Document:

EX-10.5

 Exhibit 10.5 

ENERGIZER HOLDINGS, INC. 

EXECUTIVE SEVERANCE PLAN 

Effective July 1, 2015 

 ARTICLE I 

PURPOSE, INTENT AND TERM OF PLAN 

Section 1.01 Purpose and Intent of the Plan. The purpose of the Plan is to make available to Eligible Employees certain compensation and
benefits in the event that such employee’s employment with the Company or a Subsidiary is terminated as a result of a Qualifying Termination. The Plan is not intended to be an “employee benefit plan” within the meaning of
Section 3(3) of ERISA.  
 Section 1.02 Term of the Plan. The Plan shall be effective as of the Effective Date and shall
continue until terminated pursuant to the provisions set forth herein. 
 ARTICLE II 

DEFINITIONS 
 Section 2.01
“Base Salary” shall mean the Participant’s annual base salary, excluding bonus and incentive compensation, in effect as of the date of the Participant’s Qualifying Termination. 

Section 2.02 “Board” shall mean the Board of Directors of the Company. 

Section 2.03 “Cause” shall mean (i) the failure of an Eligible Employee to make a good faith effort to substantially perform his or
her duties (other than any such failure due to the Eligible Employee’s disability) or Eligible Employee’s insubordination with respect to a specific directive of the Eligible Employee’s supervisor or officer to which the Eligible
Employee reports directly or indirectly (or the Board if the Eligible Employee reports to the Board); (ii) Eligible Employee’s dishonesty, negligence in the performance of his or her duties hereunder or engaging in willful misconduct,
which in the case of any such negligence, has caused or is reasonably expected to result in direct or indirect material injury to the Company or its Subsidiaries; (iii) breach by Eligible Employee of any material provision of any written
agreement with the Company or its Subsidiaries or material violation of any Company or its Subsidiary policy applicable to Eligible Employee; or (iv) Eligible Employee’s commission of a crime that constitutes a felony or other crime of
moral turpitude or fraud. If, subsequent to Eligible Employee’s termination of employment hereunder for other than Cause, it is determined in good faith by the Company that Eligible Employee’s employment could have been terminated for
Cause hereunder, Eligible Employee’s employment shall, at the election of the Company, be deemed to have been terminated for Cause retroactively to the date the events giving rise to Cause occurred. 

Section 2.04 “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations and other guidance promulgated
thereunder. 
 Section 2.05 “Committee” shall mean the Nominating & Executive Compensation Committee of the Board or such
other committee appointed by the Board to assist the Company in making determinations required under the Plan in accordance with its terms. The Committee may delegate its authority under the Plan to an individual or another committee. 

 Section 2.06 “Company” shall mean Energizer Holdings, Inc. 

Section 2.07 “Effective Date” shall mean July 1, 2015. 

Section 2.08 “Eligible Employee” shall mean any employee of the Company who is listed by name or by title in Appendix I or Appendix II
herein, provided that the Plan Administrator may add Eligible Employees to such Appendices from time to time. 
 Section 2.09
“Employer” shall mean the Company or, if applicable, the Subsidiary that employs the Eligible Employee. 
 Section 2.10
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder. 

Section 2.11 “Good Reason” shall mean the occurrence of any of the following circumstances: 

 

	 	(i)	a material diminution of an Eligible Employee’s base compensation or bonus opportunity; 

  

	 	(ii)	a material diminution of the Eligible Employee’s authority, duties, or responsibilities; or 

  

	 	(iii)	a change in the principal place of Eligible Employee’s employment to a location more than fifty (50) miles distant from the Eligible Employee’s then current principal place of employment.

 Notwithstanding the foregoing, Good Reason will not be deemed to exist unless (i) the Eligible Employee notifies the Company of the
existence of the condition giving rise to such Good Reason within 90 days of the initial existence of such condition, (ii) the Company does not cure such condition within 30 days of such notice, and (iii) the Eligible Employee experiences
a voluntary Separation from Service within 120 days of the initial occurrence of such condition. 
 Section 2.12 “Participant” shall
mean any Eligible Employee who meets the requirements of Article III and thereby becomes eligible for Severance Benefits. 
 Section 2.13
“Plan” means this Energizer Holdings, Inc. Executive Severance Plan as set forth herein, and as the same may from time to time be amended. 

Section 2.14 “Plan Administrator” shall mean the individual(s) appointed by the Committee to administer the terms of the Plan as set
forth herein and if no individual is appointed by the Committee to serve as the Plan Administrator, the Plan Administrator shall be the Chief Human Resources Officer of the Company. Notwithstanding the preceding sentence, in the event the Plan
Administrator is entitled to Severance Benefits under the Plan, the Committee or its delegate (who shall not be the Plan Administrator) shall act as the Plan Administrator for purposes of administering the terms of the Plan with respect to the Plan
Administrator. The Plan Administrator may delegate all or any portion of its authority under the Plan to any other person(s). 

 Section 2.15 “Pro-Rata Bonus” shall mean a pro-rated annual bonus for the annual bonus year
in which an Eligible Employee’s Qualifying Termination occurs. Such pro-rated annual bonus shall be calculated by multiplying (i) the amount to which the Eligible Employee would have been entitled as an annual bonus had he or she remained
employed with the Company or Employer through the end of the bonus year in which such Qualifying Termination occurs (ii) by a fraction, the numerator is the number of days in such bonus year during which the Eligible Employee was employed by
the Company or Employer and the denominator of which is the number of days in such bonus year. Such pro-rata annual bonus shall be determined based on actual Company performance during such bonus year, and no amount shall be due to the extent that
the Eligible Employee would not have been entitled to an annual bonus had the Eligible Employee remained employed for the duration of the annual bonus year to which such Pro-Rata Bonus relates. 

Section 2.16 “Qualifying Termination” shall mean a Separation from Service of an Eligible Employee either as a result of (i) an
involuntary termination of employment of the Eligible Employee without Cause or (ii) a voluntary termination of employment by the Eligible Employee as a result of Good Reason. 

Section 2.17 “Release” shall mean a written agreement, in substance and form suitable to the Company, by which a Participant agrees to
waive and release the Company and, if applicable, the Employer from all legal claims the Participant may have against the Company and, if applicable, the Employer in exchange for Severance Benefits. The Release shall include the Participant’s
written agreement to confidentiality, non-solicitation, non-disparagement and non-competition provisions. Releases are not required to be identical amongst Participants. 

Section 2.18 “Separation from Service” shall mean “separation from service” from the Employer, within the meaning of Code
Section 409A(a)(2)(A)(i) and the applicable regulations and rulings promulgated thereunder. 
 Section 2.19 “Severance Benefits”
shall mean the benefits that a Participant is eligible to receive pursuant to Article IV of the Plan. 
 Section 2.20 “Subsidiary”
shall mean any service recipient or employer that is within a controlled group of corporations of the Company as defined in Code Sections 1563(a)(1), (2) and (3) where the phrase “at least 50%” is substituted in each place
“at least 80%” appears and any service recipient or employer within trades or businesses under common control as defined in Code Section 414(c) and Treas. Reg. Section 1.414(c)-2 where the phrase “at least 50%” is
substituted in each place “at least 80%” appears, provided, however, that when the relevant determination is to be based upon legitimate business criteria (as described in Treas. Reg. Sections 1.409A-1(b)(5)(iii)(E) and 1.409A-1(h)(3)),
the phrase “at least 20%” shall be substituted in each place “at least 80%” appears as described above with respect to both a controlled group of corporations and trades or business under common control. 

 ARTICLE III 

PARTICIPATION AND ELIGIBILITY FOR BENEFITS 

Section 3.01 Participation. Each Eligible Employee in the Plan who experiences a Qualifying Termination and who satisfies all of the
conditions of Section 3.02 shall be eligible to receive Severance Benefits.  
 Section 3.02 Release. Eligibility for any
Severance Benefits is expressly conditioned upon the Eligible Employee’s execution of the Release within the timeframe set forth in the Release, but no later than sixty (60) days following such employee’s Separation from Service,
including the Eligible Employee’s written acceptance of, and written agreement to comply with, the confidentiality, non-solicitation, non-disparagement and non-competition provisions set forth in the Release. To the extent permitted in
Section 4.03, eligibility for any Severance Benefits also is expressly conditioned upon the Eligible Employee’s written agreement that authorizes the deduction of amounts owed to the Employer prior to the payment of any Severance Benefits
(or in accordance with any other schedule as the Plan Administrator may, in its sole discretion, determine to be appropriate). If the Plan Administrator notifies a Participant that repayment of all or any portion of the Severance Benefits received
under the Plan is required, such amounts shall be repaid within thirty (30) calendar days after the date the written notice is sent. Any remedy under this Section 3.02 shall be in addition to, and not in place of, any other remedy,
including injunctive relief, that the Company or Employer may have.  
 Section 3.03 Change in Control Agreement. Notwithstanding
any provision to the contrary, no benefits shall be paid to an Eligible Employee pursuant to the terms of this Plan upon the event of a Qualifying Termination to the extent that benefits would otherwise be paid to such Eligible Employee pursuant to
the terms of a Change in Control Employment Agreement or similar agreement between such Eligible Employee and the Company or Employer. 

ARTICLE IV 

DETERMINATION OF SEVERANCE BENEFITS 

Section 4.01 Amount of Severance Benefits Upon Qualifying Termination. An Eligible Employee who experiences a Qualifying Termination shall,
subject to the terms of this Plan, be entitled to the following benefits:  
  

	 	(a)	Lump-Sum Severance. A lump-sum severance benefit in the amount set forth in Appendix I or II, as applicable, which such amount shall be determined in accordance with such Eligible Employee’s title upon the
occurrence of the Qualifying Termination. 

  

	 	(b)	Outplacement Services. Outplacement services at the outplacement agency that the Company regularly uses for such purpose; provided, however, that the period of outplacement shall not exceed twelve
(12) months after the Participant’s date of Qualifying Termination. 

 Section 4.02 Pro-Rata Bonus. An Eligible Employee who experiences a Qualifying Termination
shall, subject to the terms of this Plan, be entitled to a Pro-Rata Bonus, but only if so provided in Appendix I or Appendix II. 

Section 4.03 Timing and Release. 
  

	 	(a)	Lump-Sum Severance. All amounts described in Section 4.01(a) above shall be paid as soon as administratively practicable following the later of (i) the date of an Eligible Employee’s Qualifying
Termination, and (ii) the date such Eligible Employee’s Release becomes effective and irrevocable. Notwithstanding the foregoing, in no event will any amount described in Section 4.01(a) above be paid later than two and one-half
months following the date of an Eligible Employee’s Qualifying Termination. Notwithstanding the foregoing or anything herein to the contrary, any amounts described in Section 4.01(a) above that become payable with respect to an Eligible
Employee who has a Change in Control Employment Agreement with the Company shall be paid in a cash lump sum on the six month anniversary of the Eligible Employee’s Qualifying Termination, to the extent required to avoid the adverse tax
consequences under Code Section 409A. 

