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MINERALS TECHNOLOGIES INC

EXHIBIT 10.1

 

MINERALS TECHNOLOGIES INC.

NONFUNDED DEFERRED COMPENSATION AND UNIT AWARD PLAN FOR

NON-EMPLOYEE DIRECTORS

(As Amended and Restated, Effective January 1, 2008)

  
    
    1. Purposes. The purposes of this Minerals Technologies Inc.
    Nonfunded Deferred Compensation and Unit Award Plan for Non-Employee
    Directors (the "Plan") are (i) to provide each non-employee
    director of Minerals Technologies Inc. (the "Company") with
    compensation in the form of stock units ("Units"), as described in
    Section 4, for his or her services; and (ii) to allow each non-employee
    director the opportunity to defer payment of cash compensation until he or
    she ceases to be a director of the Company. The Plan is intended to promote
    a greater identity of interest between the Company's non-employee
    directors and the Company's stockholders and to assist the Company in
    attracting and retaining non-employee directors. In addition to the amounts
    described in the Plan, the Company also pays cash retainer fees and other
    amounts to non-employee directors in consideration of their services on the
    Board of Directors of the Company.

    
    2. Eligibility. All members of the Board of Directors of the
    Company who are not employees of the Company or of any subsidiary of the
    Company are eligible to participate in the Plan.

    
    3. Effective Date. The Plan, as amended and restated, is
    effective January 1, 2008. Units awarded and amounts deferred under the
    predecessor to this Plan shall be governed by the terms of this Plan.

    
    4. Unit Awards. Each eligible director shall be paid a
    retainer fee in the form of Units as provided in this Section 4. Each Unit
    shall be an unfunded, unsecured obligation of the Company with an initial
    value equal to the closing market price of the Company's Common Stock on
    the date of grant.

(a) Each director who is a director on the date of the Board of Director's
    annual meeting shall receive an annual retainer grant of the number of Units
    with a value of $53,000 at the time of grant.

    (b) The Board of Directors or the Compensation Committee of the Board
    may, from time to time, increase the dollar amounts contained in this
    Section 4 without an amendment to this Plan.

    
    5. Voluntary Deferral of Cash Compensation.

    
    (a) Amount of Voluntary Deferral. Each eligible director may elect
    to defer receipt of all or a specified portion of compensation payable in
    cash for service as a director in a calendar year. Deferrals under this
    Section 5 shall be referred to as "Voluntary Deferrals."
    "Compensation" as used in this Plan refers to amounts paid to
    directors as retainer fees (for both Board and Committee services) or
    similar fees, and shall not refer to reimbursements for expenses.

  

  
    (b) Manner of Electing Voluntary Deferral. Each eligible director
    shall elect to make a Voluntary Deferral by giving written notice to the
    Secretary of the Company on the applicable election form (the "Election
    Form"), specifying the amount of the Voluntary Deferral, expressed as a
    percentage of compensation.

    (c) Time of Election. Elections with respect to Voluntary
    Deferrals are subject to the following terms:

    
      (i) A nominee for election for director (who is not at the time of
      nomination a sitting director) may elect a Voluntary Deferral within 30
      days before election to the Board of Directors and before being entitled
      to receive any compensation for service on the Board or a committee. A
      Voluntary Deferral shall be effective upon such person's election to the
      Board for the remainder of the calendar year in which such person is
      elected.

      (ii) A sitting director may make an election to defer fees for each
      calendar year. Such election must be made no later than December 31 of the
      year before the year in which the services are performed for which the
      fees are paid. Such election shall become irrevocable with respect to the
      following calendar year on December 31. If a director does not make an
      affirmative election to defer compensation for a calendar year, no amount
      shall be deferred for such calendar year, without regard to whether the
      director had an election to defer in place for a prior calendar year.

    

    
    6. Deferred Director's Fees Account. As Units are granted to
    a director pursuant to Section 4, and as fees are deferred pursuant to
    Section 5, Units shall be credited to a general ledger account
    ("Account"), established for such purpose on the Company's books
    and administered as provided below.

