amending each Pentair U.S. Pension Plan) to provide that, for purposes of vesting and eligibility for the early
retirement subsidy under each Pentair U.S. Pension Plan, the service (which includes any increase in age) of any nVent 

  
 24 

 
Group Employee that is a participant in such Pentair U.S. Pension Plan as of immediately prior to the Effective Time with the nVent Group on or after the Effective Time shall be credited under
such Pentair U.S. Pension Plan until the earliest of such nVent Group Employee’s termination of employment from the nVent Group, such nVent Group Employee’s annuity starting date (or lump sum payment date) under the Pentair U.S. Pension
Plan, or the date an annuity contract is purchased with respect to such nVent Group Employee in connection with the termination of the Pentair, Inc. Pension Plan. 

Section 5.02. Pentair and nVent U.S. Savings Plans. 

(a) Participation in Pentair U.S. Savings Plan During Transition Period. During the Transition Period, the nVent Group shall continue
to participate in the Pentair U.S. Savings Plan with respect to the nVent Group U.S. Employees, subject to the same terms and conditions as were applicable under the terms of such plan immediately prior to the Effective Time; provided,
however, that as of the Effective Time, (i) an nVent Group U.S. Employee may no longer allocate contributions or transfer existing account balances into the unitized investment fund for Pentair Ordinary Shares (the “Pentair Share
Fund”), and (ii) the Pentair U.S. Savings Plan will make available a unitized investment fund for nVent Ordinary Shares (the “nVent Share Fund”) for investment by nVent Group U.S. Employees. nVent agrees to file a Form
S-8 registration statement with respect to, and to cause to be registered pursuant to the Securities Act, the nVent Ordinary Shares authorized for purchase under the Pentair U.S. Savings Plan, as required
pursuant to the Securities Act, before the date of purchase of any nVent Ordinary Shares pursuant to the Pentair U.S. Savings Plan. 
 (b)
Establishment of nVent U.S. Savings Plan. Before the end of the Transition Period, nVent shall establish the nVent U.S. Savings Plan and the nVent U.S. Savings Plan Trust, to be effective as of January 1, 2019. Before the end of the
Transition Period, nVent shall provide Pentair with (i) a copy of the nVent U.S. Savings Plan and nVent U.S. Savings Plan Trust; (ii) a copy of certified resolutions of the nVent Board (or its authorized committee or other delegate)
evidencing adoption of the nVent U.S. Savings Plan and the nVent U.S. Savings Plan Trust and the assumption by the nVent U.S. Savings Plan of the Liabilities described in Section 5.02(c); and (iii) an opinion of
counsel, which counsel and opinion are reasonably satisfactory to Pentair, with respect to the qualified status of the nVent U.S. Savings Plan under Section 401(a) of the Code and the tax-exempt status of
the nVent U.S. Savings Plan Trust under Section 501(a) of the Code. The nVent U.S. Savings Plan shall provide that: 
 (A) nVent Group
Employees shall (1) be eligible to participate in the nVent U.S. Savings Plan as of January 1, 2019 to the extent that they were eligible to participate in the Pentair U.S. Savings Plan as of immediately prior to such date, and
(2) receive credit for all service credited under the Pentair U.S. Savings Plan as of immediately prior to January 1, 2019; and 

(B) the account balance of each nVent Group Employee under the Pentair U.S. Savings Plan as of the date of the transfer of Assets from the
Pentair U.S. Savings Plan (including any outstanding promissory notes) shall be credited to such individual’s account balance under the nVent U.S. Savings Plan. 

(c) Transfer of Account Balances. By the end of the Transition Period (or as soon as practicable thereafter), Pentair shall cause the
trustee of the Pentair U.S. Savings Plan to transfer from Pentair U.S. Savings Plan Trust to the nVent U.S. Savings Plan Trust 

  
 25 

 
the account balances of the nVent Group Employees and Former nVent Group Employees under the Pentair U.S. Savings Plan, determined as of the date of the transfer. Such transfers shall be made in
kind, including promissory notes evidencing the transfer of outstanding loans, and (i), with respect to unitized investments in the Pentair Share Fund, Pentair Ordinary Shares and (ii) with respect to unitized investments in the nVent Share
Fund, nVent Ordinary Shares. Any Asset and Liability transfers pursuant to this Section 5.02(c) shall comply in all respects with Sections 414(l) and 411(d)(6) of the Code. 

