Document:

EX-10.2

Exhibit 10.2

May 17, 2001

Mr. Alex P. Marini

President

Zurn Plumbing Products.

1801 Pittsburgh Avenue

Erie, PA 16514

Dear Al:

In the event of the disposition by U. S. Industries, Inc. (“USI”) of Zurn Plumbing Products, a
division of Zurn Industries, Inc., including its affiliates, subsidiaries and divisions comprising
the Zurn Plumbing Products businesses, (the “Company”) this is to confirm that you will be eligible
for an incentive award (“Incentive Award”) to be paid by USI, subject to each of the terms and
conditions set forth below (the “Agreement”).

1. Eligibility. You will be eligible for an Incentive Award if:

(a) you continue as an employee of the Company until the date of closing of the sale of all of
the capital stock or substantially all of the assets of the Company (the “Closing Date”), to
dedicate your full time and best efforts to fulfill satisfactorily the duties and responsibilities
of your current position;

(b) from the date hereof to the Closing Date you aid other Company and USI executives and
staff in the activities necessary to result in a successful sale of all of the capital stock of the
Company or substantially all of the assets of the Company to a buyer not affiliated with USI or its
affiliates (“Buyer”) including, without limitation, the disclosure and transmittal to USI of
up-to-date and accurate information about the Company and managing and providing assistance to USI
with respect to the review of documents related to the sale;

(c) you execute and deliver to USI, at the time an agreement of sale is executed, the form of
management certificate attached hereto as Exhibit A covering each sold entity of the Company;

(d) such a sale and closing is consummated (“Sale of the Company”); and

(e) after the Sale of the Company, you assist USI, as and when requested by USI, in the
preparation of, and/or the resolution of any questions or problems, if any, with respect to USI’s
financial or other reports or filings for the period through the Closing Date and the Closing Date
Final Balance Sheet, provided that any such request would not violate law or your fiduciary
obligations to your employer at the time of the request; and

(f) you agree that as a condition to receiving payment of the Incentive Award, you will
execute and deliver to USI the release in the form attached as Exhibit B.

USI reserves the right at any time to refuse any and all offers for the Company and withdraw
the Company from sale with no prior notice or obligation hereunder to you.

2. Amount of Incentive Award. The amount of your Incentive Award shall be equivalent
to one year’s Base Salary (as defined in your Employment Agreement with the Company), subject to
all applicable withholdings.

3. Time of Payment. Subject to the last paragraph of this Section 3, the Incentive
Award (subject to all applicable withholdings) will be paid to you within ten (10) days of your
execution and prompt delivery to USI after the Closing Date of the certificate pursuant to 1(d) and
the release described in paragraph 1(f), provided that the release has not been revoked.

4. Expiration. If the Sale of the Company does not take place on or before May 31,
2006, the rights and obligations set forth in this Agreement will expire as of that date; provided,
however, that if a contract for the Sale of the Company is executed on or before that date, the
rights and obligations set forth in this Agreement shall continue until the latest Closing Date
permitted under the contract of sale or any extension of the latest Closing Date upon which the
parties to the contract may agree.

5. Non-Payment. The Incentive Award will not be payable:

(a) unless all the conditions and requirements set forth herein are met; or

(b) if you resign or are discharged for Cause prior to the Closing Date. “Cause” shall have
the same definition as stated in your employment contract with Zurn Industries, Inc. (your
“Employment Contract”).

6. Miscellaneous.

(a) You acknowledge that you have read this Agreement (including the Exhibits), understand its
terms and that you have entered into it voluntarily. You further acknowledge that you have had the
opportunity to consider this Agreement and discuss it with advisors of your choice, including your
attorneys and accountants. You further acknowledge that the payments to be made hereunder
constitute additional compensation to you but shall not be treated as eligible compensation for
purposes of any benefit plans.

