Document:

Form of Restricted Stock Award Agreement

 Exhibit 10.3 

RESTRICTED STOCK AWARD AGREEMENT 
 Helix Energy Solutions Group, Inc. 
 2005 Long Term Incentive Plan

 This Restricted Stock Award Agreement (the “Agreement”) is made by and between Helix Energy Solutions
Group, Inc. (the “Company”) and __________ (“Employee”) effective as of the __ day of January, 201__ (“Grant Date”), pursuant to the Helix Energy Solutions Group, Inc. 2005 Long Term Incentive
Plan, (the “Plan”), which is incorporated by reference herein in its entirety. 

WHEREAS, the Company desires to grant to the Employee the shares of equity securities specified herein (the
“Shares”), subject to the terms and conditions of the Plan and the terms and conditions of this Agreement; and 
 WHEREAS, the Employee desires to have the opportunity to hold Shares subject to the terms and conditions of this Agreement and the Plan; 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 1.    Definitions.    For purposes of this Agreement, the following terms shall have the meanings indicated: 

 

	 	(a)	 “Forfeiture Restrictions” shall mean any prohibitions and restrictions set forth herein with respect to the sale or other
disposition of Shares issued to the Employee hereunder and the obligation to forfeit and surrender such shares to the Company. 

  

	 	(b)	 “Restricted Shares” shall mean the Shares that are subject to the Forfeiture Restrictions under this Agreement.

 Capitalized terms not otherwise defined in this Agreement shall have the meanings given to such terms in the Plan.

 2.    Grant of Restricted Shares.    Effective as of the Grant Date, the
Company shall cause to be issued in the Employee’s name in book entry form the following Shares as Restricted Shares:                  shares of the
Company’s common stock, no par value. The Company shall also cause any shares of Stock or rights to acquire shares of Stock distributed by the Company in respect of Restricted Shares during any Period of Restriction (the “Retained
Distributions”), to be issued in the Employee’s name in book entry form. During the Period of Restriction such book entry shall refer to restrictions to the effect that ownership of such Restricted Shares (and any Retained
Distributions), and the enjoyment of all rights appurtenant thereto, are subject to the restrictions, 

 
terms, and conditions provided in the Plan and this Agreement. The Employee shall have the right to vote the Restricted Shares awarded to the Employee and to receive and retain all regular
dividends paid in cash or property (other than Retained Distributions), and to exercise all other rights, powers and privileges of a holder of Shares, with respect to such Restricted Shares, with the exception that (a) the Employee shall not be
entitled to delivery of the stock certificate or certificates representing such Restricted Shares until the Forfeiture Restrictions applicable thereto shall have expired, (b) the Company shall retain custody of all Retained Distributions made
or declared with respect to the Restricted Shares (and such Retained Distributions shall be subject to the same restrictions, terms and conditions as are applicable to the Restricted Shares) until such time, if ever, as the Restricted Shares with
respect to which such Retained Distributions shall have been made, paid, or declared shall have become vested, and such Retained Distributions shall not bear interest or be segregated in separate accounts and (c) the Employee may not sell,
assign, transfer, pledge, exchange, encumber, or dispose of the Restricted Shares or any Retained Distributions during the Period of Restriction. In accepting the award of Shares set forth in this Agreement the Employee accepts and agrees to be
bound by all the terms and conditions of the Plan and this Agreement. Employee accordingly is executing a stock power endorsed in blank, which will permit transfer to the Company of all or any portion of the Restricted Shares and any securities
constituting Retained Distributions which shall be forfeited in accordance with the Plan and this Agreement. 

3.    Transfer Restrictions.    The Shares granted hereby may not be sold, assigned,
pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of, to the extent then subject to the Forfeiture Restrictions. Any such attempted sale, assignment, pledge, exchange, hypothecation, transfer, encumbrance or
disposition in violation of this Agreement shall be void and the Company shall not be bound thereby. Further, the Shares granted hereby that are no longer subject to Forfeiture Restrictions may not be sold or otherwise disposed of in any manner
which would constitute a violation of any applicable federal or state securities laws. The Employee also agrees (i) that the Company may refuse to cause the transfer of the Shares to be registered on the applicable stock transfer records if
such proposed transfer would, in the opinion of counsel satisfactory to the Company, constitute a violation of any applicable securities law and (ii) that the Company may give related instructions to the transfer agent, if any, to stop
registration of the transfer of the Shares. 
 4.    Vesting.    The Shares that
are granted hereby shall be subject to Forfeiture Restrictions. The Forfeiture Restrictions shall lapse as to the Shares that are granted hereby in accordance with the following schedule, provided that the Employee’s employment with the Company
and its Affiliates has not terminated prior to the lapse date: 
  

			
	 Lapse Date
	  	 Number of Restricted Shares

as to which Forfeiture Restrictions Lapse

	 First Anniversary of Grant Date
	  	33% of Grant
	 Second Anniversary of Grant Date
	  	66% of Grant
	 Third Anniversary of Grant Date
	  	100% of Grant
	 Occurrence of a Change in Control
	  	100% of Grant