    (a) Credit to Account. In the case of Units awarded pursuant to
    Section 4, the director's Account shall be credited with the number of
    Units so awarded on the date specified in such Section. In the case of
    Voluntary Deferrals pursuant to Section 5, the director's Account shall be
    credited with the number of Units, calculated to the nearest thousandth of a
    Unit, determined by dividing the dollar amount of fees deferred by the
    closing market price of the Company's Common Stock on the date such fees
    accrue.

    (b) Dividend Equivalents. Each director shall be entitled to
    dividend equivalents with respect to each Unit credit to his or her Account
    in an amount equal to the cash dividends paid with respect to a share of the
    Common Stock of the Company. Such dividend equivalents shall be credited to
    the director's Account by increasing the number of Units in the director's
    Account by an amount equal to the number of Units in the director's
    Account multiplied by any cash dividend declared by the Company on a share
    of its Common Stock, divided by the closing

    
      
         

         

      

    

  

  
    
      
         

      

    

     market price of such Common Stock on the date such dividends would
    otherwise have been paid.

    (c) Prior Deferrals. Notwithstanding the foregoing, if a director
    had elected before January 1, 2008 under the predecessor to this Plan for
    any deferred cash fees to be treated as invested in Fund I of the Minerals
    Technologies Inc. Savings and Investment Plan (the "Savings
    Plan"), such investment election shall continue to apply to such
    amounts, except that such amounts shall be treated as invested in the Stable
    Value Fund of the Savings Plan. A director may elect at any time by written
    notice to the Secretary of the Company for amounts treated as invested in
    the Stable Value Fund to be converted to Units based on the cash value of
    such amounts and the closing market price of Company Common Stock on the
    date of the conversion. Further notwithstanding the foregoing, if a director
    had elected before January 1, 2008 under the predecessor to this Plan for
    any dividend equivalents on deferred amounts to be paid in current cash
    rather than credited as additional Units, such election shall continue to
    apply to such amounts through the end of 2008. Effective January 1, 2009,
    any future dividend equivalents will not be paid in current cash but will
    instead be credited as additional Units.

    
    7. Payment of Deferred Compensation.

    
    (a) Form of Payment. Payment from a director's Account shall be
    made in cash in a single lump sum and shall include dividend equivalents and
    earnings determined under Section 6 that have accrued through the date
    immediately preceding the valuation date for such payment. Notwithstanding
    the foregoing, if a director made an election under a predecessor to this
    Plan for amounts voluntarily deferred in calendar years prior to 2009 to be
    paid in the form of installments, such payment election shall apply to such
    amounts. For purposes of this Section 7(a), amounts that are to be paid in
    the year of the director's separation from service shall be valued as of
    the first business day of the month following such separation, and amounts
    that are to be paid in the year following the year of the director's
    separation from service shall be valued as of the first business day of the
    year following such separation.

    (b) Time of Payment - Unit Awards. Units in a director's
    Account that were granted pursuant to Section 4 of the Plan or Section 2 of
    the predecessor to this Plan shall be paid within forty-five days of the
    director's separation from service as a director of the Company.

    (c) Time of Payment - Voluntary Deferrals. Amounts that were
    credited to a director's Account based on fees deferred pursuant to
    Section 4 of the Plan or Section 3 of the predecessor to this Plan shall be
    paid as elected by the director. For calendar year 2009 and later years,
    each director shall specify on an Election Form prior to the beginning of each
    calendar year to have the Units credited to his or her Account for that year
    paid (1) within forty-five days of the director's separation from service
    as a director of the Company or (2) within forty-five days

    
      
         

      

    

  

  
     of the beginning of the year following the year in which the
    director separates from service as a director of the Company. For calendar
    years before 2009, the director's payment election under the predecessor
    to this Plan shall apply to such amounts. If a director fails to make an
    election under this Plan or the predecessor to this Plan, the director shall
    be deemed to have elected for Units credited to his or her Account for that
    year paid in a single lump sum within forty-five days of the director's
    separation from service as a director of the Company.

