Document:

EX-10.35

EXHIBIT 10.35

EMPLOYMENT AGREEMENT

THIS AGREEMENT (the “Agreement”) is made and entered into effective the 1st day of January,
2010 (the “Effective Date”), by and between NORTHRIM BANCORP, INC. and its wholly owned subsidiary,
NORTHRIM BANK, a state-chartered commercial bank, with its principal office in Anchorage, Alaska
(collectively, the “Employer”), and Steven L. Hartung.

In consideration of the mutual promises made in this Agreement, the parties agree as follows:

1. Employment.

Employer employs Executive and Executive accepts employment with Employer as its Executive
Vice President, Quality Assurance Officer.

2. Term.

The term of this Agreement (the “Term”) shall commence on the Effective Date and shall
continue through December 31, 2010; provided, however, that on January 1, 2011 and each succeeding
January 1, the Term shall automatically be extended for one additional year unless, not later than
ninety (90) days prior to any such January 1, either party shall have given written notice to the
other that it does not wish to extend the Term. In the event the Term is not extended, Executive
shall have no rights to any of the severance payments or benefits continuation described in Section
5 except as specifically provided for in Section 5 (a).

3. Duties.

The Executive will serve as Executive Vice President, Quality Assurance Officer of the
Employer. Executive shall render such executive, management and administrative services and
perform such tasks in connection with the affairs and overall operation of the Employer as is
customary for his position, subject to the direction of Employer’s President and Board of
Directors. Executive shall devote necessary time, attention and effort to Employer’s business in
order to properly discharge his responsibilities under this Agreement.

4. Compensation, Benefits, Reimbursement and Bonus.

a. Base Salary. In consideration for all services rendered by Executive during the term of
this Agreement, Employer shall pay Executive an annual base salary (before all customary and proper
payroll deductions) of $200,000, as adjusted from time to time (“Base Salary”). The Board of
Directors of the Employer shall review Executive’s salary each year, in a manner consistent with
that used for all management employees of the Employer, and in its sole discretion may adjust such
salary commensurate with the Executive’s performance under this Agreement.

b. Incentive Compensation. Under the Employer’s Executive Incentive Compensation Plan,
Executive shall be eligible to receive an annual bonus based on performance as defined by the Board
of Directors. Executive’s annual target bonus will equal 30% of Base Salary. This is the amount
payable for ambitious, but expected, results as determined by the Board of Directors. Executive’s
bonus may be more or less than this amount at the Board of Directors discretion but may not exceed
40% of Base Salary.

c. Stock Options. Executive shall be eligible for stock option grants under the Employer’s
Stock Incentive Plan. The timing and size of awards will be at the discretion of the Board of
Directors.

d. SERP and Deferred Compensation. Executive shall also be entitled to receive an annual
contribution equal to 25% of annual Base Salary in accordance with the Employer’s Supplemental
Executive Retirement Plan, as may be adjusted at the discretion of the Board of Directors from time
to time. The Executive may also participate in the Employer’s Deferred Compensation Plan.

e. Other Benefits. Throughout the term of this Agreement, Employer shall provide Executive
with reasonable health insurance, disability and other employee benefits. Executive shall
participate in all employee benefit plans and programs of Employer on a basis at least as favorable
as that accorded to any other officer of Employer.

f. Expenses. Employer shall reimburse Executive for his reasonable expenses (including,
without limitation, travel, entertainment, and similar expenses) incurred in performing and
promoting the business of Employer. Executive shall present from time to time itemized accounts of
any such expenses as required by Employer, subject to any limits of company policy and the rules
and regulations of the Internal Revenue Service.

g. Automobile Allowance. Executive shall receive a SEVEN HUNDRED DOLLAR ($700.00) monthly
automobile allowance for his automobile, fuel and maintenance expenses for Bank business. No other
expense reimbursement will be provided for use of his vehicle.

5. Termination of Agreement.

a. Termination Due to a Change in Control. If (A) Employer (either Northrim BanCorp,
Inc. or Northrim Bank) is subjected to a Change of Control (as defined in Section 5(f)(i)), and
(B) either Employer or its assigns terminates Executive’s employment without Cause (either during
the annual term of this Agreement or by refusing to extend this Agreement when the annual
termination occurs every December 31) or Executive terminates his employment for Good Reason within
730 days of such Change of Control, then Employer shall pay Executive in a lump sum: (i) all Base
Salary earned and all reimbursable expenses incurred under this Agreement through such termination
date; (ii) an amount equal to two (2) times Executive’s highest Base Salary over the prior three
(3) years; and (iii) benefits described in Sections 5(b)(I) and (II) below. The amounts described
in Section 5(a)(i) herein shall be paid no later than 45 days after the day on which employment is
terminated. The amount described in Section 5(a)(ii) herein shall be paid on the first day of the
month following a period of six (6) months after the termination of employment, provided that the
payment may be made sooner if either (i) the amount does not exceed two times the lesser of (a)
the Executive’s annual compensation for the year prior to the year in which employment is
terminated; or (b) the maximum amount that may be taken into account under a qualified plan
pursuant to Internal Revenue Code Section 401(a)(17) for such year (the “IRC Safe Harbor”) or (ii)
at the Executive’s election, the amount described in Section 5(a)(ii) is reduced to fit within the
IRC Safe Harbor. No payment will be made pursuant to Section 5(a)(ii) until the Executive has
signed an agreement, in a form acceptable to Employer, that releases and holds Employer harmless
from all known and unknown claims and liabilities arising out of Executive’s employment with
Employer or the performance of this Agreement (“Release Agreement”).

b. Termination by Employer Without Cause or by Executive for Good Reason. If Employer
terminates Executive’s employment without Cause, or if Executive terminates his employment for Good
Reason, Employer shall pay Executive in a lump sum: (i) all Base Salary earned and all
reimbursable expenses incurred under this Agreement through such termination date; and (ii) an
amount equal to one (1) times Executive’s highest Base Salary over the prior three (3) years. The
amount described in 5(b)(i) herein shall be paid no later than 45 days after the day on which
employment is terminated. The amount described in 5(b)(ii) herein shall be paid on the first day
of the month following a period of six (6) months after the termination of employment, provided
that the payment may be made sooner if either (i) the amount does not exceed the IRC Safe Harbor
or (ii) at the Executive’s election, the amount described in Section 5(a)(ii) is reduced to fit
within the IRC Safe Harbor. No payment will be made pursuant to Section 5(a)(ii) unless the
Executive has signed a Release Agreement.

