Document:

<PAGE>   1

                                                                     EXHIBIT 4.1

                         AMENDMENT AND WAIVER AGREEMENT

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

     WHEREAS, the Borrowers have requested that the Agent and the Lenders amend
and waive certain provisions of the Credit Agreement, Security Agreement and
Pledge Agreement, and the Lenders are willing to amend and waive such provisions
on the terms and conditions hereof;

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

     Section 1. AMENDMENTS UNDER CREDIT AGREEMENT

     1.1  There shall be added to Section 1.01 in its appropriate alphabetical
sequence a definition of "Customer" to read in its entirety as follows:

          "Customer" shall mean and include the account debtor or obligor with
     respect to any Receivable.

     1.2  There shall be added to Section 1.01 in its appropriate alphabetical
sequence a definition of "EBIT" to read in its entirety as follows:

          "EBIT" shall mean with respect to any person for any period the sum of
     (i) Net Income, (ii) Interest Expense and (iii) federal, state and local
     income taxes, in each case of such person for such period, computed and
     calculated in accordance with GAAP, in each case for the corresponding
     period.

     1.3  There shall be added to Section 1.01 in its appropriate alphabetical
sequence a definition of "Private Placement" to read in its entirety as follows:

          "Private Placement" shall mean the private placement by Holdings of
     its equity securities resulting in the issuance of 1,973,685 shares
     pursuant to the Stock Purchase Agreement, dated as of December 29, 2000,
     among Holdings, Special Value Bond Fund, LLC and Special Value Bond Fund
     II, LLC.

<PAGE>   2

     1.4  The definition of "Eligible Receivables" in Section 1.01 of the Credit
Agreement is hereby amended deleting the last sentence thereof in its entirety
and substituting therefor the following: "Notwithstanding the foregoing, all
Receivables of an applicable Receivables Grantor of any single Customer which,
in the aggregate, exceed 10% (or (i) 15% in the case of Lowes, Target Stores and
Bed Bath & Beyond, (ii) 20% in the case of K-Mart or Home Depot or (iii) 25% in
the case of WalMart or (iv) 35% through and including June 1, 2001 and 25% from
June 2, 2001 and thereafter in the case of South Central Pool Supply, provided,
that (x) in each case the Agent shall be satisfied, in its sole discretion, that
the financial condition of the relevant account debtor at such time has not
significantly deteriorated since the Closing Date as determined by the Agent, in
its sole discretion, from whatever sources are available to the Agent and (y)
the concentration limits for Lowes, Target Stores, Bed Bath & Beyond and WalMart
shall automatically be reduced by 5% if there is any down grade in its debt
rating by either Standard & Poor's Rating Group or Moody's Investors Service,
Inc.) of the total Eligible Receivables of such Receivables Grantor at the time
of any such determination shall be deemed not to be Eligible Receivables to the
extent of such excess".

     1.5  The definition of "Interest Coverage Ratio" in Section 1.01 of the
Credit Agreement is hereby deleted in its entirety and amended and restated as
follows:

          "Interest Coverage Ratio" shall mean, with respect to any person for
     any period, the ratio of (i) EBIT to (ii) the Cash Interest Expense of such
     person for such period.

     1.6  The definition of "Interest Margin" in Section 1.01 of the Credit
Agreement is hereby deleted in its entirety and amended and restated as follows:

          "Interest Margin" and "Revolving Credit Commitment Fee Margin" shall
     mean, with respect to any Loan, the amount as set forth below as
     corresponds to the Leverage Ratio computed for Holdings and its
     subsidiaries on a Consolidated basis for the four consecutive fiscal
     quarter period ending prior to the date of determination set forth below,
     determined three (3) Business Days after the delivery of the financial
     statements to the Agent required pursuant to Section 6.05(a) or (b) hereof,
     as applicable, together with the corresponding compliance certificates
     required pursuant to Section 6.05(e) hereof (which certificate shall notify
     the Agent of any change to the applicable Interest Margin from the previous
     four consecutive fiscal quarter period), commencing with the financial
     statements and certificates for the fiscal quarter immediately following
     the fiscal quarter in which Holdings has completed the Private Placement,
     or if the Borrowers shall fail to timely deliver such statements and
     certificates for any such period or during the continuance of an Event of
     Default, then at the highest Interest Margin and Revolving Credit
     Commitment Fee Margin provided for herein; provided, however, each of the
     Interest Margins provided for herein shall be increased by 0.25% for any
     Loans supported by M&E Availability (which, for purposes hereof and the
     following paragraph, shall be calculated on the basis that Revolving Credit
     Loans shall be deemed as first drawn against Eligible Inventory and
     Eligible Receivables until fully utilized and then as drawn against M&E
     Availability):

                                      - 2 -
<PAGE>   3

<TABLE>
<CAPTION>
                                         LIBO Rate         Alternate Base Rate         Revolving Credit
            Leverage Ratio            Interest Margin        Interest Margin        Commitment Fee Margin
            --------------            ---------------      -------------------      ---------------------
<S>                                   <C>                  <C>                      <C>
     Greater than 2.00:1.00                2.25%                  0.50%                     0.50%

     Equal to or less than                 2.00%                  0.50%                     0.50%
     2.00:1.00 but greater than
     1.75:1.00

     Equal to or less than                 1.75%                  0.375%                    0.375%
     1.75:1.00 but greater than
     1.50:1.00

     Equal to or less than                 1.50%                  0.375%                    0.25%
     1.50:1.00 but greater than
     1.25:1.00

     1.25:1.00 or less                     1.25%                  0.25%                     0.175%
</TABLE>

     Notwithstanding the above, for the period from the date hereof until the
receipt of financial statements for the Fiscal Year ending December 31, 2001,
the applicable Interest Margin shall be no less than (A) 2.00% in the case of
the LIBO Rate Interest Margin, (B) 0.50% in the case of the Alternate Base Rate
Interest Margin and (C) 0.50% in the case of the Revolving Credit Commitment Fee
Margin.

