Document:

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                                                                     Exhibit 4.8

                 [BANQUE NATIONALE DE PARIS (CANADA) LETTERHEAD]

MONTREAL, OCTOBER 28ST 1999

WATER PIK CANADA LTD.
35, Grand Marshall Drive
Scarborough, Ontario
M1B 5N9

hereafter referred to as the "Borrower"

Attention:        VICTOR C. STREUFERT

Subject:          Revolving Line of Credit facility in the amount of CAD
                  11,000,000 and Bulge facility in the amount of CAD 1,000,000
                  and Forward exchange contract facility in the amount of CAD
                  2,000,000

Dear Sir:

Further to our recent discussions, and your acceptance of our conditional
proposal sent to you on September 30th, 1999, we are pleased to offer you new
credit facilitates totaling CAD 14,000,000, according to the terms and
conditions set forth below and those stipulated in Appendix A, which is deemed
to be an integral part of this document. This letter replaces and supersedes the
one we sent you on October 21st, 1999, which is now null and void.

Should you accept this commitment letter and sign all the related documents to
the Bank's satisfaction prior to the repayment of the facilities granted to you
by the Bank under the commitment letter dated August 4th, 1999 (the "August 4th
Credits"), we will assume that, as per our recent conversations, you wish the
Bank to roll-over and transfer the outstanding amounts of the August 4th Credits
to the credits offered to you below. Accordingly, and unless you advise us
otherwise, we would waive our demand of payment made to you upon October 4th,
1999, but would nonetheless end the Bridge revolving credit and Forward exchange
contracts facilities granted to you under the commitment letter dated August
4th, 1999, and roll-over and transfer all of the outstandings under these
facilities respectively to the Revolving credit and Forward exchange contracts
facilities offered to you below, the whole upon perfection by the Bank of the
security mentioned in section 8 (which shall rank as listed hereto), which
should be completed within 72 hours of the receipt by the Bank of said
documents, and receipt from you of a roll-over notice to that effect.

This offer is based on the representations, information and documents that you
provided.

1.       AMOUNT AND NATURE OF THE CREDIT:

         1.1.     Revolving credit of CAD 11,000,000 or its US dollar
                  equivalent;

         1.2.     Bulge revolving credit of CAD 1,000,000 or its US dollar
                  equivalent for the months of March, April and May of each
                  year;
<PAGE>   2
         1.3.     Forward exchange contract facility for a maximum overall
                  amount of CAD 2,000,000 not exceeding a risk equivalent of CAD
                  220,000 and for the terms of no longer than 12 months. The
                  risk equivalent is determined by the Bank by evaluating the
                  forward exchange contracts at their market value, taking
                  particular note of the time remaining on each forward exchange
                  contract.

2. PURPOSE OF THE CREDIT:

To finance the Borrower's import and export business and its current operations
needs as well as hedge currency risk.

3. CREDIT MECHANISMS AND LIMIT:

         3.1.     The Borrower may utilize the revolving and bulge credits by
                  using one of the mechanisms indicated below or a combination
                  thereof not exceeding the limit determined for each credit:

                  3.1.1.   overdraft advances;

                  3.1.2.   letters of credit with merchandise consigned to the
                           Bank for a global amount not exceeding CAD 500,000;

                  3.1.3.   letters of credit with merchandise consigned to the
                           Borrower for a global amount not exceeding CAD
                           500,000;

                  3.1.4.   documentary acceptances with terms not exceeding 90
                           days for a global amount not exceeding CAD 500,000;

                  3.1.5.   letters of guarantee for a global amount not
                           exceeding CAD 500,000 and for terms not exceeding 12
                           months (except for the letters of guarantee already
                           issued or to be issued in favor of Gaz Metropolitan
                           and Hydro-Quebec that may have longer terms than 12
                           months);

                  3.1.6.   discounting of documentary credits and drafts
                           ("Receivables") having a term no longer than 180 days
                           and for an aggregate amount no greater than CAD
                           500,000.

         3.2.     The aggregate amount of letters of credit with merchandise
                  consigned to the Bank, letters of credit with merchandise
                  consigned to the Borrower, documentary acceptances and letters
                  of guarantee cannot, at any time, exceed the amount of CAD
                  500,000.

         3.3.     The aggregate amount of utilization by means of letters of
                  credit with merchandise consigned to the Bank, calculated at
                  20%, and of the utilizations of the letters of credit with
                  merchandise consigned to the Borrower, calculated at 100%,
                  shall not exceed the sum of:

                  (i) 80% of the Borrower's domestic, American and foreign
                  accounts receivable of less than 90 days deemed acceptable by
                  the Bank, and
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                  (ii) 75% of the forward dating for the months of October to
                  May inclusively, payable on June 30th at the latest, based on
                  the Borrower's accounts receivable deemed acceptable by the
                  Bank.

         3.4.     In addition, the aggregate amount of utilization of the
                  revolving and bulge credits by means of overdraft advances,
                  letters or guarantees and documentary acceptances, shall not
                  exceed the sum of the following amounts:

                  (i) 80% of the Borrower's domestic, American and foreign
                  accounts receivable of less than 90 days deemed acceptable to
                  the Bank. Accounts receivable already used to margin
                  utilizations defined in section 3.3, are furthermore excluded;

                  and

                  (ii) 75% of the forward dating for the months of October to
                  May inclusively, payable on June 30th at the latest, based on
                  the Borrower's accounts receivable deemed acceptable by the
                  Bank but excluding the ones already used to margin
                  utilizations defined in section 3.3;

                  and

                  (iii) 40% of the Borrower's inventory of raw materials or
                  finished products evaluated at cost or market value, whichever
                  is the lesser;

                  and

                  (iv) 70% of the Borrower's inventory of aluminum or resin
                  evaluated at cost or market value, whichever is the lesser,
                  for a maximum global amount of CAD 1,000,000;

                  and

                  (v) 30% of the Borrower's inventory of non-finished products
                  evaluated at cost or market value, whichever is the lesser,
                  for a maximum global amount of CAD 300,000.

