Document:

<PAGE>

                                                                    Exhibit 4.11

                                FOURTH AMENDMENT

         THIS FOURTH AMENDMENT dated as of February 12, 2002 (this "AMENDMENT")
amends the Second Amended and Restated Credit Agreement dated as of August 9,
1999 (as previously amended, the "CREDIT AGREEMENT") among RAYOVAC CORPORATION
(the "COMPANY"), various financial institutions and BANK OF AMERICA, N.A., as
Administrative Agent (in such capacity, the "ADMINISTRATIVE AGENT"). Unless
otherwise defined herein, capitalized terms used herein have the respective
meanings assigned thereto in the Credit Agreement.

         WHEREAS, the parties hereto desire to amend the Credit Agreement as set
forth below,

         NOW, THEREFORE, for good and valuable consideration (the receipt and
sufficiency of which are hereby acknowledged), the parties hereto agree as
follows:

SECTION 1  AMENDMENTS. Effective on (and subject to the occurrence of) the
Amendment Effective Date (as defined below), the Credit Agreement shall be
amended as set forth below.

         1.1 ADDITIONAL DEFINITIONS. The following definitions shall be added to
Section 1.1 of the Credit Agreement, each in its appropriate alphabetical
position:

                  ADJUSTED EBITDA means, for any Computation Period, the total
         of (i) EBITDA for such Computation Period plus (ii) any Restructuring
         Charges taken during such Computation Period plus (iii) any Kmart
         Charge taken during such Computation Period minus (iv) any Kmart
         Recoveries received during such Computation Period.

                  ADJUSTED LEVERAGE RATIO means, as of any date, the ratio of
         (x) the aggregate outstanding principal amount of all Funded Debt as of
         such date TO (y) Adjusted EBITDA for the Computation Period most
         recently ended on or before such date for which financial statements
         have been delivered pursuant to SECTION 7.1.

                  KMART CHARGE means the $16,100,000 of write-off of accounts
         receivable taken by the Company in the first fiscal quarter of 2002 in
         connection with actual and potential losses arising out of the filing
         by Kmart Corporation for protection under Chapter 11 of the Bankruptcy
         Code.

                  KMART PRE-PETITION RECEIVABLES means accounts receivable owed
         by Kmart Corporation or any Affiliate thereof to the Company or any
         Subsidiary arising prior to the filing by Kmart Corporation for
         protection under Chapter 11 of the Bankruptcy Code in January of 2002.

                  KMART RECOVERIES means any amounts (including sale proceeds)
         received by the Company or any Subsidiary with respect to Kmart
         Pre-Petition Receivables.

<PAGE>

                  SYNTHETIC LEASE means a lease by the Company or a Subsidiary
         which is an operating lease for financial reporting purposes (as
         determined pursuant to Statement of Financial Accounting Standards No.
         13) of properties which are reported for United States income tax
         purposes as owned by the Company or a Subsidiary.

                  SYNTHETIC LEASE OBLIGATIONS means obligations of the lessee
         under a Synthetic Lease. The amount of Synthetic Lease Obligations
         under any Synthetic Lease shall be determined in accordance with GAAP
         as if such lease were a capital lease.

         1.2 AMENDMENTS TO DEFINITIONS. Each of the following definitions in
Section 1.1 of the Credit Agreement shall be amended and restated in its
entirety to read as follows:

                  EBITDA means, for any Computation Period, the sum of
         Consolidated Net Income of the Company for such period excluding, to
         the extent reflected in determining such Consolidated Net Income,
         extraordinary gains for such period, PLUS to the extent deducted in
         determining such Consolidated Net Income, Interest Expense, income tax
         expense, depreciation, amortization and any non-cash charges related to
         the write-off of fees associated with the issuance of the Senior
         Subordinated Notes. If the Company or any Subsidiary makes an
         Acquisition or a material divestiture during any Computation Period,
         then for purposes of determining the Interest Coverage Ratio, the
         Leverage Ratio and the Adjusted Leverage Ratio, EBITDA shall be
         adjusted for the period of time prior to the date of such Acquisition
         or divesture by adding the historical financial results (other than
         Interest Expense) for such period of the Person or assets acquired
         (without taking account of cost savings or other synergies unless
         approved by the Required Lenders) or deleting that portion of the
         financial results (other than Interest Expense) of the Company and its
         Subsidiaries for such period attributable to the Person or assets
         divested, all as reasonably determined by the Company and certified to
         the Administrative Agent and the Lenders.

