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                2003 RESTRICTED STOCK EQUIVALENT AWARD AGREEMENT

     Energizer  Holdings, Inc. ("Company"), pursuant to its 2000 Incentive Stock
Plan  (the  "Plan"),  grants to John R. Roberts ("Recipient") a Restricted Stock
Equivalent  Award  of  up to 10,000 Company restricted common stock equivalents.
This  Award  Agreement  is  subject  to  the  provisions  of the Plan and to the
following  terms  and  conditions:

1.     Restricted  Stock  Equivalents  Award
       -------------------------------------

If,  at any time or from time to time, within two years of the effective date of
this  Award  Agreement,  Recipient  provides  evidence  to  the Secretary of the
Company, reasonably satisfactory to the Company, of his acquisition of shares of
the  Company's  $.01  par  value Common Stock ("Common Stock"), the Company will
credit the Recipient with a restricted common stock equivalent (an "Equivalent")
for  each  share  of  Common  Stock  so  acquired,  up  to  a  maximum of 10,000
Equivalents,  in  the aggregate.  (The shares of Common Stock which are acquired
by  the  Recipient and matched by Equivalents are referred to as "Matched Common
Stock" herein.) Deferrals into the Company's Deferred Compensation Plan will not
be  matched  with  Equivalents.

2.     Holding  Period  for  Matched  Common  Stock
       --------------------------------------------

The  Recipient  agrees  that  he  shall  not sell or transfer any portion of the
Matched  Common  Stock  for  a  period  of three (3) years following the date of
acquisition of such portion, provided, however, that if Recipient pledges any of
the Matched Common Stock as collateral for any loan during that period, it shall
not  be  deemed  a  sale  or  transfer  of the shares for purposes of this Award
Agreement.

3.     Vesting;  Payment
       -----------------

Each  Equivalent  will vest on the date that is three (3) years from the date of
its  crediting  and convert, at that time, or otherwise as provided herein, into
one  share  of Common Stock which will be issued to the Recipient. If Recipient,
no  later than thirty (30) days from the effective date of this Award Agreement,
elects  in  writing to defer the conversion of Equivalents into shares of Common
Stock,  the Equivalents will not convert into Common Stock, and shares of Common
Stock  will not be issued to the Recipient, until the Recipient's termination of
service  on  the  Board  of  Directors  of  the  Company.

4.     Additional  Cash  Payment
       -------------------------

At  the  time of payment of shares of Common Stock to Recipient, as described in
paragraph  3 above, Recipient will also receive an additional cash payment equal
to  the amount of dividends, if any, which would have been paid on the shares of
Common  Stock issued to him if he had actually acquired those shares on the date
or  dates of crediting of his Equivalents.  No interest shall be included in the
calculation  of  such  additional  cash  payment.

5.     Acceleration
       ------------

Notwithstanding the provisions of paragraph 3 above, all Equivalents credited to
the  Recipient will immediately vest, convert into shares of Common Stock and be
paid  to the Recipient, his designated beneficiary, or his legal representative,
in  accordance  with  the  terms  of  the  Plan,  in  the  event  of:

(a)     his  death;
     (b)     a  declaration  of  his  total  and  permanent  disability;  or
(c)     a  Change  of  Control  of the Company, which for purposes of this Award
Agreement  shall be deemed to occur when (i) a person, as defined under the U.S.
securities  laws, acquires beneficial ownership of more than fifty percent (50%)
of  the  outstanding  voting securities of the Company; or (ii) the directors of
the  Company  immediately  before a business combination between the Company and
another  entity,  or  a proxy contest for the election of directors, shall, as a
result  thereof, cease to constitute a majority of the Board of Directors of the
Company  (or  a  successor  corporation  of  the  Company).