     1.7  The definition of "Net Cash Flow" in Section 1.01 of the Credit
Agreement is hereby amended by deleting the word "and" in clause (iv) thereof
and substituting therefor "," and inserting after clause (v) the following:

          "and (vi) Net Proceeds of the Private Placement solely for the
     quarters ended June 30, 2001 through and including the quarters ended June
     30, 2002."

     1.8  The definition of "Net Proceeds" in Section 1.01 of the Credit
Agreement is hereby amended by adding a new sentence at the end thereof to read
in its entirety as follows:

          "For the purposes of the definition of Net Proceeds and for no other
     purpose, the Net Proceeds of the Private Placement shall be deemed to be
     $13,646,000."

     1.9  The first sentence of Section 2.15(a) of the Credit Agreement is
hereby amended by deleting "200 Jericho Quadrangle, Jericho, New York 11753" and
substituting therefor "395 North Service Road, 3rd Floor, Melville, New York
11747" as the offices of the Agent.

     1.10 Article Three of the Credit Agreement is hereby amended by adding a
new Section 3.03 as follows:

          "SECTION 3.03. Release of Mortgages. Upon the refinancing of any or
     all real property covered by any or all of the Mortgages on terms
     satisfactory to the Agent and the Required Lenders, the Agent shall (i)
     release the relevant Mortgages, (ii) terminate all liens on such refinanced
     property and (iii) adjust the M&E Availability as reasonably determined by
     the Agent and the Required Lenders."

                                     - 3 -
<PAGE>   4

     1.11 Section 7.01(e)(ii) of the Credit Agreement is hereby amended by
deleting "90%" and substituting therefor "100%".

     1.12 Section 7.06(k) of the Credit Agreement is hereby deleted in its
entirety and amended and restated as follows:

          "(k) Indebtedness representing loans and advances by one Borrower to
     another Borrower not to exceed $10,000,000 at any one time outstanding,
     provided that in each instance such loans and advances are evidenced by
     promissory notes pledged to the Agent for the ratable benefit of the
     Lenders;"

     1.13 Section 7.10 of the Credit Agreement is hereby deleted in its entirety
amended and restated in its entirety as follows:

          SECTION 7.10. Interest Coverage Ratio. Permit the Interest Coverage
     Ratio of the Borrowers and their respective subsidiaries on a combined
     basis for the four consecutive fiscal quarter periods ending on the dates
     set forth below to be less than the respective amounts set forth below
     opposite such dates:

                    Period                         Ratio
                    ------                         -----
               June 30, 2001                     4.50:1.00
               September 30, 2001                4.15:1.00
               Thereafter                        5.00:1.00

     1.14 Article Seven of the Credit Agreement is hereby amended by adding a
new Section 7.20 as follows:

          Section 7.20. Capital Expenditure. Permit Capital Expenditures of the
     Borrowers and their respective subsidiaries on a combined basis for the
     period set forth below to exceed the respective amounts set forth below
     opposite such period:

                       Period                       Amount
                       ------                       ------
               Fiscal Year ending 2001            $30,000,000
               Fiscal Year ending 2002            $25,000,000
               Fiscal Year ending 2003            $20,000,000
               Fiscal Year ending 2004            $20,000,000

                                     - 4 -
<PAGE>   5

     provided, however, that up to 25% of an unused amount may be carried
     forward to the next succeeding Fiscal Year to be used during such
     succeeding Fiscal Year only after utilization of all allowed amounts
     (without regard to such rollover) for Capital Expenditures in such
     succeeding Fiscal Year.

     1.15 Section 11.01(b) is hereby deleted in its entirety and amended and
restated as follows:

     "(b) if to the Agent, at The Chase Manhattan Bank, 1166 Avenue of the
     Americas, 16th Floor, New York, New York 10036, Attention: WPTI Account
     Executive (Telecopy No. 212-899-2929), with a copy to Kaye Scholer LLP, at
     425 Park Avenue, New York, New York 10022, Attention: Jeffrey M. Epstein,
     Esq. (Telecopy No. 212-836-6475); and".

     1.16 Schedules 2.01, 2.02 and 2.03 are hereby amended by (i) deleting the
address of The Chase Manhattan Bank and replacing it with "1166 Avenue of the
Americas, 16th Floor, New York, New York 10036, ATTN: WPTI Account Executive",
(ii) deleting "Bank One, N.A." and replacing it with "Bank One, Arizona, N.A.",
and (iii) deleting the address of Bank One, N.A. and replacing it with
"Commercial Banking Group, 201 N. Central Avenue, 21st Floor, Dept. AZ1-1178,
Phoenix, AZ 85004, Attention: Water Pik Technologies Account Executive".

