Document:

<PAGE>

Exhibit 10.27
                        RETIREMENT AGREEMENT AND RELEASE

     THIS RETIREMENT AGREEMENT AND RELEASE ("Agreement") is made and entered by
and between Roy T. Rueb ("Rueb") and Pentair, Inc. ("Pentair" or the "Company").

     1.    Consideration. In consideration for the mutual promises exchanged
           -------------
herein and for the payments to Rueb set forth herein, Rueb and the Company
acknowledge the full, complete, and final settlement of any and all claims,
actions, causes of action or costs, including attorneys' fees, against the
other and the other persons and entities released herein.

     2.    Continued Employment. The parties acknowledge that Pentair will pay
           --------------------
Rueb $5,208.33 each pay period between January 01, 2002 and December 31, 2002.
In exchange for these payments, Rueb will perform special project duties as
assigned on a part time basis. This amount shall be paid in accordance with the
usual payroll practices of Pentair and shall be subject to applicable federal
and state withholding taxes and any other deductions which have been authorized
by Rueb or which Pentair may be required by law to make. Rueb will be eligible
for all qualified benefit programs, to include medical and dental insurance,
life insurance, disability insurance, 401(k) and Pension. There will be no
                                                                        --
continued participation under Pentair's Management Incentive Plan (MIP) or the
Omnibus Plan for service in 2002.

     3.    Separation from Service. Rueb's employment with Pentair ends
           -----------------------
effective December 31, 2002 (the "Separation Date"). Notwithstanding the
Separation Date, Rueb ceased to be an officer and a director of Pentair and of
each Pentair subsidiary listed on the attached Schedule A and a committee member
or fiduciary with respect to each Pentair benefit plan listed on Schedule B as
of December 31, 2001.

     4.    Stock and Equity Awards. Outstanding awards made to Rueb under the
           -----------------------
Pentair Omnibus Stock Incentive Plan (the "Omnibus Plan") and other equity
awards shall be paid as follows:

            a.    Restricted Stock. All shares of restricted stock awarded to
                  ----------------
     Rueb through December 31, 2001 and any shares resulting from the 2001 Key
     Employee Stock Ownership Incentive Plan together with any shares of
     restricted stock awarded to Rueb under the Omnibus Plan or any other bonus
     program shall, to the extent not currently vested, be vested as of
     December 31, 2001 and released at the time of the ICU payment. Rueb
     acknowledges that without this Agreement, he would not be entitled to the
     benefits set forth in this subparagraph.

           b.    Incentive Compensation Units ("ICUs. All ICUs awarded to Rueb
                 -----------------------------------
     as of December 31, 2001 under the Omnibus Plan shall be deemed to be
     fully vested as of December 31, 2001 without regard to the vesting period
     stated at the time of grant. The value of said awards shall be calculated
     and paid to Rueb in April, 2002. Rueb acknowledges that without this
     Agreement, he would not be entitled to the benefits set forth in this
     subparagraph.

                                  Page 1 of 8

<PAGE>

           c.    Stock Options. All outstanding stock options granted to Rueb
                 -------------
     under the Omnibus Plan shall remain outstanding and exercisable by him
     through the earlier of their original maturity date and five years from
     the January 1, 2002. The date any such option is first exercisable shall
     not be accelerated. In the event Rueb should die before all such options
     have been exercised or otherwise lapse, then the beneficiary designated by
     Rueb shall have six (6) months from Rueb's death to exercise options then
     outstanding. Reload privileges are retained through your last day of
     employment. Any options not so exercised shall lapse. To the extent
     options designated as incentive stock options are exercised within thirty
     (30) days of the last day of Rueb's employment, they shall retain their
     status as qualified options; options exercised after this thirty (30) day
     period shall be treated as nonqualified options. If within two years after
     the Separation Date, Rueb shall sell any Pentair common stock acquired
     pursuant to the exercise of qualified options, he shall immediately notify
     Pentair of such sale and shall supply all information reasonably requested
     by Pentair with respect to such sale. Rueb acknowledges that without this
     Agreement, he would not be entitled to the benefits set forth in this
     subparagraph.

           d.    Insider Status. Henson & Efron, P.A. will advise Rueb in
                 --------------
     writing of its understanding of his status as an insider with Pentair for
     purposes of any stock transactions.

     5.    Retirement Benefits. Rueb shall receive payment from the
           -------------------
tax-qualified and non qualified retirement plans maintained by Pentair as
follows:

           a.    Pentair Pension Plan. Rueb shall be entitled to receive payment
                 --------------------
     of his vested accrued benefit under the Pentair Pension Plan in
     accordance with applicable provisions of that plan. From and after the
     Separation Date from employment, Rueb shall cease to be eligible to accrue
     additional benefits under the Pentair Pension Plan.

           b.    Supplemental Retirement Payment. As a supplemental retirement
                 -------------------------------
     benefit, Rueb (or in the event of his death his beneficiaries) shall be
     paid $10,416.67 per month beginning as soon as administratively feasible
     after January 1, 2002 through December 31, 2002. On January 1, 2003 Rueb
     will be paid a supplemental retirement benefit of $8333.83 per month
     payable as a life only benefit. This benefit is in lieu of benefits under
     either the 1988 or 1999 Supplemental Executive Retirement Plans and,
     except as otherwise provided in the Agreement, any other non-tax qualified
     retirement or deferred compensation arrangement sponsored by Pentair or
     any of its affiliates. The calculation of Rueb's benefit assumes that for
     the purpose of determining the reduction for early commencement for his
     January 1, 2003 benefit that Rueb is age 65. Rueb understands and agrees
     that this supplemental retirement benefit is more than Pentair is required
     to pay under its normal policies and procedures, and Rueb

                                  Page 2 of 8

<PAGE>

     acknowledges that without this Agreement, he would not be entitled to the
     benefits set forth in this subparagraph.

           c.    Retirement Savings and Stock Incentive Plan ("RSIP"). Rueb
                 ----------------------------------------------------
     shall be entitled to receive payment of his vested accrued benefit under
     the RSIP in accordance with applicable provisions of that plan after his
     separation from employment. Rueb shall remain a participant in RSIP until
     such time as he requests and receives payment of his vested accrued
     benefit, but from and after the Separation Date, Rueb shall not be
     entitled to make contributions to the RSIP or to share in allocations of
     contributions made by Pentair with respect to service completed after the
     separation date.

           d.    Non-Qualified Deferred Compensation Plan ("Sidekick"). Rueb
                 -----------------------------------------------------
     shall be entitled to receive payment of all amounts payable to him under
     the terms and conditions of the Sidekick in accordance with the payment
     election made by him prior to the date hereof. From and after the
     Separation Date, Rueb shall not be entitled to make contributions to the
     sidekick or to share in the allocations of contributions made by Pentair
     with respect to service completed after the separation date.

           e.    Other Deferred Compensation Plan. To the extent Rueb may have
                 --------------------------------
     amounts payable to him by reason of his participation in the deferred
     compensation plan maintained by Pentair prior to implementation of
     Sidekick, Rueb shall be entitled to receive payment of such deferred
     compensation in accordance with the annual payment elections made by him
     during the time he elected to participate in such plan.