  

	 	(b)	Pro-Rata Bonus. If an Eligible Employee is entitled to a Pro-Rata Bonus pursuant to Section 4.02 above or Appendix I or Appendix II, such Pro-Rata Bonus shall be paid, if at all, based on actual Company
performance during the annual bonus year to which such Pro-Rata Bonus relates. Such Pro-Rata Bonus, if any, shall be paid upon the later of (i) the date annual bonuses for the annual bonus year to which such Pro-Rata Bonus relates are paid to
other executive employees of the Company, or (ii) the date the Eligible Employee’s Release becomes effective and irrevocable. Notwithstanding the foregoing, in no event will any Pro-Rata Bonus be paid later than two and one-half months
following the end of the bonus year to which such Pro-Rata Bonus relates. 

  

	 	(c)	Outplacement. Outplacement benefits shall begin upon the date that the Eligible Employee’s Release becomes effective and irrevocable. 

Section 4.03 Reduction of Severance Benefits. The Plan Administrator reserves the right to make deductions in accordance with applicable
law, and to the extent any such deduction would not result in adverse tax consequences under Code Section 409A, for any monies owed to the Employer by the Eligible Employee or for the value of any Employer property that the Eligible Employee
improperly retains and fails to return to the Employer. 
 ARTICLE V 

PLAN ADMINISTRATOR 
 Section 5.01
Authority and Duties. It shall be the duty of the Plan Administrator, on the basis of information supplied to it by the Employer, to administer the Plan. The Plan Administrator shall have the full and absolute power, authority and
discretion to construe, interpret and administer the Plan, to make factual determinations, to correct deficiencies therein and to supply omissions. All decisions, actions and interpretations of the Plan Administrator shall be final,

 
binding and conclusive upon all parties and may not be overturned unless found by a court to be arbitrary and capricious. The Plan Administrator may adopt such rules and regulations and may make
such decisions as it deems necessary or desirable for the proper administration of the Plan. 
 Section 5.02 Records, Reporting and
Disclosure. The Plan Administrator or its delegate shall keep a copy of all records relating to the payment of Severance Benefits to Participants and former Participants and all other records necessary for the proper operation of the Plan.
All Plan records shall be made available to the Committee, the Company, and to each Participant for examination during business hours, except that a Participant shall be entitled to examine only such records as pertain exclusively to the examining
Participant and to the Plan. 
 ARTICLE VI 

AMENDMENT, TERMINATION AND DURATION 

Section 6.01 Amendment, Suspension and Termination. Except as otherwise provided in this Section 6.01, the Board, by action of the
Committee, shall have the right, at any time and from time to time, to amend, suspend or terminate the Plan in whole or in part, for any reason or without reason, and without either the consent of or the prior notification to any Participant, by a
formal written action. No such amendment shall give the Company the right to recover any amount paid to a Participant prior to the date of such amendment or to cause the cessation of Severance Benefits already approved for a Participant who has
executed the Release (and has not revoked his or her agreement to the Release). Any amendment or termination of the Plan must comply with all applicable legal requirements including, without limitation, compliance with Code Section 409A and the
regulations and rulings promulgated thereunder, securities, tax, or other laws, rules, regulations or regulatory interpretation thereof, applicable to the Plan. 

Section 6.02 Duration. The Plan shall continue in full force and effect until its amendment or termination. 

ARTICLE VII 
 DUTIES OF
THE COMPANY AND THE COMMITTEE 
 Section 7.01 Records. The Company or Employer, as applicable, shall supply to the Committee all
records and information necessary to the performance of the Committee’s duties. 
 Section 7.02 Payment. The provision of Severance
Benefits to Participants shall be made from the Company’s general assets, in accordance with the terms of the Plan. 
 Section 7.03
Discretion. Any decisions, actions or interpretations to be made under the Plan by the Board, the Committee or the Plan Administrator, acting on behalf of either, shall be made in each of their respective sole discretion, not in any
fiduciary capacity and need not be uniformly applied to similarly situated individuals and such decisions, actions or interpretations shall be final, binding and conclusive upon all parties. As a condition of participating in the Plan, the Eligible
Employee acknowledges that all decisions and determinations of the Board, the Committee and the Plan Administrator shall be final and binding on the Eligible Employee, the Eligible Employee’s beneficiaries and any other person having or
claiming an interest under the Plan on behalf of an Eligible Employee. 

 ARTICLE X 

MISCELLANEOUS 
 Section 8.01
Non-Alienation of Benefits. None of the payments, benefits or rights of any Participant shall be subject to any claim of any creditor of any Participant, and, in particular, to the fullest extent permitted by law, all such payments,
benefits and rights shall be free from attachment, garnishment (if permitted under applicable law), trustee’s process or any other legal or equitable process available to any creditor of such Participant. No Participant shall have the right to
alienate, anticipate, commute, plead, encumber or assign any of the benefits or payments that he may expect to receive, contingently or otherwise, under this Plan. 

Section 10.02 Notices. All notices and other communications required hereunder shall be in writing and shall be delivered personally or
mailed by registered or certified mail, return receipt requested, or by overnight express courier service. In the case of the Participant, mailed notices shall be addressed to him or her at the home address which he or she most recently communicated
to the Company in writing. In the case of the Company, mailed notices shall be addressed to the Plan Administrator, as follows: Chief Human Resources Officer, Energizer Holdings, Inc., 533 Maryville University Dr., St. Louis, MO 63141. 

Section 10.03 Successors. Any successor to the Company shall assume the obligations under this Plan and expressly agree to perform the
obligations under this Plan. 
 Section 10.04 Other Payments. Except as otherwise provided in this Plan, no Participant shall be entitled
to any cash payments or other benefits under any of the Company’s then-current severance pay policies or plans for a termination that is covered by this Plan. 

Section 10.05 No Mitigation. Except as otherwise provided in Section 4.03, a Participant shall not be required to mitigate the amount
of any Severance Benefits provided for in this Plan by seeking other employment or otherwise, nor shall the amount of any Severance Benefits provided for herein be reduced by any compensation earned by other employment or otherwise. 

Section 10.06 No Contract of Employment. Neither the establishment of the Plan, nor any modification thereof, nor the creation of any fund,
trust or account, nor the payment of any benefits shall be construed as giving any Eligible Employee or any person whosoever, the right to be retained in the service of the Company or its Subsidiaries, and all Eligible Employees shall remain subject
to discharge to the same extent as if the Plan had never been adopted. 
 Section 10.07 Severability of Provisions. If any provision of
this Plan shall be held invalid or unenforceable by a court of competent jurisdiction, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been
included. 

 Section 10.08 Heirs, Assigns, and Personal Representatives. This Plan shall be binding upon
the heirs, executors, administrators, successors and assigns of the parties, including each Participant, present and future. 
 Section 10.09
Headings, Captions and Titles. The titles of the Articles and Sections and the headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan or considered in any respect to affect
or modify its provisions, and shall not be employed in the construction of the Plan. Such words in this Plan as “herein,” “hereinafter,” “hereof” and “hereunder” refer to this instrument as a whole and not
merely to the subdivision in which said words appear. 
 Section 10.10 Gender and Number. Where the context admits: words in any gender
shall include any other gender and, except where otherwise clearly indicated by context, the singular shall include the plural, and vice-versa. 

Section 10.11 Unfunded Plan. The Plan shall not be funded. No Participant shall have any right to, or interest in, any assets of the
Company or its Subsidiaries that may be applied by the Company or its Subsidiaries to the payment of Severance Benefits. 
 Section 10.12
Payments to Incompetent Persons. Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of receipting therefor shall be deemed paid when paid to such person’s guardian or to the party
providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Company and its Subsidiaries, the Committee and all other parties with respect thereto. 

Section 10.13 Controlling Law. This Plan shall be construed and enforced according to the laws of the State of Missouri to the extent not
superseded by federal law, which shall otherwise control. 
 Section 10.14 Section 409A. Notwithstanding anything to the contrary in
this Plan, if an Eligible Employee is a specified employee as defined in Code Section 409A, any payment hereunder on account of a separation from service may not be made until at least six months after such separation from service, to the
extent required to avoid the adverse tax consequences under Code Section 409A. Any such payment otherwise due in such six month period shall be suspended and become payable at the end of such six month period. 

 APPENDIX I 

ELIGIBLE EMPLOYEES / BENEFIT 
  

			
	 Eligible Employee
	 	 Benefit

		
	Chief Executive Officer of the Company	 	Two Times Base Salary plus Pro-Rata Bonus
		
	Chief Operations Officer of the Company	 	Two Times Base Salary plus Pro-Rata Bonus
		
	Chief Financial Officer of the Company	 	Two Times Base Salary plus Pro-Rata Bonus
		
	Chief Supply Chain Officer	 	One Times Base Salary
		
	General Counsel	 	One Times Base Salary
		
	Chief Human Resources Officer	 	One Times Base SalaryEX-10.6

 Exhibit 10.6 

ENERGIZER HOLDINGS, INC. 

DEFERRED COMPENSATION PLAN 

(Effective July 1, 2015) 

 TABLE OF CONTENTS 

 

							
	 	  	PAGE	 
		
	 ARTICLE I INTRODUCTION
	  	 	1	  
	 1.1
	    	 Name of Plan/Purpose.
	  	 	1	  
	 1.2
	    	 “Top Hat” Retirement Benefit Plan.
	  	 	2	  
	 1.3
	    	 Effective Date.
	  	 	2	  
	 1.4
	    	 Administration.
	  	 	2	  
		
	 ARTICLE II DEFINITIONS AND CONSTRUCTION
	  	 	3	  
	 2.1
	    	 Definitions.
	  	 	3	  
	 2.2
	    	 Number and Gender.
	  	 	10	  
	 2.3
	    	 Headings.
	  	 	10	  
		
	 ARTICLE III PARTICIPATION AND ELIGIBILITY
	  	 	11	  
	 3.1
	    	 Eligibility.
	  	 	11	  
	 3.2
	    	 Participation.
	  	 	11	  
	 3.3
	    	 Duration of Participation.
	  	 	11	  
		
	 ARTICLE IV DEFERRAL AND MATCHING CONTRIBUTIONS
	  	 	12	  
	 4.1
	    	 Deferrals by Participants.
	  	 	12	  
	 4.2
	    	 Effective Date of Deferred Compensation Agreement.
	  	 	12	  
	 4.3
	    	 Modification or Revocation of Election of Participant.
	  	 	12	  
	 4.4
	    	 Matching Contributions.
	  	 	12	  
	 4.5
	    	 Continuation of Elections.
	  	 	13	  
	 4.6
	    	 Mandated Deferrals.
	  	 	13	  
	 4.7
	    	 Deferral Periods.
	  	 	14	  
		
	 ARTICLE V VESTING
	  	 	15	  
	 5.1
	    	 Vesting in Base Salary Deferrals, Bonus Deferrals, and Director Fee Deferrals.
	  	 	15	  
	 5.2
	    	 Vesting in Matching and Special One-Time Company Contributions.
	  	 	15	  
		
	 ARTICLE VI ACCOUNTS
	  	 	16	  
	 6.1
	    	 Establishment of Bookkeeping Account.
	  	 	16	  
	 6.2
	    	 Subaccounts.
	  	 	16	  
	 6.3
	    	 Investment of Account.
	  	 	16	  
	 6.4
	    	 Hypothetical Nature of Account.
	  	 	17	  
		
