Document:

Exhibit 10.1

 Exhibit 10.1 

SEPARATION AND CONSULTING AGREEMENT 

This Separation and Consulting Agreement (this “Agreement”), dated as of April 14, 2010 (the “Effective
Date”), between Spectrum Brands, Inc., a Delaware corporation (the “Company”), and Kent J. Hussey (the “Executive”). 

WHEREAS, the Executive is currently employed as the Chief Executive Officer of the Company pursuant to an amended and restated employment
agreement with the Company, dated October 22, 2009 (the “Employment Agreement”); 
 WHEREAS, the Executive
currently serves as the Chairman of the Board of Directors of the Company, (the “Board”); 
 WHEREAS, on
February 9, 2010, the Company entered into an Agreement and Plan of Merger with Russell Hobbs, Inc., a Delaware corporation, SB/RH Holdings, Inc., a Delaware corporation (“Parent”), Battery Merger Corp., a Delaware corporation
and a direct wholly-owned subsidiary of Parent, and Grill Merger Corp., a Delaware corporation (the “Merger Agreement”); 

WHEREAS, the Company and the Executive have agreed that the Executive’s employment with the Company is scheduled to terminate
effective as of the earlier of (i) May 31, 2010 or (ii) the Closing Date (as defined in the Merger Agreement, the “Closing Date”) (the earlier of such dates, the “Termination Date”) and that the
Executive shall assist in the smooth transition of the Executive’s functions as directed by the Board; 
 WHEREAS, the
Board has determined it to be in the best interests of the Company to initiate transition of the duties of the office of the Chief Executive Officer immediately; 

WHEREAS, the Company desires that the Executive be available following the Termination Date to provide additional consulting services
from time to time, and the Executive desires to provide such services, on the terms and subject to the conditions more fully set forth in this Agreement; and 

WHEREAS, the Company desires to provide the Executive with certain severance payments and benefits in connection with the
Executive’s termination of employment with the Company, in exchange for the Executive’s agreement to comply with certain restrictive covenants in favor of the Company and to execute and deliver (and not revoke) a general waiver and release
of claims in favor of the Company and certain related persons, on the terms and subject to the conditions more fully set forth in this Agreement. 

 NOW, THEREFORE, in consideration of the promises, mutual covenants and other good and
valuable consideration set forth in this Agreement, the receipt and sufficiency of which is hereby acknowledged, the Executive and the Company agree as follows: 
  

	I.	Employment Through Termination Date; Termination of Employment; Resignation from Positions 

A. Subject to Section IE, the Executive’s last day of active employment with the Company shall be the Termination Date and the Term
(as defined in the Employment Agreement) shall end on the Termination Date. For the avoidance of doubt, while employed by the Company through the Termination Date, the Executive shall be compensated at the salary rate in effect on the Effective Date
(the “Base Salary”) and otherwise continue to be eligible to participate in the Company’s employee benefit plans and arrangements in accordance with their terms as in effect from time to time. 

B. From and after the Effective Date, the Executive will no longer be the Chief Executive Officer of the Company and shall instead carry
the title of Advisor to the Chief Executive Officer. The Executive acknowledges and agrees that his ceasing to serve as Chief Executive Officer and his serving as an advisor to the Chief Executive Officer shall not constitute Constructive
Termination (as defined in the Employment Agreement). During the period from the Effective Date through the Termination Date, the Executive shall provide such support and cooperation as is requested by the Company in order to facilitate the smooth
transition of the Company’s leadership. In addition, the Executive will use his best efforts to assist in bank and analyst meetings and marketing road shows in support of the transactions contemplated by the Merger Agreement. 

C. Effective as of the close of business on the Termination Date, the Executive’s employment by the Company shall cease, and the
Executive shall cease and be deemed to have resigned from any and all titles, positions and appointments the Executive holds with the Company and any of its affiliates, whether as an officer, director, employee, trustee, committee member or
otherwise (including, without limitation, as the Chief Executive Officer (effective as of the Effective Date) and Chairman of the Board and Board member). Executive agrees to execute any documents reasonably requested by the Company in accordance
with the preceding sentence. Effective as of the close of business on the Termination Date, the Executive shall have no authority to act on behalf of the Company and shall not hold himself out as having such authority, enter into any agreement or
incur any obligations on behalf of the Company, or otherwise act in an executive or other decision-making capacity with respect to the Company. Notwithstanding any other provision of this Agreement, in the event that the Termination Date occurs
prior to the Closing Date, the Executive shall continue to serve as non-executive Chairman of the Board and a Board member through the Closing Date at no additional compensation (other than the portion of the Consulting Fee that is payable to the
Executive for such period following the Termination Date pursuant to section IIA below); provided, however, that in no event shall Executive be required to continue such service past August 12, 2010. For the avoidance of doubt, the Executive
shall resign from the Board as Chairman and as a Board member no later than the Closing Date. 
 D. For a period of 60 months
immediately following the Termination Date, the Executive agrees that, upon reasonable notice and without the necessity of the Company obtaining a subpoena or court order, Executive shall provide reasonable cooperation in connection with any suit,
action or proceeding (or any appeal from any suit, action or proceeding), and any investigation and/or defense of any claims asserted against the Company or any of its subsidiaries 

 

