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AGREEMENT    
  

        THIS AGREEMENT, between KEY PRODUCTION COMPANY, INC., a Colorado corporation ("Key"), and MONROE W. ROBERTSON ("Robertson"), is executed this 23rd
day of February, 2002. 

RECITALS  

        1.    Robertson
has been an employee and an officer of Key since 1992. Robertson's employment was pursuant to a written Employment Agreement dated September 1, 1992.
Pursuant to that Employment Agreement, Robertson is entitled to certain payments upon termination of his employment. 

        2.    As
an employee of Key, Robertson participates in several employee benefit plans established and maintained by Key for its eligible employees. 

        3.    Pursuant
to the Key Production Company, Inc. Stock Option Plan (the "Stock Option"), Robertson was granted non-qualified options to purchase shares of
the $0.25 par value common stock of Key (the "Stock"), 40,000 of these options are scheduled to vest on September 6, 2002. 

        4.    Key
wishes to recognize the substantial contribution made by Robertson to the formation of the Company and to its growth and significant increase in shareholder value. 

        5.    Key
and Robertson desire fully and forever to resolve all claims and potential claims between them by providing for the termination of Robertson's employment on the terms
and conditions set forth below. 

        6.    Key
and Robertson desire to void the provisions of the Robertson's Employment Agreement and provide this written Agreement and the Non-Competition Agreement
dated                        defining all of Robertson's rights upon termination of employment. 

AGREEMENT  

        NOW, THEREFORE, in consideration of the promises described below, the parties hereto agree as follows: 

        1.    Termination.    Robertson shall voluntarily terminate his employment with Key on or before March 1, 2002. 

        2.    Payment.    Key shall pay to Robertson the sum of $700,000, less all applicable federal, state, and local taxes
and other deductions required by law. The net payment shall be made in a single lump sum on or before March 1, 2002. 

        3.    Continuation of Medical Insurance.    Key shall provide Robertson with coverage provided to officers under the
Key medical and dental plan through February 29, 2004. For the first eighteen months, the continued coverage shall be provided under the Consolidated Omnibus Budget Reconciliation Act of 1985
(COBRA). For the remainder of the covered period, Key will continue the coverage on the same terms as COBRA continuation coverage. For the entire period of coverage, Key will pay the COBRA premium
less the amount Robertson would have paid as a payroll deduction for the medical and dental insurance coverage. Robertson shall pay an amount for medical and dental insurance similar to officers
erings of the Company. Robertson shall make appropriate arrangements to pay Key an amount equal to the payroll deduction. If not paid, coverage will terminate under the terms of the applicable Plan.
If Key or a successor changes medical and/or dental coverage, Robertson shall be provided with coverage with terms similar to coverage and terms provided to officers of Key or its successor(s). 

        4.    Retirement Plans.    Robertson shall receive benefits, if any, from the Key retirement plans as and when he may
be entitled to receive benefits in accordance with the terms of each plan. 

        5.    Stock Options.    By action of the Board on February 21, 2002, the options which were to vest on
September 6, 2002 were fully vested on February 21, 2002. These options may be exercised by 

 

Robertson within three months following the date of the termination of Robertson's employment, but not thereafter. Robertson shall make appropriate arrangements with the Company for the payment of
all amounts required to be withheld under federal, state, and local tax laws upon exercise of the options. 

        6.    Unused Vacation.    Key shall pay to Robertson in a single lump sum on or before March 1, 2002 an amount
equal to the value of any unused vacation earned prior to March 1, 2002. 

        7.    No Other Benefits.    Except as provided in this Agreement or as may be required by the Internal Revenue Code
and Employee Retirement Income Security Act of 1974, as amended, and other applicable law Robertson shall not be entitled to any employee benefits following his separation from employment with Key. 

        8.    Release by Robertson.    (a) In consideration of the rights and obligations created by this Agreement,
the receipt and sufficiency of which are hereby acknowledged, Robertson for himself, his heirs, personal representatives, successors and assigns, hereby fully and forever releases and discharges Key,
its subsidiaries, affiliates, and each of them, as well as their officers, directors, shareholders, employees, agents, attorneys, successors and assigns, from any and all claims, demands, obligations,
actions, liabilities and damages of every kind and nature whatsoever, at law or in equity, known or unknown, suspected or unsuspected, that Robertson may now have or claim at any future time to have,
based in whole or in part upon any act or omission through the date of his separation from employment with Key, including without limitation those claims, demands, obligations, actions, liabilities
and damages arising from, relating to or based upon Robertson's employment with Key or separation from employment with Key. 

