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                                                                     Exhibit 4.4

                                PLEDGE AGREEMENT
                              AND IRREVOCABLE PROXY

               PLEDGE AGREEMENT dated as of November 29, 1999 among Laars, Inc.,
a Delaware corporation ("Laars"), Water Pik Technologies, Inc., a Delaware
corporation ("Holdings") (Laars and Holdings are each sometimes referred to
herein as a "Grantor" and collectively as the "Grantors") and The Chase
Manhattan Bank, a New York banking corporation, as agent (the "Agent") for (i)
the lenders ("the Lenders") named in Schedule 2.01 of the Restated Credit
Agreement dated as of the date hereof, among Water Pik Technologies, Inc., a
Delaware corporation ("Water Pik"), Laars, (together with Water Pik, the
"Borrowers"), the guarantors named therein (the "Guarantors"), the Lenders and"
the Agent (as amended, modified or supplemented from time to time in accordance
with its terms, the "Credit Agreement") and (ii) for itself as issuer of the
Letters of Credit. Capitalized terms used herein and not defined herein shall
have the respective meanings assigned to such terms in the Credit Agreement.

               The Agent and the Lenders have agreed to extend Loans and certain
other financial accommodations including, without limitation, the issuance of
Letters of Credit to the Borrowers pursuant to, and subject to the terms and
conditions of, the Credit Agreement. The obligation of the Lenders to extend
such Loans and of the Agent to issue Letters of Credit under the Credit
Agreement is conditioned on the execution and delivery by the Grantors of a
pledge agreement in the form hereof to secure the following (collectively, the
"Secured Obligations"): (i) all Obligations, (ii) all obligations of the
Grantors at any time and from time to time under this Pledge Agreement, and
(iii) all other obligations of the Grantors and the Guarantors at any time and
from time to time under the Credit Agreement and the other Loan Documents and
(iv) all obligations of Holdings at any time and from time to time under the
Holdings Guaranty.

               Accordingly, the Grantors and the Agent hereby agree as follows:

               1. Pledge. As security for the payment and performance in full of
the Secured Obligations, each Grantor hereby transfers, grants, bargains, sells,
conveys, hypothecates, pledges, sets over, endorses over, and delivers unto the
Agent, and grants to the Agent, for its own benefit and for the benefit of the
Lenders, a security interest in, (a) the shares of capital stock listed in
Schedule I annexed hereto next to such Grantor's name (the "Initial Pledged
Stock") and any additional shares of" common stock of the issuers listed in
Schedule I annexed hereto obtained in the future by the Grantors (collectively,
the Initial Pledged Stock together with all such additional shares pledged in
the future, the "Pledged Stock"), (b) all instruments of indebtedness (whether
now existing or hereinafter arising) by any of the issuers listed in Schedule I
annexed hereto which name any Grantor as payee thereunder (the "Pledged Debt")
and (c) subject to Section 5 below, all proceeds of the Pledged Stock and
Pledged

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Debt, including, without limitation, all cash, securities or other property at
any time and from time to time receivable or otherwise distributed in respect of
or in exchange for any of or all such Pledged Stock or Pledged Debt (the items
referred to in clauses (a) through (c) being collectively called the
"Collateral"). Upon delivery to the Agent, any securities now or hereafter
included in the Collateral including, without limitation, the Pledged Stock (the
"Pledged Securities") shall be accompanied by undated stock powers duly executed
in blank or other instruments of transfer satisfactory to the Agent and by such
other instruments and documents as the Agent may reasonably request. Each
delivery of Pledged Securities shall be accompanied by a schedule showing a
description of the securities theretofore and then being pledged hereunder,
which schedule shall be attached hereto as Schedule I and made a part hereof.
Each schedule so delivered shall supersede any prior schedules so delivered.

               2. Delivery of Collateral. Each Grantor agrees to deliver
promptly or cause to be delivered to the Agent any and all Pledged Securities,
and any and all certificates or other instruments or documents representing any
of the Collateral (together with any necessary endorsement).

               3. Representations, Warranties and Covenants. Each Grantor hereby
represents, warrants and covenants to and with the Agent that:

               (a) except for the security interest granted to the Agent, each
Grantor (i) is and, subject to the provisions of the Credit Agreement, will at
all times continue to be the direct owner, beneficially and of record, of the
Pledged Securities that it is pledging hereunder and is and will continue to be
the holder of the Pledged Debt that it is pledging hereunder except for the
delivery and endorsement over of such Pledged Debt to the Agent as contemplated
hereunder, (ii) holds the Collateral that it is pledging hereunder free and
clear of all Liens, charges, encumbrances and security interests of every kind
and nature, and the Pledged Stock is subject to no options to purchase or any
similar or other rights of any person, (iii) will make no assignment, pledge,
hypothecation or, subject to the provisions of the Credit Agreement, transfer
of, or create any security interest in, the Collateral that it is pledging
hereunder including, without limitation, by virtue of becoming bound by any
agreement which restricts in any manner the rights of any present or future
holder of any Pledged Stock with respect thereto, and (iv) subject to Section 5
below, will cause any and all Collateral, whether for value paid by a Grantor or
otherwise, to be forthwith deposited with the Agent and pledged or assigned
hereunder;

               (b) each Grantor (i) has good right and legal authority to pledge
the Collateral it is pledging hereunder in the manner hereby done or
contemplated, (ii) will not amend, modify or supplement any Pledged Security
(including, without limitation, any Pledged Debt) without the prior written
consent of the Agent, nor forgive any Indebtedness evidenced by any Pledged
Security, and (iii) will defend its title or interest thereto or therein against
any and all attachments, Liens, claims, encumbrances, security interests or
other impediments of any nature, however arising, of all persons whomsoever;

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               (c) no consent or approval of any governmental body or regulatory
authority or any securities exchange was or is necessary to the validity of the
pledge effected hereby;

               (d) by virtue of the execution and delivery by each Grantor of
this Agreement, when the certificates, instruments or other documents
representing or evidencing the Collateral are delivered to the Agent in
accordance with this Agreement, the Agent will obtain a valid and perfected
first Lien upon and security interest in such Collateral as security for the
repayment of the Secured Obligations, prior to all other Liens and encumbrances
thereon and security interests therein;

               (e) the pledge effected hereby is effective to vest in the Agent
the rights of the Agent in the Collateral as set forth herein; and

               (f) all of the Pledged Stock has been duly authorized and validly
issued and as at the date hereof, the Initial Pledged Stock constitutes all of
the issued and outstanding shares of capital stock of the issuers listed on
Schedule I annexed hereto.

All representations, warranties and covenants of the Grantors contained in this
Agreement shall survive the execution, delivery and performance of this
Agreement until the termination of this Agreement pursuant to Section 15 hereof.

               4. Registration in Nominee Name; Denominations. Upon the
occurrence and during the continuance of an Event of Default, the Agent shall
have the right (in its sole and absolute discretion with subsequent notice to
the Grantors) to transfer to or to register the Pledged Securities in its own
name or the name of its nominee. In addition, the Agent shall at all times have
the right to exchange the certificates representing Pledged Securities for
certificates of smaller or larger denominations for any purpose consistent with
this Agreement.

               5. Voting Rights; Dividends; etc. (a) Unless and until an Event
of Default hereunder shall have occurred and be continuing:

                      (i)     Each Grantor shall be entitled to exercise any
and all voting and/or consensual rights and powers accruing to an owner of
Pledged Securities or any part thereof for any purpose not inconsistent with the
terms of this Agreement and the Credit Agreement provided that such action would
not adversely affect the rights inuring to the Agent or the Lenders under this
Agreement or the Credit Agreement or adversely affect the rights and remedies of
the Agent or the Lenders under this Agreement or the Credit Agreement or the
ability of the Agent or the Lenders to exercise the same.

