Document:

Amended & Restated Employment Agreement between the Company & Kenneth V. Biller.

 Exhibit 10.2 
  
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
  
 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of the 1st day of April,
2005, by and between Rayovac Corporation, a Wisconsin corporation (the “Company”) and Kenneth V. Biller (the “Executive”). 
  
 WHEREAS, the Company and the Executive wish to amend and restate the provisions of the Executive’s Employment Agreement with the Company, dated
October 1, 2002, as the Company desires to employ the Executive upon the terms and conditions set forth herein; 
  
 WHEREAS, the Executive is willing and able to accept such employment on such terms and conditions; and 
  
 WHEREAS, Executive’s initial or continued employment with the Company is
expressly conditioned upon the agreement by the Executive to the terms and conditions of such employment as contained in this Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein (promises that include benefits to which Executive would not
otherwise be entitled or receive), and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive hereby agree as follows: 
  

	1.	Employment Duties and Acceptance. The Company hereby employs the Executive, and the Executive agrees to serve and accept employment with the Company as President, Global
Operations, reporting directly to the Chairman and Chief Executive Officer of the Company. During the Term (as defined below) and the Executive shall devote all of his working time to such employment and appointment, shall devote his best efforts to
advance the interests of the Company. 

  

	2.	Term of Employment. Subject to Section 4 hereof, the Executive’s employment and appointment hereunder shall be for a term commencing on the date hereof and expiring on
September 30, 2008 (the “Term”). 

  

	3.	Compensation. In consideration of the performance by the Executive of his duties hereunder, the Company shall pay or provide to the Executive the following compensation which
the Executive agrees to accept in full satisfaction for his services, it being understood that necessary withholding taxes, FICA contributions and the like shall be deducted from such compensation: 

  

	 	(a)	 Base Salary. The Executive shall receive a base salary of Four Hundred and Fifty Thousand Dollars ($450,000) per annum effective April 1, 2005 for the
duration of the Term (“Base Salary”), which Base Salary shall be paid in equal semi-monthly installments each year, to be paid semi-monthly in arrears. The Board of Directors of the Company (the “Board”) will review from time to
time the Base 

	 	 
Salary payable to the Executive hereunder and may, in its discretion, increase the Executive’s Base Salary. Any such increased Base Salary shall be and
become the “Base Salary” for purposes of this Agreement. 

  

	 	(b)	Bonus. The Executive shall receive a bonus for each fiscal year ending during the Term, payable annually in arrears, which shall be based on Seventy-Five percent (75%) of
Base Salary paid during such fiscal year, provided the Company achieves certain annual performance goals established by the Board from time to time (the “Bonus”). The Board may, in its discretion, increase the annual Bonus. Any such
increased annual Bonus shall be and become the “Bonus” for such fiscal year for purposes of this Agreement. 

  

	 	(c)	Insurance Coverages and Pension Plans. The Executive shall be entitled to such insurance, pension and all other benefits as are generally made available by the Company to its
executive officers from time to time. 

  

	 	(d)	Existing Stock-Based Awards. All stock options and restricted stock awards previously granted to the Executive shall remain in full force and effect in accordance with their
terms. 

  

	 	(e)	New Restricted Stock Award. The Company shall grant the Executive restricted shares of the Company’s common stock as follows. On April 1, 2005, Executive shall be
awarded 25,000 shares of the Company’s common stock, shares that will include restrictions prohibiting the sale, transfer, pledge, assignment or other encumbrance of such stock (“Restricted Shares”), provided, however, that
restrictions on 50% of the Restricted Shares shall lapse on October 1, 2006 and the restrictions on the remaining 50% of the Restricted Shares shall lapse on October 1, 2007. Notwithstanding anything else set forth above, (i) restrictions on
Restricted Shares shall also lapse on a change in control of the Company (as defined in the company’s stock plan governing such award) (“Change in Control”) and (ii) any unlapsed shares of Restricted Stock shall be forfeited to the
Company in the event the Executive’s employment with the Company terminates for any reason prior to a Change in Control. Additional terms and conditions of such restricted stock award shall be set forth in an agreement with such terms and
conditions being substantially similar (other than as set forth above) to the terms and conditions of previous restricted stock award grants to similarly situated Company executives. 

  

	 	(f)	Annual Restricted Stock Awards. Subject to approval by the Compensation Committee of the Board and the Board, on each October 1 during the term of this Agreement commencing
October 1, 2005, the Executive shall be awarded that number of shares (rounded up to the nearest whole share) of the Company’s common stock with a Fair Market Value equal to One Hundred and Twenty-Five Percent (125%) of the Base Salary then in
effect. Each such award will provide for vesting in three (3) equal tranches on each December 1st thereafter,
beginning the year following the grant date, 

  

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with (except as otherwise provided herein or in the applicable plan document) the vesting of Fifty Percent (50%) of each such vesting tranche to be subject
to the Executive’s continued employment with the Company as of each applicable December 1st and the remaining
Fifty Percent (50%) of each such vesting tranche to be subject to the achievement of performance goals to be established by the Board from time to time (“Performance-Based Restricted Stock”), provided that One Hundred Percent (100%) of
each outstanding vesting tranche shall vest upon a Change in Control. If the required performance goals are not met in any fiscal year, so that the restrictions on Performance-Based Restricted Stock scheduled to lapse for such year do not so lapse,
the restrictions on such Performance-Based Restricted Stock will lapse the December 1 first following the originally scheduled lapse date. Notwithstanding anything else set forth above, (i) restrictions on such shares shall also lapse on a Change in
Control and (ii) any unlapsed shares of restricted stock shall be forfeited to the Company in the event the Executive’s employment with the Company terminates for any reason prior to a Change in Control; and (iii) restrictions on such shares
shall also lapse upon the expiration of the Agreement at the end of the Term. Additional terms and conditions of such restricted stock award shall be set forth in an agreement with such terms and conditions being substantially similar (other than as
set forth above) to the terms and conditions of previous restricted stock award grants to similarly situated Company executives. 

  

	 	(g)	Vacation. The Executive shall be entitled to five (5) weeks vacation each year. 

  

	 	(h)	Other Expenses and Use of Company Aircraft. The Executive shall be entitled to reimbursement of all reasonable and documented expenses actually incurred or paid by the
Executive in the performance of the Executive’s duties under this Agreement, upon presentation of expense statements, vouchers or other supporting information in accordance with Company policy. All expense reimbursements and other perquisites
of the Executive are reviewable periodically by the Compensation Committee of the Board.The Executive shall be eligible to use the Company’s aircraft for personal travel between and among home locations in Wisconsin and Florida when such
aircraft is not being used for business purposes, subject to the Company’s policy in effect from time to time with respect to personal use of Company aircraft. 

