PENSION BENEFITS FOR DAVID N. WEIDMAN
Exhibit 10.13
PENSION BENEFITS FOR XXXXX X. XXXXXXX
The following is a description of the pension benefits to which Xxxxx X. Xxxxxxx, President
and Chief Executive Officer of Celanese Corporation (the “Company”) will be entitled to participate
as part of his compensation package with the Company, as described in Xx. Xxxxxxx’x employment
agreement (the “Employment Agreement”), which was filed with the Securities and Exchange Commission
as Exhibit 10.25 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2004.
Although Xx. Xxxxxxx’x Employment Agreement expired pursuant to its terms on December 31, 2007, the
pension benefits awarded pursuant to his Employment Agreement have vested and are still effective
as of the date of this filing. This description is provided pursuant to Item 601(b)(10)(iii) of
Regulation S-K.
Pursuant to the terms of the Employment Agreement, Xx. Xxxxxxx is entitled to participate in
the same pension benefit formula on substantially similar terms as the former members of the board
of managers for Celanese AG, the Company’s indirect subsidiary, as summarized below.
The promised pension benefit becomes fully vested once Xx. Xxxxxxx attains five (5) years of
Company service and is paid after Xx. Xxxxxxx leaves the Company or reaches the age of 60,
whichever is later. The amount of the pension is calculated as the product of the escalation factor
of 1.8% , the number of qualifying years of service and the pensionable income. In this
calculation, the number of qualifying years of service is limited to 30. Consequently, the maximum
figure is 54% of the pensionable income. Qualifying years of service are all complete years of
service since September 1, 2000, spent in Celanese Corporation and its subsidiaries and in Hoechst
Aktiengesellschaft and its subsidiaries.
The pensionable income is calculated as the sum of the average basic annual salary of the last
three calendar years prior to retirement and the average annual bonus of the last three calendar
years prior to retirement insofar as these shall be qualifying years of service.
The following are offset against this pension: (i) payments under all other qualified and
non-qualified plans paid by the Company and its affiliates (excluding payments attributable to
employee contributions) and (ii) social security pension benefits acquired during qualified years
of service at a rate of 50%.
In the event of an early disability, the pension benefit is paid for the duration of the
disability. From the age of 60 onwards, the payment is continued at the same level as an old-age
pension in case the disability persists. In the event of death, the pension is to be paid to the
spouse and unmarried children entitled to maintenance. All other Celanese-financed benefits, if
any, are offset against the survivors’ pension.