                   (ii) The Agent shall execute and deliver to the Grantors, or
cause to be executed and delivered to the Grantors, all such proxies, powers of
attorney, and other instruments as the Grantors may reasonably request for the
purpose of enabling the Grantors to exercise the voting and/or consensual rights
and powers which they are entitled to exercise pursuant to subparagraph (i)
above.

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                  (iii) The Grantors shall be entitled to receive and retain any
and all cash dividends paid on the Pledged Securities only to the extent that
such cash dividends are permitted by, and otherwise paid in accordance with the
terms and conditions of, the Credit Agreement and applicable laws. Any and all

                      a.  noncash dividends,

                      b.  stock or dividends paid or payable in cash or
otherwise in connection with a partial or total liquidation or dissolution, and

                      c.  instruments, securities, other distributions in
property, return of capital, capital surplus or paid-in surplus or other
distributions made on or in respect of Pledged Securities (other than dividends
permitted by this Section 5(a)(iii)), whether paid or payable in cash or
otherwise, whether resulting from a subdivision, combination or reclassification
of the outstanding capital stock of the issuer of any Pledged Securities or
received in exchange for Pledged Securities or any part thereof, or in
redemption thereof, as a result of any merger, consolidation, acquisition or
other exchange of assets to which such issuer may be a party or otherwise,
shall be and become part of the Collateral, and, if received by any Grantor,
shall not be commingled by such Grantor with any of its other funds or property
but shall be held separate and apart therefrom, shall be held in trust for the
benefit of the Agent and the Lenders and shall be forthwith delivered to the
Agent in the same form as so received (with any necessary endorsement).

               (b) Upon the occurrence and during the continuance of an Event of
Default, all rights of any Grantor to receive any dividends, stock, instruments,
securities and other distributions which such Grantor is authorized to receive
pursuant to paragraph (a)(iii) of this Section 5 shall cease, and all such
rights shall thereupon become vested in the Agent, which shall have the sole and
exclusive right and authority to receive and retain such dividends. All
dividends which are received by any Grantor contrary to the provisions of this
Section 5(b) shall be received in trust for the benefit of the Agent, shall be
segregated from other property or funds of such Grantor and shall be forthwith
delivered to the Agent as Collateral in the same form as so received (with any
necessary endorsement). Any and all money and other property paid over to or
received by the Agent pursuant to the provisions of this Section 5 (b) shall be
retained by the Agent in an account to be established by the Agent upon receipt
of such money or other property and shall be applied in accordance with the
provisions of Section 9 hereof.

               (c) Upon the occurrence and during the continuance of an Event of
Default, all rights of any Grantor to exercise the voting and consensual rights
and pursuant to the irrevocable proxy granted herein, powers which it is
entitled to exercise pursuant to Section 5(a)(i) shall cease, and all such
rights shall thereupon become vested in the Agent, which shall have the sole and
exclusive right and authority to exercise such voting and consensual rights and
powers.

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               (d) As long as the Credit Agreement remains in effect and until
all of the Secured Obligations have been paid fully and indefeasibly, any
payments made in respect of the Pledged Debt shall be and become part of the
Collateral, and, if received by any Grantor, shall not be commingled by such
Grantor with any of its other funds or property but shall be held separate and
apart therefrom, shall be held in trust for the benefit of the Agent and the
Lenders and shall be forthwith delivered to the Agent in the same form as so
received.

               (e) In order to permit the Agent to exercise the voting and other
consensual rights which it may be entitled to exercise pursuant to Section 5(c)
and to receive all dividends and other distributions which it may be entitled to
receive under Section 5(a)(iii) or Section 5(b), each Grantor shall promptly
execute and deliver (or cause to be executed and delivered) to the Agent all
such proxies, dividend payment orders and other instruments as the Agent may
from time to time reasonably request.

               Without limiting the effect of the foregoing, each Grantor does
hereby constitute and appoint the Agent as its proxy, and the Agent shall have
the right, upon the occurrence and during the continuance of an Event of
Default, to exercise all rights, benefits, privileges and powers accruing to
such Grantor, as owner of the Pledged Securities, including, without limitation,
giving or withholding consent, calling and attending shareholders meetings to be
held from time to time with full power to vote and act for and in the name,
place, and stead of such Grantor and in the same manner, to the same extent, and
with the same effect that such Grantor would if personally present at such
meetings, giving to the Agent full power of substitution and revocation, which
proxy shall be effective, automatically and without the necessity of any action
(including any transfer of any Pledged Stock on the record books of the issuer
thereof) by any person (including the issuer of the Pledged Stock or any officer
or agent thereof).

                               THIS PROXY IS IRREVOCABLE

               Any proxy or proxies heretofore given by any Grantor to any
person or persons whatsoever are hereby revoked. This proxy shall continue in
full force and effect until such time as all Secured Obligations are paid and
satisfied in full in accordance with the terms of the Credit Agreement.

               6. Issuance of Additional Stock. Each Grantor agrees that it will
cause each of its subsidiaries not to issue any stock or other securities,
whether in addition to, by stock dividend or other distribution upon, or in
substitution for, the Pledged Securities or otherwise.

               7. Supplemental Documentation. In connection with the execution
and delivery of this Agreement each Grantor shall furnish or cause to be
furnished to the Agent on or prior to the Closing Date a certificate signed by a
Responsible Officer of such Grantor dated the Closing Date, certifying that, as
of the date of such certificate, all representations and warranties of such
Grantor in Section 3

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hereof are true and correct and that such Grantor is in compliance with all
conditions, agreements and covenants to be observed or performed hereunder.

               8. Remedies upon Event of Default. If an Event of Default shall
have occurred and be continuing, the Agent may sell or otherwise dispose of all
or any part of the Collateral, at public or private sale or at any broker's
board or on any securities exchange, for cash, upon credit or for future
delivery as the Agent shall deem appropriate. Each such purchaser at any such
sale shall hold the property sold absolutely, free from any claim or right on
the part of any Grantor, and each Grantor hereby waives (to the extent permitted
by law) all rights of redemption, stay and appraisal which such Grantor now has
or may at any time in the future have under any rule of law or statute now
existing or hereafter enacted.

               The Agent shall give the applicable Grantor 10 days' written
notice (which each Grantor agrees is reasonable notice within the meaning of
Section 9-504(3) of the Uniform Commercial Code as in effect in New York) of the
Agent's intention to make any sale of Collateral. Such notice, in the case of a
public sale, shall state the time and place for such sale and, in the case of a
sale at a broker's board or on a securities exchange, shall state the board or
exchange at which such sale is to be made and the day on which the Collateral,
or portion thereof, will first be offered for sale at such board or exchange.
Any such public sale shall be held at such time or times within ordinary
business hours and at such place or places as the Agent may fix and state in the
notice (if any) of such sale. At any such sale, the Collateral, or portion
thereof, to be sold may be sold in one lot as an entirety or in separate
parcels, as the Agent may (in its sole and absolute discretion) determine. The
Agent shall not be obligated to make any sale of any Collateral if it shall
determine not to do so, regardless of the fact that notice of sale of such
Collateral shall have been given. The Agent may, without notice or publication,
adjourn any public or private sale or cause the same to be adjourned from time
to time by announcement at the time and place fixed for sale, and such sale may,
without further notice, be made at the time and place to which the same was so
adjourned. In case any sale of all or any part of the Collateral is made on
credit or for future delivery, the Collateral so sold may be retained by the
Agent until the sale price is paid by the purchaser or purchasers thereof, but
the Agent shall not incur any liability in case any such purchaser or purchasers
shall fail to take up and pay for the Collateral so sold and, in case of any
such failure, such Collateral may be sold again upon like notice. At any public
sale made pursuant to this Section 8, The Chase Manhattan Bank or any Lender may
bid for or purchase, free (to the extent permitted by law) from any right of
redemption, stay or appraisal on the part of any Grantor (all said rights being
also hereby waived and released to the extent permitted by law), with respect to
the Collateral or any part thereof offered for sale and The Chase Manhattan Bank
or any such Lender may make payment on account thereof by using any claim then
due and payable to The Chase Manhattan Bank or any such Lender from such Grantor
as a credit against the purchase price, and The Chase Manhattan Bank or any such
Lender may, upon compliance with the terms of sale, hold, retain and dispose of
such property without further accountability to such Grantor therefor. For
purposes hereof, a written agreement to purchase the Collateral or any portion
thereof shall be treated as a sale thereof; the Agent shall be free to carry out
such sale and purchase pursuant to such