  

	 	(i)	Vehicle. The Company shall provide the Executive with the use of a leased automobile suitable for a similarly situated officer of a company similar to the Company. Unless the
Executive’s employment is terminated by the Company for Cause, the Executive shall be permitted to purchase such automobile for $100 upon the earlier of (i) the expiration of the lease of such automobile or (ii) the termination of
Executive’s employment. 

  

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	 	(j)	D&O Insurance. The Executive shall be entitled to indemnification from the Company to the maximum extent provided by law, but not for any action, suit, arbitration or
other proceeding (or portion thereof) initiated by the Executive, unless authorized or ratified by the Board. Such indemnification shall be covered by the terms of the Company’s policy of insurance for directors and officers in effect from time
to time (the “D&O Insurance”). Copies of the Company’s charter, by-laws and D&O Insurance will be made available to the Executive upon request. 

  

	 	(k)	Legal Fees. The Company shall pay the Executive’s actual and reasonable legal fees incurred in connection with the preparation of this Agreement.

  

	4.	Termination. 

  

	 	(a)	Termination by the Company with Cause. The Company shall have the right at any time to terminate the Executive’s employment hereunder without prior notice upon the
occurrence of any of the following (any such termination being referred to as a termination for “Cause”): 

  

	 	(i)	the commission by the Executive of any deliberate and premeditated act taken by the Executive in bad faith against the interests of the Company; 

  

	 	(ii)	the Executive has been convicted of, or pleads nolo contendere with respect to, any crime (felony or less), the circumstances of which substantially relate to the
circumstances, duties or responsibilities of Executive’s position with the Company; 

  

	 	(iii)	the current use of illegal drugs, misuse of legal drugs, or intoxication of Executive in the workplace or while performing his duties or responsibilities associated with his
position, the Executive’s failure of a Company-related drug test, or the violation of any Company drug policy; 

  

	 	(iv)	the willful failure or refusal of the Executive to perform his duties as set forth herein or the willful failure or refusal to follow the direction of the CEO, provided such failure
or refusal continues after thirty (30) days of the receipt of notice in writing from the CEO of such failure or refusal, which notice refers to this Section 4(a) and indicates the Company’s intention to terminate the Executive’s employment
hereunder if such failure or refusal is not remedied within such thirty (30) day period; or 

  

	 	(v)	 the Executive breaches any of the terms of this Agreement or any other agreement between the Executive and the Company which breach is not cured within thirty (30)
days subsequent to notice from the Company to the Executive of such breach, which notice refers to this Section 4(a) and 

  

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indicates the Company’s intention to terminate the Executive’s employment hereunder if such breach is not cured within such thirty (30) day period.

  

	 	(b)	Termination by Company for Death or Disability. The Company shall have the right at any time to terminate the Executive’s employment hereunder upon thirty (30) days
prior written notice upon the Executive’s inability to perform his duties hereunder by reason of any mental, physical or other disability for a period of at least six (6) consecutive months (for purposes hereof, “disability” has the
same meaning as in the Company’s disability policy), if within 30 days after such notice of termination is given, the Executive shall not have returned to the full-time performance of his duties. The Company’s obligations hereunder shall,
subject to the provisions of Section 5(b), also terminate upon the death of the Executive. 

  

	 	(c)	Termination by Company without Cause. The Company shall have the right at any time to terminate the Executive’s employment for any other reason without Cause upon sixty
(60) days prior written notice to the Executive. 

  

	 	(d)	Voluntary Termination by Executive. The Executive shall be entitled to terminate his employment and appointment hereunder upon sixty (60) days prior written notice to the
Company. Any such termination shall be treated as a termination by the Company for “Cause” under Section 5, unless notice of such termination was given within sixty (60) days after a Change in Control, in which case such termination shall
be treated in accordance with Section 5(c) hereof. 

  

	 	(e)	Constructive Termination by the Executive. The Executive shall be entitled to terminate his employment and appointment hereunder, without prior notice, upon the occurrence of
a Constructive Termination. Any such termination shall be treated as a termination by the Company without Cause. For this purpose, a “Constructive Termination” shall mean: 

  

	 	(i)	a reduction in Base Salary (other than as permitted hereby); 

  

	 	(ii)	a reduction in annual Bonus opportunity; 

  

	 	(iii)	a change in location of office of more than seventy-five (75) miles from Madison, Wisconsin; 

  

	 	(iv)	unless with the express written consent of the Executive, (a) the assignment to the Executive of any duties inconsistent in any substantial respect with the Executive’s
position, authority or responsibilities as contemplated by Section 1 of this Agreement or (b) any other substantial change in such position, including titles, authority or responsibilities from those contemplated by Section 1 of the Agreement; or

  

	 	(v)	any material reduction in any of the benefits described in Section 3(c), (g), (h), (i) or (j) hereof. 

  

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 For purposes of any stock option agreements or any restricted stock award agreements, Constructive
Termination shall be treated as a termination of employment by the Company without “Cause.” 
  

	 	(f)	Notice of Termination. Any termination by the Company for Cause or by the Executive for Constructive Termination shall be communicated by Notice of Termination to the other
party hereto given in accordance with Section 8. For purposes of this Agreement, a “Notice of Termination” means a written notice given prior to the termination which (i) indicates the specific termination provision in this Agreement
relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) if the termination date is other than the date of
receipt of such notice, specifies the termination date of this Agreement (which date shall be not more than fifteen (15) days after the giving of such notice, unless a thirty-day notice is required pursuant to another section of this Agreement). The
failure by any party to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause or Constructive Termination shall not waive any right of such party hereunder or preclude such party from asserting such
fact or circumstance in enforcing its rights hereunder. 

  

	5.	Effect of Termination of Employment. 

  

	 	(a)	With Cause. If the Executive’s employment is terminated with Cause, the Executive’s salary and other benefits specified in Section 3 shall cease at the time of such
termination, and the Executive shall not be entitled to any compensation specified in Section 3 which was not required to be paid prior to such termination; provided, however, that the Executive shall be entitled to continue to participate in the
Company’s medical benefit plans to the extent required by law. 

  

	 	(b)	Without Cause, Death or Disability. If the Executive’s employment is terminated by the Company (a) without Cause or (b) by reason of death or disability, and the
Executive executes a separation agreement with a release of claims agreeable to the Company (to the extent that the Executive is physically and mentally capable to execute such an agreement), then the Company shall pay the Executive the amounts and
provide the Executive the benefits as follows: 

  

	 	(i)	 The Company shall pay to the Executive as severance, an amount in cash equal to double the sum of (A) the Executive’s Base Salary, and (B) the annual Bonus (if
any) earned by the Executive pursuant to any annual bonus or incentive plan maintained by the Company in respect of the fiscal year ending immediately prior to the fiscal year in which the termination occurs, such cash amount to be paid to the
Executive ratably monthly in arrears over the 24-month period immediately following such termination. Notwithstanding the 

  

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foregoing, if payment in accordance with the preceding sentence would subject the Executive to tax under section 409A of the Internal Revenue Code of 1986,
as amended, then payment will be suspended until the first date as of which payment can be made without subjecting the Executive to such tax. 