(I) Benefits Continuation. In addition, Executive shall be entitled to health and dental
insurance benefits for a period of eighteen (18) months following the termination of this
Agreement. These benefits will be provided at Employer’s expense, but such period shall count
towards the Employer’s continuation of coverage obligation under Section 4980B of the Internal
Revenue Code (commonly referred to as “COBRA”).

(II) Age and Service Credit. Executive shall also be entitled to receive age credit and
credit for period of service towards all SERP plans for the remaining period of time covered by
this Agreement. If Executive is hired by Employer, its assigns, any company in control of
Employer, or any company controlled by Employer during the period covered by this Agreement, then
Executive will be entitled to be treated for all purposes relating to future compensation, and
benefits, as if this Agreement had never been terminated and as if Executive had performed his
responsibilities as an Executive throughout the period originally covered by this Agreement.

c. Termination by Employer for Cause or by Executive Without Good Reason. If Employer
terminates Executive’s employment for Cause or if Executive terminates his employment without Good
Reason, Employer shall pay Executive upon the effective date of such termination only such Base
Salary earned and expenses reimbursable under this Agreement incurred through such termination
date. In such case, Executive shall have no right to receive compensation or other benefits for
any period after termination under this Agreement.

d. Termination Due to Disability. If Employer terminates Executive’s employment on
account of any mental or physical Disability that prevents Executive from discharging his duties
under this Agreement, even with reasonable accommodation, Executive shall be entitled to: (i) all
Base Salary earned and reimbursement for expenses incurred under this Agreement through the
termination date, (ii) full Base Salary for the year following the termination date (less the
amount of any payments received by Executive during such one (1) year period under any
Employer-sponsored disability plan), and (iii) health and dental insurance benefits for a period of
one (1) year following the termination date, which benefits will be provided at Employer’s expense,
but such period shall count towards the Employer’s continuation of coverage obligation under
Section 4980B of Code (commonly referred to as “COBRA”). All such compensation shall be paid
Executive in one lump sum the first day of the month following a period of six (6) months after
Executive’s employment was terminated, provided that Executive has signed a Release Agreement in a
form acceptable to Employer.

If any disputed termination under Section 5(c) is subsequently determined to have been without
Cause, Executive’s recovery shall be limited to those payments and benefits set out under Section
5(b).

e. Termination Upon Death of Executive. Executive’s employment under this Agreement
shall be terminated upon the death of Executive. In such case, the Employer shall be obligated to
pay to the surviving spouse of Executive, or if there is none, to the Executive’s estate: (i) that
portion of Executive’s Base Salary that would otherwise have been paid to him for the month in
which his death occurred, and (ii) any amounts due him pursuant to the Employer’s pension plan, any
supplemental deferred compensation plan, and any other death, insurance, employee benefit plan or
stock benefit plan provided to Executive by the Employer, according to the terms of the respective
plans.

f. Termination Definitions.

(i) “Change of Control.” For purposes of this Agreement, the term “Change of Control” shall
mean the occurrence of one or more of the following events: (A) One person or entity acquiring or
otherwise becoming the owner of twenty-five percent or more of Employer’s outstanding common stock;
(B) Replacement of a majority of the incumbent directors of Northrim BanCorp, Inc. or Northrim Bank
by directors whose elections have not been supported by a majority of the Board of either company,
as appropriate; (C) Dissolution or sale of fifty percent or more in value of the assets, of either
Northrim BanCorp, Inc. or Northrim Bank; or (D) A change “in the ownership or effective control” or
“in the ownership of a substantial portion of the assets” of Employer, within the meaning of
Section 280G of the Internal Revenue Code.

(ii) “Cause.” For purposes of this Agreement, termination for “Cause” shall include
termination because Executive (A) continually fails to substantially perform his duties with the
Employer, (B) is adjudged guilty of a felony, any crime involving dishonesty or breach of trust or
any crime involving a breach of his fiduciary duties to the Employer, (C) is willfully and
continually failing to comply with any law, rule, or regulation (other than traffic violations or
similar offenses) or final cease and desist order of a regulatory agency having jurisdiction over
Employer, (D)  commits a material act of dishonesty or disloyalty related to the business of the
Employer, or (E) is unable to substantially perform his duties with the Employer due to drug
addiction or chronic alcoholism. Notwithstanding the foregoing, Executive shall not be deemed to
have been terminated for Cause unless and until there shall have been delivered to him a copy of a
resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire
membership of the Employer’s Board of Directors at a meeting of the Board called for such purpose
(after reasonable notice to Executive and an opportunity for him, together with his counsel, to be
heard before the Board), finding that in the good faith opinion of the Board, he was guilty of
conduct that constitutes Cause (as defined above) and specifying the conduct in detail.

(iii) “Disability.” For purposes of this Agreement, “Disability” shall mean a medically
diagnosed physical or mental impairment that may be expected to result in death, or to be of long,
continued duration, and that renders Executive incapable of performing the essential duties
required under this Agreement even with reasonable accommodation. Employer’s Board of Directors,
acting in good faith, shall make the final determination of whether Executive is suffering under
any Disability (as herein defined) and, for purposes of making such determination, may require
Executive to submit himself to a physical examination by a physician mutually agreed upon by the
Executive and Employer’s Board of Directors at Employer’s expense.