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agreement, and no Grantor shall be entitled to the return of the Collateral or
any portion thereof subject thereto, notwithstanding the fact that after the
Agent shall have entered into such an agreement all Events of Default shall have
been remedied and the Secured Obligations paid in full. The Grantors, jointly
and severally, shall remain liable for any deficiency. As an alternative to
exercising the power of sale herein conferred upon it, the Agent may proceed by
a suit or suits at law or in equity to foreclose this Agreement and to sell the
Collateral or any portion thereof pursuant to a judgment or decree of a court or
courts having competent jurisdiction or pursuant to a proceeding by a
court-appointed receiver.

               9. Application of Proceeds of Sale. The proceeds of any sale of
Collateral, as well as any Collateral consisting of cash, shall be applied by
the Agent as follows:

               FIRST, to the Agent to reimburse the Agent for that portion of
the payments, if any, made by it with respect to Letters of Credit for which a
Lender, as a participant in such Letter of Credit pursuant to Section 2.18 of
the Credit Agreement, failed to pay its pro rata share thereof as required
pursuant to such Section 2.18;

               SECOND, to the payment of all reasonable costs and expenses
incurred by the Agent in connection with such sale or otherwise in connection
with this Agreement or any of the Secured Obligations, including, but not
limited to, all court costs and the reasonable fees and expenses of its agents
and legal counsel, the repayment of all advances made by the Agent hereunder on
behalf of the Grantors or to protect and preserve the Collateral and any other
reasonable costs or expenses incurred in connection with the exercise of any
right or remedy hereunder;

               THIRD, to the Agent to be held as cash collateral to the extent
of undrawn amounts, if any, of outstanding Letters of Credit;

               FOURTH, pro rata to the payment in full of principal and interest
in respect of any Loans outstanding (pro rata as among the Lenders in accordance
with the amounts of the Loans made by them pursuant to the Credit Agreement);

               FIFTH, pro rata to the payment in full of all Secured Obligations
(other than those referred to above) owed to the Lenders (pro rata as among the
Lenders in accordance with their respective Commitments); and

               SIXTH, to the Grantors, their successors or assigns, or as a
court of competent jurisdiction may otherwise direct.

               10. Agent Appointed Attorney-in-Fact. Each Grantor hereby
appoints the Agent its attorney-in-fact for the purpose of carrying out the
provisions of this Agreement and taking any action and executing any instrument
which the Agent may deem necessary or advisable to accomplish the

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purposes hereof, which appointment is irrevocable and coupled with an interest.
Without limiting the generality of the foregoing, the Agent shall have the
right, upon the occurrence and during the continuance of an Event of Default,
with full power of substitution either in the Agent's name or in the name of
such Grantor, to ask for, demand, sue for, collect, receive receipt and give
acquittance for any and all moneys due or to become due and under and by virtue
of any Collateral, to endorse checks, drafts, orders and other instruments for
the payment of money payable to the applicable Grantor representing any interest
or dividend, or other distribution payable in respect of the Collateral or any
part thereof or on account thereof and to give full discharge for the same, to
settle, compromise, prosecute or defend any action, claim or proceeding with
respect thereto, and to sell, assign, endorse, pledge, transfer and make any
agreement respecting, or otherwise deal with, the same; provided, however, that
nothing herein contained shall be construed as requiring or obligating the
Agent, The Chase Manhattan Bank or the Lenders to make any commitment or to make
any inquiry as to the nature or sufficiency of any payment received by the
Agent, The Chase Manhattan Bank or the Lenders, or to present or file any claim
or notice, or to take any action with respect to the Collateral or any part
thereof or the moneys due or to become due in respect thereof or any property
covered thereby, and no action taken by the Agent, The Chase Manhattan Bank or
the Lenders or omitted to be taken with respect to the Collateral or any part
thereof shall give rise to any defense, counterclaim or offset in favor of any
Grantor or to any claim or action against the Agent or the Lenders in the
absence of the gross negligence or wilful misconduct of the Agent or the
Lenders.

               11. No Waiver. No failure on the part of the Agent to exercise,
and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right,
power or remedy by the Agent preclude any other or further exercise thereof or
the exercise of any other right, power or remedy. All remedies hereunder are
cumulative and are not exclusive of any other remedies provided by law. The
Agent and the Lenders shall not be deemed to have waived any rights hereunder or
under any other agreement or instrument unless such waiver shall be in writing
and signed by such parties.

               12. Registration, etc. Each Grantor agrees that, upon the
occurrence and during the continuance of an Event of Default hereunder, if for
any reason the Agent desires to sell any of the Pledged Securities at a public
sale, it will, at any time and from time to time, upon the written request of
the Agent, take or to cause the issuer of such Pledged Securities to take such
action and to prepare, distribute and/or file such documents, as are required or
advisable in the opinion of counsel for the Agent to permit the public sale of
such Pledged Securities. Each Grantor further agrees to indemnify, defend and
hold harmless the Agent, The Chase Manhattan Bank and the Lenders and any
underwriter and their respective officers, directors, affiliates and controlling
persons (within the meaning of Section 20 of the Securities Exchange Act of
1934) from and against all loss, liability, expenses, costs, fees and
disbursements of counsel (including, without limitation, a reasonable estimate
of the cost to the Agent of legal counsel), and claims (including the costs of
investigation) which they may incur insofar as such loss, liability, expense or
claim arises out of or is based upon any untrue statement of a material fact
contained in any prospectus (or any amendment or supplement thereto) or in any
notification or

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offering circular, or arises out of or is based upon any omission to state a
material fact required to be stated therein or necessary to make the statements
in any thereof not misleading, except insofar as the same arises out of any
untrue statement or omission based upon information furnished in writing to the
applicable Grantor or the issuer of such Pledged Securities by the Agent, The
Chase Manhattan Bank, any Lender or the underwriter expressly for use therein.
The Agent (with respect to such information furnished by it), The Chase
Manhattan Bank (with respect to such information furnished by it) or such Lender
(with respect to such information furnished by it) shall indemnify, defend and
hold harmless the Grantor or the issuer of such Pledged Securities and their
respective officers, directors, affiliates and controlling persons (within the
meaning of Section 20 of the Securities Exchange Act of 1934) upon the same
terms as are applicable to the Grantor pursuant hereto. Each Grantor further
agrees to use its best efforts to qualify, file or register, or cause the issuer
of such Pledged Securities to qualify, file or register, any of the Pledged
Securities under the Blue Sky or other securities laws of such states as may be
requested by the Agent and keep effective, or cause to be kept effective, all
such qualifications, filings or registrations. Each Grantor will bear all costs
and expenses of carrying out its obligations under this Section 12. Each Grantor
acknowledges that there is no adequate remedy at law for failure by it to comply
with the provisions of this Section 12 and that such failure would not be
adequately compensable in damages, and therefore agrees that its agreements
contained in this Section 12 may be specifically enforced.