(d) Assumption of Liabilities. Effective as of the Effective Time, the nVent Group shall be liable for all employer contributions that
accrue during the Transition Period with respect to the nVent Group U.S. Employees and to pay its allocable share of plan administrative expenses incurred during the Transition Period. For purposes hereof, all expenses necessary to establish and
administer the nVent Share Fund pursuant to Section 5.02(a), to establish the nVent U.S. Savings Plan and nVent U.S. Savings Plan Trust as described in Section 5.02(b) and to effectuate the
transfer of accounts from the Pentair U.S. Savings Plan to the nVent U.S. Savings Plan as described in Section 5.02(c) shall be treated as expenses allocable to the Electrical Group. Effective as of the establishment of the
nVent U.S. Savings Plan, nVent shall assume all Liabilities with respect to any matching contributions and other employer contributions that were accrued under, but not yet contributed to, the Pentair U.S. Savings Plan for nVent Group Employees and
Former nVent Group Employees to be made to the nVent U.S. Savings Plan in respect of the 2018 calendar year, and the Pentair Group shall be relieved of all such Liabilities. nVent shall be responsible for making any such matching contributions and
other employer contributions to the nVent U.S. Savings Plan following the end of the 2018 calendar year. 
 (e) nVent Ordinary Shares in
Pentair U.S. Savings Plan. nVent Ordinary Shares distributed in connection with the Distribution in respect of Pentair Ordinary Shares held in Pentair U.S. Savings Plan accounts of Pentair Group Employees, nVent Group Employees or Former
Employees shall be deposited in an nVent Share Fund under the Pentair U.S. Savings Plan. Pentair Group Employees and Former Employees participating in the Pentair U.S. Savings Plan shall be prohibited from increasing their holdings in such nVent
Share Fund under the Pentair U.S. Savings Plan and may elect to liquidate their holdings in such nVent Share Fund and invest those monies in any other investment fund offered under the Pentair U.S. Savings Plan, all in accordance with the terms of
the Pentair U.S. Savings Plan. 
 (f) Pentair U.S. Savings Plan After Effective Time. From and after January 1, 2019, (i) the
Pentair U.S. Savings Plan shall continue to be responsible for Liabilities in respect of Pentair Group Employees and Former Employees with accounts under such plans, and (ii) no nVent Group Employees shall accrue any benefits under the Pentair
U.S. Savings Plan. Without limiting the generality of the foregoing, nVent Group Employees shall cease to be participants in the Pentair U.S. Savings Plan effective as of December 31, 2018. 

(g) No Loss of Unvested Benefits; No Distributions. The transfer of any nVent Group Employee’s employment to the nVent Group shall
not result in loss of that nVent Group Employee’s unvested benefits (if any) under the Pentair U.S. Savings Plan, which benefit Liability will be assumed under the nVent U.S. Savings Plan as provided herein. No nVent Group Employee shall be
entitled to a distribution of his or her benefit under the Pentair U.S. Savings Plan or nVent U.S. Savings Plan as a result of such transfer of employment. 

  
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 Section 5.03. Supplemental Executive Retirement Plan and Retirement Restoration
Plan. 
 (a) Establishment of the nVent Plans. Before the Effective Time, nVent shall establish the nVent Supplemental Executive
Retirement Plan, to be effective as of the Effective Time. 
 (b) Allocation of Liabilities. As of the Effective Time, nVent shall,
and shall cause the nVent Supplemental Executive Retirement Plan to, assume all Liabilities under the Pentair SERP with respect to the benefits accrued as of the Effective Time by the nVent Group Employees, and the Pentair Group and the Pentair SERP
shall be relieved of all Liabilities for those benefits. Pentair shall retain all Liabilities under the Pentair SERP and the Pentair Retirement Restoration Plan for the benefits accrued by Pentair Group Employees and Former Employees. From and after
the Effective Time, nVent Group Employees shall cease to have any accrued benefits under the Pentair SERP. 
 Section 5.04. Non-Qualified Deferred Compensation Plan. 
 (a) Establishment of the nVent Non-Qualified Deferred Compensation Plan and Trust. Before the Effective Time, nVent shall establish the nVent Non-Qualified Deferred Compensation Plan and the Non-Qualified Plan Trust, to be effective as of the Effective Time. 
 (b) Allocation of
Liabilities. 
 (A) As of the Effective Time, nVent shall (i) assume sponsorship of, and assume all Liabilities with respect to,
the Flow Control Supplemental Savings Retirement Plan, and (ii) cause the nVent Non-Qualified Deferred Compensation Plan to assume all Liabilities under the Pentair
Non-Qualified Deferred Compensation Plan of nVent Group Employees. The Pentair Group and the Pentair Non-Qualified Deferred Compensation Plan shall be relieved of all
such Liabilities. 
 (B) As of the Effective Time, Pentair shall cause the trustee of the Pentair
Non-Qualified Plan Trust to transfer to the nVent Non-Qualified Plan Trust Pentair assets (which shall include Pentair Ordinary Shares and nVent Ordinary Shares) in an
amount equal to the Liabilities assumed by the nVent Non-Qualified Deferred Compensation Plan. 

(C) Pentair shall retain all Liabilities under the Pentair Non-Qualified Deferred Compensation Plan
(to the extent not assumed by nVent above), the Sta-Rite Industries Pre-2005 Officers’ Supplemental Retirement Income Program and the
Sta-Rite IndustriesPost-2004 Officers’ Supplemental Retirement Income Program, for Pentair Group Employees and Former Employees and all other nonqualified deferred compensation arrangements with respect
to Pentair Group Employees and Former Pentair Group Employees. 
 (D) From and after the Effective Time, nVent Group Employees shall cease
to participate in the Pentair Non-Qualified Deferred Compensation Plan. The deferral and distribution elections in effect for the nVent Group Employees under the Pentair
Non-Qualified Deferred Compensation Plan as of the Effective Time shall continue to apply under the nVent Non-Qualified Deferred Compensation Plan immediately after the
Effective Time without interruption. 