(iv) “Good Reason.” For purposes of this Agreement, termination for “Good Reason” shall mean
termination by Executive as a result of any material breach of this Agreement by Employer. Good
Reason shall include, but not be limited to: (A) a material reduction in Executive’s compensation
defined as a reduction equal to or greater than five percent (5%) of Executive’s then annual base
salary, (B) a material reduction in Executive’s duties and responsibilities, but not merely a
change in title, or (C) relocation of Executive’s primary workplace by more than fifty (50) miles.
“Good Reason” will only be deemed to occur if, within ninety (90) days after a material reduction
or change described above first occurs, the Executive provides notice to the Employer of the
existence of Good Reason and of the Executive’s intended termination of employment due to Good
Reason, and the Employer does not remove Good Reason condition within ninety (90) days after
receiving such notice from the Executive. The Executive’s written notice must explain the basis on
which the Executive believes Good Reason exists, the cure period, and the date on which the
Executive intends to terminate employment, which must be no later than six (6) months after the
existence of the Good Reason. The provisions of Section 5(f)(iv) are intended to comply with the
Good Reason safe harbor provisions of Code Section 409A and applicable regulations.

(v) Termination from employment. A termination from employment under this Agreement shall
mean a “Separation from Service” as interpreted in accordance with Code Section 409A and generally
meaning the date on which the Executive is no longer performing services for the Employer. The
Executive shall not have a Separation from Service while on military leave, sick leave, or other
bona fide leave of absence if the period of such leave does not exceed six (6) months, or if
longer, so long as the Executive retains a right to reemployment under an applicable statute or
contract. A leave of absence constitutes a bona fide leave of absence only if there is a
reasonable expectation that the Executive will return to perform services.

6. Limit on Severance Payment for Change of Control.

Notwithstanding anything above in Section 5(a), if the severance payment provided for in that
Section, together with any other payments which the Executive has the right to receive from the
Employer, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code),
the severance payment shall be reduced. The reduction shall be in an amount so that the present
value of the total amount received by the Executive from the Employer or its affiliates and
subsidiaries will be 2.99 times the Executive’s base amount (as defined in Section 280G of the
Code) and so that no portion of the amounts received by the Executive shall be subject to the
excise tax imposed by Section 4999 of the Code (excise tax). Insofar as permitted by the Code,
Employer shall reduce those elements of the severance pay package specified by the Executive,
provided, however, that Employer will not reduce the SERP credits provided for in Section 5(b)(II).
The determination as to whether any reduction in the severance payment is necessary shall be made
by the Employer in good faith, and the determination shall be conclusive and binding on Executive.
If through error or otherwise Executive should receive payments under this Plan, together with
other payments the Executive has the right to receive from the Employer, in excess of 2.99 times
his base amount Executive shall immediately repay the excess to Employer upon notification that an
overpayment has been made.

7. Covenant Not To Compete.

a. Executive agrees that for the term of this Agreement and for a period of two (2) years
after this Agreement is terminated pursuant to Section 5(a) or (b) (with the understanding that the
two (2) year period will be shortened to one (1) year upon the completion of a transaction
constituting a Change of Control, as defined in Section 5(f)(i)), Executive will not directly or
indirectly be employed by, own, manage, operate, support, join, or benefit in any way from any
business activity that is competitive with Employer’s business or reasonably anticipated business
of which Executive has knowledge. For purposes of the foregoing, Executive will be deemed to be
connected with such business if the business is carried on by: (i) a partnership in which
Executive is a general or limited partner; or (ii) a corporation of which Executive is a
shareholder (other than a shareholder owning less than 5% of the total outstanding shares of the
corporation), officer, director, employee or consultant, whether paid or unpaid.

b. The parties agree that if a trial judge with jurisdiction over a dispute related to this
Agreement should determine that the restrictive covenant set forth above is unreasonably broad, the
parties authorize such trial judge to narrow the covenant so as to make it reasonable, given all
relevant circumstances, and to enforce such covenant. The provisions of this paragraph shall
survive termination of this Agreement.

8. Nondisclosure of Confidential Information.

a. During the term of Executive’s employment and thereafter, Executive agrees to hold
Employer’s Confidential Information in strict confidence, and not disclose or use it at any time
except as authorized by Employer and for Employer’s benefit. If anyone tries to compel Executive
to disclose any Confidential Information, by subpoena or otherwise, Executive agrees immediately to
notify Employer so that Employer may take any actions it deems necessary to protect its interests.
Executive’s agreement to protect Employer’s Confidential Information applies both during the term
of this Agreement and after employment ends, regardless of the reason it ends.

b. “Confidential Information” includes, without limitation, any information in whatever form
that Employer considers to be confidential, proprietary, information and that is not publicly or
generally available relating to Employer’s: trade secrets (as defined by the Uniform Trade Secrets
Act); know-how; concepts; methods; research and development; product, content and technology
development plans; marketing plans; databases; inventions; research data and mechanisms; software
(including functional specifications, source code and object code); procedures; engineering;
purchasing; accounting; marketing; sales; customers; advertisers; joint venture partners;
suppliers; financial status; contracts or employees. Confidential Information includes information
developed by Executive, alone or with others, or entrusted to Employer by its customers or others.

9. Nonsolicitation.

During the course of Executive’s employment and for a period of two (2) years from the date of
termination of employment for any reason, Executive shall not directly or indirectly solicit or
entice any of the following to cease, terminate or reduce any relationship with Employer or to
divert any business from Employer: (a) any person who was an employee of Employer during the one-
(1) year period immediately preceding the termination of Executive’s employment; (b) any customer
or client of Employer; or (c) any prospective customer or client of Employer from whom Executive
actively solicited business within the last one (1) year of Executive’s employment.