               13. Security Interest Absolute. All rights of the Agent
hereunder, the grant of a security interest in the Collateral and all
obligations of the Grantors hereunder, shall be absolute and unconditional
irrespective of (i) any lack of validity or enforceability of the Credit
Agreement, any agreement with respect to any of the Secured Obligations or any
other agreement or instrument relating to any of the foregoing, (ii) any change
in time, manner or place of payment of, or in any other term of, all or any of
the Secured Obligations, or any other amendment or waiver of or any consent to
any departure from the Credit Agreement or any other agreement or instrument,
(iii) any exchange, release or nonperfection of any other collateral, or any
release or amendment or waiver of or consent to or departure from any guarantee,
for all or any of the Secured Obligations or (iv) any other circumstance which
might otherwise constitute a defense available to, or a discharge of, any
Grantor in respect of the Secured Obligations or in respect of this Agreement.

               14. Agent's Fees and Expenses. The Grantors shall be jointly and
severally obligated to, upon demand, pay to the Agent the amount of any and all
reasonable expenses, including the reasonable fees and expenses of its counsel
and of any experts or agents which the Agent may incur in connection with (i)
the administration of this Agreement, (ii) the custody or preservation of, or
the sale of, collection from, or other realization upon, any of the Collateral,
(iii) the exercise or enforcement of any of the rights of the Agent hereunder or
(iv) the failure by any Grantor to perform or observe any of the provisions
hereof. In addition, the Grantors indemnify, jointly and severally, and hold the
Agent and the Lenders harmless from and against any and all liability incurred
by the Agent or the Lenders hereunder or in connection herewith, unless such
liability shall be due to the gross negligence or wilful misconduct of the Agent
or the Lenders, as the case may be. Any such amounts payable as provided

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hereunder or thereunder shall be additional Secured Obligations secured hereby
and by the other Security Documents.

               15. Termination. This Agreement shall terminate when (a) all the
Secured Obligations have been fully and indefeasibly paid in cash, (b) the
Lenders have no further commitment to make any Loans under the Credit Agreement,
and (c) the Agent shall have no further obligation to issue any Letters of
Credit, at which time the Agent shall reassign and deliver to the Grantors, or
to such person or persons as the Grantors shall designate, against receipt, such
of the Collateral (if any) as shall not have been sold or otherwise still be
held by it hereunder, together with appropriate instruments of reassignment and
release; provided, however, that all indemnities of the Grantors contained in
this Agreement shall survive, and remain operative and in full force and effect
regardless of, the termination of this Agreement. Any such reassignment shall be
without recourse to or warranty by the Agent and at the expense of the Grantors.

               16. Notices. All communications and notices hereunder shall be in
writing and given as provided in the Credit Agreement.

               17. Further Assurances. Each Grantor agrees to do such further
acts and things, and to execute and deliver such additional conveyances,
assignments, agreements and instruments, as the Agent may at any time reasonably
request in connection with the administration and enforcement of this Agreement
or with respect to the Collateral or any part thereof or in order better to
assure and confirm unto the Agent its rights and remedies hereunder.

               18. Binding Agreement; Assignments. This Agreement, and the
terms, covenants and conditions hereof, shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns,
except that no Grantor shall be permitted to assign this Agreement or any
interest herein or in the Collateral, or any part thereof, or otherwise pledge,
encumber or grant any option with respect to the Collateral, or any part
thereof, or any cash or property held by the Agent as Collateral under this
Agreement.

               19. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (EXCEPT
CONFLICTS OF LAWS PRINCIPLES THEREOF), EXCEPT AS REQUIRED BY MANDATORY
PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF
THE SECURITY INTEREST HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY
PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE
STATE OF NEW YORK.

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               20. Severability. In case any one or more of the provisions
contained in this Agreement should be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired.

               21. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original, but all of which, when
taken together, shall constitute but one instrument. This Agreement shall be
effective when a counterpart which bears the signature of the Grantors shall
have been delivered to the Agent.

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               22. Section Headings. Section headings used herein are for
convenience only and are not to affect the construction of, or be taken into
consideration in interpreting, this Agreement.

               IN WITNESS WHEREOF, the parties hereto have duly executed this
Pledge Agreement as of the day and year first above written.

                                     LAARS, INC.

                                     By /s/ S. L. Main
                                       Name: S. L. Main
                                       Title: Controller

                                     WATER PIK TECHNOLOGIES, INC.

                                     By /s/ S. L. Main
                                       Name: S. L. Main
                                       Title: Controller

                                     THE CHASE MANHATTAN BANK, as Agent

                                     By /s/ Robert J. Arth
                                       Name: Robert J. Arth
                                       Title: Vice President

                                       12

The registrant hereby agrees to furnish supplementally to the Commission, upon
request, a copy of any omitted schedule to any of the agreements contained or
incorporated by reference herein.<PAGE>   1
                                                                     Exhibit 4.5

                               SECURITY AGREEMENT

               SECURITY AGREEMENT dated as of November 29, 1999, among Water Pik
Technologies, Inc., a Delaware corporation ("Water Pik" or a "Borrower"), Laars,
Inc., a Delaware corporation ("Laars" or a "Borrower" and together with Water
Pik, the "Borrowers"), Water Pik Technologies, Inc., a Delaware corporation
("Holdings"), Jandy Industries, Inc., a California corporation ("Jandy") (the
Borrowers, Holdings and Jandy are each sometimes referred to herein as a
"Grantor" and collectively as the "Grantors"), and The Chase Manhattan Bank, a
New York banking corporation, as agent ("Agent") for (i) the lenders (the
"Lenders") named in Schedule 2.01 of the Restated Credit Agreement dated as of
the date hereof, among the Grantors, the guarantors named therein (the
"Guarantors"), the Agent and the Lenders (as amended, modified or supplemented
from time to time in accordance with its terms, the "Credit Agreement") and (ii)
itself as issuer of the Letters of Credit.

               The Agent and the Lenders have agreed to extend Loans and certain
other financial accommodations, including, without limitation, the issuance of
the Letters of Credit to the Borrowers pursuant to, and subject to the terms and
conditions of, the Credit Agreement. The obligation of the Lenders to extend
such Loans and of the Agent to issue the Letters of Credit under the Credit
Agreement is conditioned on the execution and delivery by the Grantors of a
security agreement in the form hereof to secure the following (collectively, the
"Secured Obligations": (i) all Obligations (such Obligations to include, without
limitation, the due and punctual payment and performance of (a) the principal of
and interest on the Loans, when and as due, whether at maturity, by
acceleration, upon one or more dates set for prepayment or otherwise, (b)
Indebtedness at any time and from time to time under the Letters of Credit], (c)
all obligations of the Grantors at any time and from time to time under this
Agreement and (e) all other obligations of the Grantors and Guarantors at any
time and from time to time under the Credit Agreement and the other Loan
Documents) and (ii) all obligations of Holdings under the Guaranty.

               Accordingly, the Grantors and the Agent hereby agree as follows:

               1. Definitions of Terms Used Herein. All capitalized terms used
herein but not defined herein shall have the meanings set forth in the Credit
Agreement. As used herein, the following terms shall have the following
meanings:

                      (a)     "Accounts Receivable" shall mean (i) all of the
Grantors' present and future accounts, general intangibles, chattel paper and
instruments, as such terms are defined in the Uniform Commercial Code as in
effect in the State of New York ("NYUCC"), (ii) all moneys, securities and other
property and the proceeds thereof, now or hereafter held or received by, or in
transit to, the Agent or any other financial institution from or for any
Grantor, whether for safekeeping, pledge, custody, transmission, collection or
otherwise, and all of the deposits (general or special) of any

<PAGE>   2
Grantor, balances, sums and credits with, and all of the Grantors' claims
against the Agent or any other financial institution at any time existing, (iii)
all of the Grantors' right, title and interest, and all of the Grantors' rights,
remedies, security and Liens, in, to and in respect of any accounts receivable,
including, without limitation, rights of stoppage in transit, replevin,
repossession and reclamation and other rights and remedies of an unpaid vendor,
lienor or secured party, guaranties or other contracts of suretyship with
respect to accounts receivable, deposits or other security for the obligation of
any account debtor, and credit and other insurance, (iv) all of the Grantors'
right, title and interest in, to and in respect of all goods relating to, or
which by sale have resulted in, accounts receivable, including, without
limitation, all goods described in invoices or other documents or instruments
with respect to, or otherwise representing or evidencing, any account
receivable, and all returned, reclaimed or repossessed goods.