    (d) 2008 Election Changes. To the extent and in the manner
    permitted by the Company, a director may elect before the end of 2008 to
    change any existing payment election with respect to amounts voluntarily
    deferred in years before 2009 under this Plan or the predecessor to this
    Plan to a single lump sum paid at a time permitted under Subsection 7(c),
    provided, however, that no such change shall cause an amount otherwise
    payable in 2008 to be paid in a later year, nor shall such change cause an
    amount otherwise payable in a year after 2008 to be paid in 2008.

    
    8. Amount Payable Upon Death.

    
    (a) Lump-Sum Payment. If a director should die before payment of
    amounts credited to his or her Account, such amounts (including dividend
    equivalents and earnings in relation to the elapsed portion of the year of
    death) shall be paid to the director's designated beneficiary or
    beneficiaries or to the director's estate, in a single sum payment to be
    made as soon as practicable following the director's death, and in no
    event later than ninety days after the director's death.

    (b) Designated Beneficiaries. A director may designate one or more
    beneficiaries (which may be an entity other than a natural person) to
    receive any payments to be made upon the director's death. At any time,
    and from time to time, any such designation may be changed or canceled by
    the director without the consent of any beneficiary. Any such designation,
    change or cancellation must be by written notice submitted to the Secretary
    of the Company and shall not be effective until received by the Secretary.
    If a director designates more than one beneficiary, any payments to such
    beneficiaries shall be made in equal shares unless the director has
    designated otherwise. If the director has named no beneficiary, or if all of
    the designated beneficiaries have predeceased the director, the beneficiary
    shall be the director's estate.

    
    9. Unfunded Promise to Pay; No Segregation of Funds or Assets.
    The right of a director to receive any unpaid portion of the director's
    Account shall be an unsecured claim against the general assets of the
    Company. Neither anything contained in this Plan nor the establishment or
    maintenance of the Account shall require the segregation of any assets of
    the Company or any type of funding by the Company of such Account or the
    amounts payable therefrom, it being the intention that the Plan be an
    unfunded arrangement for federal income tax purposes. No director shall have
    any rights to or interest in any specific assets or shares of common stock
    of the Company by reason of the 

     

     

    

    Plan, and his or her only rights to enforce payment of the obligations of
    the Company hereunder shall be those of a general creditor of the Company.
    It is further understood that the Units credited to the Account shall be
    only a means for measuring the amount of deferred compensation payable under
    the Plan and shall not constitute or represent outstanding shares of common
    stock of the Company for any purpose.

  

  
  
  10. Changes in Capitalization. The number of Units credited to
  each director's Account shall be proportionately adjusted for any increase
  or decrease in the number of issued and outstanding shares of Common Stock of
  the Company resulting from a subdivision or combination of shares or the
  payment of a stock dividend in shares of Common Stock of the Company to
  holders of outstanding shares or any other increase or decrease in the number
  of such shares effected without receipt of consideration by the Company.
  Appropriate adjustments shall also be made to reflect any recapitalization,
  reclassification of shares or reorganization affecting the capital structure
  of the Company. In the event of a merger or consolidation in which the Company
  is not the surviving corporation or in which the Company survives only as a
  subsidiary of another corporation, and in such transaction the holders of
  Common Stock of the Company become entitled to receive shares of stock or
  securities of the surviving corporation, the director's Account shall be
  credited with Units equaling that number of hypothetical shares of securities
  of the surviving corporation that would be exchanged for the shares of common
  stock of the Company in such transaction if they had been outstanding shares,
  and any cash or other consideration that would be receivable if such shares
  had been outstanding shall be credited to the director's Account.

  
  11. Nonassignability. The right of a director to any fees or
  Units credited to his or her account shall not be subject to assignment by the
  director. If a director does assign his or her right to any fees or Units
  credited to his or her account, the Company shall disregard such assignment
  and discharge its obligation hereunder by making payment as though no such
  assignment had been made.

