EX-10.3



 Exhibit 10.3 

EXECUTION VERSION 
 LOAN GUARANTY

 THIS LOAN GUARANTY (as it may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, this
“Loan Guaranty”) is entered into as of June 23, 2015, by and among SB/RH Holdings, LLC, a Delaware limited liability company (“Holdings”), the Subsidiary Parties (as defined below) from time to time party
hereto (Holdings and the Subsidiary Parties, collectively, the “Loan Guarantors”) and Deutsche Bank AG New York Branch (“DBNY”) in its capacity as administrative agent and collateral agent for the lenders party to
the Credit Agreement referred to below (in such capacity, the “Administrative Agent”). 
 PRELIMINARY STATEMENT 

Reference is hereby made to that certain Credit Agreement, dated as of June 23, 2015, by and among Spectrum Brands, Inc., a Delaware
corporation (the “Lead Borrower”), Holdings, the Lenders from time to time party thereto, the Issuing Banks party thereto from time to time, DBNY, as administrative agent and as collateral agent for the Lenders, and the other
parties party thereto (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

The Loan Guarantors are entering into this Loan Guaranty in order to induce the Lenders to enter into and extend credit to the Borrowers under
the Credit Agreement and to guarantee the Secured Obligations. 
 Each Loan Guarantor will obtain benefits from the incurrence of Loans by
the Borrowers and the issuance of, and participation in, Letters of Credit for the account of the Borrowers and their Restricted Subsidiaries and the incurrence by the Loan Parties of Secured Hedging Obligations and Banking Services Obligations.

 ACCORDINGLY, the parties hereto agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01. Definitions of Certain Terms Used Herein. As used in this Loan Guaranty, in addition to the terms defined in the
preamble and Preliminary Statement above, the following terms shall have the following meanings: 
 “Accommodation
Payments” has the meaning assigned to such term in Section 2.09. 
 “Administrative Agent” has the meaning
assigned to such term in the preamble. 
 “Article” means a numbered article of this Loan Guaranty, unless another document
is specifically referenced. 
 “Borrowers” means the “Borrowers” under and as defined in the Credit Agreement.

 “Credit Agreement” has the meaning assigned to such term in the Preliminary Statement. 

“DBNY” has the meaning assigned to such term in the preamble. 

“Exhibit” refers to a specific exhibit to this Loan Guaranty, unless another document is specifically referenced. 







 “Guaranteed Obligations” has the meaning assigned to such term in Section
2.01. 
 “Guarantor Percentage” has the meaning assigned to such term in Section 2.09. 

“Guaranty Supplement” has the meaning assigned to such term in Section 3.04. 

“Holdings” has the meaning assigned to such term in the preamble. 

“Lenders” means the “Lenders” under and as defined in the Credit Agreement. 

“Loan Guarantors” has the meaning assigned to such term in the preamble. 

“Loan Guaranty” has the meaning assigned to such term in the preamble. 

“Maximum Liability” has the meaning assigned to such term in Section 2.09. 

“Non-ECP Guarantor” means each Loan Guarantor other than a Qualified ECP Guarantor. 

“Non-Paying Guarantor” has the meaning assigned to such term in Section 2.09. 

“Obligated Party” has the meaning assigned to such term in Section 2.02. 

“Paying Guarantor” has the meaning assigned to such term in Section 2.09. 

“Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Guarantor that has total assets exceeding
$10,000,000 at the time the relevant Loan Guaranty or grant of the relevant security interest becomes effective with respect to such Swap Obligation or such other person as constitutes an “eligible contract participant” under the Commodity
Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange
Act. 
 “Restricted Subsidiary” means the “Restricted Subsidiaries” under and as defined in the Credit Agreement.

 “Section” means a numbered section of this Loan Guaranty, unless another document is specifically referenced. 

“subsidiary” has the meaning assigned to such term in the Credit Agreement. 

“Subsidiary Parties” means (a) the Restricted Subsidiaries of the Lead Borrower identified on Exhibit A
hereto and (b) each other Restricted Subsidiary that becomes a party to this Loan Guaranty as a Subsidiary Party after the date hereof, in accordance with Section 3.04 herein and Section 5.12 of the Credit Agreement.

 “UFCA” has the meaning assigned to such term in Section 2.09(a). 

“UFTA” has the meaning assigned to such term in Section 2.09(a). 

