Document:

Exhibit 10.31

 

FIRST AMENDMENT TO THE

EMPLOYMENT AGREEMENT

BETWEEN HERCULES INCORPORATED AND

CRAIG A. ROGERSON

 

In consideration of the continued employment of the
Executive with the Company, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Employment Agreement between
Hercules Incorporated (the “Company”) and Craig A. Rogerson (the “Executive”),
dated August 24, 2000 (the “Agreement”), is hereby amended as follows:

 

1.                                       Section 5(a)(1)(C) of
the Agreement is amended in its entirety to read as follows:

 

“(C) an
amount determined under this subparagraph (C) payable under SERP (as
defined below) and computed as follows:

 

The
Executive shall be entitled to be paid a retirement pension under the Company’s
tax-qualified defined benefit retirement plan (the “Retirement Plan”), any
excess or supplemental retirement plan in which the Executive participates
(collectively, the “SERP”), and any Enhanced Pension Benefits (as defined in Section (3)(b)(3))
that the Executive is entitled to receive (collectively, the “Retirement
Programs”), in an amount equal to the greater of:

 

(i) an amount computed in accordance with the
terms of the Retirement Programs in effect immediately prior to a Change of
Control of the Company and as if those terms were in effect on the Date of
Termination, or

 

(ii) an amount computed in accordance with the
terms of the Retirement Programs in effect on the Date of Termination; in the
case of either clause (i) or (ii), less

 

(iii) the amount of retirement pension actually
to be paid to the Executive under the Retirement Programs in the absence of
this subparagraph (C).

 

In
computing the amounts of the Executive’s retirement pension under clauses (i) and
(ii) above, (I) the Company shall use the Executive’s “Average Monthly
Earnings” determined under the SERP as of the Date of Termination, except that
for purposes of calculating “Average Monthly Earnings”, the Company shall
during the three years of Company service which are to be added to the
Executive’s actual Company service under clause (III) below, use Annual Base
Salary and the Highest Annual Bonus

 

 

for
each of such three years; (II) if the Executive is not yet vested in the
Executive’s benefit under the Retirement Plan (even with the addition of three
years of age and three years of Company Service Credit as provided in clause
(III) below), for purposes of this provision, the Executive shall become vested
as of the Executive’s Date of Termination, and (III) three years shall be added
to the Executive’s actual age and three years shall be added to the Executive’s
actual Company service credit under the Retirement Programs as of the Executive’s
Date of Termination so that the Executive’s retirement pension under clauses (i) and
(ii) above will be the amount it would have been if the Executive had been
three years older than the Executive actually was, and the Executive had three
years more Company service credit than the Executive actually had, on the Date
of Termination.

 

The benefits under this subparagraph (C) shall be
calculated under such one of the following options as would produce the highest
lump sum payment:

 

(I) using the same factors (interest rate and
mortality) as lump sum payments are made under the Retirement Plan (or Pension
Plan of Hercules Incorporated) as in effect immediately prior to a Change of
Control of the Company; or

 

(II) using the same factors (interest rate and
mortality) as lump sum payments are made under the Retirement Plan (or Pension
Plan of Hercules Incorporated) as in effect on the Date of Termination.

 

In the event the Executive does not otherwise meet the
requirements of the SERP for an immediate lump sum payout from the SERP because
of the Executive’s age or service with the Company, the Executive shall
nevertheless be entitled to receive the lump sum payment under this
subparagraph (C) as provided above.

 

The Executive may, at the Executive’s option,
irrevocably choose to have the benefits paid under the terms of the SERP,
rather than as a lump sum payment.

 

2.                                       Notwithstanding
this First Amendment, the remaining provisions of the Agreement shall remain in
full force and effect.

 

3.                                       The
provisions of this First Amendment shall be effective as of October 26,
2001.

 

2

 

	
   

  	
  HERCULES INCORPORATED

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date: 

  	
   

  	
   

  
					

 

3Exhibit 10.32

 

April 8, 2002

 

Mr. John Televantos

2 Crows Nest Circle

West Chester, PA  19382

 

Dear
John:

 

I am pleased to confirm the terms and conditions of
your offer to join Hercules Incorporated effective April 15, 2002 in the
position of President Aqualon Division of Hercules and Vice President, Hercules
Incorporated.  This position will report
to William H. Joyce, Chairman & Chief Executive.

