Document:

Exhibit 10.21  

PROMISSORY NOTE  

	$196,311.00	 	December 3, 2001

        For
value received, Robert A. Shortt (the "Borrower"), promises to pay to the order of Water Pik Technologies, Inc., a Delaware corporation (the "Lender"), the principal sum of
One Hundred Ninety Six Thousand Three Hundred Eleven and 00/100 Dollars ($196,311.00), plus interest thereon at the semi-annual compounding rate of 4.99%, payable as set forth below. 

        This
Promissory Note (the "Note") evidences a loan from the Lender to the Borrower for the purpose of facilitating Borrower's satisfaction of a financial obligation to CSK Auto
Corporation ("CSK"), Borrower's former employer, incurred by Borrower pursuant to CSK's Senior Executive Stock Loan Plan. This Note is the result of a commitment made by the Lender in connection with
recruiting Borrower as an employee of Lender. This Note is secured by a pledge of shares of common stock of CSK (the "Pledged CSK Shares") and shares of common stock ("Common Stock") par value $0.01
per share of the Lender (the "Pledged PIK Shares") described in Exhibit A hereto. 

        Prior
to November 29, 2004, no portion of the principal amount hereof shall be due and payable except upon the occurrence of an Event of Default (as hereinafter defined), and
interest hereon shall be payable in arrears, in whole or in part, from cash dividends, if any, on the Pledged CSK Shares and the Pledged PIK Shares. On November 29, 2004, accrued but unpaid
interest shall be added to the then
outstanding principal amount hereof, and such revised principal amount plus interest thereon shall be paid by the Borrower to the Lender in substantially equal monthly payments, commencing on the
first day of the month immediately following November 29, 2004 and on the first day of each month thereafter, with all outstanding principal and interest to be paid no later than
November 29, 2009. For the convenience of the Borrower and not as a condition to the Borrower's obligations hereunder, as soon as practicable after November 29, 2004, the Lender shall
deliver to the Borrower an amortization schedule with respect to the loan evidenced hereby which schedule shall reflect the monthly payment schedule described above. 

        Payment
of principal and interest shall be made in lawful money of the United States of America or in shares of Common Stock held by Borrower, other than the Pledged CSK Shares or the
Pledged PIK Shares, shares of Common Stock designated as being subject to the Lender's Stock Acquisition and Retention Program ("SARP"), shares of Common Stock credited to Borrower's account pursuant
to the Lender's qualified defined contribution plan or shares of Common Stock subject to outstanding but unexercised stock options of the Borrower; provided, however that shares of Common Stock
purchased or designated under the SARP can be used to pay principal and/or interest if at the time of such payment, Borrower is an active employee of Water Pik Technologies, Inc. or a
subsidiary of Water Pik Technologies, Inc. or the Participant's employment is terminated due to death, disability, or retirement pursuant to the retirement policy of Water Pik
Technologies, Inc. Principal and interest shall be payable or deliverable to Lender at: 

Water
Pik Technologies, Inc.

23 Corporate Plaza, Suite 246

Newport Beach, CA 92660

Attention: Chief Financial Officer 

        Any
shares of Common Stock delivered as payment hereunder shall be valued at their fair market value (as defined below), determined as of the business day preceding the date of delivery
to the Lender. For this purpose, "business day" means any day on which the New York Stock Exchange shall be open for trading. "Fair market value" means the average of the high and low trading prices
of the Common Stock as reported on the New York Stock Exchange or, if the Common Stock is not then traded on the New York Stock Exchange, on such other national securities exchange on which the Common
Stock is admitted to trade, or, if none, on the National Association of Securities Dealers Automated Quotation System if the Common Stock is admitted for quotation thereon: provided, 

 

however, if there were no sales reported as of a particular date, fair market value shall be computed as of the last date preceding such date on which a sale was reported; provided, further, that if
any such exchange or quotation system is closed on any day on which fair market value is to be determined, fair
market value shall be determined as of the first date immediately preceding such date on which such exchange or quotation system was open for trading. 