                  The sum of (iii) to (v) shall not exceed, at any time, a
                  maximum global amount of CAD 1,500,000 (MAXIMUM inventory
                  financing), amount which may be increased, at the Bank's
                  option, up to a maximum global amount of CAD 3,500,000, upon
                  the Borrower's demand and its remittance to the Bank of the
                  necessary documentation, including a new cash flow projection
                  justifying such need;

                  less

                  (vi) the liabilities to be deducted as entered on the Bank's
                  "Monthly Declaration of Borrowing Limit" (see Appendix B);

                  The above limits are also known as "financing ratios."
<PAGE>   4
4.       PARTICULAR TERMS:

         4.1.     Forward exchange contracts are contracted at a rate and under
                  conditions to be mutually agreed between the Bank and the
                  Borrower;

         4.2.     The maximum term of each letter of credit and each letter of
                  guarantee shall be 12 months or otherwise agreed to by the
                  bank;

         4.3.     Only documentary credits issued or confirmed by a financial
                  institution acceptable to the Bank, or drafts drawn on an
                  acceptable drawee or guaranteed by a financial institution
                  acceptable to the Bank may be discounted by the Bank; the
                  relevant documents will have, on a best effort basis, to be
                  negotiated with the Bank;

         4.4.     The Bank may discount 100% of the value of each Receivable,
                  and each discount will be made with recourse against the
                  Borrower.

5. INTEREST RATES AND FEES:

         5.1.     Overdraft advances shall bear interest at the Bank's
                  prevailing annual Canadian or U.S. prime rate, plus 0.50%. The
                  interest shall be paid monthly, on the first day of the month;

         5.2.     The discount is based on a discount rate equivalent to the
                  Bank's prevailing annual Canadian or U.S. prime rate, plus
                  0.50%. The Borrower must also pay all other reasonable fees
                  and expenses related to the discount.

         5.3.     A fee of 1.5% per annum shall be charged on all letters of
                  guarantees, payable quarterly in advance; in addition, fixed
                  issuance fees of CAD 50 shall be paid upon issuance;

         5.4.     In the event that the Bank tolerates the utilization of credit
                  exceeding the maximum approved amount, an overdrawing fee of
                  0.5% (with a minimum of CAD 250) shall be paid, calculated on
                  the highest amount overdrawn during the month in question.
                  This fee shall be charged to the account on the last day of
                  the month;

         5.5.     In the event that the Bank observes that the agreed financing
                  ratios are not maintained, the Borrower shall pay an
                  overdrawing fee of 0.5% (with a minimum of CAD 250) on the
                  coverage deficit resulting from the financing ratios as
                  determined on the last day of the month. This fee shall be
                  charged to the account during the succeeding month;

         5.6.     Any credit balance in the Borrower's Canadian account shall
                  bear interest at the Bank's annual prime rate, less 4%;

         5.7.     Any credit balance in the Borrower's US account shall bear
                  interest at the Bank's annual prime rate, less 4.5%.

         5.8.     A study fee of CAD 25,000 is payable to the Bank by the
                  Borrower of which CAD 10,000 has been already pain upon
                  acceptance of the conditional proposal dated September 30th,
                  1999. The balance is payable upon acceptance of this letter.
<PAGE>   5
6.       CONDITIONS TO UTILIZATION:

         6.1.     The conditions set forth below shall be met before any
                  utilization of credit is approved. The conditions shall be met
                  within 30 days of the date of acceptance of this offer,
                  failing which the Bank may, at its discretion, charge the
                  Borrower fees determined by the Bank or terminate this offer,
                  thereby making it automatically null and void:

                  6.1.1.   Receipt by the Bank from the Borrower of the legal
                           documents required to put this offer into effect
                           (articles of incorporation, borrowing by-law and
                           banking resolution) and the Borrower's execution of
                           any agreement required by the Bank to give effect to
                           these presents according to the standard forms used
                           by the Bank;

                  6.1.2.   Receipt of security required by these presents;

         6.2. Before each discount transaction, the following conditions
              must be satisfied:

                  6.2.1.   An Application for the Discounting of a Receivable,
                           incorporating the assignment of its proceeds,
                           accompanying by all related documentation, must be
                           duly completed, signed by the Borrower and submitted
                           to the Bank;

                  6.2.2.   Submission to the Bank of any document related to the
                           transaction that the Bank may reasonably request and
                           performance by the Borrower of any other necessary
                           formalities.

7.       REIMBURSEMENT:

All sums owing under the credit facilities are repayable on demand. Any total
reimbursement effected after 11:00 a.m. is deemed to have been made on the next
working day. Moreover, the Bank may terminate the forward exchange facility upon
reasonable notice to the Borrower.

8.       SECURITY:

As security for the fulfillment of the Borrower's obligations, the Borrower
shall grant the following securities:

         8.1.     Pledge in favour of the Bank of the documents referred to in
                  the letters of credit and documentary acceptances;

         8.2.     First ranking security under the Bank Act covering all the
                  Borrower's inventory;

         8.3.     First ranking moveable hypothec covering the universality of
                  the Borrower's present and future inventory, accounts
                  receivable and other debts, to be registered in the Province
                  of Quebec:

         8.4.     Security Agreement covering the universality of the Borrower's
                  present and future inventory, accounts receivable and other
                  debts and claims to be registered in the Province of Ontario;

         8.5.     Certified copy of the Borrower's insurance against fire and
                  all other risks covering all the Borrower's inventory and all
                  of its other assets, for their full insurable value; the Bank
<PAGE>   6
                  must be named an additional Beneficiary with the Borrower of
                  the policy covering the inventory;

         8.6.     As security for the fulfillment of its obligations under
                  letters of credit, the Borrower shall provide a certified copy
                  of the Borrower's maritime insurance policy or reasonable
                  equivalent; the Bank shall be named beneficiary of this
                  policy.

