Document:

<PAGE>   1

                                                                   EXHIBIT 10.63

                      GENERAL ELECTRIC CAPITAL CORPORATION
                               201 HIGH RIDGE ROAD
                           STAMFORD, CONNECTICUT 06927

                                                                   March 8, 2000

Ingram Micro Inc.
Ingram Funding Inc.
1600 St. Andrew Place
Santa Ana, CA 92705

Ladies and Gentlemen:

               Reference is hereby made to that certain Liquidity Loan Agreement
dated as of March 8, 2000 between Redwood Receivables Corporation, as Borrower
and General Electric Capital Corporation, in its separate capacities as
Liquidity Agent, Initial Liquidity Lender, Operating Agent and Collateral Agent
(as the same may be amended, restated or otherwise modified from time to time,
the "Loan Agreement"). Capitalized terms used herein without definition are used
as defined in the Loan Agreement.

               In consideration of Ingram Funding Inc.'s agreement to sell the
VFC Certificate, Series 2000-1 issued by the Ingram Funding Master Trust,
General Electric Capital Corporation ("GE Capital") hereby agrees that: (i) it
does not intend to syndicate its Liquidity Commitment to other Liquidity
Lenders, (ii) if and to the extent that it does syndicate its Liquidity
Commitment it intends to do so by selling participations to Eligible Liquidity
Assignees pursuant to Section 9.02 of the Loan Agreement and will not do so
pursuant to Section 9.01 of the Loan Agreement, (iii) it will not amend the Loan
Agreement without giving prior notice thereof to Ingram Funding Inc. and Ingram
Micro Inc. and (iv) it will not amend Section 3.04 of the Loan Agreement or the
definitions of the terms used therein without the prior written consent of
Ingram Funding Inc. and Ingram Micro Inc.

               Except as expressly set forth above, nothing in this letter
agreement shall be deemed to waive any rights or remedies available to GE
Capital under the terms of the Loan Agreement and the Related Documents, nor to
amend or modify any terms or provisions of the Loan Agreement or the the other
Redwood Program Documents.

               This letter agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when
taken together shall constitute one and the same agreement.

<PAGE>   2

Ingram Funding Inc
March 8, 2000
Page 2

               This letter agreement shall be governed by, and construed in
accordance with, the laws of the State of New York.

                                   Sincerely,

                                   GENERAL ELECTRIC CAPITAL CORPORATION

                                   By: /s/ Denis M. Creeden
                                      -------------------------------
                                      (Duly Authorized Signatory)

Agreed to and accepted
this 8th day of March, 2000.

INGRAM FUNDING INC.

By: /s/ P. Kurt Preising
   -------------------------------
   Title: Attorney-in-Fact

INGRAM MICRO INC.

By: /s/ P. Kurt Preising
   -------------------------------
   Title: Senior Director and
          Assistant Worldwide
          TreasurerEnergizer Holdings, Inc.
                             Savings Investment Plan

                                                        Energizer Holdings, Inc.
                                                                       4/01/2000

<PAGE>
                                Table of Contents

                                                                            Page

Recitals                                                                      1

ARTICLE  I  -  Definitions                                                    2
Section  1.01  -  Accounts                                                    2
                  --------
Section  1.02  -  Administrative  Committee                                   2
                  -------------------------
Section  1.03  -  Affiliated  Company                                         2
                  -------------------
Section  1.04  -  After-Tax  Supplemental  Contributions                      2
                  --------------------------------------
Section  1.05  -  After-Tax  Supplemental  Investment  Account                2
                  --------------------------------------------
Section  1.06  -  Before-Tax  Investment  Account                             2
                  -------------------------------
Section  1.07  -  Before-Tax  Matched  Contributions                          2
                  ----------------------------------
Section  1.08  -  Before-Tax  Unmatched  Contributions                        2
                  ------------------------------------
Section  1.09  -  Beneficiary                                                 2
                  -----------
Section  1.10  -  Board  of  Directors                                        2
                  --------------------
Section  1.11  -  Closing  Price                                              3
                  --------------
Section  1.12  -  Code                                                        3
                  ----
Section  1.13  -  Common  Stock                                               3
                  -------------
Section  1.14  -  Commonly  Controlled  Entity                                3
                  ----------------------------
Section  1.15  -  Company                                                     3
                  -------
Section  1.16  -  Company  Matching  Contribution  Account                    3
                  ----------------------------------------
Section  1.17  -  Company  Matching  Contributions                            3
                  --------------------------------
Section  1.18  -  Compensation                                                3
                  ------------
Section  1.19  -  Covered  Service                                            4
                  ----------------
Section  1.20  -  Disability                                                  4
                  ----------
Section  1.21  -  Effective  Date                                             5
                  ---------------
Section  1.22  -  Eligible  Employee                                          5
                  ------------------
Section  1.23  -  Eligible  Spouse                                            5
                  ----------------
Section  1.24  -  Employee                                                    5
                  --------
Section  1.25  -  Employer                                                    5
                  --------
Section  1.26  -  Entry  Date                                                 5
                  -----------
Section  1.27  -  Five-Percent  (5%)  Owner                                   5
                  -------------------------
Section  1.28  -  Highly  Compensated  Employee                               5
                  -----------------------------
Section  1.29  -  Investment  Committee                                       5
                  ---------------------
Section  1.30  -  Investment  Fund  or  Funds                                 5
                  ---------------------------
Section  1.31  -  Leased  Employee                                            5
                  ----------------
Section  1.32  -  Member                                                      6
                  ------
Section  1.33  -  Non-Highly  Compensated  Employee                           6
                  ---------------------------------
Section  1.34  -  Participating  Unit                                         6
                  -------------------
Section  1.35  -  Plan                                                        6
                  ----
Section  1.36  -  Prior  Plan                                                 6
                  -----------
Section  1.37  -  Plan  Administrator                                         6
                  -------------------
Section  1.38  -  Plan  Year                                                  6
                  ----------
Section  1.39  -  Profits                                                     6
                  -------
Section  1.40  -  Retirement                                                  7
                  ----------
Section  1.41  -  Rollover  Account                                           7
                  -----------------
Section  1.42  -  Rollover  Contribution                                      7
                  ----------------------
Section  1.43  -  Temporary  Employee                                         7
                  -------------------
Section  1.44  -  Termination  of  Employment                                 7
                  ---------------------------
Section  1.45  -  Trustee                                                     7
                  -------
Section  1.46  -  Trust  Fund                                                 7
                  -----------
Section  1.47  -  Valuation  Date                                             7
                  ---------------
Section  1.48  -  Withdrawal  Valuation  Date                                 7
                  ---------------------------
ARTICLE  II  -    Membership                                                  8
Section  2.01  -  Eligibility                                                 8
                  -----------
Section  2.02  -  Membership  Application                                     8
                  -----------------------
Section  2.03  -  Rehired  Former  Employee                                   8
                  -------------------------
ARTICLE  III  -  Service                                                      8
Section  3.01  -  Absence  in  Military  Service                              8
                  ------------------------------
Section  3.02  -  Approved  Leave  of  Absence                                8
                  ----------------------------
Section  3.03  -  Family  Medical  Leave                                      8
                  ----------------------
Section  3.04  -  Period  of  Service                                         8
                  -------------------
Section  3.05  -  Service  Definitions                                        9
                  --------------------
ARTICLE  IV  -  Contributions                                                 9
Section  4.01  -  Before-Tax  Matched  Contributions                          9
                  ----------------------------------
Section  4.02  -  Company  Matching  Contributions                            9
                  --------------------------------
Section  4.03  -  Before-Tax  Unmatched  Contributions                       10
                  ------------------------------------
Section  4.04  -  After-Tax  Matched  and  Unmatched Supplemental
                  Contributions
                  ------------------------------------------------           10
Section  4.05  -  Deferral  Percentages                                      11
                  ---------------------
Section  4.06  -  Contribution  Percentages                                  12
                  -------------------------
Section 4.07 - Change in Before-Tax Matched, Before-Tax Unmatched, and
               After-Tax Supplemental  Contributions                         13
               ------------------------------------------------------
Section  4.08  -  Suspension  of  Before-Tax  Matched,
                  Before-Tax Unmatched, and After-Tax  Supplemental
                  Contributions                                              14
                  --------------------------------------------------

     ---------------------------------
Section  4.09  -  Limitation  of  Contributions                             14
                  -----------------------------
ARTICLE  V  -  Trust  Fund                                                  15
Section  5.01  -  The  Trust  Agreement                                     15
                  ---------------------
Section  5.02  -  The  Trustee                                              15
                  ------------
Section  5.03  -  Separate  Investment  Funds                               15
                  ---------------------------
Section  5.04  -  Temporary  Investment                                     15
                  ---------------------
Section  5.05  -  Investment  Managers                                      15
                  --------------------
ARTICLE  VI  -  ESOP  Common  Stock  Fund                                   15
Section  6.01  -  The  ESOP  Common  Stock  Fund                            15
                  ------------------------------
Section  6.02  -  ESOP  Common  Stock  Dividends                            16
                  ------------------------------
Section  6.03  -  Withdrawals  and  Distributions                           16
                  -------------------------------
Section  6.04  -  Voting  and  Tendering                                    16
                  ----------------------
Section  6.05  -  Diversification  Elections                                17
                  --------------------------
ARTICLE  VII  -  Other  Investment  Funds                                   17
Section  7.01  -  Other  Investment  Funds                                  17
                  ------------------------
Section  7.02  -  Investment  of  Contributions                             18
                  -----------------------------
Section  7.03  -  Member  Responsibility  For  Selection  of  Funds         19
                  -------------------------------------------------
Section  7.04  -  Voting  and  Tendering                                    19
                  ----------------------
ARTICLE  VIII  -  Valuation  of  Assets  and  Members'  Accounts            20
Section  8.01  -  Valuation  of  Assets                                     20
                  ---------------------
Section  8.02  -  Valuation  of  Accounts                                   20
                  -----------------------
Section  8.03  -  Statement  of  Accounts                                   20
                  -----------------------
Section  8.04  -  Accounts  in  Units                                       20
                  -------------------
ARTICLE  IX  -  Vesting  of  Contributions                                  20
Section  9.01  -  Vesting  of  Before-Tax  and After-Tax Supplemental
                  Investment Accounts                                       20
                 -----------------------------------------------------

Section  9.02  -  Vesting  of  Company  Contributions  Account              20
                  --------------------------------------------
ARTICLE  X  -  Distributions                                                21
Section  10.01  -  General                                                  21
                   -------
Section  10.02  -  Methods  of  Distribution                                21
                   -------------------------
Section  10.03  -  Qualified  Joint  and  Survivor  Annuity                 22
                   ----------------------------------------
Section  10.04 - Election Not to Receive a Qualified Joint and
                 Survivor Annuity                                           23
                 --------------------------------------------------
Section  10.05  -  Completion  of  Appropriate  Forms                       23
                   ----------------------------------
Section  10.06  -  Accounts  of  Former  Employees                          24
                   -------------------------------
Section  10.07  -  Consent  to  Payment                                     24
                   --------------------
Section  10.08  -  Latest  Deferral  of  Payment                            24
                   -----------------------------
Section  10.09  -  Lost  Payees                                             25
                   ------------
Section  10.10  -  Distribution  of  Annuity  Contracts                     25
                   ------------------------------------
ARTICLE  XI  -  Death  Benefits                                             25
Section  11.01  -  Death  Benefits                                          25
                   ---------------
Section  11.02  -  Beneficiary  Designation                                 25
                   ------------------------
Section  11.03  -  Pre-Retirement  Survivor  Annuity                        26
                   ---------------------------------
Section  11.04  -  Payment  of  Benefit                                     26
                   --------------------
Section  11.05  -  Latest  Time  for  Payment                               26
                   --------------------------
Section 11.06 - Payments in the Event of Death with No
                Designated Survivor or of Incompetency                      26
                ------------------------------------
Section  11.07  -  Renunciation  of  Death  Benefit                         26
                   --------------------------------
Section  11.08 - Proof of Death and Right of Beneficiary or Other Person    27
                 -------------------------------------------------------
ARTICLE  XII  -  Withdrawal  Prior  to  Termination  of  Employment         27
Section  12.01  -  Withdrawal  of  After-Tax  Supplemental Contributions    27
                   -----------------------------------------------------
Section  12.02  - Hardship Withdrawal of Before-Tax Contributions
                  and/or Company Matching  Contributions                    27
                  ----------------------------------------------
Section  12.03  -  Age  Fifty-Nine  and  One-Half  (59-1/2)  Withdrawal     28
                   ----------------------------------------------------
Section  12.04  -  Order  of  Withdrawals                                   28
                   ----------------------
ARTICLE  XIII  -  Forfeitures                                               29
Section  13.01  -  Time  of  Forfeiture  and  Restoration                   29
                   --------------------------------------
Section  13.02  -  Disposition  of  Forfeitures                             29
                   ----------------------------
Section  13.03  -  Effect  of  Withdrawal  Under  Article  XII              29
                   -------------------------------------------
Section  13.04  -  Parental  Leave  of  Absence                             29
                   ----------------------------
ARTICLE  XIV  -  Administration  of  Plan                                   29
Section  14.01  -  Plan  Administrator                                      29
                   -------------------
Section  14.02  -  Administrative  Committee                                30
                   -------------------------
Section  14.03  -  Investment  Committee                                    30
                   ---------------------
Section  14.04  -  Authority  and  Duties  of  Various  Fiduciaries         30
                   ------------------------------------------------
Section  14.05  -  Named  Fiduciaries                                       31
                   ------------------
Section  14.06  -  Delegation                                               31
                   ----------
Section  14.07  -  Multiple  Capacities                                     32
                   --------------------
ARTICLE XV - Amendments, Termination, Permanent Discontinuance of
             Contributions, Merger  or  Consolidation                       32
Section  15.01  -  Amendments                                               32
                   ----------
Section 15.02 - Termination or Permanent Discontinuance of Contributions    32
                --------------------------------------------------------
Section  15.03  -  Partial  Termination                                     32
                   --------------------
Section  15.04  -  Benefits  in  Case  of  Merger  or  Consolidation        32
                   -------------------------------------------------
ARTICLE  XVI  -  Loans                                                      32
Section  16.01  -  Loans                                                    32
                   -----
Section  16.02  -  Interest  Rates                                          33
                   ---------------
Section  16.03  -  Other  Rules                                             33
                   ------------
ARTICLE  XVII  -  Miscellaneous                                             34
Section  17.01  -  Benefits  Payable  from  Trust  Fund                     34
                   ------------------------------------
Section  17.02  -  Elections                                                34
                   ---------
Section  17.03  -  No  Right  to  Continued  Employment                     34
                   ------------------------------------
Section  17.04  -  Inalienability  of  Benefits  and  Interest              34
                   -------------------------------------------
Section  17.05  -  Payments  for  Exclusive  Benefits  of  Members          34
                   -----------------------------------------------
Section  17.06  -  Missouri  Law  to  Govern                                35
                   -------------------------
Section  17.07  -  No  Guarantee                                            35
                   -------------
Section  17.08  -  Address  of  Record                                      35
                   -------------------
Section  17.09  -  Participating  Units                                     35
                   --------------------
Section  17.10  -  Headings                                                 35
                   --------
Section  17.11  -  Use  of  Masculine  Terms                                35
                   -------------------------
Section  17.12  -  Payment  of  Expenses                                    35
                   ---------------------
Section  17.13  -  Rollover  Contributions                                  36
                   -----------------------
ARTICLE  XVIII  -  Claim  Procedure                                         36
Section  18.01  -  Initial  Determination                                   36
                   ----------------------
Section  18.02  -  Review                                                   36
                   ------
ARTICLE  XIX  -  Limitation  on  Contributions                              37
Section  19.01  -  Maximum  Annual  Additions                               37
                   --------------------------
ARTICLE  XX  -  Top-Heavy  Provisions                                       39
Section  20.01  -  Application  of  Top-Heavy  Provisions                   39
                   --------------------------------------
Section  20.02  -  Definitions                                              40
                   -----------
Section  20.03  -  Minimum  Contribution                                    41
                   ---------------------
Section  20.04  -  Limit  on  Annual  Additions:  Combined  Plan  Limit     41
                   ----------------------------------------------------

<PAGE>

                ENERGIZER HOLDINGS, INC. SAVINGS INVESTMENT PLAN

Whereas, effective April 1, 2000, Ralston Purina Company ("Ralston"), a Missouri
-------
corporation,  spun  off  its  battery  and  lighting  products  business  to the
shareholders  of  Ralston  common  stock,  in  a  spin-off qualifying under Code
Section  355  (the  "Spin-off");

Whereas,  in  accordance  with  Section  7.04  of  the  Agreement  and  Plan  of
-------
Reorganization  dated as of April 1, 2000, (the "Agreement") between Ralston and
Energizer Holdings, Inc. ("Energizer" or "the Company"), a Missouri corporation,
the  Ralston  Savings  Investment  Plan  (the  "Ralston SIP" or "Prior Plan"), a
qualified  plan under Code Section 401(a) and (k), will be split into two plans,
the  Ralston  SIP  and the Energizer Holdings, Inc. Savings Investment Plan (the
"Energizer  SIP"),  and  such split shall constitute a "spin-off" of the Ralston
SIP,  as  defined  under  Code  Section  414(l),  and  the  regulations thereto;

Whereas,  the  spin-off  of  the  Ralston  SIP  is  necessary  to effectuate the
-------
Spin-off;

Whereas,to  effectuate  the  spin-off  of  the  Ralston  SIP,  the total account
--------
balances  of  all  participants  in  the  Ralston SIP on March 31, 2000, who are
Energizer  Individuals,  as defined in the Agreement, will be transferred by the
Trustee  of  the  Ralston  SIP to the Trustee of the Energizer SIP, effective as
soon  as  practicable  after  March  31, 2000, subject to certain conditions set
forth  in  the  Agreement;  and

Whereas,  the Energizer Board of Directors has authorized Energizer to adopt the
-------
Energizer  SIP,  as  set  forth  below.

Now,  therefore,  the Energizer Holdings, Inc. Savings Investment Plan is hereby
adopted  effective  April  1,  2000.

