Document:

ENERGIZER HOLDINGS, INC.
                            ------------------------

                           DEFERRED COMPENSATION PLAN
                           --------------------------

<TABLE>
<CAPTION>

                               TABLE  OF  CONTENTS

<S>                                                             <C>
ARTICLE                                                          PAGE
---------                                                        ----

ARTICLE I
           INTRODUCTION                                             1
1.1        NAME OF PLAN/PURPOSE.                                    1
1.2        "TOP HAT" RETIREMENT BENEFIT PLAN.                       1
1.3        EFFECTIVE DATE.                                          1
1.4        ADMINISTRATION.                                          1
1.5        APPENDICES.                                              1
           ARTICLE II
           DEFINITIONS AND CONSTRUCTION                             1
2.1        DEFINITIONS.                                             1
2.2        NUMBER AND GENDER.                                       6
2.3        HEADINGS.                                                6
           ARTICLE III
           PARTICIPATION AND ELIGIBILITY                            7
3.1        ELIGIBILITY.                                             7
3.2        PARTICIPATION.                                           7
3.3        DURATION OF PARTICIPATION.                               7
           ARTICLE IV
           DEFERRAL AND MATCHING CONTRIBUTIONS                      8
4.1        DEFERRALS BY PARTICIPANTS.                               8
4.2        EFFECTIVE DATE OF DEFERRED COMPENSATION AGREEMENT.       8
4.3        MODIFICATION OR REVOCATION OF ELECTION OF PARTICIPANT.   8
4.4        MATCHING CONTRIBUTIONS.                                  8
4.5        MANDATED DEFERRALS.                                      9
           ARTICLE V
           VESTING                                                 10
5.1        VESTING IN BASE SALARY DEFERRALS, BONUS DEFERRALS,
           DIRECTOR FEE DEFERRALS AND RALSTON PLAN ACCOUNT.        10
5.2        VESTING IN MATCHING CONTRIBUTIONS.                      10
5.3        DEFERRAL PERIODS.                                       10
           ARTICLE VI
           ACCOUNTS                                                11
6.1        ESTABLISHMENT OF BOOKKEEPING ACCOUNTS.                  11
6.2        SUBACCOUNTS.                                            11
6.3        INVESTMENT OF ACCOUNTS.                                 11
6.4        HYPOTHETICAL NATURE OF ACCOUNTS.                        12
           ARTICLE VII
           PAYMENT OF ACCOUNT                                      13
7.1        TIMING OF DISTRIBUTION OF BENEFITS.                     13
7.2        ADJUSTMENT FOR INVESTMENT GAINS AND LOSSES
           UPON A DISTRIBUTION.                                    13
7.3        FORM OF PAYMENT OR PAYMENTS.                            13
7.4        DEATH BENEFITS                                          14
7.5        DESIGNATION OF BENEFICIARIES.                           14
7.6        UNCLAIMED BENEFITS.                                     14
7.7        WITHDRAWAL.                                             15
           ARTICLE VIII
           ADMINISTRATION                                          16
           ARTICLE IX
           AMENDMENT AND TERMINATION                               17
           ARTICLE X
           GENERAL PROVISIONS                                      18
10.1       NON-ALIENATION OF BENEFITS.                             18
10.2       CONTRACTUAL RIGHT TO BENEFITS FUNDING.                  18
10.3       INDEMNIFICATION AND EXCULPATION.                        18
10.4       NO EMPLOYMENT AGREEMENT.                                18
10.5       CLAIMS FOR BENEFITS.                                    19
10.6       SUCCESSOR TO COMPANY.                                   19
10.7       SEVERABILITY.                                           19
10.8       TRANSFER AMONG AFFILIATES.                              19
10.9       ENTIRE PLAN.                                            20
10.10      PAYEE NOT COMPETENT.                                    20
10.11      TAX WITHHOLDING.                                        20
10.12      GOVERNING LAW.                                          20
</TABLE>

<PAGE>
                            ENERGIZER HOLDINGS, INC.
                           DEFERRED COMPENSATION PLAN

                                    ARTICLE I

                                  INTRODUCTION

1.1     NAME  OF  PLAN/PURPOSE.

          ENERGIZER HOLDINGS, INC.  ("Company") hereby establishes the ENERGIZER
HOLDINGS,  INC.  DEFERRED  COMPENSATION  PLAN ("Plan") which Plan is an unfunded
deferred  compensation  plan for the benefit of certain designated management or
highly  compensated employees and Directors of the Company and its Subsidiaries.
This  Plan  is  intended  to  provide,  in  part, certain eligible employees and
Directors  of the Company and its Subsidiaries the opportunity to defer elements
of  their  compensation or fees and to receive the benefit of additions to their
deferrals.

1.2     "TOP  HAT"  RETIREMENT  BENEFIT  PLAN.

          The  Plan  is  intended  to  be  a  nonqualified  unfunded  deferred
compensation  plan.  The Plan is maintained for Directors and for a select group
of  management  or  highly  compensated employees and, therefore, it is intended
that  the  Plan  will  be exempt from Parts 2, 3 and 4 of Title I of ERISA.  The
Plan  is  not  intended  to  qualify  under  Code  Section  401(a).

1.3     EFFECTIVE  DATE.

          The  Plan  is  effective  as  of  April  1,  2000.

1.4     ADMINISTRATION.

          The  Plan  shall be administered by the Committee described in Article
VIII.

1.5     APPENDICES.

          The Plan may be amplified or modified from time to time by Appendices.
Each  Appendix  forms a part of the Plan and its provisions shall supersede Plan
provisions  as  necessary  to  eliminate  any  inconsistencies.

<PAGE>
                                   ARTICLE II

                          DEFINITIONS AND CONSTRUCTION

2.1     DEFINITIONS.

          For  purposes of the Plan, the following words and phrases, whether or
not  capitalized, shall have the respective meanings set forth below, unless the
context  clearly  requires  a  different  meaning:

          (a)     "ACCOUNT"  means  the bookkeeping account maintained on behalf
of  each  Participant  pursuant  to Article VI that is credited with Base Salary
Deferrals,  Bonus  Deferrals, Matching Contributions, and Director Fee Deferrals
pursuant to Article IV and amounts credited to the Ralston Plan Account, and the
earnings and losses on such amounts as determined in accordance with Article VI.

          (b)     "ACQUIRING  PERSON" means any person or group of Affiliates or
Associates  who  is  or becomes the beneficial owner, directly or indirectly, of
shares  representing  20%  or  more  of the total votes of the outstanding stock
entitled  to  vote  at  a  meeting  of  shareholders.

          (c)     "AFFILIATE"  or  "ASSOCIATE" shall have the meanings set forth
in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange
Act  of  1934,  as  amended.

          (d)     "BASE  SALARY"  means, with respect to an Employee, the annual
cash  compensation  relating  to  services  performed  during any calendar year,
whether  or  not  actually paid in such calendar year or included on the Federal
Income  Tax  Form  W-2  for  such calendar year, excluding bonuses, commissions,
overtime,  fringe  benefits,  stock  options,  relocation  expenses,  incentive
payments,  non-monetary  awards, and other fees, automobile and other allowances
paid  to  a  Participant  for  employment services rendered (whether or not such
allowances  are  included in the Employee's gross income).  Base Salary shall be
calculated before reduction for compensation voluntarily or mandatorily deferred
or  contributed  by  the  Participant pursuant to all qualified or non-qualified
plans  of  the  Company  and  any  Subsidiary and shall be calculated to include
amounts  not  otherwise  included  in  the Participant's gross income under Code
Sections  125,  402(e)(3), 402(h) or 403(b) pursuant to plans established by the
Company;  provided  however,  that  all  such  amounts  will  be  included  in
compensation  only  to  the extent that, had there been no such plan, the amount
would  have  been  payable  in  cash  to  the  Employee.

          (e)     "BASE  SALARY  DEFERRAL"  means  the amount of a Participant's
Base Salary that the Participant elects to have withheld on a pre-tax basis from
his  Base  Salary  and  credited  to  his  Account  pursuant  to  Section  4.1.

          (f)     "BENEFICIAL  OWNER" shall mean a person who shall be deemed to
have  acquired  "beneficial  ownership"  of,  or  to  "beneficially  own,"  any
securities:

               (i)     which  such  person  or any of such persons Affiliates or
Associates  beneficially  owns,  directly  or  indirectly;

               (ii)     which  such person or any of such person's Affiliates or
Associates  has  (a)  the  right  to  acquire (whether such right is exercisable
immediately  or  only  after  the  passage  of  time) pursuant to any agreement,
arrangement  or  understanding (other than customary agreements with and between
underwriters  and  selling  group  members  with  respect  to a bona fide public
offering  of  securities),  or  upon  the  exercise  of  currently  exercisable
conversion  or  exchange  rights,  warrants  or options, or otherwise; provided,
however,  that  a  person  shall  not  be  deemed the Beneficial Owner of, or to
beneficially  own,  securities  tendered  pursuant to a tender or exchange offer
made  by  or  on  behalf  of  such  person or any of such person's Affiliates or
Associates until such tendered securities are accepted for purchase or exchange;
or  (b)  the  right  to  vote  pursuant  to  any  agreement,  arrangement  or
understanding;  provided,  however,  that  a  person  shall  not  be  deemed the
Beneficial  Owner  of,  or  to  beneficially own, any security if the agreement,
arrangement  or  understanding  to  vote  such security (1) arises solely from a
revocable proxy or consent given to such person in response to a public proxy or
consent  solicitation  made  pursuant to, and in accordance with, the applicable
rules  and  regulations  promulgated  under the Exchange Act and (2) is not also
then  reportable  on  Schedule  13D under the Exchange Act (or any comparable or
successor  report);  or

               (iii)     which  are  beneficially owned, directly or indirectly,
by any other person with which such person or any of such person's Affiliates or
Associates has any agreement, arrangement or understanding (other than customary
agreements  with and between underwriters and selling group members with respect
to  a  bona  fide  public  offering of securities) for the purpose of acquiring,
holding,  voting  or  disposing  of  any  securities  of  Company.

          Notwithstanding  anything  in this definition of "Beneficial Owner" to
the  contrary,  the  phrase  "then  outstanding,"  when used with reference to a
person's beneficial ownership of securities of Company, shall mean the number of
such  securities  then  issued  and outstanding together with the number of such
securities  not  then actually issued and outstanding which such person would be
deemed  to  own  beneficially  hereunder.

          (g)     "BENEFICIARY"  means  the  person  or entity designated by the
Participant  to  receive  benefits  which  may  be  payable  on  or  after  the
Participant's  death  in  accordance  with  Section  7.4.

          (h)     "BOARD"  means  the  Board  of  Directors  of  the  Company.

          (i)     "BONUS COMPENSATION" means the amount awarded to a Participant
for  a  Plan  Year  under  any  bonus  plan  maintained  by the Company and/or a
Subsidiary  which  the  Committee  permits  to  be  deferred  under  the  Plan.

          (j)     "BONUS  DEFERRAL"  means  the  amount of a Participant's Bonus
Compensation  that  the  Participant  elects to have withheld on a pre-tax basis
from his Bonus Compensation and credited to his Account pursuant to Section 4.1.