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or affiliates, which relates to events occurring during Executive’s employment with the Company, and its subsidiaries and affiliates and as to which Executive may have relevant information
(including but not limited to furnishing relevant information and materials to the Company or its designee and/or providing testimony at depositions and at trial), and such cooperation is not against Executive’s own legal interest, provided
that (i) the Company shall reimburse Executive for expenses reasonably incurred in connection therewith (including travel and lodging costs and any demonstrably lost wages if such cooperation is after the Consulting Period (defined below)), and
(ii) any such cooperation occurring after the Consulting Period shall be scheduled to the extent reasonably practicable so as not to unreasonably interfere with Executive’s business or personal affairs and to take into account
Executive’s personal and business commitments and the significance of the matter in question. The Company agrees to the extent reasonably practicable to provide Executive with reasonable notice in the event Executive’s participation is
required. 
 E. Notwithstanding anything to the contrary in Sections IA or IC, the Company may terminate the Executive’s
employment prior to May 31, 2010, upon the occurrence of “Cause” as defined in (and in accordance with) the Employment Agreement. If the Executive’s employment is terminated pursuant to this Section IE, the date of termination
shall be treated as the Termination Date for all purposes hereunder, and the Company shall have no further obligation to provide the Executive with Base Salary or other benefits in respect of any period from and after the date of such termination of
employment and the Executive shall not be entitled to receive any payments or benefits other than the Required Payments (as defined below). 
  

	II.	Consulting Services; Independent Contractor Status 

A. Commencing on the Termination Date, for the three-year period following the Termination Date (the “Consulting
Period”), the Company shall retain the Executive to provide the Consulting Services (defined below) and the Executive shall provide the Consulting Services (defined below) to the Company. For purposes of this Agreement, the
“Consulting Services” shall mean those consulting services and activities related to the functions that the Executive performed as an employee and director of the Company), as may be reasonably requested by the Company, which shall
primarily include continued advice in connection with (i) the transition of the Company’s leadership, (ii) strategic advice in connection with mergers and acquisitions and integration with respect to the Merger Agreement,
(iii) assistance with litigation involving the Company, (iv) questions from the Chief Executive Officer and Chief Financial Officer of the Company and (v) such other matters as mutually agreed to between the Company and the Executive.
In consideration for the Consulting Services, the Company shall pay the Executive a consulting fee of $250,000 per annum (the “Consulting Fee”), payable quarterly in arrears on or before the fifth business day of the calendar month
immediately following the end of each calendar quarter during the Consulting Period. The Company shall also reimburse the Executive for all reasonable travel and other business related out-of-pocket expenses incurred by the Executive in performing
the Consulting Services in accordance with its then-prevailing policies and procedures for expense reimbursement (which shall include appropriate itemization and substantiation of expenses incurred); provided that such expenses are incurred with the
prior written approval of the Company and the Executive provides the Company with an itemized invoice of the expenses incurred (and provided that the Company shall make such reimbursement following the Executive’s providing the Company with
such an invoice). For the avoidance of doubt, the Executive shall provide the Consulting Services for a maximum of 400 hours during each year of the Consulting Period. 
  

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 B. The Consulting Period shall terminate prior to the expiration of the three-year period
without further payment of unearned Consulting Fees on the earlier of (i) the Executive’s death, (ii) the Executive’s physical or mental incapacitation which renders him unable or unwilling to provide the Consulting Services for
a period of 90 days at the same level of quality prior to such incapacity, (iii) upon the Executive’s violation of the Post Employment Restrictive Covenants (defined below) or (iv) the Executive’s failure to provide the
Consulting Services. For the avoidance of doubt, the Company shall pay to the Executive the balance of the Consulting Fee payments, if any, for the remainder of the Consulting Period on the same quarterly basis if (x) the Company materially
breaches the Agreement (and the Executive terminates the Consulting Period provided the Executive provides the Company with written notice of the purported breach within 60 days of the initial occurrence and the Company fails to cure such breach
within 30 days after receipt of such written notice) or if (y) the Company ends the Consulting Period prior to the occurrence of any of the events listed in the immediately prior sentence. 

C. The Executive and the Company acknowledge that during the Consulting Period: (i) the Executive is an independent contractor (and
not (and shall not hold himself out as) an employee) of the Company or its affiliates, (ii) the Executive shall not have any right to act for, represent or otherwise bind the Company or its affiliates in any manner, (iii) the Executive
shall not be entitled to participate in any employee benefit plans or programs of the Company or its affiliates (except as specifically provided in Sections IIIA(5), IIIA(6) and IIIA(7) below) and (iv) the Executive shall be responsible for all
taxes (including self-employment taxes) in respect of compensation payable under Section II hereunder during the Consulting Period. 
  

	III.	Payments and Benefits 

 A.
Consideration. 
 In consideration for the Executive’s entering into this Agreement, the Company shall provide and/or
pay to the Executive the payments and benefits described in this Section IIIA, subject to (i) the Executive’s continued full-time employment with the Company through the Termination Date, provided, however, that if Executive’s
employment with the Company shall terminate at any time after the Effective Date and before the Termination Date as a result of Executive’s death, termination of employment for Disability (as defined in the Employment Agreement), termination of
employment by Executive due to occurrence of Constructive Termination (as defined in the Employment Agreement), (provided that for the avoidance of doubt, the Executive’s ceasing to serve as Chief Executive Officer as of the Effective Date and
serving as Advisor to the Chief Executive Officer shall not constitute Constructive Termination), or termination of employment by the Company without Cause (as defined in the Employment Agreement), then, in lieu of any payments or benefits to be
paid or provided to Executive under Section 5(b) of the Employment Agreement, the payments and benefits set forth in this Section IIIA and in Section IIIB of this Agreement shall be made to Executive (provided that the Executive executes an
irrevocable release of claims in the time frame and manner required under the Employment Agreement), and for this purpose the date of such termination of Executive’s 

