Document:

Exhibit 10.5

 

GCM
Grosvenor Inc.

 

Indemnification
and Advancement Agreement

 

This Indemnification
and Advancement Agreement (“Agreement”) is made as of __________ ____, ______ by and between GCM Grosvenor Inc.,
a Delaware corporation (the “Company”), and ______________, a member of the Board of Directors (the “Board”)
or an officer of the Company (“Indemnitee”). This Agreement supersedes and replaces any and all agreements between
the Indemnitee and the Company, to the extent covering the indemnification of such Indemnitee as a member of the Board or an officer
of the Company.

 

RECITALS

 

WHEREAS, the Board
believes that highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers, or
in other capacities unless they are provided with adequate protection through insurance or adequate indemnification and advancement
of expenses against inordinate risks of claims and actions against them arising out of their service to and activities on behalf
of such corporations;

 

WHEREAS, the Board
has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis,
at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities.
Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and
other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available
to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons
in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation
relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise
itself. The Certificate of Incorporation of the Company (the “Certificate of Incorporation”) requires indemnification
of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation
Law of the State of Delaware (the “DGCL”). The Certificate of Incorporation and the DGCL expressly provide that
the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into
between the Company and members of the Board, officers and other persons with respect to indemnification and advancement of expenses;

 

WHEREAS, the uncertainties
relating to such insurance, to indemnification and to advancement of expenses may increase the difficulty of attracting and retaining
such persons;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the
Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to hold harmless and indemnify, and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company
free from undue concern that they will not be so indemnified;

 

     

     

    

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Certificate of Incorporation and any resolutions adopted pursuant thereto, and is
not a substitute therefor, nor diminishes or abrogates any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
does not regard the protection available under the Certificate of Incorporation, DGCL and insurance as adequate in the present
circumstances, and may not be willing to serve or continue to serve as an officer or director without adequate additional protection,
and the Company desires Indemnitee to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue to
serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified and
be advanced expenses.

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1. Services
to the Company. Indemnitee agrees or has agreed to serve as a director or officer of the Company. Indemnitee may at any time
and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation
of law). This Agreement does not create any obligation on the Company to continue Indemnitee in such position and is not an employment
contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.

 

Section 2. Definitions.
As used in this Agreement:

 

(a) “Affiliate”
shall have the meaning set forth in Rule 405 under the Securities Act of 1933, as amended (as in effect on the date hereof).

 

(b) “Agent”
means any person who is or was a director, officer or employee of the Company or an Enterprise or other person authorized by the
Company or an Enterprise to act for or represent the interests of the Company or an Enterprise, respectively.

 

(c) A
“Change in Control” occurs upon the earliest to occur after the later of (i) the Closing and (ii) the date of
this Agreement of any of the following events:

 

i. Acquisition
of Stock by Third Party. Any Person (as defined below) other than a Designated Person, is or becomes the Beneficial Owner (as defined
below), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting
power of the Company’s then outstanding securities, unless the change in relative beneficial ownership of the Company’s
securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to
vote generally in the election of directors;

 

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ii. Change
in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this
Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated
by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(c)(i), 2(c)(iii)
or 2(c)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote
of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose
election or nomination for election was previously so approved, (the “Initial Board”) cease for any reason to
constitute at least a majority of the members of the Board (a “Board Change”); provided, however, that
no change to the composition of the Initial Board shall be considered for the purposes of determining whether a Board Change has
occurred to the extent such change resulted from a designation made in accordance with the Stockholders’ Agreement by and
among the Company, Grosvenor Holdings L.L.C., an Illinois limited liability company (“Holdings”), GCM Grosvenor
Management, LLC, a Delaware limited liability company (“Management LLC”), Grosvenor Holdings II, L.L.C., a Delaware
limited liability company (collectively with Holdings and Management LLC, the “GCMH Equityholders”), and GCM
V, LLC, a Delaware limited liability company (“GCM V”), as may be amended from time to time;

 

iii. Corporate
Transactions. The consummation by the Company (whether directly involving the Company or indirectly involving the Company through
one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination, (y) a sale or other
disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions
or (z) the acquisition of assets or stock of another entity, in each case other than a transaction which results in the Company’s
voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by
being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or
indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds
to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly,
at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after
the transaction;

 

iv. Liquidation.
The approval by the stockholders of the Company of a 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; and

 

v. Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined
below), whether or not the Company is then subject to such reporting requirement.

 

vi. For
purposes of this Section 2(c), the following terms have the following meanings:

 

		1	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time.

 

		2	“Person” has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange
Act; provided, however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee
benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of stock of the Company.

 

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		3	“Beneficial Owner” has the meaning given to such term in Rule 13d-3 under the
Exchange Act; provided, however, that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the
stockholders of the Company approving a merger of the Company with another entity.

 

(d) “Closing”
means the closing of the transactions contemplated by the Transaction Agreement, dated August 2, 2020, by and among CF Finance
Acquisition Corp., a Delaware corporation, CF Finance Intermediate Acquisition, LLC, a Delaware limited liability company, CF Finance
Holdings, LLC, a Delaware limited liability company, Grosvenor Capital Management Holdings, LLLP, a Delaware limited liability
limited partnership, GCMH Equityholders, GCMH GP, L.L.C., a Delaware limited liability company, GCM V, and the Company.

 

(e) “Corporate
Status” describes the status of a person who is or was acting as a director, officer, employee, fiduciary, or Agent of
the Company or an Enterprise.

 

(f) “Designated
Person” means Michael J. Sacks, GCM V and the GCMH Equityholders and each’s Affiliates and Related Parties.

 

(g) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(h) “Enterprise”
means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity
for which Indemnitee is or was serving at the request of the Company as a director, officer, employee, fiduciary or Agent.

 

(i) “Expenses”
shall be broadly construed and shall include, without limitation, all reasonable costs, disbursements or expenses incurred in connection
with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a deponent or witness in,
or otherwise participating in, a Proceeding (including all reasonable attorneys’ fees, retainers, court costs, mediation
fees, transcript costs, fees of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and
binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee
as a result of the actual or deemed receipt of any payments under this Agreement). Expenses also include (i) Expenses incurred
in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other
costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d)
only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights
under this Agreement, by litigation or otherwise. Expenses, however, do not include amounts paid in settlement by Indemnitee or
the amount of judgments or fines against Indemnitee.

 

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(j) “finally
adjudged” or “final adjudication” means determined by a final (not interlocutory) judgment or other
adjudication of a court or arbitration or administrative body of competent jurisdiction as to which there is no further right or
option of appeal or the time within which an appeal must be filed has expired without such filing (and from which there is no further
right of appeal).

 

(k) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five (5) years has been, retained to represent: (i) the Company, any Affiliate of the Company or Indemnitee
in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement,
or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding giving rise to a claim
for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” does not include any person
who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to
pay the reasonable fees and expenses of the Independent Counsel, regardless of the manner in which such Independent Counsel was
selected.

 

(l) “Proceeding”
shall be broadly construed and mean any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration,
mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened
or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative,
legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will
be involved as a party, potential party, non-party witness or otherwise by reason of Indemnitee’s Corporate Status or by
reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee’s
part while acting pursuant to Indemnitee’s Corporate Status, in each case whether or not serving in such capacity at the
time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided
under this Agreement.

 

(m) “Related
Party” means, with respect to any Person, (a) any controlling stockholder, controlling member, general partner, subsidiary,
spouse or immediate family member (in the case of an individual) of such Person, (b) any estate, trust, corporation, partnership
or other entity, the beneficiaries, stockholders, partners or owners of which consist solely of one or more of Michael J. Sacks,
GCM V, or any of the GCMH Equityholders or their members, and each’s respective Affiliates (other than the Company and its
subsidiaries) and Related Parties and/or such other Persons referred to in the immediately preceding clause (a), or (c) any executor,
administrator, trustee, manager, director or other similar fiduciary of any Person referred to in the immediately preceding clause
(b), acting solely in such capacity.

