Document:

Employment Agreement between Rexnord LLC and Alex P. Marini

 Exhibit 10.16 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT
AGREEMENT (this “Agreement”), entered into as of the 7th day of February, 2007, by and between Rexnord
LLC, a Delaware limited liability corporation, with its principal office at 4701 Greenfield Avenue, Milwaukee, Wisconsin 53214 (the “Company”), and Alex P. Marini (the “Executive”) shall be effective immediately following, and
subject to the Closing (within the meaning of the Merger Agreement, as defined below) (the date of such Closing, the “Effective Date”). 
 WITNESSETH 
 WHEREAS, Jacuzzi Brands, Inc. (“Jacuzzi”), Jupiter Acquisition, LLC (“Parent”) and Jupiter
Merger Sub (“Merger Sub”), Inc. entered into an Agreement and Plan of Merger dated as of October 11, 2006, as amended (the “Merger Agreement”), pursuant to which Merger Sub shall merge with and into Jacuzzi (the
“Merger”), and become a wholly-owned subsidiary of Parent; 
 WHEREAS, RBS Global Inc. and Parent entered into a Purchase Agreement
dated as of October 11, 2006 pursuant to which, at the time of the Merger, the Company will acquire the outstanding equity interests of Jacuzzi, as a result of which Jacuzzi will become a wholly-owned subsidiary of the Company (collectively
with the Merger, the “Transactions”); 
 WHEREAS, in connection with the consummation of the Transactions, the Executive and the
Company wish to enter into this new employment agreement and to supersede the amended and restated employment agreement dated as of October 10, 2006, by and between Jacuzzi and the Executive (the “Prior Employment Agreement”); and

 WHEREAS, this Agreement shall be effective immediately following the Closing on the Effective Date and shall supersede the Prior
Employment Agreement in its entirety; provided that, in the event the Merger Agreement shall terminate and the Closing shall not occur, this Agreement shall be of no further force or effect and the Prior Agreement shall remain in effect. 

AGREEMENT 
 NOW, THEREFORE, in
consideration of the foregoing and of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Term of Employment. Except for earlier termination as provided in Section 7 hereof, the initial term of the Executive’s employment
under this Agreement shall be for the period commencing on the Effective Date and ending on August 31, 2008 (the “Initial Term”). Subject to Section 7 hereof, at the conclusion of the Initial Term and on each subsequent
anniversary of the conclusion of the Initial Term the period of the Executive’s employment under this Agreement shall be automatically extended for an additional term of one (1) year (each such period, collectively with the Initial Term
and all prior such periods, the “Employment Term”) unless the Company or the Executive gives written notice to the other at least thirty (30) days prior to the expiration of the then-applicable Employment Term of the termination of
the Executive’s employment hereunder at the end of such then-applicable Employment Term. 

 2. Positions. 
 (a) The Executive shall serve as President and Chief Executive Officer of the Water Management operating division of the Company (“Water Management”). The Executive shall report directly to the Chairman of
the Board of Directors of the Company (or similar governing body of the Company) (the “Board”) until such time as the Chairman of the Board (the “Chairman”) instructs the Executive to report directly to the President and Chief
Executive Officer of the Company (the “CEO”), from and after such time the Executive shall report to the President and Chief Executive Officer of the Company. 
 (b) During the Employment Term, the Executive shall have such duties and authorities usually vested in the offices of chief executive officer and president of a operating division of the size and nature of Water
Management and such other powers and duties commensurate with his positions as the Chairman or the CEO may assign from time to time, subject to the reasonable directives of the Chairman or the CEO, as applicable, and the corporate policies of the
Company as they are in effect from time to time throughout the Employment Term (including, without limitation, the Company’s business conduct and ethics policies, as they may change from time to time). 
 (c) During the Employment Term, the Executive shall devote all of his business time and efforts to the performance of his duties hereunder; provided,
however, that the Executive shall be allowed, to the extent that such activities do not materially interfere with the performance of his duties and responsibilities hereunder, to manage his passive personal interests and to serve on civic or
charitable boards or committees, and subject to the next sentence, serve on corporate boards of directors. The Executive may serve on corporate boards of directors only if approved in advance by the Board (which approval may be withdrawn at any
time) and shall not serve on any corporate board of directors if such service would be inconsistent with his fiduciary responsibilities to the Company. Nothing herein shall preclude the Executive from serving on the board of directors of Bath
Acquisition Corporation (“Bath”) and the Company hereby agrees that the Executive’s service on the board of directors of Bath shall not be deemed to be a violation of the non-competition and non-solicitation provisions of
Section 10 given the current scope and business activities of those entities. 
 (d) During the Employment Term, the Executive’s
principal place of employment for the Company shall be in Erie, Pennsylvania. However, the parties acknowledge and agree that, in the course of the Executive performing his duties hereunder, he will be required to travel from time to time on Company
business and to Company facilities. 
 3. Base Salary. During the Employment Term, the Executive shall receive a base salary at the
annual rate of $500,000. Base salary shall be payable in accordance with the usual payroll practices of the Company. The Executive’s base salary may be increased, but not decreased, from time to time by the Chairman or CEO, as appropriate, and
shall be subject to annual review by the Chairman or CEO, as appropriate, during the Employment Term, with the first such annual review to be conducted with respect to the fiscal year that commences on April 1, 2008. The base salary as
determined as aforesaid from time to time shall constitute “Base Salary” for purposes of this Agreement. 
  

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 4. Incentive Compensation. 
 (a) Bonus. For the fiscal year commencing April 1, 2007 and for each whole fiscal year of the Company thereafter that occurs during the
Employment Term, the Executive shall be eligible to participate in an annual bonus plan to be established by the Company with respect to such fiscal year. The Executive’s annual cash target bonus opportunity for each such fiscal year under such
bonus plan shall be equal to 100% of the Executive’s Base Salary for that fiscal year (“Target Bonus”), with the Executive’s actual bonus for that fiscal year to be determined by the Board (or a committee thereof) under the bonus
plan for that fiscal year in light of the Company’s and the Executive’s performance for that fiscal year. For the period between the Effective Date and March 31, 2007, the Executive shall be eligible to receive a pro-rata bonus
payment equal to that which he would have received under the Jacuzzi Annual Performance Incentive Plan as in effect immediately prior to Effective Date. 
 (b) Other Compensation. The Company may award to the Executive such other bonuses and compensation as it, in its sole discretion, deems appropriate and reasonable. 
 (c) Stock Options. Effective on the date of the first Board meeting that occurs following the Effective Date, but in no event later than sixty
(60) days after the Effective Date, the Executive shall be granted a non-qualified stock option (the “Option”) to purchase 205,244 shares of the common stock of Rexnord Holdings, Inc., a Delaware corporation (“Rexnord”), at
a per share exercise price equal to the fair market value of a share of Rexnord common stock as established by the Board of Directors of Rexnord for purposes of stock options granted by Rexnord on such date. The Option shall be granted under, and
subject to the terms and conditions of, the 2006 Stock Option Plan of Rexnord Holdings, Inc. and the form of non-qualified stock option agreement attached hereto as Exhibit A and Exhibit B, respectively. 
 5. Employee Benefits and Vacation. 
 (a) During the period of the Employment Term that commences on the Effective Date and ends on the first anniversary thereof, the Company will provide the Executive with such additional benefits as may be required in order to provide the
Executive with a consistent aggregate value of benefits as contemplated by Section 7.01(a) of the Merger Agreement. During the period of the Employment Term after the first anniversary of the Effective Date, the Executive shall be entitled to
participate in all pension, long-term incentive compensation, retirement, savings, welfare and other employee benefit plans and arrangements and fringe benefits and perquisites generally maintained by the Company from time to time for the benefit of
its senior executive officers, in each case in accordance with their respective terms as in effect from time to time. 
 (b) During the
Employment Term, the Executive shall be entitled to vacation each year in accordance with the Company’s policies in effect from time to time, but in no event less than four (4) weeks paid vacation per calendar year. The Executive shall
also be entitled to such periods of paid sick leave as is customarily provided by the Company to its senior executive employees. 
  

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 (c) If the Executive’s employment with the Company terminates due to his retirement from the Company
and so long as such retirement is not in connection with a termination pursuant to Section 7(d) hereof (such a retirement, a “Qualifying Retirement”) and further subject to the following provisions of this Section 5(c), the
Executive shall be provided with a supplemental retirement benefit payable in the form of a 60% J&S Annuity. For purposes of this Agreement, a “60% J&S Annuity” means an annuity payable each month for the life of the Executive,
commencing in the month following the Executive’s Qualifying Retirement, with a survivor annuity payable monthly for the life of the person (if any) legally married to the Executive (the Executive’s “spouse”) at the time of the
Executive’s Qualifying Retirement which commences with the month following the month in which the Executive dies (if such spouse is then still living) and which is 60% of the amount of such annuity payable during the life of the Executive. The
amount of such 60% J&S Annuity shall be the amount necessary to produce a monthly 60% J&S Annuity benefit during the Executive’s life after such annuity commences equal to the positive difference (if any) between (i) $20,000 less
(ii) the Existing Retirement Benefit. For this purpose, the “Existing Retirement Benefit” equals the sum of the Monthly Offset Amount (defined below) and the Actual Retirement Plan Benefit (defined below). The “Monthly Offset
Amount” shall mean the monthly benefit amount that is obtained if the aggregate benefit that was paid (or is payable or to be paid, as the case may be) to Executive under the Jacuzzi Brands Inc. Supplemental Executive Retirement Plan and the
Zurn Supplemental Pension Plan is assumed to have not been paid (or to be paid in any other form) and is instead assumed to be paid in the form of a 60% J&S Annuity with a monthly benefit payment commencing with the month following a Qualifying
Retirement by the Executive and actuarially calculated using the Actuarial Assumptions. For purposes of clarity, to the extent any benefit under any such plan is actually paid prior to the month in which the Executive’s Qualifying Retirement
occurs, the amount of such benefit taken into consideration for purposes of calculating the Monthly Offset Amount shall be actuarially increased (applying the Actuarial Assumptions) for the period of time from the date of actual payment of such
benefits through the month in which the Qualifying Retirement occurs. For purposes of this Agreement, “Actuarial Assumptions” means the actuarial factors applied under the Qualified Plan with respect to benefit calculations for retirements
during the month of the Qualifying Retirement by Executive. For this purpose “Qualified Plan” means the Company’s defined benefit pension plan that is intended to be qualified under Section 401(a) of the Internal Revenue Code of
1986, as amended (if multiple such plans are then maintained or sponsored by the Company, the Plan in which the Company’s executive officers generally participate shall be the relevant plan for this purpose). The “Actual Retirement Plan
Benefit” shall mean the monthly benefit amount that is obtained if the aggregate benefit that was paid (or is payable or to be paid, as the case may be) to the Executive under any and all other qualified or non-qualified pension plans covering
the Executive during his employment with Company and its affiliates, Jacuzzi and/or Zurn Industries, Inc., a Pennsylvania corporation, is assumed to have not been paid (or to be paid in any other form) and is instead assumed to be paid in the form
of a 60% J&S Annuity with a monthly benefit payment commencing with the month following a Qualifying Retirement by Executive and actuarially calculated using the Actuarial Assumptions. In the event that the Executive voluntarily terminates his
employment with the Company for any reason other than Termination for Good Reason, death or Disability, the Executive shall only be entitled to receive his benefits under this Section 5(c) if the Executive gives the Company at least six months
prior written notice of such termination. In the event that Executive does not timely give the 
  