 

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employment shall be treated as the Termination Date; and (ii) the Executive’s execution and delivery, during the 60-day period following the Termination Date, of the general waiver and
release of claims in the form attached hereto as Exhibit A (the “Release”) and non-revocation of the Release by the Executive during the seven-day revocation period set forth in the Release and (iii) Executive’s continued
compliance with Executive’s obligations (including without limitation the restrictive covenants set forth in Section IV) hereunder, provided, that an isolated and nonrecurring good faith failure of the Executive to comply with Section 1B
or ID of this Agreement (which the Executive promptly cures, if capable) shall not be a violation of this clause (iii): 
 1.
on the first business day immediately following the 6-month anniversary of the Termination Date (the “Delayed Payment Date”), a lump sum cash amount equal to $3,712,500 (plus interest thereon from the Termination Date to the date
immediately prior to the date of payment equal to the national average rate of interest payable on jumbo six-month bank certificates of deposit, as quoted in the business section of the most recently published Sunday edition of the New York Times
preceding the Termination Date); 
 2. a lump-sum cash amount equal to the annual bonus the Executive would have earned with
respect to fiscal year 2010 based on actual performance for fiscal 2010, prorated based on the number of weeks the Executive was employed through the Termination Date during fiscal year 2010 (the “Pro Rata Bonus”) and the Pro Rata
Bonus shall be payable in 2010 at the same time bonuses for 2010 are payable to other senior executives of the Company; 
 3.
on the date that is eight (8) days after the Executive executes the Release (provided that the Executive has not revoked the Release during the seven-day revocation period set forth therein) (such eighth (8th) day, the “Payment
Date”), a lump sum cash payment of the Executive’s LTIP award of $1,237,500; 
 4. from the Delayed Payment Date
until December 31, 2010, the right to purchase the Company owned or leased vehicle that the Executive currently uses for $100; provided that on the Termination Date, the Executive shall pay the Company $10,500 for usage of the vehicle during
the period from the Termination Date to the Delayed Payment Date, and the Company shall pay the Executive $10,500 on the Delayed Payment Date; 

5. until September 30, 2012, except for the benefits provided by Sections IIIA 6 and IIIA 7 of this Agreement, the Executive and
Executive’s eligible dependents may continue to participate in the welfare benefits which are substantially similar to those provided to the Executive and his dependants by the Company immediately prior to the Termination Date, at no greater
cost to the Executive than the cost to the Executive immediately prior to the Termination Date, and which include long term care and long term disability insurance (provided that if the Executive is covered under a new employer plan, then the
Company shall only reimburse the Executive for the excess, if any, of the cost of such benefit coverage over the cost immediately prior to the Executive’s termination of employment); 

6. reimbursement for tax preparation and financial planning services for a period of 10 years after the Termination Date, provided that
the Executive provides appropriate documentation for any expenses incurred with respect to such services; and provided further that 

 

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such reimbursement shall not exceed thirty thousand dollars ($30,000) per year and reimbursements for any calendar quarter should be made within fifteen (15) days following the close of such
quarter (“Tax Preparation”); 
 7. for a period of ten (10) years following the Termination Date, Company
shall provide the Executive and his spouse with continuing medical (including the Company’s Medical Expense Reimbursement Plan), dental, and life insurance benefits substantially similar to those provided to the Executive and his spouse by the
Company immediately prior to the Termination Date at no greater cost to the Executive than the cost to the Executive immediately prior to such date (“Welfare Continuation”), and in the case of such continuing medical and dental
benefits coverage, the Company will impute as taxable income to the Executive an amount equal to the actuarial cost of such coverage in excess of the applicable employee contribution paid by the Executive for such coverage for each year or portion
thereof in which such coverage is provided to Executive and his spouse; 
 8. on the Payment Date, a special one time lump sum
cash payment of $1,800,000; and 
 9. on the Payment Date, the restrictions on the Executive’s restricted stock (222,222
shares) granted to the Executive on or about October 22, 2009 pursuant to the Company’s 2009 Incentive Plan and in accordance with the Company’s Restricted Stock Award Agreement (collectively, the “Plan”) shall lapse and, on
such date, the Company shall deliver to the Executive such shares less shares withheld to satisfy Company required tax withholding relating to the vesting of such shares. For the avoidance of doubt, the Executive shall not be granted any equity or
equity based awards in addition to the shares described in the immediately prior sentence. 
 For the avoidance of doubt, notwithstanding
anything to the contrary in this Agreement, if the Executive does not execute and deliver the Release in the time period set forth above, or if the Executive revokes such Release during the applicable seven-day revocation period set forth in the
Release, then the Executive shall not be entitled to receive any payments or benefits described in Sections IIIA or IIIB (other than the Required Payments), and the Company shall not have any further obligations to the Executive under this Agreement
or the Employment Agreement (including under Section IIIB) except as otherwise required by applicable law. Additionally, the Executive acknowledges and agrees that notwithstanding anything in this Agreement to the contrary, with respect to fiscal
year 2010 and thereafter, following the Termination Date the Company shall not contribute any amount (whether 15% or otherwise) to a life insurance policy or supplemental life insurance policy or arrangement for the Executive and no such policy or
contribution shall be required under Sections IIIA(5) and IIIA(7); provided, that, the Executive will be able to receive the continued group insurance benefits under Section IIIA(7) . In addition, the Executive acknowledges and agrees that the
medical and dental coverage provided above shall be in lieu of any COBRA or similar local or state law. 
 B. Accrued/Other
Obligations 
 As soon as reasonably practicable following the Termination Date, or such earlier date as may be required by applicable state
statute or regulation (or as otherwise provided below), the Company shall provide the Executive, the payment and benefits described below (the “Accrued/Other Obligations”): 