  

	 	(ii)	For the greater of (i) the 24-month period immediately following such termination or (ii) the remainder of the Term, the Company shall arrange to provide the Executive and his
dependents the additional benefits specified in Section 3(c) substantially similar to those provided to the Executive and his dependents by the Company immediately prior to the date of termination, at no greater cost to the Executive or the Company
than the cost to the Executive and the Company immediately prior to such date. Benefits otherwise receivable by the Executive pursuant to this Section 5(b)(ii) shall cease immediately upon the discovery by the Company of the Executive’s breach
of the covenants contained in Section 6 or 7 hereof. In addition, benefits otherwise receivable by the Executive pursuant to this Section 5(b)(ii) shall be reduced to the extent benefits of the same type are received by or made available to the
Executive during the 24-month period following the Executive’s termination of employment (and any such benefits received by or made available to the Executive shall be reported to the Company by the Executive); provided, however, that the
Company shall reimburse the Executive for the excess, if any, of the cost of such benefits to the Executive over such cost immediately prior to the date of termination. 

  

	 	(iii)	The Executive’s accrued vacation (determined in accordance with Company policy) at the time of termination shall be paid as soon as reasonably practicable.

  

	 	(iv)	Any payments provided for hereunder shall be paid net of any applicable withholding required under federal, state, or local law and any additional withholding to which the Executive
has agreed. 

  

	 	(v)	If the Executive’s employment with the Company terminates during the Term, the Executive shall not be required to seek other employment or to attempt in any way to reduce any
amounts payable to the Executive by the Company pursuant to this Section 5. 

  

	 	(c)	 Following Change in Control. If the Executive elects to terminate his employment within sixty (60) days following a Change in Control in accordance with
Section 4(d), and the Executive executes a separation agreement with a release of claims agreeable to the Company (to the extent that the Executive is physically and mentally capable to execute such an agreement), then such termination by the
Executive shall be treated as a termination by the Company without Cause, and the Executive shall be entitled to the 

  

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compensation provided in Section 5(b) except that instead of the payment provided for in Section 5(b)(i)(B) hereof, the Executive shall be entitled to the
annual Bonus (if any) earned pursuant to any annual bonus or incentive plan maintained by the Company in respect of the fiscal year in which such termination occurs, and he shall be entitled to the full amount of such Bonus even if he terminates his
employment before the end of such fiscal year. Notwithstanding the foregoing, the Company may require that the Executive continue to remain in the employ of the Company for up to a maximum of twelve (12) months following the Change in Control (the
“Post-Term Period”). The Company shall place the maximum cash payments payable pursuant to Section 5(b) (as modified by the provisions of this Section 5(c) above with respect to Section 5(b)(i)(B) hereof) in escrow with a commercial bank
or trust company mutually acceptable to the Company and the Executive as soon as practicable following the Change in Control. For the Post-Term Period, the Company shall make the cash payments that would otherwise be required pursuant to Section 3.
At the expiration of the Post-Term Period, the Executive shall receive all cash amounts due the Executive from the amount held in escrow ratably monthly over the 24-month period immediately following such termination (all such cash payments to be
deducted from the amount placed in escrow) with the balance (if any) returned to the Company. If the Company does not require that the Executive remain in the employ of the Company, the Company shall pay the Executive all cash amounts payable
pursuant to Section 5(b) (as modified by the provisions of this Section 5(c) above with respect to Section 5(b)(i)(B) hereof) ratably monthly over the 24-month period immediately following such termination (all such cash payments to be deducted from
the amount placed in escrow) with the balance (if any) returned to the Company. Notwithstanding the foregoing, if payment in accordance with the preceding sentence would subject the Executive to tax under section 409A of the Internal Revenue Code of
1986, as amended, then payment will be suspended until the first date as of which payment can be made without subjecting the Executive to such tax. 

  
 The Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other
employment or otherwise, and if the Executive does obtain other employment, all amounts payable by the Company under this Agreement shall remain fully due and payable 
  

	 	(d)	At End of Term. Upon the expiration of the Agreement at the end of the Term, all restrictions shall lapse on any of Executive’s restricted stock awards, other than any
restricted stock awards granted pursuant to the Super Bonus Program. 

  

	6.	Agreement Not to Compete. 

  

	 	(a)	 The Executive agrees that during the Non-Competition Period (as defined below), he will not, directly or indirectly, in any capacity, 

  

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either separately, jointly or in association with others, as an officer, director, consultant, agent, employee, owner, principal, partner or stockholder of
any business, or in any other capacity, provide services of the same or similar kind or nature that he provides to the Company to, or have a financial interest in (excepting only the ownership of not more than 5% of the outstanding securities of any
class listed on an exchange or the Nasdaq Stock Market), any competitor of the Company (which means any person or organization that is in the business of or makes money from designing, developing, or selling products or services similar to those
products and services developed, designed or sold by the Company) The “Non-Competition Period” is (a) the longer of the Executive’s employment hereunder plus (b) a period of one (1) year thereafter. In recognition, acknowledgement and
agreement that the Company’s business and operations extend throughout North America and beyond, the parties agree that the geographic scope of this covenant not to compete shall extend to North America. 

  

	 	(b)	Without limiting the generality of clause (a) above, the Executive further agrees that during the Non-Competition Period, he will not, directly or indirectly, in any capacity,
either separately, jointly or in association with others, solicit or otherwise contact any of the Company’s customers with whom the Executive had contact, responsibility for, or had acquired confidential information about by virtue of his or
her employment with the Company at any time during his or her employment, if such contact is for the general purpose of selling products that satisfy the same general needs as any products that the Company had available for sale to its customers
during the Non-Competition Period. 

  

	 	(c)	The Executive agrees that during the Non-Competition Period, he shall not initiate contact in order to induce, solicit or encourage any person to leave the Company’s employ.
Nothing in this paragraph is meant to prohibit an employee of the Company that is not a party to this Agreement from becoming employed by another organization or person. 

  

	 	(d)	If a court determines that the foregoing restrictions are too broad or otherwise unreasonable under applicable law, including with respect to time or space, the court is hereby
requested and authorized by the parties hereto to revise the foregoing restrictions to include the maximum restrictions allowed under the applicable law. 

