Document:

form10k2010ex10ag.htm

 

Exhibit 10 (ag)

 

 

SUMMARY OF COMPENSATION FOR

THE BOARD OF DIRECTORS OF

TAUBMAN CENTERS, INC.

                             

 

Non-employee directors receive the following compensation:

 

	
Compensation

	
Amount

	 	 
	
Annual Cash Retainer (1)

	
$60,000 in aggregate, paid quarterly in advance

	 	 
	
Annual Equity Retainer (1)

	
Taubman Centers, Inc. (the “Company”) common stock having a fair market value (as of the last business day of the preceding quarter) of $60,000 in aggregate, granted quarterly in advance

	 	 
	
Annual Fee for Audit Committee Chair:

	
$12,500

	 	 
	
Annual Fee for Compensation Committee Chair:

	
$7,500

	 	 
	
Annual Fee for Nominating and Corporate Governance Committee Chair:

	
$7,500

 

________________________

(1)  In accordance with the Taubman Centers, Inc. Non-Employee Directors’ Deferred Compensation Plan, non-employee directors are permitted to defer the receipt of all or a portion of the annual cash retainer and annual equity retainer until the termination of his or her service on the Board of Directors and for such deferred compensation to be denominated in restricted stock units, representing the right to receive shares of the Company’s common stock at the end of the deferral period. During the deferral period, when the Company pays cash dividends on its common stock, the directors’ deferral accounts will be credited with dividend equivalents on their deferred restricted stock units, payable in additional restricted stock units based on the then-fair market value of the Company’s common stock.  Each director's account is 100% vested at all times.

 

The Company also reimburses members of the Board of Directors for all expenses incurred in attending meetings or performing their duties as directors.

 

 

Members of the Board of Directors who are employees or officers of the Company or any of its subsidiaries do not receive any compensation for serving on the Board of Directors or any committees thereof.

 

_______________

Effective January 1, 2011.form10k2010ex10ax.htm

Exhibit 10 (ax)

 

 

 

AMENDMENT TO SEPARATION AGREEMENT AND RELEASE

This Amendment to Separation Agreement and Release (this “Amendment”) is effective as of the date of the last signature on this Amendment and is between Morgan Parker (“Executive”) and The Taubman Company Asia Limited, a Cayman Islands company (“Employer”).

WHEREAS, Executive and Employer signed a Separation Agreement and Release on or about October 4, 2009 (the “Agreement”);

WHEREAS, the Executive and the Company desire to amend the Agreement as hereinafter set forth.

NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, Executive and Employer agree as follows.

1. Separation Benefits.   On or before Monday, December 6, 2010 (the “Payment Date”), Employer will provide Executive with a lump-sum payment of US$292,991.91 in full and final settlement of all remaining amounts owed to Executive under Section 2(a).  Such payment shall be made by wire transfer to Executive’s previously identified account with Commonwealth Bank of Australia.  Executive agrees and acknowledges that, following receipt of this payment, Employer will owe Executive no further compensation, benefits, or payments of any kind, including under the Agreement.  Following receipt of this payment, neither Employer nor Executive shall have any obligations to one another under Section 2(a) of the Agreement, and each party hereby and irrevocably releases and waives any claim of any kind, known or unknown, that it may have against the other under or arising out of Section 2(a) of the Agreement.  If the lump-sum payment specified above is not paid by the Employer to the Executive by the Payment Date this Amendment to Separation Agreement and Release shall be null and void.

2. Release From Certain Restrictive Covenants.  Employer hereby releases Executive from his obligations under Section 5 of the Agreement and Section 6.2 of the Employment Agreement between Executive and Employer dated as of April 11, 2008 (“Employment Agreement”).

3. Affirmation.  Except as amended hereby, the Agreement shall remain in full force and effect.

4. Knowing and Voluntary Acceptance.

(a) Sufficient Time to Review Agreement.  Executive agrees that he has had a sufficient amount of time to review and consider signing this Amendment and to discuss this Amendment with counsel, if he so chooses.

(b) Knowing and Voluntary Acceptance.  Executive has carefully read this Amendment, understands it, and is entering it knowingly and voluntarily.

(c) No Reliance on Any Other Representation.  In signing this Amendment, Executive has not relied upon any Employer representation or statement about the subject matter of this Amendment that is not set forth in this Amendment.

(d) Binding Agreement.  Executive understands that by signing this Amendment, Executive shall be bound by this Amendment.

5. Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall constitute the same instrument.  Delivery of an executed counterpart of this Amendment by telecopier, facsimile or electronic delivery (e.g., “PDF”) shall be as effective as delivery of an original executed counterpart hereof.

                                                                                                

 

	 THE TAUBMAN COMPANY ASIA LIMITED	 	 MORGAN PARKER
	 By:  /s/ Chris Heaphy	 	 By: /s/ Morgan Parker
	 Its:  Secretary	 	 
	 Dated:  December 2, 2010	 	 Dated :  December 3, 2010ex10-12f.htm

  

  

 

  

Exhibit 10.12(f)

SIXTH AMENDMENT TO THE

MINERALS TECHNOLOGIES INC. RETIREMENT PLAN

(as amended and restated effective as of January 1, 2006, with certain other effective dates)

WHEREAS, pursuant to Section 9.1 of the Minerals Technologies Inc. Retirement Plan, as amended and restated effective as of January 1, 2006, with certain other effective dates (the “Plan”), Minerals Technologies Inc. (the “Company”) reserves the right to amend the Plan by action of its Board of Directors and now wishes to do so by the following amendment.

NOW THEREFORE, the Plan is hereby amended as follows, effective as of the dates specified below:

1.           Effective October 1, 2010, Section 2.1(v) shall be amended by adding the following sentence after the first sentence thereof:

	
  

	
“A person shall be considered to be ‘in the service of an Employer’ while such person is on ‘layoff’ under the Company’s policies and procedures, provided such person was an Eligible Employee immediately before such layoff begins.  ‘Layoff’ means an authorized short term leave of absence in which the Company has the expectation that the employee will return to work within a short duration, and such layoff shall not exceed a maximum of ninety (90) calendar days within any rolling twelve (12) month period.  A layoff must be approved and authorized by the applicable business unit head and the Company’s Vice-President of Human Resources.”

 

2.           Effective January 1, 2009, Section 4.7 shall be added to the Plan to read as follows:

“4.7  Military Differential Wage Payments

Effective January 1, 2009, differential wage payments, as defined by Code section 3401(h)(2), shall be  treated as Earnings, Career Earnings, and Compensation (as defined in Section 8.5).”

3.           Effective January 1, 2007, Section 7.4 shall be added to the Plan to read as follows:

“7.4  Death During Military Service

In the case of a Member’s death occurring on or after January 1, 2007, if a Member dies while performing qualified military service (as defined in Code section 414(u)), the Beneficiary(ies) or surviving Spouse of the Member, as applicable, shall be entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service) provided under the Plan as if the Member had resumed employment and then terminated employment on account of death.  In addition, vesting service credit for the deceased Member’s period of qualified military service shall be credited to the extent required by Code section 401(a)(37).”

  

  

  

IN WITNESS WHEREOF, the Company, by its duly authorized officers, has caused this Amendment to be executed on this 17th day of December, 2010.  

MINERALS TECHNOLOGIES INC.

BY: /s/ Thomas Meek

Thomas Meek

General Counsel

BY: /s/ D. Randy Harrison

D. Randy Harrison

Sr. Vice-President, Organization and Human Resourcesex10-14c.htm

  

  

 

  

Exhibit 10.14(c)

THIRD AMENDMENT TO THE 

MINERALS TECHNOLOGIES INC. SAVINGS AND INVESTMENT PLAN

(as amended and restated effective as of September 14, 2007, with certain other effective dates)

WHEREAS, pursuant to Section 12.1 of the Minerals Technologies Inc. Savings and Investment Plan, as amended and restated effective September 14, 2007, with certain other effective dates (the “Plan”), the Minerals Technologies Inc. (the “Company”) reserves the right to amend the Plan by action of its Board of Directors; and

WHEREAS, the Company desires to amend the Plan to comply with the Pension Protection Act of 2006 (“PPA”) and the Heroes Earnings Assistance and Relief Tax Act of 2008 (“HEART Act”), to reflect administration of 2009 required minimum distributions, and for other administrative changes.

NOW, THEREFORE, the Plan is hereby amended, effective as of the dates set forth below, as follows, with such amendment intended to constitute good faith compliance with the above-referenced law changes:

	
  

	
1.Effective January 1, 2010, the second paragraph of Section 3.1 shall be replaced with the following:

	
  

	
“Subject to the following provisions of this Section 3.1, each other Employee who is employed by the Employer shall become a Participant under the Plan as soon as administratively possible following his Employment Date.  Provided, however, that any Employee (i) who is classified by the Employer as a temporary employee, or (ii) who is scheduled to complete less than twenty (20) Hours of Service per week, shall become a Participant as soon as administratively possible following his completion of a Year of Service (i.e., upon the completion of one thousand (1,000) Hours of Service during the twelve (12)-consecutive month period commencing on his Employment Date on in a Plan Year commencing on or after his Employment Date, as provided in Section 2.1).”

