Form of Restricted Stock Equivalent Award Agreement



 Exhibit 10.3 
 RESTRICTED STOCK EQUIVALENT AWARD AGREEMENT 
 In consideration of the
mutual covenants contained herein, Energizer Holdings, Inc. (“Company”), and             (“Recipient”) hereby agree as follows: 

ARTICLE I – COMPANY COVENANTS 
 Company hereby covenants: 
 1. Award. 

The Company, pursuant to its 2009 Incentive Stock Plan (the “Plan”), grants to Recipient a Restricted Stock Equivalent Award of
            restricted common stock equivalents (“Equivalents”). This Award Agreement is subject to the provisions of the Plan and to the following terms and conditions.

 2. Vesting; Payment. 
 The Equivalents granted to Recipient will vest on             ,
20            [3-year vesting period], subject to the provisions of this Award Agreement (such date is hereinafter referred to as the “Vesting/Payment Date”). 

Upon vesting, each vested Equivalent will convert, at that time into one share of the Company’s $.01 par value
Common Stock (“Common Stock”), which will be issued to the Recipient on, or as soon as practicable after, the Vesting/Payment Date, but not later than December 31st of the year in which the Vesting/Payment Date occurs. 

3. Additional Cash Payment. 
 Additional cash payments equal to the amount of dividends, if any, which would have been paid to the Recipient had shares of Common Stock been issued in lieu of the Equivalents, will be paid on or after
the Vesting/Payment Date, but not later than the December 31st of the year in which the Vesting/Payment Date occurs. No interest shall be included in the calculation of such additional cash payment. 

4. Acceleration. 
 Notwithstanding the provisions of paragraph 2 above, all Equivalents credited to the Recipient will immediately vest, convert into shares of Common Stock and be paid to the Recipient, his or her
designated beneficiary, or his or her legal representative, in accordance with the terms of the Plan, in the event of: 
 (a) the Recipient’s death; 
 (b) Recipient’s involuntary
Termination of Employment, by reason of continuing disability, immediately following exhaustion of short-term disability benefits; or 
  







 (c) a Change of Control of the Company. 

In the event of acceleration because of the occurrence of one of the first two events above, the shares of Common Stock into which
the Equivalents convert will be issued, and related payments, if any, shall be paid, no later than the later of (i) the 15th day of the third calendar month following such event, or (ii) a date after such event, but not later than the
December 31st immediately following such event. In
the event of acceleration because of the occurrence of a Change of Control of the Company, the shares of Common Stock into which the Equivalents convert will be issued, and related payments, if any, shall be paid, no later than the later of
(i) the 15th day of the third calendar month
following the Change of Control, or (ii) a date after the Change of Control, but not later than the
December 31st immediately following the Change of
Control. 
 5. Forfeiture. 
 All rights in and to any and all Equivalents granted pursuant to this Award Agreement, and to any shares of Common Stock into which they would convert, which have not vested as described in paragraphs 2
or 4 above, shall be forfeited upon 
 (a) the Recipient’s voluntary or involuntary Termination of
Employment, other than an involuntary Termination of Employment, by reason of continuing disability, immediately following exhaustion of short-term disability benefits; or 

(b) a determination by the Committee that the Recipient engaged in competition with the Company or other conduct contrary
to the best interests of the Company in violation of Article II of this Agreement. 
 6. Shareholder Rights; Adjustment of
Equivalents. 
 Recipient shall not be entitled, prior to the conversion of Equivalents into shares of Common Stock, to any
rights as a shareholder with respect to such shares of Common Stock, including the right to vote, sell, pledge, transfer or otherwise dispose of the shares. Recipient shall, however, have the right to designate a beneficiary to receive such shares
of Common Stock under this Award Agreement, subject to the provisions of Section V of the Plan. The number of Equivalents credited to Recipient may be adjusted, in the sole discretion of the Nominating and Executive Compensation Committee of the
Company’s Board of Directors, in accordance with the provisions of Section VI(F) of the Plan. 
 7. Other.

 The Company reserves the right, as determined by the Committee, to convert this Award Agreement to a substantially equivalent
award and to make any other modification it may consider necessary or advisable to comply with any applicable law or governmental regulation, or to preserve the tax deductibility of any payments hereunder. Shares of Common Stock shall be withheld in
satisfaction of federal, state, and local or other international withholding tax obligations arising upon the vesting of Equivalents. Shares of Common Stock tendered as payment of required withholding shall be valued at the Fair Market Value of the
Company’s Common Stock on the date such withholding obligation arises. 

  
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 8. Delayed Payment Upon Termination of Employment. 