     1.17 Waterpik International, Inc., a Delaware corporation ("WP
International") shall be added as a party to the Credit Agreement and shall be a
"Guarantor" as such term is defined in the Credit Agreement. By its execution
and delivery of this Agreement, WP International agrees to be bound by all of
the terms and provisions of the Credit Agreement that are applicable to it as a
Guarantor.

     1.18 Schedule 4.15 to the Credit Agreement is hereby amended by deleting
such Schedule in its entirety and substituting, in lieu thereof, Schedule 4.15
attached hereto as Annex 1.

     1.19 Except for the specific amendments set forth in Sections 1.1 through
1.18 of this Agreement, nothing herein shall be deemed to be a waiver of any
covenant or agreement contained in the Credit Agreement, and the Borrowers and
the Loan Parties hereby agree that all of the covenants and agreements contained
in the Credit Agreement are hereby ratified and confirmed in all respects.

     Section 2. WAIVERS UNDER CREDIT AGREEMENT

     2.1  Subject to the receipt by the Agent of the re-appraisal of fixed
assets and owned real estate in form and substance satisfactory to the Agent,
the Agent and the Lenders hereby waive the $2,500,000 reduction in M&E
Availability for each Borrower which was to occur after completion of the Public
Offering as specified in the definition of "M&E Availability" in Section 1.01 of
the Credit Agreement.

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

                                     - 5 -
<PAGE>   6

     Section 3. AMENDMENTS UNDER SECURITY AGREEMENT

     3.1  WP International shall be added as a party to the Security Agreement
and shall be a "Grantor" as such terms is defined in the Security Agreement. By
its execution and delivery of this Agreement, WP International (i) agrees to be
bound by all of the terms and provisions of the Security Agreement, (ii) hereby,
and thereby, grants a security interest in all assets owned by it which meet the
description of Collateral set forth in the Security Agreement to secure all
Obligations and (iii) agrees and confirms that it and such assets shall be
subject to the terms and provisions of the Security Agreement.

     3.2  Except for the specific amendments set forth in Section 3.1 of this
Agreement, nothing herein shall be deemed to be a waiver of any covenant or
agreement in the Security Agreement and the Borrowers and the Loan Parties
hereby agree that all of the covenants and agreements contained in the Security
Agreement are hereby ratified and confirmed in all respects.

     Section 4. AMENDMENTS UNDER PLEDGE AGREEMENT

     4.1  Water Pik shall be added as a party to the Pledge Agreement and shall
be a "Grantor" as such term is defined in the Pledge Agreement. By its execution
and delivery of this Agreement, (i) Water Pik agrees to be bound by all of the
terms and provisions of the Pledge Agreement, (ii) hereby, and thereby, grants a
security interest in all assets owned by it which meet the description of
Collateral as set forth in the Pledge Agreement to secure all Obligations and
(iii) agrees and confirms that it and such assets shall be subject to the terms
and provisions of the Pledge Agreement.

     4.2  Schedule I annexed to the Pledge Agreement shall be deleted in its
entirety and replaced with Schedule I annexed hereto as Annex 2.

     4.3  Except for the specific amendments set forth in Section 4.1 and 4.2 of
this Agreement, nothing herein shall be deemed to be a waiver of any covenant or
agreement in the Pledge Agreement and the Borrowers and the Loan Parties hereby
agree that all of the covenants and agreements contained in the Pledge Agreement
are hereby ratified and confirmed in all respects.

     Section 5. CONDITIONS PRECEDENT

     Sections 1 through 4 of this Agreement shall become effective upon the
execution and delivery of counterparts hereof by the parties listed below and
the fulfillment of the following conditions:

     (a)  The Borrowers shall deliver to the Agent the results of machinery and
equipment appraisals of the Borrowers' property conducted on an orderly
liquidation value, in form and substance reasonably satisfactory to the Agent.

     (b)  The Borrowers shall deliver to the Agent the results of appraisals
conducted of the real property and improvements owned in fee by the Borrowers
with respect to

                                     - 6 -
<PAGE>   7

which Mortgages have been taken, in each case in compliance with the
requirements of FIRREA and applicable regulations and in form and substance
reasonably satisfactory to the Agent.

     (c)  The Borrowers shall cause WP International to enter into a Guarantee
of the Obligations in the form annexed hereto as Annex 3.

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

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

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

     (g)  The Borrowers shall pay to the Agent certain amendment fees as
separately agreed upon in the Fee Letter Agreement, dated June 25, 2001, between
The Chase Manhattan Bank and the Borrowers.

     Section 6. CONDITIONS SUBSEQUENT

     6.1  The Borrowers shall either (i) cause Water Pik Technologies Foreign
Sales Corporation ("WPTFS") to enter into a Guarantee of the Obligations,
execute the Security Documents, and comply with Section 6.12 of the Credit
Agreement or (ii) provide assurances satisfactory to the Agent that WPTFS does
not and will not hold any assets other than the bank account identified on Annex
4 and will not accept or receive loans, advances or other extensions of credit
from any of the Borrowers or any of their subsidiaries.

     6.2  The failure to comply with Section 6.1 of this Agreement by August 15,
2001, shall constitute an Event of Default under the Credit Agreement.

     Section 7. MISCELLANEOUS

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

     7.2  Except as herein expressly amended or waived, each of the Credit
Agreement, the Security Agreement and the Pledge Agreement are ratified and
confirmed in all respects and shall remain in full force and effect in
accordance with its terms.