10. Non-Disparagement.

Executive will not, during the Term or after the termination or expiration of this Agreement
or Executive’s employment, make disparaging statements, in any form, about Employer’s officers,
directors, agents, employees, products or services which Executive knows, or has reason to believe,
are false or misleading.

11. Mutual Agreement to Arbitrate.

a. In the event of a dispute or claim between Executive and Employer related to Employee’s
employment or termination of employment, all such disputes or claims will be resolved exclusively
by confidential arbitration in accordance with the National Rules for the Resolution of Employment
Disputes of the American Arbitration Association (“AAA”). This means that the parties agree to
waive their rights to have such disputes or claims decided in court by a jury. Instead, such
disputes or claims will be resolved by an impartial AAA arbitrator whose decision will be final.

b. The only disputes or claims that are not subject to arbitration are any claims by Executive
for workers’ compensation or unemployment benefits, and any claim by Executive for benefits under
an employee benefit plan that provides its own arbitration procedure. Also, Executive and Employer
may seek injunctive relief in court in appropriate circumstances.

c. The arbitration procedure will afford Executive and Employer the full range of statutory
remedies. Employer will pay all costs that are unique to arbitration, except that the party who
initiates arbitration will pay the filing fee charged by AAA. Executive and Employer shall be
entitled to discovery sufficient to adequately arbitrate their claims, including access to
essential documents and witnesses, as determined by the arbitrator and subject to limited judicial
review. In order for any judicial review of the arbitrator’s decision to be successfully
accomplished, the arbitrator will issue a written decision that will decide all issues submitted
and will reveal the essential findings and conclusions on which the award is based.

12. Miscellaneous.

a. This Agreement contains the entire agreement between the parties with respect to
Executive’s employment with Employer, and is subject to modification or amendment only upon
agreement in writing signed by both parties.

b. This Agreement shall bind and inure to the benefit of the heirs, legal representatives,
successors and assigns of the parties, except that Employer’s rights and obligations may not be
assigned.

c. If any provision of this Agreement is invalid or otherwise unenforceable, in whole or in
part, then such provision shall be modified so as to be enforceable to the maximum extent permitted
by law. If such provision cannot be modified to be enforceable, the provision shall be severed
from the Agreement to the extent it is unenforceable. All other provisions and any partially
enforceable provisions shall remain unaffected and shall remain in full force and effect.

d. In the event of any claim or dispute arising out of this Agreement, the party that
substantially prevails shall be entitled to reimbursement of all expenses incurred in connection
with such claim or dispute, including, without limitation, attorneys’ fees and other professional
fees. This paragraph shall apply to expenses incurred with or without suit, and in any judicial,
arbitration or administrative proceedings, including all appeals therefrom.

e. Any notice required to be given under this Agreement to either party shall be given by
personal service or by depositing a copy of such notice in the United States registered or
certified mail, postage prepaid, addressed to the following address, or such other address as
addressee shall designate in writing:

Employer:

3111 “C” Street

Anchorage, AK 99503

Executive:

4127 Raspberry Road

Anchorage, AK 99502

f. This Agreement shall in all respects, including all matters of construction, validity and
performance, be governed by and construed and enforced according to the laws of the State of
Alaska.

g. This Agreement is intended to comply and shall be interpreted and construed in a manner
consistent with the provisions of Internal Revenue Code Section 409A, including any rule or
regulation promulgated thereunder. In the event that any provision of the Agreement would cause a
benefit or amount provided hereunder to be subject to tax under the Internal Revenue Code prior to
the time such amount is paid, such provision shall, without the necessity of further action by the
signatories to this Agreement, be null and void as of the Effective Date.

EMPLOYER:

NORTHRIM BANCORP, INC.

By: /s/ Ronald A. Davis

Ronald A. Davis

Its: Chairman of the Compensation Committee of

The Board of Directors

NORTHRIM BANK

By: /s/ Ronald A. Davis

Ronald A. Davis

Its: Chairman of the Compensation Committee of

The Board of Directors

EXECUTIVE:

/s/ Steven L. Hartung

Steven L. HartungEX-10.1

January 1, 2010

Magnus Nicolin

Re: Settlement Agreement and General Release

Dear Magnus:

This letter when signed by you, will constitute the full settlement agreement (“Agreement”) between
you and Newell Rubbermaid Inc. (“the Company”) on the terms of your separation from employment
with the Company and your position of President – EMEA and APAC, Newell Rubbermaid Inc., and any
other positions that you may have held with the Company in the United States, Europe, Asia-Pacific
or elsewhere. By entering into this Agreement, neither you nor the Company make any admission of
any failing or wrongdoing. Rather, the parties have merely agreed to resolve amicably any existing
or potential disputes arising out of your employment with the Company and the separation thereof,
as both parties desire to settle fully any and all matters between them relating to your employment
under your Offer Letter of July 14, 2006 (“Offer Letter”), and your Expatriate Employment Agreement
dated August 30, 2006 and the Addendum thereto (collectively the “Expatriate Agreement”).

	 	1.	 	In accordance with the terms of the Offer Letter and Expatriate Agreement, you were
hired by the Company in the position of President – Europe, Middle East and Africa (EMEA)
and subsequently, Asia – Pacific (APAC) was added to your title. Your duties were to
represent the Company and its products in Europe and in Asia-Pacific. You acknowledge that
a portion of your employees were located outside of those regions, including in the United
States. In accordance with earlier discussions held between you and the Company, you were
notified that your employment with the Company will be considered terminated effective
January 1, 2010 (“Separation Date”), and you were also informed that the Company would
repatriate you and your family directly to your Connecticut home in the United States. You
additionally will be paid your accrued, but unused vacation, if any, in the ordinary course
of business.