  
    
    12. Administration. This Plan shall be administered by the
    Board of Directors or a Committee designated by the Board, which shall have
    the authority to adopt rules and regulations for carrying out the Plan and
    to interpret, construe and implement the provisions thereof. The Plan is
    intended to be and at all times shall be interpreted and administered so as
    to comply with Internal Revenue Code Section 409A and the regulations and
    other guidance thereunder. References to "separation from service"
    in this Plan shall refer to a separation from service within the meaning of
    Section 409A and the regulations and other guidance thereunder.

    
    13. Applicable Law. The Plan shall be governed by and
    construed in accordance with the laws of the state of Delaware without
    regard to any other jurisdiction's choice of law rules.

  

  
    
    14. Amendment and Termination. This Plan may be amended or
    modified at any time by the Board of Directors of the Company; provided,
    however, that no such amendment or modification shall, without the consent
    of each director, adversely affect such director's

     

    

     rights with respect to amounts theretofore accrued to the director's
    Account. The Plan may be terminated and Account balances distributed to
    directors in accordance with and subject to the rules of Treas. Reg.
    § 1.409A-3(j)(4)(ix) and any generally applicable guidance issued by the
    Internal Revenue Service permitting such termination and distribution;
    provided, however, that no such termination shall, without the consent of a
    director, adversely affect such director's rights with respect to amounts
    theretofore accrued to the director's Account.Exhibit 4(f)

                   FEE WAIVER/EXPENSE REIMBURSEMENT AGREEMENT

      THIS FEE  WAIVER/EXPENSE  REIMBURSEMENT  AGREEMENT  (this  "Agreement") is
entered into as of the 25th day of April,  2008, by and between BlackRock Series
Fund,  Inc.  (the  "Fund") on behalf of its series set out on Schedule A (each a
"Portfolio"  and  together  with any series of the Fund  existing in the future,
collectively the  "Portfolios"),  and BlackRock  Advisors,  LLC (the "Investment
Adviser"), the investment adviser to the Fund.

                                    RECITALS:

      WHEREAS, the Fund, on behalf of the Portfolios, and the Investment Adviser
are parties to an advisory  agreement  (the "Advisory  Agreement"),  dated as of
September  29,  2006,  pursuant to which the  Investment  Adviser is entitled to
receive  compensation  at the rate as set out in Schedule B (the "Advisory Fee")
for its services to the Fund;

      WHEREAS,  the Investment  Adviser  desires to waive its Advisory Fee under
the Advisory Agreement and/or reimburse the expenses of each Portfolio presently
existing  or  existing  in the  future  to the  extent  necessary  to keep  each
Portfolio's  total annual portfolio  operating  expenses below the threshold set
forth herein; and

      WHEREAS,  contract  owners of each  Portfolio  may benefit from the waiver
and/or expense  limitation by incurring lower fund operating  expenses than they
would absent such waiver and/or fee reimbursement.

      NOW,  THEREFORE,  in  consideration  of the  premises  and  of the  mutual
covenants  and  agreements  herein  contained,  and for other good and  valuable
consideration,  the receipt and adequacy of which are hereby acknowledged,  each
of the parties hereto agrees as follows:

      1. Waiver of Advisory  Fee and/or  Reimbursement  of  Portfolio  Expenses;
Duration.  The Investment Adviser hereby agrees to waive its Advisory Fee and/or
reimburse expenses of each Portfolio to the extent necessary to reduce the total
annual portfolio operating expenses of a Portfolio,  excluding interest,  taxes,
brokerage  fees and  commissions  and  extraordinary  charges such as litigation
costs,  to not more than  0.50% of such  Portfolio's  average  daily net  assets
during the fiscal  year.  The limit of 0.50% of  Portfolio  assets shall also be
exclusive of any expenses relating to investments in other investment companies.
This Agreement shall be effective for each  Portfolio's  current fiscal year and
for fiscal  years  thereafter  unless the Board of Directors of the Fund and the
Investment Adviser agree otherwise not less than 15 days prior to the end of the
then current fiscal year.

