SEPARATION AGREEMENT AND GENERAL RELEASE

Exhibit 10.2

SEPARATION AGREEMENT AND GENERAL RELEASE

This is a Separation Agreement and General Release (referred to as “Agreement”) entered into this 15th day of December, 2011, by and between Gayle G. Stratmann (referred to as “COLLEAGUE”) and Energizer Holdings, Inc. (referred to as “ENERGIZER” and defined in Paragraph 15).

In consideration of the mutual promises contained in this Agreement, ENERGIZER and the COLLEAGUE agree as follows:

1. COLLEAGUE and ENERGIZER agree that on May31, 2012, COLLEAGUE will no longer be employed by ENERGIZER and will be removed from ENERGIZER’s payroll.

2. In consideration of COLEAGUE’s execution of this Agreement, and a Second Release (which shall be substantially in the form attached hereto as Exhibit A) at the conclusion of her employment on May 31, 2012 (referred to as “Second Release”), ENERGIZER agrees, after the date of receipt of a signed, unrevoked copy of this Agreement and the Second Release:

COLLEAGUE, based on actual ENERGIZER FY 2012 results, on the date that is six months following COLLEAGUE’s removal from the payroll or, in the event that actual ENERGIZER FY 2012 results are not known on the date that is six months following COLLEAGUE’s removal from the payroll, by December 31, 2012. In accordance with the terms of the Energizer Holdings, Inc. 2009 Incentive Stock Plan, shares of common stock shall be withheld upon issuance in satisfaction of applicable withholding taxes; and

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secrets which COLLEAGUE obtained during the term of her employment with ENERGIZER and/or any actual or potential basis for any charge, claim, or lawsuit against ENERGIZER;

4. COLLEAGUE acknowledges that certain information, observations and data relating to the formulation, processing, manufacturing, sale and marketing of ENERGIZER’s batteries and battery related products, portable power products, razors, shaving-related products, tampons, infant feeding and care products, and/or sun protection products obtained by COLLEAGUE during the course of COLLEAGUE’s employment with ENERGIZER, are competitively sensitive and are the proprietary and confidential information of ENERGIZER and its affiliated companies (the “Information”). Such Information shall include, but not be limited

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to, ENERGIZER’s current and planned information systems, the names, addresses or particular desires or needs of its customers, the bounds of its markets, the prices charged for its services or products, its market share, marketing strategies and promotional efforts in any market, information concerning product development, manufacturing processes, research and development projects, formulas, inventions and compilations of information, records or specifications, information concerning ENERGIZER’s past and present employees, including compensation, benefits, and Fair Labor Standards Act exemption classification, information concerning future product or market developments, financial information, information regarding suppliers and costs of raw materials and other supplies, financing programs, overhead distribution and other expenses, or conversion costs. COLLEAGUE understands and agrees that such Information is important, material and confidential, and that disclosure would gravely affect the successful conduct of ENERGIZER’s businesses. COLLEAGUE agrees that COLLEAGUE will not disclose to any unauthorized persons or use for COLLEAGUE’s own account or for the benefit of any third party (other than ENERGIZER) any of such Information without ENERGIZER’s prior written consent, unless and to the extent that such Information becomes generally known to and available for use by the public other than as a result of COLLEAGUE’s acts or omissions to act. COLLEAGUE warrants and represents that COLLEAGUE has, or will before her last day of employment, returned and delivered to ENERGIZER all memoranda, notes, plans, programs, records, reports, and other documentation (and copies thereof) containing any Information which COLLEAGUE possesses or has under COLLEAGUE’s control. The obligation to protect Information is on-going and does not expire upon the termination of the parties’ employment or contractual relationship.

5. It is understood and agreed that only the PTO and annual bonus payments, if any, identified in Paragraph 2 of this Agreement will be considered benefit earnings for applicable benefit plans of ENERGIZER. Any other monies paid to COLLEAGUE pursuant to this Agreement shall not constitute earnings for benefit plan purposes.

6. The annual bonus payment, if any, and equity vesting, if any, terms contained in Paragraph 2 of this Agreement, are in addition to any wages to which COLLEAGUE already is entitled because of her work for ENERGIZER. COLLEAGUE agrees to accept the promises and terms in Paragraph 2 above, in consideration for the settlement, waiver and release and discharge of any and all claims or actions against ENERGIZER arising under any federal, state, or local statute, law, or regulation pertaining to employment discrimination on the basis of sex, race, color, religion, creed, national origin, age, mental or physical disability, marital status, veteran’s status, or any other reason established by law, including any claim of actual or constructive wrongful discharge.