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. Capitalized terms used in
this Loan Guaranty and not otherwise defined herein shall have the meanings set forth in the Credit Agreement. 

  
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 ARTICLE 2 

LOAN GUARANTY 
 Section 2.01.
Guaranty. Except as otherwise provided for herein (including under Section 3.15), each Loan Guarantor hereby agrees that it is jointly and severally liable for, and, as primary obligor and not merely as surety, and absolutely and
unconditionally and irrevocably guarantees to the Administrative Agent (acting as agent for the Secured Parties, pursuant to Article 8 of the Credit Agreement) for the ratable benefit of the Secured Parties, the full and prompt payment, when
and as the same shall become due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter, of the Secured Obligations (excluding, for the avoidance of doubt, any Excluded Swap Obligations), together with any and all
expenses which may be incurred by the Administrative Agent and the other Secured Parties in collecting any of the Guaranteed Obligations that are reimbursable in accordance with Section 9.03 of the Credit Agreement (collectively the
“Guaranteed Obligations”). Each Loan Guarantor further agrees that the Guaranteed Obligations may be increased, extended or renewed in whole or in part without notice to or further assent from it, and that it remains bound upon its
guarantee notwithstanding any such extension or renewal. If any or all of the Guaranteed Obligations becomes due and payable hereunder, each Loan Guarantor, unconditionally and irrevocably, promises to pay such Guaranteed Obligations to the
Administrative Agent for the benefit of the Secured Parties, on demand. Each Loan Guarantor unconditionally and irrevocably guarantees the payment of any and all of the Guaranteed Obligations whether or not due or payable by the Borrowers upon the
occurrence of any of the Events of Default specified in Sections 7.01(f) or 7.01(g) of the Credit Agreement and thereafter irrevocably and unconditionally promises to pay such Guaranteed Obligations to the Administrative Agent for the
benefit of the Secured Parties. This Loan Guaranty is a continuing one and shall remain in full force and effect until the Termination Date, and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed
to have been created in reliance hereon. 
 Section 2.02. Guaranty of Payment. This Loan Guaranty is a guaranty of payment and
not of collection. Each Loan Guarantor waives any right to require the Administrative Agent or any Lender to sue the Borrowers, any Loan Guarantor, any other guarantor, or any other Person obligated for all or any part of the Guaranteed Obligations
(the Borrowers, each Loan Guarantor, each other guarantor or such other Person, an “Obligated Party”), or otherwise to enforce its rights in respect of any Collateral securing all or any part of the Guaranteed Obligations. The
Administrative Agent may enforce this Loan Guaranty at any time when an Event of Default exists. 
 Section 2.03. No Discharge or
Diminishment of Loan Guaranty. 
 (a) Except as otherwise provided for herein (including under Section 3.15),
the obligations of each Loan Guarantor hereunder are unconditional, irrevocable and absolute and not subject to any reduction, limitation, impairment or termination for any reason, including: (i) any claim of waiver, release, extension,
renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise; (ii) any change in the corporate existence, structure or ownership of any Obligated Party; (iii) any
insolvency, bankruptcy, reorganization or other similar proceeding affecting any other Obligated Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party; (iv) the existence of any claim, setoff or
other rights which any Loan Guarantor may have at any time against any Obligated Party, the Administrative Agent, any Lender or any other Person, whether in connection herewith or in any unrelated transactions; (v) any direction as to
application of payments by the Borrowers or by any other party; (vi) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Guaranteed Obligations; (vii) any payment on or in
reduction of any such other guaranty or undertaking; (viii) any dissolution, termination or increase, decrease or change in personnel by the Borrowers; (ix)

  
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any payment made to any Secured Party on the Guaranteed Obligations which any such Secured Party repays to the Borrowers pursuant to court order in any bankruptcy, reorganization, arrangement,
moratorium or other debtor relief proceeding, and each Loan Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding or (x) the failure of any Loan Guarantor to receive any benefit
from or as a result of its execution, delivery and performance of this Loan Guaranty. 
 (b) Except for termination of a Loan
Guarantor’s obligations hereunder or as expressly permitted by Section 3.15, the obligations of each Loan Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination whatsoever by reason of
the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any Requirements of Law purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any part thereof. 