          (k)     "CHANGE OF CONTROL" shall mean the time when (a) any Acquiring
Person,  either  individually  or  together  with  such  person's  Affiliates or
Associates,  shall  have become the Beneficial Owner, director or indirectly, of
more than 20% of the total votes of the outstanding stock of Energizer Holdings,
Inc.;  (b)  individuals  who  shall  qualify  as Continuing Directors shall have
ceased  for  any reason to constitute at least a majority of the Board; or (c) a
majority  of  the  individuals  who  shall qualify as Continuing Directors shall
approve  a  declaration  that  a  Change  of  Control  has  occurred.

          (l)     "CODE"  means  the  Internal Revenue Code of 1986, as amended,
and  all  valid  regulations  thereunder.

          (m)     "COMMITTEE" means the Energizer Plans Administrative Committee
which  administers  the  Plan  in  accordance  with  Article  VIII.

          (n)     "COMPANY"  means  Energizer  Holdings,  Inc. and any successor
thereto.

          (o)     "CONTINUING  DIRECTOR"  means  any  member of the Board, while
such  person  is a member of such Board, who is not an Affiliate or Associate of
an Acquiring Person or of any such Acquiring Person's Affiliate or Associate and
was  a  member of such Board prior to the time when such Acquiring Person became
an  Acquiring  Person,  and  any  successor of a Continuing Director, while such
successor  is  a  member  of  such  Board,  who is not an Acquiring Person or an
Affiliate  or Associate of an Acquiring Person or a representative or nominee of
an  Acquiring  Person  or of any Affiliate or Associate of such Acquiring Person
and  is  recommended or elected to succeed the Continuing Director by a majority
of  the  Continuing  Directors.

          (p)     "DEFERRAL  PERIOD"  means  the  period  of  time  for  which a
Participant  elects  to  defer  receipt  of  Base  Salary  Deferrals  and  Bonus
Deferrals,  credited  to  such  Participant's  Account  for a Plan Year, and the
earnings  thereon.  A  Participant's  election  of  a  Deferral Period made with
respect  to such Base Salary Deferrals and Bonus Deferrals for a Plan Year shall
apply  to  Matching Contributions made by the Company with respect to such Bonus
Deferrals  for  such  Plan  Year.

          (q)     "DEFERRALS"  means (i) with respect to a Participant who is an
Employee, Base Salary Deferrals and/or Bonus Deferrals, and (ii) with respect to
a  Participant  who  is  a  Director,  Director  Fee  Deferrals.

          (r)     "DEFERRED  COMPENSATION AGREEMENT" means the written agreement
or  electronic means by which a Participant elects the amount of Deferrals for a
Plan  Year,  the  Deferral Period, the deemed investment and the form of payment
for  the  Deferrals  and  Matching Contributions, credited to such Participant's
Account  for  a  Plan  Year, and the earnings thereon.  A Participant's election
with respect to the investment and form of payment of Salary Deferrals and Bonus
Deferrals shall apply to Matching Contributions made by the Company with respect
to  such  Bonus  Deferrals  for  such  Plan  Year.

          (s)     "DIRECTOR"  means  any  member  of  the  Board or the board of
directors  of  a Subsidiary and who is not an officer or Employee of the Company
and/or  a  Subsidiary.

          (t)     "DIRECTOR  FEE  DEFERRALS"  means  the amount of Director Fees
which a Participant elects to have withheld on a pre-tax basis from his Director
Fees  and  credited  to  his  Account  pursuant  to  Section  4.1.

          (u)     "DIRECTOR  FEES"  means the amount of cash paid to a Director,
including  but  not  limited  to  board of director fees, committee fees, annual
retainer  director  fees and such other amounts paid to a Director, for services
as  a  Director  of  the  Company  or  a  Subsidiary.

          (v)     "DISABILITY"  means  such  physical  or  mental  illness  that
prevents  the  Participant  from  performing  his regular duties for the Company
and/or  Subsidiary,  as  determined  by  the  Committee.

          (w)     "EFFECTIVE  DATE"  means  April  1,  2000.

          (x)     "EMPLOYEE"  means  any common-law employee of the Company or a
Subsidiary.

          (y)     "ERISA"  means  the Employee Retirement Income Security Act of
1974,  as  amended.

          (z)     "MARKET VALUE" means the average of the closing stock price of
the  Stock  as  reported by the New York Stock Exchange - Composite Transactions
during the ten (10) trading days immediately preceding the date in question, or,
if the Stock is not quoted on such composite tape or if such Stock is not listed
on  such exchange, on the principal United States securities exchange registered
under  the  Securities  Exchange  Act of 1934, as amended, on which the Stock is
listed,  or  if the Stock is not listed on any such exchange, the average of the
closing  bid quotations with respect to a share of the Stock during the ten (10)
days  immediately  preceding  the  date  in  question on the NASDAQ Stock Market
National  Market  System or any system then in use, or if no such quotations are
available, the fair market value on the date in question of a share of the Stock
as  determined  by  a  majority  of  the  Continuing  Directors  in  good faith.

          (aa)     "MATCHING  CONTRIBUTION" means the amount of the contribution
made by the Company and/or a Subsidiary on behalf of a Participant who elects to
make  Bonus  Deferrals to the Plan for a Plan Year, subject to the provisions of
Section  4.4.

          (bb)     "PARTICIPANT"  means  each Employee who has been selected for
participation  in  the  Plan  and  each  Director  who  has become a Participant
pursuant  to  Article  III.

          (cc)     "PLAN"  means  the  ENERGIZER  HOLDINGS,  INC.  DEFERRED
COMPENSATION  PLAN,  as  amended  from  time  to  time.

          (dd)     "RALSTON  PLAN"  means  the  Ralston  Purina Company Deferred
Compensation  Plan  for  Key  Employees.

          (ee)     "RALSTON  PLAN  ACCOUNT" means the amounts credited on behalf
of  a Participant under the Ralston Plan as of March 31, 2000 (including amounts
attributable  to  services  performed  on  or before March 31, 3000 and not paid
until  after  such  date but that are subject to a deferral election pursuant to
the  Ralston  Plan).

          (ff)     "RETIREMENT"  means  (i) with respect to a Participant who is
an  Employee, the date such Participant is entitled to a benefit (whether or not
such  benefit  has  commenced)  under  the terms of the Energizer Holdings, Inc.
Retirement  Plan,  and (ii) with respect to a Participant who is a Director, the
date  such  Director  resigns  or  is  removed  as a Director of the Company and
Subsidiaries  following  attainment  of  age  70.

          (gg)     "PLAN  YEAR"  means  the  twelve-consecutive  month  period
commencing  January  1  of  each year and ending on December 31, except that the
first  Plan  Year  shall  be the period beginning on April 1, 2000 and ending on
December  31,  2000.

          (hh)     "STOCK" means shares of the Company's common stock, par value
$.01  per  share, which consists of shares of a class of common stock designated
as  Energizer  Common Stock ("ENR Stock") or any such other security outstanding
upon  the  reclassification  or  redesignation of the Company's ENR Stock or any
other  outstanding  class  or  series of common stock of the Company, including,
without  limitation,  any  stock  split-up, stock dividend, creation of tracking
stock, or other distributions of stock in respect of stock, or any reverse stock
split-up,  or  recapitalization of the Company or any merger or consolidation of
the Company with any Affiliate, or any other transaction, whether or not with or
into  or  otherwise  involving  an  Acquiring  Person.

          (ii)     "STOCK  UNIT"  means  a  stock unit that is equivalent to one
share  of  Stock.

          (jj)     "SUBSIDIARY" means any trade or business under common control
with  the  Company  as  defined  in  Code  Section  1563(a)(1).

          (kk)     "TERMINATION  FOR CAUSE" means a Participant's termination of
employment  with  the  Company  and  its  Subsidiaries  because  the Participant
willfully  engaged  in  gross misconduct; provided, however, that a "Termination
for  Cause"  shall  not  include  a  termination  attributable to: (i) poor work
performance,  bad judgment or negligence on the part of the Participant; or (ii)
an  act or omission reasonable believed by the Participant in good faith to have
been  in  or  not  opposed  to the best interests of his employer and reasonably
believed  by  the  Participant  to  be  lawful.

          (ll)     "TRUST" means the fund, if any, established in consequence of
and  for the purpose of the Plan, to be held in trust by the Trustee, from which
Trust  benefits  under  the  Plan  may  be  paid.

          (mm)     "TRUST  AGREEMENT"  means  the  Trust  under  the  Energizer
Holdings,  Inc.  Deferred Compensation Plan made and entered into by the Company
with  the  Trustee  pursuant to the Plan, as said Trust Agreement may be amended
from  time  to  time.

          (nn)     "TRUSTEE" means any person, persons or corporation designated
by  the  Company  from  time to time to hold, invest and disburse, in accordance
with  the  Plan  and  Trust  Agreement,  the  assets  of  the  Plan.

          (oo)     "VALUATION DATE" means the last business day of each calendar
quarter,  unless  changed  by  the  Committee,  and  each special valuation date
designated  by  the  Committee.

2.2     NUMBER  AND  GENDER.

          Wherever  appropriate  herein,  words  used  in  the singular shall be
considered  to  include  the  plural  and  words  used  in  the  plural shall be
considered  to  include  the singular.  The masculine gender, where appearing in
the  Plan,  shall  be  deemed  to  include  the  feminine  gender.

2.3     HEADINGS.

          The  headings  of Articles and Sections herein are included solely for
convenience  and do not bear on the interpretation of the text.  If there is any
conflict between such headings and the text of the Plan, the text shall control.
As used in the Plan, the terms "Article", "Section" and "Appendix" mean the text
that  accompanies  the  specified  Article,  Section  or  Appendix  of the Plan.

<PAGE>
                                   ARTICLE III

                          PARTICIPATION AND ELIGIBILITY

3.1     ELIGIBILITY.

     (a)     Employees  -  The  Committee  shall  select  who  is  eligible  to
             ---------
participate  in  the  Plan  from  among  the  management  and highly compensated
Employees  of the Company and its Subsidiaries who are subject to the income tax
laws  of  the  United States.  In making its selections hereunder, the Committee
shall  take  into  consideration  the  nature  of the services rendered or to be
rendered  to  the  Company  and its Subsidiaries by an Employee, his present and
potential  contribution  to the success of the Company and its Subsidiaries, and
such other factors as the Committee deems relevant in accomplishing the purposes
of  the  Plan. The Committee shall notify each Participant of his selection as a
Participant.

     (b)     Directors  -  A  Director  is  eligible to participate in the Plan.
             ---------

3.2     PARTICIPATION.

          An Employee or Director shall become a Participant effective as of the
date  the  Committee  determines,  which  date shall be on or after the date his
Deferred Compensation Agreement becomes effective.  Subject to the provisions of
Section  3.3,  a  Participant shall remain eligible to continue participation in
the  Plan  for each Plan Year following his initial year of participation in the
Plan.

3.3     DURATION  OF  PARTICIPATION.

     (a)     Employee  -  A  Participant  who is an Employee shall cease to be a
             --------
Participant  as  of the date on which his or her employment with the Company and
all Subsidiaries terminates or is deemed terminated by the Company, the date the
Committee terminates such Participant's participation in the Plan or the date on
which  the  Plan  terminates,  whichever  date  is  earliest.

