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EXHIBIT 10.10
SECOND AMENDMENT
TO EMPLOYMENT AGREEMENT
This Second Amendment to Employment Agreement is dated this ____ day of
October, 2000, by and between Water Pik Technologies, Inc., a Delaware
corporation with its principal place of business in Newport Beach, California
("Water Pik") and Xxxxxxx X. Xxxxxx, an individual residing in California
("Executive")
WHEREAS, Executive and Allegheny Teledyne Incorporated, now known as
Allegheny Technologies Incorporated ("ATI") entered into an Amended and Restated
Employment Agreement dated as of September 15, 1998 (the "Agreement");
WHEREAS, the Agreement was assigned to and assumed by Water Pik on
November 29, 1999 as part of the spin-off of ATI's consumer products business;
WHEREAS, the Agreement was amended on January 10, 2000;
WHEREAS, Executive and ATI intended to provide for modified vesting of
Executive's initial stock option grant in the event certain events occurred
within one year after the first anniversary of the Effective Date, as defined in
the Agreement;
WHEREAS, the events have occurred which give effect to the modified
stock option vesting schedule intended by the parties;
WHEREAS, the Agreement in its current form fails to fully reflect the
intent of Executive and ATI with regard to the events which give effect to the
modified stock option vesting schedule; and
WHEREAS, Executive and Water Pik desire to amend the Agreement to
reflect the actual intent of the parties at the time the Agreement was executed.
NOW, THEREFORE, in consideration of the premises, mutual covenants and
agreements of the parties contained herein, and other good and valuable
consideration, the receipt and adequacy of which is hereby acknowledged, Water
Pik and Executive hereby agree, intending to be legally bound, as follows:
1. Paragraph 4(d)(ii) of the Agreement is hereby amended and restated by adding
the phrase "or Spin-Off" following the term "Public Offering" in the fifth
sentence of said Paragraph. The amended fifth sentence reads as follows:
"If, however, a Public Offering or Spin-Off is closed during the Term
but the Closing Date is at least one year after the first anniversary
of the Effective Date, the options shall become exercisable
cumulatively in accordance with the following schedule: 10% of the
shares covered herein at any time after the Closing Date, an additional
20% of the shares covered herein at any time after the second
anniversary of the Effective Date, and the remaining 70% of the shares
covered herein at any time after the third anniversary of the Effective
Date."
IN WITNESS WHEREOF, Water Pik and Executive have signed this Amendment,
as of the day and year first above written.
WATER PIK TECHNOLOGIES, INC.
By:
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Xxxxxx X. Xxxxxxx
Chairman
EXECUTIVE
By:
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Xxxxxxx X. Xxxxxx