  
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 (c) Share Fund in Pentair Non-Qualified Deferred
Compensation Plan. From and after the Effective Time, the account of each participant in the Pentair Non-Qualified Deferred Compensation Plan that is deemed invested in Pentair Shares Units shall be
converted into an account holding both Pentair Share Units and nVent Share Units as follows: 
 (A) Each Pentair Share Unit immediately
after the Effective Time shall equal the number of Pentair Share Units immediately prior to the Effective Time; and 
 (B) The number of
nVent Shares Units shall be equal to the product of (a) the number of Pentair Ordinary Shares subject to the Pentair Share Units immediately prior to the Effective Time multiplied by (b) the Distribution Ratio, rounded down to the
nearest whole share. 
 Pentair Group Employees and Former Employees participating in the Pentair Non-Qualified
Deferred Compensation Plan shall be prohibited from increasing their holdings in such nVent Share Units under such plan, except that any equity awards held by such individuals that relate to nVent Ordinary Shares and that are deferred into the
Pentair Non-Qualified Deferred Compensation Plan shall be allocated into nVent Share Units under such plan at the time of deferral. 

(d) Share Fund in nVent Non-Qualified Deferred Compensation Plan. From and after the Effective
Time, the nVent Non-Qualified Deferred Compensation Plan shall offer nVent Share Units as a deemed investment option under such plan, in accordance with the terms of such plan. In addition, the nVent Non-Qualified Deferred Compensation Plan shall include Pentair Share Units in connection with the transfer of account balances pursuant to Section 5.04(b). nVent Group Employees
participating in the nVent Non-Qualified Deferred Compensation Plan shall be prohibited from increasing their holdings in such Pentair Share Units under such plan, except that any equity awards held by such
individuals that relate to Pentair Ordinary Shares and that are deferred into the nVent Non-Qualified Deferred Compensation Plan shall be allocated into Pentair Share Units under such plan at the time of
deferral. 
 Section 5.05. Nonqualified Plan Participation; Distributions. The Parties acknowledge that, except as provided
below, none of the transactions contemplated by this Agreement, the Separation and Distribution Agreement, or any other Ancillary Agreement will trigger a payment or distribution of compensation under any of the Pentair Nonqualified Plans or nVent
Nonqualified Plans for any participant and, consequently, that the payment or distribution of any compensation to which such participant is entitled under any of the Pentair Nonqualified Plans or nVent Nonqualified Plans will occur upon such
participant’s separation from service from the nVent Group or at such other time as provided in the applicable nVent Nonqualified Plan or participant’s deferral election. 

ARTICLE VI 
 U.S. WELFARE BENEFIT
PLANS 
 Section 6.01. U.S. Welfare Plans for Active Employees. 

(a) Participation in Pentair U.S. Welfare Plans During Transition Period. During the Transition Period, the nVent Group shall continue
to participate in the Pentair U.S. Welfare Plans (including the Pentair HSAs and the health or dependent care flexible spending accounts) with respect to the nVent Group U.S. Employees, subject to the same terms and conditions as were applicable
under the terms of such plan immediately prior to the Effective Time. 

  
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 (b) Establishment of nVent U.S. Welfare Plans. Before the end of the Transition Period,
nVent shall, or shall cause the applicable member of the nVent Group to, establish the nVent U.S. Welfare Plans, to be effective January 1, 2019. nVent Group Employees who are U.S. Employees shall cease active participation in the Pentair U.S.
Welfare Plans as of the end of the Transition Period and commence such participation in the nVent U.S. Welfare Plans on January 1, 2019. 