	 ARTICLE VII PAYMENT OF ACCOUNT
	  	 	18	  
	 7.1
	    	 Timing of Distribution of Benefits; Designated Payment Date.
	  	 	18	  
	 7.2
	    	 Adjustment of Account Upon a Distribution.
	  	 	18	  
	 7.3
	    	 Form of Payment or Payments.
	  	 	18	  
	 7.4
	    	 Death Benefits.
	  	 	19	  
	 7.5
	    	 Designation of Beneficiaries.
	  	 	19	  
	 7.6
	    	 Unclaimed Benefits.
	  	 	20	  
	 7.7
	    	 Withdrawal.
	  	 	20	  
	 7.8
	    	 Offset of Benefit By Certain Amounts
	  	 	21	  

  
 i 

							
	 ARTICLE VIII ADMINISTRATION
		 	22	  
		
	 ARTICLE IX AMENDMENT AND TERMINATION
		 	23	  
		
	 ARTICLE X GENERAL PROVISIONS
		 	24	  
	 10.1
		 Non-Alienation of Benefits.
		 	24	  
	 10.2
		 Contractual Right to Benefits Funding.
		 	24	  
	 10.3
		 Indemnification and Exculpation.
		 	24	  
	 10.4
		 No Employment Agreement.
		 	25	  
	 10.5
		 Claims and Appeals Procedures.
		 	25	  
	 10.6
		 Disability Claims and Appeals Procedures.
		 	26	  
	 10.7
		 Limitation of Action and Choice of Venue.
		 	28	  
	 10.8
		 Successor to Company.
		 	28	  
	 10.9
		 Severability.
		 	28	  
	 10.10
		 Transfer Among Affiliates.
		 	28	  
	 10.11
		 Entire Plan.
		 	28	  
	 10.12
		 Payee Not Competent.
		 	29	  
	 10.13
		 Tax Withholding.
		 	29	  
	 10.14
		 Governing Law.
		 	29	  
	 10.15
		 Compliance with Code Section 409A.
		 	29	  

  
 ii 

 ENERGIZER HOLDINGS, INC. 

DEFERRED COMPENSATION PLAN 

(Effective July 1, 2015) 

ARTICLE I 
 INTRODUCTION

  

	1.1	Name of Plan/Purpose. 

 On July 1, 2015, Edgewell Personal Care Company (f/k/a
Energizer Holdings, Inc.) (“Parent”) separated its household products business from its personal care business by means of a spin-off of a newly formed subsidiary named Energizer SpinCo, Inc. (“Spinco” or “Company”),
which owns the household products business, in accordance with that certain Separation and Distribution Agreement by and between the Parent and the Spinco (“Spin-Off”). In the Spin-Off, the Parent distributed pro rata to the holders of the
Parent common stock 100% of the outstanding shares of the Spinco’s common stock. In connection with the Spin-Off, the Parent was renamed from “Energizer Holdings, Inc.” to “Edgewell Personal Care Company,” and Spinco was
renamed from “Energizer SpinCo, Inc.” to “Energizer Holdings, Inc.” 
 Parent previously established the Energizer
Holdings, Inc. Deferred Compensation Plan (“Prior Grandfathered Plan”). The portion of each participant’s account under the Prior Grandfathered Plan that was earned and vested as of December 31, 2004, was frozen, except for
adjustments for earnings and losses, and credited to a separate subaccount (“Prior Grandfathered Account”) to be administered in accordance with the terms of the Prior Grandfathered Plan as in effect on October 3, 2004 and the federal
income tax law in effect prior to the enactment of Section 409A. The portion of each participant’s account earned or vested on or after January 1, 2005 was credited to a separate subaccount (“Prior Non-Grandfathered
Account”). Prior Non-Grandfathered Accounts have been administered in accordance with the 2009 Restatement of the Energizer Holdings, Inc. Deferred Compensation Plan and subsequent amendments thereto (“Prior Plan”), which is being
renamed the Edgewell Personal Care Company Deferred Compensation Plan on or about the date hereof. The Prior Plan was frozen with respect to Employee participation and Employee Bonus Deferral Elections effective as of September 30, 2012. 

The Company hereby adopts a new plan known as the Energizer Holdings, Inc. Deferred Compensation Plan (“Plan”) effective
July 1, 2015 (“Effective Date”), subject to the completion of the Spin-Off. As of the Spin-Off, the Company shall be responsible for the payment of all liabilities and obligations for benefits unpaid with respect to all Prior
Grandfathered Account balances under the Prior Grandfathered Plan of the individuals designated in Appendix I, and such balances shall be administered in accordance with the terms of the Prior Grandfathered Plan. Prior Non-Grandfathered Account
balances under the Prior Plan of individuals designated in Appendix I are hereby converted into account balances under this Plan upon terms and conditions approved by the Committee, and the Company is responsible under this Plan for the payment of
all liabilities and obligations for benefits unpaid with respect to all such transferred accounts. For the avoidance of doubt, Employees listed on Appendix I are the only Employees entitled to benefits under this Plan, and no additional Employees
shall participate in the Plan. 

  
 1 

	1.2	“Top Hat” Retirement Benefit Plan. 

 The Plan is intended to be a nonqualified
unfunded deferred compensation plan. The Plan is maintained for Directors and for a select group of management or highly compensated employees and, therefore, it is intended that the Plan will be exempt from Parts 2, 3 and 4 of Title I of ERISA. The
Plan is not intended to qualify under Code Section 401. The Plan is intended to comply with the requirements of Section 409A of the Code. 
  

	1.3	Effective Date. 

 This Plan is effective as of July 1, 2015, subject to the
completion of the Spin-Off. 
  

	1.4	Administration. 

 The Plan shall be administered by the Committee described in Article
VIII. 

  
 2 

 ARTICLE II 

DEFINITIONS AND CONSTRUCTION 
  

	2.1	Definitions. 

 For purposes of the Plan, the following words and phrases, whether or not
capitalized, shall have the respective meanings set forth below, unless the context clearly requires a different meaning: 
 (a)
“Account” means the bookkeeping account maintained on behalf of each Participant pursuant to Article VI that is credited with Base Salary Deferrals, Bonus Deferrals, Matching Contributions, and Director Fee Deferrals pursuant to Article
IV, amounts allocated to the Participant’s dividend equivalents as described in Section 6.3, interest equivalents, if applicable, and equivalents of earnings, if any, distributed with respect to other investment funds whose results are
reflected in measurement funds offered pursuant to the Plan. Statements of Accounts issued to Participants also will reflect the market value of investment funds selected by the Participants for their Accounts, as of the appropriate Valuation Date.
The market value of a particular investment fund in a Participant’s Account will be determined as of the appropriate Valuation Date at the time of distribution or transfer to another investment fund in the Plan, notwithstanding that the market
value attributed to such investment funds may vary from day to day. For purposes of the Plan, “Account” means a Participant’s Non-Grandfathered Account. 

(b) “Acquiring Person” means any person or group of Affiliates or Associates who is or becomes the beneficial owner, directly or
indirectly, of shares representing 20% or more of the total votes of the outstanding stock entitled to vote at a meeting of shareholders. 

(c) “Affiliate” or “Associate” shall have the meanings set forth in Rule 12b-2 of the General Rules and Regulations under
the Securities Exchange Act of 1934, as amended. 
 (d) “Base Salary” means, with respect to an Employee, the annual cash
compensation relating to services performed during any calendar year, whether or not actually paid in such calendar year or included on the Federal Income Tax Form W-2 for such calendar year, excluding bonuses, commissions, overtime, fringe
benefits, stock options, relocation expenses, incentive payments, non-monetary awards, and other fees, automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included in the
Employee’s gross income). Base Salary shall be calculated before reduction for compensation voluntarily or mandatorily deferred or contributed by the Participant pursuant to all qualified or non-qualified plans of the Company and any Subsidiary
and shall be calculated to include amounts not otherwise included in the Participant’s gross income under Code Sections 125, 132(f)(4), 402(e)(3), 402(h) or 403(b) pursuant to plans established by the Company or Subsidiary; provided however,
that all such amounts will be included in compensation only to the extent that, had there been no such plan, the amount would have been payable in cash to the Employee. 

(e) “Base Salary Deferral” means the amount of a Participant’s Base Salary that the Participant elects to have withheld on a
pre-tax basis from his or her Base Salary and credited to his or her Account pursuant to Section 4.1. Base Salary Deferrals will not be permitted under the Plan, and this reference to Base Salary Deferrals is for historical purposes only. 

  
 3 

 (f) “Beneficial Owner” shall mean a person who shall be deemed to have acquired
“beneficial ownership” of, or to “beneficially own,” any securities: 
 (i) which such person or any of such
person’s Affiliates or Associates beneficially owns, directly or indirectly; 
 (ii) which such person or any of such person’s
Affiliates or Associates has (a) the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (other than customary agreements with and between
underwriters and selling group members with respect to a bona fide public offering of securities), or upon the exercise of currently exercisable conversion or exchange rights, warrants or options, or otherwise; provided, however, that a person shall
not be deemed the Beneficial Owner of, or to beneficially own, securities tendered pursuant to a tender or exchange offer made by or on behalf of such person or any of such person’s Affiliates or Associates until such tendered securities are
accepted for purchase or exchange; or (b) the right to vote pursuant to any agreement, arrangement or understanding; provided, however, that a person shall not be deemed the Beneficial Owner of, or to beneficially own, any security if the
agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given to such person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the
applicable rules and regulations promulgated under the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or successor report); or 

(iii) which are beneficially owned, directly or indirectly, by any other person with which such person or any of such person’s Affiliates
or Associates has any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities) for the purpose of acquiring, holding,
voting or disposing of any securities of Company. 
 Notwithstanding anything in this definition of “Beneficial Owner” to the
contrary, the phrase “then outstanding,” when used with reference to a person’s beneficial ownership of securities of Company, shall mean the number of such securities then issued and outstanding together with the number of such
securities not then actually issued and outstanding which such person would be deemed to own beneficially hereunder. 
 (g)
“Beneficiary” means the person or entity designated by the Participant to receive benefits which may be payable on or after the Participant’s death in accordance with Section 7.4. 

(h) “Board” means the Board of Directors of the Company. 

(i) “Bonus Compensation” means the amount awarded to a Participant for a Plan Year under any bonus plan maintained by the Company
and/or a Subsidiary which the Committee permits to be deferred under the Plan. 
 (j) “Bonus Deferral” means the amount of a
Participant’s Bonus Compensation that the Participant elects to have withheld on a pre-tax basis from his or her Bonus Compensation and credited to his or her Account pursuant to Section 4.1. Bonus Deferrals will not be permitted under the
Plan, and this reference to Bonus Deferrals is for historical purposes only. 

