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Exhibit 10.17

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Water Pik Technologies, Inc.
2006 Annual Incentive Plan (AIP)

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CONTENT

 
  Page

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At a Glance   3  
Changes from 2005
 
3   What is the Annual Incentive Plan?   3   Who is Eligible for this Plan?   3
  How Does the Annual Incentive Plan Work?   3
Calculation of the Annual Incentive Plan Award at 100%
 
  Goal Achievement   4  
Target Bonus Percentage
 
4   Performance Goals and the Target Bonus Percentage   4   Financial
Performance Goals   4   Individual Performance Goals   4   How the AIP Award is
Calculated   4
How the AIP Award is Calculated for Various Other
 
  Achievement Levels   6  
Maximums and Minimums
 
6   Formulas for Weighting Financial & Individual Performance   6   Putting it
Together   7
Additional Guidelines for the Annual Incentive Plan
 
10  
Discretionary Adjustments
 
10   Some Special Circumstances   10   Payments   10
Plan Administration
 
11

2

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At a Glance

Changes from last year

        There are no material changes in the Plan document for 2006.

What is the Annual Incentive Plan

        The Annual Incentive Plan (the "AIP" or the "Plan") provides key
managers of Water Pik Technologies, Inc. ("Water Pik," the "Company") with the
opportunity to earn an incentive award when certain pre-established performance
goals are met:

•at the total Company level,

•at the segment level, and

•at the individual level.

Who is Eligible for This Plan

        Generally, key managers who have a significant impact on the total
Company's operations will be eligible to participate in the Plan. Individuals
eligible (the "Participants") for participation are determined annually, based
on recommendations of Water Pik's Chief Executive Officer (the "Chief Executive
Officer"), with the approval of the Personnel and Compensation Committee of its
Board of Directors (the "Committee").

How Does the Annual Incentive Plan Work

        Under the Plan, designated key employees may earn an incentive award
equal to a percentage of their base salary, depending on the extent to which
pre-established individual, and total Company and/or, segment performance goals
have been achieved.

•For purposes of the Plan, base salary is generally the Participant's annual
base salary rate as of the end of the year, excluding any commission or other
incentive pay. For some special circumstances affecting the amount of base
salary used in the Plan, see this plan document.

•A target bonus percentage is used in calculating the incentive award. It is
explained on the next page. Each Participant will be given a target bonus
percentage.

•The actual bonus percentage is determined by adjusting the target bonus
percentage upward or downward based on the extent to which certain financial
performance goals and individual performance goals are achieved.

•The actual bonus percentage determines the amount of the incentive award for
the year subject to discretionary adjustments

•Incentive award payments will generally be distributed in cash after the
year-end audit is complete and the Committee has granted its approval.

3

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Calculation of the Annual Incentive Plan Award at 100% Goal Achievement

Target Bonus Percentage

        The Plan provides an incentive opportunity for Participants calculated
as a percentage of each Participant's base salary. Each Participant will be
provided with an initial percentage, referred to as a "target bonus percentage."
The target bonus percentage is the percentage of base salary that is generally
earned as an award if 100% of the performance goals are achieved.

        The performance goals reflect financial and individual performance and
are described below.

        Target bonus percentages, performance goals and performance achievements
against goal should be communicated to each eligible Participant. The Committee
may change the goals, objectives and targets for the Plan at any time.

Performance Goals and the Target Bonus Percentages

        The Plan for 2006 establishes a financial performance goal based on Net
Income ("NI") and Return On Average Capital Employed ("RACE"), and individual
performance goals based on individual performance objectives. RACE is defined as
Adjusted NI divided by Average Capital Employed. Net Income is defined as income
after tax.

        Each performance goal is weighted as a percentage share of the target
bonus percentage. For all Participants in the Plan, 80% of the target bonus
percentage will be based on the financial performance goals; the other 20% of
the target bonus percentage will be based upon individual performance goals.

        Actual performance will be measured and compared to the performance
goals. The actual result achieved will be expressed as a percentage of the
performance goal. The adjustment formulas are described further below.