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

                                     - 7 -
<PAGE>   8

     7.4  This Agreement may be executed by the parties hereto individually or
in combination, in one or more counterparts, each of which shall be an original
and all of which shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page by telecopier shall be effective as
delivery of a manually executed counterpart.

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

                                     - 8 -
<PAGE>   9

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

                                           LAARS, INC.

                                           By: /s/ Victor C. Streufert
                                               ---------------------------
                                           Name:  Victor C. Streufert
                                           Title: Vice President - Finance

                                           WATER PIK, INC.

                                           By: /s/ Victor C. Streufert
                                               ---------------------------
                                           Name:  Victor C. Streufert
                                           Title: Vice President - Finance

                                           JANDY INDUSTRIES, INC.,
                                           as a Guarantor

                                           By: /s/ Victor C. Streufert
                                               ---------------------------
                                           Name:  Victor C. Streufert
                                           Title: Vice President - Finance

                                           WATERPIK INTERNATIONAL, INC.
                                           as a Guarantor

                                           By: /s/ Victor C. Streufert
                                               ---------------------------
                                           Name:  Victor C. Streufert
                                           Title: Vice President - Finance

                                           WATER PIK TECHNOLOGIES, INC.

                                           By: /s/ Victor C. Streufert
                                               ---------------------------
                                           Name:  Victor C. Streufert
                                           Title: Vice President - Finance

                                     - 9 -
<PAGE>   10

                                           THE CHASE MANHATTAN BANK,
                                           as Agent and as a Lender

                                           By: /s/ Donna M. DiForio
                                               -----------------------
                                           Name:  Donna M. DiForio
                                           Title: Vice President

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

                                           By: /s/ Gavin Borowiak
                                               -----------------------
                                           Name:  Gavin Borowiak
                                           Title: Vice President

                                           MELLON BANK, N.A.,
                                           as a Lender

                                           By: /s/  Phil Feghali
                                               -----------------------
                                           Name:  Philip Feghali
                                           Title: Vice President

                                           PNC BANK, NATIONAL ASSOCIATION,
                                           as a Lender

                                           By: /s/ Albert D. Perez
                                               -----------------------
                                           Name:  Albert D. Perez
                                           Title: Vice President

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

                                           By: /s/ Stephen W. Dunne
                                               -----------------------
                                           Name:  Stephen W. Dunne
                                           Title: Vice President

                                     - 10 -
<PAGE>   11

                                                                         ANNEX 1

                                  SCHEDULE 4.15

                                  SUBSIDIARIES

Water Pik, Inc., a Delaware corporation

Authorized stock consisting of 1,000 shares of Common Stock, $.01 par value
1,000 shares of Common Stock issued to Water Pik Technologies, Inc.

Laars, Inc., a Delaware corporation

Authorized stock consisting of 1,000 shares of Common Stock, $.01 par value
1,000 shares of Common Stock issued to Water Pik Technologies, Inc.

Jandy Industries, Inc., a California corporation

Authorized stock consisting of:

         1,200 shares of Class A Common Stock, $10.00 par value
         6,300 shares of Class B Nonvoting Common Stock, $10.00 par value

         160 shares of Class A Common Stock issued to Laars, Inc.
         840 shares of Class B Nonvoting Common Stock issued to Laars, Inc.

Waterpik International, Inc., a Delaware corporation

Authorized stock consisting of 1,000 shares of Common Stock, $.01 par value
1,000 shares of Common Stock issued to Water Pik, Inc.

                                     - 11 -
<PAGE>   12

                                                                         ANNEX 2

                                   SCHEDULE 1
                               TO PLEDGE AGREEMENT

Description of Pledged Stock

<TABLE>
<CAPTION>
                                                                                                   % of Shares
        Issuer                     Class         Par Value      Cert No(s).     No. of Shares      Outstanding
        ------                     -----         ---------      -----------     -------------      -----------
<S>                               <C>            <C>            <C>             <C>                <C>

Water Pik, Inc.                   Common          $  .01            1               1,000              100%

Laars, Inc.                       Common          $  .01            1               1,000              100%

Jandy Industries, Inc.            Class A
                                  Common          $10.00           30                 160
                                                                                                       100%
Jandy Industries, Inc.            Class B
                                  Common          $10.00           31                 840

Waterpik International, Inc.      Common          $  .01            1               1,000         100% owned by
                                                                                                  Water Pik, Inc.
</TABLE>

Description of Pledged Debt

                       Description        Maturity             Orig.
Obligation Issuer      of Obligation        Date           Principal Amt.
-----------------      -------------      --------         --------------

                                     None

                                     - 12 -
<PAGE>   13

                                                                         ANNEX 3

                                FORM OF GUARANTEE

                                     - 13 -<PAGE>   1

                                                                    EXHIBIT 10.1

                               INDEMNITY AGREEMENT

     THIS INDEMNITY AGREEMENT (this "Agreement") dated as of __________________,
2001, is made by and between Water Pik Technologies, Inc., a Delaware
corporation (the "Company"), and ___________________________ (the "Indemnitee").

                                R E C I T A L S:

     A. The Company recognizes that competent and experienced persons are
increasingly reluctant to serve as directors and officers of corporations unless
they are protected by comprehensive liability insurance or indemnification, or
both, due to increased exposure to litigation costs and risks resulting from
their service to such corporations, and due to the fact that the exposure
frequently bears no reasonable relationship to the compensation of such
directors.

