Document:

Restricted Stock Award Agreement under 1997 Rayovac Incentive Plan

 Exhibit 10.30 
  
 FORM OF SPECTRUM BRANDS, INC. 
 RESTRICTED STOCK AWARD AGREEMENT 
 FOR EMPLOYEES 
  
 This agreement is made and entered into, effective as of
                 (the “Effective Date”), by and between Spectrum Brands, Inc., a Wisconsin corporation (the “Company”), and
                 (the “Employee”) pursuant to The 1997 Rayovac Incentive Plan (the “Plan”) and the terms and conditions of this Spectrum Brands, Inc.
Restricted Stock Award Agreement (the “Agreement”) as set forth below. 
  
 1. Grant of Award. Pursuant to the Plan and subject to the terms and conditions of this Agreement and the Plan, the Company hereby grants to the Employee an award (the “Award”) of
                 shares of the Company’s common stock, par value $.01 per share (“Common Stock”), subject to certain performance-based restrictions
(individually, a “Share” and collectively, the “Shares”). The Employee acknowledges that he/she has received from the Company a copy of the Plan and any prospectus relating thereto. 
  
 2. Restrictions. Until the restrictions set forth in this Agreement or
in the Plan lapse, the Shares shall be subject to the following restrictions: 
  
 (a) Continued Employment. Except as otherwise specifically provided herein, the Employee’s rights under this Agreement are conditioned on the Employee remaining in the employment of the Company or its
subsidiaries or affiliates. The term “disability” shall have the same meaning as set forth in the Company’s disability policy. The term “Cause” shall have the same meaning as forth in the employment agreement or severance
agreement, as applicable and as the same may be amended from time to time, between the Employee and the Company or any subsidiary of the Company, as applicable. 
  

(b) Transfer. The Shares may not be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered in any manner by the
Employee. 
  
 3. Lapse of Restrictions. 
  
 (a) General. Subject to the terms of this Agreement [INSERT VESTING
SCHEDULE] 
  
 (b) Forfeiture of Shares. Notwithstanding
anything contained herein to the contrary upon the Employee’s termination of employment with the Company or any of its subsidiaries and affiliates for any reason other than termination by the Company without Cause or by reason of
Employee’s death or disability, the Employee shall forfeit all Shares subject to restrictions that have not lapsed as of such termination date, and the Employee shall have no further rights with respect to those Shares. In the event of
termination by the Company without Cause or due to death or disability of Employee, Employee (or his/her heir or legal representative) shall continue to have the rights granted under this Agreement pursuant to the terms of this Agreement. Shares
granted hereunder whose restrictions have lapsed prior to such Executive termination shall not be forfeited. 
  
 (c) Termination of Restrictions. Notwithstanding the foregoing, the Compensation Committee of the Board shall have the power, in its sole
discretion, to accelerate the expiration of the applicable restriction period, to waive any restriction with respect to any part or all of the Shares or to waive the forfeiture of Shares and retain restrictions on Shares that would have been
forfeited pursuant to the terms of this Agreement. 
  
 4.
Certificates. While the Shares awarded to the Employee are subject to the restrictions set forth in the Plan and in this Agreement, the Employee’s rights to those Shares will be reflected as a book entry in the records of the Company.
After and to the extent that such restrictions lapse pursuant to the terms of the Plan and this Agreement, certificates representing the Shares owned by the Employee, after taking into account any Shares withheld to cover the taxes with respect to
the lapsing of the restrictions on those Shares, will be delivered to the Employee as soon as practicable after the Employee requests that the Company or its agent deliver the certificates or, if earlier, when the certificates are delivered to the
Employee as determined by the Company or its agent. 

 5. Change in Control. As more particularly provided in the Plan, all restrictions with respect to
any of the Shares that have not been previously forfeited as provided in this Agreement shall expire and lapse upon the occurrence of a Change in Control (as defined in the Plan). If a Change in Control has occurred, all restrictions on the Shares
shall expire immediately before the effective date of the Change in Control. 
  
 6. Incorporation of Plan; Defined Terms. The Plan is incorporated herein by reference and made a part of this Agreement as if each provision of the Plan were specifically set forth herein. In the event of a
conflict between the Plan and this Agreement, the terms and conditions of the Plan shall govern. Unless otherwise expressly defined in this Agreement, all capitalized terms in this Agreement shall have the meanings given such terms in the Plan.

  
 7. Miscellaneous. 
  
 (a) Successors; Governing Law. This Agreement shall bind and inure to
the benefit of the parties, their heirs, personal representatives, successors in interest and assigns. This Agreement shall be governed by and construed in accordance with the laws of the State of Wisconsin. 
  