  
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 Except as may otherwise provided in the Plan, if the Employee’s employment with the
Company and all of its Affiliates terminates for any reason prior to the lapse date, including due to the death or disability of the Employee, the Forfeiture Restrictions then applicable to the Restricted Shares shall not lapse and the number of
Restricted Shares then subject to the Forfeiture Restrictions shall be forfeited to the Company. Upon the lapse of the Forfeiture Restrictions with respect to Shares granted hereby the Company shall cause the reference to such restrictions to be
removed from the book entry for such Shares, or, if requested by the Employee, shall cause to be delivered to the Employee a stock certificate representing such Shares, and such Shares shall be transferable by the Employee (except to the extent that
any proposed transfer would, in the opinion of counsel satisfactory to the Company, constitute a violation of applicable securities law). Notwithstanding any other provision of this Agreement, in no event will the Forfeiture Restrictions expire
prior to the satisfaction by the Employee of any liability arising under Section 6 of this Agreement. 

5.    Capital Adjustments and Reorganizations.    The existence of the Restricted Shares
shall not affect in any way the right or power of the Company or any company the stock of which is awarded pursuant to this Agreement to make or authorize any adjustment, recapitalization, reorganization or other change in its capital structure or
its business, engage in any merger or consolidation, issue any debt or equity securities, dissolve or liquidate, or sell, lease, exchange or otherwise dispose of all or any part of its assets or business, or engage in any other corporate act or
proceeding. 
 6.    Tax Withholding.    To the extent that the receipt of the
Restricted Shares or the lapse of any Forfeiture Restrictions results in income to the Employee for federal, state or local income or employment tax purposes with respect to which the Company has a withholding obligation, the Employee shall deliver
to the Company at the time of such receipt or lapse, as the case may be, such amount of money as the Company may require to meet its obligation under applicable tax laws or regulations, and, if the Employee fails to do so, the Company is authorized
to withhold from the Shares granted hereby or from any cash or stock remuneration then or thereafter payable to the Employee in any capacity any tax required to be withheld by reason of such resulting income. 

The Company shall permit the Employee to satisfy the Employee’s tax obligation that arises at the time of the lapse
of restrictions on the Restricted Shares by delivering to the Employee a reduced number of Restricted Shares. In such case, the number of Restricted Shares on which the restrictions are lapsing shall be reduced by that number of Shares equal in
value to the minimum statutory federal, state and local withholding tax obligation resulting from such vesting. Although the terms of the Plan permit this withholding procedure only if permitted by the Committee, the right to handle the withholding
tax in this manner may not be withdrawn by the Committee, if the Employee is subject to Section 16 of the Exchange Act. 

7.    Employment Relationship.    For purposes of this Agreement, the Employee shall be
considered to be in the employment of the Company and its Affiliates as long as the Employee has an employment relationship with the Company and its Affiliates. The Committee shall determine any questions as to whether and when there has been a
termination of such employment relationship, and the cause of such termination, under the Plan and the Committee’s determination shall be final and binding on all persons. 

  
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 8.    Section 83(b) Election.    The
Employee shall not exercise the election permitted under section 83(b) of the Internal Revenue Code of 1986, as amended, with respect to the Restricted Shares without the written approval of the Chief Financial Officer of the Company. If the Chief
Financial Officer of the Company permits the election, the Employee shall timely pay the Company the amount necessary to satisfy the Company’s attendant tax withholding obligations, if any. 

9.    No Fractional Shares.    All provisions of this Agreement concern whole Shares. If
the application of any provision hereunder would yield a fractional share, such fractional share shall be rounded down to the next whole share if it is less than 0.5 and rounded up to the next whole share if it is 0.5 or more. 

10.    Not an Employment Agreement.    This Agreement is not an employment agreement, and
no provision of this Agreement shall be construed or interpreted to create an employment relationship between the Employee and the Company and its Affiliates or guarantee the right to remain employed by the Company and its Affiliates for any
specified term. 
 11.    Further Restriction on Transfer.    If the Employee is
an officer or affiliate of the Company under the Securities Act of 1933, the Employee consents to the placing on the book entry for the Shares an appropriate note restricting resale or other transfer of the Shares except in accordance with such Act
and all applicable rules thereunder. 
 12.    Notices.    Any notice,
instruction, authorization, request or demand required hereunder shall be in writing, and shall be delivered either by personal delivery, by telegram, telex, telecopy or similar facsimile means, by certified or registered mail, return receipt
requested, or by courier or delivery service, addressed to the Company at the then current address of the Company’s Principal Corporate Office, and to the Employee at the Employee’s address indicated beneath the Employee’s signature
on the execution page of this Agreement, or at such other address and number as a party shall have previously designated by written notice given to the other party in the manner hereinabove set forth. Notices shall be deemed given when received, if
sent by facsimile means (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile means); and when delivered (or upon the date of attempted delivery where delivery is refused), if
hand-delivered, sent by express courier or delivery service, or sent by certified or registered mail, return receipt requested. 