        The
Borrower shall pay a late charge at a rate of two percent (2%) per month on any amount of principal or interest that is not paid within ten (10) days of the due date of such
amount. 

        Each
of the following events shall constitute an "Event of Default" and all such events shall collectively be referred to as "Events of Default": 

	(a)
	Default
in the payment of principal of or interest on this Promissory Note and continuance thereof for ten (10) or more days after notice of such default has been provided to
Borrower from the Lender;

	(b)
	Borrower
(i) becomes insolvent or admits in writing his inability to pay his debts as they mature or (ii) applies for, consents to, or acquiesces in the appointment of a
trustee or receiver for any of his property; or, in the absence of such application, consent or acquiescence, a trustee or receiver is appointed for Borrower for a substantial part of his property and
is not discharged within sixty (60) days; or any bankruptcy, reorganization, debt arrangement, or other proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation
proceedings, (x) is instituted against Borrower and remains for sixty (60) days undismissed, or (y) is consented to or acquiesced in by Borrower;

	(c)
	Borrower's
active employment with the Lender terminates for any reason or no reason, including, without limitation, termination by reason of death or disability; or

	(d)
	Default
in the performance of any of Borrower's agreements and covenants set forth herein or in the Pledge Agreement related hereto and not constituting an Event of Default enumerated
above and continuance thereof for thirty (30) days after written notice thereof has been provided to Borrower from the Lender. 

        Upon
the occurrence of an Event of Default specified above, the outstanding Principal Amount hereof and accrued interest hereon may be declared to be and shall thereupon become
immediately due and payable: provided, however, that upon the occurrence of an Event of Default described in clause (b) or (c) above, the outstanding principal amount hereof and accrued
interest hereon shall automatically become immediately due and payable. 

        The
principal amount of this Promissory Note may be prepaid by the Borrower at any time, in whole or in part, without penalty. 

        Demand,
presentation, protest, notice of dishonor and notice of default are hereby waived. In any action on this Promissory Note, Lender or its assigns need not produce or file this
Promissory Note, but need only produce or file a photocopy of this Promissory Note certified by Lender or its assignees to be a true and correct copy of this Promissory Note. 

        Notwithstanding
anything herein to the contrary, if at any time the interest or other amount treated as interest under applicable law ("Interest") hereunder exceeds the maximum lawful
rate (the "Maximum Rate") which may be charged in accordance with applicable laws, the rate of Interest hereunder shall be limited to the Maximum Rate. 

        All
notices or communications to the Borrower hereunder shall be in writing, addressed as follows: 

Robert
A. Shortt

23 Corporate Plaza, Suite 246

Newport Beach, CA 92660 

2

 

        Any
such notice or communication shall be sent certified or registered mail, return receipt requested, postage prepaid, addressed as above (or to such other address as the Borrower may
designate in writing from time or time), and the actual date of receipt, as shown by the receipt therefor, shall determine the time at which notice was given. 

        This
Promissory Note shall be governed by and construed in accordance with the laws of the State of Delaware other than the conflict of laws provisions thereof. 

        WITNESS
the due execution hereof with intent to be legally bound. 

	Witness:	 	BORROWER
	

	
 	

/s/  ROBERT A. SHORTT      
 Robert A. Shortt

3

 
EXHIBIT A

PLEDGED SECURITIES  

	Stock
 
	 	Certificate No.
	 	No. of Shares

	CSK Auto Corporation. (NYSE: CAO)

(the "Pledged CSK Shares")	 	 	 	1,000
	 	 	
	 	 
	Water Pik Technologies, Inc. (NYSE: PIK)

(the "Pledged PIK Shares")	 	8576	 	33,108

4QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.22  

 
 

STOCK PLEDGE AGREEMENT    
  

        December 3, 2001 

The
parties to this Stock Pledge Agreement (the "Agreement") are Water Pik Technologies, Inc., a Delaware corporation (the "Company"), and Robert A. Shortt (the "Executive"). 