                  INTEREST COVERAGE RATIO means, as of the last day of any
         fiscal quarter, the ratio of (a) Adjusted EBITDA for the Computation
         Period ending on such day to (b) Interest Expense for such Computation
         Period.

                  INTEREST EXPENSE means for any period the consolidated
         interest expense of the Company and its Subsidiaries for such period
         (including all imputed interest on capital leases). If the Company or
         any Subsidiary makes an Acquisition or a material divestiture during
         any Computation Period, then for purposes of determining the Interest
         Coverage Ratio, the Leverage Ratio and the Adjusted Leverage Ratio,
         Interest Expense shall be adjusted to account for all increases or
         decreases in Indebtedness directly related to such Acquisition or
         divestiture based on the assumption that such increase or decrease had
         occurred on the first day of such Computation Period rather than on the
         date of such Acquisition or divestiture, all as reasonably determined
         by the Company and certified to the Administrative Agent and the
         Lenders.

                  RESTRUCTURING CHARGES means (a) up to $4,500,000 of non-cash
         restructuring charges taken by the Company during the fiscal year
         ending September 30, 2001; and

                                      -2-
<PAGE>

         (b) the first $10,000,000 of non-cash restructuring charges taken by
         the Company in the fiscal year beginning October 1, 2001.

         1.3 AMENDMENT TO SECTION 8.2. Section 8.2 shall be amended by (a)
deleting the word "and" after the end of clause (e); (b) redesignating the
existing clause "(f)" as clause "(g)" and (c) inserting the following new clause
(f) in proper sequence:

                  (f) the sale of Kmart Pre-Petition Receivables; and

         1.4 AMENDMENT TO SECTION 8.1. Clause (j) of Section 8.1 is amended in
its entirety to read as follows:

                  (j) Liens securing obligations in respect of capital leases
         and Synthetic Leases attaching only to the property subject to such
         leases; PROVIDED that such leases are otherwise permitted hereunder;

1.5 AMENDMENT TO SECTION 8.10. Section 8.10 is amended by (a) deleting the word
"and" after clause (b); (b) deleting the period at the end of clause (c) and
substituting a semi-colon followed by the word "and" therefor; and (c) inserting
the following new clause (d) in proper sequence:

                  (d) Synthetic Leases; provided that the aggregate amount of
         all Synthetic Lease Obligations shall not at any time exceed
         $20,000,000.

         1.6 AMENDMENT TO SECTION 8.12. Section 8.12 is amended in its entirety
to read as follows:

                  8.12 MAXIMUM LEVERAGE RATIO. The Company will not permit the
         Adjusted Leverage Ratio for any Computation Period to exceed the ratio
         set forth below opposite the period in which such Computation Period
         ends:

                  PERIOD                             RATIO
                  ------                             -----
                  9/30/99 - 9/30/00                  3.50:1.0
                  12/31/00 - 9/30/02                 3.25:1.0
                  12/31/02 and thereafter            3.00:1.0.

         SECTION 2  REPRESENTATIONS AND WARRANTIES. The Company represents and
warrants to the Administrative Agent and the Lenders that (a) the
representations and warranties made in Section 6 of the Credit Agreement are
true and correct on and as of the Amendment Effective Date with the same effect
as if made on and as of such date (except to the extent such representations and
warranties expressly refer to an earlier date, in which case they were true and
correct as of such earlier date); and (b) no Event of Default or Unmatured Event
of Default exists or will result from the execution and delivery of this
Amendment.