13.    Amendment and Waiver.    This Agreement may be amended, modified or superseded only
by written instrument executed by the Company and the Employee. Only a written instrument executed and delivered by the party waiving compliance hereof shall make any waiver of the terms or conditions. Any waiver granted by the Company shall be
effective only if executed and delivered by a duly authorized executive officer of the Company other than the Employee. The failure of any party at any time or times to require performance of any provisions hereof shall in no manner effect the right
to enforce the same. No waiver by any party of any term or condition, or the breach of any term or condition contained in this Agreement, in one or more instances, shall be construed as a continuing waiver of any such condition or breach, a waiver
of any other condition, or the breach of any other term or condition. 

  
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 14.    Governing Law and
Severability.    This Agreement shall be governed by the laws of the State of Texas, without regard to its conflicts of law provisions. The invalidity of any provision of this Agreement shall not affect any other
provision of this Agreement, which shall remain in full force and effect. 
 15.    Successors and
Assigns.    Subject to the limitations which this Agreement imposes upon the transferability of the Shares granted hereby, this Agreement shall bind, be enforceable by and inure to the benefit of the Company and its
successors and assigns, and to the Employee, the Employee’s permitted assigns, executors, administrators, agents, legal and personal representatives. 
 16.    Counterparts.    This Agreement may be executed in multiple counterparts, each of which shall be an original for all purposes but all of which taken
together shall constitute but one and the same instrument. 
 IN WITNESS WHEREOF, the Company has caused this
Agreement to be duly executed by an officer thereunto duly authorized, and the Employee has executed this Agreement, all effective as of the date first above written. 

 

			
	HELIX ENERGY SOLUTIONS GROUP, INC.
		
	By:	 	 
	Name:	 	Owen Kratz
	Title:	 	President and Chief Executive Officer

  

			
	EMPLOYEE:
	
	  
	Name:	 	 
	Address:	 	 
		
		 	 

  
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 IRREVOCABLE STOCK POWER 

KNOW ALL MEN BY THESE PRESENTS, That the undersigned, For Value Received, has bargained, sold, assigned and transferred
and by these presents does bargain, sell, assign and transfer unto Helix Energy Solutions Group, Inc., a Minnesota corporation (the “Company”), the Shares transferred pursuant to the Restricted Stock Award Agreement dated effective
«Date», between the Company and the undersigned; and subject to and in accordance with such Restricted Stock Award Agreement the undersigned does hereby constitute and appoint the Secretary of the Company the undersigned’s true and
lawful attorney, IRREVOCABLY, to sell assign, transfer, hypothecate, pledge and make over all or any part of such Shares and for that purpose to make and execute all necessary acts of assignment and transfer thereof, and to substitute one or more
persons with like full power, hereby ratifying and confirming all that said attorney or his substitutes shall lawfully do by virtue hereof. 
 IN WITNESS WHEREOF, the undersigned has executed this Irrevocable Stock Power effective the      day of
                , 201    . 
  

	
	
	  
	Name:Separation Agreement and General Release dated December 14, 2011

 Exhibit 10.1 
 SEPARATION AGREEMENT AND GENERAL RELEASE 
 This is a Separation
Agreement and General Release (referred to as “Agreement”) entered into this 15th day of December, 2011, by and between Joseph W. McClanathan (referred to as “COLLEAGUE”) and Energizer Holdings, Inc. (referred to as
“ENERGIZER” and defined in Paragraph 16). 
 In consideration of the mutual promises contained in this Agreement,
ENERGIZER and the COLLEAGUE agree as follows: 
 1. COLLEAGUE and ENERGIZER agree that on May 31, 2012, COLLEAGUE will no longer
be employed by ENERGIZER and will be removed from ENERGIZER’s payroll. 
 2. In consideration of COLLEAGUE’s execution
of this Agreement, and a Second Release (which shall be substantially in the form attached hereto as Exhibit A) at the conclusion of his employment on May 31, 2012 (referred to as “Second Release”), ENERGIZER agrees, after the date of
receipt of a signed, unrevoked copy of this Agreement and the Second Release: 
  

	 	a.	To pay COLLEAGUE, less legally required deductions, a full year FY2012 bonus under the Annual Bonus Plan, calculated based on actual ENERGIZER financial results and a
performance rating of 2, payable November 30, 2012, when other FY2012 bonuses are paid and in any event by December 31, 2012; 

  

	 	b.	In accordance with the terms of the Energizer Holdings, Inc. Deferred Compensation Plan, effective May 31, 2012, COLLEAGUE will become fully vested in any Company
Matching Contributions; 