<PAGE>

                ENERGIZER HOLDINGS, INC. SAVINGS INVESTMENT PLAN
                             ARTICLE I - Definitions
Section  1.01  -  Accounts
                  --------
Accounts  shall  mean,  with respect to any Member, his Before-Tax and After-Tax
Supplemental Investment Accounts, his Company Matching Contribution Account, and
his  Rollover  Account.
Section  1.02  -  Administrative  Committee
                  -------------------------
Administrative Committee shall mean the Energizer Plans Administrative Committee
which  has  the  responsibility and authority to manage and administer the Plan.
Section  1.03  -  Affiliated  Company
                  -------------------
Affiliated  Company  shall mean (a) any company more than fifty percent (50%) of
the voting stock of which is directly or indirectly owned by Energizer Holdings,
Inc.  or  by  any  successor, and (b) any Commonly Controlled  Entity; provided,
however,  that  a company shall not be an Affiliated Company unless Common Stock
would  be  employer  securities  within  the meaning of Code Section 409(l) with
respect  to  such  company.
Section  1.04  -  After-Tax  Supplemental  Contributions
                  --------------------------------------
After-Tax  Supplemental  Contributions  shall mean the contributions of a Member
which  are  credited  to  his  After-
Tax  Supplemental  Investment  Account  in  accordance  with  Section  4.04.
Section  1.05  -  After-Tax  Supplemental  Investment  Account
                  --------------------------------------------
After-Tax  Supplemental  Investment Account shall mean that portion of the Trust
Fund  which,  with  respect  to any Member, is attributable to his own After-Tax
Matched  and  Unmatched  Supplemental Contributions, and any investment earnings
and  gains  or  losses  thereon.
Section  1.06  -  Before-Tax  Investment  Account
                  -------------------------------
Before-Tax  Investment  Account shall mean that portion of the Trust Fund which,
with respect to any Member, is attributable to Before-Tax Matched and Before-Tax
Unmatched  Contributions under the Plan and any investment earnings and gains or
losses  thereon.
Section  1.07  -  Before-Tax  Matched  Contributions
                  ----------------------------------
Before-Tax  Matched Contributions shall mean the amount remitted by the Employer
in  accordance  with  Section  4.01.
Section  1.08  -  Before-Tax  Unmatched  Contributions
                  ------------------------------------
Before-Tax  Unmatched  Contributions  shall  mean  the  amount  remitted  by the
Employer  in  accordance  with  Section  4.03.
Section  1.09  -  Beneficiary
                  -----------
Beneficiary  shall  mean  any  person  or  persons designated in accordance with
Section  11.02.
Section  1.10  -  Board  of  Directors
                  --------------------
Board of Directors shall mean the Board of Directors of Energizer Holdings, Inc.
and  any  committee  of  directors authorized by such Board to act in its behalf
with  reference  to  the  Plan.
Section  1.11  -  Closing  Price
                  --------------
Closing  Price  shall  mean  the  price  assigned  to  a  transaction order on a
Valuation  Date.  Generally,  the  Closing Price is determined by the Trustee on
the  day  the  order  is  placed.  However,  if,  in  the  best  judgment of the
Investment Committee, it would not be in the best interests of Plan Participants
to  determine  the  Closing Price on the day the order is placed, due to unusual
circumstances,  Investment  Committee  may, in its sole discretion, complete the
order  in  such manner as the members thereof deem prudent.  If a transaction is
completed over several days, Participants who placed such orders on the original
date  will  not be permitted to effect any other transactions, other than making
contributions  and  loan  repayments,  until  a  Closing  Price for the original
Valuation  Date  is  established. The Closing Price assigned to such orders will
reflect  the average price of the transactions necessary to complete the orders.
Section  1.12  -  Code
                  ----
Code shall mean the Internal Revenue Code of 1986, as amended from time to time.
Reference  to  any  section  or subsection of the Code includes reference to any
comparable or succeeding provisions of any legislation which amends, supplements
or  replaces  such  section  or  subsection.
Section  1.13  -  Common  Stock
                  -------------
Common  Stock shall mean the common stock of Energizer Holdings, Inc.  and shall
include  any  other  authorized class or series of Common Stock outstanding upon
the  reclassification  of  any  of  such  classes  or  series  of  Common Stock,
including,  without  limitation, any stock split-up, stock dividend, creation of
targeted  stock  or  other  distributions  of stock in respect of or any reverse
stock  split-up,  or  recapitalization  of  the  Company,  or  any  merger  or
consolidation  of  the  Company  with  any  Affiliated  Company.
Section  1.14  -  Commonly  Controlled  Entity
                  ----------------------------
Commonly  Controlled  Entity shall mean (1) any corporation which is a member of
the  same  controlled  group  of corporations within the meaning of Code Section
414(b)  as  Energizer  Holdings, Inc., (2) any trade or business (whether or not
incorporated) which is under common control with Energizer Holdings, Inc. within
the  meaning  of Code Section 414(c), and (3) any organization which is a member
of  an  affiliated  service  group  within the meaning of Code Section 414(m) of
which  a  Company  is  also a member, and (4) any entity which is required to be
aggregated  under  Code  Section  414(o).
Section  1.15  -  Company
                  -------
Company  shall  mean  Energizer  Holdings, Inc., a Missouri corporation, and any
Affiliated  Company.
Section  1.16  -  Company  Matching  Contribution  Account
                  ----------------------------------------
Company  Matching Contribution Account shall mean that portion of the Trust Fund
which,  with respect to any Member, is attributable to any contributions made on
the  Member's  behalf  by  the  Company  in accordance with Section 4.02 and any
investment  earnings  and  gains  or  losses  thereon.
Section  1.17  -  Company  Matching  Contributions
                  --------------------------------
Company Matching Contributions shall mean the amount contributed by the Employer
in  accordance  with  Section  4.02(b).
Section  1.18  -  Compensation
                  ------------
Compensation  shall  mean  the  basic  compensation and such other forms of cash
compensation  paid  for employment in Covered Service, as determined by the Plan
Administrator  including  but  not  limited to, regular cash bonuses (unless the
Member  elects  to  defer  such  bonus  under  a  Company  sponsored  deferred
compensation  plan);  payments  made  under  a  Code Section 125 Cafeteria Plan;
payments  received  by  Members  as  a  result of non-occupational sicknesses or
injuries  as  wage replacement; and payments received by a Member under any type
of  Company  sponsored  voluntary  supplementation  of  worker's  compensation
payments.  Compensation  shall  not  include  employer  paid  reimbursements and
allowances, or non-recurring awards. Notwithstanding the foregoing, Compensation
for  purposes  of the Plan shall not exceed the dollar limit provided under Code
401(a)(17),  or  such  increases  as  the  Secretary  of Treasury may determine.
Section  1.19  -  Covered  Service
                  ----------------
Covered  Service  means  employment  of  an  Employee  by  an  Employer  in  a
Participating  Unit, as a regular Employee for which the Employee is paid from a
United  States  dollar payroll maintained in the United States and for which the
Employee receives a regular and stated compensation or retainer and an Employee,
while  designated  as  an  Internationally  Assigned  Employee  in  a  sales,
administrative, clerical, or production capacity for which the Employee receives
a  regular  stated compensation or retainer which is subject to taxes imposed by
the  Federal  Insurance  Contributions  Act; provided that the following service
shall  not  be  Covered  Service:

     (a)     Employment  excepted  by  the  Board  of  Directors, or by the Plan
Administrator  pursuant  to authority delegated to it by the Board of Directors,
on  a  uniform  and  nondiscriminatory  basis  with respect to persons similarly
situated;  and

     (b)     Employment  subject  to a collective bargaining agreement the terms
and  conditions  of  which  do  not  make  this  Plan  applicable  to  it;  and

     (c)     Employment  as  a  Leased  Employee;  and

     (d)     Employment  as  a  Temporary  Employee;  and

(e)     Employment as a fee-for-service worker or independent contractor or in a
     similar  capacity  (rather than in the capacity of an Employee), regardless
of  such individual's status under common law, including any such individual who
is  or  has  been  determined by a third party (including, without limitation, a
government  agency  or  board  or  court or arbitrator) to be an Employee of the
Company,  or  any Affiliated Company for any purpose, including, for purposes of
any  employee  benefit  plan of the Company or any Affiliated Company (including
this  Plan)  or  for  purposes  of  federal,  state,  or  local tax withholding,
employment  tax,  or  employment  law.

     For  all  purposes  under this Plan, service with Ralston Purina Company or
any  Ralston  Affiliated  Company,  as  defined in the Ralston SIP (the "Ralston
Group"),  shall  constitute Covered Service for all Employees who were employees
of  any  member  of  the  Ralston  Group,  including  Energizer or any Energizer
Affiliated Company, on March 31, 2000, and who are Employees of Energizer or any
Energizer  Affiliated  Company  on March 31, 2001 and during the period April 1,
2000  through  March  31,  2001, are continuously employed by the Ralston Group,
and/or  Energizer  or  any  Affiliated  Company.
Section  1.20  -  Disability
                  ----------
Disability shall mean, (a) being disabled within the meaning of any pension plan
or  long term disability plan of an Employer under which a Member is entitled to
receive  benefits  and which results in Termination of Employment, or (b) if (a)
is  not applicable, as provided in Code Section 72(m)(7), being unable to engage
in  any  substantial  gainful  activity  by  reason  of any medically determined
physical  or mental impairment which can be expected to result in death or to be
of  a  long  continued and indefinite duration which results in a Termination of
Employment.
Section  1.21  -  Effective  Date
                  ---------------
Effective Date shall mean April 1, 2000, except as otherwise provided herein, in
respect  of  Energizer  Holdings,  Inc.,  and  the  date as of which the Plan is
adopted  by  an  Affiliated  Company,  with  respect  to  such  company.
Section  1.22  -  Eligible  Employee
                  ------------------
Eligible  Employee  shall  mean  an  Employee  who has satisfied the eligibility
requirement  of  Section  2.01  and  is  employed  in  Covered  Service.
Section  1.23  -  Eligible  Spouse
                  ----------------
Eligible  Spouse  shall  mean the person to whom a Member is lawfully married at
the  time benefit payments to the Member from this Plan commence, or in the case
of a Member who dies before such time, the person to whom the Member is lawfully
married  on  the  date  of  death  of  the  Member.
Section  1.24  -  Employee
                  --------
Employee  shall  mean  any  person  employed  by the Company, including a Leased
Employee.
Section  1.25  -  Employer
                  --------
Employer  shall  mean Energizer Holdings, Inc. or any Affiliated Company by whom
the  Employee  is  employed  that contributes to the Plan for the benefit of its
employees  with  the  approval of the Plan Administrator.  Any such Company that
contributes  to  the Plan shall thereby agree to all of the terms and conditions
of  the  Plan.
Section  1.26  -  Entry  Date
                  -----------
Entry  Date, with respect to an Eligible Employee who:  (i) on March 31, 2000 is
a  participant  in the Ralston SIP; (ii) on April 1, 2000 is employed in Covered
Service;  and (iii) whose Entry Date under the Ralston Purina Savings Investment
Plan  is  a  date  on  or  before  March  31, 2000, shall mean the Entry Date as
determined  under  the  Ralston Purina Company Savings Investment Plan.  For all
other  Eligible Employees, the Entry Date shall mean the first day of the second
month  immediately  following  his  or  her  Employment  Commencement  Date.
Section  1.27  -  Five-Percent  (5%)  Owner
                  -------------------------
Five-Percent  (5%) Owner shall mean an Employee who is a five-percent (5%) owner
as  defined  in  Code  Section  416(i)(1)(B)(i).
Section  1.28  -  Highly  Compensated  Employee
                  -----------------------------
Highly  Compensated Employee shall mean any Employee who is a highly-compensated
employee  as  defined  in Section 414(q) of the Code and regulations thereunder.
Section  1.29  -  Investment  Committee
                  ---------------------
Investment  Committee  shall mean the Energizer Plans Investment Committee which
has  the  responsibility  and  authority  to  control and manage the Trust Fund.
Section  1.30  -  Investment  Fund  or  Funds
                  ---------------------------
Investment  Fund  or  Funds shall mean the separate funds established within the
Trust  in  accordance  with  Article  VII.
Section  1.31  -  Leased  Employee
                  ----------------
Leased  Employee  shall mean a person who provides services to the Company and--

          (1)     such  services  are provided pursuant to an agreement (written
or  oral)  between  the  Company, and any other person ("leasing organization"),

          (2)     such  person  has performed such services for the Company on a
substantially  full-time  basis  for  a  period  of  at  least  one  year,  and

          (3)     such services are performed under primary direction or control
by  the  recipient  for  all  Plan  years  beginning  after  December  31, 1996.

A  person  shall  not  be  deemed  a  Leased Employee if he is covered by a plan
maintained by a leasing organization which is a money purchase pension plan with
a  non-integrated  employer  contribution  rate of at least ten percent (10%) of
compensation,  and  provides  for  immediate  participation  and  for  full  and
immediate  vesting  provided  that  Leased Employees constitute less than twenty
percent  (20%)  of  the  Company's  Non-Highly  Compensated  Employees.
Section  1.32  -  Member
                  ------
Member  shall mean any person included in the membership of the Plan as provided
in  Article  II.

Section  1.33  -  Non-Highly  Compensated  Employee
                  ---------------------------------
Non-Highly  Compensated Employee shall mean any Employee who is neither a Highly
Compensated  Employee  nor  a family member of a Highly Compensated Employee, as
defined  in  Section  414(q)  of  the  Code  and  regulations  thereunder.
Section  1.34  -  Participating  Unit
                  -------------------
Participating  Unit  shall  mean  Energizer  Holdings, Inc. or any subsidiary of
Energizer  Holdings,  Inc.  that  contributes to the Plan for the benefit of its
Employees with the approval of the Plan Administrator, and any unit of Employees
of the Company or an Affiliated Company authorized to participate in the Plan in
accordance  with  Section  17.09.
Section  1.35  -  Plan
                  ----
Plan  shall  mean  the  Energizer  Holdings,  Inc.  Savings  Investment Plan, as
described  herein  or  as  hereafter  amended.
Section  1.36  -  Prior  Plan
                  -----------
Prior  Plan  shall mean the Ralston Purina Company Savings Investment Plan as in
effect  on  January  1,  1988.
Section  1.37  -  Plan  Administrator
                  -------------------
Plan  Administrator  shall  mean  Energizer  Holdings,  Inc
Section  1.38  -  Plan  Year
                  ----------
Plan  Year  shall  mean  the  calendar  year.
Section  1.39  -  Profits
                  -------
Profits  shall  mean  both  the accumulated earnings and profits and current net
taxable  income  of  the  Company  attributable  to  the Energizer Power Systems
division  (EPS),  before deduction of federal, state, and local income taxes and
before  any  contributions  made  by  the  Company to this or any other employee
benefit  plan  maintained  by  the  Company,  on  behalf of employees of EPS, as
determined  by  its  independent public accountants in accordance with generally
accepted  accounting  principles.
Section  1.40  -  Retirement
                  ----------
Retirement shall mean early or normal retirement under any other retirement plan
of  the Company, provided such retirement results in the Member's Termination of
Employment.
Section  1.41  -  Rollover  Account
                  -----------------
Rollover Account shall mean that portion of the Trust Fund that, with respect to
any  Employee,  is  attributable  to Rollover Contributions to the Trust by that
Employee  under  Section  17.13  of  the  Plan.
Section  1.42  -  Rollover  Contribution
                  ----------------------
Rollover  Contribution  shall  mean  that  portion of the Trust Fund which, with
respect to any Employee, is attributable to Rollover Contributions under Section
17.13  under  the Plan, and any investment earnings and gains or losses thereon.
Section  1.43  -  Temporary  Employee
                  -------------------
Temporary Employee shall mean an Employee who is hired (i) to complete a special
project  of  limited duration, or (ii) to fill the vacancy of an Employee who is
on  a  leave  of  absence.
Section  1.44  -  Termination  of  Employment
                  ---------------------------
Termination  of  Employment  shall  mean  separation  from the employment of the
Company  for  any  reason,  including,  but  not  limited to, Retirement, death,
Disability,  resignation  or dismissal by the Company; provided, however, that a
transfer  of  employment  between  Energizer  Holdings,  Inc.  and an Affiliated
Company  or  between Affiliated Companies shall not be deemed to be "Termination
of  Employment."  Notwithstanding  the  foregoing,  for  purposes  hereunder, an
Employee  who  has  been placed on inactive status for a twelve (12) consecutive
month  period  shall  be treated as having incurred a termination of Employment;
provided,  however,  if  a  definite date has been established at which time the
Employee  is expected to return to Covered Service, then the person shall not be
deemed  to  have  incurred  a  "Termination of Employment".  With respect to any
leave  of  absence  or  any  period of service in the Armed Forces of the United
States  ("Armed  Forces"),  Article  III  shall  govern.
Section  1.45  -  Trustee
                  -------
Trustee  shall  mean  a  trustee  or trustees at any time acting as such under a
trust  agreement  or  agreements  established  for  purposes  of  this  Plan.
Section  1.46  -  Trust  Fund
                  -----------
Trust  Fund  shall mean the cash and other properties arising from contributions
made  in  accordance  with  the  provisions  of  this  Plan.
Section  1.47  -  Valuation  Date
                  ---------------
Valuation  Date  shall  mean  the  date reflecting the effective date on which a
transaction  was  implemented  at  the  Closing Price established for that date.
Section  1.48  -  Withdrawal  Valuation  Date
                  ---------------------------
Withdrawal  Valuation  Date  shall mean, with respect to a Member, the Valuation
Date  coinciding  with,  or immediately following, the date on which his request
for  a  withdrawal  under  the  Plan  is  effected  by  the  Plan Administrator.
                             ARTICLE II - Membership
Section  2.01  -  Eligibility
                  -----------
An  Employee  shall  be eligible for membership in the Plan on any Entry Date on
which  the  Employee  is  employed  in  Covered  Service.
Section  2.02  -  Membership  Application
                  -----------------------
An  Eligible  Employee  may  become  a Member on an Entry Date by completing and
submitting  to  the  Plan  Administrator  in a timely manner an application form
supplied  by the Plan Administrator on which he designates the percentage of his
Compensation  he  wishes  to  be contributed to this Plan by means of deductions
from his Compensation, he chooses one or more Investment Fund(s), and he names a
Beneficiary.  Participation  in  the  Plan by an Eligible Employee is voluntary.
Section  2.03  -  Rehired  Former  Employee
                  -------------------------
If  a  former Employee formerly eligible for membership under Section 2.01 above
is  rehired  after  a Severance from Service Date as defined in Section 3.05(d),
the  former  Employee  shall again be eligible to become a Member of the Plan on
the  date  of  his  re-employment  as  an  Eligible  Employee.

