Memo Confirming Credited Service Adjustment for John Televantos under Hercules Pension Plan
This memo from Ed Carrington to John Televantos confirms that the Hercules Board's Compensation Committee has approved crediting Televantos with 25 years of prior chemical industry service for eligibility purposes under the Hercules Pension Plan. This adjustment affects his eligibility for certain benefits, such as pension and long-term incentive plan vesting, but does not increase the amount of his pension benefit. His adjusted service date for pension eligibility is now April 1977, while the date for pension calculation remains April 2002.
Exhibit 10.33
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| Interoffice Memo | |
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| cc: | C.A. Rogerson |
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| J. D. Hill |
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| Wilmington, Delaware |
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| September 1, 2004 |
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| TO: | John Televantos |
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| 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.