 

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Section 3. Indemnity
in Third-Party Proceedings. The Company will hold harmless and indemnify Indemnitee in accordance with the provisions of this
Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding
by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, the Company will hold harmless
and indemnify Indemnitee to the fullest extent permitted by applicable law against all loss and liability suffered, Expenses, judgments,
fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein if (a) such Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company,
and (b) in the case of a criminal Proceeding, such Indemnitee had no reasonable cause to believe that Indemnitee’s conduct
was unlawful.

 

Section 4. Indemnity
in Proceedings by or in the Right of the Company. The Company will hold harmless and indemnify Indemnitee in accordance with
the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by
or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, the Company will hold harmless and
indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by
Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.
Notwithstanding the foregoing, the Company will not hold harmless and indemnify Indemnitee for Expenses under this Section 4 related
to any claim, issue or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company,
unless, and only to the extent that, the Court of Chancery of the State of Delaware or any court in which the Proceeding was brought
determines that such indemnification despite the adjudication of liability but in view of all circumstances of the case, such person
is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery of the State of Delaware or such other
court shall deem proper.

 

Section 5. Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the
fullest extent permitted by applicable law, the Company will hold harmless and indemnify Indemnitee against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any Proceeding in which Indemnitee is
successful, on the merits or otherwise. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits
or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company will hold harmless
and indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes
of this Section 5 and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with
or without prejudice, will be deemed to be a successful result as to such claim, issue or matter.

 

Section 6. Indemnification
For Expenses of a Witness. Notwithstanding any other provision of this Agreement and to the fullest extent permitted by the
DGCL, the Company will hold harmless and indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee, by
reason of Indemnitee’s Corporate Status, is a witness, deponent, interviewee, or otherwise asked to participate.

 

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Section 7. Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some
or a portion of Expenses, but not, however, for the total amount thereof, the Company will hold harmless and indemnify Indemnitee
for the portion thereof to which Indemnitee is entitled.

 

Section 8. Additional
Indemnification. In addition to, and without regard to any limitations on, the indemnification provided for in Sections
3, 4, 5, 6 and 7 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee to the fullest
extent permitted by applicable law (including in connection with a Proceeding by or in the right of the Company).

 

Section 9. Exclusions.
Notwithstanding any provision in this Agreement, the Company is not obligated under this Agreement to make any indemnification
payment to Indemnitee in connection with any Proceeding:

 

(a) for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
to the extent provided in Section 16(b) of the Exchange Act, and except with respect to any excess beyond the amount paid under
any insurance policy or other indemnity provision; or

 

(b) for
(i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or common law, (ii) any reimbursement
of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized
by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such
reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002
(the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee
of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii) any reimbursement of the Company by Indemnitee of
any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee
of the Board, if any, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing
Section 10D of the Exchange Act; or

 

(c) initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee’s
rights to indemnification or advancement, of Expenses, including a Proceeding (or any part of any Proceeding) initiated pursuant
to Section 14 of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation
or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable
law.

 

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Section 10. Advances
of Expenses.

 

(a) The
Company will advance, to the fullest extent permitted by the DGCL, but subject to the terms of this Agreement, all Expenses incurred
by Indemnitee or on behalf of Indemnitee in connection with any Proceeding (or any part of any Proceeding) not initiated by Indemnitee
or any Proceeding (or any part of any Proceeding) initiated by Indemnitee if (i) the Proceeding or part of any Proceeding is to
enforce Indemnitee’s rights to obtain indemnification or advancement of Expenses from the Company or Enterprise, including
a proceeding initiated pursuant to Section 14 or (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior
to its initiation. The Company will advance the Expenses within twenty (20) days after the receipt by the Company of a statement
or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding.

 

(b) Advances
will be unsecured and interest free. Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that
it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances
upon the execution of this Agreement and delivery to the Company. No other form of undertaking is required other than the execution
of this Agreement. The Company will make advances without regard to Indemnitee’s ability to repay the Expenses and without
regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.

 

Section 11. Procedure
for Notification of Claim for Indemnification or Advancement.

 

(a) Indemnitee
will notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement
of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee
will include in the written notification to the Company a description of the nature of the Proceeding and the allegations underlying
the Proceeding and provide such documentation and information as is reasonably available to Indemnitee and is reasonably necessary
to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding.
Indemnitee’s failure to so notify the Company will not relieve the Company from any obligation it may have to Indemnitee
under this Agreement, and any delay or defect in so notifying the Company will not constitute a waiver by Indemnitee of any rights
under this Agreement. The Secretary of the Company will, promptly upon receipt of such a request for indemnification, advise the
Board in writing that Indemnitee has requested indemnification or advancement.

 

(b) The
Company will be entitled to participate in the Proceeding at its own expense, provided, that the Company will not be entitled to
assume the defense of such Proceedings on Indemnitee’s behalf without Indemnitee’s prior written consent.

 

(c) The
Company will not settle any Proceeding (in whole or in part) if such settlement would attribute to Indemnitee any admission of
liability or impose any Expense, judgment, liability, fine, penalty or obligation or limitation on Indemnitee without Indemnitee’s
prior written consent, which shall not be unreasonably withheld.

 

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Section 12. Procedure
Upon Application for Indemnification.

 

(a) Unless
a Change in Control has occurred, the determination of Indemnitee’s entitlement to indemnification will be made:

 

i. by
a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

 

ii. by
a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum
of the Board;

 

iii.
if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent
Counsel selected by the Board; or

 

iv. if
so directed by the Board, by the stockholders of the Company.

 

(b) The
party selecting Independent Counsel pursuant to subsection (a)(iii) of this Section 12 will provide written notice of the selection
to the other party. The notified party may, within ten (10) days after receiving written notice of the selection of Independent
Counsel, deliver to the selecting party a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement, and the objection will set forth with particularity the factual
basis of such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel. If such
written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless
and until such objection is withdrawn or the Court of Chancery of the State of Delaware Court has determined that such objection
is without merit. If, within thirty (30) days after the later of submission by Indemnitee of a written request for indemnification
pursuant to Section 11(a) hereof and the final disposition of the Proceeding, Independent Counsel has not been selected or,
if selected, any objection to has not been resolved, either the Company or Indemnitee may petition the Court of Chancery of the
State of Delaware for the appointment as Independent Counsel of a person selected by such court or by such other person as such
court designates. Upon the due commencement of any judicial proceeding pursuant to Section 14(a) of this Agreement, Independent
Counsel will be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing).

 

(c) Indemnitee
will cooperate with the person, persons or entity making the determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is
not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination. The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person,
persons or entity making the indemnification determination irrespective of the determination as to Indemnitee’s entitlement
to indemnification and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will
advise Indemnitee in writing of the determination that Indemnitee is or is not entitled to indemnification, including a description
of any reason or basis for which indemnification has been denied and providing a copy of any written opinion provided to the Board
by Independent Counsel.

 

(d) If
it is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee within ten (10) days
after such determination.

 

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Section 13. Presumptions
and Effect of Certain Proceedings.

 

(a) It
is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the
DGCL and public policy of the State of Delaware. In making a determination with respect to entitlement to indemnification hereunder,
the person or persons or entity making such determination will, to the fullest extent not prohibited by law, presume Indemnitee
is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with
Section 11(a) of this Agreement, and the Company will, to the fullest extent not prohibited by law, have the burden of proof to
overcome that presumption. Neither the failure of the Company (including by its directors or Independent Counsel) to have made
a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances
because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors
or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create
a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b) If
the determination of the Indemnitee’s entitlement to indemnification has not made pursuant to Section 12 within sixty (60)
days after the later of (i) receipt by the Company of Indemnitee’s request for indemnification pursuant to Section 11(a)
and (ii) the final disposition of the Proceeding for which Indemnitee requested indemnification (the “Determination Period”),
the requisite determination of entitlement to indemnification will, to the fullest extent not prohibited by law, be deemed to have
been made and Indemnitee will be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact,
or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with
the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. The Determination Period may
be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination
with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation
and/or information relating thereto; and provided, further, the Determination Period may be extended an additional fifteen (15)
days if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a)(iv) of
this Agreement.