 

Our offer includes the following components:

 

1.               Annual Base Salary:  $302,000
payable in 12 equal monthly installments. 
Pursuant to our salary administration policy, salary reviews are
conducted each March 1st.

 

2.               2002 MICP Target Opportunity: Your target annual incentive
opportunity under the Hercules Management Incentive Compensation Plan (MICP) is
50% of your base salary.  The maximum
payout is 100% of base salary and, of course, the minimum is zero. Any payouts
above the target amount are made in discounted restricted stock.

 

3.               Long-Term Incentive: In this position, you are eligible to
receive annual grants under the Hercules Long-Term Incentive Compensation Plan
(LTICP).  Your first year award will be
130,000 non-qualified stock options subject to Compensation Committee
approval.  Future awards will be
determined based on competitive practice for your position at that time.

 

4.               Benefits: Your benefits will be covered under the current
Hercules Incorporated plan per the enclosed Benefits overview.  Eligibility provisions for welfare benefits
(other than pension participation purposes) will be waived.

 

5.               Deferred Compensation:  You
will be eligible to participate in the Hercules Deferred Compensation
Plan.  This plan provides the option to
defer before-tax salary and/or target MICP amounts.  More information will be provided to you on
this plan when you become eligible to participate.

 

 

6.               Executive Stock Purchase Program: In the fall of 2002, you will become eligible to participate in the Executive
Stock Purchase Program.  This program,
under the LTICP, provides you with the option of converting salary, target MICP
amounts, and Nonqualified Pension benefits into Hercules Restricted Stock at a
15% discount.  The program also provides
for the exchange of Nonqualified Savings Plan balances for restricted stock
with no discount.  More information will
be provided to you on this program through the Corporate Human Resources
Department.

 

You are eligible for a Change in Control Agreement
which provides up to three years salary and target annual incentive in the
event of a Change of Control at Hercules Incorporated.  A copy of the Change in Control Agreement is
enclosed.

 

This offer is contingent upon two issues.  You must successfully pass our standard
pre-placement physical examination before your anticipated starting date.  A part of this examination will be a test to
detect the use of drugs or alcohol.  If
you are currently using prescription drugs, please bring your prescription with
you to the physical.  In addition, we
must verify employment eligibility under the Immigration Reform and Control
Act.

 

John, I am excited
about having you as part of the Hercules team in this critical role.  I look forward to working with you to make
this a personally and professionally rewarding opportunity.

 

To indicate your review and acceptance with the above
terms please sign a copy of this letter and return it to me within three days.

 

	
   

  	
  Best regards,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Edward V. Carrington, Vice President

  
	
   

  	
  Human Resources and Corporate Resources

  
	
   

  	
   

  
	
  Accepted by:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  John Televantos

  	
   

  
			

 

2Exhibit 10.33

 

	
  

  	
  Interoffice Memo

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  cc:

  	
  C.A.
  Rogerson

  
	
   

  	
   

  	
  J. D. Hill

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Wilmington,
  Delaware

  
	
   

  	
   

  	
  September 1,
  2004

  
	
   

  	
   

  	
   

  

 

	
  TO:

  	
  John
  Televantos

  
	
   

  	
   

  
	
  FROM:

  	
  Ed
  Carrington

  

 

This is to confirm that the Compensation Committee of
the Hercules Board of Directors has approved the crediting of service to your
credited service “account” twenty-five years service representing your chemical
industry service prior to Hercules. This service is credited for purposes of
eligibility to receive benefits (but not the actual benefit calculation) under
the Hercules Pension Plan.

 

This service credit will also impact other benefit
eligibility such as the Long Term Incentive Plan vesting requirement which is
based upon achieving retirement status, e.g., Early Retirement, Reduced Early
Retirement or Normal Retirement eligibility.

 

Your official ASD-PE (Adjusted Service Date for
Pension Eligibility) will be changed to April 1977 immediately. Your official ASD-PC
(Pension Calculation) is unchanged at April 2002.

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