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      Prestige Brands Holdings, Inc. Form 8-K filed December 22, 2006
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of
      1934</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported): </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><u>December
      22, 2006</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>PRESTIGE
      BRANDS HOLDINGS, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><u>Delaware</u></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 162pt">&#160;</font></div>
            </td>
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><u>001-32433</u></div>
            </td>
            <td width="33%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><u>20-1297589</u></div>
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                Employer</div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">of
                incorporation)</div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">Identification
                No.)</div>
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      North Broadway, Irvington, New York 10533</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">(Address
      of principal executive offices, including Zip Code)</font></div>
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      524-6810</u></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>Item
      5.02 Departure of Directors or Certain Officers; Election of Directors;
      Appointment of Certain Officers; Compensatory Arrangements of Certain
      Officers.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On
      December 22, 2006, Prestige Brands Holdings, Inc. (the &#8220;Company&#8221;) entered into
      an Agreement with Gerard F. Butler (the &#8220;Butler Agreement&#8221;), the Company&#8217;s Chief
      Sales Officer, pursuant to which Mr. Butler&#8217;s Senior Management Agreement dated
      as of January 28, 2005 (the &#8220;Butler Senior Management Agreement&#8221;) with the
      Company was superseded by the terms of the Butler Agreement. Under the terms
      of
      the Butler Agreement, Mr. Butler has agreed to resign as an officer of the
      Company on a date to be selected by the Company, but in any event prior to
      January 31, 2007 (the &#8220;Resignation Date&#8221;). From the Resignation Date to March
      31, 2007, Mr. Butler&#8217;s primary responsibility to the Company will be
      transitioning his position to his replacement. For the period beginning on
      the
      Resignation Date and ending on March 31, 2007, Mr. Butler will receive his
      current salary and benefits. Effective April 1, 2007, Mr. Butler will become
      a
&#8220;Work At Home&#8221; employee of the Company for a period of one year (the &#8220;Work At
      Home Period&#8221;) during which period Mr. Butler will provide advice, information or
      guidance to the Company on an as needed basis. Mr. Butler&#8217;s employment with the
      Company shall terminate on April 1, 2008. During the Work At Home Period, Mr.
      Butler&#8217;s annual salary shall be $236,000, subject to applicable withholding
      taxes, payable in accordance with the Company&#8217;s normal payroll practices. For
      the fiscal year ending March 31, 2007, Mr. Butler will be eligible for an annual
      bonus, as determined by the Compensation Committee and the Board of Directors
      of
      the Company and also subject to the performance of the Company against the
      established bonus objectives. Mr. Butler will not be eligible to receive a
      bonus
      for the fiscal year ending March 31, 2008; provided, however, on or about May
      1,
      2008, Mr. Butler will receive a payment equivalent to the greater of (i) the
      bonus paid for the fiscal year ending March 31, 2007; or (ii) a target bonus
      of
      45% of Mr. Butler&#8217;s salary paid during the Work At Home Period. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">With
      regard to Mr. Butler&#8217;s Carried Shares (as defined in the Butler Senior
      Management Agreement), the provisions contained in the Butler Senior Management
      Agreement relating to the Carried Shares are incorporated by reference into
      the
      Butler Agreement. Pursuant to the terms of the Butler Agreement, Mr. Butler&#8217;s
      Carried Shares will continue to vest on a straightline pro rata basis through
      February 6, 2009. Any Carried Shares that have not vested at the expiration
      of
      the Work At Home Period will be repurchased by the Company so long as Mr. Butler
      has not breached the terms of the Butler Agreement. The sale of any vested
      Carried Shares or Co-invest Common Shares (as defined in the Butler Senior
      Management Agreement) will be subject to the applicable terms of the Butler
      Agreement and the Butler Senior Management Agreement. During the term of the
      Butler Agreement, in the event of any change in control of the Company or the
      death or disability of Mr. Butler, all of Mr. Butler&#8217;s unvested Carried Shares
      shall immediately vest. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
      the
      Butler Agreement, Mr. Butler agreed to surrender and forfeit the grant of 4,734
      shares of restricted stock made as of July 1, 2006. Mr. Butler also acknowledged
      and agreed in the Butler Agreement that he will not be eligible to receive
      any
      future</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Long-Term
      Incentive Awards in calendar years 2007 and 2008, or at any time subsequent
      thereto. Mr. Butler&#8217;s award of 1,184 Performance Shares awarded as of July 1,
      2006 shall mature pursuant to the terms of the award; provided, that the
      valuation of the amount payable, if any, under the award shall be calculated
      using the closing stock price of the Company&#8217;s common stock on March 31, 2008 so
      long as Mr. Butler retires as an employee from the Company on such
      date.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
      Butler Agreement contains customary provisions for an executive separation
      agreement which include, among other things, a general release of claims against
      the Company and confidentiality and non-competition provisions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>Item
      7.01 Regulation FD Disclosure. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Effective
      on the Resignation Date, the Company shall appoint Mr. David B. Talbert as
      Senior Vice President - Sales of the Company. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">A
      copy of
      the Press Release announcing the resignation of Mr. Butler as Chief Sales
      Officer and the appointment of Mr. Talbert as Mr. Butler&#8217;s replacement is
      attached hereto as Exhibit 99.1. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01 Financial Statements and Exhibits.</strong></font><br></div>
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            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font></div>
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            <td align="left" valign="top" width="6%">&#160;</td>
            <td align="left" valign="middle" width="1%">&#160;</td>
            <td align="left" valign="top" width="67%">(d)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Exhibits.