  
 4 

 (k) “Cause” means willful breach or failure by the Participant to perform his or her
employment duties. 
 (l) “Change of Control” means a change of control of a nature that would be required to be reported in
response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided that,
without limitation, such a Change of Control shall be deemed to have occurred if: 
 (i) any “person” (as such term-is used in Sections 13(d) and 14(d)(2) as currently in effect, of the Exchange Act) is or becomes a “beneficial owner” (as determined for purposes of Regulation 13D-G, as currently in
effect, of the Exchange Act), directly or indirectly, of securities representing 20% or more of the total voting power of all of the Company’s then outstanding voting securities. For purposes of this Plan, the term “person” shall not
include: (A) the Company or any corporation of which 50% or more of the voting stock is owned, directly or indirectly, by the Company (individually, a “Subsidiary” and collectively “Subsidiaries”), (B) a trustee or
other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries, or (C) an underwriter temporarily holding securities pursuant to an offering of said securities; 

(ii) during any period of two (2) consecutive calendar years, individuals who at the beginning of such period constitute the Board and
any new director(s) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of such
period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board; 

(iii) the stockholders of the Company approve a merger, consolidation or sale or other disposition of all or substantially all of the assets
of the Company (a “Business Combination”), in each case, unless following such Business Combination: (i) all or substantially all of the individuals and entities who were the “beneficial owners” (as determined for purposes
of Regulation 13D-G, as currently in effect, of the Exchange Act) of the outstanding voting securities of the Company immediately prior to such Business Combination beneficially own, directly or indirectly, securities representing more than 50% of
the total voting power of the then outstanding voting securities of the corporation resulting from such Business Combination or the parent of such corporation (the “Resulting Corporation”); (ii) no “person” (as such term is
used in Section 13(d) and 14(d)(2), as currently in effect, of the Exchange Act), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or the Resulting Corporation, is the “beneficial
owner” (as determined for purposes of Regulation 13D-G, as currently in effect, of the Exchange Act), directly or indirectly, of voting securities representing 20% or more of the total voting power of then outstanding voting securities of the
Resulting Corporation; and (iii) at least a majority of the members of the board of directors of the Resulting Corporation were members of the Board at the time of the execution of the initial agreement, or at the time of the action of the
Board, providing for such Business Combination; 
 (iv) the stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company; or 
 (v) any other event that a simple majority of the Board, in its sole discretion, shall determine
constitutes a Change of Control. 

  
 5 

 (m) “Code” means the Internal Revenue Code of 1986, as amended, and all valid
regulations thereunder. 
 (n) “Committee” means the Energizer Benefits Committee which administers the Plan in accordance with
Article VIII. 
 (o) “Company” means Energizer Holdings, Inc. and any successor thereto. 

(p) “Continuing Director” means any member of the Board, while such person is a member of such Board, who is not an Affiliate or
Associate of an Acquiring Person or of any such Acquiring Person’s Affiliate or Associate and was a member of such Board prior to the time when such Acquiring Person became an Acquiring Person, and any successor of a Continuing Director, while
such successor is a member of such Board, who is not an Acquiring Person or an Affiliate or Associate of an Acquiring Person or a representative or nominee of an Acquiring Person or of any Affiliate or Associate of such Acquiring Person and is
recommended or elected to succeed the Continuing Director by a majority of the Continuing Directors. 
 (q) “Controlled Group”
means all corporations or business entities that are, along with the Company, members of a controlled group of corporations or businesses, as defined in Sections 414(b) and 414(c) of the Code, except that the language “at least 50 percent”
is used instead of “at least 80 percent” in applying the rules of Sections 414(b) and 414(c). 
 (r) “Deferral Period”
means the period of time for which a Participant elects to defer receipt of his or her Base Salary Deferrals and Bonus Deferrals credited to such Participant’s Account for a Plan Year. A Participant’s election of a Deferral Period made
with respect to such Base Salary Deferrals and Bonus Deferrals for a Plan Year shall apply to Matching Contributions with respect to such Bonus Deferrals for such Plan Year. A Participant who is a Director may not elect a Deferral Period with
respect to Director Fee Deferrals. 
 (s) “Deferrals” means (i) with respect to a Participant who is an Employee, Base Salary
Deferrals and/or Bonus Deferrals, and (ii) with respect to a Participant who is a Director, Director Fee Deferrals. 
 (t)
“Deferred Compensation Agreement” means the written agreement or electronic means by which a Participant elects the amount of Deferrals for a Plan Year, the Deferral Period, the deemed investment and the form of payment for the Deferrals
and Matching Contributions, allocated to such Participant’s Account for a Plan Year. A Participant’s election with respect to the deemed investment and form of payment of Salary Deferrals and Bonus Deferrals shall apply to the Matching
Contributions with respect to such Bonus Deferrals for such Plan Year. A Participant who is a Director may not elect a form of payment or Deferral Period with respect to his or her Director Fee Deferrals. 

(u) “Director” means any member of the Board or any member of the board of directors of a Subsidiary who is not an officer or
Employee of the Company and/or a Subsidiary. 

  
 6 

 (v) “Director Fee Deferrals” means the amount of Director Fees which a Participant
elects to have withheld or which the Company mandatorily withholds on a pre-tax basis from his or her Director Fees and credited to his or her Account pursuant to Section 4.1. 

(w) “Director Fees” means the amount of cash paid to a Director, including but not limited to board of director fees, committee
fees, annual retainer director fees and such other amounts paid to a Director, for services as a Director of the Company or a Subsidiary. 

(x) “Disability” means the inability of the Participant to perform the duties of his or her own occupation because of illness or
injury of unavoidable cause. 
 (y) “Effective Date” has the meaning ascribed thereto in the Introduction. 

(z) “Employee” means any individual who is classified by the Company or a Subsidiary, and reported on the payroll records of the
Company or a Subsidiary, as a common law employee of the Company or a Subsidiary, regardless of such individual’s status under common law, including whether such individual is or has been determined by a third party (including, without
limitation, a government agency or board or court or arbitrator) to be an employee of the Company or any Subsidiary for any purpose, including, for purposes of any employee benefit plan of the Company or any Subsidiary (including this Plan) or for
purposes of federal, state, or local tax withholding, employment tax, or employment law. No individual shall be retroactively reclassified as an Employee. 

(aa) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

(bb) “Good Reason” means any of the following: assignment of duties inconsistent with the Employee’s status or diminution in
status or responsibilities from that which existed prior to the Change of Control; reduction in the Employee’s annual salary; failure of the acquirer to pay any bonus award to which the Employee was otherwise entitled, or to offer the Employee
incentive compensation, stock options or other benefits or perquisites which are offered to similarly situated employees of the acquiror; relocation of the Employee’s primary office to a location greater than fifty (50) miles from his or
her existing office; any attempt by the acquirer to terminate the Employee’s employment in a manner other than as expressly permitted by the Change of Control agreement(s); or the failure by the acquirer to expressly assume the Company’s
obligations under the Change of Control agreement(s). 
 (cc) “Grandfathered Account” means the vested portion of a
Participant’s account as of December 31, 2004, as adjusted for earnings or losses, as determined under the Prior Grandfathered Plan. 

(dd) “Market Value” means the closing price of the Stock as reported by the New York Stock Exchange on the date in question, or, if
the Stock is not quoted or if the Stock is not listed on such exchange, on the principal United States securities exchange registered under the Securities Exchange Act of 1934, as amended, on which the Stock is listed, or if the Stock is not listed
on any such exchange, the closing bid quotation with respect to a share of Stock on the date in question on the NASDAQ Stock Market National Market System or any system then in use, or if no such quotation is available, the fair market value on the
date in question of a share of Stock as determined 

  
 7 

 
by a majority of the Continuing Directors in accordance with regulations under Code Section 409A; provided, however, that the date in question for purposes of crediting Bonus Deferrals of
Incentive Plan bonus payments and Company Matching Contributions thereon will be November 15, that the date in question for purposes of crediting Salary Deferrals will be the date the salary would otherwise have been paid, that the date in
question for purposes of crediting Director Fee Deferrals will be the date the Director Fee would otherwise have been paid, and that the date in question for purposes of crediting Company Matching Contributions on Director Fee Deferrals will be the
last day of the calendar year. 
 (ee) “Matching Contribution” means the amount of the contributions made by the Company and/or a
Subsidiary on behalf of a Participant who elects to make Bonus Deferrals to the Plan for a Plan Year, subject to the provisions of Section 4.4. 

(ff) “Non-Grandfathered Account” means (i) the portion of a Participant’s account that became vested on or after
January 1, 2005, as adjusted for earnings and losses, as determined under the Prior Plan, (ii) contributions for periods on or after January 1, 2005, as adjusted for earnings and losses, as determined under the Prior Plan, and
(iii) contributions for periods on or after the Effective Date, as adjusted for earnings and losses, as determined under this Plan. 

(gg) “Participant” means each Director who has become a Participant pursuant to Article III. In addition, Participant means any
individual whose name is listed on Appendix I hereto, to the extent an Account is credited with Prior Amounts on behalf of such individual under this Plan. 

(hh) “Plan” means this Energizer Holdings, Inc. Deferred Compensation Plan, as amended from time to time. 

(ii) “Plan Year” means the twelve-consecutive month period commencing January 1 of each year and ending on December 31,
except that the first Plan Year shall be the period beginning on July 1, 2015 and ending on December 31, 2015. 
 (jj) “Prior
Amounts” means amounts credited to the Plan in accordance with Section 6.1. 
 (kk) “Prior Grandfathered Plan” has the
meaning ascribed thereto in the Introduction. 
 (ll) “Prior Plan” has the meaning ascribed thereto in the Introduction. 

(mm) “Retirement” means (1) with respect to a Participant who is an Employee, the date such Participant incurs a voluntary
Termination of Employment on or after attaining age 55 and 10 years of service (as determined under the terms of the Energizer Holdings, Inc. Retirement Plan), and (ii) with respect to a Participant who is a Director, the date such Director
resigns or is removed as a Director of the Company and Subsidiaries following attainment of age 70. 
 (nn) “Spin-Off” has the
meaning ascribed thereto in the Introduction. 
 (oo) “Stock” means shares of the Company’s common stock, par value $.01 per
share, which consists of shares of a class of common stock designated as Energizer Common Stock (“ENR Stock”) or any such other security outstanding upon the reclassification or redesignation of the Company’s ENR Stock or any other
outstanding class or series of common stock of the 

  
 8 

 
Company, including, without limitation, any stock split-up, stock dividend, creation of tracking stock, or other distributions of stock in respect of stock, or any reverse stock split-up, or
recapitalization of the Company or any merger or consolidation of the Company with any Affiliate, or any other transaction, whether or not with or into or otherwise involving an Acquiring Person. 

(pp) “Stock Unit” means a stock unit that is equivalent to one share of Stock. 

(qq) “Stock Unit Fund” means the Energizer Common Stock Unit Fund. 

(rr) “Subsidiary” means any domestic corporation in which the Company owns, directly or indirectly, 50% or more of the voting stock.

 (ss) “Termination for Cause” means a Participant’s termination of employment with the Company and its Subsidiaries because
the Participant willfully engaged in gross misconduct; provided, however, that a “Termination for Cause” shall not include a termination attributable to: (i) poor work performance, bad judgment or negligence on the part of the
Participant; or (ii) an act or omission reasonably believed by the Participant in good faith to have been in or not opposed to the best interests of his or her employer and reasonably believed by the Participant to be lawful. 

