Document:

Form of Executive Officer Stock Option Grant Agreement

 Exhibit 10.4 
 Executive Officer Version 
 PENTAIR LTD. 2012 STOCK AND INCENTIVE PLAN

 GRANT AGREEMENT 
 STOCK OPTIONS 
 [Name of Grantee]: 

The Compensation Committee has awarded you the following grant under the Pentair Ltd. 2012 Stock and Incentive Plan (the “Plan”). 

Grant Information 
 Number
of Stock Options Granted:                      
 Expiration Date: 10th anniversary of the Date of Grant 
 Vesting Schedule: The options vest over the following
schedule: 
             of the options on the
            anniversary of the Date of Grant 

            of the options on the
            anniversary of the Date of Grant 

            of the options on the
            anniversary of the Date of Grant 
 Type of Option: Incentive stock
options to the extent permitted under the Plan 
 Specific terms of this grant not described above, such as the Date of Grant and the Grant
Price, are set forth in the cover letter that accompanies this grant agreement. 
 Terms and Conditions of this Grant

  

	 	•	 	 Your Stock Options may be exercised only after they become vested. Your Stock Options may not be exercised after the expiration date set forth above,
or the earlier date that these Stock Options terminate in connection with your termination of service in accordance with the terms of the Plan. Stock Options can only be exercised if the Fair Market Value of the Shares being exercised exceeds the
grant price for those Shares. 

  

	 	•	 	 If your service with the Company terminates (for any reason except for Cause), you may exercise those Stock Options which have vested as of the last
day of your service for up to 90 days after your termination date or, if earlier, the expiration date of the Stock Options. Exceptions are made for termination of service due to such reasons as death, Retirement or Disability, in accordance with the
terms of the Plan. If your service with the Company terminates for Cause, all of your Stock Options (both vested and unvested) shall terminate no later than your last day of service. In addition, if after your service terminates the Company
determines that your service could have been terminated for Cause had all relevant facts been known at the time of your termination, then the Company may terminate all of your Stock Options (whether vested or unvested) immediately upon such
determination, and you will be prohibited from exercising your Stock Options thereafter. In such event, you will be notified of the termination of your Stock Options. 

	 	•	 	 You have no shareholder rights (e.g. dividends, voting) with respect to the underlying Shares you may purchase by the exercise of these Stock Options
until after you have purchased the Shares. 

  

	 	•	 	 You must pay the grant price and any applicable withholding taxes due upon exercise by one of the methods available under the Company’s exercise
procedures, which may include (1) paying by cash or check, (2) swapping previously-acquired mature Shares or (3) arranging a cashless exercise through the Company’s designated broker. Please refer to the Frequently Asked
Questions (FAQs) for Stock Options for more details. 

 General 

 

	 	•	 	 The grant of this Plan award to you does not limit in any way the right of the Company to terminate your service at any time for any reason, nor does
it guarantee you will receive Plan awards in subsequent years. 

  

	 	•	 	 The vesting of this award may be suspended or delayed as a result of a leave of absence. 

 

	 	•	 	 In addition to the terms and conditions contained in this grant agreement, this award is subject to the provisions of the Plan document and Prospectus
as well as applicable rules and regulations issued under local tax and securities laws and New York Stock Exchange rules. Capitalized terms used in this grant agreement have the meanings given in the Plan. 

 

	 	•	 	 If the Compensation Committee of the Pentair Ltd. Board of Directors (the “Committee”) determines that recoupment of incentive compensation
paid to you pursuant to this grant agreement is required under any law or any recoupment policy of the Company, then your Stock Options will terminate immediately on the date of such determination to the extent required by such law or recoupment
policy, any prior exercise of your Stock Options may be deemed to be rescinded, and the Committee may recoup any such incentive compensation in accordance with such recoupment policy or as required by law. The Company shall have the right to offset
against any other amounts due from the Company to you the amount owed by you hereunder. 