6.     Forfeiture
       ----------

All  rights  in  and  to  any and all Equivalents granted pursuant to this Award
Agreement,  and  to  any  shares  of Common Stock into which they would convert,
which  have not vested as described in paragraph 3 of this Award Agreement shall
be  forfeited  upon  the  Recipient's  termination  of  service  on the Board of
Directors of the Company.  In addition, any Equivalents granted pursuant to this
Award  Agreement  which  have  not  vested  shall  be forfeited if the shares of
Matched  Common  Stock  to  which  they  relate  are  sold or transferred by the
Recipient  prior  to  three  (3)  years  from  the  date  of  crediting  of such
Equivalents.

7.     Shareholder  Rights;  Adjustment  of  Equivalents
       -------------------------------------------------

Recipient  shall  not  be  entitled, prior to the conversion of Equivalents into
shares  of  Common  Stock,  to  any rights as a shareholder with respect to such
shares  of  Common Stock, including the right to vote, sell, pledge, transfer or
otherwise  dispose  of  the shares.  Recipient shall, however, have the right to
designate  a beneficiary to receive such shares of Common Stock under this Award
Agreement,  subject  to  the provisions of Section V of the Plan.  The number of
Equivalents credited to Recipient may be adjusted, in the sole discretion of the
Nominating  and  Executive  Compensation  Committee  of  the  Company's Board of
Directors,  in  accordance  with  the  provisions  of Section VI(F) of the Plan.

<PAGE>

8.     Other
       -----

The  Company  reserves the right, as determined by the Board of Directors of the
Company, to convert this Award Agreement to a substantially equivalent award and
to  make any other modification it may consider necessary or advisable to comply
with  any  applicable  law  or  governmental  regulation, or to preserve the tax
deductibility  of  any  payments  hereunder.

9.     Effective  Date
       ---------------

This  Award  Agreement  shall  be  deemed  to be effective as of the 27th day of
January  2003.

ACKNOWLEDGED  AND  ACCEPTED:     ENERGIZER  HOLDINGS,  INC.

________________________________By:_______________________________
Recipient                              J.  Patrick  MulcahyINDEMNIFICATION AGREEMENT
                            -------------------------

     INDEMNIFICATION  AGREEMENT (the "Agreement") made this 27th day of January,
2003,  between  ENERGIZER HOLDINGS, INC., a Missouri corporation (the "Company")
and  John  R.  Roberts  ("Director").

     WHEREAS, Director is a member of the Board of Directors of the Company, and
in  such  capacity  is  performing  a  valuable  service  for  Company;  and

     WHEREAS,  the  Company's  Articles of Incorporation (the "Articles") permit
the  indemnification of directors, officers, employees and certain agents of the
Company,  and  indemnification  is  also  authorized  by  Section 351.355 of the
Missouri  Revised  Statutes  1978,  as  amended  to  date  (the "Indemnification
Statute");  and

     WHEREAS,  the  Articles  and  the  Indemnification  Statute  permit  full
indemnification  of officers absent knowingly fraudulent, deliberately dishonest
or  willful  misconduct;  and

     WHEREAS,  in  order  to induce Director to continue to serve as a member of
the  Board  of  Directors  of  the Company, Company has determined and agreed to
enter  into  this  contract  with  Director;

     NOW THEREFORE, in consideration of Director's continued service as a member
of  the Board of Directors after the date hereof, the Company and Director agree
as  follows:

     1.     Indemnity  of  Director.  Company hereby agrees to hold harmless and
            -----------------------
indemnify  Director to the full extent authorized or permitted by the provisions
of  the  Indemnification  Statute,  or by any amendment thereof, or by any other
statutory  provision  authorizing  or  permitting  such indemnification which is
adopted  after  the  date  hereof.