        (b)  Robertson
agrees that the release in subparagraph 8(a) includes but is not limited to an express waiver of rights and claims under federal and state statutes that
prohibit employment discrimination on the basis of sex, race, national origin, religion, disability and age, such as the Age Discrimination in Employment Act of 1987, Title VII of the Civil
Rights Act of 1964, as amended, the Rehabilitation Act of 1973, the Americans With Disabilities Act, the Family and Medical Leave Act, the Equal Pay Act, and the Colorado Civil Rights Act, as well as
all common law rights and claims, such as breach of contract, express or implied, tort, whether negligent or intentional, constructive discharge, and wrongful discharge. Robertson agrees that the
benefits under this Agreement, which he accepts by signing this Agreement and to which he would not otherwise be entitled, have value to him. Robertson, with the advice of competent counsel, and after
having been advised to consult with an attorney, affirms that he has had at least 21 days in which to consider executing this Agreement. Robertson is further aware of his right to revoke the
waiver of claims within 7 days after signing this Agreement. If Robertson revokes the waiver of claims contained in this paragraph within 7 days after signing this Agreement, he shall
immediately return to Key all sums he has received pursuant to this Agreement and in that event this Agreement shall be of no further force or effect. 

        9.    Release by Key.    In consideration of the rights and obligations created by this Agreement, the receipt and
sufficiency of which are hereby acknowledged, Key, for itself, its subsidiaries, affiliates, and each of them, as well as their officers, directors, shareholders, employees, agents, attorneys,
successors and assigns, hereby fully and forever releases and discharges Robertson, his heirs, personal representatives, successors and assigns, from any and all claims, demands, obligations, actions,
liabilities and damages of
every kind and nature whatsoever, at law or in equity, known or unknown, suspected or unsuspected that Key may now have or claim at any future time to have, based in whole or in part upon any act or
omission through the date of Robertson's separation from employment with Key, including without limitation those claims, demands, obligations, actions, liabilities and damages arising from, relating
to or based upon Robertson's employment with Key or separation from employment with Key. 

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        10.    Termination Employment Agreement.    The Employment Agreement dated September 1, 1992 shall be null and
void and shall have no effect upon the execution of this Agreement. Robertson waives all claims arising under the Employment Agreement. 

        11.    Miscellaneous.    

        (a)    Amendment.    This Agreement may be amended or modified only by a writing signed by
both parties. 

        (b)    No Assignment.    This Agreement may not be assigned by either party; provided however,
that this Agreement shall be binding on the heirs and successors to each party. 

        (c)    Entire Agreement.    This Agreement contains the entire agreement between the parties
and supersedes any prior agreements or understandings, whether written or oral. 

        (d)    Severability.    If any part of this Agreement is declared to be unenforceable, all
other provisions of this Agreement shall remain enforceable. 

        (e)    Governing Law.    This Agreement shall be construed in accordance with the internal law
of the State of Colorado. 

        (f)    Arbitration.    If any dispute involving this Agreement or any aspect of Robertson's
employment relationship with Key arises, then the dispute shall be determined through binding arbitration in Denver, Colorado in accordance with the employment arbitration procedures of the American
Arbitration Association ("AAA") existing at the time the arbitration is conducted, before a single arbitrator chosen in accordance with AAA procedures, and the decision of the arbitrator shall be
enforceable as a court judgment. All arbitration proceedings shall be confidential. If any dispute is not arbitrated, Robertson and Key hereby agree to waive their right to a jury trial. 

        (g)    Taxes and Withholding.    Robertson shall be responsible for all applicable federal,
state, and local taxes and any other deductions required by law for all payments made under this Agreement. 

        IN
WITNESS WHEREOF, the undersigned have executed this Agreement on the date first written above. 