 

(c) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and
in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect
to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

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(d) For
purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted based on
the records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, or on information
supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their duties,
or on the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or on information or records given or reports
made to the Company or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or other
expert selected with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further, Indemnitee will
be deemed to have acted in a manner “not opposed to the best interests of the Company,” as referred to in this Agreement
if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants
and beneficiaries of an employee benefit plan. Whether or not the foregoing provisions of this Section 13(d) are satisfied, it
shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden
of proof and the burden of persuasion. The provisions of this Section 13(d) is not exclusive and does not limit in any way the
other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

(e) The
knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary, agent or employee
of the Enterprise may not be imputed to Indemnitee for purposes of determining Indemnitee’s right to indemnification under
this Agreement.

 

Section 14. Remedies
of Indemnitee.

 

(a) Indemnitee
may commence litigation against the Company in the Court of Chancery of the State of Delaware to obtain indemnification or advancement
of Expenses provided by this Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company does not timely advance Expenses pursuant
to Section 10 of this Agreement, (iii) the determination of entitlement to indemnification is not made pursuant to Section 12 of
this Agreement within the Determination Period, (iv) the Company does not hold harmless and indemnify Indemnitee pursuant to Section 5
or 6 or the second to last sentence of Section 12(c) of this Agreement within ten (10) days after receipt by the Company of a written
request therefor, or (v) the Company does not hold harmless and indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this
Agreement within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification.

 

(b) If
a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification, any judicial
proceeding commenced pursuant to this Section 14 will be conducted in all respects as a de novo trial on the merits, and
Indemnitee may not be prejudiced by reason of that adverse determination. In any judicial proceeding commenced pursuant to this
Section 14, the Company will have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses,
as the case may be, and will not introduce evidence of the determination made pursuant to Section 12 of this Agreement.

 

(c) If
a determination is made pursuant to Section 12 of this Agreement that Indemnitee is entitled to indemnification, the Company will
be bound by such determination in any judicial proceeding commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

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(d) The
Company is, to the fullest extent not prohibited by law, precluded from asserting in any judicial proceeding commenced pursuant
to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and will stipulate
in any such court that the Company is bound by all the provisions of this Agreement.

 

(e) The
Company, to the fullest extent permitted by law, will (within ten (10) days after receipt by the Company of a written request therefor)
advance to Indemnitee such Expenses which are incurred by Indemnitee in connection with any action concerning this Agreement, Indemnitee’s
right to indemnification or advancement of Expenses from the Company, or concerning any directors’ and officers’ liability
insurance policies maintained by the Company and will hold harmless and indemnify Indemnitee against any and all such Expenses,
regardless of whether Indemnitee is ultimately determined to be entitled to such indemnification, unless the court determines that
each of the Indemnitee’s claims in such Proceeding were made in bad faith or were frivolous.

 

Section 15. Defense
of Proceeding and Selection of Counsel. In the event the Company is obligated to advance Expenses to Indemnitee with respect
to any Proceeding, the Company will be entitled to assume the defense of such Proceeding on behalf of Indemnitee upon the delivery
to Indemnitee of written notice of its election to do so. The Company will not, without the prior written consent of the Indemnitee,
effect any settlement of any Proceeding or part of any Proceeding which admits any liability or misconduct by Indemnitee. The Indemnitee
will not unreasonably withhold consent to any proposed settlement; provided that the Indemnitee may withhold consent to any settlement
that includes any admission of liability or misconduct by Indemnitee.

 

Section 16. Non-exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a) The
indemnification and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee
may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws of the Company, any agreement, a
vote of stockholders or a resolution of directors, or otherwise. The indemnification and advancement of Expenses provided by this
Agreement may not be limited or restricted by any amendment, alteration or repeal of the Certificate of Incorporation, the Bylaws
of the Company or this Agreement in any way with respect to any action taken or omitted by Indemnitee in Indemnitee’s Corporate
Status occurring prior to any such amendment, alteration or repeal of this Agreement. To the extent that a change in Delaware law,
whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently
under the Certificate of Incorporation, or this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this
Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any
other right or remedy, and every other right and remedy is cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, will not prevent the concurrent assertion or employment of any other right or remedy.

 

    -12-

     

    

 

(b) To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or Agents of the Enterprise, the Company will obtain a policy or policies covering Indemnitee. If, at the time of the receipt of
a notice of a claim pursuant to this Agreement, the Company has director and officer liability insurance in effect, the Company
will give prompt notice of such claim or of the commencement of a Proceeding, as the case may be, to the insurers in accordance
with the procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to
cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with
the terms of such policies. Indemnitee agrees to make reasonable efforts to assist the Company’s efforts to cause the insurers
to pay such amounts.

 

(c) In
the event of any payment made by the Company under this Agreement, the Company will be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee from any Enterprise or its insurance carrier. Indemnitee will execute all papers
required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable
the Company to bring suit to enforce such rights.

 

Section 17. Duration
of Agreement. This Agreement and the obligations of the Company hereunder continues until and terminates upon the later of:
(a) ten (10) years after the date that Indemnitee ceases to serve as a director or officer of the Company or (b) one (1) year after
the final adjudication or final termination by settlement of any Proceeding then pending in respect of which Indemnitee is granted
rights of indemnification or advancement of Expenses hereunder and of any Proceeding commenced by Indemnitee pursuant to Section 14
of this Agreement relating thereto. The indemnification and advancement of Expenses rights provided by or granted pursuant to this
Agreement are binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any
direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets
of the Company), continue as to an Indemnitee who has ceased to be a director, officer, employee or Agent of the Company or of
any other Enterprise, and inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors
and administrators and other legal representatives. The Company shall require and shall cause any successor (whether direct or
indirect by purchase, merger, consolidation or otherwise) of all or substantially all of the business or assets of the Company
to, by written agreement, expressly assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place.

 

Section 18. Severability.
If any provision or provisions of this Agreement is held to be invalid, illegal or unenforceable for any reason whatsoever: (a)
the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion
of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) will not in any way be affected or impaired thereby and remain enforceable to the fullest extent
permitted by law; (b) such provision or provisions will be deemed reformed to the extent necessary to conform to applicable law
and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be
invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will be construed so as to give effect
to the intent manifested thereby.

 

    -13-

     

    

 

Section 19. Enforcement.

 

(a) The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as a director or officer of the Company.

 

(b) This
Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation and applicable
law, and is not a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section 20. Modification
and Waiver. No supplement, modification or amendment of this Agreement is binding unless executed in writing by the parties
hereto. No waiver of any of the provisions of this Agreement will be deemed or constitutes a waiver of any other provisions of
this Agreement nor will any waiver constitute a continuing waiver.

 

Section 21. Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification
or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of
any obligation which it may have to the Indemnitee under this Agreement or otherwise.

 

Section 22. Notices.
All notices, requests, demands and other communications under this Agreement will be in writing and will be deemed to have been
duly given if (a) delivered by hand to the other party, (b) sent by reputable overnight courier to the other party or (c) sent
by facsimile transmission or electronic mail, with receipt of oral confirmation that such communication has been received:

 

(a) If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee provides to
the Company.

 

(b) If
to the Company to:

 

GCM Grosvenor Inc.

900 North Michigan Avenue

Suite 1100

Chicago, Illinois 60611

Attention: Legal Department

Telephone: (312)
506-6500

 

or to any other address as may have been
furnished to Indemnitee by the Company.

 

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Section 23. Applicable
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties are governed by, and construed and
enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee
hereby irrevocably and unconditionally (i) agree that any action or Proceeding arising out of or in connection with this Agreement
may be brought only in the Court of Chancery of the State of Delaware and not in any other state or federal court in the United
States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Court of Chancery
of the State of Delaware for purposes of any action or Proceeding arising out of or in connection with this Agreement, (iii) waive
any objection to the laying of venue of any such action or Proceeding in the Court of Chancery of the State of Delaware, and (iv)
waive, and agree not to plead or to make, any claim that any such action or Proceeding brought in the Court of Chancery of the
State of Delaware has been brought in an improper or inconvenient forum.

 

Section 24. Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which will for all purposes be deemed to
be an original but all of which together constitutes one and the same Agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

Section 25. Headings.
The headings of this Agreement are inserted for convenience only and do not constitute part of this Agreement or affect the construction
thereof.

