Rayovac 2009 Annual Report Download - page 227

Exhibit 10.4
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
THIS THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is entered into as of the 24th day of February, 2009 (the
“Effective Date”), by and between Spectrum Brands, Inc. (“the “Company”) and Kent J. Hussey (the “Executive”).
WHEREAS, the Company and the Executive previously entered into an Amended and Restated Employment Agreement, dated April 1, 2005, as
amended by that certain Amendment to Employment Agreement dated as of June 29, 2007 (together, the “Agreement”); and
WHEREAS, the Company and the Executive wish to amend certain provisions of the Agreement in recognition of the Executive’s past services to
the Company and the importance to the future success of the Company of the Executive’s continued services; and
NOW, THEREFORE, in consideration of the premises and mutual agreements contained herein (promises that include benefits to which the
Executive would not otherwise be entitled), and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company and the Executive hereby agree as follows:
1. Capitalized Terms not defined herein shall have the meanings given those terms in the Agreement.
2. As of the Effective Date, Executive’s Base Salary was Eight Hundred and Twenty−Five Thousand Dollars ($825,000) per annum (the “Existing Base
Salary Amount”). For the period from March 1, 2009 through December 31, 2009 (the “Temporary Reduction Period”), Executive’s Base Salary shall be
Seven Hundred and Eighty−Three Thousand, Seven Hundred and Fifty Dollars ($783,750) per annum. As of January 1, 2010, Executive’s Base Salary shall
return to the Existing Base Salary Amount. Notwithstanding this temporary reduction in Base Salary, for purposes of calculating any Bonus or other
incentive plan amounts or any other benefit specified in the Employment Agreement or any other agreement between the Company and the Executive,
including, without limitation, any severance benefits included therein, earned during the Temporary Reduction Period the Existing Base Salary Amount
shall be used as the Base Salary.
3. Except as modified by this Amendment, the Agreement remains in full force and effect, and the execution of this Amendment shall not affect the rights of
the Company or the Executive under the terms of the Agreement as in effect immediately prior to the Effective Date with respect to events occurring before
the Effective Date.
[Signature Page Follows]