  

	 	c.	To amend the terms of the time-based restricted stock equivalent award agreement granted to COLLEAGUE on October 12, 2009, as follows: All of the time-based
restricted stock equivalents granted to COLLEAGUE under the terms of his Restricted Stock Equivalent Award Agreement executed by ENERGIZER on October 12, 2009 (6,300 shares) shall not be forfeited, but rather shall immediately vest and convert
into shares of ENERGIZER’s common stock, which shares shall be issued to COLLEAGUE as soon as administratively feasible following COLLEAGUE’s removal from the payroll and in any event by December 31, 2012. In accordance with the terms
of the Energizer Holdings, Inc. 2009 Incentive Stock Plan, shares of common stock shall be withheld upon issuance in satisfaction of applicable withholding taxes; 

 

	 	d.	 To amend the terms of the time-based restricted stock equivalent award agreement granted to COLLEAGUE on November 1, 2010, as follows: All of the
time-based restricted stock equivalents granted to COLLEAGUE under the terms of his Restricted Stock Equivalent Award Agreement executed by ENERGIZER on November 1, 2010 (5,700 shares) shall not be forfeited, but rather shall immediately vest
and convert into shares of ENERGIZER’s common 

 
stock, which shares shall be issued to COLLEAGUE on the date that is six months following Colleague’s removal from the payroll. In accordance with the terms of the Energizer Holdings, Inc.
2009 Incentive Stock Plan, shares of common stock shall be withheld upon issuance in satisfaction of applicable withholding taxes; 
  

	 	e.	To amend the terms of the time-based restricted stock equivalent award agreement granted to COLLEAGUE on November 7, 2011, as follows: All of the time-based
restricted stock equivalents granted to COLLEAGUE under the terms of his Restricted Stock Equivalent Award Agreement executed by ENERGIZER on November 7, 2011 (6,084 shares) shall not be forfeited, but rather shall immediately vest and convert
into shares of ENERGIZER’s common stock, which shares shall be issued to COLLEAGUE as soon as administratively feasible following COLLEAGUE’s removal from the payroll and in any event by December 31, 2012. In accordance with the terms
of the Energizer Holdings, Inc. 2009 Incentive Stock Plan, shares of common stock shall be withheld upon issuance in satisfaction of applicable withholding taxes; 

 

	 	f.	To amend the terms of the performance based restricted stock equivalent award agreement granted to COLLEAGUE on October 12, 2009, as follows: All of the
performance-based restricted stock equivalents granted to COLLEAGUE under the terms of his Performance Restricted Stock Equivalent Award Agreement executed by ENERGIZER on October 12, 2009 (7,350 shares at target and 14,700 at stretch) shall
not be forfeited, but rather shall immediately vest and be paid to COLLEAGUE, based on actual ENERGIZER FY 2012 results, on, or as soon as administratively feasible after, the date that ENERGIZER publicly releases earnings results for its 2012
fiscal year and in any event by December 31, 2012. In accordance with the terms of the Energizer Holdings, Inc. 2009 Incentive Stock Plan, shares of common stock shall be withheld upon issuance in satisfaction of applicable withholding taxes;
and 

  

	 	g.	To pay COLLEAGUE, less legally required deductions, for any vested and unused 2012 PTO days accrued through May 31, 2012 within 2 weeks after COLLEAGUE’S removal
from the payroll. 

  

	 	h.	COLLEAGUE acknowledges, agrees and understands that the Company’s severance obligations described above are expressly conditioned on his execution and
non-revocation of a Second Release substantially in the form of that attached hereto as Exhibit A upon the conclusion of his employment on May 31, 2012. If COLLEAGUE refuses to execute the Second Release, or if he executes the Second Release
but subsequently revokes it, Company shall be relieved of these severance obligations. 

  
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 3. COLLEAGUE agrees: 

 

	 	a.	to cooperate with and assist ENERGIZER as directed, and to remain an employee in good-standing, through COLLEAGUE’s last day of employment, so that all
COLLEAGUE’s duties, responsibilities and pending matters can be transferred in an orderly way; 

  

	 	b.	to provide ENERGIZER with reasonable cooperation and assistance, upon ENERGIZER’s request, including testifying at all trials, when COLLEAGUE might have relevant
information. ENERGIZER shall pay COLLEAGUE for any reasonable and necessary expenses and any loss of wages or salary which COLLEAGUE incurs because of his requested cooperation with and assistance to ENERGIZER. If COLLEAGUE is not gainfully employed
elsewhere at the time, ENERGIZER shall pay for COLLEAGUE’s time at an hourly rate based on his final base salary for ENERGIZER as of his payroll removal date; 

 

	 	c.	to return all ENERGIZER materials that may have been issued to COLLEAGUE, including, but not limited to, computer hardware, software, data and disks, draft books, cars,
office equipment and supplies, credit cards, cash advances and, if necessary, to file any outstanding final expense report; 

  

	 	d.	not to use or to disclose, either directly or indirectly, to anyone other than COLLEAGUE’s supervisor, department manager, human resources representative or
corporate officer any Information (as defined in Paragraph 4 below) or trade secrets which COLLEAGUE obtained during the term of his employment with ENERGIZER and/or any actual or potential basis for any charge, claim, or lawsuit against ENERGIZER;

