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If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
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Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) |
Pursuant to the terms of the Agreement and Plan of Merger, dated as of February 9, 2010, as amended, by and among Spectrum Brands, Inc. ("Spectrum Brands"), Russell Hobbs, Inc., Issuer, Battery Merger Corp. ("Battery Sub"), a direct wholly-owned subsidiary of Issuer, and Grill Merger Corp., a direct wholly-owned subsidiary of Issuer, all Delaware corporations, on June 16, 2010, among other things, Battery Sub merged with and into Spectrum Brands ("Battery Merger"). Spectrum Brands continued as the surviving corporation in the Battery Merger and became an indirectly wholly-owned subsidiary of Issuer. |
(2) |
In connection with the Battery Merger, the shares issuable under the Spectrum Brands, Inc. 2009 Incentive Plan (the "Plan") were assumed by the Issuer. The 111,111 shares of restricted stock of Spectrum Brands awarded to Mr. Heil under the Plan, which were valued at $31.50 per share in the Battery Merger and were scheduled to vest 75% on October 1, 2010 and 25% on October 1, 2011 if Mr. Heil was employed by Spectrum Brands on such date, were canceled and exchanged for 111,111 shares of restricted stock of Issuer, which will have the same vesting schedule as the restricted stock of Spectrum Brands. |
(3) |
On June 15, 2010, Mr. Heil was awarded 18,574 shares of restricted stock of Spectrum Brands, which were valued at $31.50 per share in the Battery Merger and were scheduled to vest 33 1/3% on June 15, 2011, 33 1/3% on June 15, 2012 and 33 1/3% on June 15, 2013 if Mr. Heil was employed by Spectrum Brands on such date. These 18,574 shares were canceled and exchanged for 18,574 shares of restricted stock of the Issuer, which will have the same vesting schedule as the restricted stock of Spectrum Brands. |