7. COLLEAGUE agrees to release, settle and forever discharge ENERGIZER, including its agents and employees, from any and all claims, causes of action, rights, demands, debts, or damages of whatever nature, whether or not COLLEAGUE currently knows of them, which might have arisen from COLLEAGUE’s employment with and termination from ENERGIZER and which may be brought by COLLEAGUE or another person on COLLEAGUE’s behalf. This includes, but is not limited to, any claim COLLEAGUE might raise under contract or tort law, including actual or constructive wrongful discharge, and all claims of discrimination which COLLEAGUE may have arising out of any violation of any

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local, state or federal law, regulation or executive order, including all claims under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act, the Family Medical Leave Act, the Occupational Safety and Health Act, the Fair Labor Standards Act, the Rehabilitation Act, the Employee Retirement Income Security Act, the Consolidated Omnibus Budget Reconciliation Act, as well as any claim, right or cause of action under the Missouri Revised Statutes including, but not limited to, Workers’ Compensation Retaliation § 287.780, the Service Letter Statute § 290.140, the Missouri Human Rights Act § 213.010 et seq., the Ohio Civil Rights Act, as amended, Section 4112.01, et seq., Vermont’s Fair Employment Practices Act, Title 21, Section 495 et seq., the North Carolina Equal Employment Practices Act, Section 143.422 et seq., the California Fair Employment and Housing Act, the Connecticut Human Rights law, as amended, Section 46a-60 et seq., the Connecticut Human Rights law, as amended , Section 46A-60 et seq., the Arizona Civil Rights Act, A.R.S §41-1401, et seq., the Florida Civil Rights Act of 1992, Fla. Stat. §760.01-760.11, The Wisconsin Fair Employment Act, Wis. Stat. §111.31 et seq., the Tennessee Human Rights Act, Tenn. Code Ann §4-21-101, et seq. as amended by Ch. 229, L. 2005, Louisiana Employment Discrimination Law, La. Rev. Stat. Ann. §23:301, et seq., the New Jersey Law Against Discrimination, the Virginia Human Rights Act, Chapter 39, §2.2-3900, et seq., the federal plant closing law (WARN Act) or any comparable state law, and the Family and Medical Leave Act of 1994 or any state leave law, actions at common law, in contract or tort, all claims for lost wages, bonuses, seniority, reinstatement, attorneys’ fees, costs, and actual, compensatory and punitive damages. Provided, however, that COLLEAGUE shall retain and have specifically excluded from this release any claims she may have against ENERGIZER as identified in paragraph 9 below.

8. In the event that COLLEAGUE or any person brings a cause of action against ENERGIZER in violation of Paragraph 7 of this Agreement, or files a charge of discrimination against ENERGIZER with any local, state, or federal agency including but not limited to the Equal Employment Opportunity Commission, the Missouri Commission on Human Rights, or any comparable agency, COLLEAGUE waives any claim for reinstatement, equitable or legal monetary compensation, or damages incident to such cause of action or charge.

9. This Agreement shall not affect COLLEAGUE’s right to raise any claims based on any Social Security, Workers’ Compensation, or unemployment compensation laws, or based on the terms of any employee pension or welfare benefit plan of ENERGIZER, including its subsidiaries and affiliated companies, which may involve benefits that should be paid to COLLEAGUE now or in the future.

10. COLLEAGUE understands that any breach of Paragraphs 3 and 4 of this Agreement could cause irreparable harm to ENERGIZER. COLLEAGUE agrees that ENERGIZER has the right to seek an injunction to prevent violation of COLLEAGUE’s obligations under this Agreement, in addition to ENERGIZER’s right to seek remedies at law.

11. COLLEAGUE shall remain covered and indemnified under ENERGIZER’s D&O insurance policies for liability arising from conduct undertaken by COLLEAGUE in the course and scope of her employment with ENERGIZER.

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12. ENERGIZER and COLLEAGUE agree to reasonably cooperate with one another with regard to matters related to the termination of COLLEAGUE’s employment and COLLEAGUE’s exit from ENERGIZER’s business, including but not limited to execution of documents.

13. This Agreement is intended to finally and fully conclude the employment relationship between COLLEAGUE and ENERGIZER and may be amended only by an Agreement in writing signed by the parties hereto. This Agreement shall not be interpreted as an admission by either the COLLEAGUE or ENERGIZER of any wrongdoing or any violation of federal, state or local law, regulation, or ordinance. ENERGIZER specifically denies that it, or its employees, supervisors, representatives, or agents, has ever committed any wrongdoing whatsoever against COLLEAGUE.

14. In the event that any provision shall be held to be invalid or unenforceable for any reason whatsoever, it is agreed such invalidity or unenforceability shall not affect any other provision of this Agreement and the remaining covenants, restrictions and provisions hereof shall remain in full force and effect, and any court of competent jurisdiction may so modify the objectionable provision as to make it valid, reasonable and enforceable.

