Document:

exv10w49

Exhibit 10.49

FIRST AMENDMENT TO THE

2009 RESTATEMENT OF THE ENERGIZER HOLDINGS, INC.

DEFERRED COMPENSATION PLAN

     WHEREAS, Energizer Holdings, Inc. (“Company”) previously established the 2009 Restatement of
the Energizer Holdings, Inc. Deferred Compensation Plan (“Plan”);

     WHEREAS, the Plan has, since January 1, 2005, been administered in good faith compliance with
Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and other
guidance promulgated thereunder;

     WHEREAS, the Company wishes to clarify Plan provisions regarding the deferral of certain types
of compensation;

     NOW, THEREFORE, the Plan is amended, effective as of January 1, 2009, by restating Section 4.5
of the Plan as follows:

     4.5 Mandated Deferrals.

     If the Committee mandates the deferral of any compensation in order to
preserve, under Code Section 162(m), the deductibility of such compensation when
paid, such amounts shall remain deferred until (i) the first calendar year in which
the Committee reasonably anticipates that the deduction of such payment will not be
barred by application of Code Section 162(m), and (ii) they may be paid in
accordance with Code Section 409A without triggering adverse tax consequences
thereunder. Any deferral of compensation under this Section 4.5 shall be made in
compliance with Code Section 409A, including as applicable, the requirement that the
affected Participant’s other deferred compensation and all other deferred
compensation of similarly situated employees be similarly deferred. Such mandated
deferrals shall not be entitled to a Matching Contribution and, subject to the
foregoing limitations, shall be paid in a lump sum.

     IN WITNESS WHEREOF, the Company has caused this First Amendment to the Plan to be executed
this 16th day of December, 2009.

	 	 	 	 	 	 	 

	 	 	ENERGIZER HOLDINGS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	  /s/ Peter J. Conrad
 

	 	 
	 	 	Peter J. Conrad	 	 
	 	 	Vice President Human Resourcesexv10w50

Exhibit 10.50

AMENDMENT NO. 2

TO

2009 RESTATEMENT OF ENERGIZER HOLDINGS, INC.

DEFERRED COMPENSATION PLAN

     WHEREAS, Energizer Holdings, Inc. (“Company”) adopted the Energizer Holdings, Inc, Deferred
Compensation Plan (“Grandfathered Plan”) effective as of April 1, 2000; and

     WHEREAS, in connection with complying with Section 409A of the Internal Revenue Code of 1986,
as amended (“Code”), and effective as of January 1, 2009, the Company amended and restated the Plan
to provide for, inter alia, administration of the portion of each Participant’s Account earned or
vested on or after January 1, 2005 (“Non- Grandfathered Account”) in accordance with the 2009
Restatement of the Energizer Holdings, Inc, Deferred Compensation Plan (“Plan”); and

     WHEREAS, the Energizer Plans Administrative Committee (“EPAC”) has been delegated authority to
amend the Plan document; and

     WHEREAS, EPAC desires to amend the Plan to provide, among other things, for a special one-time
Company contribution to the accounts of certain participants;

     NOW, THEREFORE, the Plan is hereby amended effective as of January 1, 2009 as follows:

I.

     A new Section 2.1(kk) is added to the Plan and existing Sections 2.1(kk) through 2.1(uu) are
renumbered accordingly:

“(kk) “Special One-Time Company Contribution” means the amount of
contribution made by the Company and/or a Subsidiary on behalf of a
Participant (i) who elected to make a Bonus Deferral to the Plan for the
2009 Plan Year and (ii) whose participation in the Company’s 2009 Annual
Bonus Program and Two-Year portion of the Company’s 2008 Annual Bonus
Program was rescinded by the February 6, 2009 unanimous consent of the
Nominating and Executive Compensation Committee of the Board, subject to the
provisions of Section 4.4.”

II.