         SECTION 3  EFFECTIVENESS. The amendments set forth in SECTION 1 above
shall become effective, as of the day and year first above written, on the date
(the "AMENDMENT EFFECTIVE DATE") on which the Administrative Agent has received
(a) counterparts of this Amendment executed by the Company and the Required
Lenders (or, in the case of any party

                                      -3-
<PAGE>

from which the Administrative Agent has not received a counterpart hereof,
facsimile confirmation of the execution of a counterpart hereof by such party),
(b) a Confirmation, substantially in the form of EXHIBIT A, executed by the
Company and each Subsidiary (other than any Foreign Subsidiary or Dormant
Subsidiary), (c) for the account of each Lender that has executed and delivered
a counterpart hereof to the Administrative Agent by 5:00 p.m. (Eastern time) on
February 12, 2002, an amendment fee in an amount equal to 0.075% of such
Lender's Commitment as of the Amendment Effective Date and (d) certain fees
agreed to between the Company and the Administrative Agent.

         SECTION 4  MISCELLANEOUS.

         4.1 CONTINUING EFFECTIVENESS, ETC. As herein amended, the Credit
Agreement shall remain in full force and effect and is hereby ratified and
confirmed in all respects. After the Amendment Effective Date, all references in
the Credit Agreement and each other Loan Document to the "Credit Agreement" or
similar terms shall refer to the Credit Agreement as amended hereby.

         4.2 COUNTERPARTS. This Amendment may be executed in any number of
counterparts and by the different parties on separate counterparts, and each
such counterpart shall be deemed to be an original but all such counterparts
shall together constitute one and the same Amendment.

         4.3 GOVERNING LAW. This Amendment shall be a contract made under and
governed by the internal laws of the State of New York.

         4.4 SUCCESSORS AND ASSIGNS. This Amendment shall be binding upon the
Company, the Lenders and the Administrative Agent and their respective
successors and assigns, and shall inure to the benefit of the Company, the
Lenders and the Administrative Agent and the successors and assigns of the
Lenders and the Administrative Agent.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -4-
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed and delivered by their duly-authorized officers as of the day and year
first above written.

                                  RAYOVAC CORPORATION

                                  By:    /s/ Kent J. Hussey
                                     ----------------------------------------
                                  Name:  Kent J. Hussey
                                       --------------------------------------
                                  Title: President and Chief Financial Officer
                                        -------------------------------------

                                  BANK OF AMERICA, N.A., as Administrative Agent

                                  By:    /s/ Liliana Claar
                                     ----------------------------------------
                                  Name:  Liliana Claar
                                       --------------------------------------
                                  Title: Vice President
                                        -------------------------------------

                                  BANK OF AMERICA, N.A., as Issuing Lender,
                                  Swingline Lender and a Lender

                                  By:    /s/ W. Thomas Barnett
                                     ----------------------------------------
                                  Name:  W. Thomas Barnett
                                       --------------------------------------
                                  Title: Managing Director
                                        -------------------------------------

                                  BANK LEUMI USA

                                  By:    /s/ Aliz Sadan
                                     ----------------------------------------
                                  Name:  Aliz Sadan
                                       --------------------------------------
                                  Title: Assistant Treasurer
                                        -------------------------------------

                                  THE BANK OF NEW YORK

                                  By:    /s/ Mark D. Wrigley
                                     ----------------------------------------
                                  Name:  Mark D. Wrigley
                                       --------------------------------------
                                  Title: Assistant Vice President
                                        -------------------------------------

                                      -5-
<PAGE>

                                  THE BANK OF NOVA SCOTIA

                                  By:    /s/ M.D. Smith
                                     ----------------------------------------
                                  Name:  M.D. Smith
                                       --------------------------------------
                                  Title: Agent
                                        -------------------------------------