9.       COVENANTS:

The Borrower must:

         9.1.     submit to the Bank, within 20 days from the end of each month,
                  the "Monthly Declaration of Borrowing Limit" duly filled out
                  and signed, accompanied by a list of accounts receivable
                  broken down chronologically by billing date and a list of
                  accounts payable; and, on request from the Bank, but at least
                  once a year, at the end of its fiscal year, submit a detailed
                  list of its accounts receivable, including the names,
                  addresses, telephone numbers and banking domiciliation of its
                  clients, and including any other breakdown the Bank may
                  demand;

                  In the event that the specified documents are not received by
                  the due date, monthly charges in the amount of CAD 250 shall
                  be paid by the Borrower for any delay during the month for
                  each month in which there is non-compliance with the
                  provisions herein;

         9.2.     provide the Bank with its annual audited financial statements,
                  and related financial covenants' certificate of compliance
                  (see Appendix C hereto), as well as the audited financial
                  statement of its parent Water Pik Technologies Inc. and
                  affiliated companies within 120 days following the end of each
                  of their respective fiscal year;

         9.3.     provide the Bank with its quarterly unaudited financial
                  statements, and related financial covenants' certificate of
                  compliance (see Appendix C hereto), as well as the unaudited
                  quarterly financial statements of its parent Water Pik
                  Technologies Inc., within 45 days following the end of each
                  quarter;

         9.4.     provide the Bank with monthly financial statements within 30
                  days of the end of each month;

         9.5.     provide the Bank, within 90 days of the beginning of each new
                  fiscal year, with its annual monthly budgeted cash flow
                  statements and operating budget;

         9.6.     at all times maintain its inventory at: 240, boul. Industriel,
                  Boucherville, Quebec; 110, Lauzon, Boucherville, Quebec; 35,
                  Grand Marshall Drive, Scarborough, Ontario; and 4880 S.
                  Service Road, West Oakville, Ontario; and immediately notify
                  the Bank in writing of any new place of business and any
                  change of location;

         9.7.     provide additional security, satisfactory to the Bank, if the
                  risk equivalent of the outstanding term financial instruments,
                  evaluated at their market value, exceeds the agreed amount of
                  risk equivalent by 10% or more;

         9.8.     not pay dividends, not purchase or repurchase its shares,
                  reduce its capital nor proceed to distributions to its
                  shareholders or advance funds to related parties and
                  companies, without the consent of the Bank, which consent
                  shall not reasonably be withheld;
<PAGE>   7
                  however nothing contained herein shall prohibit the payment of
                  a reasonable management fee to Water Pik Technologies Inc.;

         9.9.     maintain its current assets to current liability ratio, as
                  calculated by the Bank, to a minimum of 1.30 to 1. The ratio
                  calculation will exclude the amount of the promissory notes
                  due by the Borrower in connection with the purchase of Les
                  Agences Claude Marchand Inc.'s assets (the "Promissory
                  Notes");

         9.10.    maintain its effective equity, as calculated by the Bank, to a
                  minimum of USD $5,000,000 during the first year of the credits
                  (amount to be revised annually) and maintain an effective
                  equity/total net assets ratio of a minimum of 35%. Effective
                  equity is the shareholders' equity (capital and retained
                  earnings) plus loans subordinated and postponed to the Bank
                  and payable long-term deferred taxes, plus the Promissory
                  Notes and the advances from Water Pik Technologies Inc.
                  mentioned in section 9.11 below, less any intangible assets,
                  leasehold improvements, and investments and other advances or
                  other forms of debt or claim in, to or against affiliated
                  companies, shareholders or members of the Borrower's
                  personnel;

         9.11.    assure that Water Pik Technologies Inc. makes the necessary
                  advances to the Borrower for the repayment of each of the
                  Promissory Notes, if required;

         9.12.    postpone, unless the Bank advises the Borrower and Water Pik
                  Technologies Inc. otherwise, any necessary repayment of the
                  advances made to the Borrower by Water Pik Technologies Inc.
                  pursuant to section 9.11 above in order to assure the Borrower
                  meets the financial covenants mentioned herein at all times;
                  Water Pik Technologies Inc. shall accept to subordinate and
                  postpone the repayment of said advances accordingly by signing
                  this letter as provided for below;

         9.13.    take all reasonable actions necessary to assure that its
                  computer based systems and programs are able to operate and
                  effectively process data which includes dates on or after
                  January 1, 2000; such computer systems and programs shall be
                  designated to be used prior to, during and after the calendar
                  year 2000 A.D. without material error relating to date
                  sensitive data.

10.      PROFESSIONAL FEES:

         10.1.    The Bank shall select the legal counsel to be mandated to
                  prepare and set up the legal documentation, which shall be to
                  the reasonable satisfaction of the Bank. The Borrower shall
                  submit to said counsel all documentation and information
                  required for this purpose. If the mandated counsel is also the
                  Borrower's counsel, the Bank reserves the right to have its
                  own legal counsel review the legal documentation.

         10.2.    Reasonable legal fees (to generally exclude in-house council)
                  and all other reasonable costs incurred by the Bank and the
                  Borrower for implementing the credits (including the legal
                  documentation review mentioned above) and obtaining the
                  security shall be paid by the Borrower, regardless of whether
                  or not the credits are used, as well as all reasonable
                  expenses and fees (to generally exclude in-house council) for
                  amendments and renewals thereof.

         10.3.    In the event of default by the Borrower or a material adverse
                  change in the Borrower's financial situation or business, the
                  reasonable fees and expenses incurred by the
<PAGE>   8
                  Bank in auditing the Borrower's financial situation and the
                  assets encumbered in favour of the Bank, as the case may be,
                  and in realizing the security shall be at the Borrower's cost.

If you are in agreement with this offer, kindly confirm your acceptance by
signing and returning the enclosed copy on or before 5:00 P.M. on the 8th day of
November, 1999, failing which this offer will become null, void and without
effect.

Cette lettre d'offre est redigee en anglais a la demande expresse de
l'emprunteur et la Banque, a cause de cette demande, exprime la meme volonte.
This commitment letter is drawn up in English at the express request of the
Borrower and, in view of such request, the Bank expresses the same intention.

Yours very truly,

BANQUE NATIONALE DE PARIS (CANADA)

/s/ Richard Kelso                                    /s/ Nathalie Bockler
-----------------                                    --------------------
Richard Kelso                                        Nathalie Bockler
Vice-President                                       Account Manager
Commercial Banking                                   Commercial and Export
Import/Export                                        Banking

ACCEPTED THIS 3rd DAY OF NOVEMBER 1999

WATER PIK CANADA LTD.

By:      /s/  Victor C. Streufert                    And:
   ------------------------------                        ----------------------
Name:          Victor C. Streufert                   Name:

ACKNOWLEDGED THIS 3rd  DAY OF NOVEMBER, 1999

WATER PIK TECHNOLOGIES, INC.