     B. The statutes and judicial decisions regarding the duties of directors
and officers are often difficult to apply, ambiguous, or conflicting, and
therefore fail to provide such directors with adequate, reliable knowledge of
legal risks to which they are exposed or information regarding the proper course
of action to take.

     C. The Company and the Indemnitee recognize that plaintiffs often seek
damages in such large amounts and the costs of litigation may be so substantial
(whether or not the case is meritorious), that the defense and/or settlement of
such litigation is often beyond the personal resources of directors and
officers.

     D. The Company believes that it is unfair for its directors and officers to
assume the risk of substantial judgments and other expenses which may occur in
cases in which the director and/or officer, as the case may be, received no
personal profit and in cases where such person acted in good faith.

     E. Section 145 of the General Corporation Law of Delaware ("Section 145"),
under which the Company is organized, empowers the Company to indemnify its
directors and officers by agreement and to indemnify persons who serve, at the
request of the Company, as the directors and officers of other corporations or
enterprises, and expressly provides that the indemnification provided by Section
145 is not exclusive.

     F. The Board of Directors of the Company has determined that contractual
indemnification as set forth herein is not only reasonable and prudent but
necessary to promote the best interests of the Company and its stockholders.

     G. The Company desires and has requested the Indemnitee to serve or
continue to serve as a director and/or officer of the Company.

<PAGE>   2

     H. The Indemnitee is willing to serve, or to continue to serve, as a
director and/or officer of the Company if the Indemnitee is furnished the
indemnity provided for herein by the Company.

                               A G R E E M E N T:

     NOW THEREFORE, in consideration of the mutual covenants and agreements set
forth below, the parties hereto, intending to be legally bound, hereby agree as
follows:

     1.   Definitions.

          (a) Agent. For purposes of this Agreement, "agent" of the Company
means any person who: (i) is or was a director and/or officer of the Company or
a subsidiary of the Company; or (ii) is or was serving at the request of, for
the convenience of, or to represent the interest of the Company or a subsidiary
of the Company as a director and/or officer of another foreign or domestic
corporation, partnership or joint venture.

          (b) Expenses. For purposes of this Agreement, "expenses" includes all
direct and indirect costs of any type or nature whatsoever (including, without
limitation, all attorneys' fees and related disbursements, other out-of-pocket
costs and reasonable compensation for time spent by the Indemnitee for which
Indemnitee is not otherwise compensated by the Company or any third party,
provided that the rate of compensation and estimated time involved is approved
in advance by the Board of Directors of the Company), actually and reasonably
incurred by the Indemnitee in connection with either the investigation, defense
or appeal of a proceeding or establishing or enforcing a right to
indemnification under this Agreement, Section 145 or otherwise, and amounts paid
in settlement by or on behalf of the Indemnitee, but shall not include any
judgments, fines or penalties actually levied against the Indemnitee.

          (c) Proceedings. For the purposes of this Agreement, "proceeding"
means any threatened, pending or completed action, suit, arbitration, hearing or
other proceeding, whether civil, criminal, administrative, investigative or any
other type whatsoever.

          (d) Subsidiary. For purposes of this Agreement, "subsidiary" means any
corporation of which more than 50% of the outstanding voting securities are
owned directly or indirectly by the Company, by the Company and one or more
other subsidiaries, or by one or more other subsidiaries.

     2.   Agreement to Serve. The Indemnitee agrees to serve and/or continue to
serve as an agent of the Company, at the will of such corporation (or under
separate agreement, if such agreement exists), in the capacity the Indemnitee
currently serves as an officer and/or director of such corporation, so long as
the Indemnitee is duly appointed or elected and qualified in accordance with the
applicable provisions of the Bylaws of such corporation or of any subsidiary
thereof, or until such time as the Indemnitee tenders his resignation in
writing; provided, however, that nothing contained in this Agreement is intended
to create any right to continued employment or provision of services of the
Indemnitee in any capacity.

                                       2
<PAGE>   3

     3.   Indemnification.

          (a) Indemnification in Third Party Proceedings. Subject to Section 10
below, the Company shall indemnify the Indemnitee if the Indemnitee is a party
to or threatened to be made a party to or otherwise involved in any proceeding
(other than a proceeding by or in the name of the Company to procure a judgment
in its favor) by reason of the fact that the Indemnitee is or was an agent of
the Company, or by reason of any act or inaction by Indemnitee in any such
capacity, against any and all expenses and liabilities of any type whatsoever
(including, but not limited to, judgments, fines and penalties), actually and
reasonably incurred by Indemnitee in connection with the investigation, defense,
settlement or appeal of such proceeding, but only if the Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in, or not
opposed to, the best interests of the Company, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe Indemnitee's conduct
was unlawful, pursuant to the presumption set forth in subsection (c) below, as
applicable. The termination of any proceeding by judgment, order of court,
settlement, conviction or on plea of nolo contendere, or its equivalent, shall
not, of itself, create a presumption that the Indemnitee did not act in good
faith in a manner which Indemnitee reasonably believed to be in, or not opposed
to, the best interests of the Company, and with respect to any criminal
proceedings, that such person had reasonable cause to believe that his conduct
was unlawful.

