| 1.   | Incorporation                by Reference.                Except as modified by the terms of this Agreement, Sections 1, 2,                3, 5, 6,                7(b), 8, 9, 10, 11, and 12 (but not Section                12(g)                thereof, concerning choice of law) of the Amended and Restated Senior                Management Agreement between and among Prestige International Holdings,                LLC; Prestige Brands Holdings, Inc.; Prestige Brands, Inc.; and Gerard                F.                Butler, dated February 4, 2005 (the “SMA”), as they may heretofore from                time to time have been amended by the Board of Directors of the Company                and the Compensation Committee thereof, are reaffirmed and are                incorporated herein by reference. |
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| 2.   |  Work                at Home.                Effective on a date to be chosen by the Company, but in any event                prior to                January 31, 2007, you will resign as an officer of Prestige by means                of a                written instrument that is substantially similar to the model letter                of                resignation that is annexed hereto as Exhibit A. Thereafter, until                March                31, 2007, your efforts will be primarily in the area of transitioning                your                responsibilities to your replacement. Effective April 1, 2007, you                will                become a “Work At Home” employee with no specific daily responsibilities                that would require your presence at Prestige’s offices for a period of one                year. During this “Work At Home” period, you will be called upon from time                to time to provide advice, information or guidance to Prestige, but                only                with ample advance notice and response time built in. You may be                invited                to come to the Prestige offices, from time to time, at the Company’s                initiation. Notwithstanding the foregoing, you will be under no obligation                to travel or provide services according to a predetermined schedule.                All                company property, including but not limited to your blackberry, your                mobile phone, company files and other property will be returned to                the                Company prior to the “Work At Home” period. Notwithstanding the |
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|   | foregoing, you will have the option of purchasing your laptop at              its              net book value at the commencement of your “Work At Home” period. |
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| 3.   | Salary                Continuation.                After your resignation as an officer of the Company and until March                31,                2007, your current salary and benefits, including bonus eligibility,                will                continue. For the year beginning on April 1, 2007, your annual salary                shall be $236,000 and shall be paid bi-weekly, consistent with the                Company’s normal payroll practices. During the “Work At Home” period, your                health, dental, death and disability insurance benefits shall continue;                but your 401(k), vacation and cafeteria plans will not continue.                Your                salary shall be paid notwithstanding any consulting or other non-company                employment you may choose to undertake, so long as you are not in                breach                of the terms set forth in this offer. Notwithstanding the foregoing,                to                the extent that the salary payments required by this Section                3                may be deemed part of a nonqualified deferred compensation plan described                in Section 409A of the Internal Revenue Code (the “Code”), *see*                26                U.S.C. § 409A (2006), those payments may be deferred as may be required to                avoid adverse tax consequences to the Employee; if any such deferral                is                made, however, the payment of all accrued unpaid salary shall be                made in                one lump sum not more than two weeks after the earliest date permitted                for                that purpose by Section 409A(a)(2)(B)(i) of the Code; and all further                payments shall be made bi-weekly, consistent with the Company’s normal                payroll practices. |
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| 4.   | Continued                Vesting of Carried Shares.                For the balance of the fiscal year ending March 31, 2007, and during                the                “Work At Home” period, the Carried Shares (as defined in the SMA) held by                you will continue to vest pursuant to the time schedule set forth                in                Section 2 of the SMA. Provided that you are not in breach of this                Agreement on the last day of the “Work At Home” period, any remaining                Unvested Carried Shares shall be repurchased by the Company on the                last                day of said period pursuant to Section 3 of the SMA. Your sale of                any                Vested Carried or Co-invest shares will continue to be subject to                the                terms and conditions set forth in Sections 5 and 6 of the                SMA. |
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| 5.   | Bonus                Eligibility.                During the fiscal year ending on March 31, 2007, you will be eligible                for                an annual bonus, as determined by the Compensation Committee and                the Board                of Directors and also subject to the performance of the Company against                the established bonus objectives. You will not be eligible to receive                a                bonus for the fiscal year beginning on April 1, 2007. Notwithstanding                the                foregoing, on or about May 1, 2008, you will receive a payment equivalent                to the greater of (i) the bonus paid to you for the fiscal year ending                on                March 31, 2007 (if any), or (ii) a target bonus of 45% of your entire                day-to-day salary set forth in Section                3                of                this Agreement. |