 (b) Dividends. The Company shall have the discretion to pay to the
Employee any special or regular cash dividends declared by the Board, or to defer the payment of cash dividends until the expiration of the restrictions with respect to the Shares, or reinvest such amounts in additional shares of restricted stock.
Any cash payments of dividends that become payable to the Employee with respect to any of the Shares that remain subject to restrictions hereunder may, in the Company’s discretion, be net of an amount sufficient to satisfy any federal, state
and local withholding tax requirements with respect to such dividends. 
  
 (c) Continued Employment. The Agreement does not constitute a contract of employment. Participation in the Plan does not give the Employee the right to remain in the employ of the Company or its subsidiaries or affiliates and does
not limit in any way the right of the Company or a subsidiary or affiliate to change the duties or responsibilities of the Employee. 
  
 (d) Amendment. The Company may amend this Agreement or modify the provisions for the termination of the restrictions on the Shares without the
approval of the Employee to comply with any rules or regulations under applicable tax, securities or other laws or the rules and regulations thereunder or any applicable exchange listing standards, or to correct any omission in this Agreement.

  
 (e) Payment of Taxes Due. No later than the date as of
which an amount first becomes includible in the gross income of the Employee for income tax purposes with respect to the Award, Employee shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any
Federal, state, local or foreign taxes of any kind required by law or applicable regulation to be withheld (collectively, “Taxes”) with respect to such amount. Withholding obligations arising from the Award may be settled with Common
Stock, including the Shares that give rise to the withholding requirement. The obligations of the Company to deliver the Shares shall be conditional on such payment or arrangements. The Company, its subsidiaries and its affiliates shall, to the
extent permitted by law, have the right to, at the Company’s election and in the Company’s sole discretion, (i) deduct any such taxes from any payment otherwise due to the Employee or (ii) withhold such portion of the Shares that
give rise to the withholding requirement in satisfaction of such requirement. 
  
 SPECTRUM BRANDS, INC. 
  
 By: 
  
 John T. Wilson 
 General Counsel 
  
 Accepted and agreed to this
[DATE]. 
 [EMPLOYEE NAME] 
  

			
	  	 	 
	                                    , individually

  

 2Exhibit 10.12 

EMPLOYMENT AGREEMENT 

    
This Employment Agreement (“Agreement”) is between Williams Controls,
Inc. ("Employer") and Dennis Bunday (“Employee”). 

    
1. Position and Duties. Employee hereby agrees to continue working for Employer as
Executive Vice President and Chief Financial Officer. Employee’s duties include
all those duties usually associated with this position, as well as any other
duties reasonably assigned to Employee by Employer. The Employee agrees to
devote his best efforts and full business time to his work for Employer and to
comply with Employer's scheduling, policies, rules and regulations. 

    
2. Base Compensation. Employer shall pay Employee a base salary of $165,000 per
annum, payable in installments according to the Employer’s usual payroll
practices, but no less than monthly (“Base Salary”) for all work performed under
this Agreement. $5,000 of the base compensation shall be paid in the form of
Williams Controls, Inc. stock each May 1. The stock shall be valued at the
average price for the month of April. Employee is an exempt employee for
purposes of federal and state wage and hour laws and is therefore not entitled
to overtime pay. Employer may adjust Employee’s Base Compensation upward without
formally amending this Agreement in writing. 

    
3. Bonus Compensation. Employee will continue to participate in Employer’s annual
bonus program. The target bonus shall be 50% of Base Salary based on target
parameters to be set annually by the Board , provided that the bonus may be
adjusted upward to 83% of Base Salary if the Board determines that extraordinary
performance has been achieved for the year. 

    
4. Benefits. Employee is entitled to such employee benefits generally available to
similarly situated employees of Employer to the extent and on the same terms
generally available to similarly situated employees of Employer.

    
5. Term. Employee is employed by Employer “at-will,” meaning either Employer or
Employee may terminate Employee’s employment at any time, for any or no reason.
If Employee’s employment is terminated for Cause, Disability or death, or if
Employee resigns without Good Reason, Employee will be paid compensation and
benefits through his last day of employment and no further compensation or
benefits will be due Employee, except for statutory benefits, such as COBRA
coverage, or previously earned but unpaid benefits, such as an account balance
in a qualified retirement plan, or benefits under the Employer’s short or long
term disability programs or life insurance benefits, as applicable. If Employee
is terminated without Cause or if Employee resigns with Good Reason, Employee
shall receive compensation and benefits through his last day of work plus
severance benefits of (a) severance pay equal to one year’s Base Salary, less
deductions and withholdings required by law or authorized by Employee, paid in
equal installments over twelve (12) months on the Employer’s regular paydays,
and (b) if Employee elects COBRA coverage, Employer-paid COBRA for the twelve
(12) months for which Employee receives severance pay. If Employee provides less
than thirty (30) days’ notice of his resignation for any reason, he will not
receive any severance benefits to which he might otherwise have been
entitled.

