Rayovac 2008 Annual Report Download - page 223
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b. If before the end of the Retention Period, (i) the Executive’s employment is considered to have been terminated by the Executive as a result of a
“Constructive Termination” (as defined in the Employment Agreement), or (ii) the Company terminates Executive’s employment without “Cause”
(as defined in the Employment Agreement), the Executive shall be paid, on the first day of the seventh calendar month following such termination,
the Retention Incentive that would have been paid to Executive but for the early termination of Executive’s employment for the entire Retention
Period.
c. If the Executive voluntarily ends his employment other than pursuant to a Constructive Termination or his employment is terminated by the
Company for Cause before the end of the Retention Period, the Executive shall forfeit any and all Retention Incentive payments, unless any such
payments have been made to the Executive pursuant to Section 4(a) of this Agreement, in which case such payments will be retained by the
Executive.
5. Existing Employment Agreement
This Agreement shall not supersede, but shall be supplemental to, any Employment Agreement, other contract of employment or other agreement in effect
between the Company and the Executive governing the terms and conditions of the Executive’s employment with the Company as of the date of execution
hereof. Notwithstanding the foregoing, and notwithstanding any provision of any Employment Agreement to the contrary, any Retention Incentive paid to
the Executive pursuant to this Agreement will not be taken into account in determining any amounts payable to the Executive pursuant to the term of any
Employment Agreement.
6. Successors and Assigns.
This agreement shall be binding upon the Executive, without regard to the duration of his employment by the Company or reasons for the cessation of such
employment, although the obligations of the Executive are personal and may be performed only by him. The Company may assign this Agreement without
Executive’s consent, but any such assignment shall not relieve the Company of its obligations hereunder.
[Signatures on following page]
2
Source: Spectrum Brands, Inc, 10-K, December 10, 2008