  

	 	e.	not to make any copies and/or use outside of ENERGIZER, any client lists or any memoranda, books, records, or documents which contain any Information (as defined in
Paragraph 4 below) or trade secrets belonging to ENERGIZER; 

  

	 	f.	 for a period of one (1) year after termination of COLLEAGUE’s employment (“the Non-Compete Period”), COLLEAGUE will not compete
against ENERGIZER in ENERGIZER’s business. For purposes of this Agreement, “ENERGIZER’s business” shall mean any of the following activities: all aspects of formulating, manufacturing, marketing, distributing, consulting with
regard to, and/or operating a facility for the formulating, manufacturing, processing, marketing, or distribution of batteries, lighting products, razors, shaving related products, tampons, infant feeding and care products and/or sun protection
products. “ENERGIZER business” includes products and/or methods that presently are used, were used, or are under development or consideration, whether or not completed, for use by ENERGIZER as of the date COLLEAGUE’s employment
terminates. For purposes of this Agreement, “compete” means to accept or begin employment with, advise, finance, own (partially or in whole), consult with, or accept any assignment through an employer with any third party in the United
States in a position involving or relating to ENERGIZER business. 

  
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This Agreement does not preclude COLLEAGUE from buying or selling shares of stock in any company that is publicly listed and traded in any stock exchange or over-the-counter market. COLLEAGUE
agrees the foregoing restrictions are reasonable, necessary, and enforceable for the protection of the goodwill and business of ENERGIZER; and 
  

	 	g.	In order to protect ENERGIZER’s trade secrets and Information (as defined in Paragraph 4 below), as well as customer/supplier relationships, goodwill and loyalty,
for a period of twelve (12) months following the termination of COLLEAGUE’s employment, COLLEAGUE shall not directly or indirectly solicit or attempt to persuade, or assist any third party to solicit or attempt to persuade (1) any
person to terminate his or her employment with ENERGIZER, (2) any person to decline any offer of employment made by ENERGIZER, or (3) any ENERGIZER employee to accept an offer of employment or pursue employment with any other employer.

 4. COLLEAGUE acknowledges that certain information, observations and data relating to the formulation,
processing, manufacturing, sale and marketing of ENERGIZER’s batteries and battery related products, portable power products, lighting products, razors, shaving-related products, tampons, infant feeding and care products, and/or sun protection
products obtained by COLLEAGUE during the course of COLLEAGUE’s employment with ENERGIZER are competitively sensitive and are the proprietary and confidential information of ENERGIZER and its affiliated companies (the “Information”).
Such Information shall include, but not be limited to, ENERGIZER’s current and planned information systems, the names, addresses or particular desires or needs of its customers, the bounds of its markets, the prices charged for its services or
products, its market share, marketing strategies and promotional efforts in any market, information concerning product development, manufacturing processes, research and development projects, formulas, inventions and compilations of information,
records or specifications, information concerning ENERGIZER’s past and present employees, including compensation, benefits, and Fair Labor Standards Act exemption classification, information concerning future product or market developments,
financial information, information regarding suppliers and costs of raw materials and other supplies, financing programs, overhead distribution and other expenses, or conversion costs. COLLEAGUE understands and agrees that such Information is
important, material and confidential, and that disclosure would gravely affect the successful conduct of ENERGIZER’s businesses. COLLEAGUE agrees that COLLEAGUE will not disclose to any unauthorized persons or use for COLLEAGUE’s own
account or for the benefit of any third party (other than ENERGIZER) any of such Information without ENERGIZER’s prior written consent, unless and to the extent that such Information becomes generally known to and available for use by the
public other than as a result of COLLEAGUE’s acts or omissions to act. COLLEAGUE warrants and represents that COLLEAGUE has, or will before his last day of employment, returned and delivered to ENERGIZER all memoranda, notes, plans, programs,
records, reports, and other documentation (and copies thereof) containing any Information which COLLEAGUE possesses or has under COLLEAGUE’s control. The obligation to protect Information is on-going and does not expire upon the termination
of the parties’ employment or contractual relationship. 

  
 4 

 5. It is understood and agreed that only the PTO and annual bonus payments, if any,
identified in Paragraph 2 of this Agreement will be considered benefit earnings for applicable benefit plans of ENERGIZER. Any other monies paid to COLLEAGUE pursuant to this Agreement shall not constitute earnings for benefit plan purposes.