 

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IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

 

	GCM GROSVENOR INC.	 	INDEMNITEE
	 	 	 	 	 
	By:	              	 	 
	Name:	 	 	Name:	 
	Office:	 	 	Address:Document

RETIREMENT TRANSITION AGREEMENT
This Retirement Transition Agreement (“Agreement”) is made and entered into by and between Alan R. Hoskins (“Colleague”) and Energizer Brands, LLC (“Energizer”).  For purposes of this Agreement, the term “Energizer” shall include not only Energizer Brands, LLC, but also Energizer Holdings, Inc., and all current and former parent, subsidiary and affiliated companies, predecessors, successors, and assigns of the aforementioned entities.  In consideration of the following promises, the parties agree to the following:
WHEREAS, Colleague and Energizer desire to enter into an agreement that will provide for the end of Colleague’s employment as a result of Retirement, the orderly transition of Colleague’s knowledge, duties and responsibilities, and the release of any and all claims Colleague may have now or in the past has had (except for the items contained in this Agreement) against Energizer and the other Released Parties (as hereafter defined), including but not limited to those related to (1) Colleague’s employment, (2) the end of Colleague’s  employment as a result of Retirement, and (3) any and all other claims; 
NOW THEREFORE, for and in consideration of the mutual releases, covenants, and undertakings hereinafter set forth, and for other good and valuable consideration, which each party hereby acknowledges, intending to be legally bound, it is agreed as follows:
1.Effectiveness and Separation of Employment.  This Agreement shall be effective on the eighth (8th) day following Colleague’s execution of the Agreement (“Effective Date”).  Colleague will remain employed by Energizer until September 30, 2021 (the “Retirement Date”), unless Colleague’s employment with Energizer is terminated prior to such date pursuant to Section 4(a) below, in which case such termination date will be deemed the Retirement Date. Effective on the Retirement Date, Colleague will be permanently and irrevocably separated from employment.  The period between the Transition Date (defined below) and the Retirement Date will be referred to as the “Transition Period.”  Colleague will work with Energizer for an orderly and timely transition of all officer designations.  As a result of the appointment of a new Chief Executive Officer, Colleague will relinquish the title of Chief Executive Officer upon January 1, 2021 (the “Transition Date”) and assume the title of Special Advisor upon the Transition Date.
2.Pre-Transition Period.  During the period beginning with the Effective Date and continuing until the Transition Date (the “Pre-Transition Period”) Colleague will continue to serve as Energizer’s Chief Executive Officer, with the same duties and responsibilities as in effect immediately prior to the Effective Date of this Agreement.  Colleague’s compensation and benefits during the Pre-Transition Period shall be determined in the same manner as immediately prior to the Effective Date, and in all circumstances, subject to the review and approval of Energizer’s Human Capital Committee and Board of Directors (as applicable) consistent with Energizer’s past practices.  For purposes of clarity, nothing in this Section 2 shall prohibit Energizer’s Human Capital Committee from administering Energizer’s various incentive, equity and other employee benefit plans, programs and agreement pursuant to its authority under Colleague’s fiscal 2019, 2020 and 2021 Time-Based Restricted Stock Equivalent Award Agreements and Colleague’s fiscal 2019, 2020 and 2021 Performance Restricted Stock Equivalent Award Agreements, including, but not limited to, exercising discretion with respect to determination of amount of any payment; provided, however, that any exercise of discretion by Energizer’s Human Capital Committee shall generally be applied in a uniform fashion among Energizer’s senior executives.  Aside from the potential application of discretion described in the preceding sentence, Energizer shall not otherwise modify the vesting provisions applicable to awards described in Section 2 of this Agreement without Colleague’s prior written consent.
3.Transition Obligations.  During the Transition Period, Colleague agrees to comply with the terms in this Section and to provide the following transition services:
a.Working closely with the executive team members to ensure an orderly transition of all outstanding matters and other projects and perform such other services as are reasonably requested in support of the transition by the newly-appointed Chief Executive Officer; 

b.Assisting in a comprehensive transition for current direct reports and their teams which will enable a smooth transition and results with minimal disruption to the Energizer business; 
c.Working from Colleague’s home and reporting to Energizer’s offices only if requested by the newly-appointed Chief Executive Officer; 
d.Maintaining positive working relationships and conduct communications in accordance with the provisions of this Agreement; 
e.Conducting all activities in a professional manner and in the best interest of Energizer in support of Energizer’s executive team; and 
f.Complying with reasonable requests of the Chairman of the Board in support and to facilitate a smooth transition of responsibilities and duties to the newly-appointed Chief Executive Officer. 
4.Payments and Other Benefits.  Provided that Colleague has:  (i) complied in all material respects with the requirements of this Agreement, specifically including Section 2, above and corrected any failure of  such compliance with ten (10) days’ notice of non-compliance by Energizer, (ii) executed and not revoked this Agreement; and (iii) executed and not revoked, within the timeframe specified therein following the Retirement Date, the Agreement Affirmation attached to this Agreement (“Appendix A”), Energizer will provide Colleague with the payments and benefits described below, in consideration and in exchange for Colleague’s promises and obligations herein.  Colleague acknowledges that certain of the payments and other benefits set forth below are more than he would otherwise be eligible to receive.
a.During the Transition Period, Energizer will continue to pay Colleague’s current base annual salary of $1,060,900 and offer the same benefits, including medical insurance, as are available to other similarly situated executives during the Transition Period, subject to the terms and conditions of each applicable benefit plan. 
b.Energizer will reimburse Colleague for any unreimbursed expenses properly incurred in accordance with, and subject to, Energizer’s regular policies applicable to officers and directors of Energizer in effect from time to time regarding reimbursement of expenses during the Transition Period.
c.Colleague’s earned paid-time off in addition to five weeks of sabbatical leave will be paid in a lump sum upon the Retirement Date or in accordance with Energizer’s payroll practices for separated colleagues.
d.Colleague’s other earned benefits and compensation will be paid and/or transferred to Colleague as per the applicable plan agreement(s) and/or the applicable Colleague election(s).  For purposes of clarity, Colleague’s participation in Energizer’s broad-based retirement plans (pension and 401(k) plans), executive retirement plans and health and welfare plans shall continue per applicable plan terms from the Effective Date through the Retirement Date.  Nothing in this Agreement shall be deemed to amend, modify or otherwise alter Colleague’s entitlement to payments or benefits under any of the plans described in this Section 4.d., which shall continue to be governed by the terms of the applicable plans both before and after Colleague’s Retirement Date.
e.Colleague acknowledges and agrees that until the Retirement Date he shall be entitled to any matching contributions that Energizer is permitted to make pursuant to the terms of the plan documents and summary plan description, as amended, of the Energizer Executive SIP.

