Chairman, CEO

Total compensation: $19,000,320 for the year ended Dec. 31

Salary: $1,275,795

Nonequity incentive pay: $2,650,634

Other compensation: $76,504

Exercised stock options: $10,406,513

Value realized on vesting shares: $4,590,874

New stock options: 186,000

Total 2017 shareholder return: 70.6 percent

CEO Pay ratio: 264:1

Median employee pay: $54,201

Note: Hogan served his last full year as CEO in 2017. The company announced last year that Pentair would separate its water and electrical businesses into two public companies. The deal is expected to close on April 30, when Hogan will step down as chairman and CEO of Pentair and become executive chairman of the spinoff, nVent. The electrical business will have the same setup as Pentair, with global offices in England but executive offices in the Twin Cities.

Hogan also has a retirement agreement with the company that will allow him to provide as many as 40 hours of consulting services per year with Pentair through August 2020.

Last year, Hogan's overall compensation declined 18.1 percent from the $23.2 million he took home in 2016, mainly from smaller gains from previously issued restricted stock that vested during the year.

Last year, before the annual meeting, the company met with 21 of its largest shareholders to discuss the company's executive compensation plan after one proxy advisory firm recommended a "no" vote on the nonbinding advisory vote on executive compensation.

The lead director and the chairman of the compensation committee, William Monahan and David Jones respectively, participated in the majority of those calls and visits. The outreach to shareholders likely helped the company avoid a lower say-on-pay vote total than the 76 percent approval it eventually received.

The 76 percent vote was passing, but due to feedback received from shareholders the compensation committee made a number of changes to the executive compensation program. Among the changes for the 2017 executive compensation program were changes to the financial metrics used for annual incentive pay, and increased use of performance-based restricted stock.

Shareholders may be less likely to vote "no" on executive compensation this year due to changes to the compensation plan and the fact that Pentair was one of the better performing stocks in Minnesota in 2017.

Patrick Kennedy