	 	2.	 	You recognize and agree that the parties have differing accounts of the factual
underpinnings of your leadership role in France, in particular as it relates to the
Company’s commercial strategy in France and the region, thereby substantially diminishing
your responsibilities in France and the region, and that in settlement of any disputes
between the parties relating thereto the Company has agreed that you are entitled to
terminate the Expatriate Agreement for “good reason”. The Company hereby agrees to
compensate you for any potential damages in exchange for your full release of any existing
or future claims against the Company related to your employment with and separation from
the Company. Therefore, in consideration of your acceptance of this Agreement, you will be
entitled to the following items:

	 	(a)	 	As supplemental pay, the Company will provide you with twelve (12)
months of pay at your present base salary, less ordinary and necessary
payroll deductions. Such payments shall be made in accordance with the
Company’s normal payroll practices. The supplemental pay will continue
until you find other employment, including self-employment, that provides
you with income exceeding Five Thousand Dollars ($5,000) per month
(“Alternative Employment”) or until December 31, 2010, whichever event
occurs first (the “Salary Continuation Period”). The supplemental payments,
however, will not commence until the latter of the first day after the
effective date of this Agreement or after the Separation Date, and they will
be made on regularly scheduled pay dates.	 

	 	(b)	 	Your Separation Date shall be considered a “qualifying event” for
purposes of triggering your right to continue your group health and dental
benefits pursuant to federal law (commonly referred to as “COBRA”) or any
other applicable law. If you elect COBRA or other applicable continuation
of your health or dental benefits, the Company will pay a portion of your
premiums during the Salary Continuation Period as additional consideration
for your acceptance of this Agreement. As a result of this Company payment,
your cost for continuation coverage during the Salary Continuation Period
will be the same amount charged to active employees. After the Salary
Continuation Period, you will have the right to continue coverage at your
own expense for the remainder of the COBRA or other applicable period. You
will receive, under separate cover, information regarding your rights to
such continuation coverage.	 

	 	(c)	 	As additional consideration for your acceptance of this Agreement,
if you find Alternative Employment prior to December 31, 2010, the Company
will provide you with a lump sum payment equal to fifty percent (50%) of the
remaining supplemental pay, as defined above (“Alternative Employment Bonus
Payment”). Moreover, as further consideration hereunder, if said
Alternative Employment occurs prior to June 30, 2010, and the total amount
of base pay that you receive under sections 2(a) and this section 2(c) is
less than nine (9) months, the Company agrees to increase said total to
nine (9) months. Amounts paid under this section, if any, will be paid
within 15 days after you commence Alternative Employment or 12/31/10,
whichever is sooner.	 

	 	(d)	 	The Company will provide you with (and assume the cost of) the
services of Deloitte & Touche to perform the process of U.S. Tax
Equalization for 2009. The Company also will provide you with (and assume
the cost of) the services of Deloitte & Touche to prepare your annual income
tax returns for 2009 and 2010.	 

	 	(e)	 	If you have not accepted or began Alternative Employment by
12/31/10, the Company will extend, on a month to month basis, your base pay
only, for up to six (6) months provided you have been searching for
Alternative Employment in good faith as reasonably determined by the
Company. Any such payments by the Company shall be made in accordance with
the Company’s normal payroll practices. As soon as you accept Alternative
Employment, this provision terminates notwithstanding your actual start
date.	 

	 	(f)	 	All vested stock options held by you pursuant to the Newell
Rubbermaid, Inc. Amended 1993 or 2003 Stock Option Plans as of the
Separation Date and those options that vest from 1/1/10 to 3/31/10, remain
exercisable throughout the Salary Continuation Period or until ninety (90)
days following the Separation Date, whichever event occurs first (the
“Option Exercise Period”). All non-vested stock options, restricted shares
or other awards granted under the Plans will be forfeited as of March 31,
2010, provided, however, that the restricted share grants of February 2007,
February 2008 and December 2008 will vest on the original vesting date
(i.e., their third anniversary) as if you were an active employee. No stock
option will be exercisable under this provision after the earlier of: (i)
the end of the Option Exercise Period, (ii) the latest date the option could
have expired under its original terms and (iii) the 10th anniversary of the
date of the original grant.	 

	 	(g)	 	In lieu of being allowed to continue to use your Company-leased car
pursuant to the terms of the leased automobile program through the Salary
Continuation Period, the Company will pay you Twenty Thousand U.S. Dollars
($20,000.00) in a lump sum less ordinary and necessary payroll deductions.	 

	 	(h)	 	In lieu of providing you with outplacement services through a
service set up by the Company, the Company will reimburse you up to a
maximum of Twenty-Five Thousand U.S. Dollars ($25,000.00) for reimbursement
of reasonable and legitimate expenses incurred by you in seeking new
employment. Only expenses incurred between your Separation Date and
December 31, 2010 will be reimbursed. All reimbursement requests and
receipts or other documentation of the expenses incurred by you must be
submitted to Jim Sweet. Such reimbursements will be paid to you within 30
days of their submission to Jim Sweet. It is intended that reimbursement of
these expenses constitute payments exempt from 409A pursuant to Treas. Reg.
1.409A-1(b)(9)(v).	 

	 	(i)	 	You will be allowed to keep your Company Blackberry and laptop
computer after the Company’s IT department has sanitized the devices of all
pertinent Company information. It is agreed that your contact list shall
not be removed, provided, however, that you will not use your contact list
in violation of paragraphs 4 or 7 of this Agreement. You must return those
devices to the Company by your Separation Date, and you will be provided
with the sanitized devices no later than January 15, 2010. The providing of
these devices is intended to comply with Treas. Reg. 1.409-1(b)(4)
(regarding short-term deferrals).	 

	 	(j)	 	The Company will pay for your current apartment lease in France
through the lease expiration date in March, 2010.	 