1. any Base Salary or other compensation earned but not paid to the Executive prior to the Termination Date with such payment being made
on the first regularly scheduled payroll date occurring on or following the Termination Date; 
  

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 2. any payments, benefits or entitlements that are vested, fully and unconditionally earned
or due pursuant to any Company plan, policy, program or arrangement or other agreement; 
 3. payment for any accrued but
unused vacation days which is estimated to be $79,327, with such payment being made on the first regularly scheduled payroll date occurring on or following the Termination Date; 

4. any legitimate business expenses that remain unreimbursed as of the Termination Date that are submitted for reimbursement in
accordance with Company policy within 30 days from the Termination Date; 
 5. transfer of ownership to Executive of the
Company-owned executive life insurance policies covering the Executive and issued by Pacific Life Insurance Company with the following policy numbers and in-force coverage amounts: VF80045790 ($675,000), VF80082630 ($225,000) and VF80110620 ($1,
575,000); and 
 6. continued indemnification of the Executive pursuant to Section 3(h) of the Employment Agreement for
acts, omissions and events occurring prior to the Termination Date. 
 For the avoidance of doubt, the Accrued/Other Obligations
described in this Section IIIB are not intended to result in any duplication of any payments or benefits described in this Agreement or any compensation or benefits plans, policies, programs, agreements or arrangements of the Company. All
payments due under Section IIIB(2) shall be paid in accordance with the applicable plan, policy, program, arrangement or other agreement. 

C. Full Satisfaction 

The Executive acknowledges and agrees that, except as otherwise set forth in this Agreement, the Executive is not entitled to any other
compensation or benefits from the Company (including without limitation any severance or retirement compensation or benefits under any Company plan, policy or arrangement), and, as of and after the Termination Date, except as provided in Sections
IIIA(5) and IIIA(7) of this Agreement, the Executive shall no longer participate in, accrue service credit or have contributions made on Executive’s behalf under any employee benefit plan sponsored by the Company in respect of periods
commencing on and following the Termination Date; provided that, except as expressly provided herein, nothing in this Agreement shall constitute a waiver by the Executive of Executive’s rights to vested benefits, if any, under any employee
benefit plan of the Company in respect of Executive’s services to the Company prior to the Termination Date. 
  

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 D. No Mitigation or Offset 

Except as provided in Section IIIA(5) and subject to Executive’s compliance with Section IV of this Agreement, the obligations of the
Company under this Agreement shall not be affected by the Executive’s receipt of compensation and benefits from another employer in the event that the Executive accepts new employment following the Termination Date and the Executive shall not
be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement. 

 

	IV.	Restrictive Covenants 

 A.
The Executive acknowledges and agrees that the Company has expended and shall continue to expend substantial amounts of time, money and effort to develop business strategies, employee and customer relationships and goodwill and build an effective
organization. The Executive acknowledges and agrees that the Executive shall continue to be bound by the restrictive covenants contained in the Employment Agreement, including Section 6 (Agreement Not to Compete) and Section 7 (Secret
Processes and Confidential Information). The Executive agrees that the Non-Competition Period (as defined in the Employment Agreement) shall be extended to the later of (i) two years after the Termination Date or (ii) the expiration of the
Consulting Period. The Executive agrees that the restrictions on the Executive’s use or disclosure of Confidential Information (as defined in the Employment Agreement) shall remain in force until five years after the Termination Date. Except as
modified in the preceding sentence, Sections 6 and 7 of the Employment Agreement shall remain in full effect. 
 B. The
Executive agrees to deliver to the Company all documents, data, records, notes, drawings, manuals and other tangible information in whatever form which pertains to the Company and the Executive will not retain any such information or any
reproduction or excerpt thereof; provided the Executive shall be permitted to retain his desk calendar, address book and rolodex. In addition, the Executive may retain his Company laptop and cell phone, provided that all Confidential Information is
removed from such laptop and cell phone and such information is promptly returned to the Company. 
 C. The Executive shall not,
whether in writing or orally, malign, denigrate or disparage the Company, its parents, subsidiaries or their respective predecessors and successors, or any of the current or former directors, senior officers, shareholders (who own more than 10% of
the outstanding common shares), partners (who own more than 10% of the vote), members (who own more than 10% of the vote), of any of the foregoing, with respect to any of their respective past or present activities, or otherwise publish (whether in
writing or orally) statements that tend to portray any of the aforementioned parties in an unfavorable light. The Company shall not whether in writing or orally, malign, denigrate or disparage the Executive. Notwithstanding the foregoing, nothing in
this Agreement shall prevent anyone in the preceding two sentences, from providing truthful testimony or other responses in connection with any lawful subpoena, court order or compulsory process in any investigation, proceeding or hearing before any
federal, state or local governmental agency or to make truthful statements as needed in litigation. 
  

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 D. If the Executive challenges the restrictions contained in Sections 6(a), 6(b), 6(c), 7(a)
or 7(b) of the Employment Agreement, as amended in Section IVA, or any court determines that any of these provisions are unlawful or unenforceable such that Executive need not honor those provisions, then the Executive shall not receive the pay and
benefits provided in Section IIIA (other than the Required Payments ) or if he has already received such pay, then Executive shall be required to repay such severance pay and benefits to the Company within 10 days of written demand by the Company.