f.Transition Bonus Payment:  Colleague’s bonus, if any, under the Executive Officer Bonus Plan (the “Bonus Plan”) for the fiscal year ending September 30, 2021 shall be earned and payable pursuant to the terms of the Bonus Plan. Colleague will not be entitled to any bonus under the Bonus Plan accrued for periods ending on or after the Retirement Date. If, and to the extent that the performance goals are achieved under the terms of the Bonus Plan for the 2021 fiscal year, Energizer will pay Colleague a transition bonus (the “Transition Bonus”) on the same date the 2021 bonus would have been paid had Colleague’s employment continued until the date of payment under the Bonus Plan for the entire fiscal year 2021. The anticipated payment date for the Transition Bonus is November 30, 2021, but in no event shall the payment date be later than December 31, 2021, if and to the extent that the Colleague is eligible for a payment hereunder.
g.Restricted Stock Equivalents:  Colleague’s fiscal 2019, 2020 and 2021 Time-Based Restricted Stock Equivalent Award Agreements and Colleague’s fiscal 2019, 2020 and 2021 Performance Restricted Stock Equivalent Award Agreements shall continue to vest and become payable pursuant to the terms of the applicable award agreement as though Colleague remained employed by Energizer until the applicable vesting date, notwithstanding the termination of Colleague’s employment.  For purposes of clarity, (i) the applicable performance-based vesting requirements based on Energizer’s performance (but not continuation of employment) shall continue to apply to Colleague’s fiscal 2019,  2020 and 2021 Performance Restricted Stock Equivalent Award Agreements for purposes of determining the extent to which such awards become vested and (ii) to the extent that Energizer’s Human Capital Committee exercises discretion with respect to any payment under Colleague’s fiscal 2019, 2020 and 2021 Time-Based Restricted Stock Equivalent Award Agreements and Colleague’s fiscal 2019, 2020 and 2021 Performance Restricted Stock Equivalent Award Agreements, such exercise of discretion shall generally be applied in a uniform fashion among Energizer’s senior executives.  Aside from the potential application of discretion described in the preceding sentence, Energizer shall not otherwise modify the vesting provisions applicable to awards described in Section 2 of this Agreement without Colleague’s prior written consent.
5.Termination of Employment; Change of Control; Executive Severance Agreement and Performance and Time-Based Award Agreements.
a.Notwithstanding the above, if prior to September 30, 2021, Colleague’s employment with Energizer is terminated:  (i) voluntarily by Colleague, or (ii) by Energizer for Cause (as defined below), as determined in good faith by Energizer based upon reasonable facts and circumstances, Colleague shall not be entitled to any payments or benefits pursuant to Section 4 following the date of such termination of employment, except as otherwise provided for in such plans and agreements referenced in Section 4.
If, however, Energizer terminates Colleague’s employment prior to September 30, 2021 for a reason other than Cause, Colleague will still receive (i) the base salary in a lump sum that would be payable under Section 4(a) had the Retirement Date been September 30, 2021 payable on the next regularly scheduled payroll date following Colleague’s termination; (ii) vesting continuation rights under Section 4(g) (Restricted Stock Equivalents) and the Transition Bonus under Section 4(f) had the Retirement Date been September 30, 2021, provided that, in the case of such termination of employment for reasons other than Cause, Colleague executes and does not revoke Appendix A within the timeframe specified following the new retirement date.  

For purposes of this Agreement, “Cause” means Colleague willfully engaging in gross misconduct that materially injures Energizer (as determined in good faith by Energizer), Colleague’s final, unappealable conviction of a felony, or Colleague’s material breach of this Agreement that remains uncured following ten (10) days following notice by Energizer to the Colleague of such breach, provided, however, that Cause shall not include a termination attributable to (i) poor work performance, bad judgment or negligence on the part of Colleague, (ii) an act or omission believed by Colleague in good faith to have been in or not opposed to the best interests of Energizer and reasonably believed by Colleague to be lawful, or (iii) the good faith conduct of Colleague in connection with a change of control (including opposition to or support of such change of control).
In the event of a Cause termination of employment prior to September 30, 2021 pursuant to this subsection, all references to “Retirement Date” will mean the earlier date on which Colleague’s employment actually ends.
b.Colleague acknowledges that, as of the Effective Date: (i) no Change of Control has occurred; (ii) his termination is not in connection with any Change of Control, either actual or deemed, and (iii) he is therefore not entitled to any benefits as of the Effective Date pursuant to the Change of Control Employment Agreement entered into between Colleague and Energizer on July 1, 2015 (the “Change of Control Employment Agreement”).  The Change of Control Employment Agreement shall continue through the Retirement Date, and will be terminated as of the Retirement Date.  Notwithstanding the forgoing, in no event shall Colleague be entitled to duplicate payments under this Agreement to the extent that Colleague becomes entitled to the same payments or benefits under the Change of Control Employment Agreement.
c.Colleague agrees that the benefits that he will receive pursuant to Section 4, above, are in lieu of any benefits to which he may have been entitled pursuant to any severance plan or agreement, specifically including the Energizer Holdings, Inc. Executive Severance Plan, (collectively, “Severance Plans”) and that, on the Effective Date, he hereby knowingly and voluntarily agrees to waive any and all benefits to which he may be entitled pursuant to Energizer Severance Plans.
6.Representations of Colleague.  As a material inducement to Energizer to enter into this Agreement, Colleague hereby represents and confirms that:
a.he has not filed or otherwise pursued any charges, complaints, lawsuits or claims of any nature against Energizer or any of its subsidiaries, affiliates or divisions, arising out of or relating to events occurring prior to and through the date of this Agreement, with any governmental agency or court with respect to any matter covered by this Agreement, and Colleague has no knowledge of any fact or circumstance that he would reasonably expect to result in any such claim against Energizer in respect of any of the foregoing.  Except as provided in Sections 10 and 16 of this Agreement, and subject to the provisions thereof, Colleague agrees hereby not to bring suit against Energizer for events occurring prior to the date of this Agreement and not to seek damages from Energizer by filing a claim or charge with any governmental agency or court.
b.through the Effective Date he has not:  (i) engaged in any conduct that constitutes willful gross neglect or willful gross misconduct with respect to his employment duties with Energizer which has resulted or will result in material economic harm to Energizer; (ii) knowingly violated the Code of Conduct or; (iii) facilitated or engaged in, and has no knowledge of, any financial or accounting improprieties or irregularities of Energizer; or 

(iv) knowingly made any incorrect or false statements in any of his certifications relating to filings of Energizer required under applicable securities laws or management representation letters, and has no knowledge of any incorrect or false statements in any of Energizer’ filings required under applicable securities laws.
7.Tax Matters
a.Withholding.  All payments and benefits provided hereunder shall be subject to tax withholdings required by applicable law and other standard payroll deductions.
b.Section 409A.  All amounts payable under this Agreement are intended to either not constitute “deferred compensation” or comply with the “short term deferral” exception each as defined under Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and other guidance promulgated thereunder (“Section 409A”) and shall be interpreted in a manner consistent with those exceptions.  Notwithstanding the foregoing, to the extent that any amounts payable in accordance with this Agreement are subject to Section 409A, this Agreement shall be interpreted and administered in such a way as to comply with the applicable provisions of Section 409A to the maximum extent possible.  “Termination of employment,” “resignation” or words of similar import, as used in this Agreement shall mean, with respect to any payments of deferred compensation subject to Section 409A of the Code, Colleague’s “separation from service” as defined in Section 409A.  Colleague shall not have the ability to control, directly or indirectly, the timing of any payments of deferred compensation subject to Section 409A.  Any payments that are deferred compensation subject to Section 409A, and that could occur in one of two years depending on the timing of an action by Colleague, such as the delivery of a release, will always occur in the later year.  In addition and solely to the extent required by Section 409A, no payments that are deferred compensation subject to Section 409A will be made to Colleague prior to the earlier of (a) the expiration of the six (6)-month period measured from the date of Colleague’s “separation from service” (as such term is defined in Treasury Regulations issued under Section 409A) or (b) the date of Colleague’s death, if Colleague is deemed at the time of his separation from service to be a “specified employee” within the meaning of that term under Section 409A(a)(2) of the Code and to the extent such delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2) of the Code. All payments and benefits which had been delayed pursuant to the immediately preceding sentence shall be paid (without interest) to Colleague in a lump sum upon expiration of such six-month period (or if earlier upon Colleague’s death).
c.Colleague agrees that he shall be liable for the payment of all federal, state and local taxes which may be owed by Colleague as the result of the consideration described above.  Colleague understands that Energizer makes no representations regarding tax treatment of the payments, and Colleague agrees fully to defend, indemnify and hold Energizer, and each of its parents, subsidiaries, divisions, affiliates and operating companies, and the respective officers, directors, employees, agents and affiliates of each of them, harmless from any liability for payment of the taxes, penalties, withholding obligations and interest that he owes on the consideration he receives and that a government agency requests that Energizer pay (other than any payroll tax amounts for which only the employer would be liable), and to cooperate with Energizer with respect to any tax issues related to the compensation payable under this Agreement.  Energizer makes no representations that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall Energizer be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Colleague on account of non-compliance with Section 409A.