(c) Further, the obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by:
(i) the failure of the Administrative Agent to assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed Obligations; (ii) any waiver or modification of or supplement to any provision of any
agreement relating to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations of the Borrowers for all or any part of the Guaranteed Obligations or any obligations of
any other guarantor of or other Person liable for any of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative Agent with respect to any Collateral securing any part of the Guaranteed Obligations; or (v) any
default, failure or delay, willful or otherwise, in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay that might in any manner or to any extent vary the risk of such Loan Guarantor or
that would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than as set forth in Section 3.15). 

Section 2.04. Defenses Waived. To the fullest extent permitted by applicable Requirements of Law, and except for termination of a
Loan Guarantor’s obligations hereunder or as otherwise provided for herein (including under Section 3.15), each Loan Guarantor hereby waives any defense based on or arising out of any defense of the Borrowers or any other Loan
Guarantor or arising out of the disability of the Borrowers or any other Loan Guarantor or any other party or the unenforceability of all or any part of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause
of the liability of the Borrowers or any other Loan Guarantor. Without limiting the generality of the foregoing, each Loan Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any
notice not provided for herein or in any other Loan Document, including notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of this Loan Guaranty, and notices of the existence, creation or incurring of new or
additional Guaranteed Obligations, as well as any requirement that at any time any action be taken by any Person against any Obligated Party, or any other Person, including any right (except as may be required by applicable Requirements of Law and
to the extent the relevant requirement cannot be waived) to require the Administrative Agent to (i) proceed against the Borrowers, any other Loan Guarantor, any other guarantor or any other party, (ii) proceed against or exhaust any
security held from the Borrowers, any other Loan Guarantor, any other guarantor or any other party or (iii) pursue any other remedy in the Administrative Agent’s power whatsoever. The Administrative Agent may, at its election and in
accordance with the terms of the applicable Loan Documents, foreclose on any Collateral held by it by one or more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent permitted by
applicable Requirements of Law), accept an assignment of any such Collateral in lieu of foreclosure or otherwise act or fail to act with respect to any Collateral securing all or a part of the Guaranteed Obligations, and the Administrative Agent
may, at its election, compromise or adjust any part 

  
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of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available to it against any Obligated Party, or any security, without
affecting or impairing in any way the liability of such Loan Guarantor under this Loan Guaranty, except as otherwise provided in Section 3.15. To the fullest extent permitted by applicable Requirements of Law, each Loan Guarantor waives
any defense arising out of any such election even though such election may operate, pursuant to applicable Requirements of Law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan Guarantor against
any Obligated Party or any security. 
 Section 2.05. Authorization. Each Loan Guarantor authorizes the Administrative Agent
without notice or demand (except as may be required by applicable Requirements of Law and to the extent the relevant requirement cannot be waived), and without affecting or impairing its liability hereunder (except as set forth in
Section 3.15), from time to time, subject to the terms of the referenced Loan Documents, to: 
 (a) change the
manner, place or terms of payment of, and/or change or extend the time of payment of, renew, increase, accelerate or alter, any of the Guaranteed Obligations (including any increase or decrease in the principal amount thereof or the rate of interest
or fees thereon), any security therefor, or any liability incurred directly or indirectly in respect thereof, and this Loan Guaranty shall apply to the Guaranteed Obligations as so changed, extended, renewed or altered; 

(b) take and hold security for the payment of the Guaranteed Obligations and sell, exchange, release, impair, surrender,
realize upon or otherwise deal with in any manner and in any order any property by whomsoever at any time pledged or mortgaged to secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any of those hereunder)
incurred directly or indirectly in respect thereof or hereof, and/or any offset there against; 
 (c) exercise or refrain
from exercising any rights against the Borrowers, any other Loan Party or others or otherwise act or refrain from acting; 

(d) release or substitute any endorser, any guarantor, the Borrowers, any other Loan Party and/or any other obligor; 

(e) settle or compromise any of the Guaranteed Obligations, any security therefor or any liability (including any of those
hereunder) incurred directly or indirectly in respect thereof or hereof, and/or subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of the Borrowers to their creditors other than the Secured
Parties; 
 (f) apply any sums by whomsoever paid or howsoever realized to any liability or liabilities of the Borrowers to
the Secured Parties regardless of what liability or liabilities of the Borrowers remain unpaid; 
 (g) consent to or waive
any breach of, or any act, omission or default under, this Loan Guaranty, the Credit Agreement, any other Loan Document, any Hedge Agreement with respect to any Secured Hedging Obligation or any of the instruments or agreements referred to herein or
therein, or otherwise amend, modify or supplement this Loan Guaranty, the Credit Agreement, any other Loan Document, any Hedge Agreement with respect to any Secured Hedging Obligation or any of such other instruments or agreements; and/or 

(h) take any other action which would, under otherwise applicable principles of common law, give rise to a legal or equitable
discharge of the Loan Guarantors from their respective liabilities under this Loan Guaranty. 