15. This Agreement will be governed by the internal law of the State of Missouri and not the law of conflicts. Any lawsuit concerning the rights and obligations created by, or the enforceability of, this Agreement may be brought only in the United States District Court for the Eastern District of Missouri or, in the event such court lacks jurisdiction, in the Missouri State Court in St. Louis County, Missouri. The parties waive the right to a jury trial in any such lawsuit.

16. For purposes of this Agreement, the term “ENERGIZER” shall include Energizer Holdings, Inc. and all of its subsidiaries and affiliated companies, predecessors, successors, and assigns of the aforementioned, and all past, present, and future officers, directors, agents, representatives, stockholders, and employees of any of the foregoing.

17. COLLEAGUE expressly acknowledges that ENERGIZER has given him/her at least twenty-one (21) days to consider this Agreement as originally presented and that ENERGIZER also has given him/her the opportunity to discuss all aspects of this Agreement with an attorney before signing this Agreement. COLLEAGUE states that she has discussed this Separation Agreement and General Release or, in the alternative, has freely elected to waive any remaining part of the twenty-one (21) days and any further opportunity to discuss this Agreement with an attorney before signing it.

18. COLLEAGUE may revoke her acceptance within seven (7) days after signing this Agreement. COLLEAGUE’s notice of revocation must be given to ENERGIZER’s Human Resources Department in writing within seven (7) days after signing this Agreement. If COLLEAGUE does revoke this Agreement, neither the COLLEAGUE nor ENERGIZER will be required to satisfy any of the terms of this Agreement. If COLLEAGUE has not revoked her acceptance, within seven (7) days this Agreement’s effectiveness will become final.

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19. COLLEAGUE ACKNOWLEDGES SHE HAS READ THIS AGREEMENT CONSISTING OF NINETEEN (19) NUMBERED PARAGRAPHS AND SEVEN (7) PAGES, AND EXHIBIT A HERETO CONSISTING OF TWO (2) ADDITIONAL PAGES, THAT THE ONLY CONSIDERATION FOR SIGNING THIS AGREEMENT IS THE TERMS STATED HEREIN, THAT NO OTHER PROMISE OR AGREEMENT OF ANY KIND HAS BEEN MADE TO HIM/HER BY ANY PERSON OR ENTITY WHATSOEVER TO CAUSE HER TO SIGN THIS AGREEMENT, THAT SHE WILL RECEIVE ONLY THE PAYMENTS AND BENEFITS SPECIFIED IN THIS AGREEMENT IN EXCHANGE FOR SIGNING THIS AGREEMENT, THAT SHE IS COMPETENT TO EXECUTE THIS AGREEMENT, THAT SHE FULLY UNDERSTANDS THE MEANING AND INTENT OF THIS AGREEMENT, THAT SHE HAS HAD AN ADEQUATE OPPORTUNITY TO DISCUSS THIS DOCUMENT WITH AN ATTORNEY AND HAS DONE SO OR HAS VOLUNTARILY ELECTED NOT TO DO SO, AND THAT SHE IS VOLUNTARILY EXECUTING IT OF HER OWN FREE WILL.

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EXHIBIT A

GENERAL RELEASE OF CLAIMS

FOR AND IN CONSIDERATION of the severance benefits set forth in paragraph 2 of that Separation Agreement and General Release Agreement dated as of December             , 2011, by and between Gayle G. Stratmann (referred to as “COLLEAGUE”) and Energizer Holdings, Inc. (referred to as “ENERGIZER” and defined below) (referred to as “Agreement”), and the other mutual promises and obligations contained therein, COLLEAGUE hereby releases, settles, waives and forever discharges ENERGIZER, including its agents and employees, from any and all claims, causes of action, rights, demands, debts, or damages of whatever nature, whether or not COLLEAGUE currently knows of them, which might have arisen from COLLEAGUE’s employment with and termination from ENERGIZER and which may be brought by COLLEAGUE or another person on COLLEAGUE’s behalf. This includes, but is not limited to, any claim COLLEAGUE might raise under contract or tort law, including actual or constructive wrongful discharge, and all claims of discrimination which COLLEAGUE may have arising out of any violation of any local, state or federal law, regulation or executive order, including all claims under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act, the Family Medical Leave Act, the Occupational Safety and Health Act, the Fair Labor Standards Act, the Rehabilitation Act, the Employee Retirement Income Security Act, the Consolidated Omnibus Budget Reconciliation Act, as well as any claim, right or cause of action under the Missouri Revised Statutes including, but not limited to, Workers’ Compensation Retaliation § 287.780, the Service Letter Statute § 290.140, the Missouri Human Rights Act § 213.010 et seq., the Ohio Civil Rights Act, as amended, Section 4112.01, et seq., Vermont’s Fair Employment Practices Act, Title 21, Section 495 et seq., the North Carolina Equal Employment Practices Act, Section 143.422 et seq., the California Fair Employment and Housing Act, the Connecticut Human Rights law, as amended, Section 46a-60 et seq., the Connecticut Human Rights law, as amended , Section 46A-60 et seq., the Arizona Civil Rights Act, A.R.S §41-1401, et seq., the Florida Civil Rights Act of 1992, Fla. Stat. §760.01-760.11, The Wisconsin Fair Employment Act, Wis. Stat. §111.31 et seq., the Tennessee Human Rights Act, Tenn. Code Ann §4-21-101, et seq. as amended by Ch. 229, L. 2005, Louisiana Employment Discrimination Law, La. Rev. Stat. Ann. §23:301, et seq., the New Jersey Law Against Discrimination, the Virginia Human Rights Act, Chapter 39, §2.2-3900, et seq., the federal plant closing law (WARN Act) or any comparable state law, and the Family and Medical Leave Act of 1994 or any state leave law, actions at common law, in contract or tort, all claims for lost wages, bonuses, seniority, reinstatement, attorneys’ fees, costs, and actual, compensatory and punitive damages.

