Document:

Separation Agreement and General Release

Exhibit 10.4

SEPARATION AGREEMENT AND GENERAL RELEASE

 This is a Separation Agreement and General Release (referred to as "Agreement") entered into this ____ day of ____________, 2005, by and between J. Patrick Mulcahy (referred to as "MR. MULCAHY") and Energizer Holdings, Inc. (referred to as "ENERGIZER" and as defined at Paragraph 12).

 WHEREAS, MR. MULCAHY is an employee of ENERGIZER in a key leadership and strategic position; and

 WHEREAS, MR. MULCAHY has indicated his interest in retiring; and

 WHEREAS, MR. MULCAHY and ENERGIZER are amicably concluding their employment relationship and wish to enter into this Agreement; and

 WHEREAS, ENERGIZER’s Board of Directors has approved the terms of the Agreement.

 NOW, THEREFORE, in consideration of the foregoing and the mutual promises and considerations contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 1.   MR. MULCAHY and ENERGIZER agree that at the conclusion of business on January 25, 2005, MR. MULCAHY will resign from employment as Chief Executive Officer with ENERGIZER and will be removed from ENERGIZER’s payroll on January 31, 2005. MR. MULCAHY will continue to satisfactorily perform his duties as ENERGIZER’s Chief Executive Officer through the end of business on January 25, 2005. 

2.   ENERGIZER agrees:

 

 a.    To pay MR. MULCAHY any 2005 contingent bonus to which he would have been entitled under the 2004 Executive Bonus Program had he remained an employee of ENERGIZER through 2005. Such 2005 contingent bonus, if any, will be paid to MR. MULCAHY in November 2005.

 

      b.        As soon as administratively feasible after MR. MULCAHY’s receipt of any such 2005 contingent bonus, MR. MULCAHY’s pension benefit under the Energizer Holdings, Inc. Supplemental Executive Retirement Plan (“SERP”) will be recalculated to include any such 2005 contingent bonus in MR. MULCAHY’s 2004 earnings for SERP benefit calculation purposes. As soon as administratively feasible, MR. MULCAHY’s recalculated SERP benefit will be paid to him on a prospective basis.

 

 c.    During MR. MULCAHY’s period of service on the Board of Directors of Energizer Holdings, Inc., to provide MR. MULCAHY with satisfactory office space, computer and telephone access, and access to administrative support personnel.

  

 

 3.   The promises and payments contained in Paragraph 2, above, are in addition to any wages or other benefits to which MR. MULCAHY already is entitled because of his work for ENERGIZER. MR. MULCAHY agrees to accept the promises and terms in Paragraph 2 above, in consideration for the settlement, waiver and release and discharge of any and all claims or actions against ENERGIZER arising under any federal, state, or local statute, law, or regulation pertaining to employment discrimination on the basis of sex, race, color, religion, creed, national origin, age, mental or physical disability, marital status, veteran’s status, or any other reason established by law, including any claim of actual or constructive wrongful discharge.

 4.   MR. MULCAHY agrees:

     a.    To release, settle and forever discharge ENERGIZER, including its agents and employees, from any and all claims, causes of action, rights, demands, debts, or damages of whatever nature, whether or not MR. MULCAHY currently knows of them, which might have arisen from MR. MULCAHY’s employment with and termination from ENERGIZER and which may be brought by MR. MULCAHY or another person or agency on MR. MULCAHY’s behalf. This includes, but is not limited to, all claims of discrimination which MR. MULCAHY may have arising out of any violation of any local, state or federal law, regulation or executive order, including all claims under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act, the Family Medical Leave Act, the Occupational Safety and Health Act, the Fair Labor Standards Act, the Rehabilitation Act, the Employee Retirement Income Security Act, the Consolidated Omnibus Budget Reconciliation Act, as well as any claim, right or cause of action under the Missouri Revised Statutes including, but not limited to, Workers’ Compensation Retaliation § 287.780, the Service Letter Statute § 290.140, the Missouri Human Rights Act § 213.010 et seq., actions at common law, in contract or tort, all claims for last wages, seniority, reinstatement, attorneys’ fees, costs, and actual compensatory and punitive damages. Provided, however, that MR. MULCAHY shall retain and have specifically excluded from this release any claims he may have against ENERGIZER as identified in paragraph 7 below.

