Document:

Letter Agreement

 EXHIBIT 10.17 
 

 
  

	Re:	Award of Transaction Bonus and Amendment to Employment Agreement and Restricted Stock Award Agreements 

 Dear John: 
 In recognition of your past services to Spectrum Brands, Inc. (the “Company”) and the importance of
your past and continued services to the consummation of the Company’s sale of its global pet supply and aquatic business (the “Pet Business”), the Compensation Committee of the Board of Directors of the Company (the “Compensation
Committee”) has approved (1) an award of a cash bonus payable to you upon the consummation of that sale and (2) the waiver of the provisions in agreements evidencing awards to you of restricted stock that would cause you to forfeit
unvested shares as a result of the consummation of the sale. This letter serves to document the changes approved by the Committee and, upon your execution of a copy of this letter and as an amendment to the restricted stock award agreements as
described below. 
 Transaction Bonus 
 Following the
closing of the sale of the Pet Business, but in no event later than thirty (30) days after that closing, the Company will make a cash payment to you in the amount of $337,500, less such amounts as the Company is required by applicable law to
withhold. 
 Amendment to Restricted Stock Agreements 
 Section 3(b) of each of the restricted stock award agreements between you and the Company dated April 1, 2005 for 25,000 shares issued in connection with the execution of your employment agreement and February 1, 2006 are
amended in their entirety to read as follows: 
 (b) Forfeiture of Shares. Notwithstanding anything contained herein to the contrary,
upon the Employee’s termination of employment with the Company and all of its subsidiaries and affiliates for any reason other than as a result of the Company’s disposition of its global pet supply and aquatic business, the Employee shall
forfeit all Shares subject to restrictions that have not lapsed as of such termination, and the Employee shall have no further rights with respect to those Shares. Immediately before the Employee’s termination of employment that results from
the Company’s disposition of its global pet supply and aquatic business, all restrictions remaining on Shares shall lapse. Shares that are no longer subject to restrictions at the time of the Employee’s termination shall not be forfeited.

 If you have any questions about this letter, please contact Kent Hussey. Otherwise, please sign a copy of this letter and
return the signed copy to Kent Hussey. 
 On behalf of the Committee, the Board of Directors, the Company and its shareholders, I congratulate you on your
accomplishments and thank you for your outstanding service. 
 Sincerely, 
  

					
	 /s/    Kent J. Hussey
	    		  	
			
	Accepted:	    		  	
			
	 /s/    John A. Heil
	    	Date:	  	June 9, 2008
	 John A. HeilRetention Agreement

 EXHIBIT 10.18 
 RETENTION AGREEMENT 
 THIS RETENTION AGREEMENT (this “Agreement”) is entered into and
effective as of the 9th day of June, 2008 (“Effective Date”) by and between Spectrum Brands, Inc. (the “Company”), and Tony Genito (the “Executive”). 
 WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Board”) believes that the next twelve to eighteen months
will be a critical period for the future success of the Company; and 
 WHEREAS, the Company and the Executive have entered into a certain
Employment Agreement, dated June 9, 2008 (the “Employment Agreement”); and 
 WHEREAS, the Board believes that ensuring that
the continuing services of the Executive are provided during this period, the Board has authorized executive management of the Company to provide the Executive with a Retention Incentive upon the terms and conditions set forth herein, and the
Executive is willing and able to continue his employment to achieve such Retention Incentive on such terms and conditions. 
 NOW, THEREFORE,
for and in consideration of the premises and mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as follows:

  

	1.	Retention Period. 

 The retention period shall be
the period from the Effective Date through and including December 31, 2009 (the “Retention Period”). 
  

	2.	Retention Incentive 

  

	 	a.	To the extent the Executive remains employed by the Company through the Retention Period, at certain times during the Retention Period the Executive shall be paid a cash
“Retention Incentive” in an amount equal to $562,500, which equals 150% of Executive’s annual base salary in effect as of the Effective Date, as follows: 

  

	 	(i)	If the Executive is actively employed by the Company on December 31, 2008, the Executive will be paid, on the Company’s first payroll date following December 31,
2008, 50% of the Retention Incentive, less deductions required by law. 

  

	 	(ii)	If the Executive is actively employed by the Company on December 31, 2009, the Executive will be paid, on the Company’s first payroll date following December 31,
2009, 50% of the Retention Incentive, less deductions required by law. 

	 	b.	If, before the end of the Retention Period, there occurs a Change in Control (as defined in the Employment Agreement), any portion of the Retention Incentive not yet paid to
Executive, less deductions required by law, shall be paid to Executive upon the Change in Control. 

  

	 	c.	Nothing in this Agreement shall be construed to deprive Executive of any rights to receive annual incentive bonus payments, if any, made in the ordinary course by the Company to its
senior executives, subject to approval by the Board based upon the recommendation of the Compensation Committee of the Board or any previously communicated retention programs. 

  

	3.	Termination of Employment Prior to the End of the Retention Period. 

  

	 	a.	The Company shall have the right to terminate the Executive’s employment at any time, and the Executive shall have the right to terminate his employment at any time. Any such
termination shall have the effects described in this Section 3. 

  

	 	b.	If before the end of the Retention Period, (i) the Executive’s employment is considered to have been terminated by the Executive for “Good Reason” (as defined in
the Employment Agreement), or (ii) the Company terminates Executive’s employment without “Cause” (as defined in the Employment Agreement), the Executive shall be paid, at the time of such termination, the Retention Incentive that
would have been paid to Executive but for the early termination of Executive’s employment for the entire Retention Period. 

  

	 	c.	If the Executive voluntarily ends his employment without Good Reason or his employment is terminated by the Company for Cause before the end of the Retention Period, the Executive
shall forfeit any and all Retention Incentive payments, unless any such payments have been made to the Executive pursuant to Section 2(a) of this Agreement, in which case such payments will be retained by the Executive.