(b) You acknowledge that you have been informed that you have the right to consider this
Agreement for a period of at least 21 days prior to entering into it. You acknowledge that you
have taken sufficient time to consider this Agreement before signing it. You also acknowledge that
you have the right to revoke this Agreement for a period of 7 days following the Agreement’s
execution by giving written notice to USI, to the attention of the undersigned.

(c) The paragraph titles herein are for reference purposes only and shall be given no effect
in the construction or interpretation of this letter.

(d) This Agreement shall be governed by the laws of the State of Delaware without reference to
the principles of conflict of laws.

(e) This Agreement supersedes any prior or other agreements or understandings, oral or
written, with respect to the matters covered herein. To be specific, your Change-in-Control
Agreement continues in full force and effect. This Agreement may not be modified orally.

FOR: U.S. INDUSTRIES, INC.

/s/ John F. Bendik

By:

John F. Bendik

Chairman and CEO

USI Bath & Plumbing Products

Agreed and accepted this

18th day of May, 2001

/s/ Alex P. Marini

Alex P. MariniEX-10.3

Exhibit 10.3

August 10, 2005

Mr. Donald C. Devine

777 S. Flagler Drive

Suite 1100 W

West Palm Beach, Florida 33401

Re: Separation Agreement

Dear Don:

This letter will confirm the terms of your separation from employment with Jacuzzi Brands,
Inc. (hereinafter also referred to as “the Company”).

1. Notice of Termination

We have agreed that your employment with the Company will be terminated. As more fully
explained in Section 13 of this letter, you will have up to 21 days from the initial receipt of
this letter for you to consider signing this Agreement and 7 days after signing to revoke it.
Accordingly, we have agreed that the effective date of your separation from the Company’s
employment will be the 8th day after you sign this letter (the “Termination Date”).

2. Consideration

In accordance with the provisions of the Employment Agreement between you and Jacuzzi Brands,
Inc., made on December 8, 2004 (hereafter, the “2004 Employment Agreement”), and in consideration
for your signing this General Release within 21 days from the date of this Agreement, and in
consideration of your compliance with the additional promises made herein, the Company agrees as
follows:

(a) Severance Pay

The Company will provide you with the following:

(i) A lump sum payment of $2,273,000, minus applicable taxes (including any taxes with
respect to the vesting of restricted stock and exercise of stock options), to be paid on
the Termination Date;

(ii) Any compensation earned but not yet paid;

(iii) Pay for accrued vacation in the amount of $23,308;

(iv) Pay for unreimbursed travel, entertainment and other business expenses incurred
in the performance of your duties;

(v) Full accelerated vesting of all restricted stock, which shall be delivered to you
on the Termination Date, and full vesting of all stock options in the Company effective on
the Termination Date of which he will have access to the Wachovia cashless exercise
program;

(vi) Two years of additional service and compensation credit at your current
compensation level ($505,000) under the Jacuzzi Brands, Inc. Master Pension Plan and
Jacuzzi Brands Supplemental Executive Retirement Plan (“SERP”), provided that the
additional benefits from both plans will be made through and in accordance with the terms
of the SERP;

(vii) Cash payments equal to the maximum Company contribution under the Company’s
qualified 401(k) plan for a period of two (2) years, said amounts to be paid at the end of
each such year;

(viii) Health and dental coverage for you and your dependents for two (2) years under
the Company’s health plans which cover the senior executives of the Company or materially
similar benefits; and

(ix) Your Long Term Incentive Plan (“LTIP”) account balance, amounting to $98,869.77
as of the Termination Date, which will be paid to you on the Termination Date.

(b) Health and Welfare Benefits and Other Benefit Plans

(i) The health and dental coverage provided to you in Section 2(a)(viii) will be
credited towards any eligibility period you and or your dependents may have under COBRA
following the termination of your employment. Should the additional health and dental
coverage result in a tax liability to you, the Company will also provide you with an
additional payment in the amount necessary so that you have no additional cost for
receiving such health and dental benefits.