     6.    Insurance Benefits. Rueb shall be eligible to elect to continue
           ------------------
participation in various medical, dental, life and disability insurance
benefits offered by Pentair as follows:

           a.    Medical and Dental Insurance. In the event Rueb elects to
                 ----------------------------
     continue participating in the Company's medical and dental insurance
     programs after his separation from employment as are made available to
     employees of Pentair, the cost of providing such benefits shall be shared
     by Pentair and Rueb on the same basis as if Rueb had remained an employee
     of Pentair until the earlier of such time as he is eligible for such
     coverage with a subsequent employer or eighteen (18) months from the
     Separation Date. Rueb's share of the premiums shall be paid directly to
     Pentair Benefits Direct. After Rueb acknowledges that he would not be
     entitled to this benefit without this Agreement. For purposes of COBRA,
     the continuation period shall begin on January 1, 2003. At the expiration
     of the maximum continuation period, Rueb shall be offered such conversion
     rights as are then being made available by the then insurer.

           b.    Supplemental Disability and Supplemental Life Insurance. Rueb
                 -------------------------------------------------------
     will be covered under the Company's group life (including dependent
     life), short-

                                  Page 3 of 8

<PAGE>

     term disability and long-term disability plans, as amended from time to
     time, through the Separation Date. After the Separation Date, Rueb may
     elect to arrange for continuation of coverage and direct premium payment
     at his sole cost and expense.

           c.    Flexible Benefit Plan (125C). Rueb shall be offered the
                 ----------------------------
     opportunity to continue participation in the Pentair Flexible Benefit
     Plan consistent with the terms and provisions of said plan.

           d.    Retiree Flex Plan. Rueb may elect to begin participation in the
                 -----------------
     Retiree Flex Plan consistent with the terms and provisions of said plan
     at the end of the COBRA continuation period. The Company established the
     Retiree Flex Plan to offset a portion of a retiree's cost for medical
     coverage through cash credits which reimburse premiums paid or are applied
     against the retiree's contributions and make available a good selection of
     retiree medical coverage at group rates, where possible.

     7. Other Benefits or Payments. Rueb shall be entitled to receive other
        --------------------------
payments and benefits as follows:

           a.    Flexible Perquisite Account. Pentair will not be eligible to
                 ---------------------------
     participate in the Flexible Perquisite Plan for 2002.

           b.    Company Automobile. The title on the existing vehicle will be
                 ------------------
     released to Rueb on January 1, 2002 or as soon after that date as
     administratively feasible. Rueb acknowledges that without this Agreement,
     he would not be entitled to the benefits set forth in this subparagraph.

           c.    Business Expenses. Pentair will reimburse Rueb for all
                 -----------------
     business expenses incurred by him in the active performance of work on
     behalf of Pentair through December 2002, provided Rueb submits proper
     documentation for such expenses.

     8. Confidential Information Acquired During Employment. Rueb agrees that
        ---------------------------------------------------
he will continue to treat, as private and privileged, any information, data,
figures, projections, estimates, marketing plans, customer lists, lists of
contract workers, tax records, personnel records, accounting procedures,
formulas, contracts, business partners, alliances, ventures and all other
confidential information which Rueb acquired while working for the Company.
Further, Rueb agrees that he will not release any such information to any
person, firm, corporation or other entity at any time, except as may be
required by law, or as agreed to in writing by the Company. Rueb acknowledges
that any violation of this non-disclosure provision shall entitle the Company
to appropriate injunctive relief and to any damages which it may sustain due to
the improper disclosure.

                                  Page 4 of 8

<PAGE>

     9.     Confidentiality. Rueb represents and agrees that he will keep the
            ---------------
terms and existence of this Agreement completely confidential, and that he will
not disclose any information concerning this Agreement to anyone, except for
his counsel, tax accountant, spouse or except as may be required by law or
agreed to in writing by the Company.

     10.    Non-Solicitation/Non-Competition Agreement. Rueb acknowledges that
            ------------------------------------------
during his employment at Pentair and with its subsidiaries and affiliates, he
became familiar with trade secrets, know-how, executive personnel, business
strategies, product development and other confidential and proprietary
information concerning the business of Pentair. In consideration for the
benefits paid to Rueb under this Agreement (including, but not limited to,
those benefits in Paragraph 5.b. hereof), Rueb agrees that he shall not, either
directly or indirectly, and without the prior written consent of Pentair:

           a.    own, manage, control, participate in, consult with or render
     services of any kind for any concern which engages in a business which is
     competitive with any business being conducted, or contemplated being
     conducted, by Pentair as of the Separation Date;

           b.    become an employee or agent of any publicly traded corporation
     or other entity, or any division or subsidiary of such a corporation or
     entity, where more than five percent (5%) of such organization's business
     is in competition with any business being conducted, or contemplated being
     conducted, with Pentair as of the Separation Date;

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

           d.    induce or attempt to induce any individual to leave the employ
     of Pentair or hire any such individual who approaches him or her for
     employment; or

           e.    engage in or sponsor the solicitation of customers of Pentair
     to do business with any competitor of such organization.

In the event Rueb breaches any obligation under paragraph 10 of this Agreement,
the Company shall have no further obligation to make any payments contemplated
under paragraph 5.b. hereof, and, in such event, Rueb shall forfeit any right
to payments under paragraph 5.b. hereof.

     11.    Discharge of Claims. Rueb, on behalf of himself, his agents,
            -------------------
representatives, attorneys, assignees, heirs, executors, and administrators,
hereby releases and forever discharges the Company, and its past and present
employees, agents, insurers, officials, officers, directors, divisions,
parents, subsidiaries and successors, and all affiliated companies and
corporations from any and all claims and causes of action of any type arising,
or which may have arisen, out of or in connection with his employment or
termination of employment with the Company and

                                  Page 5 of 8

<PAGE>

its affiliated companies, including but not limited to claims, demands or
actions arising under the Federal Fair Labor Standards Act, the Age
Discrimination in Employment Act of 1967, 29 U.S.C. [sec] 626, as amended by
Public Law 101.433 (1990) (the "Older Workers Benefit Protection Act"), Title
VII of the Civil Rights Act of 1964, 42 U.S.C. [sec] 2000e, et seq., the
                                                            -- ---
Americans with Disabilities Act, 29 U.S.C. [sec] 2101, et seq., the Family
                                                       -- ---
Medical Leave Act, the Minnesota Human Rights Act, Minn. State. [sec] 363.01,
                                                                      -- ---
et seq., any other federal, state or local statute, ordinance, regulation or
-- ---
order regarding employment, compensation for employment, termination of
employment, or discrimination in employment, and the common law of any state.

     Rueb further understands that this discharge of claims extends to, but is
not limited to, all claims which he may have as of the date of this Agreement
against the Company and its affiliated companies, based upon statutory or
common law claims for defamation, libel, slander, assault, battery, negligent
or intentional infliction of emotional distress, negligent hiring or retention,
breach of contract, promissory estoppel, fraud, wrongful discharge, or any
other theory, whether legal or equitable, including all claims for items of
compensation and benefits except as prohibited by law.