(c) Waiver of Conditions; Benefit Maximums. nVent shall use commercially reasonable efforts to cause the nVent U.S. Welfare Plans and
any Welfare Plans that provide leave benefits, as applicable, to: 
 (A) waive (i) all limitations as to preexisting conditions,
exclusions, and service conditions with respect to participation and coverage requirements applicable to any nVent Group Employee or Former nVent Group Employee who are U.S. Employees, or any covered dependents thereof, other than limitations that
were in effect with respect to such nVent Group Employee, Former nVent Group Employee, or covered dependent under the applicable Pentair U.S. Welfare Plan as of December 31, 2018, and (ii) any waiting period limitation or evidence of
insurability requirement applicable to such nVent Group Employee, Former nVent Group Employee, or any covered dependents thereof, other than limitations or requirements that were in effect with respect to such nVent Group Employee, Former nVent
Group Employee, or covered dependent under the applicable Pentair U.S. Welfare Plans as of December 31, 2018; and 
 (B) take into
account with respect to aggregate annual, lifetime, or similar maximum benefits available under the nVent U.S. Welfare Plans, such nVent Group Employee’s, Former nVent Group Employee’s, or any covered dependents’ prior claim
experience under the Pentair U.S. Welfare Plans and any Benefit Plan that provides leave benefits. 
 (d) Health Savings Accounts.
Without limiting the foregoing provisions of this Section 6.01, before the end of the Transition Period, nVent shall, or shall cause a member of the nVent Group to, make available health savings accounts to nVent Group
Employees who are U.S. Employees on and after January 1, 2019 (an “nVent HSA”). The nVent HSAs will accept the transfer of the balances, effective as of January 1, 2019, of the nVent Group Employees from their health
savings account under a Pentair Welfare Plan (a “Pentair HSA”). It is the intention of the Parties that all activity under such an nVent Group Employee’s Pentair HSA for the year in which the Effective Time occurs be treated
instead as activity under the corresponding account under the nVent HSA, such that (i) any claims incurred during calendar year 2018 that are not reimbursed from the Pentair HSA by December 31, 2018 shall instead be reimbursed by the nVent
HSA and (ii) all elections and reimbursements made with respect to such period under the Pentair HSA will be deemed to have been made with respect to the corresponding nVent HSA. 

(e) Flexible Spending Accounts. Following the end of the Transition Period, Pentair will process the
run-out claims (i.e., claims filed through March 31, 2019 for expenses incurred during 2018) filed by nVent Group Employees with respect to the health or dependent care flexible spending accounts under
Pentair U.S. Welfare Plans. To the extent that there is not sufficient funds in the account of an nVent Group Employee (including any individual who terminated during the Transition Period), nVent shall provide Pentair (or its delegate) with funds
sufficient to pay such claims. 

  
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 (f) COBRA. The Pentair Group shall continue to be responsible for complying with, and
providing coverage pursuant to, the health care continuation requirements of COBRA and the corresponding provisions of the Pentair U.S. Welfare Plans with respect to (a) any Pentair Group Employee and any Former Pentair Group Employee who is a
U.S. Employee (and his or her covered dependents) who incurs a qualifying event under COBRA before, as of, or after the Effective Time, and (b) during the Transition Period, any nVent Group Employee and any Former nVent Group Employee who is a
U.S. Employee (and his or her covered dependents) who incurs a qualifying event under COBRA before, as of, or after the Effective Time and prior to January 1, 2019. Effective as of January 1, 2019, the nVent Group shall assume
responsibility for complying with, and providing coverage pursuant to, the health care continuation requirements of COBRA, and the corresponding provisions of the nVent U.S. Welfare Plans with respect to any nVent Group Employee or Former nVent
Group Employee who is a U.S. Employee (and his or her covered dependents) who incurred a qualifying event or loss of coverage under the Pentair U.S. Welfare Plans prior to January 1, 2019, and/or the nVent U.S. Welfare Plans on or after
January 1, 2019. The Parties agree that the consummation of the transactions contemplated by the Separation and Distribution Agreement shall not constitute a COBRA qualifying event for any purpose of COBRA. 

(g) Allocation of Welfare Liabilities and Assets. Effective as of the Effective Time, except as otherwise specifically provided herein,
the Pentair Group shall retain all Liabilities relating to Incurred Claims under the Pentair U.S. Welfare Plans. The nVent Group shall be responsible for all Liabilities relating to Incurred Claims with respect to nVent Group Employees under any
Pentair U.S. Welfare Plans during the Transition Period (to the extent not paid by insurance) and for all Incurred Claims under any nVent U.S. Welfare Plan. The nVent Group shall also be liable to pay its allocable share of plan administrative
expenses incurred during the Transition Period. Pentair shall retain all Assets (including, without limitation, Medicare reimbursements, pharmaceutical rebates, and similar items) associated with Incurred Claims under the Pentair U.S. Welfare Plans
relating to periods prior to January 1, 2019, including Incurred Claims relating to an nVent Group Employee. 
 Section 6.02.
U.S. Retiree Welfare Plan. 
 (a) Participation in Pentair U.S. Retiree Welfare Plan During Transition Period. During the
Transition Period, the nVent Group shall continue to participate in the Pentair U.S. Retiree Welfare Plan with respect to the nVent Group U.S. Employees and Former nVent Group Employees, subject to the same terms and conditions as were applicable
under the terms of such plan immediately prior to the Effective Time; provided that, with respect to nVent Group Employees, participation may be limited solely to those employees who, prior to the date that an annuity contract is purchased in
connection with the termination of the Pentair, Inc. Pension Plan, both commence benefits under such plan (other than in the form of a lump sum) and terminate employment from the nVent Group. The nVent Group shall be liable for all employer
contributions that accrue during the Transition Period with respect to the nVent Group U.S. Employees and the Former nVent Group Employees and to pay its allocable share of plan sponsor and fiduciary expenses incurred during the Transition Period.