The undersigned, duly authorised representative of Water Pik Technologies Inc.,
acknowledges having read this commitment letter and in particular its sections
9.11 and 9.12, and undertakes that Water Pik Technologies Inc. will make the
necessary advances to the Borrower as describe in section 9.11, and will
subordinate and postpone the necessary repayments of said advances as described
in section 9.12 unless the Bank advises Water Pik Technologies Inc. and the
Borrower otherwise. Nothing herein shall be construed has granting any rights
(in particular any "third party beneficiary rights") to the holder of the
Promissory Notes.

By:      /s/  Victor C. Streufert
   -------------------------------
Name:    Victor C. Streufert
<PAGE>   9
                 [BANQUE NATIONALE DE PARIS (CANADA) LETTERHEAD]

MONTREAL, THIS ___ DAY OF NOVEMBER, 1999

Water Pik Canada Ltd.
35, Grand Marshall Drive
Scarborough, Ontario
M1B 5N9

hereafter referred to as the "Borrower"

Attention:        VICTOR C. STREUFERT

Subject:          Commitment letter dated October 28, 1999; Revolving Line of
                  Credit facility in the amount of CAD 11,000,000 and Bulge
                  facility in the amount of CAD, 1,000,000 and Forward exchange
                  contract facility in the amount of CAD 2,000,000

Dear Sir:

Further to our recent discussions, and your acceptance of our letter mentioned
above, we are pleased to inform you that we are prepared to amend our financing
offer as per the terms and conditions set forth below, which do not change the
credits nor create any novation. Note that the security documents, revised
pursuant to our recent discussions, will shortly follow.

It is agreed that all other terms and conditions not amended herein shall remain
in effect.

Section 2 is amended to read now as follows:

         2.       PURPOSE OF THE CREDIT:

                  To finance the Borrower's import and export business and its
                  current operation needs as well as hedge currency risk. The
                  above credits shall in no case be used to repay any sum due in
                  connection with the purchase of Les Agences Claude Marchand
                  Inc.'s assets and in particular the promissory notes due by
                  the Borrower in relation with same.

A NEW SECTION 8.7 IS ADDED AS FOLLOWS:

         8.7      Should there be any conflict between the security documents
                  above and this offer, the text of this offer shall prevail.

SECTION 9.11 IS AMENDED TO READ NOW AS FOLLOWS:

         9.11     assure that Water Pik Technologies Inc. makes the necessary
                  advances, when available, to the Borrower for the repayment of
                  each of the Promissory Notes. If required, the Borrower shall
                  advise the Bank should the repayment be financed by another
                  source;

SECTION 9.12 IS AMENDED TO READ NOW AS FOLLOWS:
<PAGE>   10
         9.12     postpone, unless the Bank advises the Borrower and Water Pik
                  Technologies Inc. otherwise, any necessary repayment of the
                  advances made to the Borrower by Water Pik Technologies Inc.
                  pursuant to section 9.11 above in order to assure the Borrower
                  meets the financial covenants mentioned herein at all times;
                  Water Pik Technologies Inc. shall accept to subordinate and
                  postpone the repayment of said advances accordingly by signing
                  this letter as provided for below; the Borrower shall
                  furthermore postpone in a similar way the repayment of any
                  advances made to the Borrower by another source pursuant to
                  section 9.11 above;

This amendment is based on the representations, information and documents that
you previously sent us.

If this amendment meets with your approval, please sign the attached copy and
return it to us no later than 5 p.m. on November 24, 1999, failing which we
reserve the right to consider this amendment null and void.

Sincerely,

/s/  Phillippe Bourand                             /s/ Nathalie Bockler
----------------------                             -----------------------

Phillippe Bourand                                  Nathalie Bockler
Senior Vice-President                              Account Manager
Corporate and Structured Finance                   Commercial and Export Banking

ACCEPTED THIS 19th DAY OF NOVEMBER 1999

Water Pik Canada Ltd.

By:      /s/  Victor C. Streufert                 And:
   ------------------------------                    ------------------------
Name:          Victor C. Streufert                Name:

ACKNOWLEDGED THIS 19th DAY OF NOVEMBER, 1999

WATER PIK TECHNOLOGIES, INC.

The undersigned, duly authorised representative of Water Pik Technologies Inc.,
Acknowledges having read this amendment, and the commitment letter it amends,
and in particular its sections 9.11 and 9.12, and undertakes that Water Pik
Technologies Inc. will make the necessary advances to the Borrower, when
available, as describe in Section 9.11, and will subordinate and postpone the
necessary repayments of said advances as described in section 9.12 unless the
Bank advises Water Pik Technologies Inc. and the Borrower otherwise. Nothing
herein shall be construed has granting any rights (in particular any "third
party beneficiary rights") to the holder of the Promissory Notes.

By:      /s/  Victor C. Streufert
---------------------------------
Name:    Victor C. Streufert<PAGE>   1

                                                                    EXHIBIT 10.5

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (the "Agreement") is executed December 1,
1999, by and between WATER PIK TECHNOLOGIES, INC., a Delaware corporation with
its principal place of business at 660 Newport Center Drive, Suite 470, Newport
Beach, California 92660 (the "Company" or "Employer"), and ROBERT J. RASP, an
individual residing in the State of California (the "Executive").

         RECITALS:

A. The Executive is currently employed by the Company as General Manager, Pool
Products and Heating Systems.

B. The Company believes the Executive will contribute to the growth and
profitability of the Company and desires to continue to employ the Executive as
the General Manager, Pool Products and Heating Systems, of the Company.

C. Executive represents that he has a right to enter into this agreement, that
there are no restrictions imposed on him by any third party agreement which
would prevent him from honoring all terms of this agreement, and that he will
not enter into any arrangement in conflict with the terms of this agreement.

D. The Executive is willing to make his services available to the Company on the
terms and conditions hereinafter set forth.

AGREEMENT

         Therefore, in consideration of the premises, mutual covenants and
agreements of the parties contained herein, and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged,
Employer and the Executive hereby agree as follows:

         1. Employment. Commencing on December 1, 1999, (the "Effective Date"),
Employer, in reliance on the representations of Executive set forth herein,
shall employ the Executive and the Executive shall accept employment by
Employer, upon the terms and conditions set forth in this Agreement.