Financial Performance Goals

        For 2006, the financial performance goal will be weighted 75% NI and 25%
RACE, which represents a total of 80% of the target bonus percentage. NI and
RACE goals will be set at the total Company and segment level based on the
applicable business plan. How total Company and segment are weighted for a given
Participant depends upon the Participant's major area of responsibility at Water
Pik and its business segments. For example, some Participants may have 60% of
target based on segment financial performance and 20% on total Company financial
performance. Others may have 80% of target based on total Company performance.

Individual Performance Goals

        Each year, managers will establish individual performance goals with
Participants. The achievement of individual performance goals will represent 20%
of the target bonus percentage. Individual performance goals can be achieved to
a maximum of 100%.

How the AIP Award is Calculated when 100% of the Performance Goals are Achieved

        If 100% of all performance goals are achieved, then 100% of the target
bonus percentage will generally be used to calculate the Participant's incentive
award.

4

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        For example, if a Participant's target bonus percentage is 20% and if
all goals are achieved at 100%, then the target bonus percentage of 20% is
multiplied by 100% to produce an incentive award equal to 20% of base salary:

Goal

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  Percent of
Target

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  Goal Achievement

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  Target %
Earned

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  Financial Performance   80 % ×   100 % =   80 % Individual Performance   20 %
×   100 % =   20 % Total Goals               =   100 %

        In the above example, 100% of the target bonus percentage is earned, and
the incentive award will be 20% of the participant's base salary subject to any
discretionary adjustments.

        The following example further defines the financial performance goals
typical for a segment Participant at 100% achievement of financial and personal
goals. Using the above example of a Participant's target bonus percentage of
20%, and weighting the Participant's financial goals of 80%, at 60% segment and
20% total Company, the following example provides clarification of the NI and
RACE components:

Goal

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  Percent of
Target (20%)

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  Goal
Achievement

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  Target %
Earned

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  Financial Performance (80%)                         Segment (60%)            
              Net Income (75%)   45 % x   100 % =   45 %     RACE (25%)   15 % x
  100 % =   15 %   Total Company (20%)                           Net Income
(75%)   15 % x   100 % =   15 %     RACE (25%)   5 % x   100 % =   5 %
Total Financial Performance
 
80
%
x
 
100
%
=
 
80
% Individual Performance   20 % x   100 % =   20 % Total Goals               =  
100 %

        The sections below discuss the impact of achieving more or less than
100% of the performance goals and the impact of other potential adjustments.

5

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How the AIP Award is Calculated for Various Other Achievement Levels

        If more or less than 100% of a Participant's financial or individual
performance goals are achieved, then the Participant's target bonus percentage
will be adjusted. The following section describes adjustments based on maximum
and minimum achievement levels, and the formulas used to weight achievements at
all levels.

Maximums and Minimums

•Where more than 100% of financial performance goals are achieved, up to a
maximum of 125%, more than 100% will then be earned for that goal's contribution
to the overall achievement. However, the maximum percentage earned for any
goal's share of the target bonus percentage is 225%, and therefore the overall
maximum incentive award that an individual can earn under the weighting formula
is 225% of the target bonus percentage*

•If financial goals are achieved at above target performance levels, the
over-achievement will enhance the individual performance goal attainment.

•Where 75% of a financial or individual performance goal is achieved, only 25%
of that goal's share (80% or 20% as applicable) of the target bonus percentage
will be earned.

•If less than 75% of the Company's Business Plan Net Income is achieved, no
Company, segment or personal awards will be paid regardless of the level of
achievement of the financial or individual performance goals.

Formulas for Weighting Financial and Individual Performance

        The following formulas will be used to weight the achievement of the
financial and individual performance measures under the Plan:

Formula A

        If 75% to 100% of a goal is achieved, the Percent of Target Earned for
that goal equals the Percentage of Goal Achieved (i.e. Actual Performance
divided by Planned Performance) minus 75% (which is the threshold level of
performance) times 3.0, plus 25%.

Formula A Example:

Assumption: Percentage of Goal Achieved   =   90% Percent of Target Earned for
the Goal   =   [(90% - 75%) × 3.0] + 25%     =   [(15% × 3.0)] + 25%     =  
45% + 25%     =   70%

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*Historical maximum was 200%.

