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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 14)
______________________________
HERCULES INCORPORATED
(Name of Issuer)
Common Stock, $25/48 stated value per share 427056106
(Title of class of securities) (CUSIP number)
Richard A. Weinberg, Esq.
1361 Alps Road
Wayne, New Jersey 07470
(973) 628-4000
(Name, address and telephone number of person authorized
to receive notices and communications)
March 20, 2003
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-(g),
check the following box. |_|
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purposes of Section 18 of the Securities Exchange
Act of 1934 (the "Act") or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act.
(However, see the Notes.)
(Continued on following pages)
(Page 1 of 16 Pages)
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CUSIP No. 427056106 13D Page 2 of 16 Pages
----------------------------------- ---------------------------------
------------- -------------------------------------------------------------
1 NAME OF REPORTING PERSON ISP INVESTCO LLC
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) |_|
(b) |X|
------------- -------------------------------------------------------------
3 SEC USE ONLY
------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 9,893,700
SHARES
------------ ----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
EACH ------------ ----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER: 9,893,700
PERSON WITH
------------- ------------ ----------------------------------------------
10 SHARED DISPOSITIVE POWER: 0
------------- ------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 9,893,700
------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.06%
------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: OO
------------- -------------------------------------------------------------
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CUSIP No. 427056106 13D Page 3 of 16 Pages
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1 NAME OF REPORTING PERSON INTERNATIONAL SPECIALTY
S.S. OR I.R.S. IDENTIFICATION NO. HOLDINGS INC.
OF ABOVE PERSON
------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) |_|
(b) |X|
------------- -------------------------------------------------------------
3 SEC USE ONLY
------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
------------- -------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------------ -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 9,893,700
OWNED BY (See Item 5)
EACH ------------ -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER: 0
PERSON WITH
------------- ------------ -----------------------------------------------
10 SHARED DISPOSITIVE POWER: 9,893,700
(See Item 5)
------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 9,893,700
(See Item 5)
------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.06%
------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------- -------------------------------------------------------------
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CUSIP No. 427056106 13D Page 4 of 16 Pages
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1 NAME OF REPORTING PERSON INTERNATIONAL SPECIALTY
S.S. OR I.R.S. IDENTIFICATION NO. PRODUCTS INC.
OF ABOVE PERSON
------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) |X|
(b) | |
------------- -------------------------------------------------------------
3 SEC USE ONLY
------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
------------- -------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------------ -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 9,893,700
OWNED BY (See Item 5)
------------ -----------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------------ -----------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 9,893,700
(See Item 5)
------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 9,893,700
REPORTING PERSON: (See Item 5)
------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.06%
------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: CO
------------- -------------------------------------------------------------
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CUSIP No. 427056106 13D Page 5 of 16 Pages
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------------- -------------------------------------------------------------
1 NAME OF REPORTING PERSON SAMUEL J. HEYMAN
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a)|X|
(b)| |
------------- -------------------------------------------------------------
3 SEC USE ONLY
------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 11,948*
SHARES
-------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 9,893,700
OWNED BY (See Item 5)
------------ -----------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 11,948*
REPORTING
------------ -----------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 9,893,700
(See Item 5)
------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY 9,905,648*
REPORTING PERSON: (See Item 5)
------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.07%
------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------- -------------------------------------------------------------
* Includes 3,000 options granted pursuant to the Non-employee Directors Stock
Accumulation Plan which are exercisable between 11/5/02 and 11/5/11 at an
exercise price of $8.52.
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CUSIP No. 427056106 13D Page 6 of 16 Pages
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------------- -------------------------------------------------------------
1 NAME OF REPORTING PERSON SUNIL KUMAR
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a)|X|
(b)| |
------------- -------------------------------------------------------------
3 SEC USE ONLY
------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
----------------------------------------------------------------------------
7 SOLE VOTING POWER: 25,987*
NUMBER OF
SHARES
------------ -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------------ -----------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 25,987*
REPORTING
------------ -----------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 25,987*
------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.02%
------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------- -------------------------------------------------------------
* Includes 3,000 options granted pursuant to the Non-employee Directors Stock
Accumulation Plan which are exercisable between 11/5/02 and 11/5/11 at an
exercise price of $8.52.