  

	 	•	 	 The Committee may amend or modify the Plan at any time but generally such changes will apply to future Plan awards. The Committee may also amend or
modify this award, but most changes will require your consent. 

  

	 	•	 	 As a condition to the grant of this award, you agree (with such agreement being binding upon your legal representatives, guardians, legatees or
beneficiaries) that this agreement will be interpreted by the Committee and that any interpretation by the Committee of the terms of this agreement or the Plan, and any determination made by the Committee under this agreement or the Plan, will be
final, binding and conclusive. 

  
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	 	•	 	 If you are an officer or other employee of the Company, you agree that, as a key employee of the Company, you may have access to customer lists, trade
secrets and other confidential information of the Company. During your employment or at any time after your employment ends, you agree not to disclose or make available to any person or firm confidential information of the Company, unless such
disclosure is required by law. Any actual or threatened violation of your duty not to divulge confidential information will entitle the Company to legal and equitable remedies, including preliminary and permanent injunctive relief and
attorney’s fees. 

  

	 	•	 	 If you are an officer or other employee of the Company and this option is designated as an “incentive stock option” and if you sell Shares
which were acquired through the exercise of this option within two years from the date of grant or one year from the date of exercise, you must notify the Company’s stock plan administrator of the sale to permit proper treatment of the
compensation expense. 

  

	 	•	 	 For purposes of this agreement, the word “Company” means Pentair Ltd. or any of its subsidiaries or any of their business units.

  
 3Form of Executive Officer Restricted Stock Unit Grant Agreement

 Exhibit 10.5 
 Executive Officer RSU Award 
 PENTAIR LTD. 2012 STOCK AND INCENTIVE PLAN

 GRANT AGREEMENT 
 RESTRICTED STOCK UNITS 
 [Name of Grantee]: 

The Compensation Committee has awarded you the following grant under the Pentair Ltd. 2012 Stock and Incentive Plan (the “Plan”). 

Grant Information 
 Number
of Restricted Stock Units Granted:                      
 Vesting Schedule: The units vest over the following schedule: 

             of the units on the
             anniversary of the Date of Grant 

             of the units on the
             anniversary of the Date of Grant 
 This grant also includes Dividend
Equivalent Units, which are described below. 
 Specific terms of this grant not specified above, such as the Date of Grant and any performance
thresholds for vesting, are set forth in the cover letter that accompanies this grant agreement. 
 Terms and Conditions of this Grant

  

	 	•	 	 The Restricted Stock Units become “vested” on the vesting dates noted above, provided any required performance goals have been satisfied. The
Shares underlying the Restricted Stock Units will be issued upon vesting. In the event the vesting date falls on a weekend day or holiday, the Restricted Stock Units will vest and Shares will be issued on the next trading day.

  

	 	•	 	 You may defer these Restricted Stock Units under the employer’s non-qualified deferred compensation plan. If you make a deferral election, then
the Restricted Stock Units subject to that election will not be paid upon vesting, but will instead be paid pursuant to the terms of the non-qualified deferred compensation plan. 

 

	 	•	 	 Each Restricted Stock Unit includes one Dividend Equivalent Unit. A Dividend Equivalent Unit entitles you to a cash payment equal to the cash dividends
declared on a Share of stock during the vesting period. Payment of the Dividend Equivalent Units will be made to you in cash as soon as practicable after the dividend payment date. Dividend Equivalent Units are not eligible for dividend
reinvestment. 

  

	 	•	 	 If your employment with the Company terminates (voluntarily or involuntarily) before your Restricted Stock Units are 100% vested, then all nonvested
Restricted Stock Units will be forfeited. Exceptions to this rule are made for certain types of terminations, including termination due to death, Disability or Retirement, in accordance with the terms of the Plan. 