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Company such written notice, the Executive shall be obligated to pay the Company an amount equal to his then current annual Base Salary, determined at the
time Executive’s employment by the Company terminates, which shall be paid in full by the Executive or, if the Company does not receive such payment within five (5) business days following the date Executive’s employment by the
Company terminates, may, notwithstanding any other provision of this Agreement, be withheld by the Company from any and all amounts otherwise due and owing to the Executive from the Company (pursuant to this Agreement or otherwise). 
 (d) If the Executive’s employment with the Company terminates due to his retirement from the Company and so long as such retirement is not in
connection with a termination pursuant to Section 7(d) hereof, the Executive and his spouse shall be receive retiree medical benefits pursuant to the terms of the Company’s retiree medical plan covering the senior executives of the Company
at the time of such termination, provided however, if such retiree medical benefits, or related terms, are modified or terminated for retired participants in such plan, (or its successor or replacement plan), such modification or termination shall
also apply to the Executive and his covered dependents. 
 6. Business Expenses. The Company shall reimburse Executive for the travel,
entertainment and other business expenses incurred by Executive in the performance of his duties hereunder, in accordance with the Company’s policies as in effect from time to time. 
 7. Termination. 
 (a) The employment
of Executive and the Employment Term shall terminate as provided in Section 1 hereof or, if earlier, upon the earliest to occur of any of the following events: 
 (i) the death of Executive; 
 (ii) the termination of Executive’s employment by the Company due to Executive’s Disability (as defined below) pursuant to Section 7(b) hereof; 
 (iii) the termination of Executive’s employment by the Executive for Good Reason (as defined below) pursuant to Section 7(c)
hereof; 
 (iv) the termination of Executive’s employment by the Company without Cause (as defined below) pursuant to
Section 7(e) hereof; 
 (v) the termination of employment by Executive without Good Reason upon sixty (60) days
prior written notice pursuant to Section 7(e) hereof; or 
 (vi) the termination of Executive’s employment by the
Company for Cause pursuant to Section 7(d) hereof. 
 For purposes of this Agreement, “Disability” shall mean by reason
of the same or related physical or mental illness or incapacity, the Executive is unable to carry out his material duties pursuant to this Agreement for more than six (6) months in any twelve (12) month period. 
  

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 For purposes of this Agreement, “Cause” shall mean a determination by the Chairman or CEO,
based on the information then known to it, of: (i) Executive’s refusal or willful failure to perform his duties; (ii) Executive’s willful misconduct or gross negligence with regard to the Company or its affiliates or their
business, assets or employees (including, without limitation, Executive’s fraud, embezzlement or other act of dishonesty with regard to the Company or its affiliates); (iii) Executive’s willful misconduct which has a material adverse
impact on the Company or its affiliates, whether economic, or reputation wise or otherwise, as determined by the Chairman or CEO; (iv) Executive’s conviction of, or pleading nolo contendere (or entering a similar plea) to, a felony or any
crime involving fraud, dishonesty or moral turpitude; (v) Executive’s refusal or willful failure to follow the lawful written direction of the Chairman or CEO; (vi) Executive’s breach of a fiduciary duty owed to the Company or
its affiliates, including but not limited to Section 11 hereof; (vii) the representations or warranties in Section 16(k) hereof prove false; or (vii) any other breach by Executive of this Agreement that remains uncured for thirty
(30) days after written notice thereof is given to Executive. 
 For purposes of this Agreement, “Good Reason” shall mean the
occurrence, without Executive’s express written consent of any of the following circumstances: (i) any material demotion of Executive from his position as President and Chief Executive Officer of Water Management (except in connection with
the termination of Executive’s employment for Cause or due to Disability or as a result of Executive’s death, or temporarily as a result of Executive’s illness or other absence); (ii) a failure by the Company to pay
Executive’s Base Salary or incentive compensation in accordance with Sections 3 and 4 hereof that remains uncured for thirty (30) days after written notice hereof is given to the Company; (iii) a relocation of the Executive’s
office location to a location more than thirty-five (35) miles from Executive’s then current office location; or (iv) a breach by the Company of its obligations under this Agreement. 
 (b) Disability. If Executive incurs a Disability, the Company may terminate Executive’s employment for Disability, upon thirty (30) days
written notice by a Notice of Disability Termination, at any time thereafter during such twelve (12) month period while Executive is unable to carry out his duties as a result of the same or related physical or mental illness or incapacity.
Such termination shall not be effective if Executive returns to the full time performance of his material duties within such thirty (30) day period. 
 (c) Termination for Good Reason. A Termination for Good Reason means a termination by Executive by written notice given within ninety (90) days after the occurrence of the Good Reason event, unless such
circumstances are fully corrected prior to the date of termination specified in the Notice of Termination for Good Reason. A Notice of Termination for Good Reason shall mean a notice that shall indicate the specific Good Reason event relied upon and
shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for Termination for Good Reason. The failure by Executive to set forth in the Notice of Termination for Good Reason any facts or circumstances which
contribute to the showing of Good Reason shall not waive any right of Executive hereunder or preclude Executive from asserting such fact or circumstance in enforcing his rights hereunder. The Notice of Termination for Good Reason shall provide for a
date of termination not less than ten (10) nor more than sixty (60) days after the date such Notice of Termination for Good Reason is given. 
  

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 (d) Cause. Subject to the notification provisions of this Section 7(d), Executive’s
employment hereunder may be terminated by the Company for Cause. A Notice of Termination for Cause shall mean a notice that shall indicate the specific basis for Cause relied upon and shall set forth in reasonable detail the facts and circumstances
which provide for a basis for Termination for Cause. The date of termination for a Termination for Cause shall be the date indicated in the Notice of Termination for Cause. Any purported Termination for Cause which finally determined by a court of
competent jurisdiction not to have been based on the grounds set forth in this Agreement or not to have followed the procedures set forth in this Agreement shall be deemed a termination by the Company without Cause. 
 (e) Other Terminations. The Executive’s employment by the Company shall be at will. Accordingly, the Company may terminate the
Executive’s employment at any time (with or without notice), for reasons other than Cause or for no reason. Subject to Section 5(c) above, the Executive may terminate his employment with the Company at any time upon sixty (60) days
prior written notice. 
 8. Consequences of Termination of Employment. 
 (a) Death, Disability, Voluntary Resignation without Good Reason, for Cause, Nonextension of the Employment Term by Executive. If Executive’s
employment and the Employment Term are terminated by reason of (i) Executive’s death or Disability, (ii) as a result of a notice of nonextension of the Employment Term by Executive, (iii) by the Company for Cause or (iv) by
Executive without Good Reason, the Employment Term under this Agreement shall terminate without further obligations of the Company to Executive or Executive’s legal representatives under this Agreement except for: (i) any Base Salary
earned but unpaid through the date of termination, any earned but unpaid bonus, any accrued but unused vacation pay payable pursuant to the Company’s policies, and any unreimbursed business expenses payable pursuant to Section 7
(collectively “Accrued Amounts”) (which, amounts shall, in the event of Executive’s death, be promptly paid in a lump sum to Executive’s estate) and (ii) any other amounts or benefits owing to Executive under the then
applicable employee benefit plans, long-term incentive plans or equity plans and programs of the Company and its affiliates which shall be paid in accordance with such plans and programs, including, if applicable, the Minimum Pension in accordance
with and subject to the provisions of Section 5(c) above (provided proper written notice is given by Executive in accordance with Section 5(c) above). 
 (b) Termination by Executive for Good Reason, or Termination by the Company without Cause. If Executive’s employment and the Employment Term are terminated (i) by the Executive for Good Reason or
(ii) by the Company without Cause (and other than for Disability) or as a result of a notice of nonextension of the Employment Term by the Company, the Executive shall be entitled to receive the Accrued Amounts, and shall, subject to Sections
9(b), 9(c), 10, 11 and 12 hereof, be entitled to receive: 
 (A) If such termination occurs on or before August 31, 2008,
equal monthly payments in an amount equal to his then monthly rate of Base Salary (determined based on a minimum annual salary rate of $500,000), for a period of twenty four (24) months commencing with the month following the month in which the
Executive’s employment by the Company terminates; and if such termination occurs after August 31, 2008, equal 