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CUSIP No. 427056106 13D Page 7 of 16 Pages
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1 NAME OF REPORTING PERSON GLORIA SCHAFFER
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a)|X|
(b)| |
------------- -------------------------------------------------------------
3 SEC USE ONLY
------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
--------------------------- -----------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 7,828*
SHARES
------------ -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------------ -----------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 7,828*
REPORTING ------------ -----------------------------------------------
10 SHARED DISPOSITIVE POWER: 0
PERSON WITH
------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 7,828*
------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.01%
------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------- -------------------------------------------------------------
* Includes 3,000 options granted pursuant to the Non-employee Directors Stock
Accumulation Plan which are exercisable between 11/5/02 and 11/5/11 at an
exercise price of $8.52.
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CUSIP No. 427056106 13D Page 8 of 16 Pages
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------------- -------------------------------------------------------------
1 NAME OF REPORTING PERSON RAYMOND S. TROUBH
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a)|X|
(b)| |
------------- -------------------------------------------------------------
3 SEC USE ONLY
------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
------------- -------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 19,948*
SHARES
------------ -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------------ -----------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 19,948*
REPORTING
------------ -----------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 19,948*
------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.02%
------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------- -------------------------------------------------------------
* Includes 3,000 options granted pursuant to the Non-employee Directors Stock
Accumulation Plan which are exercisable between 11/5/02 and 11/5/11 at an
exercise price of $8.52.
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CUSIP No. 427056106 13D Page 9 of 16 Pages
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1 NAME OF REPORTING PERSON HARRY FIELDS
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a)|X|
(b)| |
------------- -------------------------------------------------------------
3 SEC USE ONLY
------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
------------- -------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------------ -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------------ -----------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------------ -----------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 0
------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.00%
------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------- -------------------------------------------------------------
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CUSIP No. 427056106 13D Page 10 of 16 Pages
----------------------------------- ---------------------------------
------------- -------------------------------------------------------------
1 NAME OF REPORTING PERSON ANTHONY KRONMAN
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a)|X|
(b)| |
------------- -------------------------------------------------------------
3 SEC USE ONLY
------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
------------- -------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------------ -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------------ -----------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------------ -----------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER: 0
------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 0
------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.00%
------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------- -------------------------------------------------------------
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CUSIP No. 427056106 13D Page 11 of 16 Pages
----------------------------------- ---------------------------------
------------- -------------------------------------------------------------
1 NAME OF REPORTING PERSON VINCENT TESE
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a)|X|
(b)| |
------------- -------------------------------------------------------------
3 SEC USE ONLY
------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
----------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------------ -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
OWNED BY
------------ -----------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER: 0
REPORTING
------------ -----------------------------------------------
10 SHARED DISPOSITIVE POWER: 0
PERSON WITH
------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 0
-------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.00%
------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------- -------------------------------------------------------------
----------------------------------- ---------------------------------
CUSIP No. 427056106 13D Page 12 of 16 Pages
----------------------------------- ---------------------------------
------------- -------------------------------------------------------------
1 NAME OF REPORTING PERSON GERALD TSAI, JR.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
------------- -------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a)|X|
(b)| |
------------- -------------------------------------------------------------
3 SEC USE ONLY
------------- -------------------------------------------------------------
4 SOURCE OF FUNDS: OO
------------- -------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e): |_|
------------- -------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION: USA
------------- -------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER: 0
SHARES
------------ -----------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER: 0
EACH ------------ -----------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER: 0
------------ -----------------------------------------------
10 SHARED DISPOSITIVE POWER: 0
PERSON WITH
------------- -------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY
REPORTING PERSON: 0
------------- -------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES: |_|
------------- -------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 0.00%
------------- -------------------------------------------------------------
14 TYPE OF REPORTING PERSON: IN
------------- -------------------------------------------------------------
This Amendment No. 14 ("Amendment No. 14") is being filed by
and on behalf of Samuel J. Heyman ("Mr. Heyman"), Raymond S. Troubh ("Mr.