  

	 	(e)	For purposes of this Section 6 and Section 7, the “Company” refers to the Company and any incorporated or unincorporated affiliates of the Company.

  

	7.	Secret Processes and Confidential Information. 

  

	 	(a)	 The Executive agrees to hold in strict confidence and, except as the Company may authorize or direct, not disclose to any person or use (except in the performance
of his services hereunder) any confidential information or materials received by the Executive from 

  

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the Company and any confidential information or materials of other parties received by the Executive in connection with the performance of his duties
hereunder. For purposes of this Section 7(a), confidential information or materials shall include existing and potential customer information, existing and potential supplier information, product information, design and construction information,
pricing and profitability information, financial information, sales and marketing strategies and techniques and business ideas or practices. The restriction on the Executive’s use or disclosure of the confidential information or materials shall
remain in force during the Executive’s employment hereunder and until the earlier of (x) a period of two (2) years thereafter or (y) such information is of general knowledge in the industry through no fault of the Executive or any agent of the
Executive. The Executive also agrees to return to the Company promptly upon its request any Company information or materials in the Executive’s possession or under the Executive’s control. This Section 7(a) is not intended to preclude
Executive from being gainfully employed by another. Rather, it is intended to prohibit Executive from using the Company’s confidential information or materials in any subsequent employment or employment undertaken that is not for the benefit of
the Company during the identified period. 

  

	 	(b)	The Executive will promptly disclose to the Company and to no other person, firm or entity all inventions, discoveries, improvements, trade secrets, formulas, techniques, processes,
know-how and similar matters, whether or not patentable and whether or not reduced to practice, which are conceived or learned by the Executive during the period of the Executive’s employment with the Company, either alone or with others, which
relate to or result from the actual or anticipated business or research of the Company or which result, to any extent, from the Executive’s use of the Company’s premises or property (collectively called the “Inventions”). The
Executive acknowledges and agrees that all the Inventions shall be the sole property of the Company, and the Executive hereby assigns to the Company all of the Executive’s rights and interests in and to all of the Inventions, it being
acknowledged and agreed by the Executive that all the Inventions are works made for hire. The Company shall be the sole owner of all domestic and foreign rights and interests in the Inventions. The Executive agrees to assist the Company at the
Company’s expense to obtain and from time to time enforce patents and copyrights on the Inventions. 

  

	 	(c)	Upon the request of, and, in any event, upon termination of the Executive’s employment with the Company, the Executive shall promptly deliver to the Company all documents,
data, records, notes, drawings, manuals and all other tangible information in whatever form which pertains to the Company, and the Executive will not retain any such information or any reproduction or excerpt thereof. 

  

	 	(d)	Nothing in this Section 7 diminishes or limits any protection granted by law to trade secrets or relieves the Executive of any duty not to disclose, use or misappropriate any
information that is a trade secret for as long as such information remains a trade secret. 

  

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	8.	Notices. All notices or other communications hereunder shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b) upon confirmation of
receipt when such notice or other communication is sent by facsimile or telex, (c) one day after delivery to an overnight delivery courier, or (d) on the fifth day following the date of deposit in the United States mail if sent first class, postage
prepaid, by registered or certified mail. The addresses for such notices shall be as follows: 

  

	 	(a)	For notices and communications to the Company: 

  
 Rayovac Corporation 
 Six Concourse Parkway 
 Suite 3300 
 Atlanta, GA 30328 
 Facsimile: (770) 829-6298 
 Attention: James T. Lucke 
  

	 	(b)	For notices and communications to the Executive: 

  
 See the address set forth on the signature page hereto 
  
 Any party hereto may, by notice to the other, change its address for receipt of notices hereunder. 
  

	9.	General. 

  

	 	(a)	Governing Law. This Agreement shall be construed under and governed by the laws of the State of Wisconsin, without reference to its conflicts of law principles.

  

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

  

	 	(c)	 Successors and Assigns. This Agreement shall be binding upon the Executive, without regard to the duration of his employment by the Company or reasons for
the cessation of such employment, and inure to the benefit of his administrators, executors, heirs and assigns, although the obligations of the Executive are personal and may be performed only by him. This Agreement shall also be binding upon and
inure to the benefit of the Company and its 

  

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subsidiaries, successors and assigns, including any corporation with which or into which the Company or its successors may be merged or which may succeed to
their assets or business. 
  

	 	(d)	Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument.

  

	 	(e)	Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive’s continuing or future participation during his employment hereunder in any
benefit, bonus, incentive or other plan or program provided by the Company or any of its affiliates and for which the Executive may qualify. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan or
program of the Company or any affiliated company at or subsequent to the date of the Executive’s termination of employment with the Company shall, subject to the terms hereof or any other agreement entered into by the Company and the Executive
on or subsequent to the date hereof, be payable in accordance with such plan or program. 

  

	 	(f)	Mitigation. In no event shall the Executive be obligated to seek other employment by way of mitigation of the amounts payable to the Executive under any of the provisions of
this Agreement. In the event that the Executive shall give a Notice of Termination for Constructive Termination and it shall thereafter be determined that Constructive Termination did not take place, the employment of the Executive shall, unless the
Company and the Executive shall otherwise mutually agree, be deemed to have terminated, at the date of giving such purported Notice of Termination, and the Executive shall be entitled to receive only those payments and benefits which he would have
been entitled to receive at such date had he terminated his employment voluntarily at such date under Section 4(d) of this Agreement. 

  

	 	(g)	Equitable Relief. The Executive expressly agrees that breach of any provision of Sections 6 or 7 of this Agreement would result in irreparable injuries to the Company, that
the remedy at law for any such breach will be inadequate and that upon breach of such provisions, the Company, in addition to all other available remedies, shall be entitled as a matter of right to injunctive relief in any court of competent
jurisdiction without the necessity of proving the actual damage to the Company. 

  

	 	(h)	 Severability. Sections 6(a), 6(b), 6(c), 7(a), 7(b) and 9(h) of this Agreement shall be considered separate and independent from the other sections of
this Agreement and no invalidity of any one of those sections shall affect any other section or provision of this Agreement. However, because it is expressly acknowledged that the pay and benefits provided under this Agreement are provided, at least
in part, as consideration for the obligations imposed upon Executive under 

  

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Sections 6(a), 6(b), 6(c), 7(a) and 7(b), should Executive challenge those obligations or any court determine that any of the provisions under these Sections
is unlawful or unenforceable, such that Executive need not honor those provisions, then Executive shall not receive the pay and benefits, provided for in this Agreement following termination, if otherwise available to Executive, irrespective of the
reason for the end of Executive’s employment. 
  

	 	(j)	Entire Agreement. This Agreement and the schedule hereto constitute the entire understanding of the parties hereto with respect to the subject matter hereof and supersede all
prior negotiations, discussions, writings and agreements between them with respect to the subject matter hereof. 