  

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monthly payments in an amount equal to his then monthly rate of Base Salary (determined based on a minimum annual salary rate of $500,000), for a period of
twelve (12) months commencing with the month following the month in which the Executive’s employment by the Company terminates; 
 (B) If such termination occurs on or before August 31, 2008, a lump sum cash payment equal to the product of the Executive’s Target Bonus for the fiscal year in which the termination occurs multiplied by two
(2); and if such termination occurs after August 31, 2008, a lump sum cash payment equal to the Executive’s Target Bonus for the fiscal year in which the termination occurs; 
 (C) Any other amounts or benefits owing to the Executive under the then applicable employee benefit, long term incentive or equity plans
and programs of the Company which shall be paid in accordance with such plans and programs; 
 (D) Accelerated vesting of the
then-unvested portion of the Option (if any) that would have otherwise become vested in accordance with its terms after the date the Executive’s employment by the Company terminates (had such termination not occurred) and on or before the one
year anniversary of the date of such termination; 
 (E) Payment of Executive’s and his dependents’ premiums for
health and medical insurance coverage, which provides substantially similar benefits as was being provided to Executive on the day prior to the termination of Executive’s employment, for two (2) years following Executive’s date of
termination; provided, however, if such termination occurs after August 31, 2008, such period of payment of premiums for health and medical insurance coverage shall be a period of twelve (12) months instead of twenty four (24) months;
and 
 (F) The minimum pension subject to and in accordance with the provisions of Section 5(c). 
 9.(a) No Mitigation; No Set-Off. In the event of any termination of employment under Section 8, Executive shall be under no obligation to
seek other employment and there shall be no offset against any amounts due Executive under this Agreement on account of any remuneration attributable to any subsequent employment that Executive may obtain. Any amounts due under Section 8 are in
the nature of severance payments and are not in the nature of a penalty. Such amounts are inclusive, and in lieu of any, amounts payable under any other salary continuation or cash severance arrangement of the Company and to the extent paid or
provided under any other such arrangement shall be offset from the amount due hereunder. 
 (a) Release. Executive agrees that, as a
condition to receiving the payments and benefits provided under Section 8(b) hereunder he will execute and deliver a release of all claims of any kind whatsoever against the Company, its affiliates, officers, directors, employees, agents and
shareholders in the then standard form being used by the Company for senior executives (but without release of the right of indemnification hereunder or under the Company’s By-laws or rights under benefit or equity plans that by their terms are
intended to survive termination of his employment). Notwithstanding anything else contained herein to the contrary, the Company 

  

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shall have no obligation to the Executive pursuant to Section 8(b) (or otherwise to pay the Minimum Pension) unless and until such release has been
received by the Company, fully executed by the Executive, and such release has become irrevocable by Executive in accordance with all applicable law. 
 (b) Resignation. Upon any termination of employment, Executive hereby resigns as an officer and director of the Company, any subsidiary and any affiliate and as a fiduciary of any benefit plan of any of the
foregoing. Executive shall promptly execute any further documentation thereof as requested by the Company and, if the Executive is to receive any payments from the Company (including, without limitation, those set forth in Section 8 above),
execution of such further documentation shall be a condition thereof. 
 10. Competition. 
 (a) Executive shall not, at any time during the Employment Term and for 24 months following the termination of Executive’s employment, directly or
indirectly engage in, have any equity interest in, or manage or operate any person, firm, corporation, partnership or business (whether as director, officer, employee, agent, representative, partner, security holder, consultant or otherwise) that
engages in any business which competes with any business of the Company or any entity owned by the Company anywhere in the world (a “Competing Company”); provided, however, that the Executive shall be permitted to acquire a passive
stock or equity interest a Competing Company provided the stock or other equity interest acquired is not more than five percent (5%) of the outstanding interest in such business; and provided further that a business that does not
directly compete with the Company but is affiliated with an individual, partnership, firm, corporation or other business organization or entity that does compete with the Company shall not itself be considered a Competing Company so long as not more
than one-third of the aggregate gross revenues, and not more than one-third of the aggregate net income, of such business and its affiliates (in each case, on a consolidated basis for the fiscal year immediately preceding the fiscal year in which
the Executive becomes involved with such business) is derived from businesses that are competitive with any business of the Company. 
 (b)
During the Employment Term and for 24 months following the termination of the Executive’s employment, the Executive will not, and will not permit any of his affiliates to, directly or indirectly, (i) recruit or otherwise solicit or induce
(or attempt to recruit or otherwise solicit or induce) any employee of Rexnord, the Company or any of its subsidiaries to leave the employ of Rexnord, the Company or any of its subsidiaries, or in any way interfere with the relationship between
Rexnord, the Company and any of its subsidiaries, on the one hand, and any employee thereof, on the other hand, (ii) hire any person or entity who is or any time was an employee of Rexnord, the Company or any of its subsidiaries until six
(6) months after such individual’s employment relationship with Rexnord, the Company and any of its subsidiaries has ended, or (iii) induce or attempt to induce any customer, supplier, licensee or other business relation of Rexnord,
the Company or any of its subsidiaries to cease doing business with Rexnord, the Company or any of its subsidiaries, or in any way interfere with the relationship between any such customer, supplier, licensee or business relation, on the one hand,
and Rexnord, the Company or any of its subsidiaries, on the other hand. Notwithstanding the foregoing, it will not constitute a breach of the provisions of this Section 10(b) if an affiliate of the Executive that is not a majority owned
subsidiary of the entity which then employs the 

  

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Executive (or with respect to which the Executive is otherwise affiliated) engages in actions prohibited by clauses (i), (ii), or (iii) provided that
the Executive is not directly or indirectly involved in the solicitation or negotiation of or otherwise involved in the taking of such action. In addition, general advertising not specifically targeted at the above persons and entities shall not
constitute a breach of this Section 10(b). 
 (c) In the event terms of this Section 10 shall be determined by any court of
competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the
maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such
action. 
 (d) The Executive acknowledges that, in the course of his employment with the Company and/or its affiliates and their
predecessors, he has become familiar, or will become familiar, with the Company’s and its affiliates’ and their predecessors’ trade secrets and with other confidential information concerning the Company, its affiliates and their
respective predecessors and that his services have been and will be of special, unique and extraordinary value to the Company and its affiliates. The Executive agrees that the provisions of Sections 10(a) and 10(b) are reasonable in light of such
facts and circumstances. Furthermore, the Executive understands that the foregoing restrictions may limit his ability to earn a livelihood in a business similar to the business of the Company and any of its affiliates, but he nevertheless believes
that he has received and will receive sufficient consideration and other benefits as an employee of the Company and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event
(given his education, skills and ability), the Executive does not believe would prevent him from otherwise earning a living. The Executive has carefully considered the nature and extent of the restrictions placed upon him by this Agreement, and
hereby acknowledges and agrees that the same are reasonable in time and territory and do not confer a benefit upon the Company disproportionate to the detriment of the Executive. 
 11. Nondisclosure of Proprietary Information. 
 (a) Except as reasonably required in the faithful performance of Executive’s duties hereunder or pursuant to Section 11(c), the Executive shall, in perpetuity, maintain in confidence and shall not directly,
indirectly or otherwise, use, disseminate, disclose or publish, or use for his benefit or the benefit of any person, firm, corporation or other entity any confidential or proprietary information or trade secrets of or relating to Rexnord, the
Company or any of its subsidiaries, including, without limitation, information with respect to Rexnord’s, the Company’s and any of its subsidiaries’ operations, processes, products, inventions, business practices, finances,
principals, vendors, suppliers, customers, potential customers, marketing methods, costs, prices, contractual relationships, regulatory status, compensation paid to employees or other terms of employment, or deliver to any person, firm, corporation
or other entity any document, record, notebook, computer program or similar repository of or containing any such confidential or proprietary information or trade secrets. The parties hereby stipulate and agree that as between them the foregoing
matters are important, material and confidential proprietary information and trade secrets and affect the successful conduct of the businesses of Rexnord, the Company and its subsidiaries (and any successor or assignee thereof). 
  

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 (b) Upon termination of the Executive’s employment with the Company for any reason, the Executive
will promptly deliver to the Company all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning Rexnord’s, the Company’s and any of its
subsidiaries’ customers, business plans, marketing strategies, products or processes. The Executive shall be permitted to retain his rolodex, address books and other similar personal items, provided that such personal items do not contain any
confidential or proprietary information of Rexnord, the Company or any of its subsidiaries. 
 (c) The Executive may respond to a lawful and
valid subpoena or other legal process but shall give the Company the earliest possible notice thereof, shall, as much in advance of the return date as possible, make available to the Company and its counsel the documents and other information sought
and shall assist such counsel in resisting or otherwise responding to such process. 
 12. Inventions. All rights to discoveries,
inventions, improvements and innovations (including all data and records pertaining thereto) related to the business of Rexnord, the Company and its subsidiaries, whether or not patentable, copyrightable, registrable as a trademark, or reduced to
writing, that the Executive may discover, invent or originate during the Employment Term, and for a period of 12 months thereafter, either alone or with others and whether or not during working hours or by the use of the facilities of the Company
(“Inventions”), shall be the exclusive property of Rexnord, the Company and its subsidiaries, as applicable. Executive shall promptly disclose all Inventions to the Company, shall execute at the request of the Company any assignments or
other documents the Company may deem necessary to protect or perfect its rights therein, and shall assist the Company, at the Company’s expense, in obtaining, defending and enforcing the Company’s rights therein. The Executive hereby
appoints the Company as his attorney-in-fact to execute on his behalf any assignments or other documents deemed necessary by the Company to protect or perfect Rexnord’s, the Company’s and its subsidiaries’ rights to any Inventions.