Subject to the provisions of this Award concerning acceleration and payment upon death or involuntary Termination of Employment
immediately following exhaustion of short-term disability benefits, a payment on account of Termination of Employment may not be made until at least six months after such Termination of Employment, as applicable. Any payment otherwise due in such
six month period shall be suspended and become payable at the end of such six month period. 
 9. Definitions.

 Affiliates shall mean all entities within the controlled group that includes the Company, as defined in Code Sections 414(b) and
414(c) and the regulations thereunder, provided that the language “at least 50 percent” shall be used instead of “at least 80 percent” each place it appears in such definition. 

Change of Control shall mean the following: 
 (a) The acquisition by one person, or more than one person acting as a group, of ownership of stock (including Common Stock) of the Company that, together with stock held by such person or group,
constitutes more than 50% of the total fair market value or total voting power of the stock of the Company. Notwithstanding the above, if any person or more than one person acting as a group, is considered to own more than 50% of the total fair
market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons will not constitute a Change of Control; or 

(b) A majority of the members of the Company’s Board of Directors is replaced during any twelve-month period by
directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors before the date of the appointment or election. 
 Persons will not be considered to be acting as a group solely because they purchase or own stock of the same corporation at the same time, or as a result of the same public offering. However, persons will
be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 

This definition of Change of Control shall be interpreted in accordance with, and in a manner that will bring the definition into compliance with, the
regulations under Section 409A of the Internal Revenue Code. 
 Termination of Employment shall mean a “separation from
service” with the Company and its Affiliates, as such term is defined in Code Section 409A and the regulations thereunder. 
 ARTICLE II RECIPIENT COVENANTS 
 Recipient hereby covenants: 

  
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 1. Confidential Information. 

By executing this Award Agreement, I agree that I shall not, directly or indirectly, use, make available, sell, disclose or otherwise
communicate to any person, other than in the course of my assigned duties and for the benefit of the Company, either during the period of my employment or at any time thereafter, any nonpublic, proprietary or confidential information, knowledge or
data relating to the Company, any of its affiliates, or their businesses, which I shall have obtained during my employment by the Company or an affiliate. The foregoing shall not apply to information that (a) was known to the public prior to
its disclosure to me; (b) becomes known to the public subsequent to disclosure to me through no wrongful act or mine or any of my representatives; or (c) I am required to disclose by applicable law, regulation or legal process (provided
that I provide the Company with prior notice of the contemplated disclosure and reasonably cooperate with the Company at its expense in seeking a protective order or other appropriate protection of such information). Notwithstanding clauses
(a) or (b) of the preceding sentence, my obligation to maintain such disclosed information in confidence shall not terminate if only portions of the information are in the public domain. 

2. Non-Competition. 
 By executing this Award Agreement, I acknowledge that my services are of a unique nature for the Company that are irreplaceable, and that my performance of such services for a competing business will
result in irreparable harm to the Company and its affiliates. Accordingly, during my employment with the Company or any affiliate and for the [one (1)/two (2)]* year period thereafter, I agree that I will not, directly or indirectly, own,
manage, operate, control, be employed by (whether as an employee, consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in
any business of the same type as any business in which the Company or any of its affiliates is engaged on the date of termination or in which they have proposed, on or prior to such date, to be engaged in on or after such date and in which I have
been involved to any extent (on other than a de minimus basis) at any time during the one (1) year period ending with my date of termination, in any locale of any country in which the Company or any of its affiliates conducts business. This
subsection shall not prevent me from owning not more than one percent of the total shares of all classes of stock outstanding of any publicly held entity engaged in such business. I agree that the foregoing restrictions are reasonable, necessary,
and enforceable for the protection of the goodwill and business of the Company. 
 3. Non-Solicitation. 

During my employment with the Company or an affiliate and for the two (2) year period thereafter, I agree that I will not, directly
or indirectly, individually or on behalf of any other person, firm, corporation or other entity, knowingly solicit, aid or induce (i) any employee of the Company or any affiliate to leave such employment in order to accept employment with or
render services to or with any other person, firm, corporation or other entity unaffiliated with the Company or knowingly take any action to hire or to materially assist or aid any other person, firm, corporation or other entity in identifying or
hiring any such employee, or (ii) any customer of the Company or any affiliate to purchase goods or services then sold by the Company or any 

  
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affiliate from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer. I agree that the foregoing
restrictions are reasonable, necessary, and enforceable in order to protect the Company’s trade secrets, confidential and proprietary information, goodwill, and loyalty. 
 4. Non-Disparagement. 
 I agree not to make any statements that disparage
the Company or its affiliates or their respective employees, officers, directors, products or services, and the Company, by its execution of this Award Agreement agrees that it and its affiliates and their respective executive officers and directors
shall not make any such statements regarding me. Notwithstanding the foregoing, statements made in the course of sworn testimony in administrative, judicial or arbitral proceedings (including, without limitation, depositions in connection with such
proceedings) shall not be subject to this subsection. 
 5. Reasonableness. 