                      (b)     "Collateral" shall mean all (i) Accounts
Receivable, (ii) Documents, (iii) Equipment, (iv) General Intangibles, (v)
Inventory, (vi) Proceeds and (vii) Investment Property.

                      (c)     "Documents" shall mean all instruments, files,
records, ledger sheets and documents covering or relating to any of the
Collateral.

                      (d)     "Equipment" shall mean all of the Grantors'
machinery, equipment, vehicles, furniture and fixtures and all attachments,
accessories and equipment now or hereafter owned or acquired in the Grantors'
business or used in connection therewith, and all substitutions and replacements
thereof, wherever located, whether now owned or hereafter acquired by any
Grantor.

                      (e)     "General Intangibles" shall mean all of the
Grantors' present and future general intangibles of every kind and description,
including (without limitation) patents, patent applications, trade names and
trademarks and the goodwill of the business symbolized thereby, Federal, State
and local tax refund claims of all kinds.

                      (f)     "Inventory" shall mean all of the Grantors'
right, title and interest in and to raw materials, work in process, finished
goods and all other inventory (as such term is defined in the NYUCC), whether
now owned or hereafter acquired, and all wrapping, packaging, advertising and
shipping materials, and any documents relating thereto.

                      (g)     "Investment Property" shall mean all of the
Grantors' right, title and interest in and to all present and future securities,
security entitlements and securities accounts.

                      (h)     "Proceeds" shall mean any consideration received
from the sale, exchange, lease or other disposition of any asset or property
which constitutes Collateral, any other value received as a consequence of the
possession of any Collateral and any payment received from any insurer or other
person or entity as a result of the destruction, loss, theft or other
involuntary conversion of whatever nature of any asset or property that
constitutes Collateral, and shall include,

                                       2
<PAGE>   3
without limitation, all cash and negotiable instruments received or held by any
of the Lenders pursuant to any lockbox or similar arrangement relating to the
payment of Accounts Receivable.

               2. Security Interests. As security for the payment or
performance, as the case may be, of the Secured Obligations, the Grantors hereby
create and grant to the Agent, its successors and its assigns, for its own
benefit and for the pro rata benefit of the Lenders, their successors and their
assigns, a security interest in the Collateral (the "Security Interest").
Without limiting the foregoing, the Agent is hereby authorized to file one or
more financing statements, continuation statements or other documents for the
purpose of perfecting, confirming, continuing, enforcing or protecting the
Security Interest, naming the Grantors as debtors and the Agent as secured
party.

               The Grantors agree at all times to keep in all material respects
accurate and complete accounting records with respect to the Collateral,
including, but not limited to, a record of all payments and Proceeds received.

               3. Further Assurances. Each Grantor agrees, at its expense, to
execute, acknowledge, deliver and cause to be duly filed all such further
instruments and documents and take all such actions as the Agent may from time
to time reasonably request for the assuring and preserving of the Security
Interest and the rights and remedies created hereby, including, without
limitation, the payment of any fees and taxes required in connection with the
execution and delivery of this Agreement, the granting of the Security Interest
and the filing of any financing statements or other documents in connection
herewith. If any amount payable under or in connection with any of the
Collateral shall be or become evidenced by any promissory note or other
instrument, such note or instrument shall be promptly pledged and delivered to
the Agent, duly endorsed in a manner satisfactory to the Agent. Each Grantor
agrees to notify promptly the Agent of any change in its corporate name or in
the location of its chief executive office, its chief place of business or the
office where it keeps its records relating to the Accounts Receivable owned by
it and the location of any Collateral. Each Grantor agrees promptly to notify
the Agent if any material portion of the Collateral is damaged or destroyed.

               4. Inspection and Verification. The Agent and such persons as the
Agent may designate shall have the right, at any reasonable time or times during
a Grantor's usual business hours, and upon reasonable notice (which may be
telephonic), to inspect the Collateral owned by such Grantor, all records
related thereto (and to make extracts and copies from such records), and the
premises upon which any such Collateral is located, to discuss such Grantor's
affairs with the officers of such Grantor and its independent accountants and to
verify under reasonable procedures the validity, amount, quality, quantity,
value, and condition of or any other matter relating to, such Collateral,
including, in the case of Accounts Receivable or Collateral in the possession of
a third person, contacting account debtors and third persons possessing such
Collateral. Subject to the provisions of Section 11.11 of the Credit Agreement,
the Agent shall have the absolute right to share any information it gains from
such inspection or verification with any or all of the Lenders.

                                       3
<PAGE>   4
               5. Taxes; Encumbrances. At its option, the Agent may discharge
past due taxes, liens, security interests or other encumbrances at any time
levied or placed on the Collateral and not permitted under the Credit Agreement,
and may pay for the maintenance and preservation of the Collateral to the extent
a Grantor fails to do so as required by the Credit Agreement, and each Grantor
agrees to reimburse the Agent on demand for any payment made or any expense
incurred by it pursuant to the foregoing authorization; provided, however, that
nothing in this Section 5 shall be interpreted as excusing a Grantor from the
performance of any covenants or other promises with respect to taxes, liens,
security interests or other encumbrances and maintenances as set forth herein or
in the Credit Agreement.

               6. Assignment of Security Interest. If at any time a Grantor
shall take and perfect a security interest in any property of an account debtor
or any other person to secure payment and performance of an Account Receivable,
such Grantor shall promptly assign such security interest to the Agent. Such
assignment need not be filed of public record unless necessary to continue the
perfected status of the security interest against creditors of and transferees
from the account debtor or other person granting the security interest.

               7. Representations and Warranties. Each Grantor represents and
warrants to the Agent that:

                      (a)     Title and Authority.  It has (i) rights in and
good title to the Collateral in which it is granting a security interest
hereunder and (ii) the requisite power and authority to grant to the Agent the
Security Interest in such Collateral pursuant hereto and to execute, deliver and
perform its obligations in accordance with the terms of this Agreement, without
the consent or approval of any other person other than any consent or approval
which has been obtained.

                      (b)     Filing.  Fully executed Uniform Commercial Code
financing statements containing a description of the Collateral shall have been,
or shall be delivered to the Agent in a form such that they can be, filed of
record in every governmental, municipal or other office in every jurisdiction in
which any portion of the Collateral is located necessary to publish notice of
and protect the validity of and to establish a valid, legal and perfected
security interest in favor of the Agent in respect of the Collateral in which a
security interest may be perfected by filing in the United States and its
territories and possessions, and no further or subsequent filing, refiling,
recording, rerecording, registration or reregistration is necessary in any such
jurisdiction, except as provided under applicable law with respect to the filing
of Uniform Commercial Code continuation statements.

                      (c)     Validity of Security Interest.  The Security
Interest constitutes a valid, legal and perfected first priority security
interest in all of the Collateral for payment and performance of the Secured
Obligations, except as otherwise permitted under the Credit Agreement.