 E. The Executive acknowledges that a violation by Executive of any of the covenants contained in this Section IV would cause
irreparable damage to the Company in an amount that would be material but not readily ascertainable, and that any remedy at law (including the payment of damages) would be inadequate. Accordingly, the Executive agrees that, notwithstanding any
provision of this Agreement to the contrary, the Company shall be entitled (without the necessity of showing economic loss or other actual damage or requirement to post bond) to injunctive relief (including temporary restraining orders, preliminary
injunctions and/or permanent injunctions) in any court of competent jurisdiction for any actual or threatened breach of any of the covenants set forth in this Section IV in addition to any other legal or equitable remedies it may have. The preceding
sentence shall not be construed as a waiver of the rights that the Company may have for monetary damages under this Agreement or otherwise, and all of the Company’s rights shall be unrestricted. 

 

	V.	Miscellaneous 

 A.
Non-Admission. Nothing contained in the Agreement shall be deemed or construed as an admission of wrongdoing or liability on the part of the Executive or on the part of the Company, and the Company hereby expressly denies any such wrongdoing
or liability. 
 B. Taxes. Notwithstanding any other provision of this Agreement to the contrary, the Company may
withhold from all amounts payable under this Agreement all federal, state, local and foreign taxes that are required to be withheld pursuant to any applicable laws and regulations. The Executive shall be responsible for the payment of
Executive’s portion of any and all required federal, state, local and foreign taxes incurred, or to be incurred, in connection with any amounts payable to the Executive under this Agreement. For the avoidance of doubt, the Executive
acknowledges and agrees that the Executive shall be solely responsible for the payment of taxes with respect to the Consulting Fees. 

C. Representation by Counsel. Prior to execution of this Agreement, Executive was advised by the Company of Executive’s right
to seek independent advice from an attorney of Executive’s own selection regarding this Agreement. Executive acknowledges that Executive has entered into this Agreement knowingly and voluntarily and with full knowledge and understanding of the
provisions of this Agreement after being given the opportunity to and having consulted with counsel. Executive further represents that in entering into this Agreement, Executive is not relying on any statements or representations made by any of the
Company’s directors, officers, employees or agents which are not expressly set forth herein, and that Executive is relying only upon Executive’s own judgment and any advice provided by Executive’s attorney. Within thirty
(30) days following receipt of an invoice, the Company will reimburse the Executive for all reasonable legal expenses the Executive incurred in connection with the negotiation and execution of this Agreement. 

 

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 D. Section 409A. Section 9 of the Employment Agreement (Section 409A) is
incorporated herein by reference and notwithstanding the timing in Section III, Section 9 of the Employment Agreement shall govern the timing of any such payment, subject, however, to the following provisions which shall apply notwithstanding
anything in this Agreement or in the Employment Agreement to the contrary. 
 1. Neither this Agreement nor the Employment
Agreement may be amended pursuant to the second sentence of Section 9(a) of the Employment Agreement without Executive’s prior written consent. 

2. The parties hereto agree that for purposes of Section 409A (which term as used herein shall include the regulations issued
thereunder and all notices, rulings and other guidance issued by the Internal Revenue Service interpreting same), (A) the Termination Date shall be treated as the date of Executive’s “separation from service”, as defined in
Section 409A , and (ii) Executive’s separation from service shall be treated as an “involuntary separation from service” as defined in Treas. Reg.§1.409A-1(n)(1). 

3. In the case of any amounts payable to Executive under this Agreement that may be treated as payable in the form of “a series of
installment payments”, as defined in Treas. Reg. §1.409A-2(b)(2)(iii), Executive’s right to receive such payments shall be treated as a right to receive a series of separate payments for purposes of Treas. Reg.
§1.409A-2(b)(2)(iii). 
 4. The parties hereto agree that the special rule referred to in Section 9(b) of the
Employment Agreement requiring a six (6) month delay in payment for amounts or benefits payable to Executive on account of his separation from service, if and to the extent required by Section 409A, shall be treated as not applicable to
the payments and benefits to be made or provided to Executive under Section IIIA other than payments under IIIA(1), IIIA(4) and IIIA(6) during the period expiring six months from the Termination Date, it being the parties’ intention to treat
such payments or benefits as qualifying for one or more of the exceptions from Section 409A’s requirements provided under the regulations and applicable guidance issued under Code section 409A. 

5. For the avoidance of doubt, the provisions of Section 9(d) of the Employment Agreement shall apply to all indemnification
payments, expense reimbursements, and in-kind benefits to be paid or provided to Executive under this Agreement. 
 6. For the
avoidance of doubt, the Company shall have no obligation to indemnify or otherwise hold the Executive (or any beneficiary) harmless from any taxes or penalties under Section 409A. 

E. Entire Agreement. Except as otherwise stated in this Agreement, this Agreement is the entire agreement between the Company and
the Executive with respect to the subject matter hereof and contains all agreements, whether written, oral, express or implied, between the Company and the Executive relating to the termination of the Executive’s employment with the Company and
the Executive’s provision of consulting services to the Company, and, as of the date of this Agreement, supersedes and extinguishes any other agreement or understanding 

 

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relating to the terms and conditions applicable to the termination of the Executive’s employment, and the Executive’s provision of consulting services to the Company, whether written,
oral, express or implied, between the Company and the Executive. This Agreement may not be modified or amended, nor may any rights under it be waived, except in a writing signed and agreed to by the Company and the Executive specifically referencing
the provision being so changed or modified. 
 F. Benefit of Agreement; Assignment; Beneficiary. 

1. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns, including, without
limitation, any corporation or person which may acquire all or substantially all of the Company’s assets or business, or with or into which the Company may be consolidated or merged (for the avoidance of doubt, this includes Parent), );
provided, that the Company may not assign its rights and obligations hereunder, without prior written consent of the Executive, other than as a result of a transaction described in this sentence (such consent not to be unreasonably withheld). This
Agreement shall also inure to the benefit of, and be enforced by, the Executive and Executive’s personal or legal representatives, executors, administrators, successor, heirs, distributes, devisees and legatees. 

2. No rights or obligations of the Executive hereunder may be assigned or transferred by the Executive, without the prior written
consent of the Company, except to the extent permitted under any applicable plan, policy, program, arrangement or other agreement with the Company or its affiliates or by will or operation of law. 

3. If the Executive should die while any amount, benefit or entitlement would still be payable (or due) to the Executive hereunder, all
such amounts, benefits and entitlements shall be paid or provided in accordance with the terms of this Agreement to the Executive’s beneficiary, devisee, legatee or other designee, or if there is no such designee, to the Executive’s
estate. 
 G. Headings. The Section headings herein are for convenience of reference only, do not constitute a part of
this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 H. Required Payment. The
phrase Required Payment shall mean the Tax Preparation, Welfare Continuation and Accrued/Other Obligations. 
 I.
Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision or provisions of this Agreement, which shall remain in full force and effect.

 J. Severability. If any term or provision of this Agreement is invalid, illegal or incapable of being enforced by any
applicable law or public policy, all other conditions and provisions of this Agreement shall nonetheless remain in full force and effect so long as the economic and legal substance of the transactions contemplated by this Agreement is not affected
in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

 

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 K. Waiver. The waiver by either party of a breach of any provision of this Agreement
shall not operate or be construed as a continuing waiver or as a consent to or waiver of any subsequent breach hereof. 
 L.
No Construction Against Drafter. No provision of this Agreement or any related document will be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of
such party having or being deemed to have structured or drafted such provision. 
 M. Governing Law; Venue; Waiver of Trial
by Jury. 
 1. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE
APPLICABLE TO AGREEMENTS MADE AND TO BE WHOLLY PERFORMED WITHIN THAT STATE, WITHOUT REGARD TO ITS CONFLICT OF LAWS PROVISIONS OR THE CONFLICT OF LAWS PROVISIONS OF ANY OTHER JURISDICTION WHICH WOULD CAUSE THE APPLICATION OF ANY LAW OTHER THAN THAT
OF THE STATE OF DELAWARE. 
 2. Each party to this Agreement irrevocably agrees for the exclusive benefit of the other that any
and all suits, actions or proceedings relating to Section VIB of this Agreement (collectively, “Actions” and, individually, an “Action”) may be maintained in either the courts of the State of Delaware or the federal
District Courts sitting in Wilmington, Delaware (collectively, the “Chosen Courts”) and that the Chosen Courts shall have jurisdiction to hear and determine or settle any such Action and that any such Actions may be brought in the
Chosen Courts. Each party irrevocably waives any objection that it may have now or hereafter to the laying of the venue of any Actions in the Chosen Courts and any claim that any Actions have been brought in an inconvenient forum and further
irrevocably agrees that a judgment in any Action brought in the Chosen Courts shall be conclusive and binding upon it and may be enforced in the courts of any other jurisdiction. 

3. Each party to this Agreement agrees that this Agreement involves at least $100,000 and that this Agreement has been entered into in
express reliance on Section 2708 of Title 6 of the Delaware Code. Each of the parties to this Agreement irrevocably and unconditionally agrees (i) that, to the extent such party is not otherwise subject to service of process in the State
of Delaware, it will appoint (and maintain an agreement with respect to) an agent in the State of Delaware as such party’s agent for acceptance of legal process and notify the other parties hereto of the name and address of said agent,
(ii) that service of process may also be made on such party by pre-paid certified mail with a validated proof of mailing receipt constituting evidence of valid service sent to such party at the address set forth in this Agreement, as such
address may be changed from time to time pursuant hereto, and (iii) that service made pursuant to clause (i) or (ii) above shall, to the fullest extent permitted by applicable law, have the same legal force and effect as if served
upon such party personally within the State of Delaware. 
  

 12 

 N. Waiver of Jury Trial. The Companies and the Executive each hereby waive any right
to a trial by jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement. 

O. Counterparts. The Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but
all of which together will constitute one and the same instrument. Signatures delivered by facsimile shall be effective for all purposes. 

P. Notice. All notices or other communications hereunder shall be in writing and shall be deemed to have been duly given
(a) when delivered personally, (b) upon confirmation of receipt when such notice or other communication is sent by facsimile, (c) one day after delivery to an overnight delivery courier, or (d) on the fifth day following the date
of deposit in the United States mail if sent first class, postage prepaid, by registered or certified mail. The addresses for such notices shall be as follows: 

For notices and communications to the Company: 

Spectrum Brands, Inc. 

Six Concourse Parkway 

Suite 3300 

Atlanta, GA 30328 

Facsimile: (770) 829-6295 

Attention: General Counsel 

For notices and communications to the Executive: at the address set forth in the records of the Company, as updated at the request of the
Executive from time to time. 
 Any party hereto may, by notice to the other, change its address for receipt of notices
hereunder. 
 Q. Company Warranty. The Company represents and warrants that it is fully authorized by action of its Board
(and has taken all necessary action required by the Merger Agreement) to enter into this Agreement and to perform its obligations under it. 
  