(ii) Your participation under any of the Company’s benefit programs such as life and
LTD, will cease at the end of your employment. You may elect to convert certain coverages
at your own cost; conversion privileges will be explained to you in a separate mailing.

(c) Your entitlement to benefits or payments under any of the Company’s benefit plans will
continue to be governed by the terms of those plans.

3. No Severance Benefits Absent Execution of this Agreement

You understand and agree that under the terms of the 2004 Employment Agreement, which governs
the amount of severance due you under the circumstances, you are not entitled to receive the monies
and/or benefits specified in Section 2 above, except for your execution of this General Release and
the fulfillment of the promises contained herein and in Section 10 of the employment agreement
between you and Jacuzzi Brands, made on April 21, 2003 (also referred to herein as the “2003
Employment Agreement”). In addition, you acknowledge that the payments and benefits set forth in
this Agreement are all that you are entitled to receive from the Company.

4. General Release of Claims

In consideration of the payments to be made to you by the Company as set forth in Section 2
above and the promises contained in this separation agreement, you knowingly and voluntarily and of
your own free will agree to release and forever discharge the Company, its affiliates,
subsidiaries, divisions, successors and assigns and the current and former employees, officers,
directors and agents thereof (collectively referred to throughout the remainder of this Agreement
as “Company”), of and from any and all claims, known and unknown, that you have or may have against
the Company as of the date of execution of this Agreement and General Release, including, but not
limited to, any alleged violation of:

	 	•	 	Title VII of the Civil Rights Act of 1964, as amended;

	 	•	 	The Civil Rights Act of 1991;

	 	•	 	Sections 1981 through 1988 of Title 42 of the United States Code, as amended;

	 	•	 	The Employee Retirement Income Security Act of 1974, as amended (“ERISA”),

	 	•	 	The Immigration Reform and Control Act, as amended;

	 	•	 	The Americans with Disabilities Act of 1990, as amended;

	 	•	 	The Age Discrimination in Employment Act of 1967, as amended;

	 	•	 	The Workers Adjustment and Retraining Notification Act, as amended;

	 	•	 	The Occupational Safety and Health Act, as amended;

	 	•	 	The Sarbanes-Oxley Act of 2002;

	 	•	 	The Florida Civil Rights Act, as amended;

	 	•	 	The Florida Whistle Blower statute;

	 	•	 	Florida Statutory Provision Regarding Retaliation/Discrimination for Filing a
Workers Compensation Claim;

	 	•	 	Florida Wage Discrimination Law;

	 	•	 	Florida OSHA;

	 	•	 	Florida Wage Payment Laws;

	 	•	 	Equal Pay Law for Florida, as amended; Florida AIDS Act;

	 	•	 	Florida Discrimination on the Basis of Sickle Cell Trait Law;

	 	•	 	Any other federal, state or local civil or human rights law or any other local,
state or federal law, regulation or ordinance;

	 	•	 	Any public policy, contract, tort, or common law;

	 	•	 	Any alleged oral or written contract including the 2004 Employment Agreement, the
2003 Employment Agreement, and the Change in Control Agreement between you and the
Company made as of December 8, 2004, (except as to the portions of those Agreements
which are specifically referred to herein as being intended to survive the termination
of your employment or which are exempted from this Release under Section 5 below).

	 	•	 	Any claim for costs, fees, or other expenses including attorneys’ fees, except any
fees and costs incurred in any action regarding the validity of this waiver and
release under the Older Worker’s Benefit Protection Act.

You further affirm that you have been paid and/or have received all leave (paid or unpaid),
compensation, wages, bonuses, commissions, and/or benefits to which you may be entitled and that no
other leave (paid or unpaid), compensation, wages, bonuses, commissions and/or benefits are due to
you, except as provided in this letter. You furthermore affirm that you have no known workplace
injuries or occupational diseases and have been provided and/or have not been denied any leave
requested under the Family and Medical Leave Act.