  
 30 

 (b) Establishment of the nVent U.S. Retiree Welfare Plan. Before the end of the Transition
Period, nVent shall establish the nVent U.S. Retiree Welfare Plan, to be effective as of January 1, 2019. 
 (c) Allocation of
Liabilities. As of January 1, 2019, nVent shall, and shall cause the nVent U.S. Retiree Welfare Plan to, assume all Retiree Welfare Liabilities under the Pentair U.S. Retiree Welfare Plan of the nVent Group Employees and Former nVent Group
Employees, determined as of December 31, 2018, and the Pentair Group and the Pentair U.S. Retiree Welfare Plan shall be relieved of all such Liabilities. Pentair shall retain all Liabilities under the Pentair Retiree Welfare Plan for Pentair
Group Employees and Former Pentair Group Employees. From and after January 1, 2019, nVent Group Employees and Former nVent Group Employees shall cease to participate in the Pentair Retiree Welfare Plan. 

Section 6.03. Vacation, Holidays and Leaves of Absence. Effective as of the Effective Time, the nVent Group shall assume all
Liabilities of the Pentair Group with respect to vacation, holiday, annual leave, or other leave of absence, and required payments related thereto, for each nVent Group Employee who is a U.S. Employee. The Pentair Group shall retain all Liabilities
with respect to vacation, holiday, annual leave or other leave of absence, and required payments related thereto, for each Pentair Group Employee who is a U.S. Employee. Notwithstanding the foregoing, during the Transition Period, the Pentair Group
shall administer the vacation, holiday, annual leave, or other leave of absence programs of the nVent Group for its U.S. Employees in accordance with the Transition Services Agreement. 

Section 6.04. Severance and Unemployment Compensation. 

(a) Except as otherwise provided in Section 3.01(c), effective as of the Effective Time, the nVent Group shall
assume any and all Liabilities to, or relating to, nVent Group Employees and Former nVent Group Employees in respect of severance (including payment of any accrued but unused paid time off) and unemployment compensation, regardless of whether the
event giving rise to the Liability occurred before, at, or after the Effective Time. The Pentair Group shall be responsible for any and all Liabilities to, or relating to, Pentair Group Employees and Former Pentair Group Employees in respect of
severance (including payment of any accrued but unused paid time off) and unemployment compensation, regardless of whether the event giving rise to the Liability occurred before, at or after the Effective Time. 

(b) Until the earlier of the first anniversary of the Effective Time or the date that the nVent Group establishes a written severance plan or
policy, the nVent Group shall provide severance benefits consistent with the historic practices of the Pentair Group. 
 (c) During the
Transition Period, the Pentair Group shall administer the severance and unemployment compensation programs of the nVent Group for its U.S. Employees in accordance with the Transition Services Agreement. 

Section 6.05. Workers’ Compensation. With respect to claims for workers’ compensation in the U.S., (a) the
nVent Group shall be responsible for claims in respect of nVent Group Employees and Former nVent Group Employees, whether occurring before, at, or after the Effective Time, and (b) the Pentair Group shall be responsible for all claims in
respect of Pentair Group Employees and Former Pentair Group Employees, whether occurring before, at, or after the Effective Time. The treatment of workers’ compensation claims by 

  
 31 

 
nVent with respect to Pentair insurance policies shall be governed by Article V of the Separation and Distribution Agreement. Notwithstanding the foregoing, during the Transition Period,
the Pentair Group shall administer the workers compensation program of the nVent Group for its U.S. Employees in accordance with the Transition Services Agreement. 

Section 6.06. Insurance Contracts. To the extent that any Pentair Welfare Plan is funded through the purchase of an insurance
contract or is subject to any stop-loss contract, the Parties shall cooperate and use their commercially reasonable efforts to replicate such insurance contracts for nVent (except to the extent that changes are required under applicable state
insurance Laws or filings by the respective insurers) and to maintain any pricing discounts or other preferential terms for both Pentair and nVent for a reasonable term. Neither Party shall be liable for failure to obtain such insurance contracts,
pricing discounts, or other preferential terms for the other Party. Each Party shall be responsible for any additional premiums, charges, or administrative fees that such Party may incur pursuant to this Section 6.06.
Notwithstanding the foregoing, if pricing discounts or preferential terms provided by an insurance carrier to one of the Parties (whether during the Transition Period or thereafter) are dependent on the actions of the other Party, then any change or
decision made by one Party that will affect the other Party cannot be made unless the other Party consents. 
 Section 6.07.
Third-Party Vendors. Except as provided below, to the extent that any Pentair Welfare Plan is administered by a third-party vendor, the Parties shall cooperate and use their commercially reasonable efforts to replicate any contract with such
third-party vendor for nVent and to maintain any pricing discounts or other preferential terms for both Pentair and nVent for a reasonable term. Neither Party shall be liable for failure to obtain such pricing discounts or other preferential terms
for the other Party. Each Party shall be responsible for any additional premiums, charges, or administrative fees that such Party may incur pursuant to this Section 6.07. Notwithstanding the foregoing, if pricing discounts
or preferential terms provided by a third-party vendor to one of the Parties (whether during the Transition Period or thereafter) are dependent on the actions of the other Party, then any change or decision made by one Party that will affect the
other Party cannot be made unless the other Party consents. 
 ARTICLE VII 