8.General Release of Claims by Colleague.  Colleague, for and on behalf of Colleague and Colleague’s heirs, beneficiaries, executors, administrators, successors, assigns, and anyone claiming through or under any of the foregoing, hereby agrees to, and does, remise, release and forever discharge Energizer and all of its past, present, and future officers, board of directors, attorneys, agents, representatives, stockholders, and employees (collectively the “Released Parties”) from any and all matters, claims, demands, damages, causes of action, debts, liabilities, controversies, judgments and suits of every kind and nature whatsoever, foreseen or unforeseen, known or unknown, which have arisen or could arise between Colleague and Energizer from matters which occurred prior to the date of execution of this Agreement, which matters include but are not limited to Colleague’s retirement from employment with Energizer, and matters arising from the offer and acceptance of this Agreement.  Colleague understands that the provisions of this paragraph mean that, except as may otherwise be provided by law, Colleague cannot bring a lawsuit against Energizer or the Released Parties except with respect to enforcement of this Agreement or with respect to any events occurring after the date of this Agreement.
9.General Release of Claims by Energizer.  Energizer hereby agrees to, and does, remise, release and forever discharge Colleague from any and all known matters, claims, demands, damages, causes of action, debts, liabilities, controversies, judgments and suits of every kind and nature whatsoever, which have arisen or could arise between Colleague and Energizer from matters which occurred prior to the date of this Agreement by Energizer.  Energizer understands that the provisions of this paragraph means that, except as may otherwise be provided by law, Energizer cannot bring a lawsuit against Colleague.
10.Agreement Not to File Suit.  Colleague, for and on behalf of Colleague and Colleague’s beneficiaries, executors, administrators, successors, assigns, and anyone claiming through or under any of the foregoing, agrees that, except as specifically set forth herein, he will not file or otherwise submit any charge, claim, complaint, arbitration request, or action to any agency, court, organization, or judicial forum, including but not limited to all federal, state, and local forums, against Energizer or the Released Parties.  Nor will Colleague permit any person, group of persons, or organization to take such action on Colleague’s behalf against Energizer arising out of any actions or non-actions on the part of Energizer arising before execution of this Agreement.  Colleague further agrees that in the event that any person or entity should bring such a charge, claim, complaint, or action on his behalf, he hereby waives and forfeits any right to recovery under said claim and will exercise every good faith effort to have such claim dismissed.  The provisions of this paragraph or any other paragraph in this Agreement shall not be construed to prevent Colleague from filing a charge, or whistleblower or other complaint, with the Equal Employment Opportunity Commission (“EEOC”), the Securities and Exchange Commission (“SEC”) or other government agency to the extent he is permitted to do so by law, and this Agreement is not intended to interfere with Colleague’s right to participate and cooperate with an investigation conducted by the EEOC the SEC or any similar agency.  Colleague, however, expressly waives and disclaims any right to compensation, reinstatement, equitable or legal remedies or other benefits that may inure to him/her as a result of any such charge and hereby expressly agrees to provide any such benefit or pay any such compensation directly to Energizer.  Colleague understands that the provisions of this paragraph mean that, except as may otherwise be provided by law, Colleague cannot bring a lawsuit against Energizer.
11.Claims Covered.  The charges, claims, complaints, matters, demands, damages, and causes of action referenced in the General Release of Claims and Agreement Not to File Suit paragraphs above include, but are not limited to, (i) any claims for compensation or other payments; (ii) any breach of an actual or implied contract of employment between Colleague and Energizer, (iii) any claim of unjust, wrongful, or tortious transfer, demotion, or discharge (including any claim of fraud, negligence, retaliation for whistleblowing, or intentional infliction of emotional distress), (iv) any claim of defamation or other common-law action, or (v) any claims of violations arising under the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq.; the Civil Rights Act of 1866, 42 U.S.C. § 1981; the National Labor Relations Act; the Age Discrimination in Employment Act (“ADEA”), as amended, 29 U.S.C. § 621 et seq., (including but not limited to the Older Worker’s Benefit Protection Act), the Americans with Disabilities Act of 1990 and the ADA Amendments Act of 2008, as amended, 42 U.S.C. § 12101 et seq.; the Fair Labor Standards Act of 1938, as amended, 29 

U.S.C. § 201 et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; the Family and Medical Leave Act, 29 U.S.C. § 2601; the Employee Retirement Income Security Act, 29 U.S.C. § 1001, et seq.; the Worker Adjustment and Retraining Notification Act, 29 U.S.C. §§ 2101, et seq.; claims of retaliation for exercise of rights under the Occupational Safety and Health Act; The Dodd-Frank Wall Street Reform and Consumer Protection Act; The Sarbanes-Oxley Act, retaliation for exercise under any state worker’s compensation laws; and any other foreign, federal, state, or local statutes, orders, laws, ordinances, regulations or the like, including, without limitation, common laws or other laws, whether or not related to employment, or any claims for pay, commissions, vacation, insurance, or benefits, or any other benefits of employment with Energizer arising from events occurring prior to the date of this Agreement, other than those payments or other benefits specifically provided herein.
12.Release Limitations.  Colleague and Energizer expressly agree that this Agreement is not intended to conflict with or violate any law restricting the waiver of Colleague’s rights.  Without limiting the scope of the General Release of Claims, Agreement Not to File Suit, and Claims Covered paragraphs, this Agreement will not affect rights Colleague may have, if any, to unemployment insurance benefits or benefits under retirement plans or group health plans maintained by Energizer. 
13.Representations and Warranties Regarding the FLSA.  Colleague represents and warrants that he has received any and all wages and commissions for work performed and all overtime compensation to which he may have been entitled, and that he is not currently aware of any facts or circumstances constituting a violation by Energizer of the Fair Labor Standards Act (“FLSA”) or comparable state or local law.
14.No Additional On-the-Job Injury.  Colleague represents and agrees that to the best of Colleague’s knowledge and belief, he has not suffered any on-the-job injury for which he has not already filed a claim.
15.No Involvement in Actions.  To the maximum extent allowed by applicable law and subject to Colleague’s rights in the Protected Rights paragraph, Colleague shall not hereafter directly or indirectly, or by the use or participation of another, counsel, assist, aid or abet any person (be it layman or lawyer) in the prosecution of a claim or suit against Energizer or the Released Parties.  Colleague shall not hereafter receive or accept any compensation, directly or indirectly, from any person, firm, or corporation for the prosecution of any such claim whether by suit or settlement.  Colleague shall not voluntarily (absent subpoena or court order, or other legal process, or pursuant to Paragraph 10 above) testify, whether by deposition, affidavit, or in person, in any legal proceeding in which Energizer is a party or prospective party.
16.Protected Rights.  Nothing in this Agreement (including the General Release of Claims, Agreement Not to File Suit, Claims Covered, No Involvement in Actions, Confidentiality of Agreement, Obligation Regarding Confidential Information, and Nondisparagement paragraphs), is intended to conflict with or limit Colleague’s right from filing a charge or claim with or participating or testifying fully in any investigation or proceeding conducted by any federal, state, local or administrative agency charged with enforcement of any law.
17.No Waiver of Future Claims.  Notwithstanding anything else in this Agreement, the parties agree that this Agreement does not constitute a waiver, constraint or release of any rights, or deny any rights of Colleague to any legal proceeding with respect to claims that may truly occur and arise after the date on which the Colleague executes this Agreement or with respect to Colleague’s rights under and enforcement of the terms and provisions of this Agreement.
18. No Admission of Wrongdoing.  The parties to this Agreement agree that nothing in this Agreement is an admission by any party hereto of any wrongdoing, either in violation of an applicable law or otherwise, and that nothing in this Agreement is to be construed as such by any person.
19.Return of Property.  Colleague agrees to return any and all Energizer property in his possession, custody, or control, including, but not limited to, any credit cards, access cards, badges, devices, computer and/