          If the Committee determines in good faith that a Participant no longer
qualifies  as  a  member  of  a select group of management or highly compensated
employees,  as  membership  in  such  group is determined in accordance with the
provisions  of  Section  201(2), 301(a)(3) and 401(a)(1) of ERISA, the Committee
shall  have  the  right,  in  its sole discretion, to (i) terminate any deferral
election  the  Participant  has made for the remainder of the Plan Year in which
the  Participant's  membership changes, (ii) prevent the Participant from making
future deferral elections, and/or (iii) immediately distribute the Participant's
Account  in  which he is vested and terminate the Participant's participation in
the  Plan.

     (b)     Director  -  A  Participant  who  is a Director shall cease to be a
             --------
Participant  as  of  the  date on which he ceases to be a Director, the date the
Committee terminates such Participant's participation in the Plan or the date on
which  the  Plan  terminates,  whichever  date  is  earliest.

<PAGE>
                                   ARTICLE IV

                       DEFERRAL AND MATCHING CONTRIBUTIONS

4.1     DEFERRALS  BY  PARTICIPANTS.

     (a)     Deferred  Elections  by Participants - Before the first day of each
             ------------------------------------
Plan  Year  (or  the  remaining  portion thereof for an Employee or Director who
commences participation in the Plan other than on the first day of a Plan Year),
a  Participant  may  file  with  the Committee a Deferred Compensation Agreement
pursuant  to which such Participant elects to make Deferrals for such Plan Year.
Any  such  Participant  election  shall  be  subject  to  any maximum or minimum
percentage or dollar amount limitations and to any other rules prescribed by the
Committee  in  its  sole  discretion.

     (b)     Crediting  of  Deferral  Amounts  -  Base  Salary Deferrals will be
             --------------------------------
credited  to the Account of each Participant as of the last day of each calendar
month,  provided  that  such  Participant is an Employee on the last day of such
calendar  month.  A Participant whose employment terminates with the Company and
all  Subsidiaries  during the calendar month shall be paid in cash the amount of
his  Base  Salary Deferrals for such month.  Bonus Deferrals will be credited to
the  Account of each Participant as soon as administratively feasible after such
Bonus  Compensation  otherwise  would have been paid to the Participant in cash,
provided  that  the  Participant  is an Employee as of such date.  A Participant
whose  employment  terminates  with  the Company and all Subsidiaries before his
Bonus  Compensation  would  have been paid to him in cash will be paid his Bonus
Deferral  in  cash.  Director  Fee  Deferrals will be credited to the Account of
each  Participant  as soon as administratively feasible after such Director Fees
otherwise  would  have  been  paid to the Participant in cash, provided that the
Participant  is a Director as of such date.  A Participant whose relationship as
a  Director  terminates  before his Director Fees would have been paid to him in
cash  will  be  paid  his  Director  Fee  Deferrals  in  cash.

4.2     EFFECTIVE  DATE  OF  DEFERRED  COMPENSATION  AGREEMENT.

          A  Participant's  initial  Deferred  Compensation  Agreement  shall be
effective  as  of  the date the Participant commences participation in the Plan.
Each  subsequent  Deferred  Compensation Agreement shall become effective on the
first  day  of  the  Plan  Year  to which it relates.  If a Participant fails to
complete a Deferred Compensation Agreement on or before the date the Participant
commences  participation  in  the  Plan  or  the first day of any Plan Year, the
Participant  shall be deemed to have elected not to make Deferrals for such Plan
Year (or remaining portion thereof if the Participant enters the Plan other than
on  the  first  day  of  a  Plan  Year).

4.3     MODIFICATION  OR  REVOCATION  OF  ELECTION  OF  PARTICIPANT.

          A  Participant  may  not  discontinue  or  change  the  amount  of his
Deferrals  during  a  Plan  Year.  Under  no  circumstances  may a Participant's
Deferred  Compensation  Agreement  be  made,  modified or revoked retroactively.

4.4     MATCHING  CONTRIBUTIONS.

          For  each  Plan Year, the Company and/or its Subsidiaries shall make a
Matching  Contribution  with  respect  to  a  Participant's  Bonus Deferrals and
Director  Fee  Deferrals  for such Plan Year that are invested in the Stock Unit
fund  pursuant  to  Section  6.3; provided however, that such Bonus Deferrals by
Employees for such Plan Year must be invested in the Stock Unit fund as provided
in Section 6.3 for a period of not less than twelve (12) months beginning on the
date  such  Bonus  Deferrals  and  Director  Fee  Deferrals are credited to such
Participant's  Account  in  order to receive such Matching Contribution and that
Director  Fee  Deferrals  must be invested in the Stock Unit fund as provided in
Section  6.3  for  a period of not less than twelve (12) months beginning on the
first day of the calendar year in which they are earned.  The amount, if any, of
such Matching Contribution for each Plan Year shall be determined by the Company
in  its  sole  discretion.

4.5     MANDATED  DEFERRALS.

          If the Committee mandates the deferral of any compensation in order to
preserve  the  deductibility  of such compensation when paid, under Code Section
162(m),  such  amounts  shall  remain  deferred until such time as the Committee
directs.  The Participant shall be entitled to elect the hypothetical investment
of  such  amounts in accordance with Section 7.3.  Such mandated deferrals shall
not  be  entitled  to a Matching Contribution and shall be paid in a lump sum as
soon  as  practicable  after  they  become  deductible  by  the  Company  or its
Subsidiaries  as  determined  by  the  Committee.

<PAGE>
                                    ARTICLE V

                                     VESTING

5.1     VESTING  IN  BASE  SALARY  DEFERRALS,  BONUS  DEFERRALS,  DIRECTOR  FEE
DEFERRALS
     AND  RALSTON  PLAN  ACCOUNT.

          A  Participant  shall always be 100% vested in the amounts credited to
his  Account  attributable  to  his  Base  Salary Deferrals, Bonus Deferrals and
Director Fee Deferrals, including earnings thereon.  A Participant shall also be
100%  vested  in  his  Ralston  Plan  Account.

5.2     VESTING  IN  MATCHING  CONTRIBUTIONS.

     (a)     Employees  -  A  Participant  who  is an Employee shall become 100%
             ---------
vested  in  the Matching Contributions and earnings thereon, credited/debited to
his  Account  for  a  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  are credited to his Account; provided, however, that in
the  event  such Participant's employment is terminated with the Company and all
Subsidiaries  for  any  reason  other  than  Retirement,  death,  Disability,
involuntary  termination  (other than Termination for Cause) or upon a Change of
Control,  the  Matching  Contributions  and  earnings  thereon  in  which  such
Participant  is vested shall be determined as of the date of such termination of
employment.

          Notwithstanding the foregoing, a Participant who is an Employee shall,
become  100%  vested  in  the  Matching  Contributions  and  earnings  thereon,
credited/debited  to  his  Account  upon  the  Participant's  Retirement, death,
Disability, involuntary termination (other than Termination for Cause) or upon a
Change  of  Control.

     (b)     Directors  -  A Participant who is a Director, shall always be 100%
             ---------
vested  in  the  Matching  Contributions  and  earnings  thereon  in the amounts
credited/debited  to  his  Account.

5.3     DEFERRAL  PERIODS.

     (a)     Employees  -  A  Participant who is an Employee must specify on the
             ---------
Deferred  Compensation  Agreement, the Deferral Period for the Deferrals for the
Plan  Year  to  which  the Deferred Compensation Agreement relates, and earnings
thereon,  subject  to  certain rules as prescribed by the Committee from time to
time.  A  Participant shall elect one of the Deferral Period options as follows:
(1)  a  Deferral  Period  of  at  least  three  (3)  years  pursuant  to which a
distribution is made in January of the fourth (or later) Plan Year following the
Plan  Year  for which the election of Base Salary Deferrals, and Bonus Deferrals
and Matching Contributions thereon, were made, and (2) termination of employment
with  the  Company  and  all  Subsidiaries  for  any  reason.

     (b)     Directors  -  A  Participant  who  is  a  Director  may not elect a
             ---------
Deferral  Period  with  respect  to  Director  Fee  Deferrals.  Payment  of such
Director  Fee  Deferrals  shall  be  made  in  accordance with the provisions of
Section  7.1.

<PAGE>
                                   ARTICLE VI

                                    ACCOUNTS

6.1     ESTABLISHMENT  OF  BOOKKEEPING  ACCOUNTS.

          A  separate  bookkeeping  account  shall  be  maintained  for  each
Participant.  Such  account  shall  be  credited  with the Deferrals made by the
Participant  pursuant  to  Section  4.1,  the Matching Contributions made by the
Company  or  a  Subsidiary  pursuant to Section 4.4, and amounts credited to his
Ralston  Plan  Account  and  credited  (or charged, as the case may be) with the
hypothetical  investment  results  pursuant  to  Section  6.3.

6.2     SUBACCOUNTS.

          Within  each  Participant's  bookkeeping account, separate subaccounts
may  be  maintained  to the extent necessary for the administration of the Plan.
For  example,  it  may  be  necessary to maintain separate subaccounts where the
Participant  has  specified  different  Deferral  Periods, methods of payment or
investment  directions  with  respect to his Deferrals for different Plan Years.

6.3     INVESTMENT  OF  ACCOUNTS.

          A  Participant  shall  elect  to  invest  the  amounts credited to his
Account  in  such  measurement  funds  as  are  selected  by the Energizer Plans
Investment  Committee  in  its sole discretion, including but not limited to the
Stock  Unit  measurement  fund.  The  Energizer  Plans  Investment Committee may
change or eliminate such measurement funds from time to time.  The investment of
such  funds  shall  be  made  in  accordance  with  such  rules  and  procedures
established  by  the  Committee.

          A Participant's Account shall consist of a cash subaccount and a stock
subaccount.  Amounts  credited  to  the  cash  subaccount  shall  be invested in
investments  other  than  Stock Units.  Amounts credited to the stock subaccount
shall  be  maintained as Stock Units.  A Participant shall elect on his Deferred
Compensation Agreement the portion of his Deferrals for a Plan Year that will be
credited  to  a  cash  subaccount and to the stock subaccount.  The balance of a
Participant's Account as of any date is the aggregate of the cash subaccount and
the stock subaccount as of such date.  The balance of each cash subaccount shall
be  expressed  in  United  States dollars.  The balance of each stock subaccount
shall  be  expressed  in  the numbers of shares of Stock deemed credited to such
subaccount,  with fractional shares of Stock calculated to three decimal places.
The  number of Stock Units credited to the stock subaccount as of any date shall
be  equal to the quotient of the amount credited to the stock subaccount divided
by  the  Market  Value  on such date.  Upon the occurrence of any stock split-up
dividend,  issuance  of any tracking stock, combination or reclassification with
respect to any outstanding series or class of Stock, or consolidation, merger or
sale  of  all  or  substantially all of the assets of the Company, the number of
Stock  Units  in  each  stock  subaccount  shall,  to the extent appropriate, be
adjusted  accordingly.

          Matching  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
Matching  Contributions  are  credited  to  a  Participant's  Account.

          As  of  each Valuation Date, a Participant's Account shall be adjusted
with  earnings  and  losses  to  reflect  the  investment  elections made by the
Participant.