                              ARTICLE III - Service
Section  3.01  -  Absence  in  Military  Service
                  ------------------------------
If an Employee shall have been absent from the service of the Company because of
service  in  the Armed Forces of the United States and if he shall have returned
to  the  service  of  the  Company  within the period during which re-employment
rights  are  extended  by  law,  such  absence  shall  not  count as a period of
severance.  Any  period  of  such absence which is not otherwise included in his
Period  of  Service shall be so included.  Notwithstanding any provision of this
plan to the contrary, contributions, benefits and service credit with respect to
qualified military service will be provided in accordance with Section 414(u) of
the  Internal  Revenue  Code.
Section  3.02  -  Approved  Leave  of  Absence
                  ----------------------------
A  period  during  which  an  Employee  is on a leave of absence approved by the
Company  not  otherwise  included  in  a  Period  of  Service shall, if the Plan
Administrator  so determines, be so included under rules established by the Plan
Administrator  uniformly  applicable  to  all  Employees  similarly  situated.
Section  3.03  -  Family  Medical  Leave
                  ----------------------
If  an  Employee is absent from the service of the Company because of a leave of
absence  which  qualifies  as  a  leave under the Family Medical Leave Act, such
absence  shall  be  included  in  the  Period  of  Service.
Section  3.04  -  Period  of  Service
                  -------------------
The  Period  of  Service  of  an  Employee  means  the period of Covered Service
beginning  on  an  Employment Commencement Date of an Employee and ending on the
Severance from Service Date of the Employee that next follows such an Employment
Commencement  Date.  Nonconsecutive  Periods  of Service shall be aggregated and
three  hundred  sixty-five  (365)  days  of  service shall equal a whole year of
service.  If  an  Employee performs an Hour of Service within twelve (12) months
of a Severance from Service Date, the Employee's Period of Service shall include
the  time  which  elapsed between the date of such a Severance from Service Date
and  such  date  of  re-employment.

Additionally,  service  with  Gates Energy Products, Inc., for all employees who
were  employed  by  Gates  Energy  Products, Inc. on August 27, 1993, who became
Employees of Eveready Battery Company, Inc. on August 28, 1993 shall be included
in  an  Employee's  Period  of  Service.

Section  3.05  -  Service  Definitions
                  --------------------

          (a)     "Employment  Commencement  Date"  shall  mean  the  date  the
Employee first performs an Hour of Service; provided that, if an Employee incurs
a Break in Service of at least one year, the Employment Commencement Date of the
Employee  shall  be  the  first  day  on  which the Employee performs an Hour of
Service  after  incurring  such  a  Break  in  Service.

          (b)     "Break in Service" means the period following a Severance from
Service  Date  extending  until the Employee again completes an Hour of Service.

          (c)     "Hour of Service" means an hour for which an Employee is paid,
or  entitled  to  payment,  for  the  performance  of  duties  for  the Company.

          (d)     "Severance  from  Service  Date"  means the earlier of (1) the
date  the  Employee  retires,  dies,  resigns or is discharged, or (2) the first
anniversary  of  the date on which the Employee begins a period of absence, with
or without pay, with the Company, subject, however, to the provisions of Section
1.44.

                           ARTICLE IV - Contributions
Section  4.01  -  Before-Tax  Matched  Contributions
                  ----------------------------------

          (a)     (i)  Each  Member  may elect to reduce his Compensation in any
amount  from  one  percent  (1%)  to  six  percent  (6%)  [in  one  percent (1%)
increments]  of  his  Compensation  for  each  payroll  period  subject  to  the
provisions  set  forth in Sections 4.01(b), 4.05, 4.09, and Article XIX, and his
Employer  shall remit to the Plan on his behalf Before-Tax Matched Contributions
equal  to the amount of the reduction in his Compensation as soon as practicable
after  the  end  of  the payroll period.  Such contribution shall in no event be
made  later  than  ninety  (90)  days  after  the  end  of  such payroll period.

          (b)     Notwithstanding the foregoing, the Employer shall not remit to
the  Plan  any  Before-Tax  Matched  Contributions  on  behalf of any Member who
receives  a  hardship  withdrawal  of his Before-Tax Contribution Account or his
Company  Matching Contribution Account, in accordance with Section 12.02, during
the  twelve-month  period  immediately  following  such  withdrawal.
Section  4.02  -  Company  Matching  Contributions
                  --------------------------------

          (a)     Notwithstanding anything to the contrary in Section 4.01(a) or
this  Section, a Member shall not be entitled to a Company Matching Contribution
until the earlier of (I) the one-year anniversary of his Employment Commencement
Date  or  (ii)  January  1,  2001.

          (b)     Company  Matching  Contributions. The Company shall contribute
                  --------------------------------
to  the Plan as of each payroll period an amount equal to fifty percent (50%) of
the  aggregate  Before-Tax  Matched  Contributions  for  such  period.

          (c)     In  the  event  that  the Commissioner of Internal Revenue, on
timely application made after the adoption of the Plan, determines that the Plan
and  the implementing trust do not qualify for tax-exempt status, or refuses, in
writing,  to  issue  a favorable determination with respect to the Plan and such
trust,  the  Employer  contributions  made  on  or  after the date on which such
determination or refusal is applicable shall be returned to the Employer without
interest.  In  the  event that an Employer contribution to the Plan is made by a
mistake  of  fact or all or part of the Employer's deductions under Code Section
404  for  con-tributions  to  the  Plan  are  disallowed by the Internal Revenue
Service,  the  portion of the contributions attributable to such mistake of fact
or  to which such disallowance applies shall be returned to the Employer without
interest.  Any  such  return  shall  be made within one year after the making of
such  contribution  by  mistake  of  fact  or  the  denial  of  qualification or
disallowance  of  deductions,  as  the  case  may  be.

Section  4.03  -  Before-Tax  Unmatched  Contributions
                  ------------------------------------

          (a)     A  Member  who  has  elected  the  maximum  Before-Tax Matched
Contribution  rate  of  six  percent  (6%)  may  elect  to  further  reduce  his
Compensation  by  an  additional  one  percent  (1%) to six percent (6%) [in one
percent (1%) increments] of his Compensation for each payroll period, subject to
the  provisions  set forth in Sections 4.03(b), 4.05, 4.09, and Article XIX, and
his  Employer  shall  remit  to  the  Plan  on  his  behalf Before-Tax Unmatched
Contributions  equal  to the amount of the reduction in his Compensation as soon
as  practicable after the end of the payroll period.  Such contribution shall in
no  event  be  made  later  than  ninety (90) days after the end of such payroll
period.

          (b)     Notwithstanding the foregoing, the Employer shall not remit to
the  Plan  any  Before  Tax  Unmatched Contributions on behalf of any Member who
receives  a  hardship  withdrawal of his Tax Contribution Account or his Company
Matching  Contribution  Account,  in  accordance  with Section 12.02, during the
twelve-month  period  immediately  following  such  withdrawal.
Section  4.04  -  After-Tax  Matched  and  Unmatched  Supplemental Contributions
                  --------------------------------------------------------------

          (a)     A  Member may (i) elect to make After-Tax Matched Supplemental
Contributions  by  authorizing  payroll  deductions  of  one percent (1%) of his
Compensation,  and  (ii)  elect  to  make  After-Tax  Unmatched  Supplemental
Contributions  by  authorizing  payroll  deductions  of  one  percent  (1%)  to
twenty-one  percent  (21%) [in one percent (1%) increments] of his Compensation,
which  Contributions  shall  be paid to the Trustee as soon as practicable after
the  end  of  the  month  in which the applicable payroll period ends, but in no
event  later  than  ninety  (90)  days  after the end of such payroll period.  A
Member's  election  of  After-Tax  Supplemental  Contributions  may  be  made in
addition to any Before-Tax Matched or Before-Tax Unmatched Contributions elected
by  the  Member,  or may be made in lieu of such other contributions, subject to
the  provisions  set  forth  in  Section  4.06  and  Article  XIX.

               The Plan Administrator may implement rules limiting the After-Tax
Supplemental  Contributions  which  may  be made on behalf of Highly Compensated
Employees  so  that  these  limits  are  satisfied.

(b)     Notwithstanding  the foregoing, a Member may not elect to make After-Tax
Supplemental  Contributions during the twelve-month period immediately following
the  distribution  of  any  hardship  withdrawal  of his Before-Tax Contribution
Account or his Company Matching Contribution Account, in accordance with Section
     12.02.

Section  4.05  -  Deferral  Percentages
                  ---------------------

          (a)     The  actual  deferral  percentage  for  the Highly Compensated
Employees  shall  satisfy  at  least  one  of  the  following  tests:

                     (i)     The  actual  deferral  percentage  for the eligible
Highly  Compensated  Employees  for  the  Plan  Year  does not exceed the actual
deferred  percentage  for  the eligible Non-Highly Compensated Employees for the
Plan  Year,  multiplied  by  1.25;  or

                    (ii)     The  actual  deferral  percentage  for the eligible
Highly  Compensated  Employees  for  the  Plan  Year  does not exceed the actual
deferral  percentage  for  the eligible Non-Highly Compensated Employees for the
Plan  Year,  multiplied  by  2.0;  provided,  however,  that the actual deferral
percentage  for  the  eligible  Highly  Compensated Employees may not exceed the
actual  deferral percentage for the eligible Non-Highly Compensated Employees by
more  than  two  percentage  points.

          (b)     (1)     The  actual  deferral  percentage  with  respect  to
Before-Tax  Matched  Contributions for a specified group of Employees for a Plan
Year shall be the average of the ratios (calculated separately for each Employee
in  such  group)  of:

                     (i)     The  amount  of  Before-Tax  Matched  Contributions
actually paid to the Plan on behalf of each such Employee for such Plan Year, to

                    (ii)     The  Employee's compensation (within the meaning of
Code  Section  414(s))  for  such  Plan  Year.

          (b)     (2)     The  actual  deferral  percentage  with  respect  to
Before-Tax Unmatched Contributions for a specified group of Employees for a Plan
Year shall be the average of the ratios (calculated separately for each Employee
in  such  group)  of:

                     (i)     The  amount  of  Before-Tax Unmatched Contributions
actually paid to the Plan on behalf of each such Employee for such Plan Year, to

                    (ii)     The  Employee's compensation (within the meaning of
Code  Section  414(s))  for  such  Plan  Year.

          (b)     (3)     In  each  case  referred  to  in  Sections  (b)(1) and
(b)(2),  the  actual deferral percentage test described in Section 4.05(a) shall
be  computed separately for each controlled group [determined in accordance with
Code Sections 414(b), (c), (m), (n), and (o)] whose Employees participate in the
Plan.

          (c)     In  making  the  deferral  percentage  calculations  set forth
above, the Plan Administrator, as permitted by law, may, but is not required to,
take  into account other contributions made by the Company on behalf of Eligible
Employees;  provided  that  such other contributions must be one hundred percent
(100%) vested and subject to the withdrawal restrictions applicable to qualified
non-elective  contributions  [as  defined  in  Code  Section  401(m)].

          (d)     If  the  actual  deferral  percentage  of  eligible  Highly
Compensated  Employees  exceeds the amounts allowed under Paragraphs (a) and (b)
above,  the  excess  Before-Tax  Contributions  (as  determined  below) shall be
distributed  to  the  Members as soon as practicable (but in no event later than
the  last  day  of  the next succeeding Plan Year).  Any such distribution shall
include  income and loss allocated to the excess in accordance with Reg. Section
1.401(k)  -  1(f)(4).

          (e)     The  amount  of  excess  Before-Tax  Contributions  to  be  so
distributed  to  a  Highly  Compensated  Employee  shall  equal:

                (i)     The  total  Before-Tax  Matched and Before-Tax Unmatched
Contributions  specified  in  clause (i) of Section 4.05(b)(1) or (b)(2), as the
case  may  be,  for  such  employee,  less

               (ii)     The  reduced  deferral  dollar amount (determined below)
for  such  employee  with  respect to Before-Tax Matched or Before-Tax Unmatched
Contributions,  as  the  case  may  be.

          (f)     The reduced deferral dollar amount for each Highly Compensated
Employee  shall  be  determined  by  first  reducing  the  Before-Tax  Unmatched
Contributions,  and  then the Before-Tax Matched Contributions, as necessary, of
the  Highly  Compensated Employee with the highest actual deferral dollar amount
of Before-Tax Contributions, to whichever deferral dollar amount is higher:  (i)
the deferral dollar amount which enables the highly compensated group to satisfy
one of the tests of paragraph (a)(i), or (ii) the deferral dollar amount that is
equal  to  that  of the Highly Compensated Employee with the next highest actual
deferral  dollar  amount.

          The above process shall be repeated until the highly compensated group
satisfies  one  of  the  tests  set  forth  in  paragraph  (a).

          (g)     The  Plan  Administrator  may  implement  rules  limiting  the
Before-Tax  Matched  and  Unmatched Contributions which may be made on behalf of
some  or all Highly Compensated Employees so that the tests set forth in Section
4.05  are  satisfied.

Section  4.06  -  Contribution  Percentages
                  -------------------------

          (a)     The  actual contribution percentage for the Highly Compensated
Employees,  for  each  Plan Year, shall not exceed the greater of (i) the actual
contribution  percentage  for  eligible Non-Highly Compensated Employees for the
Plan  Year  multiplied  by  1.25,  or (ii) the lesser of (A) two hundred percent
(200%)  of  the  actual  contribution  percentage  of  the  eligible  Non-Highly
Compensated Employees, or (B) the actual contribution percentage of the eligible
Non-Highly  Compensated  Employees,  plus  two  (2)  percentage  points.

          (b)     The  actual  contribution  percentage for a specified group of
employees  shall  be  the  average of the ratios (calculated separately for each
Employee  in  such  group)  of:

                (i)     The  sum  of  the  following  which are actually paid on
behalf  of  such  Employee  for  such  Plan  Year,

(A)     Company  Matching  Contributions
(B)     After-Tax  Supplemental  Contributions,  and
(C)     Any  Qualified  Non-Elective  Contributions  [as  defined  in  Section
401(m)(4)(C)  of  the  Code],

               (ii)     The  Employee's compensation (within the meaning of Code
Section  414(s))  for  such  Plan  Year.

          (c)     In  making  the contribution percentage calculations set forth
above, the Plan Administrator, as permitted by law, may, but is not required to,
take  into account other contributions made by the Company on behalf of Eligible
Employees.

          (d)     If  the  actual  contribution percentage of Highly Compensated
Employees  exceeds  the  amounts  allowed  under paragraph (a) above, the excess
contributions  (as determined below) shall be distributed to the Members as soon
as  practicable  (but in no event later than the last day of the next succeeding
Plan  Year).  Any  such  distribution shall include income and loss allocated to
the  excess  in  accordance  with  Reg.  Section  1.401(m)-1(e)(3).

          (e)     The  amount  of excess contributions to be so distributed to a
Highly  Compensated  Employee  shall  equal

                (i)     The  total  contributions  specified  in  clause  (i) of
Section  4.06(b),  less

               (ii)     The  reduced  contribution  dollar  amount  (determined
below)  for  such  employee.

          (f)     The  reduced  contribution  amount for each Highly Compensated
Employee  shall  be determined by reducing the actual contribution amount of the
Highly  Compensated  Employee with the highest actual contribution dollar amount
to  whichever  of  the  following  amounts  is  higher:

                (i)     The amount which enables the highly compensated group to
satisfy  one  of  the  tests  of  paragraph  (a)(i);  or

               (ii)     The  amount  that  is  equal  to  that  of  the  Highly
Compensated  Employee  with  the  next  highest  actual  contribution  amount.

               The  above process shall be repeated until the highly compensated
group  satisfies  one  of  the  tests  set  forth  in  paragraph  (a).

          (g)     The  multiple  use of the alternative non-discrimination tests
set  forth  in  Section  4.05(a)(ii) and Section 4.06(a)(ii) shall be limited as
prescribed  by  law.  If  restrictions  on  such  multiple  use  apply, the Plan
Administrator  shall  designate  either  the  actual deferral percentages or the
actual  contribution  percentages of Highly Compensated Employees to be reduced,
and  shall  reduce  such  percentages  in  the manner described above, until the
multiple  use  limitations  are  no  longer  exceeded.

          (h)     The  Plan  Administrator  may  implement  rules  limiting  the
After-Tax  Supplemental  Contributions  which  may be made by some or all Highly
Compensated  Employees,  so  that  the  test  set  forth  in  Section 4.06(a) is
satisfied.

          (i)     For purposes of determining the actual contribution percentage
of  a Member who is either a five-percent (5%) owner or one of the ten (10) most
highly-paid,  Highly  Compensated Employees, the Company Matching Contributions,
After-Tax  Supplemental  Contributions,  qualified  non-elective  contributions,
other  matching contributions, and Compensation of such Member shall include the
Company  Matching Contributions, After-Tax Supplemental Contributions, qualified
non-elective  contributions,  other  matching contributions, and Compensation of
family  members.  Family  members  of  Members  who are either five-percent (5%)
owners  or  one  of  the ten (10) most highly-paid, Highly Compensated Employees
shall  be  disregarded  as  separate  employees  in  determining  the  actual
contribution  percentages  for both Members who are Highly Compensated Employees
and  for  Members  who  are  Non-Highly-Compensated  Employees.

Section 4.07 - Change in Before-Tax Matched, Before-Tax Unmatched, and After-Tax
               -----------------------------------------------------------------
Supplemental  Contributions
---------------------------
Subject  to the provisions of Sections 4.01, 4.03, and 4.04, a Member may change
the  election  permitted  by  Sections  4.01,  4.03  and 4.04 by giving at least
fifteen  (15)  days'  prior  written  notice  to  the Plan Administrator or such
shorter  period  as  the  Plan Administrator or its delegatee may approve.  Such
changed election shall become effective no later than the first day of the first
month  commencing on or after the expiration of the notice period.  In addition,
where  Before-Tax  Matched,  Before-Tax  Unmatched,  or  After-Tax  Supplemental
Contributions  by  payroll  deduction  are  or  may be prohibited by law, in the
opinion  of  counsel  to  the  Company,  a  Member,  upon  approval  by the Plan
Administrator,  may  make contributions directly to the Trustee for each payroll
period  by  a  method  satisfactory  to  the  Plan Administrator as long as such
deposits  are  timely  made  on  the  same  schedule as payroll deductions.  The
Trustee  shall  not  accept  direct  contributions  not timely made by a Member.
Section  4.08  -  Suspension  of  Before-Tax  Matched, Before-Tax Unmatched, and
                  --------------------------------------------------------------
After-Tax  Supplemental  Contributions
     ---------------------------------

          (a)     A  Member  may  cause  the  suspension  of Before-Tax Matched,
Before-Tax  Unmatched, and/or After-Tax Supplemental Contributions on his behalf
at  any  time  by giving at least fifteen (15) days' prior written notice to the
Plan  Administrator,  or  such  shorter  period as the Plan Administrator or its
delegatee  may  approve, in advance of the date on which such a suspension shall
become  effective.  The suspension shall become effective as soon as practicable
after  notification is received.  During such period of suspension of Before-Tax
Matched  Contributions  no  Company  Matching  Contributions on behalf of such a
Member  shall  be  made  by  the  Company.