 13. Injunctive Relief. It is recognized and acknowledged by the Executive that a breach of the covenants contained in
Section 10, 11 or 12 will cause irreparable damage to Rexnord, the Company and its subsidiaries and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be
inadequate. Accordingly, Executive agrees that, in the event of a breach of any of the covenants contained in Section 10, 11 or 12, in addition to any other remedy which may be available at law or in equity, the Company will be entitled to
specific performance and injunctive relief. Furthermore, in the event of breach of the covenants contained in Section 10, 11 or 12 by the Executive, while he is receiving amounts under Section 8 hereof, Executive shall not be entitled to
receive any future amounts pursuant to Section 8 hereof (including, without limitation, any remaining payments pursuant to the Minimum Pension provisions of Section 5(c). 
 14. Indemnification. The Company shall indemnify and hold harmless Executive to the extent provided in the Certificate of Formation and By-Laws of
the Company for any action 

  

 11 

 
or inaction of Executive while serving as an officer and director of the Company or as an officer or director of any other subsidiary or affiliate of the
Company or as a fiduciary of any benefit plan. The Company shall cover Executive under directors and officers liability insurance both during and, while potential liability exists, after the Employment Term in the same amount and to the same extent
as the Company covers its other officers and directors. 
 15. Legal and Other Fees and Expenses. To the extent permitted by law, all
reasonable attorneys fees and expenses incurred by the Executive in evaluating and negotiating the terms and conditions of this Agreement shall be promptly paid on behalf of, or reimbursed, to the Executive by the Company; provided that in no event
shall the Company’s aggregate payment and reimbursement obligation pursuant to this sentence exceed $50,000. In the event that a claim for payment or benefits under this Agreement is disputed, the Company shall pay all reasonable attorney,
accountant and other professional fees and reasonable expenses incurred by the Executive in pursuing such claim, provided the Executive is successful with regard to a material portion of his claim. 
 16. Miscellaneous. 
 (a) Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Pennsylvania without reference to principles of conflict of laws. 
 (b) Entire Agreement/Amendments. This Agreement and the instruments contemplated herein contain the entire understanding of the parties with respect to the employment of the Executive by the Company from and
after the Effective Date and supersedes any prior agreements between the Company and the Executive with respect thereto, including without limitation the Prior Employment Agreement; provided, however, that any rights the Executive may have to
a 280G tax gross-up payment under Section 12 of the Prior Agreement that arise in connection with a change in control of Jacuzzi that occurred on or prior to February 7, 2007, and any rights the Executive may have for indemnification and
directors and officer’s insurance coverage under Section 11 of the Prior Agreement with respect to any action or inaction of the Executive prior to the Effective Date shall continue notwithstanding this Agreement. There are no
restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein and therein. This Agreement may not be altered, modified, or amended
except by written instrument signed by the parties hereto. 
 (c) No Waiver. The failure of a party to insist upon strict adherence to
any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Any such waiver
must be in writing and signed by the Executive or an authorized officer of the Company, as the case may be. 
 (d) Assignment. This
Agreement shall not be assignable by Executive. This Agreement shall be assignable by the Company only to an entity which is owned, directly or indirectly, in whole or in part by the Company or by any successor to the Company or an acquirer of all
or substantial all of the assets of the Company, provided such entity or acquirer 

  

 12 

 
promptly assumes all of the obligations hereunder of the Company in a writing delivered to Executive and otherwise complies with the provisions hereof with
regard to such assumption. Upon such assignment and assumption, all references to the Company herein shall be to the assignee entity or acquirer, as the case may be. 
 (e) Successors; Binding Agreement; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees legatees and permitted assignees of the parties hereto. In the event of the Executive’s death while receiving amounts payable pursuant to Section 8(b) hereof, any remaining amounts shall be paid to
Executive’s estate. 
 (f) Communications. All notices, requests, consents and other communications hereunder to any party hereto
shall be deemed to be sufficient if contained in a written instrument and shall be deemed to have been duly given when delivered in person, by telecopy, by nationally-recognized overnight courier, or by first class registered or certified mail,
postage prepaid, addressed to such party at the address set forth below or such other address as may hereafter be designated in writing by the addressee to the addressor: 
 (i) if to the Company, to: 
 Rexnord, LLC 
 4701 Greenfield Avenue 
 Milwaukee, WI 53214 
 Attention: Patricia Whaley 
 with copies to: 
 Rexnord Holdings, Inc. 
 c/o Apollo Management, L.P. 
 10250 Constellation Blvd, Suite 2900 
 Los Angeles, CA 90067 
 Fax: (310) 843-1933 
 Attention: Laurence Berg 
 and 
 O’Melveny & Myers LLP 
 Times Square Tower 
 7 Times Square 
 New York, New York 10036 
 Fax: (212) 326-2061 
 Attention: John M. Scott, Esq. 
 (ii) if to Executive, to Executive’s home address on file with the
Company. 
 (g) Withholding Taxes. The Company may withhold from any and all amounts payable under this Agreement such Federal, state
and local taxes, and any other withholdings, as may be required to be withheld pursuant to any applicable law or regulation. 
  

 13 

 (h) Survivorship. The respective rights and obligations of the parties hereunder shall survive any
termination of the Executive’s employment to the extent necessary to the agreed preservation of such rights and obligations. 
 (i)
Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 (j) Headings. The headings of the sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the
meaning or construction of any provision of this Agreement. 
 (k) Executive’s Representation. The Executive represents and
warrants to the Company that there is no legal impediment to him entering into, or performing his obligations under this Agreement and neither entering into this Agreement nor performing his service hereunder will violate any agreement to which he
is a party or any other legal restriction. The Executive further represents and warrants that in performing his duties hereunder he will not use or disclose any confidential information of any prior employer or other person or entity. 
 (l) Section 409A. 
 (i) Notwithstanding any provision of this Agreement to the contrary, if the Executive is a “specified employee” as defined in Section 409A of the Code (“Code Section 409A”), the Executive shall not be entitled
to any payments upon a termination of his employment until the earlier of (i) the date which is six (6) months after his termination of employment for any reason other than death, or (ii) the date of the Executive’s death. Any
amounts otherwise payable to the Executive following a termination of his employment that are not so paid by reason of this Section l(i) shall be paid as soon as practicable after the date that is six (6) months after the termination of the
Executive’s employment (or, if earlier, the date of the Executive’s death). The provisions of this Section l(i) shall only apply if, and to the extent, required to comply with Code Section 409A in a manner such that the Executive is
not subject to additional taxes and/or penalties under Code Section 409A. 
 (ii) To the extent that this Agreement or
any provision hereof is subject to Code Section 409A, the Corporation and the Executive agree that the terms and conditions hereof shall be construed and interpreted to the maximum extent reasonably possible, without altering the fundamental
intent of the agreement, to comply with Code Section 409A. 
 (m) Mutual Drafting. Each party has cooperated in the drafting,
negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such language. 
 17. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL, INCLUDING TRIAL BY JURY, IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
  

 14 

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

							
	REXNORD LLC	 		 	EXECUTIVE
				
	By:	 	 /s/ George S. Sherman
	 		 	 /s/ Alex P. Marini

	Name:	 	George S. Sherman	 		 	Alex P. Marini
	Title:	 	Chairman of the Board	 		 	

  

 15 

 EXHIBIT A 
 2006 Stock Option Plan of Rexnord Holdings, Inc. 

 EXHIBIT B 
 Form of Nonqualified Stock Option AgreementThird Amended and Restated Employment Agreement

 Exhibit 10.1 
 THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT
(this “Agreement”), dated as of May 24, 2007, by and between Jarden Corporation, a Delaware corporation (the “Company”), and Martin E. Franklin (“Executive”). 
 WITNESSETH: 
 WHEREAS, the Company and
the Executive are parties to a Second Amended and Restated Employment Agreement entered into as of January 24, 2005 (the “Employment Agreement”); and 
 WHEREAS, the Company desires to continue to employ Executive as Chairman and Chief Executive Officer of the Company on the terms and conditions hereinafter set forth; and 
 WHEREAS, Executive is willing to continue to be employed as Chairman and Chief Executive Officer of the Company on such terms and conditions; and

 WHEREAS, the members of the Compensation Committee have considered potential future compensation for senior executives and retained
independent consultants to assist with this review; whereupon, based on the results of its review, the Compensation Committee thereafter concluded that it would recommend that the Board adopt the employment and compensation arrangements in this
Third Amended and Restated Agreement; and 
 WHEREAS, the Compensation Committee of the Company’s Board of Directors and the
Company’s Board of Directors, at meetings duly called and held, have each authorized and approved the execution and delivery of this Agreement by the Company; and 
 WHEREAS, the Company and Executive desire to enter into this Agreement which shall be deemed to amend, restate and replace the Second Amended and Restated Employment Agreement between the Company and Executive, dated
as of January 24, 2005. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, the Company and Executive hereby
agree as follows: 
 1. Employment. Upon the terms and subject to the conditions of this Agreement, the Company hereby continues to
employ Executive as Chairman and Chief Executive Officer of the Company through December 31, 2009, and Executive hereby agrees to such employment, upon the terms and subject to the conditions set forth in this Agreement. Notwithstanding the
foregoing, it is understood and agreed that the Executive from time to time may (a) be appointed to additional offices or to different offices than 