In the event that COLLEAGUE or any person brings a cause of action against ENERGIZER in violation of this General Release of Claims (hereinafter referred to as “General Release”), or files a charge of discrimination against ENERGIZER with any local, state, or federal agency including but not limited to the Equal Employment Opportunity Commission, the Missouri Commission on Human Rights, or any comparable agency, COLLEAGUE waives any claim for reinstatement, equitable or legal monetary compensation, or damages incident to such cause of action or charge.

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This General Release shall not affect COLLEAGUE’s right to raise any claims based on any Social Security, Workers’ Compensation, or unemployment compensation laws, or based on the terms of any employee pension or welfare benefit plan of ENERGIZER, including its subsidiaries and affiliated companies, which may involve benefits that should be paid to COLLEAGUE now or in the future.

COLLEAGUE expressly acknowledges that ENERGIZER has given him at least twenty-one (21) days to consider this General Release, both as originally presented to her as Exhibit A to the Agreement and, now, at the conclusion of his employment, and that ENERGIZER also has given her the opportunity to discuss all aspects of this General Release with an attorney prior to execution. COLLEAGUE states that she has discussed this General Release or, in the alternative, has freely elected to waive any remaining part of the twenty-one (21) days and any further opportunity to discuss this General Release with an attorney before signing it.

COLLEAGUE may revoke this General Release within seven (7) days after her execution of it. COLLEAGUE’s notice of revocation must be given to ENERGIZER’s Human Resources Department in writing within that seven (7) day period. If COLLEAGUE does revoke this General Release, ENERGIZER will be relieved of any remaining severance obligations set forth in paragraph 2 of the Agreement. If COLLEAGUE has not revoked this General Release, within seven (7) days, ENERGIZER will remain obligated for the severance benefits set forth in paragraph 2 of the Agreement.

For purposes of this General Release, the term “ENERGIZER” shall include Energizer Holdings, Inc. and all of its subsidiaries and affiliated companies, predecessors, successors, and assigns of the aforementioned, and all past, present, and future officers, directors, agents, representatives, stockholders, and employees of any of the foregoing.

COLLEAGUE ACKNOWLEDGES SHE HAS READ THIS GENERAL RELEASE CONSISTING OF TWO PAGES, THAT THE ONLY CONSIDERATION FOR SIGNING THIS GENERAL RELEASE IS THAT STATED IN THE AGREEMENT, THAT NO OTHER PROMISE OR AGREEMENT OF ANY KIND HAS BEEN MADE TO HIM BY ANY PERSON OR ENTITY WHATSOEVER TO CAUSE HIM TO SIGN THIS GENERAL RELEASE, THAT SHE WILL RECEIVE ONLY THE PAYMENTS AND BENEFITS SPECIFIED IN THE AGREEMENT IN EXCHANGE FOR SIGNING THE AGREEMENT AND THIS GENERAL RELEASE, THAT SHE IS COMPETENT TO EXECUTE THIS GENERAL RELEASE, THAT SHE FULLY UNDERSTANDS THE MEANING AND INTENT OF THIS GENERAL RELEASE, THAT SHE HAS HAD AN ADEQUATE OPPORTUNITY TO DISCUSS THIS DOCUMENT WITH AN ATTORNEY AND HAS DONE SO OR HAS VOLUNTARILY ELECTED NOT TO DO SO, AND THAT SHE IS VOLUNTARILY EXECUTING IT OF HER OWN FREE WILL.

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