     12.    Cooperation. Rueb agrees that at the request of the Company, Rueb
            -----------
will cooperate with and assist the Company (including cooperation and
assistance in any matters involving claims or lawsuits against the Company) as
requested by the Company where Rueb has knowledge of the facts involved. In
addition, Rueb agrees that he will, at the reasonable request of the Company,
execute, if necessary, nunc pro tunc, any further documents or instruments
necessary or appropriate to evidence his separation from service as an officer
or director of the Company, its subsidiaries, or its affiliates, including but
not necessarily limited to the forms attached hereto as Schedule A. Rueb
further agrees that he will not voluntarily aid, assist, or cooperate with
anyone who has claims against the Company, its affiliates or with their
attorneys or agents in any claims or lawsuits which such person may bring
against the Company or its affiliates. Nothing in this Agreement prevents Rueb
from testifying at an administrative hearing, arbitration, deposition, or in
court, in response to a lawful and properly served subpoena.

     13.    Releases and Other Agreements. Rueb acknowledges that Key Executive
            -----------------------------
Employment and Severance Agreement entered into as of August 23, 2000 between
Rueb and Pentair (the "KEESA") was terminated on December 31, 2001, the date of
cessation of his active duties with Pentair as an executive officer and that he
has no claims under the KEESA and the Retention Agreement against Pentair or
any other person. Further Rueb agrees to execute the Key Executive Employment
and Severance Agreement and Release in the form attached as Schedule C.

     14.    Non-Disparagement. Pentair agrees that neither it nor any of its
            -----------------
executive officers shall disparage or defame Rueb in any respect concerning the
employment relationship between them.

     15.    Future Employment. Rueb will not apply for or seek employment or
            -----------------
re-employment with the Company or its affiliated companies at any time after he
signs this agreement.

                                  Page 6 of 8

<PAGE>

     16.    No Wrongdoing. Rueb and the Company agree and acknowledge that the
            -------------
consideration exchanged herein does not constitute, and shall not be construed
as, an admission of liability or wrongdoing on the part of the Company, Rueb or
any person, and shall not be admissible in any proceeding as evidence of
liability or wrongdoing by anyone.

     17.    Minnesota Law Applies. The terms of this Agreement will be governed
            ---------------------
by the laws of the State of Minnesota, and shall be construed and enforced
thereunder.

     18.    Merger. This Agreement, and the employee benefit plans in which
            ------
Rueb participates as described herein supersede and replace all prior oral and
written agreements and understandings. Rueb understands and agrees that all
claims which he has or may have against the Company are fully released and
discharged by this Agreement. The only claims which Rueb may hereafter assert
against the Company are limited to an alleged breach of this Agreement.

     19.    Invalidity. If any one or more of the terms of this Agreement are
            ----------
deemed to be invalid or unenforceable by a court of law, the validity,
enforceability, and legality of the remaining provisions of this Agreement will
not in any way be affected or impaired thereby.

     20.    Amendment. This agreement maybe modified only by a subsequent
            ---------
written agreement signed by the parties hereto.

     21.    Rueb Understands the Terms of this Agreement. Rueb warrants that (a)
            --------------------------------------------
other than stated herein, no promise or inducement has been offered for this
Agreement; (b) this Agreement is executed without reliance upon any statement
or representation of the Company or its representatives concerning the nature
and extent of any claims or liability therefor, if any; (c) Rueb is legally
competent to execute this Agreement and accepts full responsibility therefor;
(d) the Company, by this Agreement, has advised Rueb to consult with an
attorney, and Rueb has consulted with his attorney, Craig Erickson, regarding
the purpose and effect of this Agreement; (e) the Company has allowed Rueb at
least twenty-one (21) days within which to consider this Agreement,
specifically Rueb may sign this Agreement any time prior to March 26, 2002, at
which time it will be automatically withdrawn without further notice; (f) Rueb
understands that he may nullify and rescind this Agreement as far as it extends
to his release of claims arising under Minn. Stat. [sec] 363.01 et seq., the
                                                                -- ---
Minnesota Human Rights Act, and under the Age Discrimination in Employment Act
of 1967, 29 U.S.C. [sec] 626, as amended by Public Law 101.433 (1990) (the
"Older Workers Benefit Protection Act") at any time within fifteen (15) days
from the date of his signature below and, in the event of such election, Rueb
shall only be entitled to receive $1,000 which the parties acknowledge is
consideration for Rueb' release of all claims other than those arising under
Minn. Stat. [sec] 363.01 et seq., the Minnesota Human Rights Act, and under the
                         -- ---
Age Discrimination in Employment Act of 1967, 29 U.S.C. [sec] 626, as amended
by Public Law 101.433 (1990) (the "Older Workers Benefit Protection Act"); (g)
in the event Rueb elects to nullify and rescind portions of his release under
this Agreement pursuant to (f) of this paragraph, he must indicate his desire to
do so in writing and deliver that writing to Deb S. Knutson, Vice President,
Human Resources, Pentair, Inc., Waters Edge Plaza, 1500 County Road B2 West, St.
Paul, MN 55113-3105, by hand or by certified mail; and (g) Rueb

                                  Page 7 of 8

<PAGE>

further understands that if he exercises his rescission rights hereunder, the
Company will not be bound by the terms of this Agreement (except the obligation
to pay Rueb $1,000), and Rueb will have to disgorge in full any monies and
benefits received pursuant to this Agreement other than the $1,000 sum.

Dated: March 8, 2002
                                               ________________________________
                                               Roy T. Rueb

Subscribed and sworn to before
me this 8th day of March, 2002.

______________________________________________
Notary Public

Dated: March 8, 2002                           PENTAIR, INC.

                                               By______________________________
                                               Its_____________________________

Subscribed and sworn to before
me this 8th day of March, 2002.

____________________________________
Notary Public

                                  Page 8 of 8

<PAGE>

                                   SCHEDULE A

                          Positions Held by Roy T. Rueb
                                   at Pentair
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
 Company                                       Title
-----------------------------------------------------------------------------------------------------
 <S>                                           <C>
 Pentair, Inc.                                 Vice President, Treasurer & Secretary
-----------------------------------------------------------------------------------------------------
 Porter-Cable Corporation                      Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Pentair Tool & Equipment Sales Company        Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Delta International Machinery Corporation     Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Pentair Taiwan LLC                            Director
-----------------------------------------------------------------------------------------------------
 Pentair Taiwan LLC                            Nominal Ownership
-----------------------------------------------------------------------------------------------------
 Biesemeyer Manufacturing Corporation          Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Flex Elektrowerkzeuge GmbH                    Prokurist
-----------------------------------------------------------------------------------------------------
 Porter-Cable de Mexico S.A. de C.V.           Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Pentair Asia Holdings SARL                    Manager
-----------------------------------------------------------------------------------------------------
 Porter-Cable Argentina S.r.l.                 Secretary
-----------------------------------------------------------------------------------------------------
 Porter-Cable Argentina LLC                    Chief Financial Manager/ Treasurer/Secretary; Governor
-----------------------------------------------------------------------------------------------------
 DeVilbiss Air Power Company                   Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Falcon Manufacturing, Inc.                    Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Pentair Pump Group Inc.                       Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Aplex Industries, Inc.                        Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Pentair Water Treatment Company (Taiwan)      Shareholder
-----------------------------------------------------------------------------------------------------
 Pentair Pool Products, Inc.                   Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Compool, Inc.
                                               Treasurer; Secretary; Director
 Rainbow Acquisition Corporation
-----------------------------------------------------------------------------------------------------
 Purex Pool Systems, Inc.
                                               Treasurer; Secretary; Director
 Enpac Corporation
-----------------------------------------------------------------------------------------------------
 National Pool Tile Group, Inc.                Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Fleck Controls, Inc.                          Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Structural  (Essef Corporation)               Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
-----------------------------------------------------------------------------------------------------
 Company                                       Title
-----------------------------------------------------------------------------------------------------
 <S>                                           <C>
 Structural Fibers International