         2. Term. The term of employment (the "Term") of this Agreement shall
begin on the Effective Date and, except as otherwise provided in Sections 7, 8,
9, 10, 11 and 12 below, shall end on the first anniversary date of the Effective
Date. The Term shall be automatically extended for one additional month
commencing on the Effective Date and on the last day of each calendar month
thereafter (each, an "Extension Date") unless one party gives written notice to
the other on or before an Extension Date. As of the last day of the month in
which a notice not to renew is delivered, the Term of this Agreement shall be
twelve months and shall not be further extended. The last day of the calendar
month in which the Term hereof, as extended from time to time, is then due to
expire is hereinafter referred to as the "Expiration Date."

<PAGE>   2

         3. Duties. The Executive will serve as General Manager, Pool Products
and Heating Systems, of the Company and shall report to the President and Chief
Executive Officer of the Company (the "CEO"). The Executive shall perform such
duties as are consistent with the role of General Manager, Pool Products and
Heating Systems, of the Company and such other duties as may be reasonably
assigned to him by the CEO.

         4. Compensation. During the Term, Executive shall be compensated as
follows:

                  (a) Salary. Executive shall be paid an annual salary of
$200,000 (the "Annual Base Salary"), to be distributed in equal periodic
installments according to Employer's customary payroll practices. The Annual
Base Salary will be reviewed annually by the CEO and increased (but not
decreased) if the CEO, in his or her discretion, determines an increase to be
appropriate, based on the types of factors the CEO usually takes into account in
reviewing executive level salaries, including, but not limited to,
cost-of-living factors.

                  (b) Annual Incentive Compensation. The Company will provide
the Executive with a target bonus opportunity of 45% of Annual Base Salary (the
"Performance Bonus") under the Company's annual incentive bonus plan, subject to
the approval of the Company's Board of Directors or applicable committee
thereof. The annual incentive compensation paid pursuant to this subparagraph
(b) is referred to as the "Performance Bonus."

                  (c) Stock Options. The Company will grant to the Executive
options to purchase 25,000 shares of common stock of WPTI subject to the
approval of the Company's Board of Directors or applicable committee thereof.
The options shall be issued effective as of the date the businesses comprising
WPTI are spun-off from Allegheny Teledyne Incorporated (the "Closing Date") and
shall have a 10-year term. The purchase price for the shares issuable upon
exercise of the options shall equal the average of the high and low sales prices
of a share of common stock of the Company on the Closing Date. The options would
be issued pursuant to a plan, the shares of which will be registered on a
registration statement on Form S-8 with the Securities and Exchange Commission,
which registration statement shall be declared effective prior to the earliest
exercise date. The options shall become exercisable cumulatively in accordance
with the following schedule: 20% of the shares covered herein at any time after
the first anniversary of the Closing Date, an additional 30% of the shares
covered herein at any time after the second anniversary of the Closing Date, and
the remaining 50% of the shares covered herein at any time after the third
anniversary of the Closing Date.

         5. Expense Reimbursement and Other Benefits.

                  (a) Reimbursement of Expenses. During the term of Executive's
employment hereunder, Employer, upon the Executive's submission of proper
substantiation in accordance with Employer's standard procedure, including
copies of all relevant invoices, receipts or other evidence reasonably requested
by Employer, shall reimburse the Executive for all reasonable expenses actually
paid or incurred by the Executive in the course of and pursuant to the business
of Employer.

                  (b) Employee Benefits. The following benefits shall be
provided by the Company: (i) Executive shall participate in the Group Health and
Hospitalization Plan, Group

                                      -2-
<PAGE>   3

Life Insurance Plan, Group Disability Insurance Plan and all other insurances,
or insurance plans and all employee benefit plans provided to employees of the
Company (collectively, the "Welfare Benefits"), and executive benefits and
bonuses covering employees of the Company as are now or may in the future be in
effect, subject to applicable eligibility requirements; and (ii) the Executive
shall participate in accordance with their respective terms in any defined
benefit and defined contribution plans provided to employees of the Company.

                  (c) Automobile. During the Term, Employer shall provide the
Executive with a leased automobile or the cash equivalent of the lease payments
therefor.

                  (d) Vacation. During the Term, the Executive will be entitled
to four (4) weeks paid vacation for each year. The Executive will also be
entitled to the paid holidays and other paid leave set forth in Employer's
policies. Vacation days and holidays during any fiscal year that are not used by
the Executive during such fiscal year may not be carried over and used in any
subsequent fiscal year.

         6. Restrictions.

                  (a) Non-competition. During the Term and for a one (1) year
period after the termination of the Term for any reason, the Executive shall
not, directly or indirectly, engage in or have any interest in any sole
proprietorship, partnership, corporation or business or any other person or
entity (whether as an executive, officer, director, partner, agent, security
holder, creditor, consultant or otherwise) that directly or indirectly (or
through any affiliated entity) engages in competition with the Company (for this
purpose, any business that engages in the development, manufacture, distribution
or sale of products similar to those products developed, manufactured,
distributed, sold or in development by the Company at the time of termination of
the Agreement shall be deemed to be in competition with the Company); provided
that such provision shall not apply to the Executive's ownership of Common Stock
of the Company or the acquisition by the Executive, solely as an investment, of
securities of any issuer that are registered under Section 12(b) or 12(g) of the
Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"), and
that are listed or admitted for trading on any United States national securities
exchange or that are quoted on the NASDAQ Stock Market, or any similar system or
automated dissemination of quotations of securities prices in common use, so
long as the Executive does not control, acquire a controlling interest in or
become a member of a group which exercises direct or indirect control of, more
than 5% of any class of capital stock of such corporation.

                  (b) Nondisclosure. During the Term and for a one (1) year
period after the termination of the Term for any reason, the Executive shall not
at any time divulge, communicate, use to the detriment of the Company or for the
benefit of any other person or persons, or misuse in any way, any Confidential
Information (as hereinafter defined) pertaining to the business of the Company.
Any Confidential Information or data now or hereafter acquired by the Executive
with respect to the business of the Company (which shall include, but not be
limited to, information concerning the Company's financial condition, prospects,
technology, customers, suppliers, sources of leads and methods of doing
business) shall be deemed a valuable, special and unique asset of the Company
that is received by the Executive in

                                      -3-
<PAGE>   4

confidence and as a fiduciary, and Executive shall remain a fiduciary to the
Company with respect to all of such information. For purposes of this Agreement,
"Confidential Information" means information disclosed to the Executive or known
by the Executive as a consequence of or through his employment by the Company
(including information conceived, originated, discovered or developed by the
Executive) prior to or after the date hereof, and not generally known, about the
Company or its or their respective businesses. Notwithstanding the foregoing,
nothing herein shall be deemed to restrict the Executive from disclosing
Confidential Information to the extent required by law. None of the foregoing
obligations and restrictions apply to any Confidential Information that the
Executive demonstrates was or became generally available to the public other
than as a result of disclosure by the Executive.