                                  BANK OF TOKYO-MITSUBISHI TRUST COMPANY

                                  By:    /s/ Richard L. Van de Berghe Jr.
                                     ----------------------------------------
                                  Name:  Richard L. Van de Berghe Jr.
                                       --------------------------------------
                                  Title: Vice President
                                        -------------------------------------

                                  BNP PARIBAS

                                  By:    /s/ Jo Ellen Bender
                                     ----------------------------------------
                                  Name:  Jo Ellen Bender
                                       --------------------------------------
                                  Title: Manager Director
                                        -------------------------------------

                                  By:    /s/ Christine L. Howatt
                                     ----------------------------------------
                                  Name:  Christine L. Howatt
                                       --------------------------------------
                                  Title: Director
                                        -------------------------------------

                                  COMERICA BANK

                                  By:    /s/ Kathleen M. Kasperek
                                     ----------------------------------------
                                  Name:  Kathleen M. Kasperek
                                       --------------------------------------
                                  Title: Assistant Vice President
                                        -------------------------------------

                                      -6-
<PAGE>

                                  DRESDNER BANK AG, NEW YORK AND
                                  GRAND CAYMAN BRANCHES

                                  By:    /s/ Gabriela Fields
                                     ----------------------------------------
                                  Name:  Gabriela Fields
                                       --------------------------------------
                                  Title: Associate
                                        -------------------------------------

                                  By:    /s/ James Jerz
                                     ----------------------------------------
                                  Name:  James Jerz
                                       --------------------------------------
                                  Title: Vice President
                                        -------------------------------------

                                  BANK ONE, NA (Main Office Chicago)

                                  By:    /s/ Scott A. Moreen
                                     ----------------------------------------
                                  Name:  Scott A. Moreen
                                       --------------------------------------
                                  Title: Vice President
                                        -------------------------------------

                                  FIRSTAR BANK, N.A.

                                  By:    /s/ John M. Howard
                                     ----------------------------------------
                                  Name:  John M. Howard
                                       --------------------------------------
                                  Title: Executive Vice President
                                        -------------------------------------

                                  FLEET NATIONAL BANK

                                  By:    /s/ Thomas J. Flanagan II
                                     ----------------------------------------
                                  Name:  Thomas J. Flanagan II
                                       --------------------------------------
                                  Title: Managing Director
                                        -------------------------------------

                                      -7-
<PAGE>

                                  HARRIS TRUST AND SAVINGS BANK

                                  By:    /s/ George M. Dluhy
                                     ----------------------------------------
                                  Name:  George M. Dluhy
                                       --------------------------------------
                                  Title: Vice President
                                        -------------------------------------

                                  LASALLE BANK NATIONAL ASSOCIATION

                                  By:    /s/ James A. Meyer
                                     ----------------------------------------
                                  Name:  James A. Meyer
                                       --------------------------------------
                                  Title: Senior Vice President
                                        -------------------------------------

                                  M&I MARSHALL & ILSLEY BANK

                                  By:    /s/ James P. McMullen
                                     ----------------------------------------
                                  Name:  James P. McMullen
                                       --------------------------------------
                                  Title: Vice President
                                        -------------------------------------

                                  THE MITSUBISHI TRUST AND BANKING CORPORATION

                                  By:    /s/ Hiroyuki Tsuru
                                     ----------------------------------------
                                  Name:  Hiroyuki Tsuru
                                       --------------------------------------
                                  Title: Deputy General Manager
                                        -------------------------------------

                                  NATIONAL CITY BANK

                                  By:    /s/ Stephen E. Green
                                     ----------------------------------------
                                  Name:  Stephen E. Green
                                       --------------------------------------
                                  Title: Vice President
                                        -------------------------------------

                                      -8-
<PAGE>

                                  THE NORTHERN TRUST COMPANY

                                  By:    /s/ Edmund H. Lester
                                     ----------------------------------------
                                  Name:  Edmund H. Lester
                                       --------------------------------------
                                  Title: Vice President
                                        -------------------------------------

                                  THE ROYAL BANK OF SCOTLAND PLC

                                  By:    /s/ Maria Amaral-LeBlanc
                                     ----------------------------------------
                                  Name:  Maria Amaral-LeBlanc
                                       --------------------------------------
                                  Title: Vice President
                                        -------------------------------------

                                  ST. FRANCIS BANK, F.S.B.

