Exhibit 10.44.1
June 3, 2003
Xx. Xxxxxx Xxxxxxx
184, Xxxxxxxxx
Repentigny, Quebec
J6A 2X9
Dear Pierre:
As a result of the recent Pension Integration for all Canadian Salaried
Personnel, there is a need to amend your offer letter and employment agreement.
The first paragraph of the section titled "Retirement Plan, Welfare Plans and
Other Benefits" of your offer letter dated July 19, 2001, is hereby amended as
follows (changes are italicized):
"As of the Effective Date, you would be eligible to participate in the
retirement plan and benefit plans provided by Bowater Canada Division to
similarly situated executive employees, in effect and as modified from time to
time. For benefits administration purposes, your entire service with AFP and its
predecessor would be recognized. Your retirement benefits would be computed
based upon the present terms of the AFP supplemental plan for all credited
service earned through December 31, 2002. For all credited service earned after
January 1, 2003, your retirement benefits would be computed in accordance with
the new provisions described in a memorandum dated February 10, 2003, entitled
"Pension Plan Redesign" except that the entire amount of the annual incentive
awards you receive would continue to be treated as pensionable income for all
credited service under the applicable supplemental plan."
Similarly, Section 5(d) of your employment agreement dated September
24, 2001, is hereby amended as follows (changes are italicized):
"Retirement Benefits. The Executive's retirement benefits shall be
computed based upon the terms of the AFP supplemental pension plan as in effect
on the date hereof for all credited service earned through December 31, 2002.
For all credited service earned after January 1, 2003 retirement benefits would
be computed in accordance with the new provisions described in a memorandum
dated February 10, 2003, entitled "Pension Plan Redesign" except that the entire
amount of the annual incentive awards would continue to be treated as
pensionable income for all credited service under the applicable supplemental
plan."
Would you please signify your agreement to these amendments by
returning a signed copy of this letter to Xxxxx Xxxxxx in the Greenville office
at your earliest convenience.
Best regards,
/s/ Xxxxx X. Xxxxxx
cc: Xx. Xxxxx Xxxxxx, Assistant General Counsel
ACCEPTED AND AGREED TO BY:
--------------------------
/s/ Xxxxxx Xxxxxxx June 10, 2003
----------------------------- -------------------------------------
(name) (date)