                  (c) Nonsolicitation of Employees and Clients. During the Term
and for a one (1) year period after the termination of the Term for any reason,
the Executive shall not, directly or indirectly, for himself or for any other
person, firm, corporation, partnership, association or other entity, other than
in connection with the performance of Executive's duties under this Agreement,
(i) solicit for employment or attempt to employ or enter into any contractual
arrangement with any employee or former employee of Employer, unless such
employee or former employee has not been employed by Employer for a period in
excess of six (6) months, (ii) call on or solicit any of the actual or targeted
prospective clients of Employer on behalf of any person or entity in connection
with any business competitive with the business of Employer, and/or (iii) make
known the names and addresses of such clients or any information relating in any
manner to Employer's trade or business relationships with such customers (unless
the Executive can demonstrate that such information was or became generally
available to the public other than as a result of a disclosure by the
Executive).

                  (d) Ownership of Developments. All copyrights, patents, trade
secrets, or other intellectual property rights associated with any ideas,
concepts, techniques, inventions, processes, or works of authorship developed or
created by Executive during the course of performing work for Employer or its
customers (collectively, the "Work Product") shall belong exclusively to
Employer and shall, to the extent possible, be considered a work made by the
Executive for hire for Employer within the meaning of Title 17 of the United
States Code. To the extent the Work Product may not be considered work made by
the Executive for hire for Employer, the Executive agrees to assign, and
automatically assign at the time of creation of the Work Product, without any
requirement of further consideration, any right, title, or interest the
Executive may have in such Work Product. Upon the request of Employer, the
Executive shall take such further actions, including execution and delivery of
instruments of conveyance, as may be appropriate to give full and proper effect
to such assignment.

                  (e) Books and Records. All books, records, and accounts
relating in any manner to the customers of Employer, whether prepared by the
Executive or otherwise coming into the Executive's possession, shall be the
exclusive property of Employer and shall be returned immediately to Employer on
termination of the Executive's employment hereunder or on Employer's request at
any time.

                  (f) Definition of Company. Solely for purposes of this Section
6, the term "Company" also shall include, along with all current direct and
indirect subsidiaries, any existing

                                      -4-
<PAGE>   5

or future subsidiaries of the Company or the Parent Company that are operating
during the time periods described herein and any other entities that directly or
indirectly, through one or more intermediaries, control, are controlled by or
are under common control with the Company or the Parent Company during the
periods described herein.

                  (g) Acknowledgment by Executive. The Executive acknowledges
and confirms that (i) the restrictive covenants contained in this Section 6 are
reasonably necessary to protect the legitimate business interest of Employer
including the legitimate interests of the Company, and (ii) the restrictions
contained in this Section 6 (including without limitation the length of the term
of the provisions of this Section 6) are not overbroad, over long, or unfair and
are not the result of overreaching, duress or coercion of any kind. The
Executive further acknowledges and confirms that his full, uninhibited and
faithful observance of each of the covenants contained in this Section 6 will
not cause him any undue hardship, financial, or otherwise, and that enforcement
of each of the covenants contained herein will not impair his ability to obtain
employment commensurate with his abilities and on terms fully acceptable to him
or otherwise to obtain income required for the comfortable support of him and
his family and the satisfaction of the needs of his creditors. The Executive
acknowledges and confirms that his special knowledge of the business of the
Company is such as would cause Employer serious injury or loss if he were to use
such ability and knowledge to the benefit of a competitor or were to compete
with the Company in violation of the terms of this Section 6. The Executive
further acknowledges that the restrictions contained in this Section 6 are
intended to be, and shall be, for the benefit of and shall be enforceable by,
Employer's successors and assigns.

                  (h) Reformation by Court. In the event that a court of
competent jurisdiction shall determine that any provision of this Section 6 is
invalid or more restrictive than permitted under the governing law of such
jurisdiction, then only as to enforcement of this Section 6 within the
jurisdiction of such court, such provision shall be interpreted and enforced as
if it provided for the maximum restriction permitted under such governing law.

                  (i) Extension of Time. If the Executive shall be in violation
of any provision of this Section 6 then each time limitation set forth in this
Section 6 shall be extended for a period of time equal to the period of time
during which such violation or violations occur. If Employer seeks injunctive
relief from such violation in any court, then the covenants set forth in this
Section 6 shall be extended for a period of time equal to the pendency of such
proceeding including all appeals by the Executive.

                  (j) Survival. The provisions of this Section 6 shall survive
the termination of this Agreement, as applicable.

         7. Death. The Term shall terminate upon the death of the Executive and
be of no further force or effect. Upon such termination, Employer will pay the
Executive's estate a lump sum equal to the sum of (A) the product of one-twelfth
of the Annual Base Salary at the date of termination multiplied by the number of
months including fractions thereof remaining in the Term, and (B) the product of
one-twelfth of the Performance Bonus multiplied by the number of months
remaining in the Term. Employer reserves the right to provide this amount
through a policy of insurance on the life of the Executive.

                                      -5-
<PAGE>   6

         8. Disability. If during the Term Executive is unable to perform his
services, by reason of illness or incapacity, for a period of 180 consecutive
days or more, Employer may, at its option, upon written notice to Executive,
terminate the Term and his employment hereunder. If the Term is terminated as a
result of the Executive's disability, Employer will pay the Executive the
product of one-twelfth of his Annual Base Salary at the date of termination for
the period remaining in the Term, to be distributed in periodic installments
according to Employer's customary payroll practices, and a lump sum equal to the
product of one-twelfth of the Performance Bonus multiplied by the number of
months remaining in the Term, to be paid at the time of such termination.
Employer shall also continue to pay the premiums for the same or substantially
similar Welfare Benefits for the remainder of the Term. Notwithstanding the
foregoing, if the Executive shall find other employment during the period he is
receiving payments pursuant to this Section 8, then the Executive shall promptly
notify Employer in writing of the date and terms of such employment and Employer
shall be entitled to reduce the amount payable to the Executive pursuant to this
Section 8 during the period from the commencement of such other employment by
the cash compensation received and to be received by the Executive for services
rendered in connection with such other employment. Employer reserves the right
to provide this benefit through a policy of insurance.