 Structural Ontario

 EPPS Limited
                                               Treasurer; Secretary; Director
 Codeline Corporation

 Structural Australia

 Darby Engineering
-----------------------------------------------------------------------------------------------------
 Pentair Water India Private Limited           Treasurer; Secretary
 (Structural India Private Limited)
-----------------------------------------------------------------------------------------------------
 Pentair Water Belgium (Structural             Treasurer; Secretary; Director
 Europe NV)
-----------------------------------------------------------------------------------------------------
 Sanford Technologies                          Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Hoffman Enclosures, Inc.                      Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Hoffman Engineering Co Limited                Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Hoffman Engineering, S.A. de C.V. de SrL      Treasurer; Secretary
-----------------------------------------------------------------------------------------------------
 Pentair Electronic Packaging Company          Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Schroff, Inc.                                 Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Web Tool & Manufacturing, Inc.                Treasurer; Secretary
-----------------------------------------------------------------------------------------------------
 WTM, Inc.                                     Treasurer; Secretary
-----------------------------------------------------------------------------------------------------
 Electronic Enclosures, Inc.                   Treasurer; Secretary
-----------------------------------------------------------------------------------------------------
 Pentair Enclosures, Inc.                      Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Schroff, GmbH                                 Prokurist
-----------------------------------------------------------------------------------------------------
 Schroff U.K. Ltd.                             Secretary; Director
-----------------------------------------------------------------------------------------------------
 Pentair Enclosures Ltd.

 Optima Enclosures Limited

 Eraba Holdings Limited

 Nekevets Limited                              Director; Secretary

 Optima Holdings Limited

 Eraba Limited

 Eraba Engineering Limited
-----------------------------------------------------------------------------------------------------
 Hoffman-Schroff PTE Ltd.                      Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
 Pentair Global SARL                           Director
-----------------------------------------------------------------------------------------------------
 Europentair,GmbH                              Prokurist
-----------------------------------------------------------------------------------------------------
 Pentair U.K. Ltd.                             Director; Secretary
-----------------------------------------------------------------------------------------------------
 Pentair Canada, Inc.                          Treasurer; Secretary
-----------------------------------------------------------------------------------------------------
 Pentair Asia, PTE Ltd.                        Treasurer; Secretary; Director
-----------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
-------------------------------------------------------------------------------------------------
Company                                  Title
-------------------------------------------------------------------------------------------------
<S>                                      <C>
Pentair Pacific Rim Limited              Treasurer; Secretary
-------------------------------------------------------------------------------------------------
Hoffman Enclosures (Mex), LLC            Secretary; Director
-------------------------------------------------------------------------------------------------
Palker Dickson, Inc.                     Treasurer; Secretary
-------------------------------------------------------------------------------------------------
Penwald Insurance Company                Treasurer; Secretary
-------------------------------------------------------------------------------------------------
Pentair Foreign Sales Corporation        Treasurer; Secretary; Director
-------------------------------------------------------------------------------------------------
Pentair Financial Services Ireland       Director; Treasurer
-------------------------------------------------------------------------------------------------
Pentair Nova Scotia, Co.                 Director; Treasurer; Secretary
-------------------------------------------------------------------------------------------------
Pentair Halifax, Incorporated            Director; Treasurer; Secretary
-------------------------------------------------------------------------------------------------
McNeil (Ohio) Corporation                Treasurer; Secretary; Director
-------------------------------------------------------------------------------------------------
Essef Mfg. FSC                           Treasurer; Secretary; Director
-------------------------------------------------------------------------------------------------
EuroPentair Vermugens verweltung GmbH    Prokurist
-------------------------------------------------------------------------------------------------
Century Manufacturing Co.                Treasurer; Secretary; Director
-------------------------------------------------------------------------------------------------
Lincoln Automotive Company               Treasurer; Secretary; Director
-------------------------------------------------------------------------------------------------
Apno, SA de CV                           Treasurer; Secretary; Director
-------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                 SCHEDULE B

                     Fiduciary Positions Held by Roy T. Rueb
                                 at Pentair

<TABLE>
Committee/Plan                                    Title
-------------------------------------------------------------------------------------------
<S>                                               <C>
Bargaining and Non-Bargaining Pension Plans       Member
------------------------------------------------------------------------------------------
Retirement Savings & Stock Incentive Plan         Member
-------------------------------------------------------------------------------------------
International Stock Purchase and Bonus Plan       Member
-------------------------------------------------------------------------------------------

The Pentair Foundation                            Treasurer; Secretary
-------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                   SCHEDULE C

                KEY EXECUTIVE EMPLOYMENT AND SEVERANCE AGREEMENT
                                    RELEASE

     WHEREAS, the undersigned Roy T. Rueb ("Rueb") and Pentair, Inc., a
Minnesota corporation, ("Pentair") entered into a Retirement Agreement and
Release executed by Rueb on March 8, 2002 and by Pentair on March 11, 2002 (the
"Retirement Agreement").

     WHEREAS, Rueb was a party to a Key Executive Employment and Severance
Agreement, dated August 23, 2000, with Pentair (the "KEESA").

     WHEREAS, Section 3 of the Retirement Agreement provides that Rueb's
terminated on the date of termination of his active duties as an executive
officer with Pentair, December 31,2001.

     WHEREAS, Rueb desires to execute this release of Pentair from its
obligations under the KEESA by executing this Key Executive Employment and
Severance Release (this "Release"), in accordance with Section 13 of the
Retirement Agreement.

     NOW, THEREFORE, in consideration of the benefits and payments provided
under the Retirement Agreement in connection with the cessation of Rueb's
employment with Pentair as an executive officer and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Rueb hereby agrees as follows:

     Rueb agrees that the KEESA was terminated and ceased to be effective as of
December 31, 2001 and are and shall be of no further force and effect. Without
limiting the foregoing, Rueb agrees that, in the event of a Change in Control
of the Company (as such term is defined in the KEESA) after December 31, 2001,
the cessation of Rueb's employment with the Company as an executive officer
shall not be deemed to be a Covered Termination (as such term is defined in the
KEESA) for purposes of the KEESA and Section 2(b) of the KEESA is hereby
amended to reflect such agreement.
     Rueb, on behalf of himself, his spouse, heirs, executors, administrators,
agents, successors, assigns and representatives of any kind (hereinafter
collectively referred to as the "Releasers") hereby absolutely, unconditionally
and irrevocably releases and discharges, its subsidiaries, affiliates, their
employees, successors, assigns, executors, trustees, directors, advisors,
agents and representatives, and all their respective predecessors and
successors (hereinafter collectively referred to as the "Releasees"), from (a)
any and all obligations whatsoever under the KEESA, including, without
limitation, with respect to salary, bonus or incentive compensation, fringe
benefits, vacation and holiday payments, termination or severance payments,
insurance, outplacement services, vesting of benefits and employment Pentair,
and (b) any and all actions, causes of action, demands, suits, charges,
damages, attorneys' fees, costs, expenses, damages, judgments, orders and
liabilities and claims of any kind whatsoever arising out of the KEESA, whether
in law or equity, whether known or unknown, whether fixed or