  
 [signature page follows] 
  

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

  

			
	 RAYOVAC CORPORATION

		
	 By:
	 	 /s/ David A. Jones

	 	 	 David A. Jones

	 	 	 Chief Executive Officer

  

			
	 EXECUTIVE:

	
	 /s/ Kenneth V. Biller

	 Name: Kenneth V. Biller

	
	 Notice Address:

	
	 7801 Noll Valley Road

	 Verona, WI 53593

  

 14Amended and Restated Registered Director's Agreement

 Exhibit 10.3 
  
 Amended and Restated 
  
 Registered Director’s Agreement 
  
 between 
  
 Rayovac Europe GmbH, 
  
 Innovapark A 4, AM Limespark 2, Sulzbach,
Germany 
  
 represented by its shareholder(s), ROV Holding, Inc. 
  
 - hereinafter referred to as the “Company” - 
  
 and 
  

Mr. Remy Burel, 
  
 Wiesbadener Str. 82, Koenigstein im Taunus, Germany 61462 
  
 - hereinafter referred to as the “Registered Director” – 

	§ 1	Appointment and Power of Representation 

  

	1.1	The Registered Director was appointed registered director of the Company by resolution of the shareholder(s) meeting on 06 November 2002. Continuous service with the Company is
recognised as of 21 May 1990. This Agreement contains the conditions of the employment relationship. 

  

	1.2	The Registered Director shall represent the Company in court and out of court jointly with another registered director or a Prokurist of the Company. He shall be freed from
the restrictions under Section 181 German Civil Code (BGB). 

  

	1.3	The Company reserves the right to appoint other registered directors and establish different rules of representation at any time. 

  

	§ 2	Duties and Responsibilities 

  

	2.1	The Registered Director shall be responsible for the entire scope of business of the Company. He shall, in addition, take the position as President, Europe & Rest of World of
Rayovac Corporation (“Rayovac”), a Wisconsin corporation and a company of which the Company is an indirect wholly-owned subsidiary, and be responsible for those functions and duties assigned to him from time to time by the shareholder(s)
of the Company and the Chairman and Chief Executive Officer of Rayovac. The shareholder(s) may decide on a different allocation of functions and duties at any time; provided, however, that the Registered Director is given at least three (3) months
prior written notice thereof, to the extent practicable. The place of performance is currently Sulzbach, Germany. In addition, upon the Company’s request the Registered Director shall relocate to any other office in Germany upon no less than
three (3) months prior written notice; provided, however, that the Company has determined in good faith that such relocation is reasonably necessary for the Registered Director to adequately perform his duties hereunder. The Registered Director is
obligated to secure a residence near the place of performance. 

  
 The Registered Director shall conduct the business of the Company with the due care and diligence of a prudent businessman and in accordance with the provisions of all applicable laws and regulations, in particular
the Law on Limited Liability Companies (GmbH-Gesetz), the Articles of Association of the Company (Satzung) and the internal rules of the board of directors (Geschäftsordnung), if any, as amended from time to time, as well
as the directions given by the shareholder(s). The Registered Director shall at all times comply with the instructions of the shareholder(s). 
  

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	2.2	The Registered Director shall assume the rights and obligations the Company has as employer with respect to labour and social security law. 

  

	2.3	Within 3 months following the end of each business year, the Registered Director shall draw up the balance sheet and the profit and loss statement for the completed business year
and shall provide these to each shareholder(s) together with a business report to be prepared by him. 

  

	§ 3	Transactions Requiring Prior Consent of Shareholder(s) 

  

	3.1	The Registered Director is entitled to carry out all measures falling within the normal scope of business of the Company. 

  

	3.2	The prior consent of the shareholder(s) shall be obtained before any legal transactions are engaged which go beyond the normal scope of business of the Company. To the extent that
the consent of the shareholder(s) is required under this Agreement, but not required under applicable law, the shareholder(s) appoint the President and Chief Operating Officer of Rayovac (or any other officer of Rayovac as determined by the
shareholder(s) from time to time) as their duly authorized representative (the “Representative”), who shall be authorized and directed to act on their behalf in such instances. 

  
 This shall apply in particular to the acts and transactions as listed in the
articles of association as applicable respectively amended by the shareholder(s) from time to time. 
  

	§ 4	Working Hours 

  

	4.1	The Registered Director shall place his entire working capacity as well as all his knowledge and abilities at the disposal of the Company. 

  

	4.2	At the request of the shareholder(s), the Registered Director will accept other mandates where it serves the interests of the Company. Upon the termination of this Agreement or his
removal as a registered director, he will resign from or terminate all such offices undertaken and assumed at the request or in the interest of the Company. The Registered Director hereby grants power of attorney to the shareholder(s) of the Company
to give notice of termination on his behalf if he does not comply with the aforementioned obligation to resign or terminate, this power of attorney not terminating by virtue of any termination of this Agreement only. 

  

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	§ 5	Remuneration 

  

	5.1	For his services, the Registered Director shall receive a fixed annual gross salary of 375,000.00 EUR (in words: Three Hundred Seventy-Five Thousand Euro) (“Fixed Salary”)
effective 1 April 2005, which shall be paid in twelve equal monthly instalments at the end of each month in arrears to a bank account indicated to the Company by the Registered Director. The shareholder(s) of the Company will review from time to
time the Fixed Salary payable to the Registered Director hereunder and may, in their discretion, increase the Registered Director’s Fixed Salary. 

  

	5.2	The Registered Director shall receive a bonus for each fiscal year, payable annually in arrears, which shall be of up to sixty percent (60 %) of the Fixed Salary, provided Rayovac
achieves certain annual performance goals or any other goals established by the Board of Directors (the “Board”) of Rayovac in its discretion from time to time (the “Bonus”). The Bonus shall be paid (if payable) on or before
December 31 of each year. The annual performance goals approved by the Board shall be set forth in writing and a copy shall be delivered to the Registered Director promptly after approval thereof by the Board. Such annual performance goals shall be
subject to modification from time to time as approved by the Board. 

  

	5.3	Rayovac shall grant the Registered Director restricted shares of Rayovac’s common stock as follows. On April 1, 2005, Registered Director shall be awarded 25,000 (Twenty-Five
Thousand) shares of Rayovac’s common stock, shares that will include restrictions prohibiting the sale, transfer, pledge, assignment or other encumbrance of such stock (“Restricted Shares”), provided, however, that all such
restrictions shall lapse on October 1, 2008. Notwithstanding anything else set forth above, (i) restrictions on Restricted Shares shall also lapse on a change in control of the Company (as defined in the company’s stock plan governing such
award) (“Change in Control”) and (ii) any unlapsed shares of Restricted Stock shall be forfeited to the Company in the event the Executive’s employment with the Company terminates for any reason prior to a Change in Control.
Additional terms and conditions of such restricted stock award shall be set forth in an agreement with such terms and conditions being substantially similar (other than as set forth above) to the terms and conditions of previous restricted stock
award grants to similarly situated Company executives. 