6.4     HYPOTHETICAL  NATURE  OF  ACCOUNTS.

          The Account established under this Article VI shall be hypothetical in
nature  and  shall  be maintained for bookkeeping purposes only so that earnings
and  losses  on  the  Base  Salary  Deferrals,  Bonus Contributions and Matching
Contributions made to the Plan can be credited (or charged, as the case may be).
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.  Any liability of the Company 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.

<PAGE>
                                   ARTICLE VII

                               PAYMENT OF ACCOUNT

7.1     TIMING  OF  DISTRIBUTION  OF  BENEFITS.

     (a)     Employees  -  With  respect  to  a  Participant who is an Employee,
             ---------
distribution of the Participant's Account attributable to Base Salary Deferrals,
Bonus  Deferrals and Matching Contributions in which such Participant is vested,
shall  be made as soon as practicable following the date the Deferral Period for
such  Deferrals  ends;  provided,  however, that in the event such Participant's
employment  is  terminated  with the Company and all Subsidiaries for any reason
prior  to the end of the Deferral Period for such Deferrals, the total amount of
the Participant's Base Salary Deferrals, Bonus Deferrals, Matching Contributions
and  Ralston  Plan  Account,  and  earnings thereon in which such Participant is
vested shall be distributed to such Participant as soon as practicable following
such  termination  of  employment notwithstanding the Deferral Period elected by
such  Participant  with  respect  to  such  Deferrals.

     (b)     Directors  -  With  respect  to  a  Participant  who is a Director,
             ---------
distribution  of  the  Participant's  Account shall be made not later than sixty
(60)  days  following  the  date  the  Participant's  relationship as a Director
terminates.

7.2     ADJUSTMENT  FOR  INVESTMENT  GAINS  AND  LOSSES  UPON  A  DISTRIBUTION.

          Upon  a  distribution  pursuant  to this Article VII, the balance of a
Participant's  Account  shall be determined as of the Valuation Date immediately
preceding  the  date  of  the  distribution to be made and shall be adjusted for
investment  gains  and losses which have accrued to the date of distribution but
which  have  not  been  credited  to  his  Account.

7.3     FORM  OF  PAYMENT  OR  PAYMENTS.

          Deferrals and Matching Contributions, made to the Plan for a Plan Year
and earnings thereon, shall be distributed to the Participant in accordance with
the  form  of  payment  specified  as  follows:

          (a)     Lump  Sum  Payment-A  Participant  who is an Employee shall be
                  ------------------
paid  his  benefit  in the form of a lump sum payment if the vested amount to be
distributed  to such Participant, determined as of the date such amount is to be
distributed,  is  less  than  $50,000.  A  Participant  who  is a Director shall
receive  payment  of  his  Account  in  a  lump  sum  payment.

          (b)     Annual  Installment  Payment-A  Participant who is an Employee
                  ----------------------------
may  elect,  in his Deferred Compensation Agreement, to be paid his benefit in a
series  of  annual  installment  payments provided that the vested amount of the
total  installment payments to be distributed to such Participant, determined as
of  the  date  such  amount  is  to  be distributed, is equal to or greater than
$50,000.  If  a  Participant  does  not elect payment in the form of installment
payments  or  if  the  vested  amount  of  the  total installment payments to be
distributed  to  such  Participant  determined  as of the date such amount is to
commence  to  be distributed is less than $50,000 at the time such payment is to
be  made,  his  benefit  shall  be paid in the form of a lump sum payment.  If a
benefit  is  to  paid  in  a  series  of annual installment payments, the annual
installment  payments  may  be  made  for a period equal to five (5) or ten (10)
years.  Annual  installments  shall  commence  within  60 days of termination of
employment with the Company and all Subsidiaries provided that the vested amount
of  the  total  installment  payments  to  be  distributed  to  such Participant
determined  as of the date such amount is to commence to be distributed is equal
to  or  greater  than  $50,000.  Subsequent annual installment payments shall be
paid  as  soon  as  administratively feasible after January l of each year.  The
amount of each annual installment payment shall be calculated by multiplying the
total  amount to be distributed to such Participant by a fraction, the numerator
of  which is one, and the denominator of which is the remaining number of annual
installment  payments  to  be  made  to  the  Participant.

7.4     DEATH  BENEFITS

     (a)     Employees  -  In  the event of the death of a Participant who is an
             ---------
Employee  prior to attainment of age fifty (50) years, the total amount credited
to the Participant's Account shall be paid in a lump sum to the Beneficiary.  If
a  Participant  who is an Employee dies on or after attainment of age fifty (50)
years,  the  total amount credited to the Participant's Account shall be paid to
the  Participant's  Beneficiary  in  accordance  with  the  applicable  form  of
distribution  elected by the Participant.  If no Beneficiary is designated, then
benefits  shall be paid in a lump sum to the Participant's estate or as provided
by  law.  Distribution  shall be made (and, in the case of installment payments,
shall commence) no later than sixty (60) days following the Participant's death.

     (b)     Directors  -  In  the  event of the death of a Participant who is a
             ---------
Director,  the  amount  credited to the Participant's Account shall be paid in a
lump sum not later than sixty (60) days following the date of such Participant's
death.

7.5     DESIGNATION  OF  BENEFICIARIES.

          A  Participant  may designate the Beneficiary or Beneficiaries to whom
his  benefit under the Plan shall be paid if he dies before he receives complete
payment  of  such  benefit.  A  Beneficiary  designation  (i)  must be made on a
beneficiary  designation form provided by the Committee, (ii) shall be effective
on  the  date  such  designation form is actually received by the Committee, and
(iii)  shall  revoke  all  prior  designations  made  by  the  Participant.  A
Beneficiary  designation  form  received  by the Committee after the date of the
Participant's death shall be null and void.  If a Participant has not designated
a  Beneficiary,  if no designated Beneficiary survives the Participant or if the
Beneficiary  designation  is  legally  invalid  for  any  reason,  then,  the
Participant's  Beneficiary shall be the Participant's executor or administrator,
or  his heirs at law if there is no administration of such Participant's estate.

7.6     UNCLAIMED  BENEFITS.

          In the case of a benefit payable on behalf of such Participant, if the
Committee  is  unable  to  locate  the  Participant  or Beneficiary to whom such
benefit  is  payable,  such  benefit  may  be forfeited to the Company, upon the
Committee's  determination.  Notwithstanding the foregoing, if subsequent to any
such  forfeiture  the Participant or Beneficiary to whom such benefit is payable
makes  a  valid  claim for such benefit, such forfeited benefit shall be paid by
the  Company  or  restored  to  the  Plan  by  the  Company.

7.7     WITHDRAWAL.

          A  Participant  (or,  after  a  Participant's  death,  his  or  her
Beneficiary)  may  elect,  at  any  time,  to  withdraw  all  of  his Account in
accordance  with  such  rules  and  procedures  prescribed by the Committee.  No
partial withdrawals of a Participant's Account may be made.  The Participant (or
his or her Beneficiary) shall make this election by giving the Committee advance
written  notice  of  the  election in a form determined from time to time by the
Committee.  The  Participant  (or  his  or  her  Beneficiary)  shall be paid the
withdrawal  amount  within  60  days  of his or her election.  The Committee may
impose suspensions of future deferrals or other penalties as a condition to such
withdrawals.  The  payment of this Withdrawal Amount shall not be subject to the
deduction  limitation  under  Code  Section  162(m).

<PAGE>
                                  ARTICLE VIII

                                 ADMINISTRATION

          The  Plan shall be administered by the Committee.  The Committee shall
have  all  powers  necessary  or  appropriate  to  enable  it  to  carry out its
administrative  duties.  Not in limitation, but in application of the foregoing,
the  Committee shall have the duty and power to interpret the Plan and determine
all questions that may arise hereunder as to the status and rights of Employees,
Participants,  and  Beneficiaries.  The Committee may exercise the powers hereby
granted  in  its  sole and absolute discretion.  The decisions of the Committee,
including  but  not limited to interpretations and determinations of amounts due
under  the  Plan,  shall  be final and binding on all parties.  No member of the
Committee  shall  be  personally  liable  for any actions taken by the Committee
unless  the  member's  action  involves  willful  misconduct.  The Committee may
delegate  its  administrative  responsibilities  to  any Employee of the Company
provided  such  designation  is  in  writing.

<PAGE>
                                   ARTICLE IX

                            AMENDMENT AND TERMINATION

          The  power  to amend, modify or terminate the Plan in whole or in part
and at any time is reserved to the Committee.  Notwithstanding the foregoing, no
amendment  or modification which would reasonably be considered to be adverse to
a Participant or Beneficiary may apply to or affect the terms of any deferral of
compensation  that was approved prior to the effective date of such amendment or
modification  without  the  consent  of  the Participant or Beneficiary affected
thereby.

          The  Board  reserves  the  right  to terminate the Plan in whole or in
part, but such termination shall not affect the Deferred Compensation Agreements
then  in  effect,  except  that  no  additional  amounts  may  be  deferred  by
Participants  to  the  Plan  after  the  date  of  termination  of  the  Plan.

          Upon  termination of the Plan, all benefits shall be paid at such time
and  in  such  manner  as  provided  in  Article  VII.

<PAGE>
                                    ARTICLE X

                               GENERAL PROVISIONS

10.1     NON-ALIENATION  OF  BENEFITS.

          No  right  or benefit under the Plan shall be subject to anticipation,
alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to
anticipate,  alienate,  sell,  assign,  pledge, encumber, or change any right or
benefit  under  this Plan shall be void.  No right or benefit hereunder shall in
any  manner  be  liable  for  or subject to the debts, contracts, liabilities or
torts  of  the  person  entitled  to  such  benefits.  If  the  Participant  or
Beneficiary becomes bankrupt, or attempts to anticipate, alienate, sell, assign,
pledge,  encumber,  or  change  any  right hereunder, then such right or benefit
shall,  in  the  discretion  of  the Committee, cease and terminate, and in such
event,  the  Committee  may  hold  or apply the same or any part thereof for the
benefit  of  the  Participant  or  Beneficiary,  spouse,  children,  or  other
dependents, or any of them in such manner and in such amounts and proportions as
the  Committee  may  deem  proper.

10.2     CONTRACTUAL  RIGHT  TO  BENEFITS  FUNDING.

          The  Plan creates and vests in each Participant a contractual right to
the  benefits  to which he is entitled hereunder, enforceable by the Participant
against  the Company.  The benefits to which a Participant is entitled under the
Plan shall be paid from the general assets of the Company or from the Trust that
may  be  established  or  maintained  to  provide  such  benefits.

          If  a  Trust is established and maintained, amounts deposited with the
Trustee  shall be held and disposed of in accordance with the terms of the Trust
Agreement  and  payments made under the terms of the Trust Agreement shall be in
satisfaction  of claims against the Company under the Plan.  Nothing in the Plan
or  Trust  Agreement shall relieve the Company of its liabilities to pay amounts
under  the  Plan except to the extent that such liabilities are met from the use
of  the  assets  held  in  Trust.