5. Exemptions from Release

(a) The General Release of Claims set forth in Section 4 of this Agreement is not intended to
and shall not relieve the Company of any obligations it may have under Section 11 (Indemnification)
of the 2003 Employment Agreement nor is this General Release of Claims intended to impair your
right to indemnification, if any, under the Company’s bylaws.

(b) The General Release of Claims set forth in Section 4 of this Agreement is not intended to
and shall not relieve the Company of any obligations that might arise under Section 12 of the 2003
Employment Agreement.

(c) The General Release of Claims set forth in Section 4 of this Agreement is not intended to
release claims arising out of the enforcement of this Agreement, claims regarding the validity of
the release under the Older Worker’s Benefit Protection Act, or claims arising after the effective
date of this Agreement.

(d) The General Release of Claims set forth in Section 4 of this Agreement is not intended as
a waiver of the benefits or payments to which you may be entitled under the Company’s benefit or
equity plans.

(e) Except as otherwise specifically set forth in this Section 5, the General Release of
Claims set forth in Section 4 of this Agreement is intended to bar any and all claims that you now
have or may have against the Company.

6. Cooperation

(a) Investigations, Administrative Proceedings Or Litigation

You agree to reasonably cooperate with the Company and its affiliates, and its respective
staff and counsel, in connection with any investigation, administrative proceeding or litigation
relating to any matter occurring during your employment in which you were involved or of which you
have knowledge.

(b) Subpoenas

You agree that, in the event you are subpoenaed by any person or entity (including, but not
limited to, any government agency) to give testimony (in a deposition, court proceeding or
otherwise) which in any way relates to your employment with the Company, you will give prompt
notice of such request to the General Counsel of Jacuzzi Brands, Inc. and will make no disclosure,
unless legally required to do so, until the company has had a reasonable opportunity to contest the
right of the requesting person or entity to such disclosure.

The Company will reimburse you for reasonable out of pocket expenses incurred by you under
this section.

7. Confidential Information, Non solicitation and Non-Competition

You acknowledge that under the terms of the 2003 Employment Agreement, you are bound by the
restrictive covenants contained in Section 10 of the 2003 Employment Agreement. More specifically,
those covenants restrict you from (among other things) divulging certain confidential Company
information, soliciting certain Company employees and competing against the Company. You
acknowledge that the Company continues to have an interest in protecting itself and its
confidential information from these activities, and that the restrictions contained in Section 10
of the 2003 Employment Agreement continue to be reasonable both in geographic and temporal scope.
You further acknowledge that Section 10 of the 2003 Employment Agreement is intended to survive the
termination of your employment and remains in effect in accordance with the terms of the 2003
Employment Agreement. Finally, you acknowledge that part of the severance paid to you under
Section 2 of this Agreement is in consideration for your agreement to abide by the restrictions set
forth in Section 10 of the 2003 Employment Agreement.

8. Resignation from All Offices

Effective upon your signing this Agreement, you will be deemed to have resigned as an officer
and director of the Company, any subsidiary and any affiliate and as a fiduciary of any benefit
plan of any of the foregoing. In accordance with the terms of the 2003 Employment Agreement, you
agree to execute any further documentation requested by the Company to achieve this purpose.

9. Governing Law and Interpretation

This Agreement and General Release shall be governed and conformed in accordance with the laws
of the state of Florida without regard to its conflict of laws provisions. In the event that there
is a breach of any provision of this Agreement and General Release, you and the Company affirm that
either may institute an action to specifically enforce any term or terms of this Agreement and
General Release. Should any provision of this Agreement and General Release be declared illegal or
unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable,
excluding the general release language, such provision shall immediately become null and void,
leaving the remainder of this Agreement and General Release in full force and effect. Provided
that, the Company’s obligation to make the payments in Section 2 of this Agreement and General
Release are conditioned upon your complying with the provisions of Section 10 of your 2003
Employment Agreement, as written. If you violate or challenge the enforceability of the provisions
of Section 10 of your 2003 Employment Agreement, as written, or if they are found to be
unenforceable, you will not be entitled to continue to receive further payments, if any, set forth
in Section 2 of this Agreement.