 13 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement effective as
of the date first written above. 
  

			
	SPECTRUM BRANDS, INC.
		
	 By:
	 	 /s/ John T. Wilson

		 	 Name: John T. Wilson

		 	 Title: SVP, Secretary and General Counsel

		
		 	 /s/ Kent J. Hussey

		 	 Kent J. Hussey

  

 14 

 EXHIBIT A 

RELEASE OF CLAIMS 
  

	1.	Release of Claims 

 In
partial consideration of the payments and benefits described in Section IIIA of the Separation and Consulting Agreement (the “Separation Agreement”) dated as of April [15], 2010, between Spectrum Brands Inc., a Delaware corporation
(the “Company”), and the undersigned (“Executive”), to which Executive agrees that Executive is not entitled until and unless Executive executes this Release and it becomes effective in accordance with the terms
hereof, Executive, for and on behalf of himself and his heirs, successors and assigns, subject to the last two sentences of this Section 1, hereby waives and releases any employment, compensation or benefit-related common law, statutory or
other complaints, claims, charges or causes of action of any kind whatsoever, both known and unknown, in law or in equity, which Executive ever had, now has or may have against the Company and its shareholders, parents, subsidiaries, successors,
assigns, directors, officers, partners, members, managers, employees, trustees (in their official and individual capacities), employee benefit plans and their administrators and fiduciaries (in their official and individual capacities),
representatives or agents, and each of their affiliates, successors and assigns, (collectively, the “Releasees”) by reason of facts or omissions which have occurred on or prior to the date that Executive signs this Release and which
arise from or in any way relate to Executive’s employment with and service to the Company and/or the termination of such employment and service from the Company, including, without limitation, any complaint, charge or cause of action arising
out of Executive’s employment or termination of employment, or any term or condition of that employment, or arising under federal, state or local laws pertaining to employment, including the Age Discrimination in Employment Act of 1967
(“ADEA,” a law which prohibits discrimination on the basis of age), the Older Workers Benefit Protection Act, the National Labor Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities Act of 1990, Title VII of
the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, all as amended, and any other Federal, state and local laws relating to discrimination on the basis
of age, sex or other protected class, all claims under Federal, state or local laws for express or implied breach of contract, wrongful discharge, defamation, intentional infliction of emotional distress, and any related claims for attorneys’
fees and costs. Executive further agrees that this Agreement may be pleaded as a full defense to any action, suit, arbitration or other proceeding covered by the terms hereof which is or may be initiated, prosecuted or maintained by Executive,
Executive’s descendants, dependents, heirs. executors, administrators or permitted assigns. By signing this Release, Executive acknowledges that Executive intends to waive and release any rights known or unknown that Executive may have against
the Releasees under these and any other laws; provided, that Executive does not waive or release claims with respect to (i) any rights he may have to any severance payments or benefits under the Separation Agreement, (ii) accrued vested
benefits under employee benefit plans of the Company and its subsidiaries and affiliates subject to the terms and conditions of such plans and applicable law, (iii) the Consulting Fees in accordance with the Separation Agreement, (iv) any
rights he may have as a passive stockholder of the Company, (v) any rights he may have to obtain contribution as permitted by law in the 

 

 A-1 

 
event of entry of judgment against the Executive as a result of any act or failure to act for which the Executive, on the one hand, and the Company, on the other hand, are jointly liable and
(vi) indemnification in accordance with the Company’s policies for acts or omission which occurred during the Term, except for any Proceedings (defined below) which are initiated by the Executive unless authorized in writing by the Board
or ratified by the Board (collectively, the “Unreleased Claims”). 
  

	2.	Proceedings 

 Executive
acknowledges that Executive has not filed any complaint, charge, claim or proceeding, except with respect to an Unreleased Claim, if any, against any of the Releasees before any local, state or federal agency, court or other body (each individually
a “Proceeding”). Executive represents that Executive is not aware of any basis on which such a Proceeding could reasonably be instituted. Executive (i) acknowledges that Executive will not initiate or cause to be initiated on
his behalf any Proceeding and will not participate in any Proceeding, in each case, except as required by law; and (ii) waives any right Executive may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of
any Proceeding, including any Proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”). Further, Executive understands that, by executing this Release, Executive will be limiting the availability of certain
remedies that Executive may have against the Company and limiting also the ability of Executive to pursue certain claims against the Releasees. Notwithstanding the above, nothing in Section 1 of this Release shall prevent Executive from
(i) initiating or causing to be initiated on his behalf any complaint, charge, claim or proceeding against the Company before any local, state or federal agency, court or other body challenging the validity of the waiver of his claims under the
ADEA contained in Section 1 of this Release (but no other portion of such waiver); or (ii) initiating or participating in an investigation or proceeding conducted by the EEOC. 

 

	3.	Time to Consider 

Executive acknowledges that Executive has been advised that he has forty-five (45) days from the date of receipt of this Release to
consider all the provisions of this Release and he does hereby knowingly and voluntarily waive said given forty-five (45) day period. EXECUTIVE FURTHER ACKNOWLEDGES THAT EXECUTIVE HAS READ THIS RELEASE CAREFULLY, HAS BEEN ADVISED BY THE COMPANY
TO, AND HAS IN FACT, CONSULTED AN ATTORNEY, AND FULLY UNDERSTANDS THAT BY SIGNING BELOW EXECUTIVE IS GIVING UP CERTAIN RIGHTS WHICH HE MAY HAVE TO SUE OR ASSERT A CLAIM AGAINST ANY OF THE RELEASEES, AS DESCRIBED IN SECTION 1 OF THIS RELEASE AND THE
OTHER PROVISIONS HEREOF. EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS RELEASE, AND EXECUTIVE AGREES TO ALL OF ITS TERMS VOLUNTARILY. 

