0001193125-12-411468 Sample Contracts

PENTAIR LTD. 2012 STOCK AND INCENTIVE PLAN GRANT AGREEMENT STOCK OPTIONS
Grant Agreement • October 1st, 2012 • Pentair Inc • Special industry machinery (no metalworking machinery)

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

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PENTAIR LTD. 2012 STOCK AND INCENTIVE PLAN GRANT AGREEMENT STOCK OPTIONS
Grant Agreement • October 1st, 2012 • Pentair Inc • Special industry machinery (no metalworking machinery)

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

PENTAIR LTD. 2012 STOCK AND INCENTIVE PLAN GRANT AGREEMENT PERFORMANCE UNITS
Grant Agreement • October 1st, 2012 • Pentair Inc • Special industry machinery (no metalworking machinery)

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

PENTAIR LTD. 2012 STOCK AND INCENTIVE PLAN GRANT AGREEMENT RESTRICTED STOCK UNITS
Grant Agreement • October 1st, 2012 • Pentair Inc • Special industry machinery (no metalworking machinery)

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

PENTAIR LTD. 2012 STOCK AND INCENTIVE PLAN GRANT AGREEMENT RESTRICTED STOCK UNITS
Grant Agreement • October 1st, 2012 • Pentair Inc • Special industry machinery (no metalworking machinery)

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

FORM OF INDEMNIFICATION AGREEMENT
Form of Indemnification Agreement • October 1st, 2012 • Pentair Inc • Special industry machinery (no metalworking machinery) • New York

THIS AGREEMENT is entered into, effective as of [—], by and between Pentair Ltd., a Swiss corporation with its registered office in Schaffhausen, Switzerland (the “Company”), and [—] (“Covered Person”).

ASSIGNMENT AND ASSUMPTION AGREEMENT
Assignment and Assumption Agreement • October 1st, 2012 • Pentair Inc • Special industry machinery (no metalworking machinery) • Minnesota

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is entered into as of September [—], 2012, by and among Pentair, Inc., a Minnesota corporation (“Assignor”), Pentair Ltd., a corporation limited by shares (Aktiengesellschaft) organized under the laws of Switzerland (“Assignee”) and [EXECUTIVE] (“Executive”).

THIRD SUPPLEMENTAL INDENTURE
Supplemental Indenture • October 1st, 2012 • Pentair Inc • Special industry machinery (no metalworking machinery) • New York

THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”) dated as of the 1st day of October, 2012, among Pentair, Inc., a Minnesota corporation (the “Company”), Pentair Ltd., a corporation limited by shares organized under the laws of Switzerland (“Parent Guarantor”), and Wells Fargo Bank, National Association, a national banking association, as trustee (the “Trustee”), under the Indenture referred to below.

PENTAIR LTD. 2012 STOCK AND INCENTIVE PLAN GRANT AGREEMENT– RESTRICTED STOCK UNITS
Grant Agreement • October 1st, 2012 • Pentair Inc • Special industry machinery (no metalworking machinery)

This grant agreement sets forth the terms and conditions of your “Founders Restricted Stock Units” and “Additional Restricted Stock Units” as contemplated by the waiver letter agreement, dated March 27, 2012, that you entered into at the time the merger agreement among Pentair, Inc., Tyco International Ltd., Tyco Flow Control International Ltd., Panthro Acquisition Co. and Panthro Merger Sub, Inc. (the “Merger Agreement”) was signed. The Founders Restricted Stock Units and Additional Restricted Stock Units are awarded under the Pentair Ltd. 2012 Stock and Incentive Plan (the “Plan”).

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