<PAGE>

contingent, which any of the Releasers ever had, now has or hereafter can,
shall or may have against any of the Releasees.
     Rueb agrees that the provisions of this Release are contractual and not a
mere recital and that Rueb enters into this Release as a result of significant
consideration. Rueb acknowledges that before signing this Release he has
received and reviewed in detail this Release, that he fully understands the
terms, content and effect of this Release and that he has had the opportunity
to obtain advice from an attorney of his own choosing and has had an
opportunity to ask questions of, and receive answers from Pentair, with respect
to the matters covered by this Release.
     This Release will be subject to and interpreted pursuant to the internal
laws of the State of Minnesota.
     This Release shall extend to and be binding upon Rueb and his successors
and assigns, and shall inure to the benefit of Pentair and its successors and
assigns.
     IN WITNESS WHEREOF, Rueb has executed this Release as of the 8th day of
March, 2002.

                                                 ______________________________
                                                 Roy T. Rueb

                                                 Pentair, Inc.

                                                 ______________________________
                                                 By: __________________________
                                                 Its: _________________________<PAGE>

Exhibit 10.28

                        SEPARATION AGREEMENT AND RELEASE

          THIS SEPARATION AGREEMENT AND RELEASE  ("Agreement") is made and
entered into by and between George Danko ("Danko") and Pentair, Inc.
("Pentair").

     1.   Consideration. In consideration for the mutual promises and the
          -------------
payments to Danko as set forth herein, Danko hereby acknowledges the full,
complete, and final settlement of any and all claims, actions, causes of action
or costs, including attorneys' fees, which he might have against Pentair. In
exchange, Pentair hereby acknowledges the full, complete, and final settlement
of any and all claims, actions, causes of action or costs, including attorneys'
fees which it might have against Danko.

     2.   Discharge of Claims. Danko, on behalf of himself, his agents,
          -------------------
representatives, attorneys, assignees, heirs, executors, and administrators
("Releasor"), hereby releases and forever discharges Pentair, and all past and
present employees, agents, insurers, officials,  officers,  directors,
divisions, parents, subsidiaries and successors thereof ("Releasees") from any
and all claims and causes of action of any type arising, or which may have
arisen, out of or in connection with his employment or the termination of his
employment with Pentair, including but not limited to claims, demands or
actions arising under the Federal Fair Labor Standards Act, the Age
Discrimination in Employment Act of 1967, 29 U.S.C. [sec] 626, as amended by
Public Law 101.433 (1990) (the "Older Workers Benefit Protection Act"), Title
VII of the Civil Rights Act of 1964, 42 U.S.C. [sec] 2000e, et seq., the
                                                            -- ---
Americans with Disabilities Act, 29 U.S.C. [sec] 2101, et seq., the Family
                                                       -- ---
Medical Leave Act, the Minnesota Human Rights Act, Minn. Stat. [sec] 363.01, et
                                                                             --
seq., any other federal, state or local statute, ordinance, regulation or order
---
regarding employment, compensation for employment, termination of employment, or
discrimination in employment, and the common law of any state.

         Releasor further understands that this discharge of claims extends to,
but is not limited to, all claims which he may have as of the date of this
Agreement against any Releasee, based upon statutory or common law claims for
defamation, libel, slander, assault, battery, negligent or intentional
infliction of emotional distress, negligent hiring or retention, breach of
contract, promissory estoppel, fraud, wrongful discharge, or any other theory,
whether legal or equitable, including all claims for items of compensation and
benefits except as prohibited by law.

     3.   Confidential Information Acquired During Employment. Danko agrees that
          ---------------------------------------------------
he will continue to treat as private and privileged any information, data,
figures, projections, estimates, marketing plans, customer lists, lists of
contract workers, tax records, personnel records, accounting procedures,
formulas, contracts, business partners, alliances, ventures and all other
confidential information which Danko either developed or acquired while working
for Pentair or any affiliate. Further, Danko agrees that he will not release
any such information to any person, firm, corporation or other entity at any
time, except as may be required by law, or as agreed to in writing by Pentair.
Danko acknowledges that any violation of this non-disclosure provision shall
entitle Pentair to appropriate injunctive relief and to any damages which it
may sustain due to an improper disclosure.

     4.   Confidentiality. Danko represents and agrees that he will keep the
          ---------------
terms and existence of this Agreement completely confidential, and that he will
not disclose any information concerning this Agreement to anyone, except for
his counsel, tax accountant, or spouse, if any, each of whom shall also be
advised to keep the existence of this Agreement and its terms and conditions in
the strictest confidence, or except as may be required by law or otherwise
agreed to in writing by Pentair. Pentair represents and agrees that it

                                     -1-

<PAGE>

will keep the terms and existence of this Agreement confidential, except as
required by law or regulation or otherwise agreed to in writing by Danko.

     5.   Non-Solicitation/Non-Competition Agreement. Danko acknowledges that
          ------------------------------------------
during his employment at Pentair and with its subsidiaries and affiliates, he
became familiar with trade secrets, know-how, executive personnel, business
strategies, product development and other confidential and proprietary
information concerning the business of Pentair's Enclosures Group (the
"Group"). In consideration for the benefits paid to Danko under this Agreement
(including, but not limited to, those benefits in Paragraph 11.b hereof), Danko
agrees that he shall not, either directly or indirectly, for a period of one
(1) year from the Separation Date as defined in Paragraph 7 of this Agreement,
and without the prior written consent of Pentair:

              a.  own, manage, control, participate in, consult with or render
     services of any kind for any concern which engages in a business which is
     competitive with any business being conducted, or contemplated being
     conducted, by the Group as of October 17, 2001;

              b.  become an employee or agent of any publicly traded
     corporation or other entity, or any division or subsidiary of such a
     corporation or entity, where more than ten percent (10%) of such
     organization's business is in competition with any business being
     conducted, or contemplated being conducted, by the Group as of the
     Separation Date, unless the annual sales of such organization do not
     exceed $40 million;

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

              d.  induce or attempt to induce any individual to leave the
     employ of Pentair or any Group member or hire any such individual who
     approaches him or her for employment; or

              e.  engage in or sponsor the solicitation of customers of any
     Group member to do business with any competitor of such organization.

     In the event Danko breaches any obligation under paragraph 5 of this
Agreement, the Company shall have no obligation to make any payments
contemplated under paragraph 11.b hereof, and, in such event, Danko shall
forfeit any right to payments under paragraph 11.b hereof.

     6.   No Wrongdoing. Danko and Pentair agree and acknowledge that the
          -------------
consideration exchanged herein does not constitute, and shall not be construed
as, an admission of liability or wrongdoing on the part of Pentair or the
Group, and that this Agreement shall not be admissible in any proceeding as
evidence of liability or wrongdoing by anyone.