	 	(k)	 	The Company will return you, your family and your household goods to
your home in Connecticut. The Company agrees that in lieu of paying for all
of your household goods to be shipped to your home in Connecticut, it will
pay for a portion of them to be shipped to your home and a portion to a new
apartment or storage, provided, however, that the total cost does not exceed
the cost of shipping all of your household goods to your home in
Connecticut.	 

	 	(l)	 	Except as stated above, all other benefits, bonuses and compensation
end on the Separation Date. However, this Agreement does not affect any
existing vested rights that you may have in the Company’s bonus,
deferred compensation, pension, retirement and/or 401(k) plans.
Furthermore, you will receive payments into the Company’s defined
contribution plan in accordance with the terms of the plan, and in
accordance with the terms of the 401(k) plan you will receive the Company
match for the 2009 retirement contribution that is to be paid in 2010. You
will receive, under separate cover, information regarding your rights and
options, if any, under said plans.	 

	 	(c)	 	Benefits provided under this Agreement are intended to be exempt
from, or comply with, Section 409A of the Internal Revenue Code, which is
the law that regulates severance pay. This Agreement shall be construed,
administered, and governed in a manner that effects such intent, and the
Company shall not take any action that would be inconsistent with such
intent. Without limiting the foregoing, the payments and benefits provided
under this Agreement may not be deferred, accelerated, extended, paid out
or modified in a manner that would result in the imposition of additional
tax under Code Section 409A. Although the Company shall use its best
efforts to avoid the imposition of taxation, interest and penalties under
Code Section 409A, the tax treatment of the benefits provided under this
Agreement is not warranted or guaranteed. Neither the Company and its
affiliates nor their directors, officers, employees or advisers shall be
held liable for any taxes, interest, penalties or other monetary amounts
owed by you or any other taxpayer as a result of this Agreement.
Notwithstanding the foregoing, if any amount to be paid to you as a result
of your termination of employment is “deferred compensation” subject to
Section 409A and if you are a “Specified Employee” (as defined under
Section 409A) as of the date of termination of employment hereunder, then,
to the extent necessary to avoid the imposition of excise taxes or other
penalties under Section 409A, the payment of benefits, if any, scheduled to
be paid by the Company to you hereunder during the first six (6) month
period following the date of a termination of employment hereunder shall
not be paid until the date which is the first business day following the
six-month anniversary of Executive’s termination of employment for any
reason other than death. If any of the benefits set forth in this
Agreement are deferred compensation under Section 409A, any termination of
employment triggering payment of such benefits will constitute a
“separation from service” under Section 409A before the distribution of
such benefits can commence. For purposes of clarification, this foregoing
sentence shall not cause any forfeiture of benefits on the part of the
Executive, but shall only act as a delay until such time as a “separation
from service” occurs.	 

	 	3.	 	In consideration of the payments and benefits provided to you above, to which you are
not otherwise entitled and the sufficiency of which you acknowledge, you do, on behalf of
yourself and your heirs, administrators, executors and assigns, hereby fully, finally and
unconditionally release and forever discharge the Company and its parent, subsidiary and
affiliated entities and all their former and present officers, directors, shareholders,
employees, trustees, fiduciaries, administrators, attorneys, consultants, agents, and other
representatives, and all their respective predecessors, successors and assigns
(collectively “Released Parties”), in their corporate, personal and representative
capacities, from any and all obligations, rights, claims, damages, costs, attorneys’ fees,
suits and demands, of any and every kind, nature and character, known or unknown,
liquidated or unliquidated, absolute or contingent, in law and in equity, enforceable under
any local, state, federal, or other foreign or international common law, constitution,
statute or ordinance, such as, without limit, French law, which arise from or relate to
your past employment with the Company or the termination thereof, or any past actions or
omissions of the Company or any of the Released Parties, including without limitation,
rights and claims arising under the Family and Medical Leave Act, Title VII of the Civil
Rights Act of 1964, as amended, the Americans with Disabilities Act of 1990, as amended,
and the Age Discrimination in Employment Act of 1967, as amended. Subject to applicable
law, you also warrant that you have not filed or sued and will not sue or file any actions
against the Company or any of the Released Parties with respect to claims covered by this
release. It is expressly agreed and understood by the parties, however, that this
Agreement does not release any ERISA or pension benefits that are governed by the plan
documents and applicable law, or those benefits and privileges set out in paragraph 2 of
this Agreement, and that you do not waive or release any right to pension benefits or other
benefits governed by ERISA or to those benefits and privileges set out in paragraph 2 of
this Agreement. Nothing in this Agreement prevents you from enforcing the terms and
conditions of this Agreement.

You recognize and understand that the foregoing is a general release by which you are giving
up the opportunity to obtain compensation, damages, and other forms of relief for yourself,
and that the receipt of the compensation and benefits described in Paragraph 2 shall be in
lieu of and discharge any obligations of the Company to you for compensation, reimbursement,
costs, attorney’s fees, expenses, relocation expenses, or any other expectation of
remuneration or benefit related to your employment and the termination thereof, and
compensates you for any damage you may have suffered as a result of your employment and the
termination thereof. You further agree that the compensation and benefits shall constitute
the entire amount of monetary consideration provided to you under this Agreement and that
you will not seek any further compensation or monies, in the United States or abroad, from
the Company, or any division or affiliate or related entity of the Company, in connection
with your employment with and termination from the Company. This Agreement, however, does
not release any claims to enforce this Agreement, or any claims that you are precluded from
waiving by operation of law, and it is not intended to and does not interfere with the right
of any governmental agency to enforce laws or to seek relief that may benefit the general
public, or your right to assist with or participate in that process. By signing this
Agreement, however, you waive any right to personally recover against the Released Parties,
and you give up the opportunity to obtain compensation, damages or other forms of relief for
you other than that provided in this Agreement.

	 	4.	 	Non-Competition and Non-Solicitation

	 	(a)	 	The Company. The Company is a global marketer of consumer
and commercial products.	 

