General Terms of Employment Agreement between Hercules Incorporated and Certain Executive Officers
This document outlines the employment terms for several executive officers at Hercules Incorporated, including Craig A. Rogerson and others. The agreement specifies that employment is at-will, with eligibility for base salary, annual bonuses, and long-term incentive awards, none of which are guaranteed. Salaries are reviewed annually or upon job changes, and benefits are provided on the same basis as other salaried U.S. employees. Additional provisions include transportation for Mr. Rogerson and reference to individual offer letters for some executives.
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.