                                       4
<PAGE>   5
                      (d)     Information Regarding Names.  It has disclosed in
writing to the Agent on Schedule I attached hereto any trade names or styles
(the "Tradenames") used to identify it in its business or in the ownership of
its properties and as to each such Tradename confirms that:

                           (i) each Tradename is a trade name and style (and not
                  the name of an independent corporation or other legal entity)
                  by which a Grantor may identify and sell certain of its goods
                  or services and conduct a portion of its business;

                           (ii) all Accounts Receivable involved under the
                  Tradenames are and shall be (x) owned solely by the Grantors
                  and (y) subject to the security interests and other terms of
                  this Security Agreement and the Credit Agreement;

                           (iii) any dispute which may arise with customers with
                  respect to the products invoiced under the name of any of the
                  Tradenames are to be subject to the terms of this Security
                  Agreement and the Credit Agreement as through the Tradenames
                  did not exist; and

                           (iv) new Tradenames may only be used after notice to
                  the Agent, which notice shall set forth the name of such new
                  Tradename.

                      (e)     Absence of Other Liens.  The Collateral is owned
by it free and clear of any Lien of any nature whatsoever, except as granted
pursuant to this Agreement and as permitted by the Credit Agreement, and, except
as provided by paragraph (b) of this Section 7, no financing statement has been
filed, under the Uniform Commercial Code as in effect in any state or otherwise,
covering any Collateral except as indicated on Schedule 7.01 to the Credit
Agreement.

                      (f)     Additional Representations for Accounts
Receivable. (i) All Accounts Receivable owned by the Grantors on the Closing
Date constitute bona fide receivables arising in the ordinary course of
business, the amount of which is actually owing and payable to the Grantors in
the ordinary course of business, subject to no defense, claim of disability,
counterclaim or offset with respect thereto. All such Accounts Receivable, net
of a bad debt reserve determined in accordance with generally accepted
accounting principles, are collectible in accordance with their terms.

                      (ii)      Each Account Receivable arising after the
Closing Date shall be on the date of its creation a good and valid account
representing an undisputed bona fide indebtedness incurred or an amount
indisputably owed by the Customer therein named, for a fixed sum, to the extent,
set forth in the invoice relating thereto, with respect to an absolute sale and
delivery upon the specified terms of goods sold by such Grantor, or work, labor
and/or services theretofore rendered by such Grantor; no such Account Receivable
is or shall at any time be subject to any defense, offset, counterclaim,
discount or allowance except as may be stated in the invoice relating thereto or
discounts and allowances as may be customary in such Grantor's business, and
such Grantor has no reason to

                                       5
<PAGE>   6
believe such Accounts Receivable will not be paid when due; none of the
transactions underlying or giving rise to any such Account Receivable shall
violate any applicable State or Federal laws or regulations, and all documents
relating to any such Account Receivable shall be legally sufficient under such
laws or regulations and are legally enforceable in accordance with their terms;
to the best knowledge of such Grantor, each customer, guarantor or endorser is
solvent and will continue to be fully able to pay all such Accounts Receivable
on which it is obligated in full when due; no agreement under which any
deduction or offset of any kind, other than normal trade discounts and discounts
granted by a Grantor in the ordinary course of its business in accordance with
its historical practices, have been granted by such Grantor, at or before the
time such Account Receivable was created; all documents and agreements relating
to such Accounts Receivable shall be true and correct and in all respects what
they purport to be; to the best of each Grantor's knowledge, all signatures and
endorsements that appear on all documents and agreements relating to such
Accounts Receivable are genuine and all signatories and endorsers shall have
full capacity to contract.

                      (g)     Survival of Representations and Warranties.  All
representations and warranties of the Grantors contained in this Agreement shall
survive the execution, delivery and performance of this Agreement until the
termination of this Agreement pursuant to Section 28.

               8. Records of Accounts Receivable; Physical Count of Inventory.
(a) Each Grantor shall keep or cause to be kept records of its Accounts
Receivable which are accurate in all material respects. In addition, each
Grantor will provide the Agent with such further schedules and/or information
respecting each Account Receivable as the Agent may reasonably require.

                 (b) Each Grantor shall conduct a physical count of its
Inventory at such intervals as the Agent may reasonably request, and promptly
supply the Agent with a copy of such counts accompanied by a report of the value
(based on the lower of cost (on a FIFO basis) or market value) of such
Inventory.

               9. Supplemental Documentation. In connection with the execution
and delivery of this Agreement, each Grantor shall furnish or cause to be
furnished to the Agent on or prior to the Closing Date a certificate, signed by
a Responsible Officer of such Grantor dated the Closing Date, certifying that,
as of the date of such certificate, all representations and warranties of such
Grantor in Section 7 are true and correct and that such Grantor is in compliance
with all conditions, agreements and covenants to be observed or performed
hereunder.

               10. Protection of Security. Each Grantor shall, at its own cost
and expense, take any and all actions reasonably necessary to defend title to
the Collateral owned by it against all persons and to defend the Security
Interest of the Agent in such Collateral, and the priority thereof, against any
adverse Lien of any nature whatsoever except for Liens permitted pursuant to
Section 7.01 of the Credit Agreement.

                                       6
<PAGE>   7
               11. Continuing Obligations of the Grantors. Each Grantor shall
remain liable to observe and perform all the conditions and obligations to be
observed and performed by it under each contract, agreement, interest or
obligation relating to the Collateral, all in accordance with the terms and
conditions thereof, and shall indemnify and hold harmless the Agent, and the
Lenders from any and all such liabilities.

               12. Use and Disposition of Collateral. Except as set forth in the
Credit Agreement, no Grantor shall make or permit to be made any assignment,
pledge or hypothecation of the Collateral, or grant any security interest in the
Collateral except for the Security Interest. No Grantor shall make or permit to
be made any transfer of any Collateral, except Inventory in the ordinary course
of business and as otherwise permitted by the Credit Agreement, and each Grantor
shall remain at all times in possession of the Collateral owned by it other than
as set forth on Schedule I annexed hereto, transfers to the Agent pursuant to
the provisions hereof and as otherwise provided in this Agreement or the Credit
Agreement.

               13. Limitation on Modifications of Accounts Receivable. No
Grantor will, without the Agent's prior written consent, grant any extension of
the time of payment of any of its Accounts Receivable, compromise, compound or
settle the same for less than the full amount thereof, release, in whole or in
part, any person liable for the payment thereof, or allow any credit or discount
whatsoever thereon other than extensions, credits, discounts, compromises or
settlements granted or made in the ordinary course of business.

               14. Collections. (a) At the times set forth in Section 10.01 of
the Credit Agreement, each Grantor shall have the right to collect its Accounts
Receivable in the ordinary course of its business; provided, however, that at
the request of the Agent, each Grantor shall (i) arrange for remittances on any
of its Account Receivable to be made directly to lockboxes or blocked accounts
designated by the Agent or in such other manner as the Agent may direct, and
(ii) promptly deposit all payments received by such Grantor on account of
Accounts Receivable, whether in the form of cash, checks, notes, drafts, bills
of exchange, money orders or otherwise, in one or more accounts designated by
the Agent in precisely the form received (but with any endorsements of such
Grantor necessary for deposit or collection), subject to withdrawal by the Agent
only, as hereinafter provided, and until they are deposited, shall be deemed to
be held in trust by such Grantor for and as the Agent's property on its own
behalf and on behalf of the Lenders and shall not be commingled with such
Grantor's other funds.