  

	5.4	 Subject to approval by the Compensation Committee of the Board and the Board, on each October 1 during the term of this Agreement commencing October 1, 2005, the
Registered Director shall be awarded that number of shares (rounded up to the nearest whole share) of 

  

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Rayovac’s common stock with a Fair Market Value equal to One Hundred Percent (100%) of the Fixed Salary then in effect. Each such award will provide for
vesting in three (3) equal tranches on each December 1st thereafter, beginning the year following the grant date,
with (except as otherwise provided herein or in the applicable plan document) the vesting of Fifty Percent (50%) of each such vesting tranche to be subject to the Executive’s continued employment with the Company as of each applicable December
1st and the remaining Fifty Percent (50%) of each such vesting tranche to be subject to the achievement of
performance goals to be established by the Board from time to time (“Performance-Based Restricted Stock”), provided that One Hundred Percent (100%) of each outstanding vesting tranche shall vest upon a Change in Control. If the required
performance goals are not met in any fiscal year, so that the restrictions on Performance-Based Restricted Stock scheduled to lapse for such year do not so lapse, the restrictions on such Performance-Based Restricted Stock will lapse the December 1
first following the originally scheduled lapse date. Notwithstanding anything else set forth above, (i) restrictions on such shares shall also lapse on a Change in Control and (ii) any unlapsed shares of restricted stock shall be forfeited to the
Company in the event the Executive’s employment with the Company terminates for any reason prior to a Change in Control. Additional terms and conditions of such restricted stock award shall be set forth in an agreement with such terms and
conditions being substantially similar (other than as set forth above) to the terms and conditions of previous restricted stock award grants to similarly situated Company executives. 

  

	5.5	The Company will pay to the Registered Director the employer’s social security contributions as required under applicable laws, in particular the contributions to the pension
insurance, the unemployment insurance, the health insurance and the nursing care insurance. If the Registered Director is insured in a private health insurance, the Company will, upon submission of adequate proof, pay 50 % of the contributions to
such health insurance but not more than the amount which would have to be paid if the Registered Director was covered by the AOK statutory health insurance. 

  

	5.6	With the above remuneration, any and all services of the Registered Director for the Company or on behalf of the Company or any affiliated company are compensated. There shall be no
additional pay for overtime and extra work. 

  

	5.7	All work results produced or achieved by the Registered Director belong, and where applicable, all rights therein are transferred, to the Company, without the Registered Director
being entitled to any additional remuneration therefore. 

  

	5.8	The assignment and pledging of claims for remuneration is subject to the prior approval of the shareholder(s) of the Company. 

  

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	§ 6	Other Benefits 

  

	6.1	During the term of this Agreement, the Company shall provide the Registered Director with a company car in the “A” leasing group or car category for business and private
use. 

  
 Terms and conditions are subject to the
Company’s car rules as amended from time to time. 
  
 The
Registered Director herewith explicitly waives all claims and holds the Company harmless from any claims, to which he, his family or third parties could be entitled to in connection with the private use of the car insofar as these are not covered by
the Company’s insurance coverage. 
  

	6.2	The Pension Agreement concluded between VARTA Gerätebatterie GmbH, and as assigned to the Company, and the Registered Director dated 22 May 1991 including the supplement of 1
July 1999 remains in force. 

  

	6.3	The accident insurance coverage will be upheld. In the event a new group accident insurance policy is entered into by the Company, the Registered Director will be entitled to
participate under the then applicable new conditions; provided, however, that such conditions shall be reasonably equivalent to or more favorable than the previous conditions. 

  
 Any income taxes accruing on this benefit are to be borne by the Registered
Director. 
  

	6.4	The Registered Director shall be entitled to indemnification from the Company to the maximum extent provided by law, but not for any action, suit, arbitration or other proceeding
(or portion thereof) initiated by the Registered Director, unless authorized or ratified by the shareholder(s) and the Board. Such indemnification shall be covered by the terms of the Company’s or Rayovac’s policy of insurance for
directors and officers in effect form time to time (the “D&O Insurance”). Copies of the D&O Insurance policy will be made available to the Registered Director upon request. 

  

	6.5	The Company shall pay the Registered Director’s actual and reasonable legal fees incurred in connection with the preparation of this Agreement. 

  

	6.6	All expense reimbursements and perquisites of the Registered Director are reviewable periodically by the shareholder(s) and the Board or a committee thereof.

  

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	§ 7	Charges and Expenditures 

  
 Travel costs and other appropriate expenditures, provided these are incurred in the interest of the Company, will be pursuant to the general provisions of
the Company and the guidelines for management members of the Company, if any and as amended from time to time. The Registered Director accounts for his expenditures according to Group V (Vertrauensspesen). 
  

	§ 8	Inability to Work 

  

	8.1	In the case of an inability to work, the Registered Director will immediately inform the Company about this impairment and the expected duration thereof as well as the reasons for
such impairment. At the request of the Company he shall provide a medical certificate. 

  

	8.2	Upon the Registered Director’s inability to perform his duties hereunder by reason of any mental, physical or other disability for a period of at least six (6) consecutive
months (for purposes hereof, “Disability” has the same meaning as in the Company’s or Rayovac’s disability policy, if applicable) (a “Disability”), all benefits paid to the Registered Director by a statutory or private
health insurance as compensation for the loss of salary shall be deducted from any amounts paid to the Registered Director under clause 14.7 hereof. Where the Registered Director is not entitled to such benefits because he did not take out the
appropriate private health insurance, the equivalent of the sick pay payable under statutory health insurance will be taken into account. 

  

	§ 9	Holiday Entitlement 

  

	9.1	The Registered Director shall be entitled to 30 working days holiday per year, it being understood that, for the sole purpose of holidays, the working week will be deemed to run
from Monday to Friday. The timing of any holiday must be agreed to by the Representative and shall take into account the business interests of the Company. 

  

	9.2	The holiday leave has to be granted and taken during the running calendar year. If the Registered Director is not able to take his holiday due to business needs he can transfer his
remaining holiday to the following calendar year. In case of such transfer the Registered Director is required to take the holiday within the first six (6) months of the following calendar year, otherwise the holiday claim expires.