10.3     INDEMNIFICATION  AND  EXCULPATION.

          The  members  of  the  Committee  and  their agents, and the officers,
directors  and  employees of the Company and any Subsidiary shall be indemnified
and  held  harmless  by  the  Company  against  and from any and all loss, cost,
liability, or expense that may be imposed upon or reasonably incurred by them in
connection  with  or  resulting  from  any claim, action, suit, or proceeding to
which  they  may  be  a  party or in which they may be involved by reason of any
action  taken or failure to act under this Plan and against and from any and all
amounts paid by them in settlement (with the Company's written approval) or paid
by  them  in satisfaction of a judgment in any such action, suit, or proceeding.
The foregoing provision shall not be applicable to any person if the loss, cost,
liability,  or  expense  is  due  to  such  person's gross negligence or willful
misconduct.

10.4     NO  EMPLOYMENT  AGREEMENT.

          The  Plan  is  not  a contract of employment, and participation in the
Plan  shall not confer on any Employee the right to be retained in the employ of
the  Company  and/or  any  Subsidiary.

10.5     CLAIMS  FOR  BENEFITS.

          A  Participant or Beneficiary may claim any benefit to which he or she
is entitled under this Plan by a written notice to the Committee.  If a claim is
denied,  it  must be denied within a reasonable period of time, and be contained
in  a  written  notice  stating  the  following:

          (a)     The  specific  reason  for  the  denial.

          (b)     Specific  reference  to the Plan provision on which the denial
is  based.

          (c)     Description  of  additional  information  necessary  for  the
claimant  to  present his claim, if any, and an explanation of why such material
is  necessary.

          (d)     An  explanation  of  the  Plan's  claims  review  procedure.

          The  claimant  will  have  sixty  (60) days to request a review of the
denial by the Committee, which will provide a full and fair review.  The request
for  review  must  be  in  writing delivered to the Committee.  The claimant may
review  pertinent  documents,  and he may submit issues and comments in writing.
The  decision  by  the Committee with respect to the review must be given within
sixty  (60)  days  after  receipt  of  the request, unless special circumstances
require an extension (such as for a hearing).  In no event shall the decision be
delayed  beyond  one  hundred and twenty (120) days after receipt of the request
for  review.  The  decision  shall  be  written  in  a  manner  calculated to be
understood  by  the claimant, and it shall include specific reasons and refer to
specific  Plan  provisions  as  to  its  effect.

10.6     SUCCESSOR  TO  COMPANY.

          The Company shall require any successor or assignee, whether direct or
indirect,  by  purchase,  merger,  consolidation  or  otherwise,  to  all  or
substantially  all  the  business  or  assets  of  the  Company,  expressly  and
unconditionally  to  assume and agree to perform the Company's obligations under
this  Plan,  in the same manner and to the same extent that the Company would be
required  to  perform.  Accordingly,  this  Plan  and  the  related  Deferred
Compensation  Agreements  shall  be  binding  upon, and the term "Company" shall
include  any  successor  or  assignee  to the business or assets of the Company.

10.7     SEVERABILITY.

          In  the  event  any  provision  of  the  Plan shall be held invalid or
illegal  for  any  reason,  any  illegality  or  invalidity shall not affect the
remaining  parts of the Plan, but the Plan shall be construed and enforced as if
the  illegal or invalid provision had never been inserted, and the Company shall
have  the  privilege  and  opportunity  to  correct and remedy such questions of
illegality  or  invalidity  by  amendment  as  provided  in  the  Plan.

10.8     TRANSFER  AMONG  AFFILIATES.

          In  the  event the employment of a Participant is transferred from the
Company  to  any corporation or other entity that is an affiliate of the Company
and that adopts this Plan, or is transferred from one such affiliate to another,
the  benefits  attributable  to  compensation deferred with respect to each such
entity  shall  be  credited  to  a  separate  bookkeeping  account.  Each  such
corporation  shall pay the benefit that is reflected in the Participant accounts
established  with  respect  to  such corporation.  The Company hereby guarantees
payment of the total benefit, regardless of which entity is primarily liable for
payment  of  any  portion  of  such  benefit.

10.9     ENTIRE  PLAN.

          This  document and any amendments contain all the terms and provisions
of  the  Plan  and  shall constitute the entire Plan, any other alleged terms or
provisions  being  of  no  effect.

10.10     PAYEE  NOT  COMPETENT.

          In  the  event  that  the Committee shall find that the Participant is
unable to care for his affairs because of illness or accident, the Committee may
direct  that  any  benefit  payment  due  him, unless claim shall have been made
therefor  by  a  duly  appointed  legal representative, be paid to his spouse, a
child,  a  parent  or other blood relative, or to a person with whom he resides,
and any such payment so made shall be a complete discharge of the liabilities of
the  Plan  therefor.

10.11     TAX  WITHHOLDING.

          The  Company  shall  withhold  from  amounts  due under this Plan, the
amount  necessary  to  enable the Company to remit to the appropriate government
entity  or  entities  on  behalf  of  the  Participant as may be required by the
federal  income tax withholding provisions of the Code, by an applicable state's
income  tax,  or  by  an  applicable  city, county or municipality's earnings or
income  tax  act.  The  Company  shall  withhold from the payroll of, or collect
from,  a  Participant the amount necessary to remit on behalf of the Participant
any  FICA  taxes  which  may  be  required  with respect to amounts accrued by a
Participant  hereunder,  as  determined  by  the  Company.

10.12     GOVERNING  LAW.

          To  the  extent  not superceded by the laws of the United States, this
Plan shall be construed and governed in accordance with the laws of the state of
Missouri.

          IN  WITNESS  WHEREOF,  the Company has caused this Plan to be properly
executed  on  the  ______  day  of  _____________________,  2000.

     ENERGIZER  HOLDINGS,  INC.

     BY:

     ITS:Exhibit 10(f)

                              EMPLOYMENT AGREEMENT

         Agreement,  dated as of July 1, 1999,  between Boundless  Manufacturing
Services, Inc., a Delaware corporation,  having offices at 100 Marcus Boulevard,
Hauppauge,  New York 11788 (the "Company"),  Boundless  Corporation,  a Delaware
corporation,  having offices at 100 Marcus Boulevard,  Hauppauge, New York 11788
("Boundless")  and Joseph Joy, an individual  residing at 434  Highwater  Court,
Chapin, SC 29063 ("Executive").

                                   WITNESSETH:

         WHEREAS,   the  Company  has  been  recently   organized  by  Boundless
Corporation,  an  affiliated  company  which owns 75% of the  Company's  capital
stock,   to  provide   manufacturing   services   initially  in  the  electronic
manufacturing services market and subsequently in other markets.

         WHEREAS, the Company desires to employ Executive as its Chief Operating
Officer, all pursuant to the terms and conditions of this Agreement;

         NOW,  THEREFORE,  in consideration of the mutual promises and covenants
herein contained, it is agreed as follows:

1.       Scope of Employment

         1.1  Engagement,  Authority  and  Duties.  The Company  hereby  employs
Executive,  and Executive hereby accepts employment,  as Chief Operating Officer
of  the  Company.  In  such  capacity,  and  subject  to the  current  operating
guidelines  and  procedures  which apply to the

<PAGE>

Company's  affiliate,  Boundless  Technologies,  Inc.,  Executive shall have the
power, authority and responsibility to direct and supervise the daily operations
of the Company pursuant to the Company's business plan (subject to the direction
of the Board of  Directors  of the Company  (the  "Board"),  including,  but not
limited to: (i)  preparing a proposed  business plan for each year setting forth
the strategic  objectives for the Company, the means proposed to accomplish such
objectives and financial projections and assumptions for the Company, for review
and approval by the Company's  Board, and proposing  revisions  thereto at least
annually  for review and  approval by the Board (as so approved and revised (the
"Business  Plan"));  (ii)  managing the other  executives  and  personnel of the
Company;  (iii) evaluating,  negotiating,  structuring and implementing business
transactions  with vendors and others doing business with the Company;  and (iv)
performing such other customary  duties as are appropriate for a Chief Operating
Officer  of a  business  at the  Company's  stage  of  development  and  growth.
Executive has prepared and submitted to the Board, and the Board has approved, a
Business  Plan  covering the period  beginning on the date hereof and ending 365
days hereafter.  Executive and the Board will cooperate in attempting to achieve
the goals established in the Business Plan.

         1.2  Location.  Executive  shall  perform  his duties  from  offices at
Chapin,  South Carolina,  or from such other temporary  office(s) as the Company
and Executive, after good faith discussions, may agree is required for Executive
to effectively perform his duties.  Executive agrees that the performance of his
duties may require travel by him.

         1.3 Full Time.  Executive shall devote his full business time,  efforts
and energies to the proper  discharge of his duties and  responsibilities  under
this  Agreement and shall serve the Company  faithfully,  diligently  and to the
best of his abilities.

                                       2

<PAGE>

         1.4 Term.  Executive's employment hereunder shall be for a term of four
years commencing the date of this Agreement and expiring the fourth  anniversary
of such date,  unless sooner  terminated or extended as provided below. The term
of Employment  shall be extended  automatically  for  successive one year terms,
unless  three  months  prior to the last day of the current  term  either  party
hereto shall have notified the other that such  extension  shall not occur.  The
term of Executive's employment is the Employment Term.

         1.5 The Executive Shares. Executive shall purchase, on the date hereof,
400 shares of the  Company's  common  stock,  no par value,  for an aggregate of
$2,000,  which the Company hereby represents  constitutes 12.5% of the Company's
issued and outstanding common stock on the date hereof (the "Executive Shares").
The  Company  hereby  represents  that it has no other  class of  capital  stock
outstanding.  Except as set forth in the immediately succeeding sentence, if the
Company  terminates  Executive's  employment under Section 4.4 of this Agreement
due to the Company's failure to attain the Minimum Performance  Standard for any
year,  Executive  shall sell to the Company and the Company shall  purchase from
Executive,  not  later  than 90  days  after  the  last  day of any  year of the
Employment Term, for $5.00 per share, one hundred (100) of the Executive Shares,
plus an amount of Shares equal to 100 times the number of full and partial years
remaining under the initial four year term of this  Agreement.  In the event the
immediately  preceding  sentence  applies  and the  failure  to  attain  Minimum
Performance  Standards involves the third or fourth years of the Employment Term
and,  provided  further,  that the  Company  has  attained  not less than eighty
percent (80%) of the Minimum  Performance  Standard for the third or fourth year
of the Employment Term, as the case may be, the number of shares  repurchaseable
by the Company shall (a) equal one hundred  (100) of the Executive  Shares minus
an amount of shares equal to one hundred  (100) times the percent of the Minimum
Performance Standard

                                       3

<PAGE>

attained  by the  Company,  plus  (b) if  the  failure  to  attain  the  Minimum
Performance  Standard involves the third year of the Employment Term, fifty (50)
of the  Executive  Shares.  The  Company's  obligations  described  in  the  two
preceding   sentences   are   hereinafter   referred   to  as  the   "Repurchase
Requirement(s)."  On the 91st day after the close of each year of the Employment
Term,  one hundred  (100) of the  Executive  Shares  minus that number of shares
subject to the  Repurchase  Requirement  for that year (but not less than zero),
will no longer be subject to the Repurchase Requirement (the "Released Shares").
Consistent  therewith,  provided (i) the Company attains the Minimum Performance
Standard  for  such  year,  or (ii) the  Company  does not  attain  the  Minimum
Performance  Standard  for such year and the Company does not elect to terminate
Executive's  employment under Section 4.4 within ninety one days after the close
of such year, one hundred (100) of Executive Shares will constitute the Released
Shares. In the event the Executive's employment is terminated as a result of his
Death or Disability  under either  Sections 4.2 or 4.3 hereof,  and provided the
Company  attains the  Minimum  Performance  Standard  for the year in which such
termination  occurs,  the number of Shares that will constitute  Released Shares
will be determined by multiplying the number of Shares that would otherwise have
constituted Released Shares by a fraction,  the numerator of which is the number
of days in the year  that  have  elapsed  prior to  termination  of  Executive's
employment  and the  denominator  of which is 365.  Except by  operation of law,
Executive  Shares  will not be  transferable  by  Executive  prior  to  becoming
Released  Shares and, if  transferred,  will remain subject to the  restrictions
provided  for this  Agreement,  including  those  contained in this Section with
respect to the Repurchase Requirement.