     7.   Separation from Service. Danko's employment with the Pentair and the
          -----------------------
Group ends effective November 30, 2001 (the "Separation Date"). Danko ceased to
perform duties as an employee or officer of Pentair in the positions listed on
the attached Schedule A as of October 17, 2001. Danko will not apply for or
seek employment or re-employment with Pentair or any Group member at any time
after he signs this Agreement.

     8.   Consulting/Transition Payments. Danko shall receive three payments of
          ------------------------------
$13,125.00 for remaining available to consult with the company regarding the
transition of his responsibilities, less FICA,

                                     -2-

<PAGE>

income tax, and other withholding or payroll deductions as outlined in this
Agreement or which Pentair may be required by law to make. These payments shall
be payable according to Pentair's usual payroll cycle starting on October 30 or
immediately following the expiration date of the rescission period described in
Paragraph 23, whichever occurs first.

     9.   Severance Payment. Provided Danko does not rescind the Agreement in
          -----------------
the manner provided in Paragraph 23 of the Agreement, he will receive
twenty-four (24) semi-monthly severance payments of $ 13,125.00 each (less
FICA, income tax, and other withholding or payroll deductions as outlined in
this Agreement or which Pentair may be required by law to make). These
severance payments shall be payable according to Pentair's usual payroll cycle
starting on or immediately following the expiration date of the rescission
period described in said Paragraph 23. Danko shall receive all such severance
payments regardless of whether he secures other employment prior to November
30, 2002. This severance payment will not be considered eligible earnings for
purposes of determining benefits under the Pentair Pension Plan or the Pentair
Retirement Savings and Stock Incentive Plan.

     10.  Management Incentive Plan. A payment will be made under Pentair's
          -------------------------
Management Incentive Plan to Danko in March of 2002 calculated as if he had
been eligible for a prorated MIP payment as of his separation date. Such
payment will be calculated on the basis of a 1.0 multiplier and an SPF of 0.2
or such other calculation made for other officers receiving payments in March
2002, whichever is greater and, in any case, shall be not less than $26,460.

     11.  Stock and Equity Awards. Outstanding awards made to Danko under the
          -----------------------
Pentair Omnibus Stock Incentive Plan (the "Omnibus Plan") and other equity
awards shall be paid as described below. Danko understands and agrees that the
payment of these awards as described herein is discretionary and not required
under the normal policies and procedures of Pentair, and that he would not be
entitled to these benefits without this Agreement.

              a.  Restricted Stock. Nine hundred seventy two (972) shares of
                  ----------------
     restricted stock awarded to Danko through the Separation Date under the
     Omnibus Plan as a result of the Stock Incentive Plan shall, to the extent
     not currently vested, be vested immediately following the expiration of
     the rescission period described in said Paragraph 23. Rights to any other
     shares of restricted stock heretofore awarded to Danko but not vested,
     including specifically but not exclusively all remaining TARSAP shares,
     are hereby terminated.

              b.  Incentive Compensation Units ("ICUs"). All ICUs awarded to
                  -------------------------------------
     Danko through the Separation Date under the Omnibus Plan shall be
     deemed to be fully vested immediately following the expiration of the
     rescission period described in said Paragraph 23 without regard to the
     vesting period stated at the time of grant. Said awards shall be valued
     calculated by using a multiplier of 0.70, which value shall be not less
     than $236,059, and paid to Danko according to the usual payment
     schedule.

              c.  Stock Options. Immediately following the expiration of the
                  -------------
     rescission period described in said Paragraph 23 all vested stock
     options granted to Danko through the Separation Date under the Omnibus
     Plan and two-thirds of the stock Options granted to Danko in 2001 shall
     remain outstanding and exercisable by him through the earlier of their
     original maturity date and three (3) years from the Separation Date;
     provided, however, that the date any such option is first exercisable
     shall not be accelerated. Attached as Schedule C to this Agreement is a
     listing of such vested stock options, whether incentive or
     non-qualified stock options, and the dates of first exercisability and
     lapse thereof in accordance with the terms of this paragraph c.

                                     -3-

<PAGE>

              To the extent options designated as incentive stock options
     are exercised within thirty (30) days of the last day of Danko's
     employment, they shall retain their status as qualified options, to the
     extent otherwise qualifying as incentive stock options; options
     exercised after this thirty (30) day period shall be treated as
     nonqualified options.

              In the event Danko shall sell any Pentair common stock
     acquired pursuant to the exercise of an incentive stock option in a
     disqualifying disposition, Danko shall immediately notify Pentair of
     such disposition and supply all information with respect to such sale
     as is reasonably requested by Pentair. This notification obligation
     shall apply regardless of whether such options were exercised before or
     after the Separation Date. For purposes of this subparagraph, any
     disposition of Pentair common stock received upon exercise of an
     incentive stock option, within twelve (12) months of such exercise,
     shall constitute a disqualifying disposition.

              In the event Danko should die before all such options have
     been exercised or otherwise lapse, then the beneficiary designated by
     Danko shall have six (6) months from Danko's death to exercise any
     options then outstanding. Any options not so exercised shall lapse at
     the end of said six (6) month period.

     12.  Retirement Benefits. Danko shall receive payment from the
          -------------------
tax-qualified and non-qualified retirement plans maintained by Pentair as
follows:

              a.  Pentair Pension Plan. Danko shall be entitled to receive
                  --------------------
     payment of his vested accrued benefit under the Pentair Pension Plan,
     determined as of the Separation Date, in accordance with applicable
     provisions of that plan. From and after the Separation Date, Danko
     shall cease to be eligible to accrue additional benefits under the
     Pentair Pension Plan.

              The benefits described herein are in lieu of benefits under
     either the 1988 or 1999 Supplemental Executive Retirement Plans, and
     Danko has not yet earned, nor is he now entitled to, payment of a
     benefit under either of said plans.

              b.  Retirement Savings and Stock Incentive Plan ("RSIP"). Danko
                  ----------------------------------------------------
     shall be entitled to receive payment of his vested accrued benefit
     under RSIP in accordance with applicable provisions of that plan. Danko
     shall remain a participant in RSIP until such time as he requests and
     receives payment of his vested accrued benefit. From and after the
     Separation Date, Danko shall not be entitled to make contributions to
     RSIP, but shall be entitled to share in allocations of contributions
     made by Pentair after such date, including matching or employer
     discretionary contributions payable on account of service completed,
     deferrals made or salary paid to Danko through the Separation Date, to
     the extent required by applicable provisions of RSIP.

              c.  Non-Qualified Deferred Compensation Plan ("Sidekick").
                  -----------------------------------------------------
     Danko shall be entitled to receive payment of all amounts payable to
     him under the terms and conditions of the Sidekick in accordance with
     the applicable provisions of said plan. From and after the Separation
     Date, Danko shall not be entitled to make contributions to Sidekick,
     but shall be entitled to share in allocations of contributions made by
     Pentair after such date, including matching or employer discretionary
     contributions payable on account of service completed, deferrals made
     or salary paid to Danko through the Separation Date, to the extent
     required by applicable provisions of Sidekick.

                                     -4-

<PAGE>

              d.  Other Deferred Compensation Plan. To the extent Danko may
                  --------------------------------
     have amounts payable to him by reason of his participation in the
     deferred compensation plan maintained by Pentair prior to
     implementation of Sidekick, Danko shall be entitled to receive payment
     of such deferred compensation in accordance with the annual payment
     elections made by him during the time he elected to participate in such
     plan.