  
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 Section 2.06. Rights of Subrogation. No Loan Guarantor will assert any right, claim
or cause of action, including a claim of subrogation, contribution or indemnification that it has against any Loan Party in respect of this Loan Guaranty until the occurrence of the Termination Date; provided that if any amount shall be paid
to such Loan Guarantor on account of such subrogation rights at any time prior to the Termination Date, then unless such Loan Guarantor has already discharged its liabilities under this Loan Guaranty in an amount equal to such Loan Guarantor’s
Maximum Liability as of such date, such amount shall be held in trust for the benefit of the Secured Parties and shall forthwith be paid to the Administrative Agent (for the benefit of the Secured Parties) to be credited and applied to the
Guaranteed Obligations, whether matured or unmatured, in accordance with Section 2.18(b) of the Credit Agreement. 

Section 2.07. Reinstatement; Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations is
rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrowers or otherwise, each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment shall be reinstated at
such time as though the payment had not been made. If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Borrowers, all such amounts otherwise subject to
acceleration under the terms of any agreement relating to the Guaranteed Obligations shall nonetheless be payable by the other Loan Guarantors forthwith on demand by the Administrative Agent. 

Section 2.08. Information. Each Loan Guarantor assumes all responsibility for being and keeping itself informed of the
Borrowers’ financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that each Loan Guarantor assumes and incurs under this
Loan Guaranty, and agrees that none of the Administrative Agent, any Lender or any other Secured Party shall have any duty to advise any Loan Guarantor of information known to it regarding those circumstances or risks. 

Section 2.09. Contribution; Subordination; Maximum Liability. 

(a) In the event any Loan Guarantor (a “Paying Guarantor”) makes any payment or payments under this Loan
Guaranty or suffers any loss as a result of any realization upon any Collateral granted by it to secure its obligations under this Loan Guaranty (each such payment or loss, an “Accommodation Payment”), each other Loan Guarantor
(each a “Non-Paying Guarantor”) shall contribute to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s “Guarantor Percentage” of such Accommodation Payments by such Paying Guarantor. For purposes of
this Article 2, each Non-Paying Guarantor’s “Guarantor Percentage” with respect to any such Accommodation Payments by a Paying Guarantor shall be determined as of the date on which such Accommodation Payment was made by
reference to the ratio of (a) such Non-Paying Guarantor’s Maximum Liability (as defined below) as of such date to (b) the aggregate Maximum Liability of all Loan Guarantors hereunder (including such Paying Guarantor) as of such date.
As of any date of determination, the “Maximum Liability” of each Loan Guarantor shall be equal to the maximum amount of liability which could be asserted against such Loan Guarantor hereunder and under the Credit Agreement without
(i) rendering such Loan Guarantor “insolvent” within the meaning of Section 101(32) of the Bankruptcy Code, Section 2 of the Uniform Fraudulent Transfer Act (“UFTA”) or Section 2 of the Uniform Fraud
Conveyance Act (“UFCA”), (ii) leaving such Loan Guarantor with unreasonably small capital or assets, within the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA or Section 5 of the UFCA, or
(iii) leaving such Loan Guarantor unable to pay its debts as they 

