PENTAIR LTD. 2012 STOCK AND INCENTIVE PLAN GRANT AGREEMENT STOCK OPTIONS
Exhibit 10.7
Director Version
PENTAIR LTD. 2012 STOCK AND INCENTIVE PLAN
GRANT AGREEMENT
STOCK OPTIONS
[Name of Grantee]:
The Board of Directors of Pentair Ltd. 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 Xxxxx
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: Nonqualified stock options
Specific terms of this grant not described above, such as the Date of Grant and the Xxxxx Xxxxx, 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 xxxxx xxxxx 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 xxxxx xxxxx 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 guarantee that 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. |
| • | The Board may amend or modify the Plan at any time but generally such changes will apply to future Plan awards. The Board 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 Board and that any interpretation by the Board of the terms of this agreement or the Plan, and any determination made by the Board under this agreement or the Plan, will be final, binding and conclusive. |
| • | 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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