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Exhibit 10.36
General Terms of Employment between Hercules Incorporated and Certain Executive Officers.
The following information summarizes certain terms of employment under which Hercules Executives – namely Craig A. Rogerson, Fred G. Aanonsen, John Y. Televantos, Israel J. Floyd, Allen A. Spizzo, Paul C. Raymond and Richard G. Dahlen – are employed.
• Basis of Employment - Employment at Will (except as modified by Change in Control Agreements in effect as listed herein)
Eligible for non-guaranteed base salary, annual bonus and long term incentive awards
• Base Salaries - Reviewed for adjustment upon change in job/position or each March 1. Increases based on performance and pay level and are not guaranteed.
• Variable Annual Incentive – performance based, no guaranteed payout
• Long Term Incentive Awards – Grants based on position level. No guaranteed grant or award value.
• Benefits – Participate in plans applicable to all salaried employees in U.S. on same basis and same benefit structure as all salaried employees.
• Others – Mr. Rogerson is provided on a periodic basis a driver to transport him to and from home and/or meetings depending on business reasons. Upon joining Hercules, Messrs. Aanonsen, Televantos, and Raymond received employment offer letters which are set forth in the Exhibits.