 6. The annual bonus payment, if any, and equity vesting, if any, terms contained in Paragraph 2 of this Agreement, are in
addition to any wages to which COLLEAGUE already is entitled because of his work for ENERGIZER. COLLEAGUE agrees to accept the promises and terms in Paragraph 2 above, in consideration for the settlement, waiver and release and discharge of any and
all claims or actions against ENERGIZER arising under any federal, state, or local statute, law, or regulation pertaining to employment discrimination on the basis of sex, race, color, religion, creed, national origin, age, mental or physical
disability, marital status, veteran’s status, or any other reason established by law, including any claim of actual or constructive wrongful discharge. 
 7. COLLEAGUE agrees to release, settle and forever discharge ENERGIZER, including its agents and employees, from any and all claims, causes of action, rights, demands, debts, or damages of whatever
nature, whether or not COLLEAGUE currently knows of them, which might have arisen from COLLEAGUE’s employment with and termination from ENERGIZER and which may be brought by COLLEAGUE or another person on COLLEAGUE’s behalf. This includes,
but is not limited to, any claim COLLEAGUE might raise under contract or tort law, including actual or constructive wrongful discharge, and all claims of discrimination which COLLEAGUE may have arising out of any violation of any local, state or
federal law, regulation or executive order, including all claims under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act, the Family Medical Leave
Act, the Occupational Safety and Health Act, the Fair Labor Standards Act, the Rehabilitation Act, the Employee Retirement Income Security Act, the Consolidated Omnibus Budget Reconciliation Act, as well as any claim, right or cause of action under
the Missouri Revised Statutes including, but not limited to, Workers’ Compensation Retaliation § 287.780, the Service Letter Statute § 290.140, the Missouri Human Rights Act § 213.010 et seq., the Ohio Civil Rights Act, as
amended, Section 4112.01, et seq., Vermont’s Fair Employment Practices Act, Title 21, Section 495 et seq., the North Carolina Equal Employment Practices Act, Section 143.422 et seq., the California Fair Employment and Housing
Act, the Connecticut Human Rights law, as amended, Section 46a-60 et seq., the Connecticut Human Rights law, as amended , Section 46A-60 et seq., the Arizona Civil Rights Act, A.R.S §41-1401, et seq., the Florida Civil Rights Act of
1992, Fla. Stat. §760.01-760.11, The Wisconsin Fair Employment Act, Wis. Stat. §111.31 et seq., the Tennessee Human Rights Act, Tenn. Code Ann §4-21-101, et seq. as amended by Ch. 229, L. 2005, Louisiana Employment Discrimination Law,
La. Rev. Stat. Ann. §23:301, et seq., the New Jersey Law Against Discrimination, the Virginia Human Rights Act, Chapter 39, §2.2-3900, et seq., the federal plant closing law (WARN Act) or any comparable state law, and the Family and
Medical Leave Act of 1994 or any state leave law, actions at common law, in contract or tort, all claims for lost wages, bonuses, seniority, reinstatement, attorneys’ fees, costs, and actual, compensatory and punitive damages. Provided,
however, that COLLEAGUE shall retain and have specifically excluded from this release any claims he may have against ENERGIZER as identified in paragraph 9 below. 

  
 5 

 8. In the event that COLLEAGUE or any person brings a cause of action against ENERGIZER in
violation of Paragraph 7 of this Agreement, or files a charge of discrimination against ENERGIZER with any local, state, or federal agency including but not limited to the Equal Employment Opportunity Commission, the Missouri Commission on Human
Rights, or any comparable agency, COLLEAGUE waives any claim for reinstatement, equitable or legal monetary compensation, or damages incident to such cause of action or charge. 

9. This Agreement shall not affect COLLEAGUE’s right to raise any claims based on any Social Security, Workers’ Compensation,
or unemployment compensation laws, or based on the terms of any employee pension or welfare benefit plan of ENERGIZER, including its subsidiaries and affiliated companies, which may involve benefits that should be paid to COLLEAGUE now or in the
future. 
 10. COLLEAGUE understands that any breach of Paragraphs 3 and 4 of this Agreement could cause irreparable harm to
ENERGIZER. COLLEAGUE agrees that ENERGIZER has the right to seek an injunction to prevent violation of COLLEAGUE’s obligations under this Agreement, in addition to ENERGIZER’s right to seek remedies at law. 

11. COLLEAGUE shall remain covered and indemnified under ENERGIZER’s D&O insurance policies for liability arising from conduct
undertaken by COLLEAGUE in the course and scope of his employment with ENERGIZER. 
 12. ENERGIZER and COLLEAGUE agree to
reasonably cooperate with one another with regard to matters related to the termination of COLLEAGUE’s employment and COLLEAGUE’s exit from ENERGIZER’s business, including but not limited to execution of documents. 

13. This Agreement is intended to finally and fully conclude the employment relationship between COLLEAGUE and ENERGIZER and may be
amended only by an Agreement in writing signed by the parties hereto. This Agreement shall not be interpreted as an admission by either the COLLEAGUE or ENERGIZER of any wrongdoing or any violation of federal, state or local law, regulation, or
ordinance. ENERGIZER specifically denies that it, or its employees, supervisors, representatives, or agents, has ever committed any wrongdoing whatsoever against COLLEAGUE. 
 14. In the event that any provision shall be held to be invalid or unenforceable for any reason whatsoever, it is agreed such invalidity or unenforceability shall not affect any other provision of this
Agreement and the remaining covenants, restrictions and provisions hereof shall remain in full force and effect, and any court of competent jurisdiction may so modify the objectionable provision as to make it valid, reasonable and enforceable.