                                  By:    /s/ John C. Tans
                                     ----------------------------------------
                                  Name:  John C. Tans
                                       --------------------------------------
                                  Title: Vice President
                                        -------------------------------------

                                  SUNTRUST BANK

                                  By:
                                     ----------------------------------------
                                  Name:
                                       --------------------------------------
                                  Title:
                                        -------------------------------------

                                  U.S. BANK NATIONAL ASSOCIATION

                                  By:    /s/ John M. Howard
                                     ----------------------------------------
                                  Name:  John M. Howard
                                       --------------------------------------
                                  Title: Executive Vice President
                                        -------------------------------------

                                      -9-
<PAGE>

                                    EXHIBIT A

                                  CONFIRMATION

                          Dated as of February 12, 2002

To:      Bank of America, N.A., as
         Administrative Agent, and the
         Lenders which are parties to the
         Credit Agreement referred to below

         Please refer to (a) the Second Amended and Restated Credit Agreement
dated as of August 9, 1999 (as amended, the "CREDIT AGREEMENT") among Rayovac
Corporation (the "COMPANY"), various financial institutions (the "LENDERS") and
Bank of America, N.A., as Administrative Agent (the "ADMINISTRATIVE AGENT"); (b)
the Security Agreement dated as of September 12, 1996 among the Company, ROV
Holding, Inc., Rovcal, Inc. and the Administrative Agent; (c) the Trademark
Security Agreement dated as of September 12, 1996 executed by the Company in
favor of the Administrative Agent; (d) the Patent Security Agreement dated as of
September 12, 1996 executed by the Company in favor of the Administrative Agent;
(e) the Copyright Security Agreement dated as of September 12, 1996 executed by
the Company in favor of the Administrative Agent; (f) the Guaranty dated as of
September 12, 1996 executed by ROV Holding, Inc. and Rovcal, Inc. in favor of
the Lenders and the Administrative Agent; (g) the Company Pledge Agreement dated
as of September 12, 1996 between the Company and the Administrative Agent; (h)
the Deed of Charge and Memorandum of Deposit dated September 12, 1996 between
ROV Holding, Inc. and the Administrative Agent; (i) the Share Pledge Agreement
dated as of November 11, 1996 executed by ROV Holding, Inc. in favor of the
Administrative Agent; (j) the Deed of Charge and Memorandum of Deposit dated as
of November 11, 1996 between ROV Holding, Inc. and the Administrative Agent; (k)
the Deed of Pledge dated as of November 11, 1996 between ROV Holding, Inc. and
the Administrative Agent; (l) the Charge Over Shares dated August 9, 1999
between ROV Holding, Inc. and the Administrative Agent; and (m) the Fourth
Amendment dated as of February 12, 2002, amending the Credit Agreement (the
"FOURTH AMENDMENT"). Each of the documents referred to in items (b) through (l)
above is called a "CREDIT DOCUMENT". Capitalized terms used but not defined
herein shall have the meanings set forth in the Credit Agreement.

         Each of the undersigned (a) confirms to the Lenders and the
Administrative Agent that, after giving effect to the Fourth Amendment, each
Credit Document to which such undersigned is a party continues in full force and
effect and is the legal, valid and binding obligation of such undersigned,
enforceable against such undersigned in accordance with its terms; and (b)
agrees that each reference in each Credit Document to the "Credit Agreement" or
any similar term shall, after the date hereof, be deemed to be a reference to
the Credit Agreement as amended by the Fourth Amendment.