 
those set forth above, (b) perform such duties other than those set forth above, and/or (c) relinquish one or more of such offices or other duties,
in each instance as may be mutually agreed to by and between the Company and the Executive and that no such action shall be deemed or construed to otherwise amend or modify any of the remaining terms or conditions of this Agreement. The period
during which Executive is employed pursuant to this Agreement shall be referred to as the “Employment Period.” 
 2. Position,
Duties and Location. During the Employment Period, Executive shall, subject to the provisions of Section 1 above, serve as Chairman and Chief Executive Officer of the Company and shall be nominated for election, and if so elected shall
continue to serve, as a member of the Board of Directors of the Company and, unless the Company and Executive shall jointly determine otherwise, Chairman of the Board of Directors of the Company (the “Board”). During the Employment Period,
Executive shall have the duties, responsibilities and obligations (a) as are customarily assigned to individuals serving as the Chairman and Chief Executive Officer of comparable companies and (b) as have been assigned, exercised or
assumed in accordance with past practice, together with such other duties, responsibilities and obligations consistent with such positions as the Board shall from time to time specify, provided that such additional duties, responsibilities and
obligations are fair and reasonable under the circumstances, do not unreasonably increase the demands upon the Executive’s time or energies, and are not inconsistent with the Executive’s position as Chairman and Chief Executive Officer.
During the Employment Period, the Executive will be the most senior executive to report to the Board. The Executive shall devote such time and energy to the business and affairs of the Company as he deems reasonably necessary to perform the duties
of these positions and shall use his best efforts, skills and abilities to improve and advance the business and interests of the Company and its subsidiaries. Without limiting the generality of the foregoing, the Company hereby acknowledges that the
Executive has certain responsibilities to Freedom Acquisition Holdings, Inc., and the Marlin group of companies, and has a direct and/or indirect ownership interest in Freedom Acquisition Holdings, Inc., and provided that the Executive otherwise has
performed his duties on behalf of the Company hereunder, the Company agrees that nothing contained in this Agreement shall prohibit or interfere with such ownership interest or responsibilities. Nothing contained in this Section 2 shall
preclude Executive from (i) serving on the board of directors of any business corporation, unless such service would be contrary to applicable law, (ii) serving on the board of directors of, or working for, any charitable or community
organization or (iii) pursuing his personal financial and legal affairs, so long as such activities, individually or collectively, do not interfere with the performance of Executive’s duties hereunder or violate any of the provisions of
Section 6 hereof. 
 3. Compensation. 
 (a) Base Salary. Effective as of January 1, 2007 and continuing through the Employment Period, the Company shall pay to the
Executive and the Executive shall accept from the Company, as compensation for the performance of services under this Agreement and the Executive’s observance and performance of all of the provisions 

  

 2 

 
hereof, a salary of $1,950,000. The Board (or the appropriate committee of the Board) shall annually review Executive’s base salary and shall be
increased by a minimum of the Consumer Price Index. In addition, the Board (or the appropriate committee of the Board) shall annually review Executive’s base salary in light of competitive practices, the base salaries paid to other executive
officers of the Company and the performance of Executive and the Company, and may, in its discretion, increase such base salary by any additional amount it determines to be appropriate; provided, however, that any such increase shall not reduce or
limit any other obligation of the Company hereunder. Executive’s base salary (as set forth herein or as may be increased from time to time) shall not be reduced. Executive’s base salary payable hereunder, as it may be increased from time
to time is referred to herein as “Base Salary.” The Company shall pay Executive his Base Salary in accordance with the normal payroll practices of the Company for its executive officers, but in no event less frequently than once per month.

 (b) Annual Bonus. The Executive shall be eligible for a bonus package based on performance. The decision as to
whether to pay the Executive an additional bonus based on operations, as well as the amounts and terms of any such bonus package, shall be determined by the Compensation Committee of the Board of Directors as part of its annual budget review
process. In addition to any other bonus(es), whether based on performance, operations or otherwise, that the Compensation Committee may award to Executive pursuant to the Company’s Short-Term Cash Incentive Awards under the Plan (as defined
below) or such other similar plan that the Company may have in place, the Company’s bonus program shall (i) provide that Executive shall have the opportunity to earn 50% of Base Compensation in each year of the Employment Period if the
Company achieves the Company’s budgeted earnings per share target as approved by the Board of Directors or, for each year of the Employment Period for which the Company achieves 110% of the Company’s earnings per share target, 100% of Base
Compensation, and (ii) provide for the Executive to receive a discretionary bonus of up to 100% of Base Compensation (the “Discretionary Bonus”) for services specifically performed relating to exceptional performance related to other
corporate activity undertaken by the Company in any year. Any Discretionary Bonus shall be determined in the sole discretion of either the Board of Directors or its Compensation Committee. 
 (c) Performance Restricted Stock Grants. On the date hereof and on May 1 of each year after the date hereof ending on, but
including, May 1, 2011 (or, if any such date is not a business day, on the next succeeding business day), provided Executive is employed on such date, Executive shall be entitled to receive an annual grant of 230,000 shares of restricted stock
(the “Restricted Stock”) under the Company’s Amended and Restated 2003 Stock Incentive Plan, as amended (the “Plan”) or such other similar stock plan that the Company may have in place, based on the long-term incentive
framework for the Company adopted by the Compensation Committee. The restrictions on the awards shall lapse based on achievement of a target appreciation in the stock price of the common stock of the Company set by the Compensation Committee at the
time of grant, but not to exceed a maximum target appreciation percentage according to the following schedule: 
  

					
	 Grant
	  	Date	  	 Maximum Target Stock Price
 Appreciation (%) over Closing Price on
 Last Trading Day of Prior Year

	 230,000
	  	May 24, 2007	  	40%
	 230,000
	  	May 1, 2008	  	12%
	 230,000
	  	May 1, 2009	  	12%
	 230,000
	  	May 1, 2010	  	12%
	 230,000
	  	May 1, 2011	  	12%

  

 3 

 The vesting target shall be achieved on the date that the average closing price of the Company’s
common stock on the New York Stock Exchange (or such other securities exchange on which the Company’s common stock may then be traded) for any period of five consecutive trading days equals or exceeds a price representing an increase over the
closing price on the last trading day of the prior calendar year at least equal to the target stock price appreciation percentage set by the Compensation Committee (up to the maximum set forth above). By way of example, based on a closing price of
$34.79 per share for the Company’s common stock on December 29, 2006 (the last trading day of the year prior to the May 2007 grant), the restrictions on the Restricted Stock granted in May 2007 would lapse and the shares become fully
vested on the date that the average closing price of the Company’s common stock on the New York Stock Exchange for any period of five consecutive trading days has equaled or exceeded $48.70 per share. In the event that a Change of Control of
the Company (as defined in Section 5(d) hereof) occurs prior to achievement of the vesting targets for each annual grant of Restricted Stock pursuant to this Section 3(c), each of the annual restricted stock awards set forth in this
Section 3(c) shall be immediately granted, notwithstanding whether the scheduled grant date has been achieved, and the restrictions on all such shares of Restricted Stock shall immediately lapse and such shares shall become fully vested.

 The Company shall use its commercially reasonable efforts to obtain stockholder approval for an equity compensation plan or an amendment
to the Plan that provides the Company with sufficient availability to grant such Restricted Stock. In the event that the Company does not have a stock incentive plan in place on or prior to May 1 of each year with enough shares to be granted to
the Executive pursuant to this Section 3(c), the Company shall grant to the Executive such number of shares of Restricted Stock that are available under the Company’s stock incentive plans, and in lieu of any shares of Restricted Stock not
granted (the “Remaining Stock”), Executive shall receive a mutually acceptable compensation package having performance targets and a value equivalent to the value of the shares of Remaining Stock not issued to the Executive as determined
in good faith by the Compensation Committee or Board of Directors, as the case may be. 
 Upon satisfaction of the conditions and the lapsing
of the restrictions on each grant of Restricted Stock as set forth in this Section 3(c), Executive shall be entitled to (i) satisfy the minimum withholding tax obligation (or such greater withholding amount as the Compensation Committee
may approve) by electing to have the Company withhold 

  

 4 

 
from the Restricted Stock that number of shares having a Fair Market Value (as defined in the Plan) equal to the minimum amount required to be withheld (or
such greater withholding amount as the Compensation Committee may approve), determined on the date that the amount of tax to be withheld is to be determined, and (ii) thereafter sell only 20% (but not more than 20%) of such remaining
vested shares in any calendar year ending prior to January 1, 2012, provided that Executive shall be entitled to sell all such vested shares at any time on or after January 2012, subject to applicable law, regulation or stock exchange rule. The
foregoing 20% limitation shall lapse upon a Change of Control of the Company. 
 The number of shares granted and the target share price
shall be adjusted for changes in the common stock as outlined in Section 18.4 of the Plan or as otherwise mutually agreed in writing between the parties. The terms of each grant of Restricted Stock hereunder shall be set forth in a Restricted
Stock Award Agreement, substantially similar to the form used for the 2005 restricted share grant to Executive, which will reflect the terms of this Section 3(c). 
 4. Benefits, Perquisites and Expenses. 
 (a) Benefits. During the Employment
Period, Executive shall be eligible to participate in (i) each welfare benefit plan sponsored or maintained by the Company or currently made available to the Executive, including, without limitation, each group life, hospitalization, medical,
dental, health, accident or disability insurance, cafeteria or similar plan or program of the Company, (ii) each pension, retirement, deferred compensation or savings plan sponsored or maintained by the Company, and (iii) to the extent of
any awards made from time to time by the Board committee administering the plan, each stock option, restricted stock, stock bonus or similar equity-based compensation plan sponsored or maintained by the Company, in each case, whether now existing or
established hereafter, to the extent that Executive is eligible to participate in any such plan under the generally applicable provisions thereof. Nothing in this Section 4(a) shall limit the Company’s right to amend or terminate any such
plan in accordance with the procedures set forth therein. 
 (b) Perquisites. During the Employment Period, Executive
shall be entitled to four weeks of paid vacation annually, shall be entitled to observe, with pay, all religious holidays historically observed by Executive and shall also be entitled to receive such perquisites as are generally provided to other
senior executive officers of the Company in accordance with the then current policies and practices of the Company. For security purposes, the Executive shall be required to use at Company expense private aircraft transportation for all travel
unless a private aircraft is not reasonably available. If a private aircraft is not reasonably available, he shall be entitled to first class air travel for business related travel. The Company shall bear expenses for the Executive's personal use of
the private aircraft that does not exceed 75 hours in any calendar year. In addition, during the Employment Period, Executive shall receive, at the Company’s expense: 
 (i) the assistance of the Company’s tax advisors in regard to personal tax planning and preparing personal income tax returns; and