         1.6 Investment Intent.  Executive is acquiring the Executive Shares for
his own account for  investment and has no present  arrangement  (whether or not
legally binding) to sell, at

                                       4

<PAGE>

any time,  any of the  Executive  Shares to or  through  any  Person.  Executive
understands  that the Executive  Shares must be held until  registered under the
Securities and Exchange Act of 1933 (the "Securities  Act") or an exemption from
registration is available.

         1.7      Legend.  Executive  understands  that the stock  certificates
representing  the Executive Shares shall bear legends substantially to the
following effect:
                  "The  Shares  represented  by the  certificates  have not been
                  registered  under the Securities Act of 1933. Such Shares have
                  been acquired for investment and may not be sold,  transferred
                  or  assigned  in  the  absence  of an  effective  registration
                  statement  covering such Shares or an opinion of the Company's
                  counsel that  registration  is not  required  under such Act."
                  "The Shares  represented  by the  certificates  are subject to
                  restrictions  on  transfer  and  other  restrictions  that are
                  contained in an  agreement  between  Joseph Joy and  Boundless
                  Manufacturing Services, Inc., dated July 1, 1999."

2.       Compensation

         2.1 Base Salary.  Executive  shall be paid a base salary at the rate of
$158,700 per annum (the "Base Salary",  subject to increase (but not reduction),
at the Board's discretion, for example in recognition of superior performance or
competitive compensation practices). Such salary shall be payable in appropriate
installments to conform with the regular payroll dates for salaried personnel of
Boundless Technologies, Inc.

         2.2 Cash  Bonus.  Within 90 days after the last day of each year of the
Employment  Term,  Executive shall be paid a cash bonus (the "Cash Bonus") based
on satisfaction of the

                                       5

<PAGE>

EBITDA  objectives  described in Schedule 1 attached hereto (the "Objective") as
follows:  Cash Bonus = Yearly Bonus Target x Bonus Payment Multiplier.  For this
purpose,  (i) the Yearly Bonus Target for the first year of the Employment  Term
shall be $50,000  and the Yearly  Bonus  Targets for  subsequent  years shall be
determined  by the Board but shall not be less than  $50,000,  and (ii) for each
year of the Employment  Term, the Bonus Payment  Multiplier  shall be determined
based on the  percentage  of the  Company's  Objective  that is realized for the
Employment Term year as set forth below:

Percent Objective Realized        Bonus Payment Multiplier
--------------------------        ------------------------
         0-49%                             0.00
         50-79%                            0.75
         80-95%                            0.85
         95-100%                           1.00
         101-110%                          1.15
         111-125%                          1.35
         126-149%                          1.70
         150-up%                           2.00

         2.3  Withholding.  The Company shall withhold all  applicable  federal,
state and local taxes, social security and workers' compensation  contributions,
and such other  amounts as may be required by law or agreed upon by the parties,
with respect to the compensation  payable to Executive  pursuant to this Section
2.

         2.4 Provided the Objective has been attained by the Company,  not later
than 90 days after the last day of each year of the Employment  Term,  Boundless
Corporation  will  issue to  Executive  a stock  option  agreement  (the  "Stock
Option"),  pursuant to which  Executive  may

                                       6

<PAGE>

purchase from Boundless  shares of Boundless  common stock,  $.01 par value,  in
exchange  for  shares of common  stock of the  Company.  The number of shares of
Boundless common stock  purchasable  under each Stock Option shall be determined
by the following formula:

                           x = (b times .25) times d
                                -
                                c

For purposes of this formula:  (i) x = the number of shares of Boundless  common
stock purchasable  under the Stock Option,  which shall not exceed 75,000 Shares
(the "Option Limit"),  (ii) b = Executive's  percentage ownership of the capital
stock of the  Company  on the test date  times  the  earnings  available  to the
Company's  shareholders  for the  year,  (iii)  c = the  earnings  available  to
Boundless'  shareholders  for the  year,  and (iv) d = the  number  of shares of
common stock of Boundless Corporation which is outstanding on the test date. The
test date shall mean the last day of the relevant year of the  Employment  Term.
In the event (b) is greater than (c), (b) over (c) in the formula will equal one
(1).

         The exchange ratio between the Company's common stock and the Boundless
common stock  covered by the Stock  Option shall be 100 Shares of the  Company's
common stock for the number of Shares of Boundless  common stock equal to "x" in
the above formula, except for this purpose, "x" is computed without reference to
the Option Limit.  The Stock Option shall provide that only Released  Shares can
be  transferred to Boundless in exchange for Boundless  common stock.  The Stock
Option will be  exercisable  during the period  commencing 12 months after it is
issued by  Boundless  and  ending  the  earlier  of (i) sixty  months  after its
issuance,  or (ii) on the date that the Securities and Exchange  Commission (the
"SEC")  declares  a  registration  statement  or Form 10  filed  by the  Company
effective  under  either the  Securities  and  Exchange  Acts of 1933 or 1934 (a
"Registration  Statement" and "Form 10," respectively).  Boundless will have the
option to redeem the common stock  purchased on exercise of the Stock Option for
a period of

                                       7

<PAGE>

four (4) months after its  exercise  for an amount  equal to the common  stock's
average  closing  prices for a five day period on the American Stock Exchange or
other market on which the Common Stock is then trading. No Stock Options will be
issued with respect to any year, if the event described in (ii) in the preceding
sentence has occurred.

         2.5  Signing Bonus.  Executive shall be paid a one time signing
bonus of $10,000 within 30 days of execution of this agreement.

3.       Expenses and Additional Benefits

         3.1 Expenses.  The Company shall  reimburse  Executive for all ordinary
and necessary  expenses incurred by Executive in furtherance of the business and
affairs of the Company,  including reasonable travel and entertainment,  against
receipt by the Company of  appropriate  vouchers  or other proof of  Executive's
expenditures   and   otherwise  in  accordance   with  the   Company's   expense
reimbursement policy that has been approved by the Board of the Company.

         3.2  Vacation.  Executive  shall  be  entitled  to four  weeks  of paid
vacation during each year of the Employment Term, or such greater number of days
as the Company makes available to its senior executive officers, as well as such
paid holiday and leave time and sick leave benefits as is provided  generally to
the senior executive officers of Boundless Technologies, Inc.

         3.3  Fringe  Benefits.  Executive  shall be  entitled  to  participate,
commencing as of the date hereof, in all employee pension, retirement,  savings,
deferred compensation,  welfare,  insurance and other benefit and fringe benefit
plans,  programs and arrangements provided to the employees and senior executive
officers  of  Boundless  Technologies,  Inc.,  generally,  from  time  to  time,
according to the terms of such plans,  programs and arrangements but, except for

                                       8

<PAGE>

discretionary  bonuses  or  awards,  in no event on terms  and  conditions  less
favorable than those  applicable to the senior  executive  officers of Boundless
Technologies, Inc. (herein, the "Employee Plans"). Executive shall receive those
perquisites  and other  personal  benefits  made  available  to the other senior
executive  officers of Boundless  Technologies,  Inc.,  generally,  from time to
time.

         3.4  Indemnification.  The Company  shall  indemnify  Executive  to the
fullest  extent  permitted  under  the laws of the  State of  Delaware,  and not
inconsistent with the Company's  Certificate of Incorporation and By-Laws, as in
effect from time to time.  During the term of this  Agreement,  the Company will
use its best efforts to cause Boundless  Corporation to include Executive in its
officers and directors insurance policy, as may exist from time to time.

4.       Termination

         4.1 By the Company for Cause.  The Company may terminate the Employment
Term "for Cause," which shall mean and be limited to the following  events:  (a)
Executive's  conviction  in a court of law of a felony or a crime  under  United
States law punishable by confinement for a period in excess of three months; (b)
Executive's  commission  of an act of fraud  in the  performance  of his  duties
hereunder;  or (c)  Executive's  material  breach of his duty of  loyalty to the
Company or any of the covenants set forth in Sections 5.2, and 7.

         Upon   termination   pursuant  to  this  Section  4.1  or   Executive's
termination of this Agreement other than for Good Reason (as defined below), the
Company  shall have no further  obligation  to  Executive  under this  Agreement
except to pay  Executive  within 30 days, in lieu of amounts  otherwise  payable
hereunder, the Base Salary payable to the date of termination and amounts due as
reimbursement of expenses  pursuant to Section 3.1. In such case, in addition to
any other  remedies  the  Company may have,  the  Company  shall have no further
obligation to

                                       9

<PAGE>

make any Cash Bonus  payments to Executive (as set forth in Section 2.2 hereof),
or any other  payments  contemplated  under this  Agreement,  to Executive  with
respect to the year in which the  Executives  employment is  terminated  and for
each  succeeding  year (but not any prior year),  the Stock  Options  previously
granted to Executive  shall be cancelled and the Company shall have the right to
purchase  all,  or  a  part  of,  the  Executive  Shares  for  $5.00  per  share
(Executive's  original  out-of-pocket  cost per  share)  not later than one year
after termination.

         4.2 Death.  If Executive dies during the  Employment  Term, the Company
shall,  within 30 days, pay  Executive's  estate,  in lieu of amounts  otherwise
payable  hereunder (a) the Base Salary payable to the date of his death, (b) any
Cash Bonus to which Executive is entitled  pursuant to Section 2.2 in respect of
the  Employment  Term  year  immediately  preceding  the  year  of the  date  of
Executive's  death and (c) amounts due as reimbursement of expenses  pursuant to
Section 3.1.  Furthermore,  Executive's rights with respect to the Stock Options
previously  granted to  Executive  shall  remain in place and be governed by the
terms of the relevant  Stock Option  Agreements  and the Company  shall have the
right to purchase all, or a part of, the Executive Shares which are not Released
Shares for $5.00 per share (Executive's original  out-of-pocket cost per share),
by  giving  written  notice  to  Executive's  Estate,   Executor,   or  personal
representative,  not later than 60 days after Death; such purchase to take place
as soon as possible thereafter.