  
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become due within the meaning of Section 548 of the Bankruptcy Code, Section 4 of the UFTA or Section 5 of the UFCA. Nothing in this provision shall affect any Loan
Guarantor’s several liability for the entire amount of the Guaranteed Obligations (up to such Loan Guarantor’s Maximum Liability). Each of the Loan Guarantors covenants and agrees that its right to receive any contribution under this Loan
Guaranty from a Non-Paying Guarantor shall be subordinate and junior in right of payment to the Secured Obligations until the Termination Date. If, prior to the Termination Date, any such contribution payments are received by a Paying Guarantor at
any time when an Event of Default exists, such contribution payments shall be collected, enforced and received by such Loan Guarantor as trustee for the Secured Parties and be paid over to the Administrative Agent on account of the Secured
Obligations, but without affecting or impairing in any manner the liability of such Loan Guarantor under the other provisions of this Loan Guaranty. This provision is for the benefit of the Administrative Agent, the Lenders and the other Secured
Parties. 
 (b) It is the desire and intent of the Loan Guarantors and the Secured Parties that this Loan Guaranty shall be
enforced against the Loan Guarantors to the fullest extent permissible under the Requirements of Law and public policies applied in each jurisdiction in which enforcement is sought. The provisions of this Loan Guaranty are severable, and in any
action or proceeding involving any state corporate law, or any state, Federal or foreign bankruptcy, insolvency, reorganization or other Requirements of Law affecting the rights of creditors generally, if the obligations of any Loan Guarantor under
this Loan Guaranty would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of such Loan Guarantor’s liability under this Loan Guaranty, then, notwithstanding any other provision of this Loan
Guaranty to the contrary, the amount of such liability shall, without any further action by the Loan Guarantors or the Secured Parties, be automatically limited and reduced to such Loan Guarantor’s Maximum Liability. Each Loan Guarantor agrees
that the Guaranteed Obligations may at any time and from time to time exceed the Maximum Liability of each Loan Guarantor without impairing this Loan Guaranty or affecting the rights and remedies of the Administrative Agent hereunder;
provided that nothing in this sentence shall be construed to increase any Loan Guarantor’s obligations hereunder beyond its Maximum Liability. 

Section 2.10. Representations and Warranties. As and when required in accordance with the terms of the Credit Agreement, each Loan
Guarantor hereby makes each representation and warranty made in the Loan Documents by the Borrowers with respect to such Loan Guarantor, as applicable, and each Loan Guarantor hereby further acknowledges and agrees with respect to itself that such
Loan Guarantor has, independently and without reliance upon any Secured Party and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Loan Guaranty and each other Loan
Document to which it is or is to be a party, and such Loan Guarantor has established adequate means of obtaining from each other Loan Guarantor on a continuing basis information pertaining to the business, condition (financial or otherwise),
operations, performance, properties and prospects of each other Loan Guarantor. 
 Section 2.11. Covenants. Each Loan Guarantor
covenants and agrees that until the Termination Date, such Loan Guarantor will perform and observe, and cause each of its Restricted Subsidiaries to perform and observe, all of the terms, covenants and agreements set forth in the Loan Documents that
the Borrowers have agreed to cause such Loan Guarantor or such Restricted Subsidiary to perform or observe. Until the Termination Date, no Guarantor shall, without the prior written consent of the Administrative Agent, commence or join with any
other Person in commencing any bankruptcy, reorganization or insolvency case or proceeding against the Borrowers or any Guarantor (it being understood and agreed, for the avoidance of doubt, that nothing in this Section 2.11 shall
prohibit any Guarantor from commencing or joining with the Borrowers or Guarantor as a co-debtor in any bankruptcy, reorganization or insolvency case or proceeding). 

  
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 ARTICLE 3 

GENERAL PROVISIONS 

Section 3.01. Liability Cumulative. The liability of each Loan Guarantor under this Loan Guaranty is in addition to and shall be
cumulative with all liabilities of such Loan Guarantor to the Administrative Agent and the Lenders under the Credit Agreement and the other Loan Documents to which such Loan Guarantor is a party or in respect of any obligations or liabilities of the
other Loan Guarantors, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically provides to the contrary. 

Section 3.02. No Waiver; Amendments. No delay or omission of the Administrative Agent in exercising any right or remedy granted
under this Loan Guaranty shall impair such right or remedy or be construed to be a waiver of any Default or Event of Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not preclude any other or
further exercise thereof or the exercise of any other right or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Loan Guaranty whatsoever shall be valid unless in writing signed by the Loan Guarantors and
the Administrative Agent with the concurrence or at the direction of the Lenders to the extent required under and otherwise in accordance with Section 9.02 of the Credit Agreement and then only to the extent specifically set forth in
such writing. 
 Section 3.03. Severability of Provisions. To the extent permitted by applicable Requirements of Law, any
provision of this Loan Guaranty held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions of this Loan Guaranty; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 3.04. Additional Subsidiaries. Certain Restricted Subsidiaries of the Borrowers may be required to enter into this Loan
Guaranty as a Subsidiary Party pursuant to and in accordance with Section 5.12 of the Credit Agreement. Upon execution and delivery by the Administrative Agent and such Restricted Subsidiary of an instrument in substantially the form of
Exhibit B hereto (each, a “Guaranty Supplement”), such Restricted Subsidiary shall become a Subsidiary Party hereunder with the same force and effect as if originally named as a Subsidiary Party herein. The execution and
delivery of any such instrument shall not require the consent of any other Loan Guarantor hereunder. The rights and obligations of each Loan Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Loan
Guarantor as a party to this Loan Guaranty. 
 Section 3.05. Headings. The titles of and section headings in this Loan Guaranty
are for convenience of reference only, and shall not govern the interpretation of any of the terms and provisions of this Loan Guaranty. 