<PAGE>

                                  RAYOVAC CORPORATION

                                  By:    /s/ Kent J. Hussey
                                     ----------------------------------------
                                  Name:  Kent J. Hussey
                                       --------------------------------------
                                  Title: President and Chief Financial Officer
                                        -------------------------------------

                                  ROV HOLDING, INC.

                                  By:    /s/ Kent J. Hussey
                                     ----------------------------------------
                                  Name:  Kent J. Hussey
                                       --------------------------------------
                                  Title: President and Chief Financial Officer
                                        -------------------------------------

                                  ROVCAL, INC.

                                  By:    /s/ Kent J. Hussey
                                     ----------------------------------------
                                  Name:  Kent J. Hussey
                                       --------------------------------------
                                  Title: President and Chief Financial Officer
                                        -------------------------------------

Accepted and Agreed
as of February 12, 2002

BANK OF AMERICA, N.A.,
as Administrative Agent

By:    /s/ Liliana Claar
   ----------------------------------------
Name:  Liliana Claar
     --------------------------------------
Title: Vice President
      -------------------------------------

                                       -2-<PAGE>

                                                                 Exhibit 4.18

                    AMENDMENT NO. 4 TO SHAREHOLDERS AGREEMENT

         AMENDMENT NO. 4, dated February 8, 2002, to the Shareholders Agreement,
dated as of September 12, 1996, as amended, by and among Rayovac Corporation, a
Wisconsin corporation (the "Company") and the Shareholders of the Company
referred to therein (the "Shareholders Agreement"). Capitalized terms used
herein and not otherwise defined shall have the meanings ascribed to such terms
in the Shareholders Agreement.

         WHEREAS, pursuant to Section 4.2 of the Shareholders Agreement, the
Shareholders Agreement may be amended by a written instrument duly executed by a
majority in interest of the Shareholders and, if the Lee Group Shareholders, the
Management Shareholders or the Non-Management Shareholders are adversely
affected by such amendment, by a majority in interest of each such adversely
affected group; and

         WHEREAS, the signatories hereto represent holders of the requisite
number of Shares to effect the amendments to the Shareholders Agreement provided
for herein.

         NOW, THEREFORE, in consideration of the foregoing, the Shareholders
Agreement is hereby amended as follows:

         1. Article I is amended as follows:

         (a) Clause (e) of the definition of "Permitted Transfer" is amended to
read as follows:

         (e) a Transfer of Shares from any Shareholder which is a partnership to
         its partners, provided such Transfer is reasonably acceptable to the
         Company (a "Permitted Partnership Transfer");

         (b) The first sentence of the paragraph immediately following clause
(g) of the definition of "Permitted Transfer" is amended to read as follows:

         Except for a Permitted Partnership Transfer (as to which this sentence
         shall not apply), no Permitted Transfer shall be effective unless and
         until the transferee of the Shares so transferred, if such transferee
         is not already a party to this Agreement, executes and delivers to the
         Company an executed counterpart of this Agreement in accordance with
         the terms of Section 4.13 hereof.

         (c) The definition of "Permitted Transferee" is amended to read as
follows:

         PERMITTED TRANSFEREE. A "Permitted Transferee" shall mean any Person,
         other than a Permitted Partnership Transferee, who shall

<PAGE>

         have acquired and who shall hold Shares pursuant to a Permitted
         Transfer described above.

         (d) The following new definition is added immediately after the
definition of Permitted Transfer:

         PERMITTED PARTNERSHIP TRANSFEREE. A "Permitted Partnership Transferee"
         shall mean any Person who shall have acquired and who shall hold Shares
         pursuant to a Permitted Partnership Transfer.

         (e) The definition of "Shares" is amended to read as follows:

         SHARES. "Shares" shall mean with respect to any Shareholder (a) all
         shares of Common Stock held by Shareholders prior to the close of
         trading on the New York Stock Exchange on November 20, 1997, (b) all
         shares of Common Stock acquired in one or more Permitted Transfers,
         other than Permitted Partnership Transfers, (c) securities of the
         Company issued in exchange for, upon reclassification of, or as a
         distribution in respect of, the Common Stock referred to in (a) and (b)
         above, and (d) shares of Common Stock subject to options pursuant to
         the Rayovac Corporation 1996 Stock Option Plan.