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| 6.   | Vacation.                Any accrued but unused vacation time for calendar year 2006 will                be paid                to you, subject to applicable withholdings, promptly after beginning                your                “Work At Home” period. You will not accrue vacation during your “Work At                Home” period. |
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| 7.   | Accelerated                Vesting.                Effective immediately and throughout the term of this Agreement,                if there                should be a Sale of the Company (defined at Section 10 of the SMA)                or if                you should you die or become disabled, all of your Carried Shares                shall                become fully vested immediately upon the closing of the Sale of the                Company or upon your death or the commencement of your                disability. |
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| 8.   | Non-Disparagement.                Effective immediately, and throughout the term of this Agreement,                you                agree not to disparage, criticize, defame, or make critical comment                regarding Prestige or any of the directors, officers, or employees                of                Prestige in any writing, statement, or other written or oral                communication. During the same period of time, the Company and its                directors, officers and |
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|   | employees agree not to disparage, criticize, defame or make critical              comment regarding you in any writing, statement, or other written or              oral              communication. |
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| 9.   | Confidentiality.                You agree to maintain confidentiality of all non-public, trade secret                or                commercially sensitive information that has been revealed to you                during                the course of your employment, whether such information was first                obtained                during your “Work At Home” period or at any time prior thereto. You agree                that you will not disclose to any third parties, directly or indirectly                (except to the extent required by law, or if requested by the Company),                any such confidential or proprietary information (a) which has not                been                disclosed publicly by the Company, (b) which is otherwise not a matter                of                public knowledge or your personal knowledge from sources unrelated                to the                Company, or (c) which is a matter of public knowledge but you know                that                such information became a matter of public knowledge through an                unauthorized disclosure. You further agree to treat this Agreement                as                confidential and will disclose its terms to no one other than your                family                members and your personal legal and financial advisors, with the                understanding that such disclosures will be treated as confidential.                Notwithstanding the foregoing, you will be permitted to disclose                that this                Agreement imposes upon you the duties set forth in Sections 8, 9                and 14                hereof. |
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| 10.   | Agreed                Communication.                You and Prestige mutually agree and consent to the text of the                communication attached hereto as Exhibit A, which may not and shall                not be                used for any purposes prior to the date upon which Employee resigns                as an                officer of the Company. |
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| 11.   | Termination                of Employment.                On                April 1, 2008, your employment with Prestige shall cease altogether.                As of                that date, you will be afforded all customary and usual termination                benefits, including but not limited to the option to purchase COBRA                health                insurance. In the event that any compensation to be paid to Employee                pursuant to the terms of Section                3                above is deemed to be a part of a nonqualified deferred compensation                plan                under Section 409A of the Code, and if such treatment for tax purposes                causes Employee to become ineligible for COBRA benefits for anything                less                than the full term of such benefits to which he would otherwise be                entitled, then the Company shall continue to provide full health                benefits                to Employee, at the Company’s sole expense, until October 1,                2009. |
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| 12.   | Release                of Claims.                As                a condition precedent to this Agreement, you agree to execute a release                in                the form of Exhibit C hereto. You further acknowledge by your initials                appearing at the end of this Section                12                that Prestige has encouraged you to obtain counsel and to review                this                Agreement prior to execution. /s/ GFB. |