or other equipment, and any confidential, proprietary, or other business information belonging to Energizer at the Retirement Date or upon request by Energizer
20.Reinstatement or Re-employment.  Colleague agrees that he will neither apply for nor accept employment or re-employment with Energizer, in any capacity whatsoever, including but not limited to placement as a contingent worker (such as a contract hire, consultant, industry or technical assistant, or independent contractor) and that Energizer has no obligation whatsoever, contractual or otherwise, to re-hire, re-employ, re-call or contract with Colleague in any capacity in the future.
21.Cooperation.  Colleague agrees to fully cooperate with, and make himself reasonably available to, Energizer and its legal counsel, as Energizer may request, to assist it in any matter, including without limitation:  (a) giving truthful testimony as to any non-privileged matter in any litigation, potential litigation, or similar inquiry or investigation that is related in any way to any matter about which Colleague may have knowledge, information, or expertise; and (b) providing accurate information related to any other general or specific business matter about which Colleague possesses knowledge, information, or expertise.  Upon presentation of reasonable documentation from Colleague, Energizer agrees to reimburse Colleague for his reasonable out-of-pocket expenses and any loss of wages or salary in connection with compliance with this paragraph, subject to the requirements of applicable law.  If Colleague is not employed at the time he provides cooperation under this paragraph, Energizer will pay for Colleague’s time at an hourly rate based on his final base salary for Energizer as of his Retirement Date.
22.Confidential Information.
a.During the course of Colleague’s employment with Energizer, Colleague has possessed, become aware of, learned of, and/or had access to information that is proprietary and owned by Energizer and not readily available to outside parties through lawful means (hereinafter “Confidential Information”).  Examples of Confidential Information include, but are not limited to, confidential intellectual property, trade secrets, operational practices, plans, methods, products, processes, formulas, devices, customer identities, customer lists, vendor identities, vendor lists, supplier identities, supplier lists, components, compositions, recipes, drawings, designs, formulations, memoranda, computer hardware, software, computer disks or CD’s, drawings, financial data, blueprints, or any reproductions of these, business plans, projections, prospects, opportunities or strategies, acquisitions, divestitures or mergers, financial data (including but not limited to the revenues, costs, or profits, associated with any products or services) and the like.  This Confidential Information is important and valuable to Energizer’s business of developing, manufacturing and selling household and specialty batteries; portable lights; and automotive appearance, performance, refrigerants and freshener products, as well as other products Energizer may pursue in the future (hereinafter “the Company’s Business”).
b.Colleague will not directly or indirectly:  use, disclose, reproduce, distribute, or otherwise disseminate Confidential Information, or take any action causing, or fail to take any action necessary, in order to prevent any such information to lose its character or cease to qualify as Confidential Information.
c.Colleague agrees to return within forty-eight (48) hours of Retirement Date all materials within Colleague’s possession, whether confidential or proprietary or that in anyway relates to the business of Energizer.
d.In addition to this paragraph, Colleague agrees to abide by his Intellectual Property and Confidentiality Agreement, except as expressly superseded by this Agreement.

e.The obligation to protect Energizer’s confidential information survives the termination of the employment relationship.
23.Non-Competition and Non-Solicitation.
a.Colleague acknowledges that Energizer has a valid interest in protecting its valuable assets, including its Confidential Information, the goodwill and business relationships with its customers, other colleagues, and the general public, and the specialized training of its colleagues, and recognizing, because of Colleague’s position with Energizer, that Colleague’s use of Energizer’s valuable assets, directly or indirectly, against or in competition with Energizer, during employment or after termination of employment, would result in irreparable harm to Energizer. Accordingly, Colleague acknowledges that the covenants and restrictions contained herein are necessary to protect these valuable assets of Energizer and to prevent irreparable injury to Energizer’s business.   
b.Colleague agrees that for a period of three (3) years from the Retirement Date, Colleague will not on Colleague’s own behalf or on behalf of a Competing Business, directly or indirectly:
▪Compete (as defined below) against Energizer in the Company’s Business (as it exists on the Retirement Date and as defined above), in the Territory.  
▪Solicit, divert, or appropriate, or attempt to solicit, divert, or appropriate or accept any business from any Energizer’s vendors, suppliers or customers with whom Colleague had material contact and/or about whom Colleague was provided Confidential Information during the last two (2) years of Colleague’s employment with Energizer in order to curtail, cancel, or discontinue their business relationship with Energizer.
▪Solicit, recruit, or encourage (i) current Colleagues of Energizer; or (ii) Colleagues whose employment with Energizer was terminated for any reason within one (1) year of the date of said solicitation, recruitment, or encouragement to provide to a Competing Business the same or substantially similar services they provided to Energizer.
▪Colleague understands that this Agreement does not prevent him from buying or selling stock in any company that is publicly listed and traded on any exchange or in the over-the-counter market.
c.For purposes of this Agreement, 
▪“Compete” means to accept or begin employment with, advise, finance, own (partially or in whole), consult with, or accept an assignment through an employer with any third party (including, but not limited to, competitors, suppliers, manufacturers, retailers, brokers) in a position involving or relating to the Company’s Business, where doing so will require Colleague to provide the same or substantially similar services to a competing business as those that Colleague provided to Energizer while employed, or use any of the Confidential Information for the benefit of any third party.
▪“Competing Business” means employment by, ownership, management or control of, or otherwise being affiliated as a consultant, trustee, manager, partner, principal, officer, director, or independent contractor in any other business entity, 

or engaging in any business which in any manner competes with the Company’s Business as conducted during Colleague’s employment.
			
	▪“Territory,” recognizing Colleague’s unique access to Energizer’s Confidential Information, is defined as anywhere in the world.

 
24.Confidentiality of Agreement.  Colleague represents that he has not disclosed and agrees that he will not disclose the terms of this Agreement to anyone except Colleague’s attorneys, Colleague’s financial and tax advisors, Colleague’s spouse, or the IRS or other taxing authorities, or as required by law, or in response to an inquiry from any judicial, governmental, or regulatory agency or organization.  If Colleague discloses the terms of this Agreement to his spouse, his attorneys, or his financial advisors, he will advise them that they must not disclose the terms of this Agreement to anyone else and will be responsible for any such disclosure. Notwithstanding, Energizer agrees that it will be filing this Agreement with the Securities & Exchange Commission and at such time where the Agreement will be deemed non-confidential.
25.Non-disparagement.  
a.Colleague agrees not to criticize, denigrate or otherwise disparage or cause disparagement, or make any disparaging remarks (“Disparage”), to the media, the general public, customers, investors, or to any other person or entity about Energizer or its officers and directors.  In particular, but without limitation, Colleague will not Disparage Energizer or its officers or directors to any of Energizer’s current, former, or prospective customers or clients or any of Energizer’s current or former employees.  Colleague further represents and agrees that he has not and will not engage in any conduct or take any action whatsoever to cause or influence or which reasonably could be anticipated to cause or influence any person or entity, including but not limited to, any past, present or prospective employee of, or applicant for employment with Energizer, to initiate litigation, assert any other kind of claim or take any other kind of adverse action against Energizer.  Colleague acknowledges that this provision constitutes a material term in this Agreement, without which Energizer would not enter into this Agreement.  As a result, any breach of this provision as determined by a court of competent jurisdiction will be considered a material breach and will, among all other available remedies, excuse Energizer from any further obligations to Colleague under this Agreement.  This shall not be construed as a limitation of remedies, and Energizer retains all rights to pursue any and all claims or actions against Colleague as a result of any disparaging remarks made in violation of this paragraph or otherwise.
b.Energizer agrees to use reasonable efforts to ensure that Energizer and its directors and officers will not criticize, denigrate or otherwise disparage or cause disparagement, or make any disparaging remarks, to the media, the general public, investors, executive search firms or to any other person or entity about Colleague.
26.No Rights Are Waived.  Colleague agrees that Energizer’s failure to enforce at any time any portion of this Agreement, or to require at any time performance by Colleague, will in no way be construed to (a) be a waiver of any rights under this Agreement, (b) affect the validity of this Agreement, or any part of this Agreement, or (c) diminish the right of Energizer thereafter to enforce all parts of this Agreement in accordance with its terms.
27.Promises Given Are Reasonable.  Colleague acknowledges and agrees that the promises and restrictions in this Agreement are reasonable and necessary for the protection of Energizer and its business.  Colleague further acknowledges and agrees that Energizer is entitled to seek an injunction or other forms of equitable relief, without bond, to prevent or terminate any violation of Colleague’s promises or restrictions.  Any such relief will be in addition to, and not in lieu of, any other remedy available to Energizer, whether at law or in equity.