 
 

WITNESSETH:    
  

        WHEREAS, the Company has proposed to lend to the Executive funds to allow him to repay a loan to CSK Auto Corporation ("CSK"), his former employer, incurred in
connection with CSK's Senior Executive Stock Loan Plan; 

        WHEREAS,
such loan shall be evidenced by a Note of even date herewith made by the Executive in favor of the Company and delivered herewith (the "Note"); 

        WHEREAS,
in order to induce the Company to make such loan, the Executive has agreed to secure his obligations to the Company by executing and delivering this Stock Pledge Agreement and
completing the actions contemplated hereby; and 

        WHEREAS,
the Company's actions in making the loan on the terms set forth herein and in the Note shall fulfill a commitment made by the Company during 1999 in connection with recruiting
the Executive as an employee of Company; 

        NOW,
THEREFORE, in consideration of the covenants and agreements set forth herein and intending to be legally bound hereby, the parties hereto agree with each other as follows: 

 
 

SECTION 1: Pledge    
  

        1.1  To
secure the obligations to the Company evidenced by the Note and under this Agreement (collectively, the "Obligations"), the Executive hereby sells, grants, conveys,
pledges and assigns to the Company, and grants a security interest to the Company in, the certain shares ("Shares") of common stock of CSK and certain shares of common stock ("Common Stock") of the
Company held of record by the Executive and described in Exhibit A hereto, together with any and all proceeds thereof or thereon including,
without limitation, all dividends, dividend equivalents and other distributions payable whether in cash or otherwise, and any and all shares of stock resulting from a split, rights and/or warrants on
or relating to any of the pledged property (collectively, the "Pledged Securities"). The Executive has delivered to and deposited with the Company in pledge the certificate(s) for the Shares, together
with undated stock powers signed in blank, and agrees that the Pledged Securities may be received, held and/or disposed of by the Company subject to the terms and conditions hereof and the Company is
hereby authorized and empowered to take any and all actions with respect to such property as authorized by the terms hereof. 

        1.2  The
Executive will faithfully preserve and protect the Company's security interest in the Pledged Securities and will do all such other acts and things and will, within
a reasonable time after request therefor by the Company, execute and deliver all such other documents and instruments, including without limitation further pledges and assignments with respect to the
Pledged Securities consistent with the terms of this Agreement, as the Company in its sole discretion may deem necessary or advisable from time to time in order to preserve, perfect and protect said
security interest. 

        1.3  The
Company may cause all or any of the Pledged Securities to be transferred into the Company's name or into the name of the Company's nominee or nominees when there
exists an event of default under the Note ("Event of Default") and the Executive shall pay upon demand any stamp, document, transfer or recording taxes or similar impositions payable pursuant thereto. 

        1.4  Unless
and until the transfer referred to in Section 1.3 above occurs, the Executive shall be entitled to exercise all voting rights pertaining to the Pledged
Securities. 

 

        1.5  Upon
any transfer referred to in Section 1.3 above, the Company shall have the right to exercise the voting and all other rights pertaining to the Pledged
Securities, including the right to receive any and all dividends paid thereon for itself and to retain the same as collateral security for the Obligations and to apply them as otherwise provided in
this Agreement. 

        1.6  If
the Obligations or any part thereof are not paid when due and payable, the Company shall have the right at any time or times to sell, resell, assign and deliver, in
the Company's discretion, all or any of the Pledged Securities, in one or more lots at such price or prices as the Company shall reasonably deem to be advisable in a good faith exercise of its
judgment, irrespective of the impact of any such sales on the market price of the Pledged Securities, and either for cash or on credit or for future delivery (without assuming any responsibility for
credit risk), at any public or private sale without any demand of performance and without any notice of intention to sell or notice of the time and place of sale, all such demands and notices being
hereby expressly waived by the Executive. The proceeds of any such sale or sales shall be received and applied: first, to the payment of all costs and expenses of such sale and the Company's exercise
of its rights under this Agreement, including reasonable attorneys' fees; second, to the reimbursement of all outstanding costs incurred by the Company pursuant to the Note; third, to the satisfaction
of the Obligations, whether for principal, interest or expenses in such order as the Company shall designate; and fourth, any surplus thereafter remaining shall be paid to the Executive or to
whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction shall direct. 