         2. Clause (iii) of Section 2.1 is amended to read as follows:

         (iii) for any Lee Group Shareholder or Management Shareholder, made
         after a Public Offering, pursuant to a Rule 144 Transaction; provided
         that no Management Shareholder shall so Transfer Shares if it would
         result in the fraction W divided by X being greater than the fraction Y
         divided by Z, where "W" equals the aggregate number of Shares
         previously Transferred by such Management Shareholder (including its
         Permitted Transferees) pursuant to one or more Rule 144 Transactions or
         Public Offerings plus the aggregate number of Shares being so
         Transferred, "X" equals the maximum number of Shares beneficially owned
         by such Management Shareholder at any time since September 12, 1996
         (including Shares owned by its Permitted Transferees and Shares subject
         to options, to the extent exercisable), "Y" equals the aggregate number
         of Shares previously Transferred (without duplication) by the Lee Group
         Shareholders (including Shares Transferred to a Permitted Partnership
         Transferee but excluding Shares Transferred to a Permitted Transferee),
         and "Z" equals the maximum number of Shares beneficially owned by the
         Lee Group Shareholders at any time since September 12, 1996, in each
         case such number of Shares being equitably adjusted to account for
         stock dividends, stock splits, reverse stock splits or other similar
         reclassifications;

                                       2

<PAGE>

         3. Section 2.1(f) is amended to read as follows:

         (f) Any Transfer of Shares (other than (A) pursuant to Sections 2.1
         (ii), (iii) and (iv) or (B) a Permitted Partnership Transfer) shall
         remain subject to the Transfer restrictions of this Agreement, and each
         intended transferee (other than a Permitted Partnership Transferee)
         pursuant to this Section shall execute and deliver to the Company a
         counterpart of this Agreement, which shall evidence such transferee's
         agreement that the Shares intended to be Transferred shall continue to
         be subject to this Agreement and that as to such Shares the transferee
         shall be bound by the restrictions of this Agreement as a Shareholder
         hereunder.

         4. The second sentence of Section 3.3 is amended to read as follows:

         Upon the written request of any Holder received by the Company within
         five (5) days after the giving of any such notice by the Company, the
         Company shall use its best efforts to cause to be registered under the
         1933 Act all of the Registrable Shares of each Holder that such Holder
         has requested to be registered, provided that no Management Shareholder
         (or its Permitted Transferees) may sell pursuant to such registration
         an aggregate number of Shares if such sale would result in the fraction
         W divided by X being greater than the fraction Y divided by Z, where
         "W" equals the aggregate number of Shares previously Transferred by
         such Management Shareholder (including its Permitted Transferees)
         pursuant to one or more Rule 144 Transactions or Public Offerings plus
         the aggregate number of Shares of the Management Shareholder (including
         its Permitted Transferees) being sold pursuant to such registration,
         "X" equals the maximum number of Shares beneficially owned by such
         Management Shareholder at any time since September 12, 1996 (including
         Shares owned by its Permitted Transferees and Shares subject to
         options, to the extent exercisable), "Y" equals the aggregate number of
         Shares previously Transferred by the Lee Group Shareholders (including
         Shares Transferred to a Permitted Partnership Transferee but excluding
         Shares Transferred to a Permitted Transferee) plus the aggregate number
         of Shares of the Lee Group Shareholders being sold pursuant to such
         registration, and "Z" equals the maximum number of Shares beneficially
         owned by the Lee Group Shareholders at any time since September 12,
         1996, in each case such number of Shares being equitably adjusted to
         account for stock dividends, stock splits, reverse stock splits or
         other similar reclassifications.