28.Liquidated Damages.  Colleague understands and agrees that the damage to Energizer due to any breach of this Agreement will be extremely difficult to determine.  Therefore, Colleague agrees that if a court of competent jurisdiction finds that he violated any provision of this Agreement, he will pay Energizer such damages as found by a judge or jury without prejudice to any additional relief that may be available to Energizer.  Colleague’s material breach of this Agreement which remains uncured following ten (10) days’ notice to Colleague will excuse Energizer from any further obligations under this Agreement.  Colleague agrees a breach by Colleague of the Restrictive Covenants in this Agreement will cause irreparable damage to Energizer and, for that reason, Colleague further agrees Energizer shall be entitled as a matter of right to injunctive relief restraining any further violation by Colleague.  The right to injunctive relief shall be cumulative and in addition to any and all other remedies Energizer may have, including, specifically, recovery of actual damages, as provided for above.  In addition, if a Court of competent jurisdiction finds either party has broken their respective promises contained in this Agreement by filing a lawsuit or initiating or maintaining any other type of claim prohibited by this Agreement, the losing party agrees to pay for all costs incurred by the prevailing party, including reasonable attorneys’ fees, in defending against his claims.
29.Missouri Law Governs.  Because of Energizer’s and Colleague’s substantial contacts with the State of Missouri, the fact that Energizer’s headquarters is located in Missouri, the parties’ interests in ensuring that disputes regarding the interpretation, validity, and enforceability of this Agreement are resolved on a uniform basis, and Energizer’s execution of and making of this Agreement in Missouri, the parties agree that the Agreement shall be interpreted and governed by the laws of the State of Missouri, without regard for any conflict of law principles.  Any action concerning this Agreement must be decided in a court of competent jurisdiction in St.  Louis County, Missouri, with respect to a state court, or the United States District Court for the Eastern District of Missouri, with respect to a federal court.
COLLEAGUE CONSENTS TO THE EXERCISE OF JURISDICTION OF THE COURT IN THE EXCLUSIVE FORUM STATED IN THIS AGREEMENT AND WAIVES ANY RIGHT COLLEAGUE MAY HAVE TO CHALLENGE OR CONTEST THE REMOVAL OF ANY ACTION BY ENERGIZER TO FEDERAL COURT OF ANY ACTION COLLEAGUE MAY BRING AGAINST IT IN STATE COURT.
30.Rule of Construction.  The rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be employed in interpreting this Agreement.  The parties intend for this Agreement to satisfy the provisions of the Age Discrimination in Employment Act of 1967, as amended, and this Agreement shall always be construed or limited in conformity with such provisions.
31.Modification or Severability of Agreement if Necessary.  Colleague agrees that if any part of his promises or the duration of such promises in this agreement are determined to be too restrictive by a court of competent jurisdiction, the court may modify the promises and/or duration to make the same reasonable under the circumstances, and Colleague acknowledges that both Colleague and Energizer will be bound by such modification.  In case any of the provisions in this agreement is held to be invalid, illegal or unenforceable—and cannot be modified—then such invalidity, illegality, or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such provision had never been contained in the Agreement.  
32.Mutual Agreement for Modification.  Unless modified by a court of competent jurisdiction which determines the agreement to be too restrictive, no term, condition, promise, representation or acknowledgement contained in this Agreement may be amended or modified unless in writing and signed by both Colleague and Energizer.
33.Assignment; Successors.  This Agreement will be binding on Colleague and his heirs, executors, administrators and other legal representatives and will be binding on Energizer and its successors and assigns.  This agreement, and all of the rights granted in this agreement, will be freely assignable by Energizer, provided that such assignment shall not relieve Energizer of any of its obligations under this Agreement.  Except as 

otherwise specifically provided herein, neither this Agreement, nor any rights granted in this Agreement, will be assigned by Colleague and any attempt to assign this Agreement by Colleague will be null and void.  This agreement will inure to the benefit of Energizer, its subsidiaries and affiliates, and the successors and assigns of each of them.
34.Entire Agreement.  This Agreement and Appendix A constitutes the entire agreement between the parties regarding Colleague’s separation of employment from Energizer.
35.Post-Employment Obligations in Other Agreements.  Colleague and Energizer acknowledge that any post-employment obligations toward Energizer contained in any agreements signed by Colleague before or during his employment with Energizer remain in full force and effect, and that any post-employment obligations created by this Agreement are in addition to any of Colleague’s post-employment obligations contained in any other agreements.
36.No Reliance.  The parties have not relied on any representations, promises, or agreements of any kind made to them in connection with this Agreement, except for those set forth in the Agreement.
37.Knowing and Voluntary Agreement.  Colleague hereby acknowledges that he has read and fully understands the terms of this Agreement and the effect of signing the same.  Colleague further acknowledges that he is voluntarily entering into this Agreement.  Colleague waives rights or claims only in exchange for consideration in addition to anything of value to which the Colleague already is entitled.
38.Capacity to Settle.  Colleague represents that he has no legal impediments (including bankruptcy proceedings) to fully and completely settle all claims and to sign this Agreement.
39.Costs and Fees.  Each party shall bear his or its own costs and attorney’s fees incurred in this Agreement.
40.Notice to Energizer.  Any notice by Colleague to Energizer pertaining to this Agreement, or any provisions contained in this Agreement, shall be sent, by either hand-delivery or certified mail return receipt requested, to:
Energizer Holdings, Inc.
Attn:  Chief Human Capital Officer
533 Maryville University Drive
St. Louis, Missouri 63141

Any notice by Energizer pertaining to this Agreement, or any of the provisions contained in this Agreement, shall be sent by either hand-delivery, overnight courier or certified mail return receipt requested to:

Joseph D. Lehrer
Greensfelder Hemker and Gale, PC
10 South Broadway
Suite 2000
St. Louis, MO
63102
jdl@lehrer.com

41.Signatures and Execution.  The parties agree that separate copies of this document shall constitute original documents that may be signed separately but which together will constitute one single agreement.  The parties agree that this Agreement will not be binding on any party, however, until signed by all parties or their representatives.

42.OWBPA.  In compliance with the Older Workers Benefit Protection Act, Colleague is hereby advised to consult with an attorney regarding terms, meaning, and impact of this agreement.  In addition, Colleague understands and agrees that:  (a) by signing this Agreement, and the subsequent Agreement Affirmation attached as Appendix A, Colleague waives and releases any claims Colleague might have against any of the Released Parties, including, but not limited to, any claims under the Age Discrimination in Employment Act of 1967; (b) Colleague is receiving consideration which is in addition to anything of value to which Colleague otherwise would have been entitled, (c) Colleague was advised in writing, by way of this agreement, to consult an attorney; (d) Colleague has twenty-one (21) days from the date of receipt of this Agreement to consider whether or not to execute this Agreement, which Colleague waives by virtue of execution during the consideration period; and (e) after Colleague signs this Agreement, Colleague has seven days from that date to revoke the Agreement.  To revoke the Agreement, Colleague must clearly communicate the decision in writing to the contact listed in the Notice to Energizer paragraph above by the seventh day following the effective date of this Agreement.  Colleague understands and agrees that should Colleague revoke the release and waiver as to claims under the Age Discrimination in Employment Act of 1967, as amended, Energizer’s obligation under this Agreement will become null and void.
IN WITNESS WHEREOF, the undersigned parties have executed this Retirement Transition Agreement.
									
	COLLEAGUE		ENERGIZER BRANDS, LLC
			
	Alan R. Hoskins		Hannah H. Kim
			
	Date		Date

Appendix A
Agreement Affirmation

I, Alan R. Hoskins, execute this Agreement Affirmation on, or within 15 days following, my Retirement Date (as defined in my Retirement Transition Agreement to which this Agreement Affirmation is an Appendix (the “Agreement”)).

I hereby reaffirm and agree to each and every term in the Agreement as of the date I execute this Agreement Affirmation, including without limitation the terms in Section 4 (Representations of Colleague), Section 6 (General Release of Claims by Colleague), Section 8 (Agreement Not to File Suit), Section 9 (Claims Covered), Section 10 (Release Limitations), Section 11 (Representations and Warranties Regarding the FLSA), Section 12 (No Additional On-the-Job Injury), Section 13 (No Involvement in Actions), and Section 14 (Protected Rights).

As a result, I am hereby releasing all claims as specified in such Sections based on matters which occurred prior to the date I execute this Agreement Affirmation.

The terms in the Agreement are incorporated herein by reference. I have been advised by Energizer to consult with an attorney regarding the terms, meaning, and impact of this Agreement Affirmation.

Intending to be legally bound, agreed to by:

Signature: __________________________                 Date: _________________
Alan R. Hoskins

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