 

     b.    Not to file any charge or claim of discrimination against ENERGIZER with any local, state, or federal agency including but not limited to the Missouri Commission on Human Rights, the Equal Employment Opportunity Commission, and any comparable agency.

 

 

    c.    By December 31, 2005, to return to ENERGIZER all memoranda, notes, plans, programs, records, reports, and other documentation (and copies thereof) relating to the business of ENERGIZER which MR. MULCAHY possesses, including, but not limited to, computer hardware, software, data, disks, draft books, memoranda, notes, plans, programs, records, reports, and other documentation (and copies thereof) relating to ENERGIZER, office equipment and supplies, credit cards, cash advances, and, if applicable, any outstanding final expense report.

 

 

     d.    In exchange for a reasonable hourly rate based on MR. MULCAHY’s base monthly salary in 2005, to assist ENERGIZER as requested in preparation for trial, including but not limited to review of records and files, attendance at and review of depositions, attendance at conferences with counsel, attendance at trial and assistance with post trial and appeal.

 

 

5.    ENERGIZER releases, settles, and forever discharges MR. MULCAHY from any and all claims, causes of action, rights, demands, debts, or damages of whatever nature, whether or not ENERGIZER currently knows of them, which might have arisen from MR. MULCAHY’s actions or omissions within the scope of his duties during his employment with ENERGIZER and which may be brought by ENERGIZER or anyone on ENERGIZER’s behalf. This includes but is not limited to, any claim ENERGIZER might raise under contract or tort law and also includes any claims arising under federal, state, and/or local laws regulating employment. 

 6.    In the event that MR. MULCAHY brings a cause of action or files a charge against ENERGIZER in violation of Paragraph 4 of this Agreement, MR. MULCAHY understands and agrees to place in an escrow account an amount equal to any settlement or separation payment paid to MR. MULCAHY pursuant to this Agreement while said cause of action is in litigation. If a court of competent jurisdiction determines that MR. MULCAHY should not have brought such a cause of action because it is without merit and/or preempted by MR. MULCAHY’s promises in this Agreement, then MR. MULCAHY shall repay to ENERGIZER any settlement or separation payment being held in the escrow account and attorneys fees incurred by ENERGIZER defending its actions and this Agreement, in addition to any other damages the court may deem proper. Further, MR. MULCAHY agrees to waive any legal or equitable claims for monetary compensation or damages incident to any such cause of action or charge.

 7.    This Agreement shall not affect MR. MULCAHY’s right to raise any claims based on any Social Security, Workers' Compensation, or unemployment compensation laws, or claim for benefits under any employee pension or welfare benefit plan or program of ENERGIZER, now or in the future. Such ENERGIZER employee pension or welfare benefit plans or programs shall include, but not be limited to, the Energizer Holdings, Inc. Retirement Plan, the Energizer Holdings, Inc. Supplemental Executive Retirement Plan, the Energizer Holdings, Inc. Deferred Compensation Plan, the Energizer Holdings, Inc. Savings Investment Plan, the Energizer Holdings, Inc. Executive Savings Investment Plan, the Energizer Holdings, Inc. Executive Life and Health Plans, retiree benefits under the Energizer Holdings, Inc. Medical Plan, and any grant of options or restricted stock pursuant to the Energizer Holdings, Inc. 2000 Incentive Stock Plan.

 8.    MR. MULCAHY agrees not to talk about, write about, or otherwise disclose the existence of this Agreement, the terms of this Agreement, or any fact concerning its negotiation, execution, or implementation to any person, firm, or corporation, other than MR. MULCAHY’s spouse, financial advisor, Employee Benefits Plan representative, or attorney, unless MR. MULCAHY is required to do so by federal, state, or local law, or by a court of competent jurisdiction. If MR. MULCAHY discloses the terms of this Agreement to MR. MULCAHY’s spouse, financial advisor or attorney, MR. MULCAHY shall advise that confidentiality is an essential part of this Agreement and advise each that they are bound by the confidentiality clause.