NON-U.S. EMPLOYEES AND BENEFIT PLANS 

Section 7.01. Non-U.S. Employees. Unless otherwise agreed by the Parties, nVent Group
Employees and Former nVent Group Employees who are Non-U.S. Employees or who otherwise are subject to non-U.S. Law and their related benefits and Liabilities shall be
treated in the same manner as the nVent Group Employees and Former nVent Group Employees, respectively, who are U.S. Employees and who are not subject to non-U.S. Law. Notwithstanding anything to the contrary
in this Agreement, all actions taken with respect to Non-U.S. Employees or U.S. Employees working in non-U.S. jurisdictions shall be subject to and accomplished in
accordance with applicable Law and the custom of the applicable jurisdictions. 

  
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 Section 7.02. Non-U.S. Retirement Plans. 

(a) As of the Effective Time, the nVent Group shall retain (or establish or assume to the extent necessary) sponsorship of the nVent Non-U.S. Retirement Plans, and, from and after the Effective Time, all Assets and Liabilities thereunder shall be the Assets and Liabilities of the nVent Group. 

(b) As of the Effective Time, the Pentair Group shall retain (or establish or assume to the extent necessary) sponsorship of the Pentair Non-U.S. Retirement Plans, and, from and after the Effective Time, all Assets and Liabilities thereunder shall be the Assets and Liabilities of the Pentair Group. 

Section 7.03. Non-U.S. Welfare Plans. 

(a) As of the Effective Time, the nVent Group shall retain (or establish or assume to the extent necessary) sponsorship of the nVent Non-U.S. Welfare Plans, and, from and after the Effective Time, all Assets and Liabilities thereunder shall be the Assets and Liabilities of the nVent Group. 

(b) As of the Effective Time, the Pentair Group shall retain (or establish or assume to the extent necessary) sponsorship of the Pentair Non-U.S. Welfare Plans, and, from and after the Effective Time, all Assets and Liabilities thereunder shall be the Assets and Liabilities of the Pentair Group. 

Section 7.04. Non-U.S. Fringe Benefits. 

(a) As of the Effective Time, the nVent Group shall retain (or establish or assume to the extent necessary) sponsorship of Benefit Plans that
provide fringe benefits to the nVent Group Non-U.S. Employees and Former Non-U.S. Employees, and from an after the Effective Time, all Liabilities thereunder, whether
incurred prior to or after the Effective Time, shall be the Liabilities of the nVent Group. 
 (b) As of the Effective Time, the Pentair
Group shall retain (or establish or assume to the extent necessary) sponsorship of the Benefit Plans that provide fringe benefits to the Pentair Group Non-U.S. Employees and Former Non-U.S. Employees, and, from and after the Effective Time, all Liabilities thereunder, whether incurred prior to or after the Effective Time, shall be the Liabilities of the Pentair Group. 

ARTICLE VIII 
 MISCELLANEOUS 

Section 8.01. Employee Records. 

(a) Sharing of Information. Subject to any limitations imposed by applicable Law and pursuant to the terms and conditions of Article VI
of the Separation and Distribution Agreement, Pentair and nVent (acting directly or through members of the Pentair Group or the nVent Group, respectively) shall provide to the other Party and their respective authorized agents and vendors all
information necessary for the Parties to perform their respective duties under this Agreement. 

  
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 (b) Transfer of Personnel Records and Authorization. Subject to any limitation imposed by
applicable Law and to the extent that it has not done so before the Effective Time, each Party shall transfer to the other Party any and all employment records set forth on Schedule 8.01(b) hereto to the extent necessary in
order to enable each Party to carry on its respective business in the manner carried on immediately prior to the Distribution Date; provided that (i) in respect of the separation of nVent Information and Pentair Information Section 2.14
and Schedule 2.14 of the Separation and Distribution Agreement shall apply and (ii) records relating to any individual who has terminated from the Pentair Group prior to the Effective Time shall not be transferred unless the Parties otherwise
agree. Such transfer of records generally shall occur as soon as administratively practicable at or after the Effective Time or at such other time(s) as the Parties agree. Each Party will permit the other Party reasonable access to Employee records
to the extent reasonably necessary for such accessing Party to carry out its obligations hereunder. 
 (c) Access to Records. To the
extent not inconsistent with this Agreement, the Separation and Distribution Agreement, or any applicable privacy protection Laws or regulations, reasonable access to Employee-related records after the Effective Time will be provided to members of
the Pentair Group and members of the nVent Group pursuant to the terms and conditions of Article VI of the Separation and Distribution Agreement. 