Troubh"), Sunil Kumar ("Mr. Kumar"), Gloria Schaffer ("Ms. Schaffer" and
together with Mr. Heyman, Mr. Kumar and Mr. Troubh, the "Minority
Directors"), Harry Fields ("Mr. Fields"), Anthony T. Kronman ("Mr.
Kronman"), Vincent Tese ("Mr. Tese") and Gerald Tsai, Jr. ("Mr. Tsai" and
together with Mr. Fields, Mr. Kronman and Mr. Tese, the "Nominees"), ISP
Investco LLC, a Delaware limited liability company ("Investco"),
International Specialty Holdings Inc., a Delaware corporation
("Holdings"), International Specialty Products Inc., a Delaware corporation
("ISP" and together with the Minority Directors, the Nominees, Investco
and Holdings, the "Reporting Persons"), and it amends the statement of
beneficial ownership on Schedule 13D ("Schedule 13D") filed on July 24,
2000, as amended by Amendment No. 1 filed on October 11, 2000, Amendment
No. 2 filed on January 23, 2001, Amendment No. 3 filed on February 7,
2001, Amendment No. 4 filed on February 20, 2001, Amendment No. 5 filed on
February 28, 2001, Amendment No. 6 filed on March 7, 2001, Amendment No. 7
filed on March 9, 2001, Amendment No. 8 filed on March 12, 2001, Amendment
No. 9 filed on April 4, 2001, Amendment No. 10 filed on April 11, 2001,
Amendment No. 11 filed on April 13, 2001, Amendment No. 12 filed on August
2, 2001 and Amendment No. 13 filed on February 12, 2003 with respect to
the ownership of common stock, stated value $25/48 per share ("Common
Stock"), of Hercules Incorporated ("Hercules" or the "Company").
Capitalized terms used herein and not defined herein have the meanings
ascribed thereto in the Schedule 13D, as previously amended.
ITEM 2. IDENTITY AND BACKGROUND
Item 2 is hereby amended and supplemented as follows:
Investco, Holdings and ISP have their principal place of business at
300 Delaware Avenue, Wilmington, Delaware 19801. The business of Investco
consists primarily of holding investments for Holdings and ISP, including the
Investco Shares (as such term is defined in Item 5 below). The business of
Holdings consists primarily of owning 100% of the outstanding capital stock of
Investco and ISP Chemco Inc. Holdings is a wholly-owned subsidiary of ISP and
is Investco's sole member. The business of ISP consists primarily of owning
100% of the outstanding shares of capital stock of Holdings. Mr. Heyman may be
deemed to beneficially own (as defined in Rule 13d-3 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act")) 100% of the outstanding
shares of common stock of ISP. Such beneficial ownership consists of ISP
shares held through a limited partnership and two limited liability companies
with respect to which Mr. Heyman has sole voting and investment power, shares
owned by a charitable foundation of which Mr. Heyman is a director and
president, and shares subject to options under ISP stock option plans that are
currently exercisable or will become exercisable. Mr. Heyman is the Chairman
of the Board of ISP. The business address of Mr. Heyman is 1361 Alps Road,
Wayne, New Jersey 07470.
Each of the Minority Directors was a nominee of ISP for Hercules' board
of directors (the "Board of Directors") at Hercules' 2001 Annual Meeting of
Stockholders (the "2001 Annual Meeting") and has been serving on the Board of
Directors since shortly after the 2001 Annual Meeting.