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| 13.   | Restriction                on Sale of Restricted Stock.                You acknowledge that you have been advised of the possibility that                the                Company will participate in a registered offering of the Company’s common                stock (the “Offering”). In the event that the Offering is consummated, and                as a condition of this Agreement, you agree that you will limit your                participation in the Offering to not more than twenty-five percent                (25%)                of the total number of Common Shares that you will own as of April                1, 2008                (calculated as though you had fully performed all of your obligations                under this Agreement through that date). Notwithstanding anything                to the                contrary herein or in the SMA, including Section                5(b)                thereof, you will retain the right to Transfer, at any future date,                the                difference between the number of shares (i) that, but for the limitations                set forth in the immediately preceding sentence, you would otherwise                be                entitled to sell and (ii) the amount that you actually do sell,                provided that                you may Transfer up to that entire difference in a single transaction                or a                series of transactions, occurring either on a single date or on several                dates, at your sole election; and further provided that                no                such Transfer may take place that would violate the usual and customary                underwriting restrictions |
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|   | associated with the Offering. Otherwise, the sale restrictions imposed              by the SMA will remain in full force and effect. You also agree to              cooperate in this or other similar Company activities, as requested,              to              the extent that it is reasonably possible to do              so. |
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| 14.   | Non-Compete.                So                long as the Company is not in breach of its obligations under this                Agreement and the release that is annexed hereto as Exhibit C, during                the                two-year period beginning on April 1, 2007, you agree not to compete                with                the Company in the areas of: (a) OTC cryogenic wart treatment products,                (b) Devices for treatment or management of bruxism, (c) Liquid OTC                sore                throat treatment products and lozenges, (d) Inter-proximal devices,                (e)                Copper scrubbers, (f) powdered cleansers and (g) pediatric OTC medicinal                products, except with the express written consent of the Company                (which                consent shall not be unreasonably withheld). |
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| 15.   | Lawful                Process.                Nothing set forth herein shall preclude you from responding to any                subpoena or other lawful process or order, nor shall anything herein                preclude you from discussing the terms of this Agreement or the release                that is annexed hereto as Exhibit C with your spouse, your attorney,                your                tax advisor, or your accountant. You may also disclose the terms                of this                Agreement as necessary to enforce your rights under this                Agreement. |
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| 16.   | Death.                In                the event of your death or disability, all amounts payable to you                hereunder shall be paid to your estate or, if you are still living,                to                you, as though you had fully performed all of your obligations hereunder                through April 1, 2008. |
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| 17.   | Indemnity.                The Company agrees to indemnify, defend and hold you harmless against                any                judgments, expenses, costs, attorneys’ fees, fines, or other amounts that                you may incur for liabilities that arise out of any proceedings,                class                action suits, lawsuits, mediations, arbitrations, depositions, or                litigation of any kind or nature whatsoever, now pending or that                may later                be brought or threatened against you by reason of the fact that you                were                an employee of the Company, in accordance with the Company’s                indemnification provisions existing on the date of execution of this                Agreement. These rights are in addition to any other rights that                you may                have under the Company’s bylaws, the laws of the State of New York, the                Delaware General Corporation Law, and any other applicable laws or                regulations. |
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| 18.   | Forfeiture                of Restricted Stock Grant.                In consideration of the benefits conferred herein, you agree to surrender                and forfeit the grant of 4,734 shares of restricted stock made as                of July                1, 2006. |
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| 19.   | Maturation                of Performance Shares.                The 1,184 Performance Shares that were awarded to you as of July                1, 2006,                shall mature pursuant to the terms of the award; and the valuation                of the                same shall be determined as of the close of business on March 31,                2008.                You should contact the Company shortly after that date to discuss                your                entitlements (if any) under that                award. |
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| 20.   | No                Future Long Term Incentive Awards.                In consideration of the benefits conferred herein, you acknowledge                that                you will receive no additional Long Term Incentive Awards, either                in                calendar year 2007 or 2008, or at any time subsequent                thereto. |
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| 21.   |  Attorney’s                Fees.                The Company will reimburse any reasonable attorney’s fees incurred by you                in connection with the review and negotiation of this document in                an                amount not to exceed $2,500. |
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| 22.   | Amendment                and Waiver. Nothing in this Agreement abrogates or otherwise amends                Section                12(k)                of                the SMA. |
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