  

	4.	Existing Employment Agreement 

 This Agreement shall
not supersede, but shall be supplemental to, any Employment Agreement, other contract of employment or other agreement in effect between the Company and the Executive governing the terms and conditions of the Executive’s employment with the
Company as of the date of execution hereof. Notwithstanding the foregoing, and notwithstanding any provision of any Employment Agreement to the contrary, any Retention Incentive paid to the Executive pursuant to this Agreement will not be taken into
account in determining any amounts payable to the Executive pursuant to the term of any Employment Agreement. 
  

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	5.	Successors and Assigns. 

 This agreement shall be
binding upon the Executive, without regard to the duration of his employment by the Company or reasons for the cessation of such employment, although the obligations of the Executive are personal and may be performed only by him. The Company may
assign this Agreement without Executive’s consent, but any such assignment shall not relieve the Company of its obligations hereunder. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

			
	SPECTRUM BRANDS, INC.
		
	By:	 	 /s/    Kent J. Hussey

	Its:	 	CEO
	
	EXECUTIVE:
	
	 /s/    Anthony L. Genito

  

 3Retentions Agreement

 EXHIBIT 10.19 
 RETENTION AGREEMENT 
 THIS RETENTION AGREEMENT (this “Agreement”) is entered into and
effective as of the 9th day of June, 2008 (“Effective Date”) by and between Spectrum Brands, Inc. (the “Company”), and David Lumley (the “Executive”). 
 WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Board”) believes that the next twelve to eighteen months
will be a critical period for the future success of the Company; and 
 WHEREAS, the Company and the Executive have entered into a certain
Employment Agreement, dated January 16, 2007 (the “Employment Agreement”); and 
 WHEREAS, the Board believes that ensuring
that the continuing services of the Executive are provided during this period, the Board has authorized executive management of the Company to provide the Executive with a Retention Incentive upon the terms and conditions set forth herein, and the
Executive is willing and able to continue his employment to achieve such Retention Incentive on such terms and conditions. 
 NOW, THEREFORE,
for and in consideration of the premises and mutual agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as follows:

  

	1.	Retention Period. 

 The retention period shall be
the period from the Effective Date through and including December 31, 2009 (the “Retention Period”). 
  

	2.	Retention Incentive 

  

	 	a.	To the extent the Executive remains employed by the Company through the Retention Period, at certain times during the Retention Period the Executive shall be paid a cash
“Retention Incentive” in an amount equal to $787,500, which equals 150% of Executive’s annual base salary in effect as of the Effective Date, as follows: 

  

	 	(i)	If the Executive is actively employed by the Company on December 31, 2008, the Executive will be paid, on the Company’s first payroll date following December 31,
2008, 50% of the Retention Incentive, less deductions required by law. 

  

	 	(ii)	If the Executive is actively employed by the Company on December 31, 2009, the Executive will be paid, on the Company’s first payroll date following December 31,
2009, 50% of the Retention Incentive, less deductions required by law. 

	 	b.	If, before the end of the Retention Period, there occurs a Change in Control (as defined in the Employment Agreement), any portion of the Retention Incentive not yet paid to
Executive, less deductions required by law, shall be paid to Executive upon the Change in Control. 

  

	 	c.	Nothing in this Agreement shall be construed to deprive Executive of any rights to receive annual incentive bonus payments, if any, made in the ordinary course by the Company to its
senior executives, subject to approval by the Board based upon the recommendation of the Compensation Committee of the Board or any previously communicated retention programs. 

  

	3.	Termination of Employment Prior to the End of the Retention Period. 

  

	 	a.	The Company shall have the right to terminate the Executive’s employment at any time, and the Executive shall have the right to terminate his employment at any time. Any such
termination shall have the effects described in this Section 3. 

  

	 	b.	If before the end of the Retention Period, (i) the Executive’s employment is considered to have been terminated by the Executive for “Good Reason” (as defined in
the Employment Agreement), or (ii) the Company terminates Executive’s employment without “Cause” (as defined in the Employment Agreement), the Executive shall be paid, on the first day of the seventh calendar month following such
termination, the Retention Incentive that would have been paid to Executive but for the early termination of Executive’s employment for the entire Retention Period. 

  

	 	c.	If the Executive voluntarily ends his employment without Good Reason or his employment is terminated by the Company for Cause before the end of the Retention Period, the Executive
shall forfeit any and all Retention Incentive payments, unless any such payments have been made to the Executive pursuant to Section 2(a) of this Agreement, in which case such payments will be retained by the Executive.

  

	4.	Existing Employment Agreement 

 This Agreement shall
not supersede, but shall be supplemental to, any Employment Agreement, other contract of employment or other agreement in effect between the Company and the Executive governing the terms and conditions of the Executive’s employment with the
Company as of the date of execution hereof. Notwithstanding the foregoing, and notwithstanding any provision of any Employment Agreement to the contrary, any Retention Incentive paid to the Executive pursuant to this Agreement will not be taken into
account in determining 
  

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 any amounts payable to the Executive pursuant to the term of any Employment Agreement. 
  

	5.	Successors and Assigns. 

 This agreement shall be
binding upon the Executive, without regard to the duration of his employment by the Company or reasons for the cessation of such employment, although the obligations of the Executive are personal and may be performed only by him. The Company may
assign this Agreement without Executive’s consent, but any such assignment shall not relieve the Company of its obligations hereunder. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
 SPECTRUM BRANDS, INC. 
  

			
	By:	 	 /s/    Kent J. Hussey

	Its:	 	CEO
	
	EXECUTIVE:
	
	 /s/    David R. Lumley

  

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