Mr. Kumar is the Chief Executive Officer of ISP. The business address
for Mr. Kumar is 1361 Alps Road, Wayne, New Jersey 07470.
Ms. Schaffer is a partner at C.A. White, Inc., a real estate development
firm. The business address for Ms. Schaffer is 1211 Chapel Street, New Haven,
Connecticut 06511.
Mr. Troubh is a financial consultant. The business address for Mr.
Troubh is 10 Rockefeller Plaza, Suite 712 New York, New York, 10020.
Page 13 of 16 Pages
The Minority Directors, the Nominees and ISP have agreed to form the
Hercules Shareholders' Committee for New Management (the "Committee") to
participate in a proxy solicitation (the "Proxy Solicitation") intended to be
conducted by the Committee relating to the election of the Nominees at
Hercules' 2003 Annual Meeting of Stockholders (the "2003 Annual Meeting"). As
further discussed in Item 6 below each of the Nominees has entered into a
letter agreement with ISP (a "Letter Agreement") relating to the Proxy
Solicitation.
Mr. Fields is President of Fields Associates, Ltd. The business address
for Mr. Fields is 28 Stonewall Lane, Mamaroneck, NY 10543.
Mr. Kronman is Dean of the Yale Law School. The business address for Mr.
Kronman is 127 Wall Street, New Haven, CT 06511.
Mr. Tese is the Chairman of Wireless Cable International Inc. The
business address for Mr. Tese is c/o Bear Stearns & Co. Inc., 383 Madison
Avenue, 6th Floor, New York, NY 10179.
Mr. Tsai is a private investor. The business address for Mr. Tsai is 200
Park Ave., Suite 4522, New York, NY 10166.
All of the Minority Directors and the Nominees are citizens of the
United States.
None of the Reporting Persons hereto has, during the last five years,
(i) been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction as a result of which such
person was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding a violation with respect to such laws.
ITEM 4. Purpose of Transaction
Item 4 is hereby amended and supplemented as follows:
As a result of previously reported discussions with advisors, potential
director nominees and others, ISP, together with the Nominees and the Minority
Directors have formed the Committee, and the Committee intends to nominate the
Nominees to stand for election as members of the Board of Directors at the
2003 Annual Meeting, and to solicit proxies from the Company's stockholders in
support of the election of the Nominees. As reported in Item 6 below, each of
the Nominees has entered into a Letter Agreement with ISP, the form of which
is attached hereto as Exhibit 10.01.
The Nominees, if elected, together with the Minority Directors will
constitute a majority of the members of the Board of Directors and, since the
Company's by-laws provide that action by the Board of Directors requires a
majority vote of the directors present at a meeting at which a quorum is
present, the four Nominees, together with the Minority Directors, would be
able to cause any action to be taken or not taken by the Board of Directors.
The Committee has filed with the Securities and Exchange Commission its
preliminary proxy statement with respect to the Proxy Solicitation.
On March 20, 2003, the Committee issued a press release announcing
that it will solicit proxies to elect four candidates to the Board of
Directors of Hercules at the 2003 Annual Meeting. The foregoing summary of the
press release is qualified in its entirety by reference to the text of the
release, which is attached hereto as Exhibit 99.01 and which is incorporated
herein by reference.
Page 14 of 16 Pages
On March 20, 2003 the following letter was sent to Dr. William Joyce,
Chief Executive Officer of Hercules:
"March 20, 2003
William H. Joyce, Ph.D., Chairman and
Chief Executive Officer
Hercules Incorporated, Hercules Plaza
1313 North Market Street
Wilmington, DE 19898
Dear Bill:
We are filing a proxy statement with the SEC today in connection with
our proxy contest for election of directors at this year's Annual Meeting.
We regret having to do this, but frankly see this as the only alternative
to the continued destruction of shareholder values to which we have borne
witness.