          (b) Indemnification in Derivative Actions. Subject to Section 10
below, the Company shall indemnify the Indemnitee if the Indemnitee is a party
to or threatened to be made a party to or otherwise involved in any proceeding
by or in the name of the Company to procure a judgment in its favor by reason of
the fact that the Indemnitee is or was an agent of the Company, or by reason of
any act or inaction by Indemnitee in any such capacity, against all expenses
actually and reasonably incurred by the Indemnitee in connection with the
investigation, defense, settlement, or appeal of such proceedings, but only if
the Indemnitee acted in good faith and in a manner Indemnitee reasonably
believed to be in, or not opposed to, the best interests of the Company,
pursuant to the presumption set forth in subsection (c) below; provided,
however, that no indemnification under this Section 3 shall be made in respect
of any claim, issue or matter as to which the Indemnitee shall have been finally
adjudged to be liable to the Company by a court of competent jurisdiction due to
willful misconduct of a culpable nature in the performance of the Indemnitee's
duty to the Company, unless and only to the extent that any court in which such
proceeding was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, such
person is fairly and reasonably entitled to indemnity for such expenses as such
court shall deem proper.

          (c) Conclusive Presumption Regarding Indemnitee Conduct. With respect
to Sections 3(a) and 3(b) above, the Indemnitee shall be conclusively presumed
to have acted in good faith and in a manner Indemnitee reasonably believed to be
in, or not opposed to, the best interests of the Company, and, with respect to
any criminal action or proceeding, to have had no reasonable cause to believe
Indemnitee's conduct was unlawful, unless a determination is made that the
Indemnitee has not acted in accordance with the standards set forth above (i) by
the Board of Directors by a majority vote of a quorum thereof consisting of
directors who were not parties to the proceeding due to which a claim is made
under this Agreement, (ii) by the

                                       3
<PAGE>   4

stockholders of the Company by a majority vote of stockholders who were not
parties to such a proceeding or (iii) in a written opinion of independent legal
counsel, selection of whom has been approved by the Indemnitee in writing or by
a panel of arbitrators, one of whom is selected by the Company, another of whom
is selected by the Indemnitee and the last of whom is selected by the first two
arbitrators so selected.

     4. Indemnification of Expenses of Successful Party. Notwithstanding any
other provisions of this Agreement, to the extent that the Indemnitee has been
successful on the merits or otherwise in defense of any proceeding or in defense
of any claim, issue or matter therein, including the dismissal of any action
without prejudice, the Company shall indemnify the Indemnitee against all
expenses actually and reasonably incurred in connection with the investigation,
defense or appeal of such proceeding.

     5. Partial Indemnification. If the Indemnitee is entitled under any
provision of this Agreement to indemnification by the Company for some or a
portion of any expenses or liabilities of any type whatsoever (including, but
not limited to, judgments, fines or penalties) actually and reasonably incurred
by Indemnitee in the investigation, defense, settlement or appeal of a
proceeding but is not entitled, however, to indemnification for the total amount
thereof, the Company shall nevertheless indemnify the Indemnitee for the portion
thereof to which the Indemnitee is entitled.

     6.   Expenses.

          (a) Advancement of Expenses. Subject to Section 10(b) below, the
Company shall advance all expenses incurred by the Indemnitee in connection with
the investigation, defense, settlement or appeal of any proceeding to which the
Indemnitee is a party or is threatened to be made a party by reason of the fact
that the Indemnitee is or was an agent of the Company. The Indemnitee hereby
undertakes to repay such amounts advanced only if, and to the extent that, it
shall ultimately be determined that the Indemnitee is not entitled to be
indemnified by the Company as authorized by this Agreement. The advances to be
made hereunder shall be paid by the Company to or on behalf of the Indemnitee
within 30 days following delivery of a written request with reasonable
supporting documentation therefor by the Indemnitee to the Company.

          (b) Expenses of a Witness. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of being a director or
officer of the Company, a witness in any proceeding to which Indemnitee is not a
party, Indemnitee shall be indemnified against all expenses actually and
reasonably incurred by Indemnitee or on Indemnitee's behalf in connection
therewith if advance written notice is given to the Company of such proceeding.

                                       4
<PAGE>   5
     7.   Notice and Other Indemnification Procedures.

          (a) Notification of Proceeding. Promptly after receipt by the
Indemnitee of notice of the commencement of or the threat of commencement of any
proceeding, the Indemnitee shall, if the Indemnitee believes that
indemnification with respect thereto may be sought from the Company under this
Agreement, notify the Company in writing of the commencement or threat of
commencement thereof.

          (b) Request for Indemnification. Any indemnification requested by the
Indemnitee under Section 3 hereof shall be made no later than 10 days after
receipt of the written request of the Indemnitee, unless a good faith
determination is made within said 10-day period in accordance with one of the
methods set forth in Section 3(c) above that the Indemnitee is not or (subject
to final judgment or other final adjudication as provided in Section 10(a)
below) ultimately will not be entitled to indemnification hereunder.