(tt) “Termination of Employment” means termination of employment from the Controlled Group, as determined in accordance with rules
set forth in IRS regulations under Code Section 409A (generally a decrease in the performance of services to no more than 20% of the average for the preceding 36-month period); provided, however, to the extent permitted by the regulations
issued under Code Section 409A, a “Termination of Employment” does not occur if a Participant is on a military leave, sick leave or other bona fide leave of absence granted by the Company or a Subsidiary. For the avoidance of doubt,
no Participant shall be treated as incurring a Termination of Employment, separation from service, retirement or other similar event for purposes of determining the right to distribution, vesting, benefits or any other purpose under the Plan as a
result of the Spin-Off. 
 (uu) “Termination of Service” means termination of service as a Director with respect to all entities
in the Controlled Group, as determined in accordance with rules set forth in IRS regulations under Code Section 409A. For the avoidance of doubt, no Director shall be treated as incurring a Termination of Service, separation from service,
retirement or other similar event for purposes of determining the right to distribution, vesting, benefits or any other purpose under the Plan as a result of the Spin-Off. 

(vv) “Trust” means the fund, if any, established in consequence of and for the purpose of the Plan, to be held in trust by the
Trustee, from which Trust benefits under the Plan may be paid. 
 (ww) “Trust Agreement” means the Trust under the Energizer
Holdings, Inc. Deferred Compensation Plan made and entered into by the Company with the Trustee pursuant to the Plan, as said Trust Agreement may be amended from time to time. 

(xx) “Trustee” means any person, persons or corporation designated by the Company from time to time to hold, invest and disburse, in
accordance with the Plan and Trust Agreement, the assets of the Plan. 
 (yy) “Valuation Date” means each business day that the
New York Stock Exchange is open for business, unless changed by the Committee, and each special valuation date designated by the Committee. 

  
 9 

	2.2	Number and Gender. 

 Wherever appropriate herein, words used in the singular shall be
considered to include the plural and words used in the plural shall be considered to include the singular. The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender. 

 

	2.3	Headings. 

 The headings of Articles and Sections herein are included solely for
convenience and do not bear on the interpretation of the text. If there is any conflict between such headings and the text of the Plan, the text shall control. As used in the Plan, the terms “Article” and “Section” mean the text
that accompanies the specified Article or Section of the Plan. 

  
 10 

 ARTICLE III 

PARTICIPATION AND ELIGIBILITY 
  

	3.1	Eligibility. 

 (a) Employees – Anything contained herein to the contrary
notwithstanding, no Employee shall be eligible to participate in the Plan on or after the Effective Date, except for those Participants listed on Appendix I but only to the extent of their Prior Amounts. 

(b) Directors - A Director is eligible to participate in the Plan. 

 

	3.2	Participation. 

 A Director shall become a Participant effective as of the January 1
following the date the Committee determines his or her eligibility. Subject to the provisions of Section 3.3, a Participant shall remain eligible to continue participation in the Plan for each Plan Year following his or her initial year of
participation in the Plan. The terms of the Plan shall govern the benefits, if any, payable to the Participant or his or her Beneficiary, except as otherwise provided in the Participant’s Deferred Compensation Agreement. 

Notwithstanding the foregoing, an individual who first becomes a Director on the Effective Date (and previously was not a director of Parent,
did not participate in the Prior Plan and otherwise was not eligible to participate in a plan which is treated with this Plan as one plan under Treasury Regulation section 1.409A-1(c)(2)) may become a Participant on or after the Effective Date if
the Committee so designates such Director as eligible, provided that the Director’s Deferred Compensation Agreement and Director Fee Deferral is effective within 30 days of becoming a Director and prior to the performance of services by the
Participant for the period covered by the deferral and applies through the end of the Plan Year. Any such mid-year participation or election shall be subject to the all other terms, rules and conditions herein or as the Committee may otherwise
determine. 
  

	3.3	Duration of Participation. 

 (a) Employee – No Employee shall be eligible to
participate in the Plan on or after the Effective Date, except for those Participants listed on Appendix I and only to the extent of their Prior Amounts. 

(b) Director - A Participant who is a Director shall cease to be a Participant as of the date on which he or she incurs a Termination
of Service or the last day of the Plan Year in which the Committee terminates such Participant’s participation in the Plan, whichever date is earliest. 

  
 11 

 ARTICLE IV 

DEFERRAL AND MATCHING CONTRIBUTIONS 
  

	4.1	Deferrals by Participants. 

 (a) Deferral Elections by Participants - Employee
Bonus Deferral Elections are not permitted under the Plan. Except as provided in Section 3.2 or 4.3, before the first day of each Plan Year, a Director may file with the Committee a Deferred Compensation Agreement pursuant to which such
Director elects to make Director Fee Deferrals for such Plan Year. Any such Director election shall be subject to any maximum or minimum percentages or dollar amount limitations and to any other rules prescribed by the Committee in its sole
discretion prior to the commencement of such Plan Year; provided however, that the Nominating and Executive Compensation Committee of the Board shall approve the deferral elections made each year by a Director who is an executive officer as defined
in the Securities Exchange Act of 1934 and regulations promulgated thereunder. 
 (b) Crediting of Deferral Amounts - Director Fee
Deferrals will be credited to the Account of each Participant as soon as administratively feasible after such Director Fees otherwise would have been paid to the Participant in cash, provided that the Participant is a Director as of such date. A
Participant who incurs a Termination of Service before his or her Director Fees would have been paid in cash will be paid his or her Director Fee Deferrals in cash. 

(c) No Base Salary Deferrals - Base Salary Deferrals will not be permitted under the Plan. 

 

	4.2	Effective Date of Deferred Compensation Agreement. 

 Except as provided in
Section 3.2 or 4.3, a Participant’s Deferred Compensation Agreement shall be effective as of the first day of the Plan Year to which it relates. If a Participant fails to complete a Deferred Compensation Agreement on or before the date the
Participant commences participation in the Plan or the first day of any Plan Year (or otherwise as provided in Section 3.2), the Participant shall be deemed to have elected not to make Deferrals for such Plan Year (or remaining portion thereof
if the Participant enters the Plan other than on the first day of a Plan Year). 
  

	4.3	Modification or Revocation of Election of Participant. 

 Except as otherwise provided in
this Section 4.3, a Participant may not discontinue or change the amount of his or her Deferrals during a Plan Year and may not make, modify, or revoke a Deferral Election retroactively. A Participant may, however, cancel a deferral election
because of a hardship distribution from the Energizer Holdings, Inc. Savings Investment Plan pursuant to Treas. Reg. §1.401(k)-1(d) (3). 
  

	4.4	Matching Contributions. 

 For each Plan Year, the Company and/or its Subsidiaries shall
make a Matching Contribution with respect to the Bonus Deferrals of a Participant; provided however, that (i) the amount of such Matching Contributions for each Plan Year shall be an amount equal to 25% of the Participant’s Bonus Deferrals
for such Plan Year; (ii) no Matching Contribution shall be made with respect to a Participant’s Bonus Deferral if such Participant incurs a Termination of Employment 

  
 12 

 
before the Bonus Compensation which he or she elected to defer would have been paid in cash, and (iii) such Bonus Deferrals by Employees for such Plan Year must be invested in the Stock Unit
Fund as provided in Section 6.3 for a period of not less than twelve (12) months beginning on the date such Bonus Deferrals are credited to such Participant’s Account in order to be entitled to such Matching Contribution as described
below. Matching Contributions with respect to Bonus Deferrals invested in the Stock Unit Fund shall be credited to the Account of a Participant as of the date such Bonus Deferrals are credited to the Participant’s Account; provided however,
Matching Contributions proportionately attributable to Bonus Deferrals that are withdrawn by a Participant from the Stock Unit Fund within twelve (12) months beginning on the date such Bonus Deferrals are credited to such Participant’s
Account, shall be forfeited by such Participant. Anything contained herein to the contrary notwithstanding, the Nominating and Executive Compensation Committee of the Board shall approve the Matching Contribution, if any, made with respect to a
Participant who is an executive officer as defined in the Securities Exchange Act of 1934 and regulations promulgated thereunder. 
 The
foregoing provisions are for historical purposes only. Bonus Deferrals are not permitted under the Plan, and, for the avoidance of doubt, the Company will not make Matching Contributions and the Stock Unit Fund shall not be an available hypothetical
investment for a Participant who is not a Director. In addition, the Company will not make Matching Contributions with respect to a Participant’s Director Fee Deferrals. 
  

	4.5	Continuation of Elections. 

 On the Effective Date, all deferral elections in effect
under the Prior Plan with respect to Participants listed on Appendix I hereto shall transfer to, be recognized as a deferral election by, and remain in effect for the year or other applicable period to which it relates under this Plan. 

 

	4.6	Mandated Deferrals. 

 Any compensation that would not be deductible under Code
Section 162(m) if paid shall be mandatorily deferred under this Plan. Such mandated deferrals shall not be entitled to a Matching Contribution and, when payable as described in this Section 4.6, shall be paid in a lump sum, in cash or in
kind, as the case may be. Whether compensation otherwise payable during a Plan Year would not be deductible under Section 162(m) shall be determined as reasonably anticipated by the Committee in the following order: 

(a) By taking into account total annual salary. To the extent total annual salary exceeds the Code Section 162(m) deductibility limit, it
and any additional non-performance-based compensation otherwise payable during the Plan Year shall be mandatorily deferred. 
 (b) By taking
into account any non-performance-based compensation scheduled for payout pursuant to a prior year’s deferral election. To the extent such compensation, when added to amounts payable pursuant to subparagraph (a), exceeds the Code
Section 162(m) deductibility limit, such excess and any additional non-performance-based compensation otherwise payable during the Plan Year shall be mandatorily deferred. 

(c) By taking into account any non-performance-based compensation scheduled for vesting or payout that is not subject to a prior year’s
deferral election. To the extent such 

  
 13 

 
compensation, when added to amounts payable pursuant to subparagraphs (a) and (b), exceeds the Code Section 162(m) deductibility limit, such excess and any additional
non-performance-based compensation otherwise payable during the Plan Year shall be mandatorily deferred. 
 (d) By taking into account any
additional non-performance-based compensation scheduled for payout. To the extent such compensation, when added to amounts payable pursuant to subparagraphs (a), (b) and (c), exceeds the Code Section 162(m) deductibility limit, such excess
shall be mandatorily deferred. 
 Any compensation deferred pursuant to this Section 4.6 shall remain deferred until (i) the first
calendar year in which the Committee reasonably anticipates that the deduction of such payment will not be barred by application of Code Section 162(m) after taking into account compensation described in subparagraphs (a) through
(d) above, and (ii) the sixth month anniversary of the Participant’s Termination of Employment, as permitted under Section 409A and the regulations thereunder. Such compensation shall be paid out on a first-in first-out basis
with respect to the year of its mandatory deferral and will be payable in the form, if any, specified or elected in the initial grant of such compensation to the Employee. If no form of payment was specified or elected, such mandated deferral shall
be paid in a lump sum. 
  

	4.7	Deferral Periods. 

 (a) Employees - A Participant who is an Employee previously
specified under the Prior Plan on the Deferred Compensation Agreement, the Deferral Period for the Deferrals for the Plan Year to which the Deferred Compensation Agreement relates. A Participant elected one of the Deferral Period options as follows:
(1) a Deferral Period of at least three (3) years pursuant to which a distribution is made within sixty (60) days of the January 1 immediately following the end of the Deferral Period, or (2) a Deferral Period ending on the
first day of the month following the month in which occurs the six month anniversary of the date of the Participant’s Termination of Employment. 