     13.  Insurance Benefits. Danko shall be eligible to elect to continue
          -------------------
participation in various medical, dental, life and disability insurance
benefits offered by Pentair as follows:

              a.  Medical and Dental Insurance. In the event Danko elects to
                  ----------------------------
     continue participating in such medical and dental insurance programs as
     are made available to employees of Pentair, the cost of continuing such
     benefits shall be shared by Pentair and Danko on the same basis as if
     Danko had remained an employee of Pentair until the earlier of such
     time as he is eligible for such coverage with a subsequent employer or
     eighteen (18) months from the Separation Date. Beginning December 1,
     2001 Danko shall reimburse Pentair for his share of the applicable
     premium cost. Danko acknowledges that he would not be entitled to
     continue these benefits by paying the same premium charge as is paid by
     an active employee without this Agreement. For purposes of COBRA, the
     continuation period shall begin on the Separation Date. At the
     expiration of the maximum continuation period, Danko shall be offered
     such conversion rights as are then being made available by the then
     insurer.

              b.  Disability and Life Insurance. Danko will be covered under
                  -----------------------------
     the Pentair group life (including dependent life), short-term
     disability and long-term disability plans, as amended from time to
     time, through the Separation Date. After the Separation Date, Danko may
     elect to arrange for continuation of coverage, if available under any
     such plans, and all premiums for such coverage shall be paid solely by
     Danko.

              c.  Flexible Benefit Plan. Danko shall be offered the opportunity
                  ---------------------
     to continue participation in the Pentair Flexible Benefit Plan consistent
     with the terms and provisions of said plan, which requires such
     continuation contributions to be made on an after-tax basis.

     14.  Other Benefits or Payments. Danko shall be entitled to receive other
          --------------------------
payments and benefits as described below. Danko understands and agrees that
without this Agreement, he would not be entitled to any of such benefits or
payments.

              a.  Flexible Perquisite Account. Pentair will pay to Danko a
                  ---------------------------
     maximum of $20,000 for the year 2001 under the Pentair Flexible
     Perquisite Plan. Any amounts not theretofore paid to Danko or for his
     benefit pursuant to the plan provisions as of December 15, 2001 shall
     be paid to Danko on such date. No payments will be made until the
     expiration of the rescission period described in said Paragraph 23.

              b.  Company Vehicle. Danko may elect to return to Pentair the
                  ---------------
     vehicle provided to him by Pentair which is currently in his
     possession, to purchase the vehicle on the Separation Date or assume
     the vehicle lease. The Flexible Perquisite Account benefit described in
     the preceding paragraph may be used to offset the vehicle purchase
     price if such benefit is not otherwise paid to Danko in cash. In the
     event Danko elects to retain the vehicle, all applicable sales or other
     taxes and transfer fees shall be paid by Danko.

                                     -5-

<PAGE>

              c.  Business Expenses. Pentair will reimburse Danko for all
                  -----------------
     business expenses incurred by him in the active performance of his duties
     on behalf of Pentair through November 30, 2001, provided Danko submits
     proper documentation for such expenses.

     15.  Non-Disparagement. Pentair agrees that neither it nor any of its
          -----------------
executive officers shall disparage or defame Danko in any respect concerning
the employment relationship between them.

     16.  Vacation Pay. Pentair will pay to Danko vacation pay for nine
          ------------
(9) accrued but unused vacation days. No payments will be made until the
expiration of the rescission period described in said Paragraph 23.

     17.  Executive Outplacement. Pentair will pay $31,500 for the purpose
          ----------------------
of obtaining outplacement services with Lee Hecht Harrison for Danko's benefit.

     18.  Cooperation. Danko agrees that, at the request of Pentair, Danko
          -----------
will cooperate with and assist Pentair or any other Group member in any matters
involving claims or lawsuits by or against Pentair or any Group member as
requested by Pentair where Danko has knowledge of the facts involved; provided,
however, that to be extent that such cooperation and assistance requires more
than nominal time, Danko will be compensated for his time reasonably required
to render such assistance, at the hourly rate of $200. In addition, Danko
agrees that he will, at the reasonable request of Pentair, execute, if and as
necessary, any further documents or instruments necessary or appropriate to
evidence his separation from service as an officer or director of any Group.
Danko further agrees that he will not voluntarily aid, assist, or cooperate
with anyone who has claims against Pentair or any Group member or with their
attorneys or agents in any claims or lawsuits which such person may bring
against Pentair or any Group member. Nothing in this Agreement prevents Danko
from testifying at an administrative hearing, arbitration, deposition, or in
court, in response to a lawful and properly served subpoena.

     19.  Releases under Other Agreements. Danko acknowledges that the
          -------------------------------
following agreements:

              (a) Key Executive Employment and Severance Agreement entered
     into as of August 23, 2000 between Danko and Pentair (the "KEESA"); and

              (b) Retention Agreement entered into as of April 8, 2001 between
     Danko and Pentair (the "Retention Agreement");

were terminated on October 17, 2001, the date of cessation of his active duties
with Pentair and that he has no claims under the KEESA and the Retention
Agreement against Pentair or any other person. Further Danko agrees to execute
the Key Executive Employment and Severance Agreement and Retention Agreement
Release in the form attached as Schedule B.

     20.  Minnesota Law Applies. The terms of this Agreement will be
          ---------------------
governed by the substantive laws of the State of Minnesota, without regard or
any choice or conflict of laws provisions thereof, and shall be construed and
enforced thereunder. All disputes arising out of or relating to this Agreement
shall be subject to the jurisdiction of the state court sitting in the County
of Hennepin, State of Minnesota, and both parties hereby irrevocably submit to
the jurisdiction of such court.

     21.  Merger. This Agreement supersedes and replaces all prior oral and
          ------
written agreements and understandings between Danko and Pentair or any
affiliate. Danko understands and agrees that all claims which he has or may have
against Pentair or any affiliate are fully released and discharged by this

                                     -6-

<PAGE>

Agreement. Except to the extent otherwise required by law, the only claims which
Danko may hereafter assert against Pentair are limited to an alleged breach of
this Agreement.

     22.  Invalidity. If any one or more of the terms of this Agreement are
          ----------
deemed to be invalid or unenforceable by a court of competent jurisdiction, the
validity, enforceability, and legality of the remaining provisions of this
Agreement will not in any way be affected or impaired thereby.