              </td>
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            <td align="left" valign="top" width="6%">&#160;</td>
            <td align="left" valign="middle" width="1%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; BACKGROUND-COLOR: #ffffff">Exhibit</font></div>
            </td>
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            </td>
            <td align="left" valign="top" width="67%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; BACKGROUND-COLOR: #ffffff">Description</font></div>
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            <td align="left" valign="top" width="6%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="middle" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="top" width="67%" style="border-bottom: medium none;">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; BACKGROUND-COLOR: #ffffff">99.1</font></div>
            </td>
            <td align="left" valign="middle" width="1%" style="border-bottom: #ffffff double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="67%" style="border-bottom: #ffffff double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; BACKGROUND-COLOR: #ffffff">Press
                Release dated December 22,
                2006.</font></div>
            </td>
          </tr>

      </table>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="50%">Dated:<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font>December
                22, 2006</td>
              <td width="50%">PRESTIGE BRANDS HOLDINGS, INC.</td>
            </tr>
            <tr bgcolor="white">
              <td width="50%">&#160;</td>
              <td width="50%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="50%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
              </td>
              <td width="50%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">By:
<u>/s/
                  Charles N. Jolly<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</u>&#160;</div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="50%">&#160;</td>
              <td width="50%">&#160;&#160;&#160;&#160;&#160; Name: Charles N.
                Jolly&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="50%">&#160;</td>
              <td width="50%">&#160;&#160;&#160;&#160;&#160; Title: General Counsel and
                Secretary&#160;</td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 168.65pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">EXHIBIT
      INDEX</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div align="left">
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          <tr>
            <td align="left" valign="top" width="6%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; BACKGROUND-COLOR: #ffffff">Exhibit</font></div>
            </td>
            <td align="left" valign="middle" width="1%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="67%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; BACKGROUND-COLOR: #ffffff">Description</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="6%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="middle" width="1%" style="border-bottom: medium none;">&#160;</td>
            <td align="left" valign="top" width="67%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="6%" style="border-bottom: #ffffff double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; BACKGROUND-COLOR: #ffffff">99.1</font></div>
            </td>
            <td align="left" valign="middle" width="1%" style="border-bottom: #ffffff double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="67%" style="border-bottom: #ffffff double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman; BACKGROUND-COLOR: #ffffff">Press
                Release dated December 22, 2006.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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{"company-data": {"conformed-name": "Prestige Brands Holdings, Inc.", "cik": "0001295947", "assigned-sic": "2834", "irs-number": "201297589", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32433", "film-number": "061296338"}, "business-address": {"street1": "90 NORTH BROADWAY", "city": "IRVINGTON", "state": "NY", "zip": "10533", "phone": "(914) 524-6810"}, "mail-address": {"street1": "90 NORTH BROADWAY", "city": "IRVINGTON", "state": "NY", "zip": "10533"}, "former-company": {"former-conformed-name": "Prestige Household Brands, Inc.", "date-changed": "20040630"}}
Prestige Brands Holdings, Inc. Form 8-K filed December 22, 2006
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of
      1934
Date
      of
      Report (Date of earliest event reported):
December
      22, 2006
PRESTIGE
      BRANDS HOLDINGS, INC.
(Exact
      name of registrant as specified in its charter)
Delaware
001-32433
20-1297589
(State
                or other jurisdiction
(Commission
                File Number)
(IRS
                Employer
of
                incorporation)
Identification
                No.)
90
      North Broadway, Irvington, New York 10533
(Address
      of principal executive offices, including Zip Code)
(914)
      524-6810
(Registrant's
      telephone number, including area code)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
[
 ]
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
[
 ]
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
[
 ]
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))
[
 ]
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))
Item
      5.02 Departure of Directors or Certain Officers; Election of Directors;
      Appointment of Certain Officers; Compensatory Arrangements of Certain
      Officers.