          (b)     A  Member who has caused the suspension of Before-Tax Matched,
Before-Tax  Unmatched, and/or After-Tax Supplemental Contributions may have them
resumed  in  accordance  with Sections 4.01, 4.03 and 4.04 by notifying the Plan
Administrator  in  writing  at least fifteen (15) days in advance of the date on
which  contributions  are  resumed,  or  such  shorter  period  as  the  Plan
Administrator  or  its delegatee may approve.  Contributions shall resume on the
first  day of the first month commencing immediately after the expiration of the
fifteen  (15)  day  notice  period.

          (c)     A  Member for whom contributions under Sections 4.01, 4.03 and
4.04  have ceased because he is on an unpaid absence from service shall again be
eligible to have such contributions made on the date he returns to service as an
Eligible  Employee.  No  contributions  may  be made for a Member for any unpaid
period  of  absence  from  service including, but not limited to, absence due to
sickness,  approved  leave  of  absence,  or  service  in  the  Armed  Forces.

          (d)     A  Member for whom contributions under Sections 4.01, 4.03 and
4.04  have  ceased  because  he  has  ceased  to  be  an  Eligible Employee but,
nevertheless,  continues  to be an Employee shall again be eligible to have such
contributions  made  on  the  next Entry Date after he again becomes an Eligible
Employee  and  gives  written notice to the Plan Administrator on the prescribed
form.
Section  4.09  -  Limitation  of  Contributions
                  -----------------------------
The  sum  of  Before-Tax  Matched  Contributions  and  Before-Tax  Unmatched
Contributions  remitted  on behalf of any Member shall be limited to $10,500, or
such  other  dollar  amount as may be specified by the Secretary of the Treasury
pursuant  to Section 402(g) of the Code.  Contributions shall be further limited
as  described in Article XIX.  In accordance with Code Section 402(g)(2)(A)(ii),
any  excess  deferral shall be distributed to a Member by April 15 following the
close  of  the  Plan  Year  in  which  such  excess deferral occurred.  Any such
distribution  shall  include  income  and  loss  allocated  to  such  excess.

                             ARTICLE V - Trust Fund
Section  5.01  -  The  Trust  Agreement
                  ---------------------
Energizer  Holdings,  Inc.  shall  enter  into one or more trust agreements (the
"Trust  Agreement")  which  shall  contain  such  provisions  as shall render it
impossible  for  any part of the corpus of the Trust Fund or income therefrom to
be  at  any time used for, or diverted to, purposes other than for the exclusive
benefit  of Members.  Any or all rights or benefits accruing to any person under
the  Plan  with respect to any Contributions deposited under the Trust Agreement
shall  be  subject  to  all the terms and provisions of the Trust which shall be
part  of  the  Plan.
Section  5.02  -  The  Trustee
                  ------------
The  Trustee  shall  be  appointed by the Board of Directors or its delegatee to
serve  at  its pleasure.  The Trust Fund may be held by the Trustee as part of a
master  or  collective  trust  comprised  of  assets  of various qualified plans
maintained  by  the  Company.
Section  5.03  -  Separate  Investment  Funds
                  ---------------------------
The Trustee will maintain as many separate Investment Funds, each with different
investment  objectives,  as  the  Investment  Committee  deems  advisable.  Such
Investment  Funds  may  be  added  or  deleted  as  the  Investment Committee so
determines  in  accordance with the provisions of Section 14.03.  The Investment
Funds are described in Articles VI and VII.  Each Investment Fund may be part of
a  fund  with  the  same investment objectives maintained by the Trustee for the
benefit  of  participants in other qualified plans maintained by the Company, or
may  be a separate fund maintained only for the benefit of Members of this Plan.
Earnings  or  gains  derived  from  the  assets  of  any Investment Fund will be
invested in that Fund. Appropriate Accounts for each Member shall be established
and  maintained  in  each  Investment  Fund  in  which a Member has an interest.
Section  5.04  -  Temporary  Investment
                  ---------------------
Pending  permanent  investment of the assets of any Investment Fund, the Trustee
temporarily  may make short-term investments in obligations of the United States
Government,  commercial  paper,  an  interim  investment  fund for tax qualified
employee  benefit  plans established by the Trustee unless otherwise provided by
applicable  law,  or  other  investments  of  a  short-term  nature.
Section  5.05  -  Investment  Managers
                  --------------------
Energizer  Holdings, Inc. may, by action of the parties authorized under Article
XIV, enter into a written agreement with, or direct the Trustee to enter into an
agreement with, one or more investment managers to manage the investments of one
or  more  of  the Investment Funds.  Such investment managers may include one or
more  insurance  companies which enter into guaranteed investment contracts with
the  Trustee.  Energizer  Holdings, Inc. may, from time to time, remove any such
investment manager or any successor investment manager, or direct the Trustee to
do  so,  and  any  such  investment  manager  may resign.  The Company may, upon
removal  or resignation of an investment manager, provide for the appointment of
a  successor  investment  manager.

                       ARTICLE VI - ESOP Common Stock Fund
Section  6.01  -  The  ESOP  Common  Stock  Fund
                  ------------------------------

          (a)     The  assets  of  the  ESOP Common Stock Fund shall be invested
primarily  in  Energizer  Holdings,  Inc.  Common  Stock.  All  Company Matching
Contributions  remitted  to the Plan shall be invested solely in the ESOP Common
Stock  Fund.

          (b)     It  is  intended that the ESOP Common Stock Fund constitute an
"employee  stock ownership plan" within the meaning of Code Section 4975(e)(7) .

          (c)     Shares of ESOP Common Stock shall be allocated to the Accounts
of  Members  as soon as practicable.  The number of shares acquired with Company
Matching  Contributions  to  be  allocated  to  each  Member's  Account shall be
determined by multiplying the total number of shares to be allocated to Members'
Accounts  by  a fraction, the numerator of which equals the amount of Before-Tax
Matched  Contributions  made  on  behalf  of  such  Member  during the period of
allocation,  and  the  denominator  of  which equals the total of all Before-Tax
Matched  Contributions  made  on  behalf  of  the  Members  for  the  period  of
allocation.

Section  6.02  -  ESOP  Common  Stock  Dividends
                  ------------------------------

(a)     ESOP  Common  Stock  Allocated  to Member Accounts.  Cash dividends paid
---     --------------------------------------------------
with  respect  to  ESOP Common Stock credited to a Member's Accounts may, at the
---
direction  of  the  Company,  be  paid  by  the Trustee directly to the Members.
--

(b)     Stock Dividends.  Shares of ESOP Common Stock received by the Trustee as
---     ---------------
     stock dividends or stock splits with respect to ESOP Common Stock allocated
to  any  Member's  Accounts  shall  be  credited  to  such  Member's  Accounts.

Section  6.03  -  Withdrawals  and  Distributions
                  -------------------------------

          (a)     In  the  event  a Member becomes entitled to a distribution or
withdrawal,  or loan of some or all of amounts invested in the ESOP Common Stock
Fund,  the Trustee shall cause as many shares of such Member's ESOP Common Stock
as  are  the subject of such distribution, loan, or withdrawal to be sold in the
open  market,  or  redeemed  or  repurchased  for  cash  or,  in  the  case of a
distribution  or  withdrawal,  distributed  in  kind,  in  accordance  with  the
distribution  election  of  the  Member.
Section  6.04  -  Voting  and  Tendering
                  ----------------------
Each  Member  shall  have  the  right  and  shall be afforded the opportunity to
instruct  the  Trustee  how  to  vote at any meeting of Energizer Holdings, Inc.
shareholders  those  shares  of  ESOP  Common Stock allocated or credited to his
Accounts  as  of  a  date  prior  to  such  meeting  as  established by the Plan
Administrator  for  administrative  purposes.  Instructions  by  Members  to the
Trustee  shall  be  in  such  form  and pursuant to such regulations as the Plan
Administrator may prescribe and any such instructions shall remain in the strict
confidence  of the Trustee.  If the Trustee does not timely receive instructions
from  a  Member regarding his shares, the Trustee shall be required to vote such
shares  in  the same proportion as were voted those shares for which the Trustee
received  Member  instruction.

Each  Member  shall  have the right to instruct the Trustee in writing as to the
manner in which to respond to a tender or exchange offer (other than a tender or
exchange  offer  made by the Company) for any or all shares of ESOP Common Stock
credited  to  such Member's Accounts as of a date prior to the expiration of the
offer,  as  established  by  the Plan Administrator for administrative purposes.
The  Trustee  shall  notify  each  Member and utilize its best efforts to timely
distribute  or  cause  to  be  distributed  to  him  such information as will be
distributed to shareholders of the Company in connection with any such tender or
exchange offer.  Upon its timely receipt of such instructions, the Trustee shall
tender  or  exchange  such  shares  of ESOP Common Stock as and to the extent so
instructed.  The  failure  of  a  Member  to  instruct  the Trustee to tender or
exchange  shares of ESOP Common Stock credited to his account shall be deemed to
be  an instruction not to tender or exchange such shares of stock.  Accordingly,
if  the  Trustee  does not receive instructions from a Member regarding any such
tender  or  exchange  offer  for ESOP Common Stock, the Trustee shall not tender
such  shares. Notwithstanding the foregoing, the rights of Members and duties of
the  Trustee  set forth herein shall not apply in the event of a tender offer by
the Company for any or all shares of ESOP Common Stock credited to such Members'
Accounts;  nor  shall  the  Trustee  tender  or  exchange any ESOP Common Stock.
Section  6.05  -  Diversification  Elections
                  --------------------------
A  Member  who  has attained age fifty-five (55) and completed ten (10) years of
participation  in  the Plan (and any predecessor plan thereof including, but not
limited  to,  the  Prior Plan), may, at any time and from time to time following
the  close  of  the  Plan  Year  during  which  the  Member  has satisfied these
requirements,  elect  to diversify the investment of up to an aggregate of fifty
percent  (50%)  of the shares of ESOP Common Stock in his ESOP Common Stock Fund
Account  attributable  to  Company  Matching  Contributions  (to the extent such
portion  exceeds the amount to which a prior election applies), as determined on
the  last  day of the Plan Year immediately preceding the Plan Year during which
the  election  occurs,  by electing to invest such portion of his Account in the
Investment  Funds  authorized  by the Investment Committee and maintained by the
Trustee in accordance with Section 7.01 hereof.  For purposes of this paragraph,
any  reduction  in  the Member's Account in the ESOP Common Stock Fund after the
close  of  such  immediately  preceding Plan Year which is attributable to (i) a
hardship  withdrawal  as  described  in Section 12.02 hereof, or (ii) a Member's
loan  as  described  in Section 16.01 hereof, shall be treated as subject to the
Member's  election to diversify for purposes of applying the fifty percent (50%)
limit.  (Restrictions  on such loans and hardship withdrawals, however, shall be
governed  solely  by  Article  XVI  and  Article  XII,  respectively.)

                      ARTICLE VII - Other Investment Funds
Section  7.01  -  Other  Investment  Funds
                  ------------------------
Other Investment Funds, as authorized by the Investment Committee and maintained
by  the  Trustee,  from  time  to  time  may  include  the  following:

          (a)     U.S. Government Money Market Fund.  The objective of this type
                  ---------------------------------
of  fund  is  to seek the maximum current income consistent with preservation of
principal  and  liquidity.  This  type  of fund invests in short-term securities
issued  by the United States Government, its agencies and instrumentalities, and
in  repurchase  agreements  collateralized by such securities.  A portion of the
U.S.  Government  securities  held by the Federal Portfolio may not be backed by
the  full  faith  and  credit  of  the  U.S.  Government.

          (b)     Fixed  Income  Fund.  The objective of this type of fund is to
                  -------------------
provide  a  stable  principal amount, but a higher yield than can be earned in a
money  market  fund.  Assets  are primarily invested in contracts with insurance
companies  which  provide for repayment by the issuing company of principal with
interest  at  a fixed rate, or fixed minimum rate, for a specified period and in
short-term  corporate and government bonds.  The yield on this type of fund is a
blended  rate  reflecting  the  interest  rates  on all investments in the fund.

          (c)     Balanced  Fund.  The  objective  of  this  type  of fund is to
                  --------------
follow  a  diversified  and  balanced  program  of investing in bonds and common
stock.  This  type  of  fund  invests sixty-seventy percent (60%-70%) of its net
assets  in  stocks  of  large  well-known  companies  and  thirty-forty  percent
(30%-40%)  of its net assets in long-term high-quality bonds.  This type of fund
is  designed  to  provide conservation of principal, a reasonable income return,
and  potential  growth  of  capital.

          (d)     Equity  Index  Fund.  A  growth  and income fund, this type of
                  -------------------
fund  invests  in  all  of the stock included in the Standard & Poor's (S&P) 500
Index  in  approximately the same proportions as they are represented in the S&P
500  Index.  This  type  of  fund is designed to provide investment results that
correspond to the performance of the Standard & Poor's 500 Composite Stock Price
Index.

          (e)     Growth  and  Income Fund.  This type of fund invests in common
                  ------------------------
stocks  that  have  a  history  of  paying dividends.  This type of fund selects
common stocks that, in the opinion of the investment manager, are undervalued in
the  marketplace.  This  type  of  fund  seeks  long-term  capital  growth and a
reasonable  level  of  dividend  income.

          (f)     Aggressive  Growth  Fund.  This type of fund primarily invests
                  ------------------------
in  common  stocks  of  smaller companies with favorable prospects for growth in
market  value.  This  type  of  fund  seeks  long-term  growth  of  capital.

          (g)     International  Growth  Fund.  This  type  of fund invests in a
                  ---------------------------
diversified  portfolio  of  international  stocks,  or stocks of companies based
outside  of  the United States.  The Portfolio seeks to provide long-term growth
of  capital.  The  Portfolio  provides  little,  if  any,  dividend  income.

          (h)     The  Ralston Stock Fund.  The assets of the Ralston Stock Fund
                  -----------------------
shall be invested solely in the common stock of Ralston Purina Company ("Ralston
Stock"), credited to a Member's Account upon the spin-off of Energizer Holdings,
Inc.,  by  the Company effective April 1, 2000, which resulted in all holders of
Ralston  Stock  receiving  one  (1)  share of Energizer Holdings, Inc. Stock for
every  three  (3)  shares  of Ralston Stock.  The Trustee shall not purchase any
additional  shares  of  Ralston  Stock  for crediting to Members' Accounts.  Any
dividends  paid  with respect to Ralston Stock shall be reinvested in accordance
with  a Member's investment directions, as provided in Section 7.02.  All shares
of  Ralston  Stock  held in the Fund shall be held in the name of the Trustee or
its  nominee.  Any  assets remaining in the Ralston Stock Fund on March 31, 2001
shall  be  re-invested  in  accorance  with a Member's investment directions, as
provided in Section 7.02, or, if no such directions have been provided, invested
in  the  U.S.  Government  Money  Market  Fund.
Section  7.02  -  Investment  of  Contributions
                  -----------------------------

          (a)     Election.  All  Before-Tax  Unmatched,  After-Tax Supplemental
                  --------
Contributions,  Rollover Contributions, and all Before-Tax Matched Contributions
remitted to the Plan will be invested at the election of the Member in multiples
of  one  percent  (1%)  in  the  Investment  Funds  authorized by the Investment
Committee  and  maintained  by  the  Trustee  in  accordance  with Section 7.01.
Contributions  for  which  a  Member  does  not  make  a valid election shall be
invested  in  the U.S. Government Money Market Fund.  Amounts in the ESOP Common
Stock  Fund  attributable  to  Company  Matching  Contributions,  including  the
earnings  thereon,  can  be  invested  only  in  the  ESOP  Common  Stock  Fund.

               Investment  directions  of  each new Member shall be delivered in
writing  to  the  Plan  Administrator  or its delegatee.  Except with respect to
Company  Matching Contributions invested solely in the ESOP Common Stock Fund in
accordance  with  Section  6.01,  a  Member  may  change his direction governing
investment  of future contributions to be credited to his respective Accounts at
any  time upon providing the appropriate notice to the Plan Administrator or its
delegatee.  An  investment  direction  once  given  shall  be  deemed  to  be  a
continuing  direction  until  explicitly  changed  by the Member by a subsequent
direction  to  the  Plan  Administrator  or  its  delegatee  in  accordance with
appropriate  procedures  set  forth  by the Plan Administrator or its delegatee.

          (b)     Transfer  of  Investments.  Except  with  respect  to  Company
                  -------------------------
Matching  Contributions  invested  solely  in  the  ESOP  Common  Stock  Fund in
accordance  with  Section  6.01, a Member may elect, at any time, to have all or
any  multiple  of  one percent (1%) of the value of his Account as of any future
Valuation  Date  or any dollar amount of his Account transferred to any separate
Investment Fund maintained by the Trustee in accordance with Section 7.01, other
than  the  Ralston  Stock  Fund.

          (c)     Notwithstanding  anything in this Section to the contrary, any
contributions  invested  in  an  investment contract or retirement savings trust
shall  be  subject to any and all terms of such contract or trust, regarding the
transfer  of  assets  from  or  into  such  contract  or  trust.
Section  7.03  -  Member  Responsibility  For  Selection  of  Funds
                  -------------------------------------------------
Each  Member  is  solely  responsible for the selection of his Investment Funds.
Neither the Trustee, the Plan Administrator, the Company nor any of the officers
or  supervisors of the Company are empowered to advise a Member as to the manner
in  which his Accounts shall be invested.  The fact that a security is available
to  members  for  investment  under  the  Plan  shall  not  be  construed  as  a
recommendation  for  the purchase of that security, nor shall the designation of
any Investment Fund impose any liability on the Company, its directors, officers
or  employees,  the  Trustee,  or  the  Plan  Administrator.