  

 5 

 (ii) a split-dollar life insurance policy, or equivalent, on the Executive in the amount
of $10 million (including the $5 million policy currently in place) payable to such beneficiaries as Executive shall select. 
 (c) Business Expenses. During the Employment Period, the Company shall pay or reimburse Executive for all reasonable expenses incurred or paid by Executive in the performance of Executive’s duties hereunder upon presentation of
expense statements or vouchers and such other information as the Company may require and in accordance with the generally applicable policies and procedures of the Company. In addition, the Company shall provide the Executive with a non-accountable
supplemental benefit expense up to 5% of Executive’s Base Salary per year, to be used against any expenses incurred by Executive that may be un-reimbursed pursuant to the sentence above or otherwise. 
 (d) Indemnification. The Company shall indemnify Executive and hold Executive harmless from and against any claim, loss or cause of
action arising from or out of Executive’s performance as an officer, director or employee of the Company or any of its subsidiaries or in any other capacity during the Employment Period including, but not limited to, any fiduciary capacity in
which Executive serves at the request of the Company, in each instance to the maximum extent permitted by applicable law and the Company’s Amended and Restated Certificate of Incorporation and By-Laws, each as existing on the date hereof and as
amended by amendments favorable to Executive. 
 (e) D & O Insurance. The Company agrees that for six
(6) years and one (1) business day after the expiration or earlier termination of the Employment Period the Company shall obtain and provide at its expense directors’ and officers’ liability insurance or directors’ and
officers’ liability tail insurance policies covering the Executive with respect to acts or omissions occurring during Executive’s employment with the Company with coverage and amounts (including with respect to the payment of
attorney’s fees) equal to or greater than those of the Company's policy in effect on the date hereof. 
 (f)
Non-exclusivity of Rights. The rights of the Executive under Sections 4(d) and 4(e) shall be in addition to any rights he may have under the articles of incorporation or bylaws of the Company, any agreement providing for indemnification, or
under the laws of the State of Delaware or any other applicable laws. 
 (g) Medical Expense Allowance. If for any
reason Executive shall not be covered by a health insurance policy of the Company, Executive shall be entitled to an annual medical, dental, vision care and other health care allowance of up to $30,000 for unreimbursed medical, dental, vision care
and other health care expenses incurred by Executive or any of his immediate family members submitted in accordance with expense procedures. 
  

 6 

 5. Termination of Employment. 
 For purposes of Sections 5 and 6, the terms “Additional Termination Benefits”, “Change of Control”,
“Disability”, “Earned Salary”, “Severance Benefits”, “Termination for Cause”, “Termination for Good Reason”, “Termination Not for Good Reason”, “Termination Without Cause” and
“Vested Benefits” shall have the meanings ascribed to such terms in Section 5(d) hereof. 
 (a) Early
Termination of the Employment Period. Notwithstanding any provision of Section 1, the Employment Period shall end upon the earliest to occur of (1) a termination of Executive’s employment on account of Executive’s death,
(2) a termination due to Executive’s Disability, (3) a Termination for Cause, (4) a Termination Without Cause, (5) a Termination for Good Reason or (6) a Termination Not for Good Reason. 
 (b) Benefits Payable Upon Early Termination; Change of Control; Non-Renewal. If (1) an early termination of the Employment
Period occurs pursuant to Section 5(a) hereof, (2) following a Change of Control of the Company after which the Executive remains employed by the Company or its successor under the terms of this Agreement, or (3) in the event this
Agreement is not renewed upon or prior to its expiration on equal or more favorable terms and the Executive, at the time of such expiration, is willing and able to renew the Agreement on terms and conditions substantially similar to those in this
Agreement and to continue to provide services to the Company (a “Non-Renewal”), Executive (or, in the event of his death, his surviving spouse, if any, or his estate) shall be paid the type or types of compensation, without duplication,
determined to be payable in accordance with the following table at the times established pursuant to Section 5(c): 
  

									
	 	  	 Earned Salary
	  	Vested Benefits	  	 Additional
 Termination
 Benefits
	  	 Severance
 Benefits

					
	Termination due to death	  	Payable	  	Payable	  	Payable/ to be
provided	  	Payable
					
	Termination due to Disability	  	Payable	  	Payable	  	Payable/ to be
provided	  	Not payable
					
	Termination for Cause	  	Payable	  	Payable	  	Not available	  	Not payable
					
	Termination for Good Reason	  	Payable	  	Payable	  	Payable/ to be
provided	  	Payable
					
	Termination Without Cause	  	Payable	  	Payable	  	Payable/ to be
provided	  	Payable
					
	 Termination Not for Good
 Reason
	  	Payable	  	Payable	  	Not available	  	Not payable
					
	Change of Control of the Company (without Termination)	  	Not payable	  	Not payable	  	Not available	  	Not Payable
					
	Non-Renewal (as defined above)	  	Payable	  	Payable	  	Payable/ to be
provided	  	Not Payable

  

 7 

 (c) Timing of Payments. Earned Salary shall be paid in cash in a single lump sum
as soon as practicable following the end of the Employment Period, but in no event more than 10 days thereafter; provided, that if Executive’s termination is in conjunction with a Change of Control, Executive shall be paid his Earned Salary on
the earlier to occur of (a) five (5) days after the effective date of Executive’s termination and (b) on the date of such Change of Control. Vested Benefits shall be payable in accordance with the terms of the plan, policy,
practice, program, contract or agreement under which such benefits have been awarded or accrued. Additional Termination Benefits shall be provided or made available at the times specified below as to each such Additional Termination Benefit. Unless
otherwise specified, Severance Benefits shall be paid in a single lump sum cash payment as soon as practicable, but in no event later than 10 days after the Executive’s termination; provided, that (i) if Executive’s termination is in
conjunction with a Change of Control, Executive shall be paid his Severance Benefits on the earlier to occur of (a) five (5) days after the effective date of Executive’s termination and (b) on the date of such Change of Control,
and (ii) if Executive is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), at the time of his termination of employment, then (1) on the
earlier to occur of (x) five (5) days after the effective date of Executive’s termination and (y) on the date of such Change of Control, Executive shall be paid Severance Benefits in an amount equal to no more than two times the
lesser of (A) the sum of the Executive’s annualized compensation based upon the annual rate of pay for services provided to the Company for the year preceding the year in which the Executive’s employment terminates (adjusted for any
increase that was expected to continue indefinitely if the Executive’s employment had not terminated) or (B) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the
year in which the Executive’s employment terminates, and (2) any remaining Severance Benefits shall be paid six (6) months and one (1) day following his termination of employment. 
 (d) Definitions. For purposes of Sections 5 and 6, capitalized terms have the following meanings: 
 “Additional Termination Benefits” means, the benefits described below: 
 (i) (A) All of the Executive’s benefits accrued under the employee option, pension, retirement, savings and deferred
compensation plans of the Company shall become vested in full (other than with respect to unvested stock options, restricted stock and other equity or equity-based awards, the terms of which are separately 

  

 8 

 
addressed in the next succeeding clause); provided, however, that to the extent such accelerated vesting of benefits cannot be provided under one or more of
such plans consistent with applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), such benefits shall be paid to the Executive in a lump sum within 10 days after termination of employment outside the
applicable plan; and (B) (x) except in the case of a termination of Executive’s employment due to Executive’s death or Disability, each of the annual restricted stock awards set forth in Section 3(c) hereof shall be granted,
notwithstanding whether the scheduled grant date has been achieved, and (y) any and all unvested stock options, restricted stock and other equity or equity-based awards shall immediately vest as of the end of the Employment Period; and

 (ii) Executive (and his dependents, if any) will be entitled to continue participation in all of the Company’s
medical, dental and vision care plans (the “Health Benefit Plans”), for the period for which the Executive could elect COBRA continuation coverage under the Company’s Health Benefit Plans as a result of his termination of employment;
provided that Executive’s participation in the Company’s Health Benefit Plans shall cease on any earlier date that Executive (and his dependents, if any) becomes eligible for comparable benefits from a subsequent employer. Executive’s
participation in the Health Benefit Plans will be on the same terms and conditions (including, without limitation, any contributions that would have been required from Executive) that would have applied had Executive continued to be employed by the
Company. To the extent any such benefits cannot be provided under the terms of the applicable plan, policy or program, the Company shall provide a comparable benefit under another plan or from the Company’s general assets. In addition, except
in the case of termination due to death, Executive will be entitled to receive a cash payment in a lump sum within 10 days after termination of employment, or, if, on the date of such termination of employment, the Executive is a “specified
employee” within the meaning of Section 409A of the Code, on the day after the expiration of six (6) months following such termination of employment. The amount of such payment shall be the actuarially determined value of the
cost of coverage under the Company’s medical, dental and vision care plans for a period equal to the difference between 36 months and the period for which the Executive could elect COBRA continuation coverage under such plans; and

 (iii) Executive will be entitled to continued personal use of the Company owned or leased aircraft, not to exceed 75 hours
in any calendar year (such hour usage to be determined regardless of the number of passengers in the aircraft during such usage), at the Company’s sole cost and expense until the third anniversary of Executive’s termination of employment;
provided, that, at Executive’s option, in lieu of the foregoing use of the aircraft, Executive will be entitled to purchase any Company-owned aircraft from the Company within 75 days of Executive’s termination of employment at its value
for federal income tax purposes as of the time of such termination of employment. Notwithstanding the foregoing, if the Executive is a “specified employee” within the meaning of Section 409A of the Code at the time of his
termination of employment, the Executive may not use the Company’s aircraft during the six-month period beginning on the date of such termination of employment. 
  