 9.    This Agreement is intended to finally and fully conclude the employment relationship between MR. MULCAHY and ENERGIZER and may be amended only by a writing signed by the parties hereto. This Agreement shall not be interpreted as an admission by either MR. MULCAHY or ENERGIZER of any wrongdoing or any violation of federal, state or local law, regulation, or ordinance. ENERGIZER specifically denies that it, or its employees, supervisors, representatives, or agents, has ever committed any wrongdoing whatsoever against MR. MULCAHY.

 10.    In the event that any provision of the Agreement shall be held to be invalid or unenforceable for any reason whatsoever, it is agreed such invalidity or unenforceability shall not affect any other provision of this Agreement and the remaining covenants, restrictions and provisions hereof shall remain in full force and effect, and any court of competent jurisdiction may so modify the objectionable provision as to make it valid, reasonable and enforceable.

 11.    This Agreement will be governed by the internal law of the State of Missouri and not the law of conflicts. Any lawsuit concerning the rights and obligations created by, or the enforceability of, this Agreement may be brought only in the United States District Court for the Eastern District of Missouri or, in the event such court lacks jurisdiction, in the Missouri State Court in St. Louis County, Missouri. The Parties waive the right to a jury trial in any such lawsuit.

 12.    For purposes of this Agreement, the term "ENERGIZER" shall include Energizer Holdings, Inc., Eveready Battery Company, Inc., Schick Manufacturing, Inc., all subsidiary and affiliated companies, predecessors, successors, and assigns of the aforementioned, and all past, present, and future officers, directors, agents, representatives, stockholders and employees of any of the foregoing.

 13.    MR. MULCAHY expressly acknowledges that ENERGIZER has given him at least twenty-one (21) days to consider this Agreement as originally presented and that ENERGIZER also has given him the opportunity to discuss all aspects of this Agreement with an attorney before signing this Agreement. MR. MULCAHY states that he has discussed this Separation Agreement and General Release or, in the alternative, has freely elected to waive any remaining part of the twenty-one (21) days and any further opportunity to discuss this Agreement with an attorney before signing it.

 14.    MR. MULCAHY may revoke his acceptance within seven (7) days after signing this Agreement. MR. MULCAHY’s notice of revocation must be given to ENERGIZER’s Human Resources Department in writing within seven (7) days after signing this Agreement. If MR. MULCAHY does revoke this Agreement, neither MR. MULCAHY nor ENERGIZER will be required to satisfy any of the terms of this Agreement. If MR. MULCAHY has not revoked his acceptance, within seven (7) days this Agreement's effectiveness will become final. 

 15.    MR. MULCAHY ACKNOWLEDGES HE HAS READ THIS AGREMENT CONSISTING OF FIFTEEN (15) NUMBERED PARAGRAPHS AND FIVE (5) PAGES, THAT THE ONLY CONSIDERATION FOR SIGNING THIS AGREEMENT ARE THE TERMS STATED HEREIN, THAT NO OTHER PROMISE OR AGREEMENT OF ANY KIND HAS BEEN MADE TO HIM BY ANY PERSON OR ENTITY WHATSOEVER TO CAUSE HIM TO SIGN THIS AGREEMENT, THAT HE IS COMPETENT TO EXECUTE THIS AGREEMENT, THAT HE FULLY UNDERSTANDS THE MEANING AND INTENT OF THIS AGREEMENT, THAT HE HAS HAD AN ADEQUATE OPPORTUNITY TO DISCUSS THIS DOCUMENT WITH AN ATTORNEY AND HAS DONE SO OR HAS VOLUNTARILY ELECTED NOT TO DO SO, AND THAT HE IS VOLUNTARILY EXECUTING IT OF HIS OWN FREE WILL. 

J. PATRICK MULCAHY             ENERGIZER HOLDINGS, INC.

____________________________        By:_________________________

 Peter J. Conrad

Vice President, Human Resources

Date:________________________        Date:_______________________

Witness:_____________________

Date:________________________Exhibit 10.1

 

DIGITAL IMPACT, INC.