     23.  Danko Understands the Terms of this Agreement. Danko warrants
          ---------------------------------------------
that (a) other than as stated herein, no promise or inducement has been offered
for this Agreement; (b) this Agreement is executed without reliance upon any
statement or representation of any representatives of Pentair concerning the
nature and extent of any claims or liability therefor, if any; (c) Danko is
legally competent to execute this Agreement and accepts full responsibility
therefor; (d) Pentair, by this Agreement, has advised Danko to consult with an
attorney of his choice regarding the purpose and effect of this Agreement; (e)
Pentair has allowed Danko at least twenty-one (21) days within which to
consider this Agreement, after which time it will be automatically withdrawn
without further notice; (f) Danko understands that he may nullify and rescind
this Agreement as far as it extends to his release of claims arising under
Minn. Stat.[sec] 363.01 et seq., the Minnesota Human Rights Act, and under the
                        -- ---
Age Discrimination in Employment Act of 1967, 29 U.S.C.[sec] 626, as amended by
Public Law 101.433 (1990) (the "Older Workers Benefit Protection Act") at any
time within fifteen (15) days from the date of his signature below and, in the
event of such election, Danko shall only be entitled to receive $1,000 which the
parties acknowledge is consideration for Danko's release of all claims other
than those arising under Minn. Stat.[sec] 363.01 et seq., the Minnesota Human
                                                 -- ---
Rights Act, and under the Age Discrimination in Employment Act of 1967, 29
U.S.C.[sec] 626, as amended by Public Law 101.433 (1990) (the "Older Workers
Benefit Protection Act"); (g) in the event Danko elects to nullify and rescind
portions of his release under this Agreement pursuant to (f) of this paragraph,
he must indicate his desire to do so in writing and deliver that writing to Deb
S. Knutson, Vice President, Human Resources, Pentair, Inc., Waters Edge Plaza,
1500 County Road B2 West, St. Paul, MN 55113-3105, by hand or by certified mail;
and (g) Danko further understands that if he exercises his rescission rights
hereunder, Pentair will not be bound by the terms of this Agreement (except the
obligation to pay Danko $1,000), and Danko will have to disgorge in full any
monies and benefits received pursuant to this Agreement other than the $1,000
sum.

Dated:  December 4, 2001
                                     ______________________________________
                                     George Danko

Subscribed and sworn to before me
this 4 th day of December, 2001.

_____________________________________
Notary Public

Dated: December 3, 2001              PENTAIR, INC.

                                     By________________________________________

                                     Its_______________________________________

                                     -7-

<PAGE>

Subscribed and sworn to before me
this 3 rd day of December, 2001.

___________________________________
Notary Public

                                     -8-

<PAGE>

                                  SCHEDULE A

                        Positions Held by George Danko
                         at Pentair and Subsidiaries

        ------------------------------------------------------------
                Company                              Title
        ------------------------------------------------------------
         Pentair, Inc.                   President and COO,
                                         Enclosures Group, Employee
        ------------------------------------------------------------
         Hoffman Enclosures Inc.         Chairman, Director
        ------------------------------------------------------------
         Hoffman Engineering, S. A. de   Chief Executive Officer,
         C. V. de SrL                    Director
        ------------------------------------------------------------
         Pentair Electronic Packaging    Chairman, Director
         Company
        ------------------------------------------------------------
         Schroff, Inc.                   Chairman, Director
        ------------------------------------------------------------
         Web Tool & Manufacturing,       Chairman, Director
         Inc.
        ------------------------------------------------------------
         WTM, Inc.                       Chairman, Director
        ------------------------------------------------------------
         Electronic Enclosures, Inc.     Chairman, Director
        ------------------------------------------------------------
         Schroff GmbH                    Geschaftsfuhrer
        ------------------------------------------------------------
         Pentair Enclosures Ltd.         Director
        ------------------------------------------------------------
         Optima Enclosures Limited       Director
        ------------------------------------------------------------
         Eraba Holdings Limited          Director
        ------------------------------------------------------------
         Optima Holdings Limited         Director
        ------------------------------------------------------------
         Eraba Limited                   Director
        ------------------------------------------------------------
         Eraba Engineering Limited       Director
        ------------------------------------------------------------
         Hoffman Enclosures (MEX)        Director
         LLC
        ------------------------------------------------------------
         Walker Dickson, inc.            Chairman, Director
        ------------------------------------------------------------

        ------------------------------------------------------------

        ------------------------------------------------------------

                                      A-1

<PAGE>

                                  SCHEDULE B

               KEY EXECUTIVE EMPLOYMENT AND SEVERANCE AGREEMENT
                       AND RETENTION AGREEMENT RELEASE

         WHEREAS, the undersigned George M. Danko ("Danko") and Pentair, Inc.,
a Minnesota corporation, ("Pentair") entered into a Separation Agreement and
Release executed by Danko on December 4, 2001 and by Pentair on December 3,
2001 (the "Separation Agreement").

         WHEREAS, Danko was a party to a Key Executive Employment and Severance
Agreement, dated August 23, 2000, with Pentair (the "KEESA") and a Retention
Agreement, dated April 8, 2001, with Pentair (the "Retention Agreement").

         WHEREAS, Section 18 of the Separation Agreement provides that Danko's
KEESA and the Retention Agreement terminated on the date of termination of his
active duties with Pentair, October 17, 2001.

         NOW, THEREFORE, in consideration of the benefits and payments provided
under the Separation Agreement in connection with the cessation of Danko's
employment with Pentair and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Danko hereby agrees
as follows:

         Danko agrees that each of the KEESA and the Retention Agreement was
terminated and ceased to be effective as of October 17, 2001 and are and shall
be of no further force and effect. Without limiting the foregoing, Danko agrees
that, in the event of a Change in Control of the Company (as such term is
defined in the KEESA) after October 17, 2001, the cessation of Danko's
employment with the Company shall not be deemed to be a Covered Termination (as
such term is defined in the KEESA) for purposes of the KEESA and Section 2(b) of
the KEESA is hereby amended to reflect such agreement.

         Danko, on behalf of himself, his spouse, heirs, executors,
administrators, agents, successors, assigns and representatives of any kind
(hereinafter collectively referred to as the "Releasors") hereby absolutely,
unconditionally and irrevocably releases and discharges, its subsidiaries,
affiliates, their employees, successors, assigns, executors, trustees,
directors, advisors, agents and representatives, and all their respective
predecessors and successors (hereinafter collectively referred to as the
"Releasees"), from (a) any and all obligations whatsoever under the KEESA and
the Retention Agreement, including, without limitation, with respect to salary,
bonus or incentive compensation, fringe benefits, vacation and holiday
payments, termination or severance payments, insurance, outplacement services,
vesting of benefits and employment Pentair, and (b) any and all actions, causes
of action, demands, suits, charges, damages, attorneys' fees, costs, expenses,
damages, judgments, orders and liabilities and claims of any kind whatsoever
arising out of the KEESA and the Retention Agreement, whether in law or equity,
whether known or unknown, whether fixed or contingent, which any of the
Releasors ever had, now has or hereafter can, shall or may have against any of
the Releasees.

         Danko agrees that the provisions of this Release are contractual and
not a mere recital and that Danko enters into this Release as a result of
consideration given under the Separation Agreement. Danko acknowledges that
before signing this Release he has received and reviewed in detail this
Release, that he fully understands the terms, content and effect of this Release
and that he has had the opportunity to obtain advice from an attorney of his
own choosing and has had an opportunity to ask questions of, and receive
answers from Pentair, with respect to the matters covered by this Release.

                                     B-1

<PAGE>

         This Release will be subject to and interpreted pursuant to the
internal laws of the State of Minnesota.

         This Release shall extend to and be binding upon Danko and his
successors and assigns, and shall inure to the benefit of Pentair and its
successors and assigns.

         IN WITNESS WHEREOF, Danko has executed this Release as of the 4 th day
of December, 2001.

                                         Pentair, Inc.
_____________________________
George M. Danko

                                         By: ________________________________

                                         Its:_______________________________

                                     B-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]