In the event any of the provisions of this Article II shall ever be deemed to exceed the time, scope or geographic limitations permitted
by applicable laws, then such provisions shall be reformed to the maximum time, scope or geographic limitations, as the case may be, permitted by applicable laws. 
 6. Equitable Relief. 
 (a) I acknowledge that the
restrictions contained in this Article II are reasonable and necessary to protect the legitimate interests of the Company and its affiliates, that the Company would not have granted me this Award Agreement in the absence of such restrictions, and
that any violation of any provisions of this Article II will result in irreparable injury to the Company and its affiliates. By agreeing to accept this Award Agreement, I represent that my experience and capabilities are such that the restrictions
contained herein will not prevent me from obtaining employment or otherwise earning a living at the same general level of economic benefit as is currently the case. I further represent and acknowledge that I have been advised by the Company to
consult my own legal counsel in respect of this Award Agreement, and I have had full opportunity, prior to agreeing to accept this Award Agreement, to review thoroughly its terms and provisions with my counsel. 

(b) I agree that the Company shall be entitled to preliminary and permanent injunctive relief, without the necessity of
proving actual damages, as well as an equitable accounting of all earnings, profits and other benefits arising from any violation of this Article II, which rights shall be cumulative and in addition to any other rights or remedies to which the
Company may be entitled. 
 (c) I irrevocably and unconditionally consent to the service of any process,
pleadings notices or other papers in a manner permitted by law. 

  
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 7. Waiver; Survival of Provisions. 

The failure by the Company to enforce at any time any of the provisions of this Article II or to require at any time performance by me of
any provisions hereof, shall in no way be construed to be a release of me or waiver of such provisions or to affect the validity of this Award Agreement or any part hereof, or the right of the Company thereafter to enforce every such provision in
accordance with the terms of this Award Agreement. The obligations contained in this Article II shall survive the termination of my employment with the Company or any affiliate and shall be fully enforceable thereafter. 

ARTICLE III - OTHER AGREEMENTS 
 1. Governing Law.  
 All questions pertaining to the validity,
construction, execution, and performance of this Award Agreement shall be construed in accordance with, and be governed by, the laws of the State of Missouri, without giving effect to the choice of law principles thereof. 

2. Notices. 
 Any notices necessary or required to be given under this Award Agreement shall be sufficiently given if in writing, and personally delivered or mailed by registered or certified mail, return receipt
requested, postage prepaid, to the last known addresses of the parties hereto, or to such other address or addresses as any of the parties shall have specified in writing to the other party hereto. 

3. Entire Agreement. 
 This Award Agreement constitutes the entire agreement of the parties hereto with respect to the matters contained herein, and no modification, amendment, or waiver of any of the provision of this Award
Agreement shall be effective unless in writing and signed by all parties hereto. This Award Agreement constitutes the only agreement between the parties hereto with respect to the matters herein contained. 

4. Waiver.  
 No change or modification of this Award Agreement shall be valid unless the same is in writing and signed by all the parties hereto. No waiver of any provision of this Award Agreement shall be valid
unless in writing and signed by the party against whom it is sought to be enforced. 
 5. Counterparts; Effect of
Recipient’s Signature. 
 This Award Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, and all of which shall constitute one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party, it being understood that both parties
need not sign the same counterpart. The provisions of this Award Agreement shall not be valid and in effect until such execution by both parties. By the execution of this Award Agreement, Recipient signifies that Recipient has fully read, completely
understands, and voluntarily agrees with this Award Agreement consisting of seven (7) pages and knowingly and voluntarily accepts all of its terms and conditions. 

  
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 6. Effective Date. 

This Award Agreement shall be deemed to be effective as of the date executed. 

IN WITNESS WHEREOF, the Company duly executed this Award Agreement as of
                    , 20        , and Recipient duly executed it as of
                    , 20        . 

 

							
	ACKNOWLEDGED AND ACCEPTED:	 		 	ENERGIZER HOLDINGS, INC.
				
	  
	 		 	By:	 	  

	Recipient	 		 		 	
		 		 		 	

  

	*	[Two years to be inserted in the agreement of the Chief Executive Officer, one year in the agreement of other executives.] 


  
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