When  an  investment  election  regarding  the  Fund  is  required to be made by
Members,  such  Member  shall  be informed as to the manner in which their funds
will  be  invested  if  they  fail  to  make an affirmative election in a timely
manner.  In such event, those Members who fail to communicate an election to the
Plan  Administrator  or  its  delegatee  shall  be  deemed  to  have elected the
specified  investment and the Company, its directors, officers or employees, the
Trustee,  the Investment Committee, and any other plan fiduciary shall be deemed
to  be  relieved  of  fiduciary responsibility for the investment of such funds.
Section  7.04  -  Voting  and  Tendering
                  ----------------------
Each  Member  shall  have  the  right  and  shall be afforded the opportunity to
instruct  the  Trustee  how  to  vote at any meeting of Energizer Holdings, Inc.
shareholders those shares of Common Stock held in the ESOP Common Fund which are
allocated  to  his Accounts as of a date prior to such meeting as established by
the  Plan Administrator for administrative purposes.  Instructions by Members to
the  Trustee  shall be in such form and pursuant to such regulations as the Plan
Administrator may prescribe and any such instructions shall remain in the strict
confidence  of the Trustee.  If the Trustee does not receive timely instructions
from  a Member regarding the voting of his shares, the Trustee shall be required
to  vote such shares in the same proportion as were voted those shares for which
the  Trustee  received  Members'  instructions.

Each Member (or in the event of his death, his Beneficiary) shall have the right
to  instruct  the  Trustee  in writing as to the manner in which to respond to a
tender  or exchange offer for any or all shares of Common Stock credited to such
Member's  Account  as  of  a  date  prior  to  the  expiration  of  the offer as
established  by the Plan Administrator for administrative purposes.  The Trustee
shall notify each Member (or Beneficiary) and utilize its best efforts to timely
distribute  or  cause  to  be  distributed  to  him  such information as will be
distributed to shareholders of the Company in connection with any such tender or
exchange  offer. Upon its timely receipt of such instructions, the Trustee shall
tender  or  exchange  such  shares  of  Common  Stock  as  and  to the extent so
instructed.  The  failure  of  a  Member  to  instruct  the Trustee to tender or
exchange shares of Common Stock credited to his account shall be deemed to be an
instruction not to tender or exchange such shares of stock.  Accordingly, if the
Trustee  does  not receive instructions from a Member (or Beneficiary) regarding
any such tender or exchange offer for Common Stock, the Trustee shall not tender
or  exchange  such  stock.  Notwithstanding  the  foregoing,  the rights of each
Member  and  duties of the Trustee set forth herein shall not apply in the event
of  a tender offer by the Company for any or all shares of Common Stock credited
to  such  Member's Account under the Trust Fund; nor shall the Trustee tender or
exchange  any  Common  Stock.

            ARTICLE VIII - Valuation of Assets and Members' Accounts

Section  8.01  -  Valuation  of  Assets
                  ---------------------

          (a)     At the end of each Valuation Date, the Trustee shall determine
the aggregate fair market value of the assets then held by it in each Investment
Fund.

               (1)     The market value of shares of Energizer Stock held in the
ESOP  Common  Stock  Fund  shall  be  the  closing  values on the New York Stock
Exchange.
Section  8.02  -  Valuation  of  Accounts
                  -----------------------
At  the  end  of each Valuation Date, before the calculation and debiting of any
distributions  and  in-service withdrawals from the Trust fund or the posting of
transfers  among  Investment  Funds,  the net credit balances in the Accounts of
Members or their beneficiaries will be adjusted to reflect any contributions to,
and  investment  gains  or  losses  in,  the  respective  Investment  Funds.
Section  8.03  -  Statement  of  Accounts
                  -----------------------
Each member shall be furnished, at least annually, a statement setting forth the
value  of  his  Accounts.
Section  8.04  -  Accounts  in  Units
                  -------------------
Each  Member's  Accounts  shall  be  maintained  in  units.

                      ARTICLE IX - Vesting of Contributions
Section  9.01  -  Vesting  of  Before-Tax  and After-Tax Supplemental Investment
                  --------------------------------------------------------------
Accounts
     ---
Each  Member's  Before-Tax  Investment  Account  and  After-Tax  Supplemental
Investment  Account  shall  at  all  times  be  fully  vested.
Section  9.02  -  Vesting  of  Company  Contributions  Account
                  --------------------------------------------

          (a)     Subject  to the provisions of subparagraph (b), a Member shall
be  vested  in  his  Company  Matching  Contribution  Account (i) at the rate of
twenty-five  percent  (25%)  for each whole year included in a Period of Service
regardless  of  whether  such  employment  occurs  before  or  coincident  with
participation  in  the  Plan, or (ii) one hundred percent (100%) in the event of
the  occurrence  of  any  one  of  the  following:

                    (1)     attainment  of  age  sixty-five  (65),
                    (2)     Retirement,
                    (3)     Disability,
                    (4)     death,
                    (5)     termination  of  the  Plan,
                    (6)     complete  discontinuance  of  Company contributions.

          (b)      (i)     An  EPS  Member shall at all times be fully vested in
his  Company  Before-Tax  Contribution  Account.

               (ii)     An  EPS  Member  shall  be  fully  vested in his Company
Matching  Contribution  Account  after  a  three  (3)  year  Period  of Service.

                            ARTICLE X - Distributions
Section  10.01  -  General
                   -------

          (a)     Upon the Termination of Employment of a Member at or after the
attainment  of  age  sixty-five  (65),  or  upon  the  occurrence of Retirement,
Disability  or other subsection 9.02(a) event, the entire amount credited to all
of  his  Accounts  determined  as  of  the  Valuation  Date on which the Trustee
receives  properly  authorized  instructions from the Plan Administrator to make
the  payment, and such amount, as adjusted in accordance with Article X shall be
distributed  as  provided  in Section 10.02 to the Member, unless the Member has
elected  to  defer  the  distribution  of  his  Accounts  in  accordance  with
subparagraph  (c)  below.

          (b)     Upon  the  Termination  of  Employment  of  a  Member prior to
attaining  age sixty-five (65) for reasons other than Retirement, Disability, or
death,  or  other  Section 9.02(a) event, the vested portion of the value of his
Accounts  shall  become  distributable in accordance with Article IX (Vesting of
Contributions)  and  shall  be  determined as of the Valuation Date on which the
Trustee  receives  properly authorized instructions to make the payment from the
Plan  Administrator,  and  such  amount,  as adjusted in accordance with Section
10.06,  shall be distributed as provided in Section 10.02, unless the Member has
elected  to  defer  the  distribution  of  his  Accounts  in  accordance  with
subparagraph  (c)  below.

          (c)     A  Member may, upon the Termination of Employment for whatever
reason,  elect  to  defer the distribution of the vested portion of the value of
his  Accounts  until  a  date  which  is  not  later than the December 31 of the
calendar  year  in  which  the  Member attains age seventy and one-half (70-1/2)
years  (the  "Deferral  Period")  by  notifying  the  Plan  Administrator or its
delegatee  in  writing  of  such  election to defer as soon as practicable after
Termination of Employment, in accordance with procedures established by the Plan
Administrator.  At  any time during the Deferral Period, a Member may revoke the
election  to defer all or a portion of the total remaining balance of the vested
portion of his Accounts, and request a timely distribution of all or any portion
of  the  total  remaining  balance  of  the  vested  portion  of  his  Accounts.
Section  10.02  -  Methods  of  Distribution
                   -------------------------
Except  as  otherwise provided in this Article, distributions provided for under
the  Plan  shall  be  made  in  the  following  manner:

          (a)     A  Member  who  has  incurred a Termination of Employment, for
whatever  reason, by written notice on a form approved by the Plan Administrator
for  such purpose delivered to the Plan Administrator at least fifteen (15) days
prior  to his Termination of Employment, or such shorter period as determined by
the Plan Administrator may irrevocably elect to receive his distribution, unless
the Member has filed a grievance pursuant to an authorized collective bargaining
agreement  seeking  reinstatement  or an administrative charge with a government
agency  seeking  reinstatement  and  a  final determination for the grievance or
charge  has not been reached.  If Member makes such an irrevocable election, the
distribution may be received in accordance with any one of the following methods
of  payment:

               (1)     by purchase of a nontransferable annuity contract from an
Insurance  Company,  or

               (2)     by a lump sum payment as soon as practicable after such a
Termination  of  Employment,

               (3)     in  monthly, quarterly, semiannual or annual installments
of  principal  (together  with  earnings  on  the  remaining Account balance) to
reflect  (A)  fixed  dollar installments, (B) fixed percentage installments, (C)
declining  balance  installments,  or  (D)  life  expectancy  installments,

          (b)     If  a  Member  elects a distribution in the form of an annuity
contract that permits payments in the form of a life annuity, the contract shall
provide  that  benefits  are paid automatically in the form of a Qualified Joint
and  Survivor  Annuity, as defined in Section 10.03, unless the Member, with the
consent  of  his  Eligible  Spouse,  if  any,  elects another form of payment in
accordance  with  Section  10.04.

          (c)     All  distributions  from  Investment Funds other than the ESOP
Common  Stock  Fund  shall  be made in cash.  Except when an annuity contract is
purchased,  distributions  from  the  ESOP Common Stock Fund shall be in Company
Stock  with  cash  paid  for  any  fractional  share,  unless  the Member or his
Beneficiary  elects  to  take  a  distribution  in  cash.

          (d)     A  Distributee  may  elect,  at  the  time  and  in the manner
prescribed by the Plan Administrator or its delegatee, to have any portion of an
Eligible  Rollover  Distribution  paid  directly  to an Eligible Retirement Plan
specified  by  the  Distributee  in  a  Direct  Rollover.

               As  used  herein,  Eligible  Rollover Distribution shall mean any
distribution  of  all  or  any  portion  of  the  balance  to  the credit of the
Distributee's  Accounts  except  that an Eligible Rollover Distribution does not
include any distribution that is one of a series of substantially equal periodic
payments  (not  less  frequently  than  annually)  made  for  the  life (or life
expectancy)  of  the Distributee or the joint lives (or joint life expectancies)
of  the  Distributee  and  the  Distributee's  designated  beneficiary, or for a
specified  period of ten (10) years or more; any distribution to the extent such
distribution  is  required  under  Code Section 401(a)(9) and the portion of any
distribution  that  is not includible in gross income (determined without regard
to  the  exclusion  for  net  unrealized  appreciation  with respect to Employer
securities).

               As used herein, Eligible Retirement Plan shall mean an individual
retirement  account  described  in Code Section 408(a), an individual retirement
annuity  described  in  Code  Section  408(b), an annuity plan described in Code
Section  403(a),  or  a  qualified  trust described in Code Section 401(a), that
accepts  the Distributee's Eligible Rollover Distribution.  However, in the case
of  an  Eligible  Rollover  Distribution  of  the surviving spouse, an  Eligible
Retirement  Plan  is  an  individual retirement account or individual retirement
annuity.

               A  Distributee  includes  an  Employee  or  former  Employee.  In
addition,  the  Employee's  or  former  Employee's  surviving  spouse  and  the
Employees'  or  former  Employee's  spouse or former spouse who is the alternate
payee  under  a  qualified  domestic relations order, as defined in Code Section
414(p)  are  Distributee's  with  regard to the interest of the spouse or former
spouse.

               A  Direct  Rollover  shall  mean  a  payment  by  the Plan to the
Eligible  Retirement  Plan  specified  by  the  Distributee.
Section  10.03  -  Qualified  Joint  and  Survivor  Annuity
                   ----------------------------------------
A  Qualified  Joint  and  Survivor  Annuity means an annuity for the life of the
Member, with a survivor annuity for the life of the Eligible Spouse which is not
less than fifty percent (50%) and is not greater than one hundred percent (100%)
of  the  amount  of  the  annuity which is respectively payable during the joint
lives  of  the  Member  and  the  Eligible  Spouse  and  which  is the actuarial
equivalent  of a single life annuity for the life of the Member.  In the case of
a  Member  who  does not have an Eligible Spouse, a Qualified Joint and Survivor
Annuity  means  an  annuity  for  the  life  of  the  Member.

Each Member entitled to receive his benefit in the form of a Qualified Joint and
Survivor  Annuity shall furnish proof of the age of the Eligible Spouse within a
reasonable  period  before  payments  commence  under  the  Qualified  Joint and
Survivor  Annuity.
Section  10.04  - Election Not to Receive a Qualified Joint and Survivor Annuity
                  --------------------------------------------------------------
An  election  not  to receive retirement income in the form of a Qualified Joint
and Survivor Annuity may be made (and any prior such election may be revoked) by
a  Member entitled to receive his retirement income in such form, subject to the
following:

          (a)     The  election  must  be made during the ninety (90) day period
ending  on  the  date  payments  of  benefits  to the Member commence ("Election
Period").

          (b)     The  election  must  be in writing on a form acceptable to the
Plan  Administrator (or the insurance company) and must be signed by the Member.
The  election  form must clearly indicate that the Member is electing to receive
his  retirement  income  in  a  form  other  than a Qualified Joint and Survivor
Annuity.

          (c)     The Eligible Spouse, if any, of the Member must consent to the
election  in  writing  on  a  form  acceptable to the Plan Administrator (or the
Insurance  Company),  signed  by  the  Eligible  Spouse  and witnessed by a Plan
representative  or  a notary public.  The consent must acknowledge the effect of
the  election.  Such a consent is not necessary if the Member establishes to the
satisfaction  of  the  Plan  Administrator  (or the insurance company) that such
written consent may not be obtained because there is no Eligible Spouse, because
the Eligible Spouse cannot be located, or because of such other circumstances as
Treasury  Regulations may prescribe.  Any consent by an Eligible Spouse shall be
effective  only  with respect to such Spouse, and must specifically identify the
beneficiary  and  the  optional  form  of  benefit to which the consent relates.

          (d)     Any such election may be revoked or changed by the Member by a
subsequent  election  made  in  accordance with this Section during the Election
Period.  The  election  may  be revoked, but not changed, without the consent of
the  Eligible  Spouse.  The  Eligible Spouse may not revoke a consent to a valid
election.

          (e)     Within a reasonable period [no later than ninety (90) days and
at  least  thirty  (30)  days]  before  the  benefit payments commence, the Plan
Administrator  (or  the insurance company) shall furnish to each Member entitled
to  receive  his retirement income in the form of a Qualified Joint and Survivor
Annuity,  a  written  explanation  of:

               (1)     The  terms  and  conditions  of  the  Qualified Joint and
Survivor  Annuity;

               (2)     The availability of the election provided by this Section
and  the  effect  of  making  such  an  election;

               (3)     The  rights  of  the  Eligible  Spouse of the Member; and

               (4)     The right to revoke a previous election and the effect of
such  revocation.
Section  10.05  -  Completion  of  Appropriate  Forms
                   ----------------------------------
The  Plan  Administrator  has  prescribed  forms providing written notice to the
Company  in  order for a distribution to be made under the Plan.  In the event a
Member  or a Beneficiary does not complete, execute and return such forms to the
Company,  the distribution of such Member's Accounts shall (except to the extent
provided  in Section 17.09), be mailed, as provided in Section 10.02(c) in cash,
to  the  Address  of  Record as provided in Section 17.08 to a Member as soon as
practicable  following  the  sixty-fifth (65th) birthday of such Member, or to a
Beneficiary.  The  Valuation Date for purposes of this Section 10.05 shall be as
described  in  Article  VIII.
Section  10.06  -  Accounts  of  Former  Employees
                   -------------------------------
The  amount  credited  to the accounts of a Member, if any, after Termination of
Employment  of  such Member shall be adjusted in accordance with Article VIII as
of  each Valuation Date next following such Termination of Employment until such
amount  shall  have  been  distributed  in full in accordance with this Article.
Distribution  of the balance of the amount credited to the Accounts of a Member,
determined  as  of  the  Valuation Date immediately preceding such distribution,
shall  constitute payment in full of the benefits of such Member hereunder.  Any
balance  of  such  accounts  remaining  unpaid  at  the  death  of  a  Member or
Beneficiary  shall  be  distributed  in  accordance  with  Article  XI.

Any amounts being held for deferred distribution will continue to be held by the
Trustee  and  invested in accordance with the instructions of the Members.  Such
instructions  will  be  given  in  accordance  with the provisions of this Plan.
Persons  receiving  a  deferred distribution are former Members and shall not be
credited  with  Before-Tax,  After-Tax  Supplemental  or  Company  Matching
Contributions  after  Termination  of  Employment,  except  with  respect  to
compensation  paid  subsequent to the Termination of Employment but attributable
to  services  performed  as  an  Employee  in  Covered  Service.
Section  10.07  -  Consent  to  Payment
                   --------------------
Notwithstanding  the  foregoing  provisions  of  Article  X:  (a)  if the vested
portion  of  the Accounts of a Member is $5,000 or less, it shall be distributed
in a lump sum payment; and (b) if the vested portion of the Accounts of a Member
exceeds  $5,000  at the time the Member first becomes entitled to a distribution
under  this  Article X, and the Member has not attained sixty-five (65) years of
age,  the  Member must consent in writing before any portion of such Account may
be  distributed  to  the  Member.
Section  10.08  -  Latest  Deferral  of  Payment
                   -----------------------------
Notwithstanding  anything  to  the  contrary  in  the  Plan, payment of benefits
pursuant  to  the Plan (including pursuant to annuity contracts distributed to a
Member)  shall  not  provide  for  deferment  of  payments  extending beyond the
following  periods:

          (a)     If  the  Beneficiary or contingent annuitant of a Member under
any  method  of  distribution  is  other than his Eligible Spouse, the actuarial
present  value  of  payments expected to be made to the Member shall not be less
than  fifty-one  percent  (51%)  of  the  total  actuarial  present value of the
benefits  expected  to  be  paid to the Member and his Beneficiary or contingent
annuitant.

          (b)     Unless the Member elects otherwise in writing, the latest date
by  which  payment  of  benefits  must commence shall be the sixtieth (60th) day
after close of the Plan Year in which the latest of the following events occurs:
(1)  the  Member  attains  sixty-five (65) years of age; (2) the Member incurs a
Termination of Employment; and (3) ten (10) years have elapsed from the time the
Member  commenced  participation  in  the  Plan.

               If  payment  in  full  is  not  feasible  within  the time limits
prescribed  by  this  subsection  (b),  the  Plan Administrator may make interim
payments  from  accounts  of  the  Member.