Formula B

        If over 100% of goal is achieved, the Percent of Target Earned for that
goal equals the Percentage of Goal Achieved (i.e. Actual Performance divided by
Planned Performance) minus 100% (which is the target level of performance) times
5, plus 100%. In all cases, the maximum Percent of Target Earned of 225% results
when 125% of that goal is achieved.

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Formula B Examples:

1.   Assumption: Percentage of Goal Achieved   =   140%     Percent of Target
Earned for the Goal   =   (140% - 100%) × 5] + 100%         =   [40% × 5] + 100%
        =   200% + 100%         =   300%
 
 
However, the maximum target bonus is capped at 225% of target.
2.
 
Assumption: Percentage of Goal Achieved
 
=
 
110%     Percent of Target Earned for that Goal   =   [(110% - 100%) × 5] + 100%
        =   [10% × 5] + 100%         =   50% + 100%         =   150%

        The formulas described above are designed to create a greater positive
incentive for over-achieving the plan than for under-achieving. As a result of
the formulas, actual performance that exceeds 100% of the goal is weighted more
than actual performance that exceeds the 75% threshold levels of performance,
but does not reach 100% of the goal.

Putting it Together

        Here are two examples of how a Participant might earn an incentive award
under the plan.

1.For the first example, assume that the Participant achieves:

•90% of the financial performance goals for segment and total Company for NI and
RACE, and

•80% of individual performance goals.

•Assume that the Participant's annual salary is $80,000 and that the
Participant's target bonus percentage is 20% of base salary.

        The first step is to calculate the percent of target earned based upon
actual performance.

        Formula A above would be used for weighting financial and individual
performance goals, because less than 100% of those goals were achieved.

Goal

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  (1)
Percent of
Target

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  (2)
Goal
Achievement

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  (3)
Formula
Weighting
Achievement

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  (4)
Target % of
Earned
(1) × (3)

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  Financial Performance (80%)                     Segment (60%)                
      Net Income (75%)   45 % 90 % 70 % 31.5 %     RACE (25%)   15 % 90 % 70 %
10.5     Total Company (20%)                       Net Income (75%)   15 % 90 %
70 % 10.5 %     RACE (25%)   5 % 90 % 70 % 3.5 %
Total Financial Performance
 
80
%
90
%
70
%
56.0
% Individual Performance   20 % 80 % 40 % 8.0 % Total Goals           =   64.0 %

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        With 64% of target achieved, the incentive award would be calculated as
64% of the 20% target bonus percentage, or 12.8%. The incentive payment would,
in turn, be the product of 12.8% of the Participant's base salary of $80,000, or
$10,240.

2.For another example, assume that the same segment Participant achieves:

•Financial Performance: segment NI is 115%, segment RACE is 110%, total Company
NI is 107% and total Company RACE is 105%, and

•100% of individual performance goals.

        Again, the first step is to calculate the percent of target earned for
each goal. Formula B would be used, because the goal achievement was greater
than or equal to 100%.

Goal

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  (1)
Percent of
Target

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  (2)
Goal
Achievement

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  (3)
Formula
Weighting
Achievement

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  (4)
Target % of
Earned
(1) × (3)

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  Financial Performance (80%)                     Segment (60%)                
      Net Income (75%)   45 % 115 % 175 % 78.8 %     RACE (25%)   15 % 110 % 150
% 22.5 %   Total Company (20%)                       Net Income (75%)   15 % 107
% 135 % 20.3 %     RACE (25%)   5 % 105 % 125 % 6.3 %
Total Financial Performance
 
80
%
112
%*
160
%
127.9
% Individual Performance   20 % 112 %** 160 % 32.0 % Total Goals           =  
159.9 %

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* - Weighted Average.

** - Because the financial performance is >100% of goal achievement, the
difference between actual and goal of 12% (112% - 100%) is added to the
individual performance goal achievement to arrive at the total individual
performance goal achievement.

        With all goal achievement greater than the target, the incentive award
would be calculated as 159.9% of the 20% target bonus percentage, or 32%. The
incentive payment would, in turn, be the product of 32% of the Participant's
base salary of $80,000 or $25,600.

3.For another example, assume that the same Participant achieves:

•Financial Performance: segment NI is 115%, segment RACE is 110%, total Company
NI is 107% and total Company RACE is 105%, and

•75% of individual performance goals.