	 	 	KEY PRODUCTION COMPANY, INC.
	ATTEST:	 	 	 
	    
	 	By:	    

	

 	
 	

    
 MONROE W. ROBERTSON

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Exhibit 4.12  

 
 

AMENDMENT, WAIVER AND CONSENT AGREEMENT    
  

        THIS AMENDMENT, WAIVER AND CONSENT AGREEMENT (this "Agreement"), dated as of October 22, 2001, to the Restated Credit Agreement, dated as of
November 29, 1999 (as the same may be further amended, supplemented or modified from time to time in accordance with its terms, the "Credit Agreement"), among Water Pik, Inc., a Delaware
corporation ("Water Pik"), and Laars, Inc., a Delaware corporation ("Laars" and together with Water Pik, herein referred to as the "Borrowers"), the Guarantors named therein, the financial
institutions named therein (the "Lenders") and The Chase Manhattan Bank, as agent (the "Agent") for the Lenders. Capitalized terms used and not otherwise defined herein shall have the meanings
attributed thereto in the Credit Agreement. 

        WHEREAS, the Borrowers have requested that the Agent and the Lenders (i) consent to the (a) refinancing of the real property
covered by the Mortgages listed on Schedule 1 annexed hereto (the "Refinanced Property") and (b) secured indebtedness in the amount of $20,600,000 incurred by the Borrowers in favor of
U.S. Bank National Association ("U.S. Bank") as a result of such refinancing (the "Refinancing"), (ii) release the Mortgages and terminate all liens on the Refinanced Property and
(iii) increase the sublimit on the Letters of Credit; 

        WHEREAS, pursuant to the Amendment and Waiver Agreement dated as of June 29, 2001 among the Borrowers, the Guarantors, the Lenders
and the Agent, the Agent and the Required Lenders are satisfied with the terms of the Refinancing of the Refinanced Property and the Intercreditor Agreement referred to in Section 4(b) below; 

        WHEREAS, the Borrowers have also requested that the Agent and the Lenders revise the Borrowing Base, and the Agent and the Lenders are
willing to take all of the aforementioned actions on the terms and conditions hereof. 

        NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and subject to the fulfillment of
the conditions set forth below, the parties hereto agree as follows: 

 Section 1. Consent under Credit Agreement  

        1.1  Subject
to the satisfaction of the conditions precedent set forth in Section 4 below, the Agent and the Required Lenders hereby consent to the Refinancing of the
Refinanced Property, provided that the Net Proceeds in a minimum amount of $20,000,000 from the Refinancing are applied as set forth in Section 2.09(f) of the Credit Agreement. 

        1.2  Upon
the Refinancing and satisfaction of the conditions precedent in Section 4 of this Agreement, the Agent agrees to promptly deliver to the Borrowers such
documents and instruments reasonably requested by the Borrowers as shall be necessary to evidence the release of the Mortgages and the termination of all liens on the Refinanced Property under
Section 3.03 of the Credit Agreement. 

 Section 2. Amendments under Credit Agreement  

        2.1  The
definition of "M&E Availability" in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

"M&E
Availability" shall mean up to $2,960,000 in the case of Laars and up to $2,960,000 in the case of Water Pik, each reduced by $246,000 on the last day of each calendar quarter commencing
December 31, 2001. 

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        2.2  Section 2.01
of the Credit Agreement is hereby amended by deleting "$5,000,000" in subclause (A)(ii) and substituting therefor "$10,000,000". 

        2.3  Section 2.17
of the Credit Agreement is hereby amended by deleting "$5,000,000" and substituting therefor "$10,000,000". 

        2.4  Except
for the specific amendments set forth in Sections 2.1 through 2.3 above, nothing herein shall be deemed to be an amendment of any covenant or agreement contained
in the Credit Agreement, and the Borrowers and the Loan Parties hereby agree that all of the covenants and agreements contained in the Credit Agreement are hereby ratified and confirmed in all
respects. 

 Section 3. Waivers under Credit Agreement  

        3.1  The
Lenders and the Agent hereby waive the provisions of Section 7.03 solely with regard to secured Indebtedness incurred by the Borrowers in connection with the
Refinancing. 

        3.2  Except
for the specific waivers set forth above, nothing herein shall be deemed to be a waiver of any covenant or agreement contained in the Credit Agreement. 

 Section 4. Conditions Precedent  

        Sections 1 through 3 of this Agreement shall become effective upon the execution and delivery of counterparts hereof by the parties listed below and the
fulfillment of the following conditions: 

        (a)  U.S.
Bank shall execute and deliver to the Agent a Mortgagee's Consent and Waiver, in the form annexed hereto as Exhibit A. 

        (b)  U.S.
Bank shall execute and deliver to the Agent that certain Intercreditor Agreement dated October 22, 2001, between U.S. Bank and the Agent. 