 

	4.	Revocation 

 Executive
hereby acknowledges and understands that Executive shall have seven (7) days from the date of execution of this Release to revoke this Release (including, without 

 

 A-2 

 
limitation, any and all claims arising under the ADEA) and that neither the Company nor any other person is obligated to provide any benefits to Executive pursuant to Section IIIA of the
Separation Agreement until eight (8) days have passed since Executive’s signing of this Release without Executive having revoked this Release, in which event the Company immediately shall arrange and/or pay for any such benefits otherwise
attributable to said eight- (8) day period, consistent with the terms of the Separation Agreement. If Executive revokes this Release, Executive will be deemed not to have accepted the terms of this Release, and no action will be required of the
Company under any section of this Release. 
  

	5.	No Admission 

 This
Release does not constitute an admission of liability or wrongdoing of any kind by Executive or the Company. 
  

	6.	General Provisions 

 A
failure of any of the Releasees to insist on strict compliance with any provision of this Release shall not be deemed a waiver of such provision or any other provision hereof. If any provision of this Release is determined to be so broad as to be
unenforceable, such provision shall be interpreted to be only so broad as is enforceable, and in the event that any provision is determined to be entirely unenforceable, such provision shall be deemed severable, such that all other provisions of
this Release shall remain valid and binding upon Executive and the Releasees. 
  

	7.	Governing Law 

 The
validity, interpretations, construction and performance of this Release shall be governed by and construed in accordance with the laws of the State of Delaware applicable to agreements made and to be wholly performed within that State, without
regard to its conflict of laws provisions or the conflict of laws provisions of any other jurisdiction which would cause the application of any law other than that of the State of Delaware. 

IN WITNESS WHEREOF, Executive has hereunto set his hand as of the day and year set forth opposite his signature below. 

 

					
	  
	    	  
	  	
	DATE	    	KENT J. HUSSEY	  	

  

 A-3Offer Letter between Ajaypal Banga and MasterCard Inc.

 Exhibit 10.1 

Richard Haythornthwaite 
 Chairman 

MasterCard Worldwide 
 2000 Purchase Street

 Purchase, NY 10577-2509 
 tel.
1-914-249-2000 
 www.mastercard.com 

April 12, 2010 

Mr. Ajaypal Banga 
 Re:
Promotion to Chief Executive Officer         
 Dear Ajay: 

On behalf of the Board of Directors, I am pleased to offer you the position of President and Chief Executive Officer (“CEO”) of
MasterCard International Incorporated and MasterCard Incorporated, effective July 1, 2010. In addition, we are delighted with your election to the Company’s Board of Directors, effective immediately. 

The terms of the Company’s offer include modifications to your existing employment agreement which are summarized in the attached
schedule. Following receipt of your counter-signature in the space provided below, indicating your acceptance of the Company’s offer, we anticipate entering into a new employment agreement with you. The new agreement would supersede your
existing agreement and set forth, in detail, the terms of the Company’s offer summarized in the attached schedule. 
 On
behalf of the Board of Directors, I wish to express our tremendous optimism for the future of the Company under your leadership. We are impressed with your strong performance to date and look forward to working with you during this important period
of transition for the Company. 
  

	
	Sincerely,
	
	/s/ Richard Haythornthwaite
	
	Richard Haythornthwaite
	Chairman of the Board

  

	
	ACCEPTED AND AGREED:
	
	 /s/ Ajaypal Banga

	Ajaypal Banga
	
	 April 12, 2010

	Date signed

 SCHEDULE OF TERMS MODIFYING EMPLOYMENT AGREEMENT BETWEEN AJAYPAL BANGA AND MASTERCARD
INTERNATIONAL INCORPORATED, DATED JUNE 16, 2009 AND OFFER LETTER DATED JUNE 15, 2009  
 Subject to your acceptance of the offer, as set
forth in the accompanying letter, dated April 12, 2010, the following modifications will be made, effective July 1, 2010, to the current terms and conditions of your employment: 

1. Your base salary will be increased from $800,000 to $900,000. 

2. Your target bonus, as a percentage of your salary, will remain at 150%, with a revised target amount of $1,350,000. 

3. Your perquisite allowance is subject to review each year by the Human Resources and Compensation Committee of the Board of Directors. It is
anticipated that your perquisite allowance will increase from $35,000 in 2010 to $45,000 in 2011. 
 4. Upon your promotion to the position of
Chief Executive Officer on July 1, 2010, you will be granted a one-time Long Term Incentive award of 12,000 Restricted Stock Units (“RSU’s”), subject to the terms and conditions of the MasterCard Incorporated Long-Term Incentive
Plan and the award agreement. These RSU’s will have a four year cliff vesting schedule. Further details will be contained in the award agreement provided to you at the time of the grant. 

5. Based upon business requirements of this position, you will, as of July 1, 2010, have the use of an executive car service. Should you avail
yourself of this service for commutation, you will be required to track usage and will be responsible for tax purposes. Further details concerning the external company car service will be provided to you in a separate communication.

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