     2.     Additional Indemnity. Subject to the exclusions set forth in Section
            --------------------
3 hereof, Company further agrees to hold harmless and indemnify Director against
any  and  all expenses (including attorneys' fees), judgments, fines and amounts
paid  in  settlement, actually and reasonably incurred by Director in connection
with  any  threatened,  pending  or completed action, claim, suit or proceeding,
whether civil, criminal, administrative or investigative (including an action by
or in the right of the Company) to which Director is, was or at any time becomes
a  party,  or  is  threatened  to  be  made  a party, by reason of the fact that
Director  is,  was  or  at  any  time  (whether before or after the date of this
Agreement)  becomes a director, officer, employee or agent of the Company, or is
or  was  serving  or  at  any  time  serves  at  the request of the Company as a
director,  officer, employee or agent of another corporation, partnership, joint
venture,  trust  or  other  enterprise.

     3.     Limitations  on  Additional  Indemnity.  No  indemnity  pursuant  to
            --------------------------------------
Section  2  hereof  shall  be  paid  by  Company:

     (a)     Except  to  the  extent  the  aggregate of losses to be indemnified
thereunder  exceeds  the  amount  of  such  losses  for  which  the  Director is
indemnified  pursuant  to Section 1 hereof or pursuant to any insurance policies
or  other  comparable  policies  purchased  and  maintained  by  the  Company;

     (b)     In  respect to remuneration paid to Director if it shall be finally
judicially  adjudged  that  such  remuneration  was  in  violation  of  law;

     (c)     On  account  of  any  suit  in which a judgment is rendered against
Officer  for an accounting of profits made from the purchase or sale by Director
of  securities of the Company pursuant to the provisions of Section 16(b) of the
Securities  Exchange  Act of 1934, as amended or similar provisions of any state
or  local  statutory  law;

     (d)     On  account  of  Director's  conduct  which  is  finally judicially
adjudged  to  have  been knowingly fraudulent, deliberately dishonest or willful
misconduct;

     (e)     If  it  shall  be  finally  judicially  adjudged  that  such
indemnification  is  not  lawful.

Reference  in  this  Agreement  to  a matter being "finally judicially adjudged"
shall  mean  that  there  shall  have  been  a  final decision by a court having
jurisdiction  in  the  matter,  all  appeals having been denied or not have been
taken  and  the  time  therefore  to  have  expired.

     4.     Continuation  of  Indemnity.  All  agreements  and  obligations  of
            ---------------------------
Company  contained  herein shall continue during the period Director is a member
of  the  Board  of Directors of Company and shall continue thereafter so long as
Director  shall  be  subject to any possible or threatened, pending or completed
action  or claim, suit or proceeding, whether civil, criminal, administrative or
investigative,  by reason of the fact that Director was a member of the Board of
Directors  of  the  Company  or  was  serving  in any other capacity referred to
herein.

     5.     Notification  and  Defense  of  Claim.  Promptly  after  receipt  by
            -------------------------------------
Director  of notice of the commencement of any action, claim, suit or proceeding
against  him  by  reason of his status as a Director of the Company or any other
capacity  referenced  herein,  Director  will notify Company of the commencement
thereof;  provided,  however,  that  the  omission to so notify Company will not
relieve  Company  from  any  liability  which it may have to Director under this
Agreement  unless  and  only  to  the  extent that Company's rights are actually
prejudiced  by  such  failure.  With  respect to any such action, claim, suit or
proceeding  as  to  which Director notifies Company of the commencement thereof:

     (a)     Company will be entitled to participate therein at its own expense;
and,

     (b)     Except as otherwise provided below, to the extent that it may wish,
Company  jointly  with  any  other  party will be entitled to assume the defense
thereof,  with  counsel  satisfactory to Director.  After notice from Company to
Director  of  its election to so assume the defense thereof, Company will not be
liable  to  Director  under  this  Agreement  for  any  legal  or other expenses
subsequently  incurred by Director in connection with the defense thereof unless
Director  shall  have  reasonably  concluded  that  there  may  be a conflict of
interest  between  Company  and  Director  in the conduct of the defense of such
action,  in  which  case, Company shall not be entitled to assume the defense of
any  action,  claim,  suit  or  proceeding  brought  by or on behalf of Company;

     (c)     Company  shall  not  be  liable  to  indemnify  Director under this
Agreement  for  any  amounts  paid in settlement of any action or claim effected
without its written consent. Company shall not settle any action or claim in any
manner  which  would  impose  any  penalty  or  limitation  on  Director without
Director's  written  consent.  Neither  Company  nor  Director will unreasonably
withhold  their  consent  to  any  proposed  settlement.