         4.3 Disability. In the event that (i) Executive is unable substantially
to perform his duties hereunder  because he is Disabled (as defined below) for a
period of 45  consecutive  days or 60 days  within any period of 12  consecutive
months and (ii) the Company  shall have given to Executive 10 days notice of its
intention  to terminate  the  Employment  Term  pursuant to this Section 4.3 and
Executive does not resume  substantially  all of his duties under this Agreement

                                       10

<PAGE>

before the  expiration  of 10 days  following the date  Executive  receives such
notice,  then the  Company  may,  at any time  during  the  continuance  of such
disability,  terminate the Employment  Term on written notice to Executive.  For
purposes of this  Agreement,  the term  "Disabled"  shall mean the  inability of
Executive for medical reasons certified by a physician selected by the Board and
reasonably  satisfactory  to  Executive  or his  personal  representative(s)  to
substantially  perform his duties hereunder.  Upon such  termination,  Executive
shall have no further  obligation to perform services for the Company under this
Agreement and the Company  shall pay  Executive  promptly (but in no event later
than 20 days), in lieu of the amounts that would otherwise be payable hereunder,
(x) consistent  with the policy in effect at Boundless  Technologies,  Inc. with
respect to employee sick leave,  the Base Salary payable for the period ending 5
days after Executive's absence from work first commenced, (y) any Cash Bonus, in
respect of the Employment Term year  immediately  preceding the year of the date
of such  termination,  and (z) amounts due as reimbursement of expenses pursuant
to  Section  3.1.  Furthermore,  Executive's  rights  with  respect to the Stock
Options previously granted to Executive shall remain in place and be governed by
the terms of the relevant Stock Option Agreements and the Company shall have the
right to purchase all, or a part of, the Executive Shares which are not Released
Shares for $5.00 per share (Executive's original  out-of-pocket cost per share),
by giving written notice to Executive or to his personal representative,  as the
case may be, not later  than 60 days after  Disability;  such  purchase  to take
place  as  soon  as  possible  thereafter.   The  Company  shall  also  continue
Executive's  health  insurance  then  provided by the Company,  at the Company's
expense,  for four months following  termination of the Employment Term pursuant
to this Section 4.3.

                                       11

<PAGE>

         4.3.1 The wage continuation (with respect to Base Salary),  sick leave,
and other  policies  with respect to absences  from work due to sickness,  which
apply to  employees  of Boundless  Technologies,  Inc.,  will apply to Executive
hereunder.

         4.4 By Company for Failure to Attain Minimum Performance Standings. The
Company may terminate the Employment Term due to the Company's failure to attain
Minimum Performance Standards, as set forth on Schedule 1, attached hereto. Upon
such termination, Executive shall have no further obligation to perform services
for the Company  under this  Agreement  and,  except as set forth in Section 1.5
hereof,  the Company shall be released from all  obligations to Executive  under
this Agreement and Executive  shall receive from the Company a  continuation  of
his Base  Salary (at the rate and  pursuant  to the  payment  schedule in effect
prior to the date of termination)  for a six-month  period following the date of
termination, which amounts will be reduced by amounts received by Executive as a
result of  substitute  employment.  Provided any  subsequent  employer  does not
provide  Executive  with  health  insurance  coverage,  the  Company  shall also
continue  Executive's  health  insurance  then  provided by the Company,  at the
Company's  expense,  for six months  following the termination of the Employment
Term pursuant to Section 4.4.  Furthermore,  Executive's  rights with respect to
the Stock Options  previously  granted to Executive shall remain in place and be
governed by the terms of the relevant  Stock Option  Agreements  and the Company
shall have the right to purchase all, or a part of, the  Executive  Shares which
are not Released Shares for $5.00 per share (Executive's original  out-of-pocket
cost per share),  by giving written notice to Executive,  not later than 60 days
after Termination; such purchase to take place as soon as possible thereafter.

         4.5 By the Executive  for Good Reason.  The Executive may terminate the
Employment  Term for Good Reason by giving at least 60 days prior written notice
to the

                                       12

<PAGE>

Company  of such  election  and the  facts  constituting  each Good  Reason  for
Executive's  termination of the Employment Term, provided at least one such Good
Reason continues to be a Good Reason on the effective date of such termination.

         4.6      Termination For Other Than: (a) Cause (b) Death,
(c) Disability, (d) Failure of Minimum Performance Standards or Termination by
Executive For Good Reason.

                  (a)     In general.  If (i) the Company terminates Executive's
employment  hereunder,  and such termination of employment is for other than (A)
Cause  (pursuant to Section 4.1 hereof),  (B)  Executive's  death or  disability
(pursuant to Section 4.2 or 4.3 hereof),  or (C) the Company's failure to obtain
the Minimum  Performance  Standards,  (pursuant to Section 4.4 hereof);  or (ii)
Executive  terminates his employment  for Good Reason,  Executive  shall receive
from the Company,  as  liquidated  damages,  the following  compensation:  (1) a
continuation  of his  Base  Salary  (at the  rate and  pursuant  to the  payment
schedule in effect immediately prior to the date of termination) for an 18-month
period  following  the date of  termination,  (2) on or before 45 days after the
close of the Employment Term year within which the termination occurs, Executive
shall  receive  from the Company  the amount  calculated  as a pro rata  portion
(determined on a pro rata daily basis), through the date of termination,  of the
Cash Bonus  pursuant to Section 2.2 of this Agreement to which  Executive  would
have been entitled had he remained  continuously employed by the Company through
the end of the Employment  Term year within which  termination  occurs,  (3) all
incentive  stock  options  issued to the  Executive by the Company  prior to his
termination  shall become  immediately  vested and  exercisable  pursuant to the
terms of the option  agreements,  and (4) all  Executive  Shares,  which are not
Released  Shares,  will no longer be subject to the Repurchase  Requirement  and
will  immediately   become

                                       13

<PAGE>

Released Shares owned by Executive without any  restrictions.  The Company shall
also continue  Executive's health insurance then provided by the Company, at the
Company's  expense,  for 18 months following  termination of the Employment Term
pursuant to this Section 4.6.

                  (b)      Good Reason.  For purposes of this Agreement, "Good
 Reason" shall mean any of the following:

                  (i) the  assignment  to Executive  of any duties  inconsistent
substantially with Executive's position (including status,  offices,  titles and
reporting  requirements),  authority,  duties  or  responsibilities  under  this
Agreement (other than in the nature of a promotion);

                  (ii) any reduction by the Company of Executive's Base Salary
or reduction of the Yearly Bonus Target below $50,000 for any year;

                  (iii)any  material  breach by either the Company or  Boundless
Corporation  of any provision of this Agreement not cured within any cure period
provided in this Agreement,  or in the absence thereof, not cured within 45 days
after written notice by Executive to the Company;

                  (iv)     abandonment by the Company of its contract
manufacturing business;

                  (v)  any "person" (as such term is used in Sections 13(d) and
14(d) of the  Exchange  Act),  other than  Boundless  Corporation,  becomes  the
"beneficial  owner"  (as such  term is  defined  in Rule  13d-3  under the Act),
directly or indirectly, of securities of the Company representing 40% or more of
the combined  voting power of the  outstanding  securities of the Company except
where the events described in this paragraph  result in the incumbent  directors
of the Company prior to such events  continuing  to constitute  more than 50% of
the Board of Directors;

                  (vi) the  shareholders  of the Company approve (A) a merger or
consolidation  of the  Company  with any other  entity  (other  than a merger or
consolidation  which  would  result  in

                                       14

<PAGE>

the voting  securities  of the Company  outstanding  immediately  prior  thereto
continuing to represent,  either by remaining  outstanding or by being converted
into voting  securities  of the surviving  entity,  at least 50% of the combined
voting power of the voting  securities of the Company or such  surviving  entity
outstanding  immediately  after  such  merger or  consolidation),  (B) a plan of
complete  liquidation  or  dissolution  of  the  Company  or  (C)  the  sale  or
disposition,  in a single transaction or series of related transactions,  by the
Company of all or  substantially  all of the property and assets of the Company,
except  where the events  described  in the  foregoing  (A) or (C) result in the
incumbent  directors of the Company prior to such events constituting at least a
majority of the board of the surviving  corporation  or its parent (as such term
is defined in Rule 12b-2 under the Exchange Act); or

                  (vii)removal of the Executive from the Board.
5.       Protection of Confidential Information

         5.1  Confidential  Information.  As used in this  Section  5,  the term
"Confidential Information" shall mean information relating to the Company or any
of its affiliates  including,  but not limited to,  information  relating to the
Business Plan and the Company's strategies,  intellectual property, products and
products being developed, customer lists and potential customer lists, strategic
partners or participants  and marketing and sales methods unique to the Company.
Confidential  Information excludes information which is independently  developed
by a recipient of the  information,  or which is in the public domain,  or which
becomes available to a recipient on a  non-confidential  basis without violating
Section 5 of this Agreement, or which is required to be disclosed by law.

         5.2 Nondisclosure of Confidential Information.  Executive shall not, at
any time during the Employment Term (other than as may be required in connection
with  the  performance
                                       15

<PAGE>

by his of her  duties  hereunder)  and for two  years or
thereafter,  directly or indirectly,  use, communicate,  disclose or disseminate
any Confidential Information in any manner whatsoever.

         In the event  Executive is  requested  or required (by oral  questions,
interrogatories,  requests for information or similar legal process) to disclose
any  Confidential  Information,  Executive  will provide the Company with prompt
notice  thereof so that the Company  may seek an  appropriate  protective  order
and/or waive Executive's compliance with the provisions of this Section 5.2.

6.       Non-Competition

         6.1      Material Inducement.  Executive acknowledges that his
agreements contained in Section 6.2 are an important inducement to the Company's
 executing this Agreement.

         6.2      Covenants.
                  (a) If  (i)  the  Company  terminates  Executive's  employment
hereunder,  and such termination of employment is for Cause (pursuant to Section
4.1 hereof),  or (ii)  Executive  terminates  his employment for other than Good
Reason,  then  during  the  period  commencing  on the  date of  termination  of
Executive's  Employment  and ending 12 months  following the  termination of the
Executive's  employment with the Company,  Executive shall not, except on behalf
of the  Company,  directly  or  indirectly,  whether  as an  officer,  director,
shareholder,   partner,  member,  associate,   employee,  consultant,  agent  or
representative,  become or be  interested  in,  or  associated  with,  any other
person,  firm,  company,  partnership or other entity  whatsoever,  engaged in a
business  that is  similar  or  comparable  and  competitive  with the  business
conducted by the Company during the Employment  Term in any of the markets where
the  Company  is  carrying  on  such  business  or  has  targeted  for  business
development; provided, however, that Executive may own as an investor securities
of any Company whose securities are

                                       16

<PAGE>

registered  under the  Securities  Act, so long as she is not an  affiliate  (as
defined in Rule 405 under such Act) of such Company.

                  (b)  In  all  events,   Executive   shall  not,   directly  or
indirectly,   during  the  period   commencing  on  termination  of  Executive's
Employment,  and ending 12 months after Executive's  employment with the Company
expires or terminates  for any reason,  induce or attempt to induce any employee
or agent of, or consultant to, the Company or any of the Company's affiliates to
terminate his or her employment or consultancy with the Company.

                  (c)      Except for those persons described in Section 6.2(c)
above, in no event, at any time, shall  Executive  request any person or entity
to curtail or cancel its business relationship with the Company.

