PENTAIR plc — Director's Dealing 2004

Sep 24, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENTAIR INC (PNR)
CIK: 0000077360
Period of Report: 2004-09-22

Reporting Person: MAITLAND STUART (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-22	Common Stock	M	3900	$11.375	Acquired	3900	Direct
2004-09-22	Common Stock	F	1319	$33.61	Disposed	2581	Direct
2004-09-22	Common Stock	G	2581	—	Disposed	0	Direct
2004-09-22	Common Stock	G	2581	—	Acquired	5820	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-22	Nonqualified Stock Option (right to buy)	$11.375	M	3900	Disposed	2011-01-02	Common Stock (3900)	Direct
2004-09-22	Nonqualified Stock Option (right to buy)	$33.61	A	1319	Acquired	2011-01-02	Common Stock (1319)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	10000	Indirect

Footnotes

F1: On May 17, 2004, Pentair declared a 2-for-1 stock split in the form of a 100 percent stock dividend payable on June 8, 2004, to shareholders of record as of June 1, 2004. This previously reported stock option and exercise price have been adjusted to reflect the stock split.

F2: Non-qualified reload stock option granted under the Pentair, Inc. Outside Directors Non-Qualified Stock Option Plan.

F3: Reload stock option becomes exercisable upon grant and expires on the same date as the original option grant.