10. Return of Company Data and Property

You acknowledge that you have returned all Company property in your possession, including all
documents relating to the Company or it affiliates or any of their business or property, except for
documents received by you in your capacity as a benefit plan participant and except for copies of
any agreements between you and the Company.

11. Assignability

The Company may assign its rights and delegate its obligations under this Agreement to any
affiliate, successor, assign or Buyer. The rights and obligations of the Company shall inure to the
benefit of and be enforceable by its affiliates, successors, assigns or Buyer. You may not assign
any of your rights and obligations under this Agreement.

12. Enforceability

If any provision of this Agreement is held to be unenforceable for any reason, it shall be
adjusted rather than voided, if possible, to achieve the intent of the parties to the extent
possible. In any event, all other provisions of this Agreement shall be deemed valid and
enforceable to the extent possible.

13. Time to Consider Agreement, Consult with Advisors and Revocation Period

(a) You agree that you had sufficient opportunity to thoroughly discuss the implications of
this Agreement with independent advisors of your choice prior to signing this Agreement.

(b) You are advised that you should consult with an attorney regarding the waivers and release
contained in this Agreement.

(c) You are further advised that you have twenty-one (21) days from the receipt of this
Agreement within which to consider this Agreement and return it to the Company. You may use as
much or as little of the 21 day period as you feel is necessary. Any changes to this Agreement
made after it is initially presented, whether material or non-material, will not restart the
twenty-one (21) day period.

(d) In addition, you have a period of seven (7) days following the execution of this Agreement
in which you may revoke the Agreement.

(e) Any sums called for in this Agreement will not be paid to you until after the expiration
of the revocation period.

(f) In signing this letter, you agree that you have not been induced to execute this letter or
the releases herein by any representatives or agreements other than what is expressly set forth in
this letter.

14. Amendment

This Agreement and General Release may not be modified, altered or changed except upon express
written consent of both parties wherein specific reference is made to this Agreement and General
Release.

15. Entire Agreement

This Agreement and General Release sets forth the entire agreement between the parties hereto,
and fully supersedes any prior agreements or understandings between the parties, except for the
provisions of the 2003 Employment Agreement which, as set forth in Section 7 above, are intended
to survive the termination of your employment, and except for those provisions of the 2003
Employment Agreement which are specifically exempted from the General Release as set forth in
Section 5 of this Agreement. You acknowledge that you have not relied on any representations,
promises, or agreements of any kind made to you in connection with your decision to accept this
Agreement and General Release, except for those set forth in this Agreement and General Release.

16. Effective Date of Agreement

This Agreement will become effective on the eighth day after it is executed by you, provided
you have not revoked the Agreement within the revocation period.

We would like to extend our sincere hope for success in your future endeavors.

Very truly yours,

     

HAVING HAD A REASONABLE PERIOD OF TIME TO CONSIDER THIS AGREEMENT AND GENE RELEASE, HAVING ELECTED
TO EXECUTE THIS AGREEMENT AND GENERAL, RELEASE, TO FULFILL THE PROMISES AND TO RECEIVE THE SUMS AND
BENEFITS OF SECTION 2 ABOVE, YOU FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTER INTO THIS
AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS THAT YOU HAVE OR
MIGHT HAVE AGAINST JACUZZI EXCEPT AS OTHERWISE PROVIDED IN SECTION 5 OF THIS AGREEMENT.

IN WITNESS WHEREOF, the parties hereto knowingly and voluntarily executed this Agreement and
General Release as of the date set forth below:

	 	 	 
	FOR: The Company:

	 	

	/s/ Steven C. Barre

	 	AGREED:
	Steven C. Barre

Senior Vice President, General Counsel and

Secretary

	 	/s/Donald C. Devine

Donald C. Devine

August 10, 2005

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