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        Again, the first step is to calculate the percent of target earned for
each goal. Formula B would be used for financial performance, because over 100%
of that goal was achieved. Formula A would be used for individual performance,
because less than 100% of that goal was achieved.

Goal

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  (1)
Percent of
Target

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  (2)
Goal Achievement

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  (3)
Formula
Weighting
Achievement

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  (4)
Target % of
Earned
(1) × (3)

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  Financial Performance                     Segment (60%)                      
Net Income (75%)   45 % 115 % 175 % 78.8 %     RACE (25%)   15 % 110 % 150 %
22.5 %   Total Company (20%)                       Net Income (75%)   15 % 107 %
135 % 20.3 %     RACE (25%)   5 % 105 % 125 % 6.3 %
Total Financial Performance
 
80
%
112
%*
160
%
127.9
% Individual Performance   20 % 87 %** 67.5 % 13.5 %     (75%+12%)              
Total Goals           =   141.4 %

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* - Weighted Average.

** - Because the financial performance is >100% of goal achievement, the
difference between actual and goal of 12% (112% - 100%) is added to the
individual performance goal achievement to arrive at the total individual
performance goal achievement.

        With financial goal achievement greater than the target, and personal
goal achievement less than the target, the incentive award would be calculated
as 141.4% of the 20% target bonus percentage, or 28.3%. The incentive payment
would, in turn, be the product of 28.3% of the Participant's base salary of
$80,000 or $22,624.

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Additional Guidelines for the Annual Incentive Plan

        A minimum of 75% of the total Company Business Plan Net Income must be
achieved for annual incentives to be paid regardless of other factors.

Discretionary Adjustments

        The Plan allows for discretionary adjustments of up to +20% or -20% of a
Participant's calculated award. However, discretionary adjustments for all
eligible Participants cannot exceed +5% of the aggregate calculated incentive
awards and must be approved in advance by the Chief Executive Officer, subject
to Committee approval.

Some Special Circumstances

        The above formulas generally determine the amount of the incentive award
for the year. Other factors that may affect the actual award follow:

•If a Participant leaves the Company prior to the incentive award payment, due
to retirement, death, or disability, an award will be prorated based on the
actual base salary earned during the year in which the Participant left. The
incentive award will be paid at the time all other awards are paid under this
Plan.

•If a Participant leaves the Company voluntarily or involuntarily for any other
reason than retirement, death, or disability, prior to the incentive award
payment, the Participant will not receive an incentive award under this Plan.

•Participants who are hired during the year earn a pro-rated bonus for that
year, based on the salary earned during that year.

•If a Participant received a promotion or demotion during the year where the
eligible target percent changed, then the calculation will be pro-rata for each
target percent, i.e.: 4 months at 15% and 8 months at 20%.

•The base salary for Plan purposes is the final base salary at September 30,
2006.

•The Committee may, in its discretion, amend or change the Plan or the goals,
objectives or targets for the Plan at any time.

Payments

        Incentive awards, less applicable withholding taxes are paid after the
year-end audit is complete and the Committee approves the awards. Payment is
expected to occur no later than December 15, 2006. Repayment by participant of
bonuses paid will comply with appropriate legislation.

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Plan Administration

        This summary relates to the Annual Incentive Plan (AIP) of Water Pik
Technologies, Inc. The Plan is administered by the Committee. At its discretion
and at any time, the Committee has full authority to:

•interpret the Plan,

•designate eligible Participants and categories of eligible Participants,

•set and modify the terms and conditions of incentive awards,

•establish and modify administrative rules for the Plan, and

•amend the Plan.

        Plan Participants may obtain additional information about the plan and
the Committee from:

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Vice President, Human Resources
Water Pik Technologies, Inc.
23 Corporate Plaza, Suite 246
Newport Beach, CA 92660
Phone: 949-719-3700 * Fax: 949-719-6472

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        The Plan will remain in effect until terminated by the Committee. The
Plan is not subject to the provisions of the Employee Retirement Income Security
Act of 1974 (ERISA) and is not "qualified" under Section 401 (a) of the Internal
Revenue Code.

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Water Pik Technologies, Inc. 2006 Annual Incentive Plan (AIP)