         9. Termination for Cause.

                  (a) Employer shall have the right to terminate the Term and
the Executive's employment hereunder for Cause (as defined below). Upon any
termination pursuant to this Section 9, Employer shall pay to the Executive any
unpaid Annual Base Salary through the effective date of termination specified in
such notice. Employer shall have no further liability hereunder (other than for
reimbursement for reasonable business expenses incurred prior to the date of
termination, subject, however, to the provisions of Section 5(a)).

                  (b) For purposes hereof, the term "Cause" shall mean the
Executive's conviction of a felony, the Executive's personal dishonesty directly
affecting the Company; willful misconduct or gross negligence (which shall
require prior written notice to the Executive from the CEO unless not curable or
such misconduct or gross negligence is injurious to Employer); breach of a
fiduciary duty involving personal profit to the Executive; or intentional
failure to substantially perform his duties after written notice to the
Executive from the CEO that, in the reasonable judgment of the CEO, the
Executive has failed to perform specific duties.

         10. Termination Without Cause. At any time Employer shall have the
right to terminate the Term and the Executive's employment hereunder by written
notice to the Executive. Upon any termination pursuant to this Section 10 (that
is not a termination under any of Sections 7, 8, 11 or 12), Employer shall pay
to the Executive a lump sum equal to the sum of (A) the product of one-twelfth
of the Annual Base Salary at the date of termination multiplied by the number of
months remaining in the Term, and (B) the product of one-twelfth of the
Performance Bonus multiplied by the number of months remaining in the Term.
Employer shall also continue to pay the premiums for the same or substantially
similar Welfare Benefits and the Executive shall be entitled to the other
benefits set forth in Section 5(b), (c) and (d) for the remainder of the Term.
In the event such entitlement is not allowed by law, the Executive shall be
entitled to the cash equivalent of that benefit. The Company shall have no
further liability

                                      -6-
<PAGE>   7

hereunder (other than for reimbursement for reasonable business expenses
incurred prior to the date of termination, subject, however, to the provisions
of Section 5(a)). The Executive shall be entitled to receive all severance
payments and benefits hereunder regardless of any future employment undertaken
by the Executive as long as he is in full compliance with the terms of this
Agreement.

         11. Termination by Executive.

                  (a) The Executive shall at all times have the right, upon 30
days written notice to Employer, to terminate the Term and his employment
hereunder.

                  (b) Upon any termination pursuant to this Section 11 by the
Executive without Good Reason (as defined below), Employer shall pay to the
Executive any unpaid Annual Base Salary through the effective date of
termination specified in such notice. Employer shall have no further liability
hereunder (other than for reimbursement for reasonable business expenses
incurred prior to the date of termination, subject, however, to the provisions
of Section 5(a)). The Executive shall be entitled to receive all severance
payments and benefits hereunder regardless of any future employment undertaken
by the Executive as long as he is in full compliance with the terms of this
Agreement.

                  (c) Upon any termination pursuant to this Section 11 by the
Executive for Good Reason, Employer shall pay to the Executive the same amounts
that would have been payable by Employer to the Executive under Section 10 of
this Agreement if the Executive's employment had been terminated by Employer
without Cause. Employer shall have no further liability hereunder (other than
for reimbursement for reasonable business expenses incurred prior to the date of
termination, subject, however, to the provisions of Section 5(a)).

                  (d) For purposes of this Agreement, "Good Reason" shall mean
(A) the occurrence of a Change in Control (as defined in Section 12 hereof) in
Employer during the Term and (B) prior to the earlier of the expiration of the
Term and one (1) year after the date of the Change in Control, the Term and
Executive's employment with Employer is terminated by Employer without Cause, as
defined in Section 9(b) (and other than pursuant to Section 7 by reason of the
Executive's death or Section 8 by reason of the Executive's disability) or the
Executive terminates the Term and his employment as a result of (i) the
assignment to the Executive of duties which are materially inconsistent with or
substantially lesser in responsibility and scope than those usually performed by
a General Manager of the Company, excluding for this purpose an isolated,
insubstantial and inadvertent action not taken in bad faith and which is
remedied by Employer promptly after receipt of notice thereof given by the
Executive; or (ii) the failure by Employer to comply with any of the material
provisions of Section 4 of this Agreement, other than an isolated, insubstantial
and inadvertent failure not occurring in bad faith and which is remedied by
Employer promptly after receipt of notice thereof given by the Executive.

                                      -7-
<PAGE>   8

         12. Change in Control.

                  (a) For purposes of this Agreement, the term "Change in
Control" shall mean:

                           (i) Approval by the stockholders of Employer of (x) a
         reorganization, merger, consolidation or other form of corporate
         transaction or series of transactions, in each case, with respect to
         which persons who were the stockholders of Employer immediately prior
         to such reorganization, merger or consolidation or other transaction do
         not, immediately thereafter, own more than 50% of the combined voting
         power entitled to vote generally in the election of directors of the
         reorganized, merged or consolidated company's then outstanding voting
         securities, or (y) a liquidation or dissolution of Employer or (z) the
         sale of all or substantially all of the assets of Employer (unless such
         reorganization, merger, consolidation or other corporate transaction,
         liquidation, dissolution or sale is subsequently abandoned); or

                           (ii) Individuals who constitute the Board of
         Directors of the Company (the "Incumbent Board") cease for any reason
         to constitute at least a majority of the Incumbent Board, provided that
         any person becoming a director subsequent to the date hereof, whose
         election, or nomination for election by stockholders, was approved by a
         vote of at least a majority of the directors then comprising the
         Incumbent Board (other than an election or nomination of an individual
         whose initial assumption of office is in connection with an actual or
         threatened election contest relating to the election of the directors,
         as such terms are used in Rule 14a-11 of Regulation 14A promulgated
         under the Securities Exchange Act) shall be, for purposes of this
         Agreement, considered as though such person were a member of the
         Incumbent Board; or

                           (iii) The acquisition (other than from Employer) by
         any person, entity or "group," within the meaning of Section 13(d)(3)
         or 14(d)(2) of the Securities Exchange Act (excluding, for this
         purpose, Employer or its subsidiaries, or any executive benefit plan of
         Employer or its subsidiaries) which acquires beneficial ownership
         (within the meaning of Rule 13d-3 promulgated under the Securities
         Exchange Act), of 20% or more of either the then outstanding shares of
         the Company or the combined voting power of the then outstanding voting
         securities entitled to vote generally in the election of directors of
         the applicable entity.