	 	(b)	 	Your Job Duties. You agree that your job duties during your
tenure with the Company included the following: Group President of Newell
Rubbermaid Europe and Asia Pacific. You understand and agree that as Group
President your responsibilities included all aspects of executive management
of those groups, that you were the top executive for the groups, and that
you reported directly to the Chief Executive Officer of the Company.	 

	 	(c)	 	Your Obligations. For a period ending on December 31, 2011:	 

	 	(i)	 	Non-Competition. You agree that you will
not perform the same or substantially the same job duties on behalf
of a business or organization that competes with the Company, and
the parties have specifically agreed that the prohibited companies
(the “Prohibited Companies”) are limited to the following:	 

BIC

Brother

Pilot

Edding

Mont Blanc

Ecolab

Doral

Maclaren

B&D/Stanley

Bosch

LeCrueset

Groupe SEB

Promethean

Smart

Luida

e-instructions

Turning Technologies.

Zebra

Stamps.com

Seiko

Brady

The parties agree that this section does not limit you from being
employed with a private equity company that may have an ownership
interest in a company on the foregoing list, provided, however,
that you do not otherwise violate this section of the Agreement.

You further agree that you will not accept employment with, or
perform any services for any company, business, person or entity,
without first notifying in writing Jim Sweet, or his successor,
assign or delegate, as to the same.

	 	(ii)	 	Non-Solicitation. You agree that you will
not directly or indirectly, individually or on behalf of any person
or entity, solicit or induce, or knowingly assist in any manner in
the solicitation or inducement of: (i) employees of the Company,
other than those in clerical or secretarial positions, to leave
their employment with the Company (this restriction is limited to
employees with whom you have had material contact for the purpose of
performing your job duties and responsibilities, and it is agreed
that any employee answering an advertisement or web site posting
will not be deemed to have been solicited by you in violation of the
terms of this Agreement, provided, however, that you comply with
this provision including, without limit, not having encouraged them
to leave their employment with the Company after they have answered
an advertisement or web site posting, and you do not have any role
in their obtaining employment elsewhere); (ii) customers of the
Company to purchase from a Prohibited Company products and services
that compete with those offered and provided by the Company
(“Competitive Products”) (this restriction is limited to customers
with whom you have contact through performance of your job duties
and responsibilities or through otherwise performing services on
behalf of the Company); or (iii) suppliers of the Company to supply
a Prohibited Company providing Competitive Products to the exclusion
or detriment of the Company (this restriction is limited to
suppliers with whom you have had contact through performance of your
job duties and responsibilities or through otherwise performing
services on behalf of the Company.)	 

	 	(d)	 	Reasonableness. You hereby acknowledge and agree that: (i)
the restrictions provided in this section are reasonable in time and scope
in light of the necessity for the protection of the business and good will
of the Company and the consideration provided to you under this Agreement;
and (ii) your ability to work and earn a living will not be unreasonably
restrained by the application of these restrictions.	 

	 	(e)	 	Injunctive Relief. You also recognize and agree that should
you fail to comply with the restrictions set forth above regarding
Non-Competition and/or Non-Solicitation, which restrictions you recognize
are vital to the success of the Company’s business, the Company would suffer
substantial damage for which there is no adequate remedy at law due to the
impossibility of ascertaining exact money damages. Therefore, you agree
that in the event of the breach or threatened breach by you of any of the
terms and conditions of this Agreement, the Company shall be entitled, in
addition to any other rights or remedies available to it, to institute
proceedings in a federal court in the District of Connecticut or Connecticut
state court and to secure immediate temporary, preliminary and permanent
injunctive relief. In the event the enforceability of any of the covenants
in this section are challenged in court, the applicable time period as to
such covenant shall be deemed to be extended by the period of time by which
you have been in breach of the restrictive covenant provision period such
that the Company receives the benefit of the full two-year period agreed to
by the parties herein.	 

	 	5.	 	You understand and agree that this Agreement contemplates and memorializes an
unequivocal, complete and final dissolution of your employment relationship with the
Company, and that, therefore, you have no right to be reinstated to employment with or
rehired by the Company, and that in the future, the Company and its affiliated and related
entities and their successors and assigns shall have no obligation to consider you for
employment.

	 	6.	 	You further understand and agree that should another Newell Rubbermaid, Inc. entity
offer you employment and you accept the same and commence employment within the Salary
Continuation Period, the Company will discontinue the remaining supplemental payments and
benefits without affecting the release and covenant not to sue or any other provision of
this Agreement.

	 	7.	 	You agree to return to the Company all of the Company’s property, including, without
limit, any electronic or paper documents and records and copies thereof that you received
or acquired during your employment regarding the Company’s practices, procedures, trade
secrets, customer lists, or product marketing, and that you will not use the same for your
own purpose. Unless required or otherwise permitted by law, you further agree that while
you are considering this Agreement and for three (3) years following your Separation Date,
you will not disclose to any person, firm, or corporation or use for your own benefit any
information regarding the following:

	 	(a)	 	Any secret or confidential information obtained or learned by you
in the course of your employment with Company with regard to the
operational, financial, business or other affairs of Company or its
subsidiaries, divisions, or parent companies including, without limitation,
proprietary trade “know how” and secrets, financial information and models,
customer lists, business, marketing, sales and acquisition plans, identity
and qualifications of Company’s employees, sources of supply, pricing
policies, proprietary operational methods, product specifications or
technical processes; and	 

	 	(b)	 	The terms of this Agreement or the amount of supplemental pay
being paid pursuant to this Agreement, except that you may disclose this
information to your spouse and your attorney, accountant or other
professional advisor to whom you must make the disclosure in order for them
to render professional services to you, provided that you first advise them
of this confidentiality provision and they also agree to maintain the
confidentiality of the supplemental pay and benefits and terms of this
Agreement.	 