          (c)     Notwithstanding  anything  to  the  contrary  in this Plan and
regardless  of any election by the Member, payment of benefits shall commence no
later  than  the  April  1  of  the calendar year following the later of the (i)
calendar year in which the Member has attained age seventy and one-half (70-1/2)
years,  or  (ii)  the  calendar year in which the Member has actually retired or
incurred  a  Termination of Employment. The minimum distribution to be made each
year shall be the amount equal to the quotient obtained by dividing the Member's
Account  balance  at  the  beginning  of  the year by the life expectancy of the
Member  (or  the  joint  life and last survivor expectancy of the Member and the
Beneficiary).  If  payments  are made over the life expectancy of the Member, or
the  joint life expectancy of the Member and his spouse, life expectancy will be
determined  either:  (1)  only  once,  at  the  time  the Member (or his spouse)
receives the first distribution of his account balance; or (2) periodically, but
no  more  frequently  than  annually.  If  payments are made over the joint life
expectancy  of  the  Member and a non-spouse Beneficiary, the change in the life
expectancy of the Member may be determined periodically, but not more frequently
than  annually;  but  the life expectancy of the non-spouse Beneficiary shall be
determined  only once at the time the Member (or Beneficiary) receives the first
distribution  of  his  account  balance.
Section  10.09  -  Lost  Payees
                   ------------
In  the event the amount credited to the Account(s) of a Member remain unclaimed
for more than five (5) years after such amount becomes distributable pursuant to
Section  10.07,  and  the Plan Administrator is unable to locate such Member (or
his Beneficiary), the Plan Administrator may direct such amount to be applied to
reduce Company Matching Contributions provided that in the event such Member (or
his Beneficiary) subsequently claims such amounts, the Employer shall contribute
an  amount  to the Plan which will cause the balance of such Member's account(s)
to equal the amount which would have been credited to such account(s) as of such
date  if  such  amounts  had  never  been  reallocated pursuant to this Section.
Section  10.10  -  Distribution  of  Annuity  Contracts
                   ------------------------------------
Notwithstanding anything to the contrary in the Plan, the Plan Administrator may
distribute all or any portion of the balance of an account that is distributable
to  a Member (or a Beneficiary) by purchasing a nontransferable annuity contract
from  an  insurance  company  and  transferring ownership of the contract to the
Member.  Any  annuity  contract distributed to a Member (or a Beneficiary) shall
provide payment options that conform to those provided by the terms of the Plan,
so that payments pursuant to the contract satisfy the survivor annuity and other
requirements  of  the  Plan  governing  payment  of  benefits.

                           ARTICLE XI - Death Benefits
Section  11.01  -  Death  Benefits
                   ---------------
Upon  the  death  of a Member, the amount credited to the Member's account shall
become distributable to the Beneficiary or Beneficiaries of the Member in a lump
sum  payment  as  soon as practicable after the death of such Member, unless the
Member had elected payment of his benefit in the form of a life annuity prior to
his  death.
Section  11.02  -  Beneficiary  Designation
                   ------------------------
Subject  to Section 11.03, each Member from time to time on a form acceptable to
the  Plan  Administrator may designate any person (including a trust) or persons
(concurrently, contingently or successively) to whom the Member's benefits under
the  Plan  are  to  be  paid  if  the  Member  dies before receiving all of such
benefits.  A  beneficiary designation form shall be effective only when the form
is  filed  in writing by the Member and shall cancel all beneficiary designation
forms  previously  signed  and  filed  by  the  Member.

With  respect  to a Member who has at least one Hour of Service after August 22,
1984,  the  designation  of  a non-spouse Beneficiary shall be valid only if the
surviving  spouse  of  the  Member  shall  have  consented  in  writing  to such
designation,  the  consent  acknowledges  the effect of such designation and the
consent  is  witnessed  by  a  Plan  representative  or  a  notary  public.
Section  11.03  -  Pre-Retirement  Survivor  Annuity
                   ---------------------------------
This Section shall apply only to a Member who is eligible to receive a Qualified
Joint  and  Survivor  Annuity  pursuant  to Article X because the Member elected
payment  in  the  form of a life annuity and who dies before payment of benefits
has  commenced.

Upon  the  death  of  such  a Member, at least fifty percent (50%) of the amount
credited  to  the  Member's  Accounts  (or the cash value of an annuity contract
distributed  to  the Member) as of the date of death shall be distributed in the
form  of  a  single  life  annuity  for the life of the Member's Eligible Spouse
unless  the  Eligible Spouse has validly consented to the designation of another
Beneficiary  in accordance with Section 11.02 after the earlier of (a) the first
day  of the Plan Year in which the Member attained thirty-five (35) years of age
or (b) the date on which such Member terminates employment.  If the amount to be
applied  to the purchase of such an annuity is Five Thousand Dollars ($5,000) or
less,  such  amount  shall be paid to the Eligible Spouse in cash in lieu of the
annuity.

An  Eligible  Surviving  Spouse  entitled  to  receive a single life annuity may
direct  that  payments under the annuity commence within a reasonable time after
the  Member's  death.
Section  11.04  -  Payment  of  Benefit
                   --------------------
The  portion  of  the  death benefit not payable in the form of a Pre-retirement
Survivor  Annuity pursuant to Section 11.03 shall be distributed in one lump sum
payment  as  soon  as  practicable  after the death of the Member.  Such payment
shall  be  made  to the Member's Eligible Spouse unless such Eligible Spouse has
consented  to  another  beneficiary  pursuant  to  Section  11.02.
Section  11.05  -  Latest  Time  for  Payment
                   --------------------------
If  a  Member  dies  after distribution of benefits has commenced but before the
entire  interest  has  been  distributed, the remaining portion of such interest
shall  be  distributed at least as rapidly as the distribution option elected by
the  Member.

If  a  Member  dies  before a distribution of benefits has commenced, the entire
interest  shall  be  distributed  within  five  (5) years of the Member's death;
unless  any  portion  of  the interest is payable to or for a Beneficiary over a
period not to exceed the life or life expectancy of the Beneficiary and payments
commence  within  one year after the Member's death. However, if the Beneficiary
is the surviving spouse of the Member, distribution need not commence before the
date  when  the  Member  would  have  attained age seventy and one-half (70-1/2)
years;  provided  that  if the surviving spouse dies before distribution to such
spouse  begins,  this paragraph shall be applied as if the surviving spouse were
the  Member.
Section 11.06 - Payments in the Event of Death with No Designated Survivor or of
                ----------------------------------------------------------------
Incompetency
------------
In  the  event  of  (a)  the  death of a Member or Beneficiary not survived by a
person designated to receive any payment then due, or (b) the Plan Administrator
finding  that  a  Member or other person entitled to a benefit is unable to care
for his affairs because of illness or accident or is a minor or has died, or (c)
no  Beneficiary  being  designated,  the  Plan Administrator may direct that any
benefit  payment  due  him, unless claim shall have been made therefor by a duly
appointed  legal  representative,  be  paid  to his spouse, a child, a parent or
other  blood relative, a person with whom he resides, or to any other person the
Plan  Administrator  considers suitable, and any such payment so made shall be a
complete  discharge  of  the  liabilities  of  the  Plan  therefor.
Section  11.07  -  Renunciation  of  Death  Benefit
                   --------------------------------
Any  Beneficiary  of a Member entitled to a benefit under this Plan may disclaim
his  right  to  all or a portion of such benefit by filing a written irrevocable
and  unqualified  refusal  to  accept such a benefit with the Plan Administrator
before  receiving  any  such  benefit.  If  such  a renunciation is filed by the
Eligible  Spouse  of  the  Member, the value of the annuity described in Section
11.03  shall  be zero.  Any benefits so disclaimed shall be distributable to the
person or persons (and in the proportions) to which such benefit would have been
distributable  if the Beneficiary who so disclaims such benefits had predeceased
such  Member.
Section  11.08  -  Proof  of  Death  and  Right  of  Beneficiary or Other Person
                   -------------------------------------------------------------
The  Plan  Administrator  may require and rely upon such proof of death and such
evidence  of  the  right  of  any  Beneficiary  or  other  person to receive the
undistributed  value  of  the  Accounts  of  a  deceased  Member  as  the  Plan
Administrator may deem proper and its determination of death and of the right of
such  Beneficiary  or  other  person  to  receive  payment  shall be conclusive.

           ARTICLE XII - Withdrawal Prior to Termination of Employment
Section  12.01  -  Withdrawal  of  After-Tax  Supplemental  Contributions
                   ------------------------------------------------------
A  Member  who  has  made After-Tax Supplemental Contributions may withdraw such
contributions in accordance with guidelines determined by the Plan Administrator
at any time by submitting a written request to the Plan Administrator specifying
the  amount  to  be  withdrawn.  Payment  shall be made to the Member as soon as
practicable  after  the  submission  of the Member's written request to the Plan
Administrator.  The  withdrawal  may  not  exceed  the  lesser  of  the Member's
After-Tax  Supplemental  Investment  Account or his total After-Tax Supplemental
Contributions.
Section  12.02  - Hardship Withdrawal of Before-Tax Contributions and/or Company
                  --------------------------------------------------------------
Matching  Contributions
 ----------------------
A  Member  may  withdraw amounts from his Before-Tax Contribution Account and/or
his  Company  Matching Contribution Account by submitting his written request to
the Plan Administrator at such time and in such manner as shall be prescribed by
the  Plan  Administrator  subject  to  the  following  provisions:

          (a)     The  withdrawal  request  must  be  for an immediate and heavy
financial  need  on  account  of:

               (1)     Nonreimbursable  medical expenses incurred by the Member,
his  Spouse,  or  dependents;

               (2)     Costs  directly  related  to  the  purchase  (excluding
mortgage  payments)  of  a  principal  residence  for  the  Member;

               (3)     Payment  of  tuition  for  the next twelve (12) months of
post-secondary  education  for  the  Member,  his  Spouse,  or  dependents;  or

               (4)     The  need  to prevent the eviction of the Member from his
principal  residence  or  foreclosure  on the mortgage on the Member's principal
residence.

          (b)     The  amount  withdrawn  may  not  exceed  the  actual  expense
incurred  or  to be incurred by the Member on account of such needs.  The amount
of  an  immediate  and heavy financial need may include any amounts necessary to
pay  any  federal,  state,  or  local  income  taxes  or  penalties  reasonably
anticipated  to  result from the distribution.  The amount may be withdrawn only
to  the  extent  that the need cannot be satisfied by other resources reasonably
available  to  the  Member.

               In  making this determination, the Plan Administrator may rely on
the  Member's  representation  that  the  need  cannot  be  relieved:

               (1)     Through  reimbursement  or  compensation  by insurance or
otherwise;

               (2)     By  reasonable  liquidation  of  the  Member's  assets;

               (3)     By  other  distributions  or loans from Company-sponsored
plans,  or

               (4)     By borrowing from commercial sources on reasonable terms.

          (c)     Only  one  such  withdrawal  shall  be  permitted  during  a
twelve-month  period.

          (d)     The  maximum  amount  which  may  be  withdrawn is the sum of:

                (i)     The  dollar  amount  of Before-Tax Contributions made on
behalf  of  such  Member  after  January 1, 1989 (but excluding income thereon);

                (ii)     The  balance  of  his  Company  Matching  Contributions
Account,  provided  he  is  fully  vested  in  his Company Matching Contribution
Account;  and

               (iii)     The  balance  of  the  Member's  Before-Tax  Investment
Account  under  the  Prior  Plan.

          (e)     The  withdrawal  shall  be  paid  to  the  Member  as  soon as
practicable  after  the  Member's  written  request  is  submitted  to  the Plan
Administrator.

          (f)     A  Member  requesting a hardship withdrawal after February 28,
1995  shall  be  precluded  from  making  any  Before-Tax Matched Contributions,
Before-Tax  Unmatched  Contributions,  and  After-Tax Supplemental Contributions
during  the  twelve  (12)  month  period  immediately following such withdrawal.
Section  12.03  -  Age  Fifty-Nine  and  One-Half  (59-1/2)  Withdrawal
                   ----------------------------------------------------
A  Member  who  has  attained  age fifty-nine and one-half (59-1/2) may withdraw
Before-Tax,  After-Tax  Supplemental,  and  Company  Matching Contributions, and
related  earnings  (to the extent he is vested in such contributions and related
earnings)  in accordance with guidelines determined by the Plan Administrator by
submitting  a written request to the Plan Administrator specifying the amount to
be  withdrawn.  Payment shall be made to the Member as soon as practicable after
submission  of  the  Member's  written  request  to  the  Plan  Administrator.
Section  12.04  -  Order  of  Withdrawals
                   ----------------------

          (a)     A  Member  wishing  to withdraw amounts from his accounts must
first  withdraw  the  total  amount  in  his  After-Tax  Supplemental Investment
Account.

          (b)     Once  a  Member  has  withdrawn  all  amounts in his After-Tax
Supplemental  Investment  Account  or  if a Member has no After-Tax Supplemental
Investment  Account,  he  must  then withdraw amounts from his Rollover Account.

          (c)     When  a  Member  has  withdrawn  all  amounts in his After-Tax
Supplemental  Investment  Account  or  has  no After-Tax Supplemental Investment
Account and has withdrawn all amounts in his Rollover Account or has no Rollover
Account,  then  the  Member  may withdraw amounts from his Before-Tax Investment
Account  (withdrawing  as  a last resort the amounts invested in the ESOP Common
Stock  Fund),  provided  he  satisfies  the  requirements  of  Section  12.02.

          (d)     When a Member has withdrawn all other amounts, then the Member
may  withdraw  amounts  from  his  Company Matching Contribution Account, to the
extent  he  is  vested in his Account, provided he satisfies the requirements of
Section  12.02.

                           ARTICLE XIII - Forfeitures
Section  13.01  -  Time  of  Forfeiture  and  Restoration
                   --------------------------------------

          (a)     If  a  Member  incurs a Termination of Employment prior to the
attainment  of age sixty-five (65) for reasons other than Retirement, Disability
or  death,  the portion, if any, of his Company Matching Contribution Account in
which  he  is  not  vested  pursuant  to Article IX shall be forfeited as of the
Valuation Date on which (i) the Member has received a distribution of the entire
vested  portion  of  his  Accounts,  or  (ii)  the  Member  has  incurred a five
consecutive  year  Break  in  Service.

          (b)     If  a  Member  has forfeited a portion of his Company Matching
Contribution  Account  pursuant to subsection (a), such forfeited amount will be
restored  if  he is re-employed by the Company before he has incurred a Break in
Service  of  at  least  five  (5) years.  Any amounts restored and repaid to the
Trust Fund under this Section shall be paid into the remaining Funds in the same
proportion  as Before-Tax Unmatched and After-Tax Supplemental Contributions are
currently  being  made.

               The permissible sources for restoring forfeitures shall be income
or  gain  to  the Plan, forfeitures, or Company contributions (without regard to
the  existence  of  profits).
Section  13.02  -  Disposition  of  Forfeitures
                   ----------------------------
All  forfeitures  arising  out  of  the application of the provisions of Section
13.01  shall  be used to reduce Company Matching Contributions otherwise payable
to  the  Plan.
Section  13.03  -  Effect  of  Withdrawal  Under  Article  XII
                   -------------------------------------------
The  non-vested  Company  Matching  Contribution Account of a Member who makes a
withdrawal  described  in  Article XII shall not be forfeited by reason thereof.
Section  13.04  -  Parental  Leave  of  Absence
                   ----------------------------
In  the  case  of  an  Employee who is absent from work for an approved parental
leave  of  absence,  the  Break in Service of the Employee shall not include the
twelve  (12)  consecutive month period beginning on the first anniversary of the
day  such absence began.  Absence from work for an parental leave of absence can
include  approved  absence  from  work on account of the pregnancy or birth of a
child  of the employee, the placement of a child with the Employee in connection
with  foster  care or the adoption of the child, or for purposes of caring for a
child  following  such  a  birth  or  placement.

                      ARTICLE XIV - Administration of Plan
Section  14.01  -  Plan  Administrator
                   -------------------
Energizer  Holdings,  Inc.,  as  the  Plan  Administrator,  shall  have  the
responsibility  for  carrying  out  the  provisions  of the Plan and the general
administration  of  the  Plan.
Section  14.02  -Administrative  Committee
                 -------------------------

          (a)     The  claims fiduciary for the Plan, in accordance with Article
XVIII,  shall  be  the  Administrative  Committee,  appointed  by  the  Board of
Directors.

          (b)     All  resolutions  or  other action taken by the Administrative
Committee  shall  be  in  accordance  with  its Charter and rules and procedures
adopted  by  the  Administrative  Committee.

          (c)     The Administrative Committee shall have the authority to amend
the  Plan,  to adopt plan amendments required to maintain the tax-favored status
of  the  Plan,  to  comply  with  applicable  benefit  plan  laws  and any other
amendments  to  the  extent  the  annual  cost  to  the Plan resulting from such
amendment  does  not  exceed  $250,000.

Section  14.03  -  Investment  Committee
                   ---------------------
          (a)     Certain responsibilities to control and manage Plan assets, to
add  or  delete  investment funds, and to appoint and remove the Trustee and any
investment  managers  retained in connection with the investment of Plan assets,
shall be placed in the Investment Committee appointed by the Board of Directors.

          (b)     All  resolutions  or  other  action  taken  by  the Investment
Committee  shall  be  in  accordance  with  its Charter and rules and procedures
adopted  by  the  Investment  Committee.
Section  14.04  -  Authority  and  Duties  of  Various  Fiduciaries
                   ------------------------------------------------

          (a)     Except  for  matters  required by the terms of the Plan, or of
the  Trust  to  be decided by the Trustee, the Plan Administrator shall have the
exclusive  right to interpret the Plan and to decide any and all matters arising
under the Plan or in connection with its administration, including determination
of  eligibility  for,  and  the  amount  of  distributions and withdrawals.  The
Company  shall  have  no  power  to  direct  or  modify  any  interpreta-tions,
determinations,  or decisions of the Plan Administrator.  The Plan Administrator
may  recommend  amendments  to  the  Board  of  Directors  or the Administrative
Committee  or its delegatee.  The Plan Administrator may from time to time adopt
rules  for the administration of the Plan and the conduct of its business, which
rules  shall  be  consistent  with  the  provisions  of  the  Plan.

          (b)     The  Plan  Administrator,  the  Administrative  Committee, the
Trustee, the Investment Committee, and any other named fiduciary may each employ
counsel,  agents, and such clerical and accounting services as it may require in
carrying  out  its  responsibilities  under  the Plan.  All fiduciaries shall be
entitled  to  rely  upon tables, valuations, certificates, opinions, and reports
furnished  by  any  actuary,  accountant,  or  legal counsel appointed under the
provisions  of  the  Plan.