While I realize that the Board has certain discretion with regard to
the scheduling of the Annual Meeting, I would urge you and the Board to
schedule the meeting at the earliest practicable time. I believe that an
early meeting would be in the interests of the Company, shareholders, and
employees, so that we can put this behind us and determine a future
direction for the Company without unnecessary delay. To this end, I request
that you promptly schedule a Board call so that the Board can act
concerning this matter.
Thank you for your cooperation in this matter.
Sincerely,
/s/ Samuel J. Heyman
--------------------------------
Samuel J. Heyman
SJH:kjc
cc: R. Fairbanks
A. R. Hirsig
Edith E. Holiday, Esq.
J. Hunter
R. D. Kennedy
Sunil Kumar
J. M. Lipton
Peter McCausland
Gloria Schaffer
R. S. Troubh
Joe B. Wyatt"
ITEM 5. Interest in Securities of the Issuer
Item 5 is hereby amended and supplemented as follows:
Each of ISP, the Minority Directors and Nominees have agreed to be
part of the Committee. Because of such agreement, ISP, the Minority
Directors and Nominees may be deemed to be part of a "group" for purposes
of Regulation 13D-G of the Exchange Act. Investco, Holdings, ISP and Mr.
Heyman may also be deemed to be part of the "group" because: (i) as of the
filing of this Amendment No. 14 Investco has the sole power to vote, direct
the voting of, dispose of and direct the disposition of 9,893,700 shares of
Common Stock (the "Investco Shares"); (ii) Holdings, by virtue of being the
sole member of Investco, may be deemed to own beneficially (solely for
purposes of Rule 13d-3 under the Exchange Act) the Investco Shares; (iii)
ISP, by virtue of its ownership of all of the outstanding common stock of
Holdings, may be deemed to own beneficially (solely for purposes of Rule
13d-3 under the Exchange Act) the Investco Shares and (iv) Mr. Heyman, by
virtue of his deemed beneficial ownership (as defined in Rule 13d-3 under
the Exchange Act) of approximately 100% of the outstanding shares of common
stock of ISP, may be deemed to own beneficially (solely for purposes of
Rule 13d-3 under the Exchange Act) the Investco Shares.
As of the filing of this Amendment No. 14, the Reporting Persons
beneficially owned (or are deemed, solely for purposes of Rule 13d-3 under the
Exchange Act, to beneficially own), directly or indirectly, an aggregate of
9,959,411 shares of Common Stock (the "Shares"), representing approximately
9.12% of the shares of Common Stock outstanding on October 31, 2002 (based on
109,201,969 shares of Common Stock outstanding as of such date, as set forth
in the Company's Form 10-Q/A for the quarterly period ended September 30, 2002
filed with the Securities and Exchange Commission on December 12, 2002).
In accordance with Rule 13d-5(b)(1) of the of the General Rules and
Regulations under the Exchange Act, to the extent a "group" is deemed to exist
among the Reporting Persons, each of the Reporting Persons may be deemed to
have beneficial ownership, for purposes of Sections 13(g) and 13(d) of the
Exchange Act, of the Shares. The filing of this Amendment No. 14 is not, and
shall not be construed as, an admission for the purposes of Sections 13(d) and
13(g) and Regulation 13D-G of the Exchange Act nor for any other purposes or
under any other provision of the Exchange Act or the rules promulgated
thereunder that the Reporting Persons or any of their executive officers or
directors beneficially owns any of the Shares, other than shares of Common
Stock with respect to which such Reporting Person has direct beneficial
ownership as set forth below.
As of the filing of this Amendment No. 14: (i) Investco has direct
beneficial ownership of 9,893,700 of the Shares; (ii) Mr. Heyman has direct
beneficial ownership of 11,948 of the Shares; (iii) Mr. Kumar has direct
beneficial ownership of 25,987 of the Shares; (iv) Mrs. Schaffer has direct
beneficial ownership of 7,828 of the Shares; and (v) Mr. Troubh has direct
beneficial ownership of 19,948 of the Shares. With respect to the Minority
Directors, the foregoing numbers of shares include shares of Common Stock
acquired and/or granted to each of them in connection with their service as
members of the Board of Directors.