                                       3

<PAGE>

         5. Section 4.7 is amended to add the following sentence as the last
sentence thereof:

         Notwithstanding the foregoing provisions of this Section 4.7, to the
         extent not earlier terminated in accordance with its terms, this
         Agreement shall terminate as to all Shareholders and shall have no
         further force or effect at such time as the Lee Group Shareholders and
         their Permitted Transferees cease to own in the aggregate at least 10%
         of the outstanding Common Stock on a fully diluted basis.

         6. Section 4.9 is amended to replace the name "Warren C. Smith, Jr."
appearing therein with the name "Scott L. Jaeckel."

         7. Section 4.13 is amended to read as follows:

         ADDITIONAL SHAREHOLDERS. Subject to the restrictions on Transfers of
         Shares contained herein, any Person who is not already a Shareholder
         acquiring Shares (except (A) for transferees acquiring Shares in an
         offering registered under the 1933 Act or in a Rule 144 Transaction,
         (B) for Permitted Partnership Transferees or (C) as otherwise permitted
         by the Board), shall, on or before the Transfer or issuance to it of
         Shares, sign a counterpart signature page hereto in form reasonably
         satisfactory to the Company and shall thereby become a party to this
         Agreement to be bound hereunder as (a) a Management Shareholder if a
         Permitted Transferee or any employee of the Company or any of its
         Subsidiaries, (b) a Lee Group Shareholder if a Permitted Transferee or
         an employee or affiliate of Thomas H. Lee Company or Equity Fund or (c)
         a Non-Management Shareholder if such person or entity does not fall
         within either (a) or (b) above; provided that a transferee which is a
         Permitted Transferee under clause (b) of the definition of Permitted
         Transferee shall not be obligated to so agree until foreclosure on its
         pledge.

         This Amendment No. 4 may be signed in one or more counterparts, each of
which shall be deemed an original but all of which together shall constitute one
and the same instrument.

            [The remainder of this page is intentionally left blank.]

                                       4

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Amendment No. 4 to
Shareholders Agreement as of the date first written above.

                         RAYOVAC CORPORATION

                         By /s/ DAVID A. JONES
                            ---------------------------
                         David A. Jones
                         Chief Executive Officer

                         SHAREHOLDERS:
                         THOMAS H. LEE EQUITY FUND III, L.P.

                         By: THL Equity Advisors III Limited Partnership, as
                         General Partner

                         By: THL Equity Trust III, as General Partner

                         By  /s/ SCOTT A. SCHOEN
                         ------------------------------
                         Name: Scott A. Schoen
                         Title:   Trustee

                         THOMAS H. LEE FOREIGN FUND III, L.P.

                         By: THL Equity Advisors III Limited Partnership, as
                             General Partner

                         By: THL Equity Trust III, as General Partner

                         By  /s/ SCOTT A SCHOEN
                         ------------------------------
                         Name: Scott A. Schoen
                         Title:   Trustee

                         THOMAS H. LEE INVESTORS LIMITED PARTNERSHIP

                         By: THL Investment Management Corp., as General Partner

                         By  /s/ SCOTT A. SCHOEN
                         ------------------------------
                         Name: Scott A. Schoen
                         Title:   Vice President

                                       5

<PAGE>

                         /s/ KENNETH V. BILLER
                         ------------------------------
                         Kenneth V. Biller

                         /s/ PAUL G. CHEESEMAN
                         ------------------------------
                         Paul G. Cheeseman

                         /s/ KENT J. HUSSEY
                         ------------------------------
                         Kent J. Hussey

                         /s/ DAVID A. JONES
                         ------------------------------
                         David A. Jones

                         /s/ STEPHEN P. SHANESY
                         ------------------------------
                         Stephen P. Shanesy

                         /s/ DALE R. TETZLAFF
                         ------------------------------
                         Dale R. Tetzlaff

                         /s/ MERRELL M. TOMLIN
                         ------------------------------
                         Merrell M. Tomlin

                                       6

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