  

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	§ 10	Duty of Confidentiality 

  

	10.1	The Registered Director shall maintain strict confidentiality vis-à-vis third parties as well as unauthorized staff members of the Company with respect to all confidential or
business matters concerning the Company or any affiliated company and coming to his attention within the scope of his activities for the Company, irrespective of how he obtained such knowledge, except for such disclosures which follow from his
duties as a registered director of the Company and are essential for the due performance of his functions. This obligation shall continue to apply following termination of this Agreement. 

  
 The term “confidential or business matters of the Company”
includes all business, operational, organizational and technical knowledge and information (e.g., existing and potential customer information, existing and potential supplier information, product information, design and construction information,
pricing and profitability information, financial information, sales and marketing strategies and techniques and business ideas or practices) which shall not become known to the public in accordance with the wishes or the best interest of the Company
or any affiliated company (including Rayovac) or in consideration of the nature of the information. 
  

	10.2	Business records of any kind, including private notes concerning the Company’s or any affiliated company’s affairs and activities, may be used for business purposes only.
Business and operating records of any kind or in any form which are in the possession of the Registered Director as well as any copies thereof shall be carefully kept. 

  

	§ 11	Non-Compete-Obligation 

  

	11.1	The Registered Director undertakes for the duration of the Agreement and for a period of 1 year after its termination (the “Non-Compete Period”) not to become active for
any domestic or foreign enterprise and/or person operating in the field of the design, manufacturing, marketing or sale of products or services similar to those products and services designed, manufactured, marketed or sold by the Company or its
affiliates (including Rayovac) in the above named business. 

  

	11.2	 The Registered Director in particular undertakes for the duration of the Non-Compete Period not to become active as an employee, self-employed person or consultant
and not to hold any interest or acquire any participation in a company which is directly or indirectly a competitor of the Company or its affiliates (including Rayovac) and also not to conduct businesses on his own or anyone else’s behalf in
such fields or finance or acquire any such company except if 

  

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such participation concerns shares or securities quoted on or dealt in on any recognized stock exchange, held or purchased for capital investment purposes
only, provided that such an investment shall not exceed 5 % of the equity share capital of the relevant company and that the Registered Director has not concluded any agreement granting him any additional rights or he is otherwise enabled to
substantially influence matters of such company, whether directly or indirectly. 

  
 Competition for the purposes hereof is determined by the business of the Company or any affiliated company (including Rayovac) at any time in the case of
a termination of the employment relationship by the business at the time of the termination and in the two years prior to it, in so far as the Registered Director had access to or was responsible for the interests of the Company in such business.

  

	11.3	As compensation for the restrictions imposed by the post-contractual non-compete-obligation, the Company will pay to the Registered Director compensation in the amount of 50 % of
the remuneration as last received by him for the duration of the post-contractual non-compete-obligation, payable in monthly instalments in arrears; provided, however, that if the Registered Director’s employment by the Company is terminated by
the Company without Cause or by reason of Disability, the resulting payments by the Company to the Registered Director required under clause 14.7 shall be in lieu of any payment obligations on the part of the Company under this clause 11.3. Section
74 c of the German Commercial Code (Handelsgesetzbuch, HGB) applies. 

  
 During the restriction period, the Registered Director is obliged to submit to the Company at the end of each calendar quarter a statement and proof regarding the amount of his income (after deduction of deductible
expenses) as a self-employed person or of his income as an employee. As long as the Registered Director does not fulfil this obligation, the claim for compensation does not accrue. 
  

	11.4	The Company may at any time waive its rights under clause 11.1 observing a three (3) months’ notice period. In such case, the Company is freed from its obligation to pay
compensation pursuant to clause 11.2 with the end of the notice period after the waiver. 

  

	11.5	Unless otherwise provided herein, for the duration of the Non-Compete Period Section 61 of the German Commercial Code shall be mutually applicable. 

 

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	§ 12	Non-Solicitation Covenant 

  

	12.1	The Registered Director shall after the end of the Agreement be forbidden to entice away the customers of the Company or any of its affiliates (including Rayovac). Customers of the
Company or any of its affiliates (including Rayovac) are persons or entities the Company or any of its affiliates (including Rayovac) has dealt with or serviced or attempted to conclude business with within the past two (2) years preceding the
termination of the Registered Director’s employment hereunder. The pool of prohibited customers is limited to those with whom the Registered Director dealt personally. 

  

	12.2	The Registered Director also undertakes for the duration of the Non-Compete Period not to employ any employees of the Company or any of its affiliates (including Rayovac) and not to
entice away any employees, either for himself or for third parties, and not to take part in any attempts of third parties to entice them away. 

  

	§ 13	Contractual Penalty 

  
 The Registered Director acknowledges that the Company or any of its affiliates (including Rayovac) may suffer irreparable loss or damage as a result of
any breach of the obligations under this Agreement, in particular, § 10, § 11 and § 12. In the case of any breach, the Registered Director shall pay a contractual penalty (Vertragsstrafe) of one (1) month of gross Fixed Salary
monthly payments (on demand and without any court order) in respect of each breach of this obligation. The plea for continuation of offence (Fortsetzungszusammenhang) shall be excluded. In the case of a continuing breach which is not
remedied, there shall be deemed to be a separate breach each calendar month in respect of which a separate penalty shall be payable. The contractual penalty does not prejudice the Company’s right to claim any further damages in respect of
losses suffered or to exercise any other right or remedy available to it. If a court determines that any of the restrictions contained in clauses 10, 11 or 12 are too broad or otherwise unreasonable under applicable law, including with respect to
time or space, the court is hereby requested and authorized by the parties hereto to revise such restrictions to include the maximum restrictions allowed under applicable law. 
  

	§ 14	Duration and Termination of the Agreement 

  

	14.1	This Agreement shall enter into effect on April 1, 2005 and shall continue until notice of termination thereof is delivered in accordance with this article 14 (the
“Term”). 

  

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	14.2	During the Term either party may terminate the employment relationship by giving six (6) months notice to the end of a month. 

  

	14.3	The Company shall have the right at any time to terminate the Registered Director’s employment hereunder upon three (3) months prior written notice to the end of a month upon
the Registered Director’s inability to perform his duties hereunder by reason of any Disability. The Registered Director’s employment will be deemed automatically terminated upon his death. 

  

	14.4	Notice of termination shall be given in writing. If this Agreement is terminated by the Registered Director, notice thereof shall be given to any other registered director or, in
the event that no other registered director has been appointed, to the shareholder(s) with the largest holding in the Company. 