 

Exchange Election and Restricted
Stock Agreement

for the 2005 Restricted Stock Program

under the 1998 Stock Plan

 

This Exchange Election
and Restricted Stock Agreement (this “Agreement”) made as of the date set forth at the
foot of the signature page hereto (the “Exchange Date”) sets forth the agreement
between Digital Impact, Inc., a Delaware corporation (“Digital Impact”), and
the executive whose name is set forth on Schedule A (hereinafter referred
to as “you” and “your”).  This Agreement
and the transfer and conveyance of the Digital Impact common stock described
below are made subject to and in all respects are limited by the provisions of
the Digital Impact, Inc. 1998 Stock Plan, as amended and restated (the “Plan”).

 

1.     Exchange Election

 

(a)   Exchange Program

 

This Agreement is the
document that you must use to elect whether or not you want to participate in
the Digital Impact, Inc. 2005 Restricted Stock Program (the “Program”), as
described in the Supplement dated January 10, 2005 (the “Supplement”) to the S-8
Prospectus dated July 31, 2001 (the “Prospectus”). 
By checking one of the boxes below in paragraph 1(b), you are confirming
that you have received a copy of the Supplement and the Prospectus.

 

(b)   Check the Box

 

Please check only ONE
of the following two boxes:

 

o            YES,
you want to participate in the Program. 
You hereby agree to surrender all of the options to purchase Digital
Impact common stock listed on Schedule A in exchange for the shares of
restricted stock listed on Schedule A, subject to the terms set
forth herein.

 

o            NO,
you decline to participate in the Program.

 

 

	
   

  	
   

  
	
  Signature

  

 

You do not need to read, fill out
or sign any of the remaining provisions of this Agreement if you are not
participating in the Program.

 

 

2.     Transfer
and Conveyance of Shares. 
Subject to the conditions set forth herein, effective as of the Exchange
Date, Digital Impact hereby transfers and conveys to you and you hereby accept
from Digital Impact, pursuant to the terms and conditions of this Agreement,
the number of shares (the “Shares”)
of Digital Impact’s common stock indicated on Schedule A.

 

3.     Vesting
and Other Restrictions.  Your
right to retain the Shares is subject to certain vesting and other
restrictions, as follows:

 

(a)   Forfeiture of the Unvested Shares.  If you cease for any reason to be a Service
Provider (as defined in the Plan) for any reason prior to vesting of any
Shares, you will forfeit all interest in and any stockholder rights with
respect to the unvested Shares.

 

(b)   Vesting. 
The forfeiture restrictions will lapse (and the Shares will vest) in 16
equal quarterly installments on the last business day of each calendar quarter
on which banks are open in the United States. 
The first vesting date will be March 31, 2005.

 

(c)   Limitations on Transfer.  You may not transfer, sell, assign, pledge,
hypothecate or otherwise dispose of any of the Shares until such Shares have
vested.  The term “transfer” includes,
without limitation, any sale, encumbrance, gift or other disposition, but does
not include any conversion, as described in paragraph 7 below.  Any attempted transfer in violation of this
provision will be void.

 

(d)   Restrictive Legend.  Until your interest in the Shares has vested,
any physical stock certificate representing the Shares will include a
restrictive legend and Digital Impact will maintain stop transfer orders with
respect to such Shares.

 

4.     Escrow
of Shares.  Digital Impact will
hold all unvested Shares in escrow.  It
is not currently contemplated that the Shares will be certificated.  However, if certification of the Shares is
determined to be necessary or appropriate by Digital Impact, then, at Digital
Impact’s request, you will endorse any stock certificate or certificates
representing your unvested Shares, any new, additional, or different shares of
stock that may be issued to you with respect to any unvested Shares held in
escrow, and any other assets that you may receive upon any conversion of
unvested Shares.  Both the Shares and any
such additional shares or assets will be subject to the vesting, forfeiture and
transferability restrictions set forth in paragraph 3 above in the same
fashion as the Shares.