          (c)     The  Plan  Administrator  shall  keep  in convenient form such
personnel  data  as may be necessary for the Plan.  The Plan Administrator shall
prepare,  distribute,  and  file  such reports and notices as may be required by
applicable  law  or  regulations.

          (d)     The  Plan  Administrator  shall  control  and  manage the Plan
assets  to  the extent it has not delegated its power to do so to the Investment
Committee.  Such delegation of power may include the right to appoint and remove
investment  managers  and  Trustees.  Such  delegation  may be accomplished by a
separate  instrument  or  by  appropriate  provisions  in  the  Trust.

          (e)     The  members  of  the  Plan  Administrator,  the  Investment
Committee,  and  the  Trustee shall use that degree of care, skill, prudence and
diligence that a prudent person acting in a like capacity and familiar with such
matters  would  use in his conduct of a similar Situation.  A member of the Plan
Administrator,  the Investment Committee, or the Trustee shall not be liable for
the  breach  of  fiduciary  responsibility  of  another  fiduciary unless (1) he
participates  knowingly  in,  or  knowingly  undertakes  to  conceal,  an act or
omission  of  such other fiduciary, knowing such act or omission is a breach; or
(2) by his failure to discharge his duties solely in the interest of Members and
Beneficiaries  for  the  exclusive  purpose  of  providing  their  benefits  and
defraying  reasonable expenses of administering the Plan not met by the Company,
he  has enabled such other fiduciary to commit a breach; or (3) he has knowledge
of  a  breach  by  such  other fiduciary and does not make reasonable efforts to
remedy  the  breach; or (4) if the Plan Administrator, the Investment Committee,
or  the Trustee improperly allocates among themselves or delegates to others, or
fails  to  properly  review  such  allocation  or  delegation  of  fiduciary
responsibilities.

          (f)     The  Company  will  indemnify and save harmless the members of
the Plan Administrator, the Investment Committee, the Trustee, and any person to
whom  fiduciary  responsibilities  are delegated under this Plan against any and
all  expenses (including attorneys' fees), judgments, fines, and amounts paid in
settlement,  actually  and  reasonably  incurred  by  him in connection with any
civil,  criminal,  administrative, or investigative action, proceeding, or claim
(including  an  action  by or in the right of the Company) by reason of the fact
that  he is or was serving in such capacity, provided that such person's conduct
is  not  finally  adjudged  to  have  been  knowingly  fraudulent,  deliberately
dishonest  or  willful  misconduct.

          (g)     Each  Trustee  shall  maintain  accounts  showing  the  fiscal
transactions of the Trust established hereunder.  The Investment Committee shall
keep  in  convenient  form such financial data as may be necessary for the Plan,
and  shall  annually  cause  to  be  prepared  a  balance sheet and statement of
financial  transactions  of  the  Plan  and  the  Trust.

          (h)     Whenever, in the administration of the Plan, any discretionary
action  is  required,  the  authorized  party  shall exercise his authority in a
nondiscriminatory  manner  so  that  all persons similarly situated will receive
substantially  the  same  treatment.
Section  14.05  -  Named  Fiduciaries
                   ------------------

          (a)     The  Board  of  Directors,  the  Plan  Administrator,  the
Administrative  Committee  and  the  Investment  Committee shall each constitute
named  fiduciaries  as  such  term  is  defined  in  ERISA.

          (b)     Any  committee  of  the  Board of Directors or other fiduciary
appointed  as  a  named  fiduciary  by  the  Board of Directors by resolution or
appointed  by  an  appropriate  instrument executed by an officer of the Company
thereunto  authorized  by  resolution  of  the  Board  of  Directors, shall also
constitute  a  named  fiduciary in respect of the duty delegated to him or it in
such  resolution  or  instrument.
Section  14.06  -  Delegation
                   ----------
Any  named  fiduciary  designated herein or appointed as provided herein, unless
precluded  from  doing  so  by the terms of such appointment, may by appropriate
instrument designate any person (including any firm or corporation) to carry out
part  or  all of such fiduciary's responsibilities and upon such designation the
named  fiduciary  shall  have no liability, except as imposed by applicable law,
for  any  act  or  omission of such person.  The foregoing does not preclude any
other  fiduciary to the extent allowed by ERISA and the terms of his appointment
from delegating part or all of such fiduciary's responsibilities with respect to
the  Plan.
Section  14.07  -  Multiple  Capacities
                   --------------------
Any  fiduciary may serve in more than one fiduciary capacity with respect to the
Plan.

ARTICLE XV - Amendments, Termination, Permanent Discontinuance of Contributions,
                             Merger or Consolidation
Section  15.01  -  Amendments
                   ----------
The  Board  of  Directors,  or  the  Administrative Committee, or the Investment
Committee or any delegatee of these Committees, to the extent authority to do so
is  granted  by  the  Board of Directors, may at any time and from time to time,
both  retroactively and prospectively, modify or amend, in whole or in part, any
or  all of the provisions of the Plan, including any modification in the Plan or
in  the agreement or agreements establishing the trust as the Plan Administrator
shall  deem to be necessary or advisable in order to obtain the qualification or
exemption,  or  to  maintain  the qualification or exemption of the Plan and the
Trust,  under  the  Code  to  comply with ERISA, provided, however, that no such
modification  or  amendment  shall make it possible for any part of the funds of
the  Plan  to be used for, or diverted to, purposes other than for the exclusive
benefit  of  Members,  spouses, former Members, retired Members or Beneficiaries
under  the  Plan;  that no modification or amendment shall be made which has the
effect of decreasing retroactively the Accounts of any Member or of reducing the
non-forfeitable  percentage  of  the  Company Matching Contribution Account of a
Member  below  the non-forfeitable percentage thereof computed under the Plan as
in  effect on the later of the date on which the amendment is adopted or becomes
effective.
Section  15.02  -  Termination  or  Permanent  Discontinuance  of  Contributions
                   -------------------------------------------------------------
The  Company  may  by  action  of its Board of Directors terminate the Plan with
respect  to  all  participating  companies  or  any  of  them or direct complete
discontinuance  of  contributions  hereunder  by all or any of the participating
companies  for  any reason at any time.  In case of such termination or complete
discontinuance of contributions hereunder, there shall automatically vest in the
appropriate Members non-forfeitable rights to the Company Matching Contributions
credited  to  their  Accounts.
Section  15.03  -  Partial  Termination
                   --------------------
In  the  event  of  a partial termination of the Plan, the provisions of Section
15.02  shall  be  applicable  only  to  the  Members  affected  by  such partial
termination.
Section  15.04  -  Benefits  in  Case  of  Merger  or  Consolidation
                   -------------------------------------------------
The  Plan  may  not  be  merged  or  consolidated  with,  nor  may its assets or
liabilities be transferred to, any other plan unless each Member, spouse, former
Member,  retired  Member  or  Beneficiary under the Plan would, if the resulting
plan  were  then  terminated,  receive  a  benefit immediately after the merger,
consolidation,  or  transfer  which  is  equal to or greater than the benefit he
would  have  been  entitled  to  receive  immediately  before  the  merger,
consolidation,  or  transfer  if  the  Plan  had  been  terminated.

                               ARTICLE XVI - Loans
Section  16.01  -  Loans
                   -----
In  the  event of financial necessity, a Member may make application to the Plan
Administrator  in  writing  to  borrow  from  the  Trust  Fund  and  the  Plan
Administrator  may in its sole discretion permit such a loan upon the conditions
hereinafter  specified.  The  authority herein granted to the Plan Administrator
to approve loans from the Trust Fund is for the purpose of assisting a Member to
meet  special  situations  and  shall  not  be  used  as a means of distributing
benefits  before they otherwise become due.  Loans shall be granted in a uniform
and  non-discriminatory  manner  and  shall be made on the following conditions:

          (a)     The  amount  of  a  loan  to  a  Member  (when  added  to  the
outstanding  balance  of  all other loans from the Plan to the Member) shall not
exceed  the  lesser  of  --

                    (1)     Fifty  percent  (50%)  of  the  vested amount in the
Member's  Accounts,  or

               (2)     $50,000,  reduced  by  the excess (if any) of the highest
outstanding  balance  of  loans  from the Plan to the Member during the one-year
period  ending  on  the day before the date on which such loan was made over the
outstanding  balance  of  loans from the Plan on the date on which such loan was
made.

               The maturity of a loan shall not exceed five (5) years, except in
the  case  of  a  loan to acquire or construct the Member's principal residence,
which  shall  mature  in  not  more  than  ten  (10)  years.

               If  the  Member  is  also  covered  under  another qualified plan
maintained  by  the Company, the limitations of subsections (a)(1) and (2) shall
be  applied  as  though  all  such  qualified  plans  are  one  plan.

          (b)     A  note  shall  be  signed  by the Member establishing regular
installment  payments  made  by  payroll  deduction whenever possible and to the
extent  permitted  by  law.  The terms of such loans shall require substantially
level  amortization  over the term of the loan with payments not less frequently
than quarterly.  Loans shall bear interest as specified in Section 16.02.  Loans
shall  be  granted  only  if  secured  by  the Member's vested Account Balances;
provided,  however, that no more than fifty percent (50%) of the Member's vested
Account  Balance  may  be  pledged  as  collateral  for  the  loan.

(c)     In  the  event  an installment payment is not paid within seven (7) days
following  the due date, the Plan Administrator shall give written notice to the
Member  sent to his last known address.  If such installment payment is not made
within thirty (30) days thereafter, the Plan Administrator may proceed with such
     actions  as  they deem necessary in order to preserve plan assets from loss
including,  but  not  limited to, foreclosure, sale, or other disposition of the
security.

(d)     In  the  event of the Termination of Employment of the Member before the
loan  is  repaid  in  full,  the  unpaid balance thereof, together with interest
thereon,  shall  become  due and payable and the Trustee shall first satisfy the
indebtedness  from  the  amount  payable  to  the  Member  or  to  the  Member's
Beneficiary  before  making  any  payments  to  the  Member  or  to the Member's
Beneficiary.

(e)     Loan  repayments  will  be  suspended under this Plan as permitted under
Code  Section  414(u).

Section  16.02  -  Interest  Rates
                   ---------------
Interest  rates  for  Plan  loans  shall  be  regularly reviewed and adjusted in
conformity with interest rates which, in the judgment of the Plan Administrator,
are  commensurate  with rates charged by commercial lenders for similar types of
loans.  The  interest  rate  applicable  to a Plan loan shall be fixed as of the
date  the  application  for such a loan is received by the Plan Administrator or
its  delegatee,  and  shall not be subject to change or renegotiation after such
date.
Section  16.03  -  Other  Rules
                   ------------
In  addition to the foregoing, the Plan Administrator shall prescribe such rules
and  procedures  as  it may deem appropriate, including, without limitation, the
imposition of loan application fees, rules and procedures by which the making of
loans  may  be  terminated,  suspended  or  restricted, and the requirement of a
spousal  consent to loans of married Members, if and to the extent deemed by the
Plan  Administrator  to  be necessary or desirable in order to effect compliance
with  applicable laws and regulations or to provide for effective administration
of  such  loans.

                          ARTICLE XVII - Miscellaneous
Section  17.01  -  Benefits  Payable  from  Trust  Fund
                   ------------------------------------
All  persons  with any interest in the Trust Fund shall look solely to the Trust
Fund  for  any  payments  with  respect  to  such  interest.
Section  17.02  -  Elections
                   ---------
Elections  hereunder  shall be made by a Member in writing by the completion and
delivery to the Plan Administrator of forms prescribed by the Plan Administrator
for  such  purposes,  within the time limits set forth hereunder with respect to
each  such  election  or,  if  no  time limit is set forth, such limit as may be
established  by  the  Plan  Administrator.
Section  17.03  -  No  Right  to  Continued  Employment
                   ------------------------------------
Neither the establishment of the Plan nor the payment of any benefits thereunder
nor any action of the Company, the Board of Directors, the Plan Administrator or
the Trustee shall be held or construed to confer upon any person any legal right
to  be  continued  in  the  employ  of  the  Company.
Section  17.04  -  Inalienability  of  Benefits  and  Interest
                   -------------------------------------------
No benefit payable under the Plan or interest in the Trust Fund shall be subject
in  any  manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance  or  charge, and any such attempted action shall be void and no such
benefit  or  interest  shall  be  in  any manner liable for or subject to debts,
contracts,  liabilities,  engagements or torts of any Member or Beneficiary.  If
any  Member or Beneficiary shall become bankrupt or shall attempt to anticipate,
alienate, sell, transfer, assign, pledge, encumber or charge any benefit payable
under  the  Plan  or interest in the Trust Fund, then to the extent permitted by
law,  the Plan Administrator in its discretion may hold or apply such benefit or
interest  or  any  part  thereof  to  or  for the benefit of such Member, or his
Beneficiary,  his  spouse,  children,  blood relatives, or dependents, or any of
them,  in  such  manner  and  in  such proportions as the Plan Administrator may
consider  proper.  Notwithstanding  the  foregoing,  any  Member may direct that
benefits  payable  pursuant to Article VIII from the Trust Fund shall be paid to
the  trustee of a trust created by him for his own benefit or for the benefit of
his  immediate  family.

Notwithstanding  any  provision in the Plan to the contrary, the Plan shall make
all payments required by a qualified domestic relations order within the meaning
of  Code  Section  414(p),  including distributions required or permitted by the
qualified  domestic  relations  order  to  an  alternate  payee even though such
payments  are  with  respect  to a Member who has not separated from service and
which  commence before the Member has attained the earliest retirement age under
the  Plan; provided, however, the present value of the benefit to be paid to the
alternate  payee  (1) does not exceed $5,000; or (2) exceeds at least $5,000 and
the  alternate payee consents in writing to such earlier distribution.  The Plan
Administrator shall establish a procedure to determine the qualified status of a
domestic  relations order and to administer distributions under such a qualified
order.
Section  17.05  -  Payments  for  Exclusive  Benefits  of  Members
                   -----------------------------------------------
Payments  of  benefits  in respect of the interest of a Member under the Plan to
any  person other than such Member in accordance with the provisions of the Plan
shall  be  deemed  to  be  for  the  exclusive  benefit  of  such  Member.
Section  17.06  -  Missouri  Law  to  Govern
                   -------------------------
All questions pertaining to the construction, regulation, validity and effect of
the  provisions  of  the Plan shall be determined in accordance with the laws of
the  State  of  Missouri,  except  as  provided  in  Section  514  of  ERISA.
Section  17.07  -  No  Guarantee
                   -------------
Neither  the  Company  nor  the  Trustee guarantees the Trust Fund in any manner
against  loss  or  depreciation.
Section  17.08  -  Address  of  Record
                   -------------------
Each individual or entity with an actual or potential interest in the Plan shall
file and maintain a current record address with the Plan.  Communications mailed
by  the  Company, trustee, or Plan Administrator to such record address fulfills
all  obligations  to  provide  required information to Members, including former
employees  and  Beneficiaries,  in  regard  to  the  Plan.

If  no  record address is filed, it may be presumed that the address used by the
Company  in  forwarding  statements of a Member's Account is the record address.
Section  17.09  -  Participating  Units
                   --------------------
The  Board of Directors or the Plan Administrator, to the extent authority to do
so is granted to the Plan Administrator by the Board of Directors, may include a
designated  unit  of  the  Employees  of  an  Affiliated  Company in the Plan as
employed  in  a  Participating  Unit  upon appropriate action by such Affiliated
Company  necessary  to  adopt  the  Plan.  Any  such  company  may terminate its
participation  in  the  Plan  with respect to a designated unit of its employees
upon  appropriate  action  by  it,  in which event the funds of the Plan held on
account  of Members in the employ of such company and any unpaid balances of the
Accounts of Members who have separated from the employ of such company, shall be
determined  by  the  Plan  Administrator and shall be distributed as provided in
Section  15.02  in the event of termination of the Plan, held and distributed in
accordance with the terms of the Plan governing treatment of Members transferred
from  Covered Service, or shall be segregated by the Trustee as a separate trust
fund, pursuant to direction to the Trustee by the Plan Administrator, continuing
the  Plan  as a separate plan for such employees of such company under which the
board of directors of such company shall succeed to all the powers and duties of
the  Board  of  Directors,  including the appointment of the members of the Plan
Administrator.
Section  17.10  -  Headings
                   --------
Headings  of  Articles  and Sections of the Plan are inserted for convenience of
reference.  They  constitute  no  part  of  the  Plan.
Section  17.11  -  Use  of  Masculine  Terms
                   -------------------------
As used herein, masculine terms shall include the feminine wherever appropriate.
Section  17.12  -  Payment  of  Expenses
                   ---------------------

          (a)     Direct  charges  and  expenses  arising out of the purchase or
sale  of  securities, and taxes levied on or measured by such transactions shall
be  charged  against the Investment Fund or Funds for which the transaction took
place.

          (b)     To  the extent permitted by law, all other expenses reasonably
incurred in administering the Plan, including expenses of the Plan Administrator
and  the  Trustee,  fees for legal services, all taxes, if any, other than those
charged  to  the  Funds,  and  the brokerage fees arising out of the purchase of
Common  Stock  for  the Energizer ESOP Common Stock Fund and the reinvestment of
dividends  on  such  Common  Stock  shall  be charged to the Trust in the manner
determined  by  the  Plan  Administrator.
Section  17.13  -  Rollover  Contributions
                   -----------------------

          (a)     An  Employee, whether or not he would otherwise be a Member in
the  Plan,  may  contribute  a Rollover Contribution to the Trust by delivery of
such  contribution to the Trustee, provided that the contribution qualifies as a
rollover  contribution  within the meaning of Code Section 402(a) which the Plan
may  accept.

          (b)     A  Rollover  Contribution shall be considered as a part of the
account of the Employee in this Plan, shall be fully vested and non-forfeitable,
and  shall  be  accounted  for  separately  from  Company  contributions.