7.       Inventions

                  (a)   Executive   agrees  to   disclose  to  the  Company  all
inventions, designs, product developments,  technological innovations, know-how,
tests, performance data and processes ("Inventions"), whether or not patentable,
copyrightable  or subject to  trademark  or service  mark,  made or conceived by
Executive,  directly or  indirectly,  during the term of this Agreement and that
relate  in any  way to the  business  of the  Company,  whether  or not  made or
conceived by Executive  during  working  hours.  Executive  agrees that all such
Inventions shall inure to, and be the property of, the Company.

                  (b)  Executive  agrees  (i)  to  assign  to the  Company,  its
successors and assigns,  all of Executive's  right, title and interest in and to
any such  Inventions,  (ii) during and after the term of this Agreement,  at the
Company's  expense,  cooperate with the Company in the preparation and filing of
such patent  applications  and other  documents and  instruments  as the Company
shall  deem  appropriate  to  perfect  and  protect  its  rights  in and to such
Inventions,  and

                                       17

<PAGE>

(iii) to protect and defend the  Company's  right,  title and interest in and to
any such Inventions, at the Company's expense.

                  (c)  Except  as  required  in the  conduct  of  the  Company's
business  or in the  discharge  of his  duties and  responsibilities  hereunder,
Executive will not publish or disclose, or authorize or permit anyone to publish
or  disclose,  during  or after  the  term of this  Agreement,  any  proprietary
knowledge or information concerning any Invention.

8.       Injunctive Relief

                  (a)  Executive  agrees that a violation of the  covenants  set
forth in Sections 5.2, 6 and 7, or any provision thereof, will cause irreparable
injury to the Company and that the Company shall be entitled, in addition to any
other rights and  remedies it may have,  at law or in equity,  to an  injunction
enjoining and restraining  Executive from doing or continuing to do any such act
or other violations or threatened violations of Sections 5.2, 6 and 7.

9.       Dispute Resolution

                  (a) Any and all disputes,  claims or controversies arising out
of or relating to this Agreement  that are not resolved  within 10 business days
shall be  submitted  to final and  binding  arbitration  in New York City before
J-A-M-S/ENDISPUTE,  or its successor,  pursuant to the United States Arbitration
Act, 9 U.S.C.  Sec. 1 et seq. Either party may commence the arbitration  process
called for in this  Agreement by filing a written  demand for  arbitration  with
J-A-M-S/ENDISPUTE,  with a copy to the  other  party.  The  arbitration  will be
conducted in accordance with the provisions of  J-A-M-S/ENDISPUTE's  Streamlined
Arbitration  Rules and  Procedures in effect at the time of filing of the demand
for arbitration.  The parties will cooperate with J-A-M-S/ENDISPUTE and with one
another in selecting an arbitrator from J-A-M-S/  ENDISPUTE's panel of neutrals,
and in scheduling the arbitration  proceedings so that a final

                                       18

<PAGE>

determination  can be made within 30 days after  submission to arbitration.  The
parties  covenant that they will  participate in the  arbitration in good faith,
and that  they  will  share  equally  in its  costs.  However,  once an award is
rendered,  the losing party shall be responsible  for paying all of the winner's
reasonable  costs  and  expenses  of  the  arbitration,   including   reasonable
attorney's  fees.  The provisions of this Section 9 may be enforced by any Court
of competent  jurisdiction,  and the party seeking enforcement shall be entitled
to an award of all reasonable  costs,  fees and expenses,  including  attorneys'
fees, to be paid by the party against whom  enforcement is ordered.

10. Company Operational Issues

         10.1 Plant  Capacity.  Boundless  Corporation  will use its  reasonable
efforts  to  make  available  to the  Company  the  underutilized  manufacturing
capacity,  as it may exist  from time to time,  at its  manufacturing  facility,
located  at 100  Marcus  Boulevard,  Hauppauge,  New York  11788,  for which the
Company will be charged based on costs  competitive  with that prevailing in the
EMS  Industry.  Boundless  Corporation  will use best  efforts to advance to the
Company  the  working  capital  required  under  the  Company's  Business  Plan,
consistent  with Boundless  Corporation's  and its  affiliates'  working capital
requirements and with the consent of Boundless  Corporation's lenders, as may be
required under its loan agreements.  Boundless Corporation  understands that the
provision of the capital required for the operation of the Company's business is
a material inducement for the Executive to enter into this Agreement.

         10.2 Board of Directors.  The Company's Board of Directors will consist
of Joseph Joy, Anthony Giovaniello and three individuals  nominated by Boundless
Corporation.  Boundless  Corporation  will select the  Chairman of the Board and
until  the SEC  declares  a  Registration  Statement  or a Form 10  filed by the
Company effective and provided  Executive

                                       19

<PAGE>

remains  employed  by the  Company,  the  Company  will vote its shares to Elect
Executive to the Board.  Subject to the Company's  By-Laws,  each director shall
serve until his successor is elected,  or appointed or  qualified,  or until his
earlier death, resignation or removal.

         10.3 Officers.  The initial officers of the Company shall consist of J.
Gerald Combs, who shall serve as the Company's Chief Executive  Officer,  Joseph
Joy,  as  the  Chief  Operating  Officer,  Anthony  Giovaniello,   as  Executive
Vice-President, and Joseph Gardner, as Chief Financial Officer.

11.      Miscellaneous

         11.1 Notices. All notices,  requests,  demands and other communications
hereunder  shall be in writing and shall be deemed duly given when  delivered by
hand receipt  acknowledged  (which shall include  delivery by Federal Express or
similar  service  and by  facsimile)  or three  days  after  mailing,  if mailed
registered or certified mail, postage prepaid, return receipt requested, in each
case  addressed to Executive at his address in the  Company's  records and or to
the Company at its address above, with copies sent in the same manner:

                           If sent to the Company, to:

                           Boundless Manufacturing Services, Inc.
                           c/o Boundless Technologies
                           100 Marcus Boulevard
                           Hauppauge, NY  11788

                           with a copy to:

                                       20

<PAGE>
                           FischbeinoBadillooWagneroHarding
                           909 Third Avenue
                           New York, NY  10022
                           Attn: Joseph L. Cannella, Esq.

                           If sent to Executive, to:

                           Joseph Joy
                           434 Highwater Court
                           Chapin, SC  29063

                           with a copy to:

                           Tony Giovaniello
                           3400 Forest Hills Court
                           Redding, CA  96002

or to such other  address as either party hereto shall have  designated  by like
notice to the other party hereto.

         11.2     Entire Agreement.  This Agreement constitutes the entire
agreement of the parties hereto with respect to the subject  matter hereof,  and
supersedes all prior agreements and undertakings of the parties hereto, oral and
written, with respect to the subject matter hereof.

         11.3     Applicable Law.  This Agreement shall be governed by the laws
of the State of New York, without regard to principles of conflict of laws.

                                       21

<PAGE>

         11.4  Headings.  The  headings  herein  are for  the  sole  purpose  of
convenience  of reference,  and shall not in any way limit or affect the meaning
or interpretation of any of the terms or provisions of this Agreement.

         11.5 Assignment. This Agreement and the benefits hereunder are personal
to the Company and Executive and are not assignable or transferable by either of
them, nor may the services to be performed  hereunder be assigned by the Company
to any person, firm or company;  provided,  however, that this Agreement and the
benefits  hereunder may be assigned by the Company to any company  acquiring all
or  substantially  all of the assets of the Company or to any company into which
the Company may be merged or  consolidated,  and this Agreement and the benefits
hereunder will  automatically  be deemed assigned to any such company;  provided
further,  however,  that nothing herein shall preclude Executive's  beneficiary,
legatee or devisee or the legal  representative  of Executive or his estate from
receiving any amount or benefit that may be payable or provided to or in respect
of Executive hereunder following his death or legal incompetency.

         11.6 Severability.  If in any jurisdiction any term or provision hereof
is invalid or  unenforceable,  (a) the remaining  terms and  provisions  thereof
shall  be  unimpaired,  (b)  any  such  invalidity  or  unenforceability  in any
jurisdiction shall not invalidate or render  unenforceable such provision in any
other jurisdiction and (c) the invalid or unenforceable term or provision shall,
for  purposes of such  jurisdiction,  be deemed  replaced by a term or provision
that is valid and enforceable and that comes closest to expressing the intention
of the invalid or unenforceable  term or provision (but such  replacement  shall
not in any case be more restrictive or burdensome on Executive or the Company).

                                       22

<PAGE>

         11.7  Amendment;  Waiver.  This  Agreement  may be  amended,  modified,
superseded, cancelled, renewed or extended and the terms or covenants hereof may
be waived,  only by a written instrument executed by both of the parties hereto,
or in the case of a waiver,  by the party  waiving  compliance.  The  failure of
either party at any time or times to require performance of any provision hereof
shall in no manner  affect  the right at a later time to  enforce  the same.  No
waiver by either  party of the breach of any term or covenant  contained in this
Agreement,  whether by conduct or otherwise, in any one or more instances, shall
be deemed to be, or  construed  as, a further or  continuing  waiver of any such
breach,  or a waiver of the breach of any other term or  covenant  contained  in
this Agreement.

         11.8 Right of First  Refusal.  If, at any time  prior to the  Company's
consummating  a  "public   offering"  of  its  Capital  Stock,   pursuant  to  a
registration  statement  declared  effective  by  the  Securities  and  Exchange
Commission under the Securities and Exchange Act of 1933, the Executive receives
a bona fide  written  offer from a third party to purchase  all or a part of the
Executive  Shares or any Shares  Acquired by  Executive by exercise of incentive
stock options ("Option Shares") (a "Purchase  Offer"),  then the Executive shall
immediately give notice enclosing a copy of the Purchase Offer to Boundless, and
Boundless shall have the option,  exercisable within thirty (30) days after such
notice is given,  to purchase the  Executive  Shares and/or Option Shares at the
same price and upon the same terms as those  contained in the Purchase Offer. In
the absence of such purchase by Boundless Corporation, Executive may sell all or
a portion of the  Executive  Shares to the third  party,  pursuant  to the terms
described  in the Purchase  Offer.  Any  modification  of such bona fide written
offer by said third party shall  constitute a new offer  hereunder and thus must
be submitted by Executive to Boundless Corporation under this Section 11.8.

                                       23

<PAGE>

         11.9  Survival.  The respective  rights and  obligations of the parties
hereunder  shall  survive  any  termination  of  this  Agreement  to the  extent
necessary to the intended preservation of such rights and obligations.

         11.10  Counterparts.  This  Agreement  may be  executed  in two or more
counterparts,  each of which shall be deemed to be an original  but all of which
together shall constitute one and the same instrument.

               IN WITNESS WHEREOF, the parties have duly executed this Agreement
 as of the date first above written.

                             BOUNDLESS MANUFACTURING SERVICES, INC.

                             By:  /s/
                                  ---------------------------------
                                  Authorized Signatory

                                  /s/
                                  ---------------------------------
                                  Joseph Joy

                  The  undersigned  hereby  guarantees  the  performance  of the
Company's obligations set forth this Agreement.

                             BOUNDLESS CORPORATION

                             By: /s/
                                 ---------------------------------

                                       24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}]]