Section 3.06. Entire Agreement. This Loan Guaranty and the other Loan Documents constitute the entire agreement among the parties
relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. 

Section 3.07. CHOICE OF LAW. THIS LOAN GUARANTY AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS LOAN
GUARANTY, WHETHER IN TORT, CONTRACT (AT LAW OR IN EQUITY) OR OTHERWISE, SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
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 Section 3.08. CONSENT TO JURISDICTION; CONSENT TO SERVICE OF PROCESS. 

(a) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE
JURISDICTION OF ANY U.S. FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK (OR ANY APPELLATE COURT THEREFROM) OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS LOAN GUARANTY OR THE
TRANSACTIONS RELATING HERETO, AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING SHALL (EXCEPT AS PERMITTED BELOW) BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, FEDERAL COURT. EACH PARTY
HERETO AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENTS BY REGISTERED MAIL ADDRESSED TO SUCH PERSON SHALL BE EFFECTIVE SERVICE OF PROCESS AGAINST SUCH PERSON FOR ANY SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT. EACH PARTY
HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. EACH PARTY HERETO AGREES THAT THE ADMINISTRATIVE AGENT RETAINS THE RIGHT TO
BRING PROCEEDINGS AGAINST ANY OTHER PARTY HERETO IN THE COURTS OF ANY OTHER JURISDICTION SOLELY IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER THIS LOAN GUARANTY OR ANY OTHER LOAN DOCUMENT. 

(b) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO
SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS LOAN GUARANTY OR ANY OTHER LOAN DOCUMENT AND BROUGHT IN ANY COURT REFERRED TO IN PARAGRAPH
(a) OF THIS SECTION 3.08. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY CLAIM OR DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT.

 (c) TO THE EXTENT PERMITTED BY LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS
UPON IT AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL) DIRECTED TO IT AT ITS ADDRESS FOR NOTICES AS PROVIDED FOR IN SECTION 9.01 OF THE CREDIT AGREEMENT. EACH PARTY
HERETO HEREBY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER THAT SERVICE OF PROCESS WAS INVALID AND INEFFECTIVE. NOTHING IN THIS LOAN
GUARANTY OR ANY OTHER LOAN DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS LOAN GUARANTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

  
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 Section 3.09. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
LOAN GUARANTY, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS LOAN GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 3.09. 
 Section 3.10. Indemnity. Each Loan Guarantor hereby agrees to indemnify the
Administrative Agent and the other Indemnitees, as set forth in Section 9.03 of the Credit Agreement. 
 Section 3.11.
Counterparts. This Loan Guaranty may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Loan Guaranty by facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as delivery of a manually executed counterpart of this Loan Guaranty. 

Section 3.12. [Reserved]. 

Section 3.13. Successors and Assigns. Whenever in this Loan Guaranty any of the parties hereto is referred to, such reference
shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Loan Guarantor or the Administrative Agent that are contained in this Loan Guaranty shall bind and inure
to the benefit of their respective successors and permitted assigns. Except in a transaction permitted under the Credit Agreement, no Loan Guarantor may assign any of its rights or obligations hereunder without the written consent of the
Administrative Agent. 
 Section 3.14. Survival of Agreement. Without limitation of any provision of the Credit Agreement or
Section 3.10 hereof, all covenants, agreements, indemnities, representations and warranties made by the Loan Guarantors in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this
Loan Guaranty or any other Loan Document shall be considered to have been relied upon by the Lenders and shall survive the execution and delivery of the Loan Documents and the making of any Loans, regardless of any investigation made by any such
Lender or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or Event of Default or incorrect representation or warranty at the time any credit is extended under the Credit
Agreement, and shall continue in full force and effect until the Termination Date, or with respect to any individual Loan Guarantor until such Loan Guarantor is otherwise released from its obligations under this Loan Guaranty in accordance with
Section 3.15. 
 Section 3.15. Release of Loan Guarantors. A Subsidiary Party shall automatically be released from
its obligations hereunder and its Loan Guaranty shall be automatically released in the circumstances described in Article 8 and Section 9.22 of the Credit Agreement. In connection with any such release, the Administrative Agent
shall promptly execute and deliver to any Loan Guarantor, at such Loan Guarantor’s expense, all documents that such Loan Guarantor shall reasonably request to evidence such termination or release. Any execution and delivery of documents
pursuant to the preceding sentence of this Section 3.15 shall be without recourse to or warranty by the Administrative Agent (other than as to the Administrative Agent’s authority to execute and deliver such documents). 