	 	(c)	 	Notwithstanding anything herein to the contrary, Confidential
Information shall not include any information which: (i) is or becomes
publicly available, after such time as such information actually becomes
publicly available (other than through unauthorized disclosure by you; (ii)
is shown by written record to have been in the possession of or known to
you prior to its disclosure during your employment with the Company; (iii)
is shown by written record to have been independently developed by you
after the Separation Date; or (iv) is made available without restriction to
you by any person without breach of any obligation of confidentiality of
such other person.	 

	 	8.	 	Subject to applicable law, in the event that you breach any of your obligations under
this Agreement, you understand and agree that the Company is entitled to stop your
remaining compensation, benefits and other consideration provided under this Agreement, and
to obtain all other relief provided by law or equity.

	 	9.	 	It is agreed that neither you nor the Company, or any of its officers, directors or
employees, make any admission of any failing or wrongdoing or violation of any local, state
or federal law by entering into this Agreement, and that the parties have entered into this
Agreement simply to resolve your employment relationship in an amicable manner. While
considering this Agreement and at all times thereafter, you agree to act in a professional
manner and not make any disparaging or negative statements regarding the Company, or its
affiliated companies, and their officers, directors and employees, or to otherwise act in
any manner that would damage the business reputation of the same.

	 	10.	 	Throughout the Salary Continuation Period and thereafter, you agree, upon reasonable
notice, to advise and assist the Company and its counsel in preparing such operational,
financial and other reports, or other filings and documents, as the Company may reasonably
request, and otherwise cooperate with the Company and its affiliates with any request for
information. You also agree during the Salary Continuation Period and at any time in the
future to assist the Company and its counsel in prosecuting or defending against any
litigation, complaints or claims against or involving the Company or its affiliates. The
Company shall pay your necessary travel costs and expenses in the event it requires you to
assist it under this paragraph. Notwithstanding the foregoing, you shall not be obligated
to spend more than eight (8) hours in any month in providing such assistance except upon
your written consent, provide, however, that this eight-hour limit does not apply if the
Company needs your assistance with respect to a litigation matter.

	 	11.	 	You understand and agree that this Agreement will in all respects be interpreted,
enforced, and governed by and under the laws of the State of Connecticut. In addition, the
Agreement shall be valid as a global, final and unconditional settlement pursuant to
Articles 1134, 2052, 2044 et seq. of the French Civil Code.

	 	12.	 	You acknowledge and agree that this Agreement sets forth the entire understanding
between the parties concerning the matters discussed herein, that no promise or inducement
has been offered to you to enter into this Agreement except as expressly set forth herein,
and that the provisions of this Agreement are severable such that if any part of the
Agreement is found to be unenforceable, the other parts shall remain fully valid and
enforceable.

	 	13.	 	Unless specifically voided herein, any agreement that you have previously entered into
with the Company or its affiliated or related entities that by its terms, extends past your
Separation Date, remains in full force and effect.

	 	14.	 	You agree to notify the Company within seventy-two (72) hours after accepting
Alternative Employment.

	 	15.	 	You acknowledge receipt of the Summary Plan Description of Newell Rubbermaid, Inc.’s
Excess Severance Pay Plan.

	 	16.	 	You are hereby advised in writing to consult an attorney at you own cost prior to
executing this Agreement. You also understand and agree that this Agreement has been
negotiated at arms’ length and between parties represented by experienced legal counsel.
Accordingly, any rule or law or legal decision that would require interpretation of any
ambiguities in this Agreement against the party who drafted the applicable provision is not
applicable and is waived. You have twenty-one (21) days from your receipt of this letter
to accept the terms of this Agreement. You may accept and execute this Agreement within
those 21 days.

	 	17.	 	Any and all disputes arising under this Agreement shall be settled only in any federal
or state court located in Connecticut .

	 	18.	 	The Company shall within thirty (30) days of the Separation Date reimburse you for any
and all legal expenses incurred by you in connection with the negotiation of this Agreement
in an amount not to exceed Three Thousand Dollars ($3,000).

	 	19.	 	With respect to the reimbursements hereunder, any reimbursement in one calendar year
shall not affect the amount that may be reimbursed in any other calendar year and a
reimbursement (or right thereto) may not be exchanged or liquidated for another benefit or
payment.  Any business expense reimbursements subject to Section 409A of the Code shall be
made no later than the end of the calendar year following the calendar year in which such
business expense is incurred by you.

If you accept the terms of this Agreement, please date and sign this letter and return it to me.
Once you execute this Agreement, you have seven (7) days in which to revoke in writing your
acceptance by providing the same to me, and such revocation will render this Agreement null and
void. If you do not revoke your acceptance in writing and provide it to me by midnight on the
seventh day, this Agreement shall be effective the day after the seven-day revocation period has
elapsed.

Sincerely,

/s/ Jim Sweet

Jim Sweet

EVP HR (CHRO) and

Corporate Communications

By signing this letter, I represent and warrant that I have not been the victim of age or other
discrimination or wrongful treatment in my employment and the termination thereof. I further
acknowledge that the Company advised me in writing to consult with an attorney, that I had at least
twenty-one (21) days to consider this Agreement, that I received all information necessary to make
an informed decision and I had the opportunity to request and receive additional information, that
I understand and agree to the terms of this Agreement, that I am satisfied with the terms
incorporated herein, which represent a full and fair settlement, that I have executed the Agreement
after independent investigation and without fraud, duress, or undue influence, that nothing
contained herein is inconsistent with any state or federal law, that I have seven (7) days in
which to revoke my acceptance of this Agreement, and that I am signing this Agreement voluntarily
with full knowledge and understanding of its contents.

	 	 	 
	Dated: January 1, 2010
	 	Name: /s/ Magnus Nicolin

	 	 	 

	 	 	Magnus Nicolin

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