 9 

 “Change of Control of the Company” means and shall be deemed to have occurred if: 

(i) any person (within the meaning of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than the
Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of Voting Securities representing 50 percent or more of the total voting power of all the then-outstanding Voting
Securities; or 
 (ii) the individuals who, as of the date hereof, constitute the Board, together with those who first become
directors subsequent to such date and whose recommendation, election or nomination for election to the Board was approved by a vote of at least a majority of the directors then still in office who either were directors as of the date hereof or whose
recommendation, election or nomination for election was previously so approved (the “Continuing Directors”),cease for any reason to constitute a majority of the members of the Board; or 
 (iii) the stockholders of the Company approve a merger, consolidation, recapitalization or reorganization of the Company or a subsidiary,
reverse split of any class of Voting Securities, or an acquisition of securities or assets by the Company or a subsidiary, or consummation of any such transaction if stockholder approval is not obtained, provided, that any such transaction in which
the holders of outstanding Voting Securities immediately prior to the transaction receive (or, in the case of a transaction involving a subsidiary and not the Company, retain), with respect to such Voting Securities, voting securities of the
surviving or transferee entity representing more than 60 percent of the total voting power outstanding immediately after such transaction shall not be deemed a Change of Control if the voting power of each such continuing holder relative to other
such continuing holders not substantially altered in such transaction; or 
 (iv) the stockholders of the Company approve a
plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 
 “Disability” means long-term disability within the meaning of the Company’s long-term disability plan under which Executive is covered at the time of determination. 
 “Earned Salary” means any Base Salary earned, but unpaid, for services rendered to the Company on or prior to the date on which the Employment
Period ends pursuant to Section 5(a) hereof. 
 “Severance Benefits” means an amount equal to (A) three times (two times
in the case of termination due to death) Executive's annualized Base Salary in effect on the date of termination, plus (B) three times (two times in the case of termination due to death) the average annual bonus paid to the Executive over the
two immediately preceding fiscal years, including any annual bonus paid pursuant to Section 3(b), plus (C), except in the case of Non-Renewal, the Executive’s accrued annual bonus through the date of termination as determined in accordance
with clause (B) above. 
  

 10 

 “Termination for Cause” means a termination of Executive’s employment by the Company
within 30 days after the occurrence of (i) Executive’s conviction of a felony or a crime involving moral turpitude, or (ii) Executive’s willful and continued failure to perform the material duties of his position (other than as a
result of Disability) if such failure continues for a period of 30 days after Executive’s receipt of written notice from the Company specifying the exact details of such alleged failure and such alleged failure has had (or is expected to have)
a material adverse effect on the business of the Company or its subsidiaries; provided, that if the details of a Termination for Cause were the subject of two previous notices required hereunder, the Company may terminate this Agreement as a
Termination for Cause without the provision of any additional notice and cure period. 
 “Termination for Good Reason” means a
termination of Executive’s employment by Executive following (i) a material diminution in Executive’s positions, duties and responsibilities from those described in Section 2 hereof, (ii) the removal of Executive from his
position as either Chairman of the Board or Chief Executive Officer of the Company, or the failure to re-elect Executive as Chairman of the Board of the Company, unless the Company and Executive shall mutually agree to such removal or failure, as
applicable, in writing prior to such action being taken, (iii) a material reduction in Executive’s Base Salary, (iv) a material breach by the Company of any other provision of this Agreement or (v) a Change in Control of the
Company (but in no event later than six months after such Change of Control); provided, that for any termination pursuant to (i) through (iv) above, Executive shall provide the Company’s Board of Directors with 30 days prior written
notice of such good reason termination specifying the exact details of such alleged diminution or material breach, which notice must in any event be provided within 90 days after the occurrence of the event described in clause (i), (ii), (iii),
(iv) or (v) above, and the Company shall have 30 days from the date of its receipt of such notice to cure such breach or reverse or correct such diminution to the reasonable satisfaction of Executive; provided further, that termination of
Executive’s employment by Executive following any of the events set forth in clauses (i) through (iv) above must occur, if at all, within two (2) years following the occurrence of the event(s) giving rise to the termination
unless a shorter time is specified above. 
 “Termination Not For Good Reason” means any termination of Executive’s employment
by Executive other than Termination for Good Reason or a termination due to Executive’s Disability or death. 
 “Termination
Without Cause” means any termination of Executive’s employment by the Company other than a Termination for Cause or a termination due to Executive’s Disability. 
 “Vested Benefits” means amounts which are vested or which Executive is otherwise entitled to receive under the terms of or in accordance with
any plan, policy, practice or program of, or any contract or agreement with, the Company or any of its subsidiaries, at or subsequent to the date of his termination without regard to the performance by 

  

 11 

 
Executive of further services or the resolution of a contingency. For the purposes of this Agreement, any outstanding equity awards the vesting of which is
both time-based and performance-based shall be considered vested if, and to the extent, the applicable performance targets have been met as of the date of termination, and any time-based restrictions on such awards shall immediately lapse as of the
date of termination. 
 “Voting Securities or Security” means any securities of the Company which carry the right to vote in the
election of, or participate in the appointment of, the Company’s directors. 
 (e) Full Discharge of Obligations.
Except as expressly provided in the last sentence of this Section 5(e), the amounts payable and obligations owed to Executive pursuant to this Section 5 and Section 7(d) following termination of his employment (including amounts
payable with respect to Vested Benefits) shall be in full and complete satisfaction of Executive’s rights under this Agreement. Except as otherwise set forth in Section 6, after the effective date of a termination of employment for any
reason, Executive shall have no further obligations or liabilities to the Company. Nothing in this Section 5(e) shall be construed to release the Company from its obligations described in Sections 3(c), 4(d) and 4(e). 
 (f) Excise Tax Gross-Up. 
 (i) Anything in this Agreement to the contrary notwithstanding, if it shall be determined that any payment, distribution or benefit provided (including, without limitation, the acceleration of any payment,
distribution or benefit and the acceleration of exercisability of any stock option) to Executive or for his benefit (whether paid or payable or distributed or distributable) pursuant to the terms of this Agreement or otherwise (a
“Payment”) would be subject, in whole or in part, to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Executive shall be entitled to receive from the Company an additional payment (the
“Gross-Up Payment”) in an amount such that the net amount of the Payment and the Gross-Up Payment retained by Executive after the calculation and deduction of all Excise Taxes (including any interest or penalties imposed with respect to
such taxes) on the Payment and all federal, state and local income tax, employment tax and Excise Tax (including any interest or penalties imposed with respect to such taxes) on the Gross-Up Payment provided for in this Section 5(f) and taking
into account any lost or reduced tax deductions on account of the Gross-Up Payment, shall be equal to the Payment. 
 (ii) All
determinations required to be made under this Section 5(f), including whether and when the Gross-Up Payment is required and the amount of such Gross-Up Payment, and the assumptions to be used in arriving at such determinations shall be made by
the Accountants (as defined below) which shall provide Executive and the Company with detailed supporting calculations with respect to such Gross-Up Payment within ten (10) days after termination of Executive’s employment or such other
event which results in a Payment which could necessitate a Gross-Up Payment. For purposes of this Agreement, the “Accountants” shall mean Ernst & Young LLP or 

  

 12 

 
another accounting firm mutually acceptable to the Company and Executive. For purposes of determining the amount of the Gross-Up Payment, Executive shall be
deemed to pay Federal income taxes at the applicable marginal rate of federal income taxation for the calendar year in which the Gross-Up Payment is to be made and to pay any applicable state and local income taxes at the applicable marginal rate of
taxation for the calendar year in which the Gross-Up Payment is to be made, net of the reduction in federal income taxes which could be obtained from the deduction of such state or local taxes if paid in such year (determined with regard to
limitations on deductions based upon the amount of Executive’s adjusted gross income). To the extent practicable, any Gross-Up Payment with respect to any Payment shall be paid by the Company at the time Executive is entitled to receive the
Payment and in no event shall any Gross-Up Payment be paid later than 10 days after the receipt by Executive of the Accountants’ determination. Any determination by the Accountants shall be binding upon the Company and Executive, including for
purposes of withholding on amounts payable under this Agreement. As a result of uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accountants hereunder, it is possible that the Gross-Up
Payment made will have been an amount that is greater or less than the Company should have paid pursuant to this Section 5(f) (an “Overpayment” or “Underpayment,” respectively). In the event that the Gross-Up Payment is
determined by the Accountants or pursuant to any proceeding or negotiations with the Internal Revenue Service to be less than the amount initially determined by the Accountants, Executive shall promptly repay the Overpayment to the Company;
provided, however, that in the event any portion of the Gross-Up Payment to be repaid to the Company has been paid to any Federal, state or local tax authority, repayment thereof shall not be required until actual refund or credit of such portion
has been made to executive. In the event that the Company exhausts its remedies pursuant to Section 5(f)(iii) and Executive is required to make a payment of any Excise Tax, the Company shall promptly pay the Underpayment to or for
Executive’s benefit. 
 (iii) Executive shall notify the Company in writing of any claim by the Internal Revenue Service
that, if successful, would require the payment by the Company of a Gross-Up Payment. Such notification shall be given as soon as practicable after Executive is informed in writing of such claim and shall apprise the Company of the nature of such
claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which Executive gives such notice to the Company (or such shorter period ending on
the date that any payment of taxes, interest and/or penalties with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim, Executive shall: 

(a) give the Company any information reasonably requested by the Company relating to such claim; 
 (b) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company; 
  