      2.  Acknowledgments of Investment  Adviser.  The Investment Adviser hereby
acknowledges  that  the  Fund  will  rely  on  this  Agreement  in  preparing  a
registration  statement on Form N-1A relating to the Fund and its Portfolios and
any amendments and supplements  thereto and in accruing the Fund's expenses,  on
behalf of the  Portfolios,  for purposes of calculating  net asset value and for
other purposes, and expressly permits the Fund to do so.

      3.  Governing  Law.  This  Agreement  shall be  construed  and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of
the State of New York,  without  giving effect to the principles of conflicts of
laws thereof.

<PAGE>

      4.   Counterparts.   This  Agreement  may  be  executed  in  one  or  more
counterparts,  each of  which  shall  be  deemed  an  original  and all of which
together shall constitute one and the same agreement.

                            [Signature Page Follows]

                                      -2-
<PAGE>

      IN WITNESS WHEREOF, the Investment Adviser and the Fund have executed this
Agreement as of the date and year first written above.

                                       BLACKROCK SERIES FUND, INC., on behalf of
                                       its series, BLACKROCK BALANCED
                                       CAPITAL PORTFOLIO, BLACKROCK
                                       FUNDAMENTAL GROWTH PORTFOLIO,
                                       BLACKROCK GLOBAL ALLOCATION
                                       PORTFOLIO, BLACKROCK HIGH INCOME
                                       PORTFOLIO, BLACKROCK GOVERNMENT
                                       INCOME PORTFOLIO, BLACKROCK
                                       LARGE CAP CORE PORTFOLIO,
                                       BLACKROCK MONEY MARKET
                                       PORTFOLIO, BLACKROCK TOTAL
                                       RETURN PORTFOLIO

                                       By: /s/ Donald C. Burke
                                          ---------------------------------
                                       Name: Donald C. Burke
                                       Title: President

                                       BLACKROCK ADVISORS, LLC

                                       By: /s/ Jay Fife
                                          ---------------------------------
                                       Name: Jay Fife
                                       Title: Managing Director

                                      -3-
<PAGE>

                                   Schedule A

                           BLACKROCK SERIES FUND, INC.

                      BlackRock Balanced Capital Portfolio
                     BlackRock Fundamental Growth Portfolio
                      BlackRock Global Allocation Portfolio
                         BlackRock High Income Portfolio
                      BlackRock Government Income Portfolio
                       BlackRock Large Cap Core Portfolio
                        BlackRock Money Market Portfolio
                        BlackRock Total Return Portfolio

<PAGE>

                                   Schedule B

                             Investment Advisory Fee

                  Average Daily Net Assets of
                 the Eight Combined Portfolios           Investment Advisory Fee
                 -----------------------------           -----------------------

Not exceeding $250 million...............................        0.50%

In excess of $250 million but not
  exceeding $300 million.................................        0.45%

In excess of $300 million but not
  exceeding $400 million.................................        0.40%

In excess of $400 million but not
  exceeding $800 million.................................        0.35%

In excess of $800 million................................        0.30%

These fee rates are applied to the average  daily net assets of each  Portfolio,
with the  reduced  rates  above  applicable  to  portions  of the assets of each
Portfolio to the extent that the aggregate average daily net assets of the eight
combined  Portfolios  exceed $250 million,  $300 million,  $400 million and $800
million (each such amount being a "breakpoint level"). The portion of the assets
of a  Portfolio  to which  the rate at each  breakpoint  level  applies  will be
determined on a "uniform percentage" basis. The uniform percentage applicable to
a breakpoint level is determined by dividing the amount of the aggregate average
daily  net  assets of the eight  combined  Portfolios  that  falls  within  that
breakpoint level by the aggregate average daily net assets of the eight combined
Portfolios.  The amount of the fee for a Portfolio at each  breakpoint  level is
determined by multiplying  the average daily net assets of that Portfolio by the
uniform  percentage  applicable to that  breakpoint  level and  multiplying  the
product by the applicable advisory fee rate.

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