Page 15 of 16 Pages
Since February 12, 2003, the date of the filing of Amendment No. 13 to
the Schedule 13D, Mr. Heyman has been granted with 4,170 shares of Common
Stock under the Non-employee Directors Stock Accumulation Plan (the "Plan") of
the Company.
In the last sixty days, Mr. Kumar has been granted 4,458 shares of
Common Stock under the Plan.
Neal Murphy, Senior Vice President and Chief Financial Officer of
Holdings and ISP, engaged in the following transactions during the last 60
days with respect to Hercules' Common Stock: (i) on January 27, 2003 he
purchased 500 shares of Common Stock at a price of $8.50 per share; (ii) on
January 28, 2003 he sold 500 shares of Common Stock at a price of $8.41 per
share; (iii) on January 28, 2003 he purchased 500 shares of Common Stock at
a price of $8.49 per share; and (iv) on January 28, 2003 he sold 500 shares
of Common Stock at a price of $8.41 per share. All the transactions were on
the open market. As of the date of the filing of this Amendment No. 14, he
owns no shares of Common Stock.
ITEM 6. Contracts, Arrangements, Undertakings or Relationships With
Respect to Securities of the Issuer.
Item 6 is hereby amended and supplemented as follows:
Each of the Nominees has entered into a Letter Agreement agreeing to
participate in the Proxy Solicitation intended to be conducted by the
Committee relating to the 2003 Annual Meeting and to stand for election as a
nominee of the Committee to serve as a director of the Company for a
three-year term. Pursuant to the terms of each such Letter Agreement, ISP has
agreed to indemnify each of the Nominees for any losses (as such term is
defined in the form of Letter Agreement) suffered in connection with the Proxy
Solicitation and to pay a fee of US$35,000.00 to each Nominee. Such payment
obligation is triggered when the Committee files with the Securities and
Exchange Commission its definitive proxy statement in connection with the
Proxy Solicitation. The foregoing summary of the Letter Agreement is qualified
in its entirety by reference to the text of the form of such agreement, which
form is attached hereto as Exhibit 10.01 and which is incorporated herein by
reference.
Item 7. Material to be filed as Exhibits.
Exhibit 10.01 Form of Letter Agreement between ISP and each of the Nominees.
Exhibit 99.01 Press Release issued by the Committee on March 20, 2003.
[The remainder of this page intentionally left blank.]
Page 16 of 16 Pages
SIGNATURES
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in this
Statement is true, complete and correct.
Dated: March 20, 2003
ISP INVESTCO LLC
By: International Specialty Holdings Inc.,
its Sole Member
By: /s/ Richard A. Weinberg
-----------------------------------------
Richard A. Weinberg
Executive Vice President, General Counsel
and Secretary
INTERNATIONAL SPECIALTY HOLDINGS INC.
By: /s/ Richard A. Weinberg
-----------------------------------------
Richard A. Weinberg
Executive Vice President, General Counsel
and Secretary
INTERNATIONAL SPECIALTY PRODUCTS INC.
By: /s/ Richard A. Weinberg
-----------------------------------------
Richard A. Weinberg
Executive Vice President, General Counsel
and Secretary
/s/ Samuel J. Heyman
-----------------------------------------
Samuel J. Heyman
/s/ Sunil Kumar
-----------------------------------------
Sunil Kumar
/s/ Gloria Schaffer
-----------------------------------------
Gloria Schaffer
/s/ Raymond S. Troubh
-----------------------------------------
Raymond S. Troubh
/s/ Harry Fields
-----------------------------------------
Harry Fields
/s/ Anthony T. Kronman
-----------------------------------------
Anthony T. Kronman
/s/ Vincent Tese
-----------------------------------------
Vincent Tese
/s/ Gerald Tsai
-----------------------------------------
Gerald Tsai