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

  
 6 

 16. For purposes of this Agreement, the term “ENERGIZER” shall include Energizer
Holdings, Inc. and all of its subsidiaries and affiliated companies, predecessors, successors, and assigns of the aforementioned, and all past, present, and future officers, directors, agents, representatives, stockholders, and employees of any of
the foregoing. 
 17. COLLEAGUE expressly acknowledges that ENERGIZER has given him at least twenty-one (21) days to
consider this Agreement as originally presented and that ENERGIZER also has given him the opportunity to discuss all aspects of this Agreement with an attorney before signing this Agreement. COLLEAGUE states that he has discussed this Separation
Agreement and General Release or, in the alternative, has freely elected to waive any remaining part of the twenty-one (21) days and any further opportunity to discuss this Agreement with an attorney before signing it. 

18. COLLEAGUE may revoke his acceptance within seven (7) days after signing this Agreement. COLLEAGUE’s notice of revocation
must be given to ENERGIZER’s Human Resources Department in writing within seven (7) days after signing this Agreement. If COLLEAGUE does revoke this Agreement, neither the COLLEAGUE nor ENERGIZER will be required to satisfy any of the
terms of this Agreement. If COLLEAGUE has not revoked his acceptance, within seven (7) days this Agreement’s effectiveness will become final. 
 19. COLLEAGUE ACKNOWLEDGES HE HAS READ THIS AGREEMENT CONSISTING OF NINETEEN (19) NUMBERED PARAGRAPHS AND SEVEN (7) PAGES AND EXHIBIT A HERETO CONSISTING OF TWO (2) ADDITIONAL PAGES, THAT
THE ONLY CONSIDERATION FOR SIGNING THIS AGREEMENT IS THE TERMS STATED HEREIN, THAT NO OTHER PROMISE OR AGREEMENT OF ANY KIND HAS BEEN MADE TO HIM BY ANY PERSON OR ENTITY WHATSOEVER TO CAUSE HIM TO SIGN THIS AGREEMENT, THAT HE WILL RECEIVE ONLY THE
PAYMENTS AND BENEFITS SPECIFIED IN THIS AGREEMENT IN EXCHANGE FOR SIGNING THIS AGREEMENT, THAT HE/SHE IS COMPETENT TO EXECUTE THIS AGREEMENT, THAT HE FULLY UNDERSTANDS THE MEANING AND INTENT OF THIS AGREEMENT, THAT HE HAS HAD AN ADEQUATE OPPORTUNITY
TO DISCUSS THIS DOCUMENT WITH AN ATTORNEY AND HAS DONE SO OR HAS VOLUNTARILY ELECTED NOT TO DO SO, AND THAT HE IS VOLUNTARILY EXECUTING IT OF HIS OWN FREE WILL. 
  

					
	COLLEAGUE	 		 	ENERGIZER HOLDINGS, INC.
			
	/s/ Joseph W. McClanathan	 	By:  	 	/s/ Peter J. Conrad
	Joseph W. McClanathan	 		 	 Peter J. Conrad
 Vice
President, Human Resources