                  (b) The payments made pursuant to the provisions of Section 11
as a result of a termination by the Executive for the Good Reason described in
Section 11(d) above shall be in lieu of any and all compensation due to
Executive for the years that would otherwise be remaining in the Term. Upon
receipt of said lump sum payment, this Agreement and all rights and duties of
the parties shall be terminated, except as follows. In consideration for such
lump sum payment and for the right to terminate under the conditions set forth
above, Executive agrees to consult with Employer (or its successors), and its
officers if requested to do so for a period of at least one (1) year from the
date of such termination. However, Executive shall be required to devote only
such part of his time to such services as Executive believes reasonable in
Executive's sole discretion, including not interfering with Executive's
employment, and the time and date

                                      -8-
<PAGE>   9

such services are offered shall be determined by Executive so long as that time
and date is within a reasonable period of time after the request. It is
expressly agreed that ATI's rights to avail itself of the advice and
consultation services of Executive shall at all times be exercised in a
reasonable manner, that adequate notice shall be given to Executive in such
events, and that non-compliance with any such request by Executive for good
reason, including, but not limited to, ill health or prior commitments, shall
not constitute a breach or violation of this Agreement. Executive agrees that,
except for reimbursement of all reasonable expenses incurred by him with respect
to such consultation and advisory services, payable as such consultation and
advisory services are rendered, he shall not be entitled to any further
compensation. It is understood that in furnishing any advisory and consulting
services provided herein, Executive shall not be an executive of Employer but
shall act in the capacity of independent contractor.

         13. Waivers. It is understood that either party may waive the strict
performance of any covenant or agreement made herein; however, any waiver made
by a party hereto must be duly made in writing in order to be considered a
waiver, and the waiver of one covenant or agreement shall not be considered a
waiver of any other covenant or agreement unless specifically in writing as
aforementioned.

         14. Savings Provisions. The invalidity, in whole or in part, of any
covenant or restriction, or any section, subsection, sentence, clause, phrase or
word, or other provisions of this Agreement, as the same may be amended from
time to time shall not affect the validity of the remaining portions thereof.

         15. Governing Law. The Agreement shall be construed in accordance with
and governed by the laws of the State of California without giving effect to its
choice of law provisions.

         16. Notices. If either party desires to give notice to the other in
connection with any of the terms and provisions of this Agreement, said notice
must be in writing and shall be deemed given when (a) delivered by hand (with
written confirmation of receipt), (b) sent by facsimile (with written
confirmation of receipt), provided that a copy is mailed by registered mail,
return receipt requested, or (c) when received by the addressee, if sent by a
nationally recognized overnight delivery service (receipt requested), in each
case addressed to the party for whom it is intended as follows (or such other
addresses as either party may designate by notice to the other party and, after
the IPO/Spin-off, at the Parent Company's or Company's then principal executive
offices):

          If to Employer:   Michael P. Hoopis
                            Allegheny Teledyne Incorporated
                            660 Newport Center Drive
                            Suite 470
                            Newport Beach, CA 92660

          If to Executive:  At the most recent home address of the Executive on
                            the official records of the Employer

                                      -9-
<PAGE>   10

         17. Default. In the event either party defaults in the performance of
its obligations under this Agreement, the non-defaulting party may, after giving
30 days notice to the defaulting party to provide a reasonable opportunity to
cure such default, proceed to protect its rights by suit in equity, action at
law, or, where specifically provided for herein, by arbitration, to enforce
performance under this Agreement or to recover damages for breach thereof,
including all costs and attorneys' fees, whether settled out of court,
arbitrated, or tried (at both trial and appellate levels).

         18. Section 162(m) Limits. Notwithstanding any other provision of this
Agreement, if and to the extent that any remuneration payable by Employer to the
Executive for any year would exceed the maximum amount of such remuneration that
Employer may deduct for that year by reason of Section 162(m) of the Code,
payment of the portion of the remuneration for that year that would not be so
deductible under Section 162(m) shall, in the sole discretion of the Board, be
deferred so that it shall become payable at such time or times as the Board
reasonably determines that it would be deductible by Employer under Section
162(m), with interest at the "short-term applicable federal rate" as such term
is defined in Section 1274(d) of the Code.

         19. No Third Party Beneficiary. Nothing expressed or implied in this
Agreement is intended, or shall be construed, to confer upon or give any person
other than Employer, the parties hereto and their respective heirs, personal
representatives, legal representatives, successors and assigns, any rights or
remedies under or by reason of this Agreement.

         20. Waiver of Jury Trial. ALL PARTIES KNOWINGLY WAIVE THEIR RIGHTS TO
REQUEST A TRIAL BY JURY IN ANY LITIGATION IN ANY COURT OF LAW, TRIBUNAL OR LEGAL
PROCEEDING INVOLVING THE PARTIES HERETO OR ANY DISPUTES ARISING OUT OF OR
RELATED TO THIS AGREEMENT.

                                      -10-
<PAGE>   11

         21. Successors.

                  (a) This Agreement shall inure to the benefit of and be
binding upon the Executive and the Executive's assigns, heirs, representatives
or estate.

                  (b) This Agreement shall be binding upon and inure to the
benefit of the Company and its successors and assigns.

         [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                      -11-
<PAGE>   12

         IN WITNESS WHEREOF, WATER PIK TECHNOLOGIES, INC., by its appropriate
officer, signed this Agreement and Executive has signed this Agreement, as of
the day and year first above written.

                                      WATER PIK TECHNOLOGIES, INC.

                                      By:  /s/ Michael P. Hoopis
                                           -------------------------------------
                                                     Michael P. Hoopis
                                           President and Chief Executive Officer

                                      EXECUTIVE

                                           /s/ Robert J. Rasp
                                           -------------------------------------
                                                     Robert J. Rasp

                                      -12-

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