                         ARTICLE XVIII - Claim Procedure
Section  18.01  -  Initial  Determination
                   ----------------------
The  initial  determination  of a Member's or Beneficiary's eligibility for, and
the  amount  of,  a  benefit shall be made by the Administrative Committee which
shall  mail  or  deliver  to  each covered individual who has filed an effective
claim for a benefit a written statement of the amount of his benefit or a notice
of  denial  of  his  claim  on  or before the ninetieth (90th) day following the
Administrative  Committee  's  receipt  of such claim.  If special circumstances
require  additional  time for processing the claim, the Administrative Committee
may  delay  issuing  its  statement or notice for an additional ninety (90) days
provided  that  the  Member  or  Beneficiary  is  notified  of the circumstances
necessitating  the  delay  and  the date the Administrative Committee expects to
render its final opinion.  A claim for benefits is not effective unless filed on
forms  prescribed  by  the  Administrative  Committee.  Each  notice of whole or
partial  denial of claimed benefits shall set forth the specific reasons for the
denial,  the  time  within  which  an  appeal  must  be  made  by  the Member or
Beneficiary  or his duly authorized representative, and shall contain such other
information  as  may be required by applicable law.  If a statement or notice is
not  issued  within  the  prescribed  period,  the claim shall be deemed denied.
Section  18.02  -  Review
                   ------
Each Member or Beneficiary whose claim for benefits has been wholly or partially
denied  shall  have  such  rights to review documents and submit comments as the
Administrative  Committee  may provide, and shall also have the right to request
the  Administrative  Committee to review such denial; such request shall be made
on forms prescribed by the Administrative Committee.  A request for review shall
be  filed  by the Member or Beneficiary or his duly authorized representative on
or  before  the  sixtieth  (60th)  day  following  the  earlier of the Member or
Beneficiary's  receipt of notice of denial of his claim or the expiration of the
prescribed  period for issuing a statement of benefits or notice of denial.  The
Administrative  Committee  shall  issue  a  written  statement  on or before the
sixtieth  (60th)  day  following  its  receipt  of  such  request  stating  the
Administrative  Committee's  decision  on  review  and  the  reasons  therefor,
including specific references to pertinent Plan provisions on which the decision
is  based,  and  any  other  information required by applicable law.  If special
circumstances  require  additional  time  for  processing  such  review,  the
Administrative  Committee may delay issuing its decision for an additional sixty
(60)  days  provided  that  the  Member  or  Beneficiary  is  notified  of  such
circumstances  and  the  date the Administrative Committee expects to render its
final decision.  If the decision is not issued within the prescribed period, the
appeal  shall be deemed denied.  No Member or Beneficiary shall have recourse to
courts  of law until the administrative review process set forth herein has been
completed.

                    ARTICLE XIX - Limitation on Contributions
Section  19.01  -  Maximum  Annual  Additions
                   --------------------------

          (a)     The Annual Addition (as defined in subsection (c) below) for a
                      ---------------
Member  with  respect  to a Limitation Year (as defined in subsection (e) below)
shall  not  exceed  the  lesser  of--

               (1)     $30,000  or  such  higher  annual amount specified by the
Department of the Treasury to reflect increases in the cost-of-living, effective
January  1  of  each  year;  or

               (2)     Twenty-five  percent  (25%)  of the Member's Compensation
[as  defined  in  subsection  (f)].

          (b)     (1)     If  a  Member  is,  or  was, covered under a qualified
defined  benefit plan maintained by the Company, the sum of the Member's Defined
Benefit  Fraction  and  Defined  Contribution Fraction may not exceed 1.0 in any
Limitation  Year.

               (2)     The Defined Benefit Fraction is a fraction, the numerator
                       ----------------------------
of  which  is  the  sum  of  the  Member's  Projected  Annual Benefits under all
qualified  defined  benefit  plans (whether or not terminated) maintained by the
Company  and  the  denominator  of  which  is  the  lesser  of--

                    (A)     1.25  times  the  dollar  limitation of Code Section
415(b)  (1)(A)  in  effect  for  each  Limitation  Year,  or

                    (B)     1.4  times the Member's average Compensation for the
three  consecutive  Plan  Years  during  which  the  Member  both  was an active
participant  in  the  Plan  and  had  the  greatest  aggregate  Compensation.

               Projected  Annual  Benefit  means the annual benefit to which the
Member  would  be  entitled  under  the  terms of a defined benefit plan, if the
Member  continued  employment  until  normal  retirement age (or current age, if
later)  and  the  Member's  Compensation  for  the Limitation Year and all other
relevant  factors  used to determine such benefit remained constant until normal
retirement  age  (or  current  age,  if  later).

               (3)     The  Defined  Contribution  Fraction  is  a fraction, the
                            -------------------------------
numerator  of  which  is the sum of the Annual Additions to the Member's account
under  all  qualified  defined  contribution  plans  (whether or not terminated)
maintained by the Company or a Commonly Controlled Entity of the Company for the
current  and all prior Limitation Years, and the denominator of which is the sum
of  the  lesser  of  the following amounts determined for such year and for each
prior  year  of  service  with  the  Company  or  a Commonly Controlled Entity--

                    (A)     1.25  times  the  dollar  limitation in effect under
Code  Section  415(c)(1)(A)  for  such  year  [determined without regard to Code
Section  415(e)(6)],  or

                    (B)     1.4 times the amount which may be taken into account
under  Code  Section  415(c)(1)(B).

                    In  calculating  the Defined Contribution Fraction, the Plan
Administrator  may,  at  its  discretion,  make  the  election described in Code
Section  415(e)(6).

If  the Plan satisfied the applicable requirements of Section 415 of the Code as
in  effect  for all Limitation Years beginning before January 1, 1987, an amount
shall be subtracted from the numerator of the Defined Contribution Fraction (not
exceeding such numerator) as prescribed by the Secretary of the Treasury so that
the  sum  of  the Defined Benefit Fraction and the Defined Contribution Fraction
does  not  exceed  1.0  for  such  Limitation  Year.

          (c)     Annual  Addition  means the sum of the following amounts for a
                  ----------------
Limitation  Year  with  respect  to  each  Member--

               (1)     Before-Tax  Matched  Contributions

               (2)     Company  Matching  Contributions

               (3)     Before-Tax  Unmatched  Contributions

               (4)     After-Tax  Supplemental  Contributions

               (5)     Forfeitures

               (6)     Similar  amounts  under  other  qualified  defined
contribution  plans  maintained  by  the  Company,  and

               (7)     Amounts  allocated  to  a post-retirement medical account
described  in  Code  Section  415(1)(2)  or  Code  Section  419A(d).

Annual  additions  shall include excess contributions as defined in Code Section
401(k)(8) of the Code, excess aggregate contributions as defined in Code Section
401(m)(6)(B),  and  excess  deferrals  as  described  in  Code  Section  402(g),
regardless  of  whether  such  amounts  are  distributed  or  forfeited.

Rollover  Contributions,  repaid distributions, restored forfeitures pursuant to
Section  13.01,  and  loan  payments  shall  not be treated as Annual Additions.

The  Annual  Addition  for  any Limitation Year beginning before January 1, 1987
shall  not  be  recomputed  to  treat  all  employee  contributions as an Annual
Addition.

          (d)     For  the  purpose  of  this  section,  Company shall include a
Commonly  Controlled  Entity as defined in Section 1.11, except that in applying
Section  414(b), the phrase "more than fifty percent (50%)" shall be substituted
for  the  phrase  "at  least eighty percent (80%)" each place it appears in Code
Section  1563(a)(1).

          (e)     "Limitation  Year"  means  the  Plan  Year.

          (f)     For  the  purposes  of  this  section,  "Compensation"  means
compensation  as  defined  in  Treas.  Reg.  1.415-2(d) (or any regulation which
replaces  or  supersedes  such  regulation)  for  purposes of the limitations on
benefits  and  contributions  under  qualified  plans.

          (g)     If, for any Plan Year, it is necessary to limit the allocation
of an amount to a Member's Account to comply with subsection (a), the Plan shall
limit  such  allocation  by  reducing  contributions  in  the  following order -

               (1)     first,  to  the  extent necessary, After-Tax Supplemental
Contributions  and  any  earnings  thereon;

               (2)     second, to the extent necessary, the Before-Tax Unmatched
Contributions,  if  any,  made  on  his  behalf  and  any  earnings  thereon;

               (3)     third,  to  the  extent  necessary,  the  amount  of  the
Before-Tax  Matched  Contributions  made on his behalf and any earnings thereon.
The  Company Matching Contributions made with respect to such Before-Tax Matched
Contributions  and  any  earnings  thereon  shall be treated as though they were
forfeitures  to  the  extent necessary and as soon as administratively feasible;
and

               (4)     fourth,  to  the  extent  necessary,  other  Company  or
Commonly  Controlled  Entity  contributions  made  to  other  qualified  defined
contribution  plans.

If  the  limitations  of subsection (b) are exceeded, the accrued benefit of the
Member  under  the defined benefit plan shall be reduced to the extent necessary
to  satisfy  the  requirements  of  subsection  (b).

                        ARTICLE XX - Top-Heavy Provisions
Section  20.01  -  Application  of  Top-Heavy  Provisions
                   --------------------------------------

          (a)     Except  as  provided  in  subsection  (b)(2),  if  as  of  a
Determination  Date,  the  sum  of the amount of the Section 416 Accounts of Key
Employees  and the Beneficiaries of deceased Key Employees exceeds sixty percent
(60%)  of  the  amount  of  the  Section  416  Accounts  of  all  Members  and
Beneficiaries,  the  Plan  is top-heavy and the provisions of this Article shall
become  applicable.

               If  any  individual has not received any compensation (other than
benefits  under  a plan) from the Company or a Commonly Controlled Entity of the
Company  at  any  time  during  the five-year period ending on the Determination
Date,  the  Section  416  Account of such individual or his Beneficiary shall be
excluded  from  all  computations  under this Article with respect to Plan Years
beginning  after  December  31, 1984.  However, if such an individual returns to
employment  with  the  Company  or  Commonly  Controlled Entity, his Section 416
account  shall  be included in calculations under this section.  The Section 416
Account  of  an  individual who was a Key Employee but is not a Key Employee for
the  Plan  Year  containing  the  Determination Date and the preceding four Plan
Years  or the Section 416 Account of the Beneficiary of such an individual shall
be  excluded  from  all  computations  under  this  Article.

          (b)     (1)     If  as of a Determination Date this Plan is part of an
Aggregation  Group  which  is  top-heavy,  the  provisions of this Article shall
become  applicable.  Top-heaviness  for  the purpose of this subsection shall be
determined with respect to the Aggregation Group in the same manner as described
in  subsection  (a)  except  that  if  the  Aggregation Group includes a defined
benefit  plan,  the  Section  416 Account shall include the present value of the
accrued  benefit  of  a  member  or  a  beneficiary  under  such  plan.

               (2)     If  this  Plan is top-heavy under subsection (a), but the
Aggregation  Group  is  not  top-heavy,  this  Article  shall not be applicable.

          (c)     The  Plan  Administrator shall have responsibility to make all
calculations  to  determine  whether  this  Plan  is  top-heavy.  The  Plan
Administrator  may use a method which approximates the calculations described in
Section  20.01(a)  provided  that  it mathematically proves that the Plan is not
top-heavy,  such  as  a  method  which  overstates the Section 416 Accounts with
respect  to  Key Employees and understates the Section 416 Accounts with respect
to  non-Key  Employees.
Section  20.02  -  Definitions
                   -----------

          (a)     "Aggregation  Group"  means  this  Plan  and  all  other plans
(including  a frozen plan) maintained by the Company which covers a Key Employee
or  his  Beneficiary  and  any  other  plan  which enables a plan covering a Key
Employee  or his Beneficiary to meet the requirements of Code Sections 401(a)(4)
or  410.  A  terminated plan shall be included in an Aggregation Group if it was
maintained  by  the  Company  within  the  last  five  (5)  years  ending on the
Determination  Date for the Plan Year in question and would, but for the fact it
was  terminated, meet the conditions of the preceding sentence.  In addition, at
the election of the Plan Administrator, the Aggregation Group may be expanded by
the  company  if  such expanded Aggregation Group meets the requirements of Code
Sections  401(a)(4)  and  410.

          (b)     "Determination  Date"  means  the  last  day  of the Plan Year
immediately preceding the Plan Year for which top-heaviness is to be determined.

          (c)     "Key  Employee"  means  an  Employee  (or a former or deceased
Employee) who, for the Plan Year containing the Determination Date or any of the
four  preceding  Plan  Years  (including  years  before  1984),  is:

               (1)     an officer of the Company or a Commonly Controlled Entity
of  the  Company  having an annual Compensation for a Plan Year greater than one
hundred  fifty  percent  (150%)  of  the  amount  in  effect  under Code Section
415(c)(1)(A)  for  the  calendar  year  in  which  the Plan Year ends; provided,
however,  that  no  more  than  the  lesser  of  --

                    (A)     50  Employees,  or

                    (B)     the  greater  of  (i)  three  Employees  or (ii) ten
percent  (10%)  of  the  greatest  number  of  employees  of the company and its
Commonly Controlled Entities for the Plan Year containing the Determination Date
and  the  preceding  four  Plan  Years  shall  be  treated as officers, and such
officers  shall  be  those with the highest annual Compensation in the five-year
period;

               (2)     one of the ten Employees having an annual Compensation in
excess  of  the  amount in effect under Code Section 415(c)(1)(A) and owning (or
considered  as  owning  within  the  meaning of Code Section 318) both more than
one-half percent (1/2%) interest in the Company and the largest interests in the
Company;

               (3)     a  five-percent  (5%)  owner  of  the  Company;  or

               (4)     a  one-percent (1%) owner of the Company having an annual
Compensation  [as  defined  in  Section  19.01(f)]  of  more  than  $170,000.

               For the purpose of subsection (c)(1)(B)(ii), if ten percent (10%)
of  the  number of Employees is not an integer, the number shall be increased to
the  nearest  integer.  The  determination  as to whether a person is an officer
shall be made on the basis of his actual authority and duties and without regard
to  his  title.  For the purpose of subsection (c)(2), if two Employees have the
same  interest  in  the  Company,  the  Employee  having  the  greater  annual
Compensation  from  the  Company,  shall be treated as having a larger interest.
For the purpose of subsections (c) (3) and (c)(4), ownership shall be determined
in  accordance  with  Code  Section  416  (i)(1)(B)  and  (C).

          (d)     "Section  416  Account"  means  the  sum  of:

               (1)     the  amount  credited  to  a  Member's  or  Beneficiary's
Account  under  this  Plan as of the most recent Valuation Date occurring within
the  twelve  (12)  month period ending on the Determination Date (or his account
under  another  qualified  defined  contribution  plan  which  is  part  of  an
Aggregation Group) including uncontributed amounts due as of such Valuation Date
but  which  are  actually  contributed  on  or  before  the  Determination Date;

               (2)     the present value of the accrued benefit credited as of a
Determination  Date to a Member or Beneficiary under a qualified defined benefit
plan  which  is  part  of  an  Aggregation  Group;  and

               (3)     the  amount of distributions to the Member or Beneficiary
during  the  five-year  period  ending  on  the  Determination Date, including a
distribution under a terminated plan which, if it had not been terminated, would
have  been  required  to  be included in an Aggregation Group, a distribution of
Employee  contributions,  and  a  distribution  made before January 1, 1984, but
excluding  a  distribution which is a tax-free rollover contribution (or similar
transfer)  that  is not initiated by the Member or that is contributed to a plan
which  is  maintained  by  the  Company;  reduced  by--

               (4)     the  amount  of  a  rollover  contribution  (or  similar
transfer)  which  is  accepted  by  this  Plan  (or  a  plan  forming part of an
Aggregation Group) after December 31, 1983 and which was initiated by the Member
and  derived  from a plan not maintained by the Company or a Commonly Controlled
Entity  of  the  Company,  and  the  earnings  on  such  rollover  contribution.
Section  20.03  -  Minimum  Contribution
                   ---------------------

          (a)     If  this  Plan  is  determined  to  be  top-heavy  under  the
provisions  of  Section  20.01,  with  respect  to  each Member who is not a Key
employee  and  is  an  Employee  on  the  last  day of the Plan Year, the sum of
Employer  Contributions  (other  than  Before-Tax  Contributions),  forfeitures
treated  as  Employer  Contributions  under  this  Plan, and under all qualified
defined contribution plans in the Aggregation Group shall not be less than three
percent  (3%)  of  such  Member's Compensation [as defined in Section 19.01(f)].
Notwithstanding  the  provisions of Section 9.02, contributions made pursuant to
this  Section  shall  be  fully  vested at all times.  This Section shall not be
applicable  with respect to a Member who is also covered under a defined benefit
plan  maintained  by  the  Company  which provides the benefit specified by Code
Section  416(c)(1).

          (b)     The  contribution  rate  specified in subsection (a) shall not
exceed  the  percentage  at  which  Employer  Contributions  and forfeitures are
allocated under the Plan or the plans of the Aggregation Group to the account of
the Key Employee for whom such percentage is the highest for the Plan Year.  For
the  purpose  of  this subsection, the percentage for each Key Employee shall be
determined  by  dividing  the Employer Contributions and forfeitures for the Key
Employee  by  the amount of his total compensation for the year not in excess of
$200,000  [as  adjusted  by  the  Secretary  of  the Treasury under Code Section
416(d)].  This  subsection  shall  not  apply  if  this  Plan  is required to be
included  in  an  Aggregation  Group and the Plan enables a defined benefit plan
which  is part of the Aggregation Group to meet the requirements of Code Section
401(a)(4)  or  410.
Section  20.04  -  Limit  on  Annual  Additions:  Combined  Plan  Limit
                   ----------------------------------------------------

          (a)     If  this  Plan  is  determined  to  be top-heavy under Section
20.01,  Section  19.01(b)  of this Plan shall be applied by substituting 1.0 for
1.25.  The transitional rule of Code Section 415(e)(6)(B)(i) shall be applied by
substituting  "$41,500"  for  "$51,875".

          (b)     Subsection  (a)  shall  not  be  applicable  if--

               (1)     Section  20.03  is  applied by substituting "four percent
(4%)"  for  "three  percent  (3%)  ",  and

               (2)     this  Plan  would  not  be  top-heavy  if "ninety percent
(90%)"  is  substituted  for  "sixty  percent  (60%)"  in  Section  20.01.

          (c)     If, but for this subsection (c), subsection (a) would begin to
apply  with  respect  to  the  Plan,  the application of subsection (a) shall be
suspended  with  respect  to  a  Member  so  long  as  there  are--

               (1)     no  Company  contributions,  forfeitures,  or  voluntary
nondeductible  contributions  allocated  to  such  Member,  and

               (2)     no  accruals  under  a qualified defined benefit plan for
such  Member.

IN  WITNESS  WHEREOF,  Energizer  Holdings, Inc. has caused these presents to be
executed  by  the  undersigned representative of the Company effective as of the
first  day  of  April,  2000,  or  as  otherwise  indicated.

                         ENERGIZER  HOLDINGS,  INC.

                         By     __________________________________

                         Name:     __________________________________

                         Title:     __________________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00006-of-00352.parquet"}]]