        1.7  Upon
the occurrence of an Event of Default, the Company shall have the right, for and in the name, place and stead of the Executive, to execute endorsements, assignments
or other instruments of conveyance or transfer with respect to any or all of the Pledged Securities. 

        1.8  Upon
payment in full and discharge of all the Obligations, the Executive shall be entitled to the return of all of the Pledged Securities which have not been used or
applied toward the payment of the Obligations and the Company agrees to so return the Pledged Securities. 

 
 

SECTION 2: Miscellaneous    
  

        2.1  Whenever
the word "Executive" is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the executors,
the administrators, or the person or persons to whom the Common Stock may be transferred by will or by the laws of descent and distribution, the word "Executive" shall be deemed to include such person
or persons. 

        2.2  In
the event of a breach by any party to this Agreement of its obligations under this Agreement, any party injured by such breach, in addition to being entitled to
exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The parties agree that the provisions of this Agreement
shall be specifically enforceable, it being agreed by the parties that the remedy at law, including monetary damages, for breach of such provisions will be inadequate compensation for any loss and
that any defense in any action for specific performance that a remedy at law would be adequate is waived. 

        2.3  All
notices or communications hereunder shall be in writing, addressed as follows: 

        To
the Company: 

Water
Pik Technologies, Inc.

23 Corporate Plaza, Suite 246

Newport Beach, CA 92660

Attention: Chief Executive Officer 

        To
the Executive: 

Robert
A. Shortt

8 Newcastle Lane

Laguna Niguel, CA 92677 

2

 

Any
such notice or communication shall be sent certified or registered mail, return receipt requested, postage prepaid, addressed as above (or to such other address as such party may designate in
writing
from time to time), and the actual date of receipt, as shown by the receipt therefor, shall determine the time at which notice was given. 

        2.4  This
Agreement and its validity, interpretation, performance and enforcement shall be governed by the laws of the State of Delaware other than the conflict of laws
provisions of such laws. 

        2.5  This
Agreement, and the Note represent the entire agreement of the parties with respect to the subject matter hereof. The Agreement may be amended at any time by written
agreement of the parties hereto. 

        2.6  This
Agreement shall be binding upon and inure to the benefit of the heirs and representatives of the Executive and the assigns and successors of the Company, but
neither this Agreement nor any rights hereunder shall be assignable or otherwise subject to hypothecation by the Executive. 

        2.7  If,
for any reason, any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not held so invalid, and each
such other provision shall to the full extent consistent with law continue in full force and effect. If any provision of this Agreement shall be held invalid in part, such invalidity shall in no way
affect the rest of such provision not held so invalid, and the rest of such provision, together with all other provisions of this Agreement, shall to the full extent consistent with law continue in
full force and effect. 

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

	ATTEST:	 	WATER PIK TECHNOLOGIES, INC.
	

 	
 	

By:	
 	

/s/  MICHAEL P. HOOPIS      
	
	 	 	 	
    Michael P. Hoopis

    President and Chief Executive Officer
	

WITNESS:	
 	

EXECUTIVE
	

 	
 	

/s/  ROBERT A. SHORTT      
	
	 	
    Robert A. Shortt

3

 
 
 

EXHIBIT A
  
    PLEDGED SECURITIES    
  

	Stock
 
	 	Certificate No.
	 	No. of Shares

	CSK Auto Corporation. (NYSE: CAO)	 	 	 	1,000
	 	 	
	 	 
	Water Pik Technologies, Inc. (NYSE: PIK)	 	8576	 	33,108

4

QuickLinks

STOCK PLEDGE AGREEMENT

WITNESSETH

SECTION 1: Pledge

SECTION 2: Miscellaneous

EXHIBIT A PLEDGED SECURITIES

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]