  
 10 








 Section 3.16. Payments. All payments made by any Loan Guarantor hereunder will be
made without setoff, counterclaim or other defense and on the same basis as payments are made by the Lead Borrower under Sections 2.17 and 2.18 of the Credit Agreement. 

Section 3.17. Notice, etc. All notices and other communications provided for hereunder shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or email, as follows: 

(a) if to any Loan Guarantor, addressed to it in care of the Lead Borrower at its address specified in Section 9.01
of the Credit Agreement; 
 (b) if to the Administrative Agent or any Lender, at its address specified in
Section 9.01 of the Credit Agreement; 
 (c) if to any Secured Party in respect of any Secured Hedging
Obligations, at its address specified in the Hedge Agreement to which it is a party; or 
 (d) if to any Secured Party in
respect of any Banking Services Obligations, at its address specified in the relevant documentation to which it is a party. 

Section 3.18. Set Off. In addition to any rights now or hereafter granted under applicable Requirements of Law and not by way of
limitation of any such rights, while an Event of Default exists, the Administrative Agent, each Lender, each Issuing Bank and each of their respective Affiliates shall be entitled to rights of setoff to the extent provided in
Section 9.09 of the Credit Agreement. 
 Section 3.19. Waiver of Consequential Damages, Etc. To the extent permitted
by applicable Requirements of Law, none of the Loan Guarantors nor the Secured Parties shall assert, and each hereby waives, any claim against each other or any Related Party thereof, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Loan Guaranty or any agreement or instrument contemplated hereby, except, in the case of any claim by any Indemnitee against any
of the Loan Guarantors, to the extent such damages would otherwise be subject to indemnification pursuant to the terms of Section 3.10. 

Section 3.20. Keepwell. Each Qualified ECP Guarantor hereby jointly and severally, absolutely, unconditionally and irrevocably
undertakes to provide such funds or other support as may be needed from time to time by each Non-ECP Guarantor to honor all of its obligations under this Loan Guaranty in respect of Swap Obligations that would otherwise be Excluded Swap Obligations
(provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 3.20 for the maximum amount of such liability that can be hereby incurred, and otherwise subject to the limitations on the
obligations of Loan Guarantors contained in this Loan Guaranty, without rendering its obligations under this Section 3.20, or otherwise under this Loan Guaranty, voidable under applicable Requirements of Law relating to fraudulent
conveyance or fraudulent transfer, and not for any greater amount). This Section 3.20 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each Non-ECP Guarantor for all purposes of
Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, each Loan Guarantor and the Administrative Agent have executed this Loan
Guaranty as of the date first above written. 
  

			
	SB/RH HOLDINGS, LLC,
	as Holdings
		
	By:		 /s/ Douglas L. Martin

			Name: Douglas L. Martin
			Title: Executive Vice President, Chief Financial Officer, and Chief Accounting Officer
	
	UNITED INDUSTRIES CORPORATION
	ROV HOLDING, INC.
		
	By:		 /s/ Douglas L. Martin

			Name: Douglas L. Martin
			Title: Executive Vice President
	
	ARMORED AUTOGROUP PARENT INC.
	AAG IDQ ACQUISITION CORPORATION
	ARMORED AUTOGROUP INTERMEDIATE INC.
	ARMORED AUTOGROUP, INC.
	THE ARMOR ALL/STP PRODUCTS COMPANY
	STP PRODUCTS MANUFACTURING COMPANY
	ARMORED AUTOGROUP SALES, INC.
	AA GROUP (U.S.) – A LLC
	AA GROUP (U.S.) – B LLC
	IDQ ACQUISITION CORP.
	IDQ HOLDINGS, INC.
	IDQ OPERATING, INC.
		