 

5.     Delivery
of Shares.  Digital Impact will
release the Shares from escrow once your interest in the Shares vests and upon
satisfaction of your personal tax obligations, as described in paragraph 6
below.  The Shares will be delivered to
your brokerage account at Smith Barney. 
If you do not currently have an account with Smith Barney, you will need
to establish one.  You may obtain forms
to open an account with Smith Barney by contacting the Company’s General
Counsel.  You agree to complete and sign
any 

 

 

documents
and take any additional action that Digital Impact may request to enable it to
accomplish the delivery of the Shares on your behalf.

 

6.     Personal
Tax Obligation.  

 

(a)   Tax Obligations.  You agree that Digital
Impact’s obligation to terminate the restrictions on the Shares and release
them from escrow is subject to your satisfaction of the minimum statutory
withholding rates for federal, state and local income and employment tax.  Your personal tax obligation with respect to
the Shares includes:

 

(i)    taxes on the amount equal to the fair market value of the Shares that
vest on each vesting date (unless the shares have previously been taken into
income pursuant to a valid Section 83(b) election);

 

(ii)   taxes on the amount equal to the fair market value of the Shares on the
Exchange Date (only to the extent that you file a Section 83(b) election
with respect to the unvested Shares);

 

(iii)  taxes on
any dividends that are paid on your unvested Shares (recognized when the
related Shares vest); and

 

(iv)  taxes
arising from any other stock or assets that may be issued to you with respect
to your unvested Shares (again, recognized when the Shares vest).

 

Note that your personal tax obligation varies
depending on whether you file a Section 83(b) election with respect to
your Shares.  For more information
regarding a Section 83(b) election, please review the Supplement.

 

(b)   Withholding.  Digital Impact will withhold
from the Shares otherwise deliverable to you on each vesting date that number
of Shares having a value equal to the minimum statutory withholding rates for
federal, state and local taxes.  You may
not elect any other method of withholding.

 

7.     Conversion
of Shares Upon Merger; Recapitalization.  In the event Digital Impact’s common stock is
converted into cash or other shares or securities of Digital Impact or any
other corporation or entity as a result of a merger, consolidation,
reorganization, liquidation or other transaction, any unvested Shares that you
hold at the time of any such transaction may be converted into cash or other
shares or securities of Digital Impact or such other corporation.  Also, the Shares will be proportionately
adjusted for any increase or decrease in the number of issued and outstanding
shares of Digital Impact’s common stock as a result of a stock split, reverse
stock split, stock dividend, combination or reclassification of the common
stock or by reason of a merger, consolidation or other change in the capital
structure of Digital Impact.  Any new
shares or other assets that may be issued to you in connection with any of
these events will be held in escrow in accordance with the same terms and
conditions applicable to the Shares 

 

 

and
will be distributed to you in accordance with the vesting and other terms of
this Agreement.

 

8.     Conditions
to Effectiveness of Agreement.

 

This Agreement shall not become effective and shall
have no force or effect:

 

•      if you have checked the “NO” box in paragraph 1(a); or

 

•      if Digital Impact has not accepted the Agreement, as
evidenced by a signature on the Agreement on behalf of Digital Impact.

 

In any such case, no options will be cancelled and no
shares of common stock will be issued.

 

9.     Miscellaneous.

 

(a)   Stockholder Rights.  Whether or not your interest
in the Shares has fully vested, you will have all the rights of a stockholder,
including the right to receive dividends or other distributions paid or issued
with respect to the Shares, subject to the provisions of this Agreement.

 

(b)   No Right to Employment.  The action of Digital Impact
in establishing the Plan and the Program and any action taken under any provision
of the Plan, the Program or this Agreement shall not be construed as granting
you any right to remain in the employ of the Company for any period of specific
duration.

 

(c)   Governing Law.  This Agreement shall be
construed and enforced in accordance with, and shall be governed by, the laws
of the State of California.

 

 

Whereas, the
parties hereto have executed this Agreement as of the Exchange Date.

 

 

	
   

  	
  PARTICIPANT

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Print Name

  
	
   

  	
   

  
	
   

  	
  DIGITAL IMPACT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Exchange Date:     January 25,
  2005

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