(d) Maintenance of Records. With respect to retaining, destroying, transferring, sharing, copying, and permitting access to all
Employee-related information, Pentair and nVent shall (i) comply with all applicable Laws including Data Protection Laws, regulations, and internal policies, (ii) the Parties shall ensure that retained personal data is accurate, kept up to
date, adequate, relevant, not excessive in relation to the purposes for which they are processed and not kept for longer than is necessary for that those purposes and (iii) shall indemnify and hold harmless each other from and against any and
all Liability, claims, actions, and damages that arise from a failure (by the indemnifying Party or its Subsidiaries or their respective agents) to so comply with all applicable Laws, regulations, and internal policies applicable to such
information. At least ten (10) business days prior to destroying any Employee-related information, the Party seeking to destroy such information shall give written notice to the other Party, which notice shall specify in reasonable detail the
information to be destroyed, and, if elected by the Party to whom such notice was delivered within ten (10) business days following receipt of such notice, the Party delivering such notice shall transfer such information to such other Party.

 (e) Cooperation. Each Party shall use commercially reasonable efforts to cooperate and work together to unify, consolidate, and
share (to the extent permissible under applicable privacy/data protection laws) all relevant documents, resolutions, government filings, data, payroll, employment, and benefit plan information on regular timetables and cooperate as needed with
respect to (i) any litigation with respect to any employee benefit plan, policy, or arrangement contemplated by this Agreement, (ii) efforts to seek a determination letter, private letter ruling, or advisory opinion from the IRS, U.S.
Department of Labor, or ruling from any other Governmental Authority on behalf of any employee benefit plan, policy, or arrangement contemplated by this Agreement, and (iii) any filings that are required to be made or supplemented to the IRS,
U.S. Pension Benefit Guaranty Corporation, U.S. Department of Labor, or any other Governmental Authority; provided, however, that requests for cooperation must be reasonable and not interfere with daily business operations. 

  
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 (f) Confidentiality. Notwithstanding anything to the contrary in this Agreement, all
confidential records and data relating to Employees to be shared or transferred pursuant to this Agreement shall be subject to Section 7.9 of the Separation and Distribution Agreement and the requirements of applicable Law.

 (g) Compensation for Providing Information. The Party requesting information under this Section 8.01
agrees to reimburse the other Party for the reasonable costs, if any, of gathering, copying, transporting, and otherwise complying with the request with respect to such information (including any reasonable costs and expenses incurred in any review
of information for purposes of protecting the Privileged Information of the providing Party or in connection with the restoration of backup media for purposes of providing the requested information). 

Section 8.02. Preservation of Rights to Amend. The rights of each member of the Pentair Group and each member of the nVent Group
to amend, waive, or terminate any plan, arrangement, agreement, program, or policy referred to herein shall not be limited in any way by this Agreement. 

Section 8.03. Fiduciary Matters. Pentair and nVent each acknowledge that actions required to be taken pursuant to this Agreement
may be subject to fiduciary duties or standards of conduct under ERISA or other applicable Law, and no Party shall be deemed to be in violation of this Agreement if it fails to comply with any provisions hereof based upon its good faith
determination (as supported by advice from counsel experienced in such matters) that to do so would violate such a fiduciary duty or standard. Each Party shall be responsible for taking such actions as are deemed necessary and appropriate to comply
with its own fiduciary responsibilities and shall fully release and indemnify the other Party for any Liabilities caused by the failure to satisfy any such responsibility. 

Section 8.04. Further Assurances. Each Party hereto shall take, or cause to be taken, any and all reasonable actions, including
the execution, acknowledgment, filing, and delivery of any and all documents and instruments that any other Party hereto may reasonably request in order to effect the intent and purpose of this Agreement and the transactions contemplated hereby.

 Section 8.05. Counterparts; Entire Agreement; Corporate Power. 

(a) This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become
effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. 
 (b) This Agreement, the
Separation and Distribution Agreement, and the Ancillary Agreements and the Exhibits, Schedules, and Appendices hereto and thereto contain the entire agreement among the Parties with respect to the subject matter hereof, supersede all previous
agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings among the Parties other than those set forth or referred to herein or
therein. Pentair represents on behalf of itself and each other member of the Pentair Group, and nVent represents on behalf of itself and each other member of the nVent Group, as follows: 

  
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 (A) each such Person has the requisite corporate or other power and authority and has taken all
corporate or other action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and 

(B) this Agreement has been duly executed and delivered by it and constitutes a valid and binding agreement of it enforceable in accordance
with the terms hereof. 
 (c) Each Party acknowledges that it and each other Party is executing this Agreement by facsimile, stamp, or
mechanical signature, and that delivery of an executed counterpart of a signature page to this Agreement (whether executed by manual, stamp, or mechanical signature) by facsimile or by email in portable document format (PDF) shall be effective as
delivery of such executed counterpart of this Agreement. Each Party expressly adopts and confirms each such facsimile, stamp, or mechanical signature (regardless of whether delivered in person, by mail, by courier, by facsimile, or by email in
portable document format (PDF)) made in its respective name as if it were a manual signature delivered in person, agrees that it will not assert that any such signature or delivery is not adequate to bind such Party to the same extent as if it were
signed manually and delivered in person and agrees that, at the reasonable request of the other Party at any time, it will as promptly as reasonably practicable cause this Agreement to be manually executed (any such execution to be as of the date of
the initial date thereof) and delivered in person, by mail, or by courier. 
 Section 8.06. Governing Law; Consent to Jurisdiction;
Waiver of Jury Trial. The provisions of Section 11.4 of the Separation and Distribution Agreement are incorporated herein as if fully set forth herein. 