	By:		 /s/ Douglas L. Martin

	Name: Douglas L. Martin
	Title: Vice President



  
 [Signature Page to
Spectrum Loan Guaranty Agreement (2015)] 








 
			
	DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent
		
	By:		 /s/ Peter Cucchiara

			Name: Peter Cucchiara
			Title: Vice President
		
	By:		 /s/ Kirk L. Tashjian

			Name: Kirk L. Tashjian
			Title: Director



  
 [Signature Page to
Spectrum Loan Guaranty Agreement (2015)] 








 EXHIBIT A 

SUBSIDIARY PARTIES 
 ROV Holding, Inc. 

United Industries Corporation 
 Armored AutoGroup Parent Inc.

 AAG IDQ Acquisition Corporation 
 Armored AutoGroup
Intermediate Inc. 
 Armored AutoGroup, Inc. 
 The Armor
ALL/STP Products Company 
 STP Products Manufacturing Company 

Armored AutoGroup Sales, Inc. 
 AA Group (US)-A LLC 

AA Group (US)-B LLC 
 IDQ Acquisition Corp 

IDQ Holdings, Inc. 
 IDQ Operating, Inc. 

  
 A-1 








 EXHIBIT B 

JOINDER AGREEMENT 
 THIS
JOINDER AGREEMENT (this “Agreement”), dated as of [●] [●], 20[●], is entered into among [●], a [●] (the “New Subsidiary”), and Deutsche Bank AG New York Branch
(“DBNY”), as administrative agent (in such capacity, the “Administrative Agent”) pursuant to that certain Loan Guaranty, dated as of June 23, 2015 (as it may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Loan Guaranty”), by and among SB/RH Holdings, LLC, a Delaware limited liability company (“Holdings”), the Subsidiary Parties from time to time party thereto
(Holdings and the Subsidiary Parties, collectively, the “Loan Guarantors”) and DBNY in its capacity as administrative agent and collateral agent for the lenders party to the Credit Agreement. All capitalized terms used herein and
not otherwise defined shall have the meanings set forth in the Loan Guaranty. 
 [Each] [The] New Subsidiary and the Administrative Agent,
for the benefit of the Secured Parties, hereby agree as follows: 
 1. [Each] [The] New Subsidiary hereby acknowledges, agrees and confirms
that, by its execution of this Agreement, [each] [the] New Subsidiary will be deemed to be a Loan Guarantor under the Loan Guaranty and a Loan Guarantor for all purposes of the Credit Agreement and shall have all of the rights, benefits, duties and
obligations of a Loan Guarantor thereunder as if it had executed the Loan Guaranty. The New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Loan Guaranty.
Without limiting the generality of the foregoing terms of this paragraph 1, the New Subsidiary hereby absolutely and unconditionally guarantees, jointly and severally with the other Loan Guarantors, to the Administrative Agent and the Secured
Parties, the prompt payment of the Guaranteed Obligations in full when due (whether at stated maturity, upon acceleration or otherwise) to the extent of and in accordance with the Loan Guaranty. 

2. [Each] [The] New Subsidiary hereby waives acceptance by the Administrative Agent and the Secured Parties of the guaranty by the New
Subsidiary upon the execution of this Agreement by the New Subsidiary. 
 3. [Each] [The] New Subsidiary hereby (x) makes, as of the
date hereof, each representation and warranty set forth in Section 2.10 of the Loan Guaranty and (y) agrees to perform and observe, and to cause each of its Restricted Subsidiaries to perform and observe, the covenants set forth in
Section 2.11 of the Loan Guaranty. 
 4. From and after the execution and delivery hereof by the parties hereto, this Agreement
shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 
 5. This Agreement may
be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by
facsimile or by email as a “.pdf” or “.tif” attachment shall be effective as delivery of a manually executed counterpart of this Agreement. 

6. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF
THE STATE OF NEW YORK. 
 [Signature Page Follows] 

  
 B-2 








 IN WITNESS WHEREOF, [each] [the] New Subsidiary has caused this Agreement to be duly executed by
its authorized officer, and the Administrative Agent, for the benefit of the Secured Parties, has caused the same to be accepted by its authorized officer, as of the day and year first above written. 

 

			
	[NEW SUBSIDIARY]
		
	By:		  

			Name:
			Title:



  
 B-3 








 
			
	Acknowledged and accepted:
	
	DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent
		
	By:		  

			Name:
			Title:
		
	By:		  

			Name:
			Title:



  
 B-4