 13 

 (c) cooperate with the Company in good faith in order to effectively contest such claim;
and 
 (d) permit the Company to participate in any proceedings relating to such claims; provided, however, that the Company
shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify Executive for and hold Executive harmless from, on an after-tax basis, any Excise Tax,
income tax or employment tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of all related costs and expenses. Without limiting the foregoing provisions of this Section 5(f), the
Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and
may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a
court of initial jurisdiction and in one or more appellate courts, as the Company shall determine. The Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive
shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
 Notwithstanding any other provision of this Section 5(f), (i) all taxes and related expenses described in this Section 5(f) shall be paid or reimbursed no later than the end of the year following the year in which the
applicable taxes are remitted or, in the case of expenses with respect to which there is no remittance of taxes, no later than the end of the year following the year in which the audit is completed or there is a final and nonappealable settlement or
other resolution of the litigation, and (ii) if the Executive is a “specified employee” within the meaning of Section 409A of the Code at the time of his termination of employment, no tax or related expense shall be
paid or reimbursed hereunder during the six-month period beginning on the date of such termination of employment. 
 6.
Non-competition and Confidentiality. In consideration of the salary and benefits to be provided by the Company hereunder, including particularly the severance arrangements set forth herein, Executive agrees to the following provisions of this
Section. 
 (a) Non-competition. During the Employment Period and during the greater of (i) three years following
any termination of Executive’s employment, or (ii) any period thereafter during which Executive continues to receive benefits under this Agreement, other than a Termination Without Cause, a Termination for Good Reason or 

  

 14 

 
Non- Renewal, Executive shall not directly or indirectly own, manage, operate, control, be employed by, participate in or, provide services or financial
assistance to any business which directly competes with the Company or any of its subsidiaries; provided, however, that notwithstanding any provision of this section 6(a), Executive (i) may own for investment purposes up to 5% of the equity
interests of any such company; (ii) may manage, operate, be employed by, participate in, or provide services to a company that engages in such restricted activities if Executive does not personally participate or advise as to such restricted
activities and Executive’s involvement within such company is limited to business units that do not engage in such activities; and (iii) may own (or hold a direct or indirect ownership interest in), manage, operate, control, be employed
by, participate in or, provide services or financial assistance to any company or business that he is permitted during the Employment Period, pursuant to this Agreement or otherwise, to own (or hold a direct or indirect ownership interest in),
manage, operate, control, be employed by, participate in or, provide services or financial assistance to. 
 (b)
Confidentiality. Executive agrees that, during the Employment Period and thereafter, he shall hold and keep confidential any trade secrets, customer lists and pricing or other confidential information, or any inventions, discoveries,
improvements, products, whether patentable practices, methods or not, directly or indirectly useful in or relating to the business of the Company or its subsidiaries as conducted by it from time to time, as to which Executive shall at any time
during the Employment Period become informed, and he shall not directly or indirectly disclose any such information to any person, firm or corporation or use the same except in connection with the business and affairs of the Company or its
subsidiaries. The foregoing prohibition shall not apply to the extent such information, knowledge or data (a) was publicly known at the time of disclosure to Executive, (b) becomes publicly known or available thereafter other than by any
means in violation of this Agreement, or (c) is required to be disclosed by Executive as a matter of law or pursuant to any court or regulatory order. 
 (c) Company Property. Except as expressly provided herein, Executive shall return to the Company all property of the Company and its subsidiaries promptly following Executive’s termination of employment.

 (d) Injunctive Relief and Other Remedies with Respect to Covenants. Executive acknowledges and agrees that the
covenants and obligations of Executive with respect to non-competition, confidentiality and Company property, relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants and obligations may cause
the Company irreparable injury for which adequate remedies are not available at law. Therefore, Executive agrees that the Company shall be entitled to seek an injunction, restraining order or such other equitable relief (without the requirement to
post bond) restraining Executive from committing any violation of the covenants and obligations contained in this Section 6. This remedy is in addition to any other rights and remedies the Company may have at law or in equity. 
  

 15 

 7. Miscellaneous. 
 (a) Survival. Sections 4 (relating to indemnification), 5 (relating to early termination, change of control and non-renewal), 6
(relating to non-competition and confidentiality), 7(b) (relating to arbitration), 7(c) (relating to binding effect), 7(d) (relating to full-settlement and legal expenses) and 7(n) (relating to governing law) shall survive the termination hereof.

 (b) Arbitration. Except in the event of the need for immediate equitable relief from a court of competent
jurisdiction to prevent irreparable harm pending arbitration relief, and except for enforcement of a party’s remedies to the extent such enforcement must be pursuant to court authorization or order under applicable law, any dispute or
controversy arising under or in connection with this Agreement shall be resolved by binding arbitration. This arbitration shall be held in New York City and except to the extent inconsistent with this Agreement, shall be conducted in accordance with
the Expedited Employment Arbitration Rules of the American Arbitration Association then in effect at the time of the arbitration and otherwise in accordance with principles which would be applied by a court of law or equity. The arbitrator shall be
selected by the Company and Executive; provided, that if within fifteen (15) business days of the date of request for arbitration, the parties have not been able to make such selection the dispute shall be held by a panel of three arbitrators
one appointed by each of the parties and the third appointed by the other two arbitrators. 
 (c) Binding Effect. This
Agreement shall be binding on, and shall inure to the benefit of, the Company and any person or entity that succeeds to the interest of the Company (regardless of whether such succession does or does not occur by operation of law) by reason of the
sale of all or a portion of the Company’s stock, a merger, consolidation or reorganization involving the Company or, unless the Company otherwise elects in writing, a sale of the assets of the business of the Company (or portion thereof) in
which Executive performs a majority of his services. This Agreement shall also inure to the benefit of Executive's heirs, executors, administrators and legal representatives. 
 (d) Full-Settlement; Legal Expenses. The Company’s obligation to make the payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against Executive or others. In no event shall Executive be obligated
to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement. The Company agrees to pay, upon written demand therefore by Executive, all legal fees and
expenses which Executive may reasonably incur as a result of any dispute or contest by or with the Company or others regarding the validity or enforceability of, or liability under, any provision of this Agreement (including as a result of any
contest by Executive about the amount of any payment hereunder) if Executive substantially prevails in the dispute or contest or the dispute or contest is settled, plus in each case interest at the applicable Federal rate provided for in
Section 7872(f)(2) of the Code. In any such action or arbitration brought by the Executive for damages or to enforce any provisions of this Agreement, the Executive shall be entitled to seek both legal and equitable relief and remedies,
including, without limitation, specific performance of the Company’s obligations hereunder, in his sole discretion. 
  

 16 

 (e) Assignment. Except as provided under Section 7(c), neither this Agreement
nor any of the rights or obligations hereunder shall be assigned or delegated by any party hereto without the prior written consent of the other party. 
 (f) Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the matters referred to herein. No other agreement (other than awards made in accordance with the
terms of one of the Company’s applicable compensatory plans, programs or arrangements) relating to the terms of Executive’s employment by the Company, oral or otherwise, shall be binding between the parties. There are no promises,
representations, inducements or statements between the parties other than those that are expressly contained herein. Executive acknowledges that he is entering into this Agreement of his own free will and accord, and with no duress, that he has read
this Agreement and that he understands it and its legal consequences and has been advised to consult with an attorney before executing this Agreement. 
 (g) Severability; Reformation. In the event that one or more of the provisions of this Agreement shall become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein shall not be affected thereby. In the event that any of the provisions of any of Section 6 is not enforceable in accordance with its terms, Executive and the Company agree that such Section shall be
reformed to make such Section enforceable in a manner which provides the Company the maximum rights permitted at law. 
 (h)
Waiver. Waiver by any party hereto of any breach or default by the other party of any of the terms of this Agreement shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default
waived. No waiver of any provision of this Agreement may occur except in a written instrument signed by the waiving party, and no waiver shall be implied from any course of dealing between the parties hereto or from any failure by either party
hereto to assert its or his rights hereunder on any occasion or series of occasions. 
 (i) Notices. Any notice
required or desired to be delivered under this Agreement shall be in writing and shall be delivered personally, by courier service, by certified mail, return receipt requested, or by telecopy and shall be effective upon actual receipt by the party
to which such notice shall be directed, and shall be addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof): 
  

			
	To the Company:	 	 Jarden Corporation
 Suite B-302
 555 Theodore Fremd Avenue

		 	 Rye, New York 10580
 Attention: Chief Financial
Officer

  

 17 

			
		
	With a Copy to:	 	 Kane Kessler, P.C.
 1350 Avenue of the
Americas
 26th Floor
 New York, New York 10019
 Attn: Robert L. Lawrence, Esq.

		
	To the Executive:	 	 Mr. Martin E. Franklin

 (j) Amendments. This Agreement may not be altered, modified or amended
except by a written instrument signed by each of the parties hereto. 
 (k) Headings. Headings to paragraphs in this
Agreement are for the convenience of the parties only and are not intended to be part of or to affect the meaning or interpretation hereof. 
 (l) Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. 
 (m) Withholding. Any payments provided for herein shall be reduced by any amounts required to be withheld by the Company from time
to time under applicable Federal, State or local income tax laws or similar statutes then in effect. 
 (n) Governing
Law. This Agreement is made and executed and shall be governed by the laws of the State of New York, without regard to the conflicts of law principles thereof. 
 (o) Effectiveness. This Agreement shall be effective and in full force and effect as of the date first written above. 

(p) Compliance with Section 409A. Notwithstanding any other provision of this Agreement, for purposes of this
Agreement, the Executive shall not be treated as having terminated employment with the Company unless and until the Executive has incurred a “separation from service” within the meaning of Section 409A of the Code and all amounts
payable hereunder and benefits to be provided hereunder shall be paid and/or provided in compliance with Section 409A of the Code or in accordance with an applicable exemption from Section 409A of the Code. 
 [SIGNATURE PAGE FOLLOWS] 
  

 18 

 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement as of the date set forth
above. 
  

	
	JARDEN CORPORATION
	
	/s/ Ian G.H. Ashken
	Name: Ian G.H. Ashken
	Title: Vice Chairman and
	Chief Financial Officer
	
	/s/ Martin E. Franklin
	Martin E. Franklin

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