                      (b)  The Agent shall have the right, as the true and
lawful agent of the Grantors, with power of substitution for the Grantors and in
the applicable Grantor's name, the Agent's name or otherwise, for the use and
benefit of the Agent and the Lenders, (i) to endorse the applicable Grantor's
name upon any notes, acceptances, checks, drafts, money orders or other
evidences of payment or Collateral that may come into its possession; (ii) to
sign the name of the applicable Grantor on any invoice or bill of lading
relating to any of the Collateral, drafts against Customers, assignments and

                                       7
<PAGE>   8
verifications of Accounts Receivable and notices to Customers; (iii) to send
verifications in form reasonably satisfactory to the applicable Grantor of
Accounts Receivable to any Customer; and (iv) upon the occurrence and during the
continuance of an Event of Default, (A) to receive, endorse, assign and/or
deliver any and all notes, acceptances, checks, drafts, money orders or other
evidences or instruments of payment relating to the Collateral or any part
thereof, and each Grantor hereby waives notice of presentment, protest and
non-payment of any instrument so endorsed, (B) to demand, collect, receive
payment of, give receipt for, extend the time of payment of and give discharges
and releases of all or any of the Collateral and/or release the Obligor thereon,
(C) to commence and prosecute any and all suits, actions or proceedings at law
or in equity in any court of competent jurisdiction to collect or otherwise
realize on all or any of the Collateral or to enforce any rights in respect of
any Collateral, (D) to settle, compromise, compound, adjust or defend any
actions, suits or proceedings relating to or pertaining to all or any of the
Collateral, (E) to notify, or to require the applicable Grantor to notify, the
account debtors obligated on any or all of the Accounts Receivable to make
payment thereof directly to the Agent, (F) to notify the Postal Service
authorities to change the address for delivery of mail addressed to any Grantor
to such address as the Agent may designate, (G) to accept the return of goods
represented by any of the Accounts Receivable, and (H) to use, sell, assign,
transfer, pledge, make any agreement with respect to or otherwise deal with all
or any of the Collateral, and to do all other acts and things necessary to carry
out the purposes of this Agreement, as fully and completely as though the Agent
were the absolute owner of the Collateral for all purposes; provided, however,
that nothing herein contained shall be construed as requiring or obligating the
Agent or any Lender to make any commitment or to make any inquiry as to the
nature or sufficiency of any payment received by the Agent or such Lender or to
present or file any claim or notice, or to take any action with respect to the
Collateral or any part thereof or the moneys due or to become due in respect
thereof or any property covered thereby, and no action taken by the Agent or any
Lender or omitted to be taken with respect to the Collateral or any part thereof
shall give rise to any defense, counterclaim or offset in favor of any Grantor
or to any claim or action against the Agent or any Lender in the absence of the
gross negligence or willful misconduct of the Agent or such Lender. It is
understood and agreed that the appointment of the Agent as the agent of the
Grantors for the purposes set forth above in this Section 14 is coupled with an
interest and is irrevocable. The provisions of this Section 14 shall in no event
relieve any Grantor of any of its obligations hereunder or under the Credit
Agreement with respect to the Collateral or any part thereof or impose any
obligation on the Agent or any Lender to proceed in any particular manner with
respect to the Collateral or any part thereof, or in any way limit the exercise
by the Agent or any Lender of any other or further right which it may have on
the date of this Agreement or hereafter, whether hereunder or by law or
otherwise.

               15. Remedies upon Default. Upon the occurrence and during the
continuance of an Event of Default, each Grantor agrees to deliver each item of
Collateral to the Agent on demand, and it is agreed that the Agent shall have
the right to take any or all of the following actions at the same or different
times in accordance with applicable law: with or without legal process and with
or without previous notice or demand for performance, to take possession of the
Collateral and without liability for trespass (except for actual damage caused
by the Agent's gross negligence or willful misconduct) to

                                       8
<PAGE>   9
enter any premises where the Collateral may be located for the purpose of taking
possession of or removing the Collateral and, generally, to exercise any and all
rights afforded to a secured party under, and subject to its obligations
contained in, the Uniform Commercial Code as in effect in any state or other
applicable law. Without limiting the generality of the foregoing, each Grantor
agrees that the Agent shall have the right, subject to the mandatory
requirements of applicable law, to sell or otherwise dispose of all or any part
of the Collateral, at public or private sale or at any broker's board or on any
securities exchange, for cash, upon credit or for future delivery as the Agent
shall deem appropriate. Each such purchaser at any such sale shall hold the
property sold absolutely free from any claim or right on the part of the
applicable Grantor, and such Grantor hereby waives (to the extent permitted by
law) all rights of redemption, stay and appraisal which such Grantor now has or
may at any time in the future have under any rule of law or statute now existing
or hereafter enacted.

               The Agent shall give the applicable Grantor 10 days' written
notice (which each Grantor agrees is reasonable notice within the meaning of
Section 9-504(3) of the NYUCC) of the Agent's intention to make any sale of
Collateral. Such notice, in the case of a public sale, shall state the time and
place for such sale and, in the case of a sale at a broker's board or on a
securities exchange, shall state the board or exchange at which such sale is to
be made and the day on which the Collateral, or portion thereof, will first be
offered for sale at such board or exchange. Any such public sale shall be held
at such time or times within ordinary business hours and at such place or places
as the Agent may fix and state in the notice (if any) of such sale. At any such
sale, the Collateral, or portion thereof, to be sold may be sold in one lot as
an entirety or in separate parcels, as the Agent may (in its sole and absolute
discretion) determine. The Agent shall not be obligated to make any sale of any
Collateral if it shall determine not to do so, regardless of the fact that
notice of sale of such Collateral shall have been given. The Agent may, without
notice or publication, adjourn any public or private sale or cause the same to
be adjourned from time to time by announcement at the time and place fixed for
sale, and such sale may, without further notice, be made at the time and place
to which the same was so adjourned. In case any sale of all or any part of the
Collateral is made on credit or for future delivery, the Collateral so sold may
be retained by the Agent until the sale price is paid by the purchaser or
purchasers thereof, but the Agent shall not incur any liability in case any such
purchaser or purchasers shall fail to take up and pay for the Collateral so sold
and, in case of any such failure, such Collateral may be sold again upon like
notice. At any public sale made pursuant to this Section 15, The Chase Manhattan
Bank or any Lender may bid for or purchase, free (to the extent permitted by
law) from any right of redemption, stay or appraisal on the part of any Grantor
(all said rights being also hereby waived and released to the extent permitted
by law), with respect to the Collateral or any part thereof offered for sale and
The Chase Manhattan Bank or any such Lender may make payment on account thereof
by using any claim then due and payable to The Chase Manhattan Bank or any such
Lender from such Grantor as a credit against the purchase price, and The Chase
Manhattan Bank or any such Lender may, upon compliance with the terms of sale,
hold, retain and dispose of such property without further accountability to such
Grantor therefor. For purposes hereof, a written agreement to purchase the
Collateral or any portion thereof shall be treated as a sale thereof; the Agent
shall be free to carry out such sale and purchase pursuant to such agreement,
and no Grantor shall be entitled to the return of the Collateral or any

                                       9
<PAGE>   10
portion thereof subject thereto, notwithstanding the fact that after the Agent
shall have entered into such an agreement all Events of Default shall have been
remedied and the Secured Obligations paid in full and/or the Total Commitment
shall have been terminated. Grantors, jointly and severally, shall remain liable
for any deficiency. As an alternative to exercising the power of sale herein
conferred upon it, the Agent may proceed by a suit or suits at law or in equity
to foreclose this Agreement and to sell the Collateral or any portion thereof
pursuant to a judgment or decree of a court or courts having competent
jurisdiction or pursuant to a proceeding by a court-appointed receiver.