	 	•	 	 If the Restricted Stock Units vest upon termination of employment, then the Shares underlying the Restricted Stock Units that vest will be issued
promptly after your termination. If, however, you are a “specified employee” within the meaning of Code Section 409A at the time of your termination and if the Restricted Stock Units vest due to your Retirement or termination as a
result of Disability, then the issuance of the Shares for those vested Restricted Stock Units will be delayed for six months following your termination to the extent needed to comply with Code Section 409A. 

 

	 	•	 	 The Restricted Stock Units will also vest upon a Change of Control provided you are still employed with the Company immediately prior to the Change of
Control. The term “Change of Control” as applied to your Restricted Stock Units is modified to comply with Code Section 409A. 

  

	 	•	 	 You cannot vote Restricted Stock Units. 

  

	 	•	 	 You may not sell, assign, transfer, pledge as collateral or otherwise dispose of your Restricted Stock Units at any time during the vesting period.

 Taxation of Award 
  

	 	•	 	 The Fair Market Value of the Shares that are issued upon vesting of the Restricted Stock Units and the cash paid in respect of Dividend Equivalent
Units generally will be considered taxable compensation, and may be subject to withholding taxes. 

  

	 	•	 	 If you are Retirement eligible while this award is in effect, the value of your Restricted Stock Units that would be vested if you actually retired
will be subject to Federal Insurance Contributions Act (“FICA”) taxes even if the award is not yet paid. Normally, such FICA taxes will be withheld at the end of the calendar year. A similar rule applies upon termination due to Disability
if the issuance of the Shares is subject to the 6-month delay under Code Section 409A. 

  

	 	•	 	 Please refer to the Frequently Asked Questions (FAQs) for Restricted Stock Units for information about the methods of payment of your tax withholding
obligations. 

 General 
  

	 	•	 	 The grant of this Plan award to you does not limit in any way the right of the Company to terminate your employment at any time for any reason, nor
does it guarantee you will receive Plan awards in subsequent years. 

  

	 	•	 	 The vesting of this award may be suspended or delayed as a result of a leave of absence. 

  
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	 	•	 	 In addition to the terms and conditions contained in this grant agreement, this award is subject to the provisions of the Plan document and Prospectus
as well as applicable rules and regulations issued under local tax and securities laws and New York Stock Exchange rules. Capitalized terms used in this grant agreement have the meanings given in the Plan. 

 

	 	•	 	 If the Compensation Committee of the Pentair Ltd. Board of Directors (the “Committee”) determines that recoupment of incentive compensation
paid to you pursuant to this grant agreement is required under any law or any recoupment policy of the Company, then your Restricted Stock Units will terminate immediately on the date of such determination to the extent required by such law or
recoupment policy and the Committee may recoup any such incentive compensation in accordance with such recoupment policy or as required by law. The Company shall have the right to offset against any other amounts due from the Company to you the
amount owed by you hereunder. 

  

	 	•	 	 The Committee may amend or modify the Plan at any time but generally such changes will apply to future Plan awards. The Committee may also amend or
modify this award, but most changes will require your consent. 

  

	 	•	 	 As a condition to the grant of this award, you agree (with such agreement being binding upon your legal representatives, guardians, legatees or
beneficiaries) that this agreement will be interpreted by the Committee and that any interpretation by the Committee of the terms of this agreement or the Plan, and any determination made by the Committee under this agreement or the Plan, will be
final, binding and conclusive. 

  

	 	•	 	 If you are an officer or other employee of the Company, you agree that, as a key employee of the Company, you may have access to customer lists, trade
secrets and other confidential information of the Company. During your employment or at any time after your employment ends, you agree not to disclose or make available to any person or firm confidential information of the Company, unless such
disclosure is required by law. Any actual or threatened violation of your duty not to divulge confidential information will entitle the Company to legal and equitable remedies, including preliminary and permanent injunctive relief and
attorney’s fees. 

  

	 	•	 	 For purposes of this agreement, the word “Company” means Pentair Ltd. or any of its subsidiaries or any of their business units.

  
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