          (c) Application for Enforcement. Notwithstanding a determination under
Section 7(b) above that the Indemnitee is not entitled to indemnification with
respect to any specific proceeding, the Indemnitee shall have the right to apply
to any court of competent jurisdiction for the purpose of enforcing the
Indemnitee's right to indemnification pursuant to this Agreement. In such an
enforcement hearing or proceeding, the burden of proving that indemnification or
advances are not appropriate shall be on the Company. Neither the failure of the
Company (including its Board of Directors, stockholders, independent legal
counsel or the panel of arbitrators) to have made a determination prior to the
commencement of such action that the Indemnitee is entitled to indemnification
hereunder, nor an actual determination by the Company (including its Board of
Directors or independent legal counsel or the panel of arbitrators) that the
Indemnitee is not entitled to indemnification hereunder, shall be a defense to
the action or create any presumption that the Indemnitee is not entitled to
indemnification hereunder.

          (d) Indemnification of Certain Expenses. The Company shall indemnify
the Indemnitee against all expenses incurred in connection with any hearing or
proceeding under this Section 7 unless the Company prevails in such hearing or
proceeding.

     8.   Assumption of Defense. In the event the Company shall be obligated to
pay the expenses of any proceeding against the Indemnitee, the Company, if
appropriate, shall be entitled to assume the defense of such proceeding, with
counsel reasonably acceptable to the Indemnitee, upon the delivery to the
Indemnitee of written notice of its election to do so. After delivery of such
notice, approval of such counsel by the Indemnitee and the retention of such
counsel by the Company, the Company shall not be liable to the Indemnitee under
this Agreement for any fees of counsel subsequently incurred by the Indemnitee
with respect to the same proceeding, provided that (a) the Indemnitee shall have
the right to employ his counsel in such proceeding at the Indemnitee's expense;
and (b) if (i) the employment of counsel by the Indemnitee has been previously
authorized in writing by the Company, (ii) the Indemnitee's counsel delivers a
written notice to the Company stating that such counsel has reasonably concluded
that there may be a conflict of interest between the Company and the Indemnitee
in the conduct of any such defense or (iii) the Company shall not, in fact, have
employed counsel to assume the defense of such proceeding within a reasonable
time, then in any such event the fees and expenses of the Indemnitee's counsel
shall be at the expense of the Company.

                                       5
<PAGE>   6

     9.   Insurance. The Company may, but is not obligated to, obtain directors'
and officers' liability insurance ("D&O Insurance") as may be or become
available with respect to which the Indemnitee is named as an insured.
Notwithstanding any other provision of this Agreement, the Company shall not be
obligated to indemnify the Indemnitee for expenses, judgments, fines or
penalties which have been paid directly to the Indemnitee by D&O Insurance. If
the Company has D&O Insurance in effect at the time the Company receives from
the Indemnitee any notice of the commencement of a proceeding, the Company shall
give prompt notice of the commencement of such proceeding to the insurers in
accordance with the procedures set forth in the policy. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay,
on behalf of the Indemnitee, all amounts payable as a result of such proceeding
in accordance with the terms of such policy.

     10.  Exceptions.

          (a) Certain Matters. Any provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify the Indemnitee or pay any expenses in connection
with any proceeding with respect to (i) remuneration paid to the Indemnitee if
it is determined by final judgment or other final adjudication that such
remuneration was in violation of law; (ii) for an accounting of profits made
from the purchase or sale by the Indemnitee of securities of the Company
pursuant to the provisions of Section 16(b) of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), a violation or alleged violation of
Section 10 of the Exchange Act, or similar provisions of any federal, state or
local statute; (iii) any payment in connection with any claim made against
Indemnitee to the extent Indemnitee has otherwise received payment (under any
insurance policy, Bylaw or otherwise) of the amounts otherwise indemnifiable
hereunder; or (iv) which (but only to the extent that) it is determined by final
judgment or other final adjudication that the Indemnitee's conduct was in bad
faith, knowingly fraudulent or deliberately dishonest. For purposes of the
foregoing sentence, a final judgment or other adjudication may be reached in
either the underlying proceeding or action in connection with which
indemnification is sought or a separate proceeding or action to establish rights
and liabilities under this Agreement.

          (b) Claims Initiated by the Indemnitee. Any provision herein to the
contrary notwithstanding, the Company shall not be obligated pursuant to the
terms of this Agreement to indemnify or advance expenses to the Indemnitee with
respect to proceedings or claims initiated or brought voluntarily by the
Indemnitee against the Company or any agent of the Company (and not by way of
defense), except with respect to proceedings brought to establish or enforce a
right to indemnification under this Agreement or any other statute or law or
otherwise as required under Section 145, but such indemnification or advancement
of expenses may be provided by the Company in specific cases if the Board of
Directors of the Company finds it to be appropriate.

          (c) Action for Indemnification. Any provision herein to the contrary
notwithstanding, the Company shall be obligated pursuant to the terms of this
Agreement to indemnify the Indemnitee for any expenses incurred by the
Indemnitee with respect to any proceeding instituted by the Indemnitee to
enforce or interpret this Agreement unless the Company prevails in such
proceeding.

                                       6
<PAGE>   7

          (d) Unauthorized Settlements. Any provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify the Indemnitee under this Agreement for any amounts
paid in settlement of a proceeding effected without the Company's written
consent. Neither the Company nor the Indemnitee shall unreasonably withhold
consent to any proposed settlement; provided, however, that the Company may in
any event decline to consent to (or to otherwise admit or agree to any liability
for indemnification hereunder in respect of) any proposed settlement if the
Company determines in good faith (pursuant to Section 7(b) above) that the
Indemnitee is not or ultimately will not be entitled to indemnification
hereunder.