     6.     Advancement  and  Repayment  of  Expenses.
            -----------------------------------------

     (a)     To  the  extent that the Company assumes the defense of any action,
claim,  suit  or  proceeding  against  Director,  Director  agrees  that he will
reimburse  Company  for all reasonable expenses paid by Company in defending any
such action, claim, suit or proceeding against Director in the event and only to
the  extent  that  it  shall be finally judicially adjudged that Director is not
entitled  to be indemnified by Company for such expenses under the provisions of
the  Indemnification  Statute,  the  Articles,  this  Agreement  or  otherwise.

     (b)     To  the  extent that the Company does not assume the defense of any
action,  claim,  suit  or  proceeding against Director, Company shall advance to
Director  all  reasonable  expenses,  including  all reasonable attorneys' fees,
retainers,  court costs, transcript costs, fees of experts, witness fees, travel
expenses,  duplicating  costs,  printing  and  binding costs, telephone charges,
postage,  delivery  service fees, and all other disbursements or expenses of the
types  customarily incurred in connection with defending, preparing to defend or
investigating  any  civil  or criminal action, suit or proceeding, within twenty
days  after  the  receipt  by Company of a statement or statements from Director
requesting such advance or advances, whether prior to or after final disposition
of  such  action,  suit  or  proceeding.  Such  statement  or  statements  shall
reasonably  evidence  the  expenses incurred by Director and shall include or be
preceded  or  accompanied by an undertaking by or on behalf of Director to repay
all  of  such  expenses advanced if it shall be finally judicially adjudged that
Director  is  not entitled to be indemnified against such expenses. Any advances
and  undertakings  to  repay  pursuant  to this paragraph shall be unsecured and
interest  free.

7.     Enforcement.
       -----------

     (a)     Company expressly confirms and agrees that it has entered into this
Agreement  and  assumed  the  obligations  imposed on Company hereby in order to
induce  Director  to  continue to serve as a member of the Board of Directors of
Company,  and  acknowledges  that  Director  is  relying  upon this Agreement in
continuing  in  such  capacity.

     (b)     In  the  event  Director is required to bring any action to enforce
rights  or  to collect moneys due under this Agreement and is successful in such
action,  Company  shall reimburse Director for all of Director's reasonable fees
and  expenses  in  bringing  and  pursuing  such  action.

     8.     Separability.  Each  of  the  provisions  of  this  Agreement  is  a
            ------------
separate  and  distinct  agreement and independent of the others, so that if any
provision  hereof  shall  be held to be invalid or unenforceable for any reason,
such  invalidity  or  unenforceability  shall  not  affect  the  validity  or
enforceability  of  the  other  provisions  hereof.

     9.     Governing  Law;  Binding  Effect;  Amendment  and  Termination.
            --------------------------------------------------------------

     (a)     This Agreement shall be interpreted and enforced in accordance with
the  laws  of  the  State  of  Missouri.

     (b)     This Agreement shall be binding upon Director and upon Company, its
successors  and  assigns, and shall inure to the benefit of Director, his heirs,
personal  representatives  and  assigns,  and  to  the  benefit  of Company, its
successors  and  assigns.

     (c)     No  amendment,  modification,  termination  or cancellation of this
Agreement  shall  be  effective unless signed in writing by both parties hereto.

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

DIRECTOR                           ENERGIZER  HOLDINGS,  INC.

By:______________________          By:_____________________________
                                              J.  Patrick  Mulcahy

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