     A new section 4.5 is added to the Plan and existing sections 4.5 and 4.6 are renumbered
accordingly:

“4.5 Special One-Time Company Contribution

For the 2009 Plan year, the Company and/or its Subsidiaries shall make a
Special One-Time Company Contribution with respect to the Bonus Deferrals of
each Participant whose participation in the Company’s 2009 Annual Bonus
Program and Two-Year portion of the Company’s 2008

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Annual Bonus Program was rescinded by the February 6, 2009 unanimous consent
of the Nominating and Executive Compensation Committee of the Board;
provided, however, that (i) the amount of such Special One-Time Company
Contribution shall be equal to 25% of a Participant’s Bonus Deferral that
would have been made to the Plan in 2009 had such Participant’s
participation in the Company’s 2009 Annual Bonus Program and Two-Year
portion of the Company’s 2008 Annual Bonus Program not been rescinded by the
February 6, 2009 unanimous consent of the Nominating and Executive
Compensation Committee of the Board; and (ii) no Special One-Time Company
Contribution shall be made with respect to a Participant if such Participant
incurs a Termination of Employment before the Bonus Compensation which he or
she elected to defer would otherwise have been paid in cash. Anything
contained herein to the contrary notwithstanding, the Nominating and
Executive Compensation Committee of the Board shall approve the Special
One-Time Company Contribution, if any, made with respect to a Participant
who is an executive officer as defined in the Securities and Exchange Act of
1934 and the regulations promulgated thereunder,”

III.

     Sections 5.2 of the Plan is hereby deleted in its entirety and the following is substituted in
lieu thereof:

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

(a) Employees — A Participant who is an Employee shall become 100%
vested in the amounts allocated to his or her Account attributable to his or
her Matching Contributions for a Plan Year and/or his or her Special
One-Time Company Contribution for the 2009 Plan Year upon the expiration of
thirty-six (36) months beginning on the first day of the first full month
following the date such Matching Contributions and/or Special One-Time
Company Contribution are credited to his or her Account. In the event such
Participant incurs a Termination of Employment, the amounts allocated to his
or her Account attributable to his or her Matching Contributions and/or
Special One-Time Company Contribution in which such Participant is vested
shall be determined as of the date of such Termination of Employment unless
otherwise provided in paragraph (b) if this Section 5.2.

(b) Notwithstanding the foregoing, a Participant who is an Employee shall
become 100% vested in the amounts allocated to his or her Account
attributable to his or her Matching Contributions and/or his or her Special
One-Time Company Contribution upon the Participant’s Retirement, death,
Disability, involuntary Termination of Employment (other than Termination
for Cause) or upon a Change of Control if the Participant incurs a
Termination of Employment within twelve (12) months following

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such Change of Control, and if such Termination of Employment is by the
Participant for Good Reason, or such Termination of Employment is by the
Company or a Subsidiary, for any reason other than Cause.

(c) Directors — a Participant who is a Director shall always be 100%
vested in the amounts allocated to his or her account attributable to his or
her Matching Contributions.”

IV.

     Section 6.3 of the Plan is hereby amended to add a new fifth paragraph to said Section and
existing paragraphs are renumbered accordingly:

“Special One-Time Company Contributions must be invested in the Stock Unit
Fund for a period of not less than thirty-six (36) months beginning on the
date such Special One-Time Company Contribution is credited to a
Participant’s account”

V.

     Section 6.4 of the Plan is hereby deleted in its entirely and the following is substituted in
lieu thereof:

“6.4 Hypothetical Nature of Account.

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

VI.

     Section 7.1(a) of the Plan is hereby deleted in its entirely and the following is substituted
in lieu thereof:

     “(a) Employees — With respect to a Participant who is an
Employee, the amounts allocated to a Participant’s account attributable to

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Deferrals, vested Matching Contributions, and/or vested Special
One-Time Company Contributions for a Plan Year shall be distributed (or
begin to be distributed, in the case of annual installment payments) to such
Participant on the earlier of (i) a date within sixty (60) days of the
January 1 immediately following the last day of the Deferral Period for such
Plan Year, or (ii) the six month anniversary of the Participant’s
Termination of Employment.

VII.

     The first paragraph of Section 7.3 of the Plan is hereby deleted in its entirety and the
following is substituted in lieu thereof:

     “The amounts allocated to a Participant’s account attributable to
Deferrals, vested Matching Contributions, and/or vested Special One-Time
Company Contributions, made to the Plan for a Plan Year, shall be
distributed to the Participant specified as follows:”

     IN WITNESS WHEREOF, EPAC has caused this Amendment No. 2 to the Plan to be executed on behalf
of the Company by a duly authorized member of EPAC this 17th day of April, 2009.

	 	 	 	 	 
	 	ENERGIZER HOLDINGS, INC.

 	 
	 	    /s/  Peter J. Conrad
 	 
	 	Peter J. Conrad 	 
	 	Vice President Human Resources 	 
	 

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