Amendment to Employment Agreement between Pall Corporation and Roberto Perez

Summary

This amendment updates the employment agreement between Pall Corporation and Roberto Perez to replace the original 2004 Executive Incentive Bonus Plan with a revised version, as approved by the company's Compensation Committee. The change applies to the fiscal year ending July 31, 2006, and future years. The amendment clarifies that the changes to the bonus plan will not reduce the bonus amount Perez is entitled to receive. The amendment is effective without requiring Perez's signature.

EX-10.36 14 b415205_ex10-36.txt EXHIBIT 10.36 EXHIBIT 10.36 AMENDMENT TO EMPLOYMENT AGREEMENT The EMPLOYMENT AGREEMENT dated September 12, 2005, between PALL CORPORATION, a New York corporation (the "Company") and Roberto Perez ("Executive"), ("the Employment Agreement"), is hereby amended as follows: WHEREAS, Section 3(b) of the Employment Agreement provides for a bonus to Executive computed under the 2004 Executive Incentive Bonus Plan adopted by the Company in 2003, a copy of which is annexed to and incorporated by reference into the Agreement (the "Original 2004 Bonus Plan"), and WHEREAS, by action of the Compensation Committee of the Board of Directors on January 18, 2006 the Original 2004 Bonus Plan was amended in certain respects so that the amended Bonus Plan should be substituted for the Original 2004 Bonus Plan as the attachment to the Employment Agreement, and WHEREAS, none of said amendments will decrease or diminish the amount of the bonus which Executive is entitled to receive under the Employment Agreement and accordingly this Amendment may be made by the Company without execution by Executive, NOW, THEREFORE, the Employment Agreement is hereby amended, effective for the Company's fiscal year ending July 31, 2006 and subsequent fiscal years, by substituting the 2004 Executive Incentive Bonus Plan in the form annexed hereto for the Original 2004 Bonus Plan for all purposes of the Employment Agreement. PALL CORPORATION Dated: May 3, 2006 By: /s/ MARCUS WILSON -------------------------------- Marcus Wilson President