On
      December 22, 2006, Prestige Brands Holdings, Inc. (the "Company") entered into
      an Agreement with Gerard F. Butler (the "Butler Agreement"), the Company's Chief
      Sales Officer, pursuant to which Mr. Butler's Senior Management Agreement dated
      as of January 28, 2005 (the "Butler Senior Management Agreement") with the
      Company was superseded by the terms of the Butler Agreement. Under the terms
      of
      the Butler Agreement, Mr. Butler has agreed to resign as an officer of the
      Company on a date to be selected by the Company, but in any event prior to
      January 31, 2007 (the "Resignation Date"). From the Resignation Date to March
      31, 2007, Mr. Butler's primary responsibility to the Company will be
      transitioning his position to his replacement. For the period beginning on
      the
      Resignation Date and ending on March 31, 2007, Mr. Butler will receive his
      current salary and benefits. Effective April 1, 2007, Mr. Butler will become
      a
"Work At Home" employee of the Company for a period of one year (the "Work At
      Home Period") during which period Mr. Butler will provide advice, information or
      guidance to the Company on an as needed basis. Mr. Butler's employment with the
      Company shall terminate on April 1, 2008. During the Work At Home Period, Mr.
      Butler's annual salary shall be $236,000, subject to applicable withholding
      taxes, payable in accordance with the Company's normal payroll practices. For
      the fiscal year ending March 31, 2007, Mr. Butler will be eligible for an annual
      bonus, as determined by the Compensation Committee and the Board of Directors
      of
      the Company and also subject to the performance of the Company against the
      established bonus objectives. Mr. Butler will not be eligible to receive a
      bonus
      for the fiscal year ending March 31, 2008; provided, however, on or about May
      1,
      2008, Mr. Butler will receive a payment equivalent to the greater of (i) the
      bonus paid for the fiscal year ending March 31, 2007; or (ii) a target bonus
      of
      45% of Mr. Butler's salary paid during the Work At Home Period.
With
      regard to Mr. Butler's Carried Shares (as defined in the Butler Senior
      Management Agreement), the provisions contained in the Butler Senior Management
      Agreement relating to the Carried Shares are incorporated by reference into
      the
      Butler Agreement. Pursuant to the terms of the Butler Agreement, Mr. Butler's
      Carried Shares will continue to vest on a straightline pro rata basis through
      February 6, 2009. Any Carried Shares that have not vested at the expiration
      of
      the Work At Home Period will be repurchased by the Company so long as Mr. Butler
      has not breached the terms of the Butler Agreement. The sale of any vested
      Carried Shares or Co-invest Common Shares (as defined in the Butler Senior
      Management Agreement) will be subject to the applicable terms of the Butler
      Agreement and the Butler Senior Management Agreement. During the term of the
      Butler Agreement, in the event of any change in control of the Company or the
      death or disability of Mr. Butler, all of Mr. Butler's unvested Carried Shares
      shall immediately vest.
In
      the
      Butler Agreement, Mr. Butler agreed to surrender and forfeit the grant of 4,734
      shares of restricted stock made as of July 1, 2006. Mr. Butler also acknowledged
      and agreed in the Butler Agreement that he will not be eligible to receive
      any
      future
Long-Term
      Incentive Awards in calendar years 2007 and 2008, or at any time subsequent
      thereto. Mr. Butler's award of 1,184 Performance Shares awarded as of July 1,
      2006 shall mature pursuant to the terms of the award; provided, that the
      valuation of the amount payable, if any, under the award shall be calculated
      using the closing stock price of the Company's common stock on March 31, 2008 so
      long as Mr. Butler retires as an employee from the Company on such
      date.
The
      Butler Agreement contains customary provisions for an executive separation
      agreement which include, among other things, a general release of claims against
      the Company and confidentiality and non-competition provisions.
Item
      7.01 Regulation FD Disclosure.
Effective
      on the Resignation Date, the Company shall appoint Mr. David B. Talbert as
      Senior Vice President - Sales of the Company.
A
      copy of
      the Press Release announcing the resignation of Mr. Butler as Chief Sales
      Officer and the appointment of Mr. Talbert as Mr. Butler's replacement is
      attached hereto as Exhibit 99.1.
Item
      9.01 Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit
Description
99.1
Press
                Release dated December 22,
                2006.
SIGNATURES
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
Dated:
December
                22, 2006
PRESTIGE BRANDS HOLDINGS, INC.
By:
/s/
                  Charles N. Jolly
Name: Charles N.
                Jolly
Title: General Counsel and
                Secretary
EXHIBIT
      INDEX
Exhibit
Description
99.1
Press
                Release dated December 22, 2006.