               16. Application of Proceeds. The proceeds of any collection or
sale of Collateral, as well as any Collateral consisting of cash, shall be
applied by the Agent as follows:

                      FIRST, to the Agent to reimburse the Agent for that
portion of the payments, if any, made by it with respect to Letters of Credit
for which a Lender, as a participant in such Letter of Credit pursuant to
Section 2.18 of the Credit Agreement, failed to pay its pro rata share thereof
as required pursuant to such Section 2.18;

                      SECOND, to the payment of all reasonable costs and
expenses incurred by the Agent in connection with such collection or sale or
otherwise in connection with this Agreement or any of the Secured Obligations,
including, but not limited to, all court costs and the reasonable fees and
expenses of its agents and legal counsel, the repayment of all advances made by
the Agent hereunder on behalf of the Grantors and any other reasonable costs or
expenses incurred in connection with the exercise of any right or remedy
hereunder;

                      THIRD, to the Agent to be held as cash collateral to the
extent of the undrawn amounts, if any, of outstanding Letters of Credit;

                      FOURTH, pro rata to the payment in full of principal and
interest in respect of any Loans outstanding (pro rata as among the Lenders in
accordance with the amounts of the Loans made by them pursuant to the Credit
Agreement);

                      FIFTH, pro rata to the payment in full of all Secured
Obligations (other than those referred to above) owed to the Lenders (pro rata
as among the Lenders in accordance with their respective Commitments); and

                      SIXTH, to the Grantors, their successors and assigns, or
as a court of competent jurisdiction may otherwise direct.

Upon any sale of the Collateral by the Agent (including, without limitation,
pursuant to a power of sale granted by statute or under a judicial proceeding),
the receipt of the Agent or of the officer making the sale shall be a sufficient
discharge to the purchaser or purchasers of the Collateral so sold and such
purchaser or purchasers shall not be obligated to see to the application of any
part of the purchase

                                       10
<PAGE>   11
money paid over to the Agent or such officer or be answerable in any way for the
misapplication thereof.

               17. Locations of Collateral; Place of Business. (a) Each Grantor
hereby represents and warrants that all the Collateral is located at the
locations listed on Schedule I hereto and that its federal employer
identification number is as set forth on said Schedule. The Grantors agree not
to establish, or permit to be established, any other location for Collateral
unless all filings under the Uniform Commercial Code as in effect in any state
or otherwise which are required by this Agreement or the Credit Agreement to be
made with respect to the Collateral have been made and the Agent has a valid,
legal and perfected first priority security interest in the Collateral.

                      (b)  Each Grantor confirms that its chief executive
office is located as indicated on Schedule I hereto. Each Grantor agrees not to
change, or permit to be changed, the location of its chief executive office
unless all filings under the Uniform Commercial Code or otherwise which are
required by this Agreement or the Credit Agreement to be made have been made and
the Agent has a valid, legal and perfected first priority security interest.

               18. Security Interest Absolute. All rights of the Agent
hereunder, the Security Interest, and all obligations of the Grantors hereunder,
shall be absolute and unconditional irrespective of (i) any lack of validity or
enforceability of the Credit Agreement, any other Loan Document, any other
agreement with respect to any of the Secured Obligations or any other agreement
or instrument relating to any of the foregoing, (ii) any change in the time,
manner or place of payment of, or in any other term of, all or any of the
Secured Obligations, or any other amendment or waiver of or consent to any
departure from the Credit Agreement, any other Loan Document or any other
agreement or instrument, (iii) any exchange, release or nonperfection of any
other Collateral, or any release or amendment or waiver of or consent to or
departure from any guarantee, for all or any of the Secured Obligations, or (iv)
any other circumstance which might otherwise constitute a defense available to,
or discharge of, the Grantors, any of the Guarantors or any other obligor in
respect of the Secured Obligations or in respect of this Agreement.

               19. No Waiver. No failure on the part of the Agent to exercise,
and no delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right,
power or remedy by the Agent preclude any other or further exercise thereof or
the exercise of any other right, power or remedy. All remedies hereunder are
cumulative and are not exclusive of any other remedies provided by law. The
Agent and the Lenders shall not be deemed to have waived any rights hereunder or
under any other agreement or instrument unless such waiver shall be in writing
and signed by such parties.

               20. Agent Appointed Attorney-in-Fact. Each Grantor hereby
appoints the Agent the attorney-in-fact of such Grantor solely for the purpose
of carrying out the provisions of this Agreement

                                       11
<PAGE>   12
and taking any action and executing any instrument which the Agent may deem
necessary or advisable to accomplish the purposes hereof, which appointment is
irrevocable and coupled with an interest.

               21. Agent's Fees and Expenses. The Grantors shall be jointly and
severally obligated to, upon demand, pay to the Agent the amount of any and all
reasonable expenses, including the reasonable fees and expenses of its counsel
and of any experts or agents which the Agent may incur in connection with (i)
the administration of this Agreement, (ii) the custody or preservation of, or
the sale of, collection from, or other realization upon, any of the Collateral,
(iii) the exercise or enforcement of any of the rights of the Agent hereunder,
or (iv) the failure of any representation or warranty of a Grantor hereunder to
be true and correct in all material respects or the failure by any Grantor to
perform or observe any of the provisions hereof. In addition, the Grantors
jointly and severally indemnify and hold the Agent and the Lenders harmless from
and against any and all liability incurred by the Agent or the Lenders hereunder
or in connection herewith, unless such liability shall be due to the gross
negligence or willful misconduct of the Agent or the Lenders, as the case may
be. Any such amounts payable as provided hereunder or thereunder shall be
additional Secured Obligations secured hereby and by the other Security
Documents.

               22. Binding Agreement; Assignments. This Agreement, and the
terms, covenants and conditions hereof, shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns,
except that the Grantors shall not be permitted to assign this Agreement or any
interest herein or in the Collateral, or any part thereof, or any cash or
property held by the Agent as Collateral under this Agreement, except as
contemplated by this Agreement or the Credit Agreement.

               23. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE
EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST HEREUNDER, OR
REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE
LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

               24. Notices. All communications and notices hereunder shall be in
writing and given as provided in the Credit Agreement.

               25. Severability. In case any one or more of the provisions
contained in this Agreement should be invalid, illegal or unenforceable the
remaining provisions contained herein shall not in any way be affected or
impaired.

               26. Section Headings. Section headings used herein are for
convenience only and are not to affect the construction of, or to be taken into
consideration in interpreting, this Agreement.

                                       12
<PAGE>   13
               27. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original, but all of which, when
taken together, shall constitute but one instrument. This Agreement shall be
effective when a counterpart which bears the signature of the Grantors shall
have been delivered to the Agent.

               28. Termination. This Agreement and the Security Interest shall
terminate when (a) all the Secured Obligations have been fully and indefeasibly
paid in cash, (b) the Lenders have no further commitment to make any Loans under
the Credit Agreement, and (c) the Agent shall have no further obligation to
issue any Letters of Credit, at which time the Agent shall execute and deliver
to the Grantors all Uniform Commercial Code termination statements and similar
documents which the Grantor shall reasonably request to evidence such
termination; provided, however, that all indemnities of the Grantors contained
in this Agreement shall survive, and remain operative and in full force and
effect regardless of, the termination of this Agreement.

               [Remainder of this page intentionally left blank.]

                                       13
<PAGE>   14
               IN WITNESS WHEREOF, the parties hereto have duly executed this
Security Agreement as of the day and year first above written.

                                             WATER PIK, INC.

                                             By: /s/ S. L. Main
                                                Name: S. L. Main
                                                Title: Controller

                                             LAARS, INC.

                                             By: /s/ S. L. Main
                                                Name: S. L. Main
                                                Title: Controller

                                             WATER PIK TECHNOLOGIES, INC.

                                             By: /s/ S. L. Main
                                                Name: S. L. Main
                                                Title: Controller

                                             JANDY INDUSTRIES, INC.

                                             By: /s/ S. L. Main
                                                Name: S. L. Main
                                                Title: Controller

                                             THE CHASE MANHATTAN BANK, as Agent

                                             By: /s/ Robert J. Arth
                                                Name: Robert J. Arth
                                                Title: Vice President

                                       14

The registrant hereby agrees to furnish supplementally to the Commission, upon
request, a copy of any omitted schedule to any of the agreements contained or
incorporated by reference herein.

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