  

	14.5	The right to terminate this Agreement for Cause shall remain unaffected. The Company shall have the right at any time to terminate the Registered Director’s employment
hereunder without prior notice upon the occurrence of any of the following (any such termination being referred to as a termination for “Cause”): 

  

	 	(i)	the commission by the Registered Director of any deliberate and premeditated act taken by the Registered Director in bad faith against the interests of the Company or any of its
affiliates; 

  

	 	(ii)	the Registered Director has been convicted of, or pleads nolo contendere with respect to, any crime (felony or less) the circumstances of which substantially relate to
the circumstances, duties or responsibilities of Registered Director’s position; 

  

	 	(iii)	the current use of illegal drugs, misuse of legal drugs, or intoxication of the Registered Director in the workplace or while performing his duties or responsibilities associated
with his position, the Registered Director’s failure of a Company-required drug test, or the violation of any Company drug policy; 

  

	 	(iv)	the wilful failure or refusal of the Registered Director to perform his duties as set forth herein or the wilful failure or refusal to follow the direction of the shareholder(s) of
the Company or the Chairman and Chief Executive Officer of Rayovac, provided such failure or refusal continues after thirty (30) days of the receipt of notice in writing from shareholder(s) of the Company of such failure or refusal, which notice
indicates the Company’s intention to terminate the Registered Director’s employment hereunder if such failure or refusal is not remedied within such thirty (30) day period; or 

  

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	 	(v)	the Registered Director breaches any of the material terms of this Agreement or any other agreement between the Registered Director and the Company which breach is not cured within
thirty (30) days subsequent to notice from the Company to the Registered Director of such breach, which notice indicates the Company’s intention to terminate the Registered Director’s employment hereunder if such breach is not cured within
such thirty (30) day period. 

  

	14.6	If either party gives notice to terminate this Agreement, the Company shall be entitled to release the Registered Director from his duties during the period of notice, whereby any
leave to which the Registered Director may be entitled shall be deemed included in the period during which he is released of such duties. During the period of release the Company will continue to pay the Registered Director the Fixed Salary and the
social security contributions according to clause 5.5. In addition, the Registered Director shall be entitled to use the Company car for private purposes during such period of release. If the Registered Director returns the Company car prior to the
end of such period, then he is entitled to claim financial compensation for the loss of the cash benefit of the private use of the Company car until the end of such period. 

  

	14.7	If the Registered Director’s employment is terminated by the Company without Cause or by reason of death or Disability (but not upon termination by the Company with Cause as
permitted under clause 14.5 or termination by the Registered Director for any reason), and the Registered Director executes a separation agreement with a release of claims agreeable to the Company (to the extent that the Registered Director is
physically and mentally capable to execute such an agreement), then the Company shall pay the Registered Director the amounts and provide the Registered Director, or his heirs, beneficiaries or personal representatives, as applicable, the benefits
as follows: 

  

	 	(i)	The Company shall pay to the Registered Director as severance, a gross amount in cash equal to triple the sum of (i) the Registered Director’s Fixed Salary, and (ii) the annual
Bonus (if any) earned by the Registered Director pursuant to any annual bonus or incentive plan maintained by the Company in respect of the fiscal year ending immediately prior to the fiscal year in which the termination occurs, such cash amount to
be paid to the Registered Director in equal monthly instalments over the 36-month period immediately following such termination. 

  

	 	(ii)	 For the 24-month period immediately following such termination, the Company shall arrange to provide the Registered Director and his dependents the additional
benefits contained in clause 5.5 substantially similar to those provided to the Registered Director and his dependents by the Company immediately prior to the date of termination, at no greater cost to the Registered Director or the Company than the

  

 - 12 - 

	 	 
cost to the Registered Director and the Company immediately prior to such date. Benefits otherwise receivable by the Registered Director pursuant to this
clause 14.7(ii) shall cease immediately upon the discovery by the Company of the Registered Director’s breach of any of the covenants contained in clauses 10 or 11. In addition, benefits otherwise receivable by the Executive pursuant to this
Section 14.7(ii) shall be reduced to the extent benefits of the same type are received by or made available to the Registered Director during the 24-month period following the Registered Director’s termination of employment (and any such
benefits received by or made available to the Registered Director shall be reported to the Company by the Registered Director); provided, however, that the Company shall reimburse the Registered Director for the excess, if any, of the cost of such
benefits to the Executive over such cost immediately prior to the date of termination. 

  

	 	(iii)	The Registered Director’s accrued vacation at the time of termination shall be paid as soon as reasonably practicable. 

  

	 	(iv)	The provisions contained in this clause 14.7 shall be in lieu or any payment obligation accruing to the Company under clause 11 hereof, it being understood that the severance
payments contained in this clause 14.7 are also as compensation for the restrictions imposed by the post-contractual non-competition obligation. 

  

	§ 15	Return of Company Property 

  
 Business and operating records of any kind or in any form which are in the possession of the Registered Director as well as any copies thereof shall be
returned to the Company at any time upon request of the Company or the shareholder(s), at the latest upon termination of employment or in the event of release from his duties at the date of such release. This obligation to return Company property
extends to any other item in the direct or indirect possession of the Registered Director, including the company car with all accessories, subject to the provisions set forth in clause 14.6. 
  
 The assertion of any counter rights or a right of retention by the
Registered Director is excluded. At the request of the Company, the Registered Director shall declare in a written statement that all such items have been returned to the Company. 
  

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	§ 16	Final Provisions 

  

	16.1	This Agreement contains the complete agreement of the parties on all terms and conditions of the employment relationship. It replaces all previous agreements or contractual
entitlements, in particular the service agreement with the Registered Director and the Company’s predecessor, ROV German Holding GmbH, dated 1 October 2002. No collateral agreements exist. 

  

	16.2	In order to be legally valid, any amendments or additions to this Agreement, inclusive of this provision, must be made in writing and require approval of the shareholder(s).

  

	16.3	All notices and other communication given under this Agreement must be in writing. This written form is also observed by the sending of a telegram, telex or telecopy if the author
of the document is indicated. 

  

	16.4	Should any provision of this Agreement be or become legally invalid, this shall not affect the validity of the remaining provisions. In such an event, the parties shall be obliged
to replace the invalid provision with a legally permissible provision which is compatible with the other provisions hereof and which comes as close as possible to the economic intentions of the parties. 

  

	16.5	The parties confirm herewith having received a complete copy of this Agreement including enclosures. 

  

	16.6	This Agreement and all legal disputes arising hereunder or in connection therewith are subject to the laws of the Federal Republic of Germany. 

  

 - 14 - 

	16.7	In the event that any action is brought to enforce any of the provisions of this Agreement or to obtain money damages for the breach thereof, and such action results in the award of
a judgment for money damages or in the granting of any injunction in favor of one of the parties to this Agreement, all expenses, including reasonable attorneys’ fees, shall be paid by the non-prevailing party. 

  

			
	 Dated: April 1, 2005
	 	 Dated: April 1, 2005

		
	 /s/ David A. Jones

	 	 /s/ Remy Burel

	 Company
	 	 Mr. Remy Burel

  

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