          (e) Securities Act Liabilities. Any provision herein to the contrary
notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify the Indemnitee or otherwise act in violation of any
undertaking appearing in and required by the rules and regulations promulgated
under the Securities Act of 1933, as amended (the "Act") in any registration
statement filed with the Securities and Exchange Commission under the Act. The
Indemnitee acknowledges that paragraph (h) of Item 512 of Regulation S-K
currently generally requires the Company to undertake in connection with any
registration statement filed under the Act to submit the issue of the
enforceability of the Indemnitee's rights under this Agreement in connection
with any liability under the Act on public policy grounds to a court of
appropriate jurisdiction and to be governed by any final adjudication of such
issue. The Indemnitee specifically agrees that any such undertaking shall
supersede the provisions of this Agreement and to be bound by any such
undertaking.

     11.  Nonexclusivity. The provisions for indemnification and advancement of
expenses set forth in this Agreement shall not be deemed exclusive of any other
rights which the Indemnitee may have under any provision of law, the Company's
Certificate of Incorporation or Bylaws, in any court in which a proceeding is
brought, the vote of the Company's stockholders or disinterested directors,
other agreements or otherwise, both as to action in the Indemnitee's official
capacity and to action in another capacity while occupying his position as an
agent of the Company, and the Indemnitee's rights hereunder shall continue after
the Indemnitee has ceased acting as an agent of the Company and shall inure to
the benefit of the heirs, executors and administrators of the Indemnitee. Any
provision herein to the contrary notwithstanding, the Company may provide, in
specific cases, the Indemnitee with full or partial indemnification if the Board
of Directors of the Company determines that such indemnification is appropriate.

     12.  Subrogation. In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of the Indemnitee, who, at the request and expense of the Company,
shall execute all papers required and shall do everything that may be reasonably
necessary to secure such rights, including the execution of such documents
necessary to enable the Company effectively to bring suit to enforce such
rights.

     13.  Interpretation of Agreement. It is understood that the parties hereto
intend this Agreement to be interpreted and enforced so as to provide
indemnification to the Indemnitee to the fullest extent now or hereafter
permitted by law.

                                       7
<PAGE>   8

     14.  Severability. If any provision or provisions of this Agreement shall
be held to be invalid, illegal or unenforceable for any reason whatsoever, (a)
the validity, legality and enforceability of the remaining provisions of the
Agreement (including without limitation, all portions of any paragraphs of this
Agreement containing any such provision held to be invalid, illegal or
unenforceable, that are not themselves invalid, illegal or unenforceable) shall
not in any way be affected or impaired thereby; and (b) to the fullest extent
possible, the provisions of this Agreement (including, without limitation, all
portions of any paragraph of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that are not themselves invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable and to give
effect to Section 13 hereof.

     15.  Modification and Waiver. No supplement, modification or amendment of
this Agreement shall be binding unless executed in writing by the parties
hereto. No waiver of any of the provisions of this Agreement shall be deemed or
shall constitute a waiver of any other provision hereof (whether or not similar)
nor shall such waiver constitute a continuing waiver. The indemnification rights
afforded to the Indemnitee hereby are contract rights and may not be diminished,
eliminated or otherwise affected by amendments to the Certificate of
Incorporation or Bylaws of the Company or by other agreements.

     16.  Successors and Assigns. The terms of this Agreement shall bind, and
shall inure to the benefit of, the successors and assigns of the parties hereto.

     17.  Notice. Except as otherwise provided herein, any notice or demand
which, by the provisions hereof, is required or which may be given to or served
upon the parties hereto shall be in writing and, if by telegram, telecopy or
telex, shall be deemed to have been validly served, given or delivered when
sent, if by personal delivery, shall be deemed to have been validly served,
given or delivered upon actual delivery and, if mailed, shall be deemed to have
been validly served, given or delivered three business days after deposit in the
United States mails, as registered or certified mail, with proper postage
prepaid and addressed to the party or parties to be notified at the addresses
set forth on the signature page of this Agreement (or such other address(es) as
a party may designate for itself by like notice).

     18.  Duration of Agreement. This Agreement shall continue until and
terminate upon the later of: (a) 5 years after the date that Indemnitee shall
have ceased to serve as a director and/or officer of the Company; or (b) the
final termination of any proceeding then pending in respect of which Indemnitee
is granted rights of indemnification or advancement of expenses under this
Agreement.

     19.  Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original
but all of which together shall constitute one and the same Agreement.

                                       8
<PAGE>   9

     20.  Headings. The headings of the paragraphs and Sections of this
Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction thereof.

     21.  Governing Law. This Agreement shall be governed exclusively by and
construed according to the laws of the State of Delaware, as applied to
contracts between Delaware residents entered into and to be performed entirely
within Delaware.

     IN WITNESS WHEREOF, the parties hereto have entered into this Agreement
effective as of the date first above written.

                                          THE COMPANY:

                                          Water Pik Technologies, Inc.,
                                          a Delaware corporation

                                          By:
                                              ----------------------------------
                                          Name:
                                          Title:

                                          Address: 23 Corporate Plaza, Suite 246
                                                   Newport Beach, CA  92660

                                          THE INDEMNITEE:

                                          --------------------------------------
                                          Signature of the Indemnitee

                                          Name:
                                                    ----------------------------
                                          Address:
                                                    ----------------------------

                                                    ----------------------------

                                                    ----------------------------

                                       9

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