			
	Date: December 15, 2011	 		 	Date: December 15, 2011

  
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 EXHIBIT A 

GENERAL RELEASE OF CLAIMS 
 FOR AND IN CONSIDERATION of the severance benefits set forth in paragraph 2 of that Separation Agreement and General Release Agreement dated as of December
        , 2011, by and between Joseph W. McClanathan (referred to as “COLLEAGUE”) and Energizer Holdings, Inc. (referred to as “ENERGIZER” and defined below) (referred to as
“Agreement”), and the other mutual promises and obligations contained therein, COLLEAGUE hereby releases, settles, waives and forever discharges ENERGIZER, including its agents and employees, from any and all claims, causes of action,
rights, demands, debts, or damages of whatever nature, whether or not COLLEAGUE currently knows of them, which might have arisen from COLLEAGUE’s employment with and termination from ENERGIZER and which may be brought by COLLEAGUE or another
person on COLLEAGUE’s behalf. This includes, but is not limited to, any claim COLLEAGUE might raise under contract or tort law, including actual or constructive wrongful discharge, and all claims of discrimination which COLLEAGUE may have
arising out of any violation of any local, state or federal law, regulation or executive order, including all claims under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the
Americans with Disabilities Act, the Family Medical Leave Act, the Occupational Safety and Health Act, the Fair Labor Standards Act, the Rehabilitation Act, the Employee Retirement Income Security Act, the Consolidated Omnibus Budget Reconciliation
Act, as well as any claim, right or cause of action under the Missouri Revised Statutes including, but not limited to, Workers’ Compensation Retaliation § 287.780, the Service Letter Statute § 290.140, the Missouri Human Rights Act
§ 213.010 et seq., the Ohio Civil Rights Act, as amended, Section 4112.01, et seq., Vermont’s Fair Employment Practices Act, Title 21, Section 495 et seq., the North Carolina Equal Employment Practices Act,
Section 143.422 et seq., the California Fair Employment and Housing Act, the Connecticut Human Rights law, as amended, Section 46a-60 et seq., the Connecticut Human Rights law, as amended , Section 46A-60 et seq., the Arizona Civil
Rights Act, A.R.S §41-1401, et seq., the Florida Civil Rights Act of 1992, Fla. Stat. §760.01-760.11, The Wisconsin Fair Employment Act, Wis. Stat. §111.31 et seq., the Tennessee Human Rights Act, Tenn. Code Ann §4-21-101, et
seq. as amended by Ch. 229, L. 2005, Louisiana Employment Discrimination Law, La. Rev. Stat. Ann. §23:301, et seq., the New Jersey Law Against Discrimination, the Virginia Human Rights Act, Chapter 39, §2.2-3900, et seq., the federal plant
closing law (WARN Act) or any comparable state law, and the Family and Medical Leave Act of 1994 or any state leave law, actions at common law, in contract or tort, all claims for lost wages, bonuses, seniority, reinstatement, attorneys’ fees,
costs, and actual, compensatory and punitive damages. 
 In the event that COLLEAGUE or any person brings a cause of action
against ENERGIZER in violation of this General Release of Claims (hereinafter referred to as “General Release”), or files a charge of discrimination against ENERGIZER with any local, state, or federal agency including but not limited to
the Equal Employment Opportunity Commission, the Missouri Commission on Human Rights, or any comparable agency, COLLEAGUE waives any claim for reinstatement, equitable or legal monetary compensation, or damages incident to such cause of action or
charge. 

  
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 This General Release shall not affect COLLEAGUE’s right to raise any claims based on
any Social Security, Workers’ Compensation, or unemployment compensation laws, or based on the terms of any employee pension or welfare benefit plan of ENERGIZER, including its subsidiaries and affiliated companies, which may involve benefits
that should be paid to COLLEAGUE now or in the future. 
 COLLEAGUE expressly acknowledges that ENERGIZER has given him at least
twenty-one (21) days to consider this General Release, both as originally presented to him as Exhibit A to the Agreement and, now, at the conclusion of his employment, and that ENERGIZER also has given him the opportunity to discuss all aspects
of this General Release with an attorney prior to execution. COLLEAGUE states that he has discussed this General Release or, in the alternative, has freely elected to waive any remaining part of the twenty-one (21) days and any further
opportunity to discuss this General Release with an attorney before signing it. 
 COLLEAGUE may revoke this General Release
within seven (7) days after his execution of it. COLLEAGUE’s notice of revocation must be given to ENERGIZER’s Human Resources Department in writing within that seven (7) day period. If COLLEAGUE does revoke this General Release,
ENERGIZER will be relieved of any remaining severance obligations set forth in paragraph 2 of the Agreement. If COLLEAGUE has not revoked this General Release, within seven (7) days, ENERGIZER will remain obligated for the severance
benefits set forth in paragraph 2 of the Agreement. 
 For purposes of this General Release, the term “ENERGIZER”
shall include Energizer Holdings, Inc. and all of its subsidiaries and affiliated companies, predecessors, successors, and assigns of the aforementioned, and all past, present, and future officers, directors, agents, representatives, stockholders,
and employees of any of the foregoing. 
 COLLEAGUE ACKNOWLEDGES HE HAS READ THIS GENERAL RELEASE CONSISTING OF TWO PAGES, THAT
THE ONLY CONSIDERATION FOR SIGNING THIS GENERAL RELEASE IS THAT STATED IN THE AGREEMENT, THAT NO OTHER PROMISE OR AGREEMENT OF ANY KIND HAS BEEN MADE TO HIM BY ANY PERSON OR ENTITY WHATSOEVER TO CAUSE HIM TO SIGN THIS GENERAL RELEASE, THAT HE WILL
RECEIVE ONLY THE PAYMENTS AND BENEFITS SPECIFIED IN THE AGREEMENT IN EXCHANGE FOR SIGNING THE AGREEMENT AND THIS GENERAL RELEASE, THAT HE IS COMPETENT TO EXECUTE THIS GENERAL RELEASE, THAT HE FULLY UNDERSTANDS THE MEANING AND INTENT OF THIS GENERAL
RELEASE, THAT HE HAS HAD AN ADEQUATE OPPORTUNITY TO DISCUSS THIS DOCUMENT WITH AN ATTORNEY AND HAS DONE SO OR HAS VOLUNTARILY ELECTED NOT TO DO SO, AND THAT HE IS VOLUNTARILY EXECUTING IT OF HIS OWN FREE WILL. 

 

	
	COLLEAGUE.
	
	  
	Joseph W. McClanathan

  
 9

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