(b) Directors - A Participant who is a Director may not elect a Deferral Period with respect to Director Fee Deferrals. Payment of such
Director Fee Deferrals shall be made in accordance with the provisions of Section 7.1. 

  
 14 

 ARTICLE V 

VESTING 
  

	5.1	Vesting in Base Salary Deferrals, Bonus Deferrals, and Director Fee Deferrals. 

 A
Participant shall always be 100% vested in the amounts allocated to his or her Account attributable to his or her Base Salary Deferrals, Bonus Deferrals and Director Fee Deferrals. 

 

	5.2	Vesting in Matching and Special One-Time Company Contributions. 

 (a) Employees -
A Participant who is an Employee shall become 100% vested in the amounts allocated to his or her Account attributable to his or her Matching Contributions for a Plan Year upon the expiration of thirty-six (36) months beginning on the first day
of the first full month following the date such Matching Contributions are credited to his or her Account. In the event such Participant incurs a Termination of Employment, the amounts allocated to his or her Account attributable to his or her
Matching Contributions in which such Participant is vested shall be determined as of the date of such Termination of Employment unless otherwise provided in paragraph (b) of this Section 5.2. A Participant shall be 100% vested in the
Special One-Time Company Contribution for the 2009 Plan Year (as defined and determined under and transferred from the Prior Plan). 
 (b)
Notwithstanding the foregoing, a Participant who is an Employee shall become 100% vested in the amounts allocated to his or her Account attributable to his or her Matching Contributions upon the Participant’s Retirement, death, Disability,
involuntary Termination of Employment (other than Termination for Cause) or upon a Change of Control if the Participant incurs a Termination of Employment within twelve (12) months following such Change of Control, and if such Termination of
Employment is by the Participant for Good Reason, or such Termination of Employment is by the Company or a Subsidiary, for any reason other than Cause. 

(c) Directors - a Participant who is a Director shall always be 100% vested in the amounts allocated to his or her account attributable
to his or her Matching Contributions. 
 (d) Prior Plan. Prior service recognized for vesting purposes under the Prior Plan as of the
date of the Spin-Off shall be counted as service for vesting under this Plan. Matching Contributions credited as Prior Amounts shall be subject to the foregoing vesting provisions of this Article, provided that the original date of crediting under
the Prior Plan with respect to such contributions shall be deemed to be the relevant date of crediting for purposes of determining any vesting under this Plan. 

  
 15 

 ARTICLE VI 

ACCOUNTS 
  

	6.1	Establishment of Bookkeeping Account. 

 Separate bookkeeping Accounts shall be maintained
for each Participant. For a Participant with benefits under the Prior Grandfathered Plan, the Account shall be referred to as the Grandfathered Account. For a Participant with benefits under the Plan that are not otherwise determined under the
Grandfathered Account, the Account shall be referred to as the Non-Grandfathered Account. Each Non-Grandfathered Account shall be credited with the Deferrals made by the Participant pursuant to Section 4.1 and the Matching Contributions made by
the Company or a Subsidiary pursuant to Section 4.4. Grandfathered and Non-Grandfathered Accounts also shall reflect the investment results described in Section 6.3. The amount credited to an account under the Prior Plan as of the Spin-Off
with respect to a Participant listed on Appendix I shall be credited to such Participant’s Account as Prior Amounts under this Plan, except that the Director listed on Appendix I who will serve as a director of the Company and of the Parent
immediately following the Spin-Off shall have the portion of the amount credited to an account under the Prior Plan immediately prior to the Spin-Off that such Director elected to have remain credited to the Prior Plan, remain credited to the Prior
Plan. For the avoidance of doubt, any Grandfathered Account shall be administered in accordance with the terms of the Prior Grandfathered Plan notwithstanding anything herein to the contrary. 

 

	6.2	Subaccounts. 

 Within each Participant’s bookkeeping Accounts, separate subaccounts
may be maintained to the extent necessary for the administration of the Plan. For example, it may be necessary to maintain separate subaccounts where the Participant has specified different Deferral Periods, methods of payment or investment
directions with respect to his or her Deferrals for different Plan Years. 
  

	6.3	Investment of Account. 

 A Participant shall elect to invest the amounts credited to his
or her Account in such measurement funds as are selected by the Committee in its sole discretion, including but not limited to the Stock Unit Fund. The Committee may change or eliminate such measurement funds from time to time. The investment of
such funds, or change in such investments, shall be made in accordance with such rules and procedures established by the Committee. Notwithstanding the foregoing or anything herein to the contrary, a Participant who is not a Director may not elect
to invest any amounts (including Prior Amounts) credited to his or her Account in the Stock Unit Fund. 
 A Participant’s Account shall
consist of a cash subaccount and, with respect to a Participant who is a Director, a stock subaccount. Amounts allocated to the cash subaccount shall be invested in investments other than Stock Units. Amounts allocated to the stock subaccount shall
be maintained as Stock Units. A Participant shall elect on his or her Deferred Compensation Agreement the portion of his or her Deferrals for a Plan Year that will be allocated to a cash subaccount and to the stock subaccount. The balance of a
Participant’s Account as of any date is the aggregate of the cash subaccount and the stock subaccount as of such date. The balance of each 

  
 16 

 
cash subaccount shall be expressed in United States dollars. The balance of each stock subaccount shall be expressed in the numbers of shares of Stock deemed allocated to such subaccount, with
fractional shares of Stock calculated to three decimal places. The number of Stock Units allocated to the stock subaccount as of any date shall be equal to the quotient of the amount allocated to the stock subaccount divided by the Market Value on
such date. Upon the occurrence of any stock split-up, stock dividend, issuance of any tracking stock, combination or reclassification with respect to any outstanding series or class of Stock, or consolidation, merger or sale of all or substantially
all of the assets of the Company, the number of Stock Units in each stock subaccount shall, to the extent appropriate as determined by the Committee in its sole discretion, be adjusted accordingly. To the extent dividends on any class or series of
outstanding Stock are paid, dividend equivalents and fractions thereof shall be calculated with respect to balances of such Stock equivalents in the Participant’s stock subaccount, converted to additional equivalents of such Stock and credited
to the Participant’s stock subaccount as of the dividend payment dates. The number of Stock equivalents to be credited as of each such date shall be determined by dividing the amount of the dividend equivalent by the Market Value of the
relevant Stock on the dividend payment date. The Participant’s stock subaccount shall continue to earn such dividend equivalents until fully distributed. 

Fund selections recognized under the Prior Plan immediately prior to the Spin-Off shall be recognized under this Plan until superseded or
otherwise changed in accordance with this Plan or as and to the extent otherwise permitted by the Committee; provided, however, that Prior Amounts deemed invested in a measurement fund under the Prior Plan not recognized under this Plan shall be
deemed invested in a fund selected by the Committee until the Participant elects a replacement fund (if and to the extent permitted by the Committee). 

As of each Valuation Date, a Participant’s Account shall be valued in accordance with this Section and any rules and procedures
established by the Committee. 
  

	6.4	Hypothetical Nature of Account. 

 The Account established under this Article VI shall be
hypothetical in nature and shall be maintained for bookkeeping purposes only. Neither the Plan nor any of the Accounts (or subaccounts) established hereunder shall hold any actual funds or assets. The right of any person to receive one or more
payments under the Plan shall be an unsecured claim against the general assets of the Company or Subsidiary for which the Participant worked when the Deferrals, Matching Contributions, and/or Special One-Time Company Contributions were made. Any
liability of the Company or Subsidiary to any Participant, former Participant, or Beneficiary with respect to a right to payment shall be based solely upon contractual obligations created by the Plan. Neither the Company and/or any Subsidiary, the
Board, nor any other person shall be deemed to be a trustee of any amounts to be paid under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a
fiduciary relationship, between the Company and/or any Subsidiary and a Participant or any other person. 

  
 17 

 ARTICLE VII 

PAYMENT OF ACCOUNT 
  

	7.1	Timing of Distribution of Benefits; Designated Payment Date. 

 (a) Employees -
With respect to a Participant who is an Employee, the amounts allocated to a Participant’s account attributable to Deferrals and vested Matching Contributions for a Plan Year shall be distributed (or begin to be distributed, in the case of
annual installment payments) to such Participant on the earlier of (i) a date within sixty (60) days of the January 1 immediately following the last day of the Deferral Period for such Plan Year, or (ii) the first day of the
month following the month in which occurs the six month anniversary of the Participant’s Termination of Employment. 
 (b)
Directors - With respect to a Participant who is a Director, distribution of the Participant’s Account shall be made within sixty (60) days after the date the Participant incurs a Termination of Service, provided that the Director
may not specify the calendar year of payment. 
  

	7.2	Adjustment of Account Upon a Distribution. 

 Upon a distribution pursuant to this Article
VII, the distributable portion of a Participant’s Account shall be determined as of the Valuation Date immediately preceding the date of the distribution to be made and shall be credited with declared dividends, if any, and adjusted for
investment results which have accrued to the date of distribution but which have not been allocated to his or her Account. 
  

	7.3	Form of Payment or Payments. 

 The amounts allocated to a Participant’s account
attributable to Deferrals and vested Matching Contributions made to the Plan for a Plan Year, shall be distributed to the Participant specified as follows: 

(a) Lump Sum Payment - A Participant who is an Employee may elect to have his or her benefit paid in a lump sum payment as elected in
his or her Deferred Compensation Agreement at the time specified in Section 7.1(a). A Participant who is a Director shall receive payment of his or her Account in a lump sum payment at the time specified in Section 7.1(b). 

(b) Annual Installment Payment - A Participant who is an Employee may elect in his or her Deferred Compensation Agreement to have his
or her benefit paid in a series of annual installment payments. For purposes of Section 409A and the regulations thereunder, annual installment payments made pursuant to a Participant’s election in a Deferred Compensation Agreement shall
be treated as a single payment. If a benefit is to be paid in a series of annual installment payments, the annual installment payments may be made for a period equal to five (5) or ten (10) years, as elected by the Participant in his or
her Deferred Compensation Agreement. The first installment will be paid at the time specified in Section 7.1(a). Subsequent annual installment payments shall be paid on January 1 of each year. The amount of each annual installment payment
shall be calculated by multiplying the total amount to be distributed to such Participant by a fraction, the numerator of which is one, and the denominator of which is the remaining number of annual installment payments to be made to the
Participant. 

  
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 (c) Change in Election of Method of Payment - Anything contained herein to the contrary
notwithstanding, a Participant shall be permitted to change the form of payment initially elected in a Deferred Compensation Agreement (or, for Directors, the form of payment initially required in accordance with Section 7.3(a)), provided that
(i) such election will not take effect until 12 months after the date on which the election is made; (ii) the payment with respect to which such election is made will be deferred for an additional 5 years after the date such payment would
otherwise have been made; and (iii) such election must be made at least 12 months before the date the payment would otherwise have been made. Subject to the foregoing, a Participant who is a Director may elect to change the form of payment
initially required to an annual installment payment consistent with such form of payment otherwise described in Section 7.3(b) and in a form and manner and subject to such rules and conditions as required by the Committee. No Participant may
change the form of payment initially elected (or required, in the case of Directors) more than once. 
 (d) Prior Elections.
Notwithstanding anything to the contrary, Prior Amounts shall be distributed at the time determined in accordance with the Prior Plan as of the Spin-Off. Deferred compensation agreements or other distribution elections or requirements effective
under such plan as of the Spin-Off with respect to Participants listed on Appendix I shall be recognized under this Plan, subject to permitted modifications described herein. 