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          For
purposes of this Agreement, “Cause” means: (a) Employee’s continued refusal or
failure to perform the duties assigned to him ten (10) days after receiving
notice from the Employer of such refusal or failure to perform; (b) chemical or
alcohol dependency which interferes with Executive’s performance of his
employment duties; (c) any act of disloyalty or breach of responsibilities to
the Employer by the Executive, such as theft, breach of the Confidentiality
Agreement or any Employee Invention and Disclosure Agreement , or other
unauthorized disclosure or use of confidential information for other than the
Employer’s interest, or competing with the Employer while employed by the
Employer; (d) conduct which causes harm or may reasonably be expected to cause
harm to the Employer’s reputation, such as arrest or indictment for, conviction
of or a plea of guilty or nolo contendre to a felony or a conviction of a misdemeanor
involving theft or resulting in incarceration for more than one week; (e) sexual
harassment or discrimination by Employee; and (f) violation of state or federal
securities laws, rules or regulations relating to the Employer’s stock.

          For
purposes of this Agreement, “Good Reason” means: (a) relocation of Employee’s
place of work to more than fifty (50) miles from Tigard, Oregon, if Employee
does not consent to relocating; (b) a material reduction in Employee’s duties,
responsibilities or authority or (c) the Employer breaches any material
provision of the Agreement, and such breach is not remedied within 30 days after
the receipt of notice from the Employee. If Employee intends to resign for Good
Reason, he must notify the Employer in writing of his intention to resign and
the specific circumstances he believes constitutes Good Reason at least thirty
(30) days before the effective date of his resignation. If the Employer cures
the circumstances giving rise to Good Reason before the end of the ninety (30)
days, Employee may not resign with Good Reason. The Employer may terminate the
employee at any time following the Employee’s notice of resignation for Good
Reason, provided, however, that the Employer will be obligated to pay the
employee for the remainder of the 30 day notification period in addition to the
benefits described in Section 4 and Sections 5(a) and 5(b).

          For
purposes of this Agreement, “Disability” means a termination of employment due
to Employee’s inability to perform one or more of the essential functions of his
position, with or without reasonable accommodation, for a period of more than
ninety (90) consecutive days, as a result of a physical or mental condition as
determined in good faith by the Employer and consistent with the Employer’s
rights and obligations under applicable law. 

    
6. Noncompetition, Nonsolicitation and
Nondisparagement. Employee agrees that during
the period he is receiving the severance benefits described in Paragraph 5 (a)
he will not compete with the Employer for himself or on behalf of another as an
employee, owner, consultant or in any other capacity, in any geographic area in
which the Employer conducts business, and (b) he will not solicit any customer,
supplier, contractor, vendor or employee of Employer to change its relationship
with Employer. Employee further agrees that he will not disparage Employer or
its related entities, or any of their officers, directors, shareholders, members
or employees at any time during or after his employment with Employer. The
Employer’s obligation to pay severance benefits to Employee terminates on the
first day Employee violates any of his obligations under this paragraph and
Employee must return to Employer any severance benefits paid to him by the
Employer on or after the first day Employee violates any of his obligations
under this paragraph.

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     7. Governing Law and Dispute Resolution. This Agreement shall be
governed by the laws of the State of Oregon. Any action to enforce, interpret or
construe this Agreement or otherwise arising from the employment relationship
between Employer and Employee must be brought in the Circuit Court of Oregon or
U.S. District Court for the District of Oregon.

     8. Scope of Agreement. Except for Employer policies, procedures
and plans referenced in this Agreement or as otherwise provided herein, this
Agreement supersedes all prior verbal and written agreements between the parties
concerning the terms and conditions of Employee’s employment, except to the
extent any prior agreements protect the Employer’s intellectual property, trade
secrets or proprietary or confidential information.

     9. Successors and Assigns. This Agreement is intended to bind and
inure to the benefit of, and be enforceable by and against the Employee, the
Employer their heirs, successors and assigns, except that Employee may not
assign his rights or delegate his duties or obligations hereunder without the
prior written consent of the Employer.

IT IS SO AGREED:

	WILLIAMS CONTROLS, INC.		DENNIS
      BUNDAY	 
	 	 	 	 
	 		
	By: 	 	 	 
		 		
	Title: 	 	 	 
			 	
	Date: 	 	 	Date: 	 	 

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