        (c)  All
representations and warranties contained in this Agreement or otherwise made in writing to the Agent in connection herewith shall be true and correct. 

        (d)  No
unwaived event has occurred and is continuing which constitutes a Default or Event of Default under the Credit Agreement. 

        (e)  The
Borrowers shall reimburse the Agent for all of its out-of-pocket expenses, including legal fees, associated with this Agreement, all of which
may be charged to the Borrowers' accounts with the Agent. 

 Section 5. Miscellaneous  

        5.1  Each
of the Borrowers reaffirms and restates the representations and warranties set forth in Article IV of the Credit Agreement and all such representations and
warranties are true and correct on the date hereof with the same force and effect as if made on such date, except as they may specifically refer to an earlier date. 

        5.2  Except
as herein expressly amended or waived, the Credit Agreement is ratified and confirmed in all respects and shall remain in full force and effect in accordance with
its terms. 

        5.3  All
references to the Credit Agreement in the Credit Agreement, the Security Documents and the other documents and instruments delivered pursuant to or in connection
therewith shall mean the Credit Agreement as amended hereby and as the same may in the future be amended, restated, supplemented or modified from time to time. 

        5.4  This
Agreement may be executed by the parties hereto individually or in combination, in one or more counterparts, each of which shall be an original and all of which
shall constitute one and the 

2

 

same agreement. Delivery of an executed counterpart of a signature page by telecopier shall be effective as delivery of a manually executed counterpart. 

        5.5  THIS AGREEMENT IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATION LAW OF THE STATE OF NEW YORK, SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
ANY CONFLICTS OF LAW PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.  

3

 

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 

	 	 	LAARS, INC.
	

 	
 	

By:	
 	

/s/  VICTOR C. STREUFERT      
 Name: Victor C. Streufert

Title: Vice President
	

 	
 	

WATER PIK, INC.
	

 	
 	

By:	
 	

/s/  VICTOR C. STREUFERT      
 Name: Victor C. Streufert

Title: Vice President
	

 	
 	

JANDY INDUSTRIES, INC.,

as a Guarantor
	

 	
 	

By:	
 	

/s/  VICTOR C. STREUFERT      
 Name: Victor C. Streufert

Title: Vice President
	

 	
 	

WATERPIK INTERNATIONAL, INC.

as a Guarantor
	

 	
 	

By:	
 	

/s/  VICTOR C. STREUFERT      
 Name: Victor C. Streufert

Title: Vice President
	

 	
 	

WATER PIK TECHNOLOGIES FOREIGN

SALES CORPORATION
	

 	
 	

By:	
 	

/s/  VICTOR C. STREUFERT      
 Name: Victor C. Streufert

Title: Vice President
	

 	
 	

WATER PIK TECHNOLOGIES, INC.
	

 	
 	

By:	
 	

/s/  VICTOR C. STREUFERT      
 Name: Victor C. Streufert

Title: Vice President
	

 	
 	

THE CHASE MANHATTAN BANK,

as Agent and as a Lender
	

 	
 	

By:	
 	

/s/  DONNA M. DIFORIO      
 Name: Donna M. DiForio

Title: Vice President
	

 	
 	

BANK ONE, ARIZONA, N.A., as a Lender
	

 	
 	

By:	
 	

/s/  TINA ZELLER      
 Name: Tina Zeller

Title: Vice President

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MELLON BANK, N.A., as a Lender
	

 	
 	

By:	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

PNC BANK, NATIONAL ASSOCIATION,

as a Lender
	

 	
 	

By:	
 	

/s/  ILENE SILBERMAN      
 Name: Ilene Silberman

Title: Vice President
	

 	
 	

UNION BANK OF CALIFORNIA, N.A., as a Lender
	

 	
 	

By:	
 	

/s/  STEPHEN W. DUNNE      
 Name: Stephen W. Dunne

Title: Vice President

5

 
SCHEDULE 1  

 
 

Real Property Locations    
  

	(a)
	6000
Condor Drive

Moorpark, CA 93201

(Ventura County)

	(b)
	20
Industrial Way

Rochester, NH 03867

(Marin County)

	(c)
	1730
East Prospect Road

Fort Collins, CO 80553

(Larimer County)

	(d)
	609
14th Street

Loveland, CO 80537

(Larimer County) 

6

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AMENDMENT, WAIVER AND CONSENT AGREEMENT

Real Property Locations

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