(e) Failure to Elect - If a Participant does not elect the form of payment in his or her Deferred Compensation Agreement, his or her
benefit shall be paid in the form of a lump sum payment. 
  

	7.4	Death Benefits. 

 (a) Employees - Notwithstanding any other provision of this
Article VII, in the event a Participant who is an Employee dies before his or her benefit commences to be paid to him or her, the total amount allocated to the Participant’s Account shall be paid in a lump sum to the Participant’s
Beneficiary. In the event a Participant who is an Employee or who was an Employee and who has terminated employment, dies after his or her benefit commences to be paid to him or her, the remainder of his or her vested Account shall be paid in a lump
sum to the Participant’s Beneficiary. If no Beneficiary is designated, then benefits shall be paid in a lump sum within ninety (90) days following the date of death as provided in Section 7.5, provided that the Beneficiary may not
specify the calendar year of payment. 
 (b) Directors - In the event a Participant who is a Director dies, the amount credited to
the Participant’s Account (or, the remainder of his or her Account if benefits have commenced) shall be paid to the Participant’s Beneficiary in a lump sum within ninety (90) days following the date of death, provided that the
Beneficiary may not specify the calendar year of payment. 
 (c) Distribution pursuant to this Section 7.4 shall be made within ninety
(90) days following the date of death. 
  

	7.5	Designation of Beneficiaries. 

 A Participant may designate the Beneficiary or
Beneficiaries to whom his or her benefit under the Plan shall be paid if he or she dies before receiving complete payment of such benefit. A 

  
 19 

 
Beneficiary designation (i) must be made on a beneficiary designation form provided by the Committee, (ii) shall be effective on the date such designation form is actually received by
the Committee, and (iii) shall revoke all prior designations made by the Participant. A Beneficiary designation form received by the Committee after the date of the Participant’s death shall be null and void. If a Participant has not
designated a Beneficiary, if no designated Beneficiary survives the Participant or if the Beneficiary designation is legally invalid for any reason, then, the Participant’s Beneficiary shall be the Participant’s executor or administrator,
or his or her heirs at law if there is no administration of such Participant’s estate. If the Committee is in doubt as to the right of any such Beneficiary to receive any benefits under the Plan, it may pay such benefits, in its sole and
absolute discretion, to the legal representative of the Participant’s estate, and upon such payment neither the Committee, the Company, nor the Plan shall have further liability for such payment. 

The beneficiary designation, if any, in effect under the Prior Plan immediately prior to the Spin-Off with respect to Participants listed on
Appendix I shall be recognized under this Plan and shall be deemed the Participant’s valid Beneficiary designation hereunder, subject to permitted changes as described herein. 

 

	7.6	Unclaimed Benefits. 

 In the case of a benefit payable on behalf of such Participant, if
the Committee is unable to locate the Participant or Beneficiary to whom such benefit is payable, such benefit may be forfeited to the Company, upon the Committee’s determination, Notwithstanding the foregoing, if subsequent to any such
forfeiture the Participant or Beneficiary to whom such benefit is payable makes a valid claim for such benefit, such forfeited benefit shall be paid by the Company or restored to the Plan by the Company. 

 

	7.7	Withdrawal. 

 (a) A Participant (or, after a Participant’s death, his or her
Beneficiary) may request a withdrawal of all or a portion of his or her vested Account on account of a severe financial hardship in accordance with such rules and procedures prescribed by the Committee. The Participant (or his or her Beneficiary)
shall be paid the withdrawal amount as soon as practicable after the Committee approves his or her request. The payment of this withdrawal amount shall not be subject to the deduction limitation under Code Section 162(m). 

(b) If the Committee determines that a Participant has incurred a severe financial hardship, the Committee may make a cash distribution to the
Participant of the portion of the vested balance of his or her Account needed to satisfy the severe financial hardship (including taxes reasonably anticipated as a result of such distribution), to the extent that the severe financial hardship may
not be relieved: 
 (i) Through reimbursement or compensation by insurance or otherwise; or 

(ii) By liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial
hardship. 
 (c) A “severe financial hardship” is a Participant’s need for a distribution, as determined by the Committee,
resulting from: 
 (i) A sudden and unexpected illness or accident of the Participant or of a dependent or close family member of the
Participant; 

  
 20 

 (ii) Loss of the Participant’s property due to casualty; 

(iii) Any other events specified as “unforeseeable emergencies” under Code Section 409A and the regulations and guidance
thereunder; 
 (iv) Other extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant
as permitted under Code Section 409A. 
 The Committee shall determine whether the Participant has satisfied the requirements of this
Section 7.7. The Committee may decline a request for a distribution under this Section 7.7 if the Committee determines that such distribution is not in the best interests of the Company. All determinations made by the Committee pursuant to
this Section 7.7 shall be binding on all parties. 
  

	7.8	Offset of Benefit By Certain Amounts 

 The Committee, in its sole and absolute
discretion, may offset any benefit payable to a Participant or Beneficiary pursuant to this Article VII by any amounts the Participant or Beneficiary may owe the Company and/or any Subsidiary or any amounts the Participant or Beneficiary may owe any
employee benefit plan maintained by the Company and/or Subsidiary, provided that such debt is incurred in the ordinary course of the employment or service relationship between the Participant and the Company or any Subsidiary and the entire amount
of reduction in any calendar year does not exceed $5,000. 

  
 21 

 ARTICLE VIII 

ADMINISTRATION 
 The Plan
shall be administered by the Committee. The Committee shall have all powers necessary or appropriate to enable it to carry out its administrative duties. Not in limitation, but in application of the foregoing, the Committee shall have the duty and
power to interpret the Plan and determine all questions that may arise hereunder as to the status and rights of Employees, Directors, Participants, and Beneficiaries. The Committee shall also have the duty and power to interpret the Plan to
determine all questions that may arise hereunder as to the determination of whether the individual is an Employee. The Committee may exercise the powers hereby granted in its sole and absolute discretion. The interpretation of the Plan or other
action of the Committee made in good faith in its sole discretion shall be subject to review only if such an interpretation or other action is without a rational basis. Any review of a final decision or action of the Committee shall be based only on
such evidence presented to or considered by the Committee at the time it made the decision that is the subject of the review. The Company and any Subsidiary whose Employees are covered by the Plan and any Employee or Director who is or may be
covered by the Plan hereby consent to actions of the Committee made in its sole discretion and agree to be bound by the narrow standard of review prescribed in this Section. No member of the Committee shall be personally liable for any actions taken
by the Committee unless the member’s action involves willful misconduct. The Committee may delegate its administrative responsibilities to any Employee of the Company provided such designation is in writing. 

  
 22 

 ARTICLE IX 

AMENDMENT AND TERMINATION 

The power to amend, modify or terminate the Plan in whole or in part and at any time is reserved to the Committee and to the Board or its
delegate. Notwithstanding the foregoing, (a) no amendment or modification which would reasonably be considered to be adverse to a Participant or Beneficiary may apply to or affect the terms of any deferral of compensation that was approved
prior to the effective date of such amendment or modification without the consent of the Participant or Beneficiary affected thereby, and (b) the termination of the Plan shall not affect the Deferred Compensation Agreements then in effect,
except that no additional amounts may be deferred by Participants to the Plan after the date of termination of the Plan. 
 The Committee
may terminate the Plan, and distribute all vested accrued benefits, subject to the restrictions set forth in Treas. Reg. § 1.409A-3(j)(4). A termination of the Plan must comply with the provisions of Code Section 409A and the regulations
and guidance promulgated thereunder, including, but not limited to, restrictions on the timing of final distributions and the adoption of future deferred compensation arrangements. 

  
 23 

 ARTICLE X 

GENERAL PROVISIONS 
  

	10.1	Non-Alienation of Benefits. 

 No right or benefit under the Plan shall be subject to
anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber, or change any right or benefit under this Plan shall be void. No right or benefit hereunder shall in
any manner be liable for or subject to the debts, contracts, liabilities or torts of the person entitled to such benefits. If the Participant or Beneficiary becomes bankrupt, or attempts to anticipate, alienate, sell, assign, pledge, encumber, or
change any right hereunder, then such right or benefit shall, in the discretion of the Committee, cease and terminate, and in such event, the Committee may hold or apply the same or any part thereof for the benefit of the Participant or Beneficiary,
spouse, children, or other dependents, or any of them in such manner and in such amounts and proportions as the Committee may deem proper. Notwithstanding anything in this Section to the contrary, the Committee may comply with a qualified domestic
relations order as defined in Code section 414(p); provided however, that for purposes of this Section 10.1, (i) the provisions of Code section 414(p)(9) shall be disregarded and shall have no force and effect in applying the provisions of
Code section 414(p), and (ii) the provisions of Code section 414(p)(4) shall be disregarded when making a determination whether a domestic relations order is a qualified domestic relations order so that no order shall be considered to be a
qualified domestic relations order if it requires an amount to be paid to an alternate payee before the earlier of (A) the date the Participant begins to receive benefits under the Plan, or (B) the date of the Participant’s death.
Anything contained herein to the contrary notwithstanding, benefits payable from the Plan under this Section 10.1 to an alternate payee pursuant to a qualified domestic relations order shall be paid only in the form of a lump sum payment. The
Committee may establish procedures similar to those described in Code sections 414(p)(6) and (7), in lieu of the procedures set forth in Code sections 414(p)(6) and (7), for evaluating domestic relations orders and for handling benefits while
domestic relations orders are being evaluated. 
  

	10.2	Contractual Right to Benefits Funding. 

 The Plan creates and vests in each Participant a
contractual right to the benefits to which he or she is entitled hereunder, enforceable by the Participant against the Company. The benefits to which a Participant is entitled under the Plan shall be paid from the general assets of the Company or
from the Trust that may be established or maintained to provide such benefits. 
 If a Trust is established and maintained, amounts
deposited with the Trustee shall be held and disposed of in accordance with the terms of the Trust Agreement and payments made under the terms of the Trust Agreement shall be in satisfaction of claims against the Company under the Plan. Nothing in
the Plan or Trust Agreement shall relieve the Company of its liabilities to pay amounts under the Plan except to the extent that such liabilities are met from the use of the assets held in Trust. 

 

	10.3	Indemnification and Exculpation. 

 The members of the Committee and their agents, and the
officers, directors and employees of the Company and any Subsidiary shall be indemnified and held harmless by the Company against 

  
 24 

 
and from any and all loss, cost, liability, or expense that may be imposed upon or reasonably incurred by them in connection with or resulting from any claim, action, suit, or proceeding to which
they may be a party or in which they may be involved by reason of any action taken or failure to act under this Plan and against and from any and all amounts paid by them in settlement (with the Company’s written approval) or paid by them in
satisfaction of a judgment in any such action, suit, or proceeding. The foregoing provision shall not be applicable to any person if the loss, cost, liability, or expense is due to such person’s gross negligence or willful misconduct. 