Section 8.07. Assignability. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns; provided that neither Party may assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other Party hereto. Notwithstanding the foregoing, no such
consent shall be required for the assignment of a party’s rights and obligations under this Agreement in whole in connection with a change of control of a Party so long as the resulting, surviving or transferee Person assumes all the
obligations of the relevant party thereto by operation of Law or pursuant to an agreement in form and substance reasonably satisfactory to the other Party. Nothing herein is intended to, or shall be construed to, prohibit either Party or any member
of its Group from being party to or undertaking a change of control. 
 Section 8.08. Third-Party Beneficiaries. Except for the
indemnification rights under this Agreement of any Pentair Indemnitee or nVent Indemnitee in their respective capacities as such, (a) the provisions of this Agreement are solely for the benefit of the Parties and are not intended to confer upon
any Person except the Parties any rights or remedies hereunder, and (b) there are no third-party beneficiaries of this Agreement and neither this Agreement shall provide any third person with any remedy, claim, Liability, reimbursement, claim
of action or other right in excess of those existing without reference to this Agreement. 
 Section 8.09. Notices. All notices,
requests, claims, demands, or other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon acknowledgment of receipt) in accordance with the requirements of
Section 11.7 of the Separation and Distribution Agreement. 

  
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 Section 8.10. Severability. If any provision of this Agreement or the application
thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions
other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the Parties shall negotiate in good faith in an
effort to agree upon such a suitable and equitable provision to effect the original intent of the Parties. 
 Section 8.11. Force
Majeure. No Party shall be deemed in default of this Agreement or, unless otherwise expressly provided therein, any other Ancillary Agreement for any delay or failure to fulfill any obligation (other than a payment obligation) hereunder or
thereunder so long as and to the extent to which any delay or failure in the fulfillment of such obligation is prevented, frustrated, hindered, or delayed as a consequence of circumstances of Force Majeure. In the event of any such excused delay,
the time for performance of such obligations (other than a payment obligation) shall be extended for a period equal to the time lost by reason of the delay. A Party claiming the benefit of this provision shall, as soon as reasonably practicable
after the occurrence of any such event, (a) provide written notice to the other Party of the nature and extent of any such Force Majeure condition, and (b) use commercially reasonable efforts to remove any such causes and resume
performance under this Agreement and the other Ancillary Agreements, as applicable, as soon as reasonably practicable. 
 Section 8.12.
No Set-Off. Except as otherwise mutually agreed to in writing by the Parties, neither Party nor any other member of such Party’s Group shall have any right of
set-off or other similar rights with respect to (a) any amounts received pursuant to this Agreement or any other Ancillary Agreement or (b) any other amounts claimed to be owed to the other Party or
any member of its Group arising out of this Agreement. 
 Section 8.13. Headings. The article, section, and paragraph headings
contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

Section 8.14. Survival of Covenants. Except as expressly set forth in this Agreement, the covenants, representations, and
warranties contained in this Agreement, and Liability for the breach of any obligations contained herein, shall survive the Separation and the Distribution and shall remain in full force and effect. 

Section 8.15. Waivers of Default. Waiver by a Party of any default by the other Party of any provision of this Agreement shall not
be deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the other Party. No failure or delay by any Party in exercising any right, power, or privilege under this Agreement shall operate as a
waiver thereof, nor shall a single or partial exercise thereof prejudice any other or further exercise thereof or the exercise of any other right, power, or privilege. 

Section 8.16. Dispute Resolution. The dispute resolution procedures set forth in Article VIII of the
Separation and Distribution Agreement shall apply to any dispute, controversy or claim arising out of or relating to this Agreement. 

Section 8.17. Specific Performance. Subject to Article VIII of the Separation and Distribution
Agreement, in the event of any actual or threatened default in, or breach of, any of the terms, conditions, and provisions of this Agreement, the Party who is, or is to be, 

  
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thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief in respect of its rights under this Agreement, in addition to any and all other rights and
remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, are inadequate compensation for any loss and that any
defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived by each of the Parties. 

Section 8.18. Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented, or modified by a Party,
unless such waiver, amendment, supplement, or modification is in writing and signed by the authorized representative of the Party against whom it is sought to enforce such waiver, amendment, supplement, or modification. 

Section 8.19. Mutual Drafting. This Agreement shall be deemed to be the joint work product of the Parties and any rule of
construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable. 

[Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the date first
written above by their duly authorized representatives. 
  

			
	PENTAIR PLC
		
	By:	 	 
		 	Name: [        ]
		 	Title:   [        ]
	
	 NVENT ELECTRIC PLC

		
	By:	 	 
		 	Name: [        ]
		 	Title:   [        ]

  
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