 

	10.4	No Employment Agreement. 

 The Plan is not a contract of employment, and participation in
the Plan shall not confer on any Employee the right to be retained in the employ of the Company and/or any Subsidiary. 
  

	10.5	Claims and Appeals Procedures. 

 A Participant or Beneficiary may claim any benefit to
which he or she is entitled under this Plan by a written notice to the Committee. If a claim is denied, it must be denied within ninety (90) days after receipt of the claim, unless special circumstances require an extension. If an extension is
necessary, the extension shall not be longer than an additional ninety (90) days. Any denial shall be in a written notice stating the following: 

(a) The specific reason for the denial. 

(b) Specific reference to the Plan provision on which the denial is based. 

(c) Description of additional information necessary for the claimant to present his or her claim, if any, and an explanation of why such
material is necessary. 
 (d) An explanation of the Plan’s claims review procedures, and the time limits applicable to such procedures,
including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on review. 

If the Committee does not deny the claim within the time specified above, the claimant may commence action in state or federal court. 

The claimant will have sixty (60) days to request a review of the denial by the Committee, which will provide a full and fair review. The
request for review must be in writing delivered to the Committee. The claimant may review pertinent documents, and he or she may submit issues and comments in writing. The decision by the Committee with respect to the review must be given within
sixty (60) days after receipt of the request, unless special circumstances require an extension (such as for a hearing). In no event shall the decision be delayed beyond one hundred and twenty (120) days after receipt of the request for
review. The decision shall be written in a manner calculated to be understood by the claimant, shall include specific reasons and refer to specific Plan provisions as to its effect, state that the claimant is entitled to receive upon request and
free of charge, reasonable access to and copies of, all documents, records and other information relevant to the claim, and state that the claimant has a right to bring a civil action under Section 502(a) of ERISA. 

  
 25 

 Anything contained herein to the contrary notwithstanding, any claim filed under the Plan and any
action brought in state or federal court by or on behalf of a Participant, a Beneficiary or alternate payee for the alleged wrongful denial of Plan benefits or for the alleged interference with ERISA-protected rights must be brought within one
(1) year of the date of the Participant’s, the Beneficiary’s or alternate payee’s cause of action first accrues. Failure to bring any such cause of action within this one (1) year time frame shall preclude a Participant, a
Beneficiary or alternate payee, or any representative of the Participant, the Beneficiary or alternate payee, from bringing the claim or cause of action. Correspondence or other communications following the mandatory appeals process described in
this Section 10.5 shall have no effect on this one (1) year time frame. 
  

	10.6	Disability Claims and Appeals Procedures. 

 Notwithstanding anything to the contrary in
Section 10.5 above, if a determination of Disability must be made in order to decide a claim, the claim shall be considered a Disability claim and shall be subject to the following procedures. 

The Committee shall process each Disability claim and make an initial decision as to the validity of the claim within a reasonable period of
time, but no later than forty-five (45) days after receipt of the claim. If the Committee determines that an extension to process the Disability claim is necessary due to matters beyond the control of the Committee, the Committee may extend the
45-day response period for up to thirty (30) days by notifying the claimant, prior to the termination of the initial 45-day period, of the circumstances requiring the extension of time and the date by which it expects to render a decision. If
the Committee determines that an additional extension to process the Disability claim is necessary due to matters beyond the control of the Committee, the Committee may extend the response period for up to an additional thirty (30) days by
notifying the claimant, prior to the termination of the first 30-day extension period, of the circumstances requiring the extension of time and the date by which it expects to render a decision. An extension notice shall specifically explain the
standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve those issues. If the reason for the extension is the claimant’s failure to
provide necessary information to decide the claim, the determination period shall be tolled from the date notice of insufficiency is given, until the claimant responds to the notice. The claimant shall have forty-five (45) days within which to
provide the specified information. 
 A claim denial shall be furnished in writing or electronically. The denial shall inform the claimant
of the specific reason or reasons for the denial, refer to the specific Plan provisions on which the denial is based, describe any additional material or information necessary to perfect the claim and explain why the material is necessary, describe
the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following a denial of an appeal, refer to any specific
guidelines that were relied upon in issuing the denial, or state that such guidelines will be provided to the claimant free of charge upon request. 

If a claimant receives notice from the Committee that a claim for benefits has been denied in whole or in part, the claimant or the
claimant’s duly authorized representative may, within one hundred and eighty (180) days after receipt of notice of such denial: 

(a) Make written application to the Committee for a review of the decision. Such application shall be made on a form specified by the
Committee and submitted with such documentation as the Committee shall prescribe. 

  
 26 

 (b) Review, upon request and free of charge, all documents, records and other information in the
possession of the Committee or the Committee which are relevant to the Disability claim. 
 (c) Submit written comments, documents, records
and other information relating to the claim. 
 If review of a decision is requested, such review shall be made by the Committee, which
shall review all comments, documents, records, and other information submitted by the claimant relating to the Disability claim, without regard to whether such information was submitted or considered in the initial benefit determination. The
Committee’s review shall not afford deference to the initial adverse benefit determination. The individual(s) conducting the decision on review shall not be the individual(s) who made the initial adverse decision, nor the subordinates of such
individual(s). 
 In the case of an appeal involving medical judgment, the Committee shall consult with a health care professional who has
appropriate training and experience in the field of medicine involved in the medical judgment. The health care professional consulted shall be an individual who is neither an individual who was consulted in connection with the initial denial, nor
the subordinate of any such individual. 
 The decision on review shall be made within forty-five (45) days after the receipt by the
Committee of the request for review. If the Committee determines that an extension to process the appeal is necessary due to special circumstances, the Committee may extend the 45-day response period for up to 45 days by notifying the claimant,
prior to the termination of the initial 45-day period, of the circumstances requiring the extension of time and the date by which it expects to render a decision. If the reason for the extension is the claimant’s failure to provide necessary
information to decide the appeal, the determination period shall be tolled from the date notice of insufficiency is given, until the claimant responds to the notice. 

Any denial of an appeal shall be furnished in writing or electronically. The denial shall inform the claimant of the specific reason or
reasons for the denial, refer to the specific Plan provisions on which the denial is based, state that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the claim, state the claimant’s right to bring a civil action under Section 502(a) of ERISA, and refer to any specific guidelines that were relied upon in issuing the denial, or state that such guidelines will be
provided to the claimant free of charge upon request. 
 Anything contained herein to the contrary notwithstanding, any claim filed under
the Plan and any action brought in state or federal court by or on behalf of a Participant, a Beneficiary or alternate payee for the alleged wrongful denial of Plan benefits or for the alleged interference with ERISA-protected rights must be brought
within one (1) year of the date of the Participant’s, the Beneficiary’s or alternate payee’s cause of action first accrues. Failure to bring any such cause of action within this one (1) year time frame shall preclude a
Participant, a Beneficiary or alternate payee, or any representative of the Participant, the Beneficiary or alternate payee, from bringing the claim or cause of action. Correspondence or other communications following the mandatory appeals process
described in this Section 10.5 shall have no effect on this one (1) year time frame. 

  
 27 

	10.7	Limitation of Action and Choice of Venue. 

 Before a claimant may bring a legal action
against the Plan, the Company, a Subsidiary, or the Committee, the claimant must first complete all steps of the claims and review procedures contained in Sections 10.5 and 10.6, as applicable. After completing all steps of the claims and review
procedures contained in Sections 10.5 and 10.6, as applicable, a claimant has one (1) year from the date he or she is notified of the Committee’s final decision to bring such legal action or the right to bring such legal action is lost.
Any legal action against the Plan, the Company, a Subsidiary, or the Committee may only be brought in the United States District Court for the Eastern District of Missouri. 
  

	10.8	Successor to Company. 

 The Company shall require any successor or assignee, whether
direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Company, expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan, in
the same manner and to the same extent that the Company would be required to perform. Accordingly, this Plan and the related Deferred Compensation Agreements shall be binding upon, and the term “Company” shall include any successor or
assignee to the business or assets of the Company. 
  

	10.9	Severability. 

 In the event any provision of the Plan shall be held invalid or illegal
for any reason, any illegality or invalidity shall not affect the remaining parts of the Plan, but the Plan shall be construed and enforced as if the illegal or invalid provision had never been inserted, and the Company shall have the privilege and
opportunity to correct and remedy such questions of illegality or invalidity by amendment as provided in the Plan. 
  

	10.10	Transfer Among Affiliates. 

 In the event the employment of a Participant is transferred
from the Company to any corporation or other entity that is an affiliate of the Company and that adopts this Plan, or is transferred from one such affiliate to another, the benefits attributable to compensation deferred with respect to each such
entity shall be credited to a separate bookkeeping account. Each such entity shall pay the benefit that is reflected in the Participant accounts established with respect to such entity. The Company hereby guarantees payment of the total benefit,
regardless of which entity is primarily liable for payment of any portion of such benefit. 
  

	10.11	Entire Plan. 

 This document and any amendments contain all the terms and provisions of
the Plan and shall constitute the entire Plan, any other alleged terms or provisions being of no effect. 

  
 28 

	10.12	Payee Not Competent. 

 In the event that the Committee shall find that the Participant is
unable to care for his or her affairs because of illness or accident, the Committee may direct that any benefit payment due him or her, unless claim shall have been made therefor by a duly appointed legal representative, be paid to his nor her
spouse, a child, a parent or other blood relative, or to a person with whom he or she resides, and any such payment so made shall be a complete discharge of the liabilities of the Plan therefor. 

 

	10.13	Tax Withholding. 

 The Company shall satisfy any federal, state or local tax withholding
obligations (including income taxes and the employee portion of employment taxes) resulting from the payment or vesting of amounts credited to the Participant’s cash subaccount through the reduction of the cash subaccount of the Participant in
an amount necessary to satisfy such tax obligations. The Company shall satisfy any federal, state or local tax withholding obligations (including income taxes and the employee portion of employment taxes) resulting from the payment or vesting of
amounts credited to the Participant’s stock subaccount through the reduction of the stock subaccount by the number of Stock Units necessary to satisfy such tax obligations. 

In the event the Stock Units credited to a Participant’s stock subaccount are reduced in satisfaction of tax obligations, the number of
shares reduced shall be calculated by reference to the Market Value of the Common Stock on the date that such taxes are determined. 
  

	10.14	Governing Law. 

 To the extent not superseded by the laws of the United States, this Plan
shall be construed and governed in accordance with the laws of the state of Missouri. Except where otherwise specifically required by the provisions of ERISA, the Plan, Trustee, Committee, Company or Subsidiary shall be liable to account only in the
courts of the State of Missouri. 
  

	10.15	Compliance with Code Section 409A. 

 No provision of this Plan shall be operative to
the extent that it will result in the imposition of the additional tax described in Code Section 409A(a)(1)(8)(i)(11) because of failure to satisfy the requirements of Code Section 409A and the regulations and guidance issued thereunder.

 IN WITNESS WHEREOF, the Company has caused this Plan to be executed as of this      day of
            , 2015. 
  

			
	ENERGIZER HOLDINGS, INC.
		
	By:		  

		
	Its:		  

  
 29 

 APPENDIX I 

Those individuals listed on Schedule I to the Employee Matters Agreement by and between Edgewell Personal Care Company and Energizer Holdings,
Inc. dated as of June 25, 2015.

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