	
  

	
2.Effective January 1, 2007, Section 5.1(b) of the Plan shall be amended to add the following paragraph at the end thereof:

	
  

	
“Notwithstanding the foregoing, a Participant whose Account is invested in employer securities, within the meaning of Section 401(a)(35) of the Code, shall be permitted to divest such employer securities and invest in other investment options in the manner and to the extent required by Section 401(a)(35) of the Code and any regulations or guidance issued thereunder.”

	
  

	
3.Effective January 1, 2010, Section 7.2 of the Plan shall be amended by replacing the last paragraph thereof with the following:

	
  

	
“Notwithstanding the foregoing, a Participant’s Account may be frozen to prevent the Participant from taking any withdrawals, loans and/or distributions from his Account in accordance with the Plan’s qualified domestic relations order procedures.”

  

  

  

	
  

	
4.Effective January 1, 2009, Section 7.5 of the Plan shall be amended by adding the following new subsection (f) at the end thereof:

“(f)Special Rules for Required Minimum Distributions During 2009.

For purposes of this subsection, a “2009 RMD” is the required minimum distribution a Participant or Beneficiary, as applicable, is required to receive for 2009 without regard to Section 401(a)(9)(H) of the Code.

A Participant or Beneficiary whose initial required minimum distribution is a 2009 RMD will not receive distribution of his 2009 RMD unless he elects otherwise in accordance with procedures established by the Administrator.

A Participant or Beneficiary whose 2009 RMD is not his initial required minimum distribution will receive his 2009 RMD unless he elects to suspend his 2009 RMD in accordance with procedures established by the Administrator.

A direct rollover will be offered only for distributions that would be eligible rollover distributions without regard to Section 401(a)(9)(H) of the Code.

The provisions of this subsection (f) shall be interpreted in accordance with Section 401(a)(9)(H) of the Code and regulatory guidance issued thereunder.”

	
  

	
5.Effective January 1, 2007 with respect to Section 8.5(a) and effective January 1, 2009 with respect to Sections 8.5(b) and (c), Article 8 of the Plan shall be amended by adding the following new section at the end thereof:

	
  

	
“8.5HEART ACT PROVISIONS.

	
  

	
(a)Death benefits.  In the case of a Participant’s death occurring on or after January 1, 2007, if a Participant dies while performing qualified military service (as defined in Section 414(u) of the Code), the Beneficiary(ies) of the Participant shall be entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service) provided under the Plan as if the Participant had resumed employment and then terminated employment on account of death.  In addition, vesting service credit for the deceased Participant’s period of qualified military service shall be credited to the extent required by Section 401(a)(37) of the Code.

	
  

	
(b)Differential wage payments.  Effective January 1, 2009, (i) a Participant receiving a differential wage payment, as defined by Section 3401(h)(2) of the Code, shall be  treated as an Employee of the Employer making the payment, (ii) the differential wage payment shall be treated as Compensation and 414(s) Compensation, and (iii) the Plan shall not be treated as failing to meet the requirements of any provision described in Section 414(u)(1)(C) of the Code by

  

  

  

	
  

	
reason of any contribution or benefit which is based on the differential wage payment.

	
  

	
(c)Severance from employment.  Effective January 1, 2009, for purposes of Section 401(k)(2)(B)(i)(I) of the Code, an individual shall be treated as having severed from employment during any period the individual is performing service in the uniformed services described in Section 3401(h)(2)(A) of the Code.  

	
  

	
If a Participant elects to receive a distribution by reason of such severance from employment, the Participant may not make an elective deferral or employee contribution during the six (6)-month period beginning on the date of such distribution.

Effective as of the dates specified above, the provisions of this Section 8.5  shall be interpreted consistent with, and governed by, the Heroes Earnings Assistance and Relief Tax Act of 2008 (“HEART Act”) and regulatory guidance issued thereunder.”

	
  

	
6.Effective January 1, 2009, Section 11.1(b)(2) is hereby amended by adding the following to the end thereof:

	
  

	
“Effective January 1, 2009, Compensation shall also include differential wage payments as defined by Section 3401(h)(2) of the Code.”

	
  

	
7.Except as hereinabove amended, the provisions of the Plan shall continue in full force and effect.

IN WITNESS WHEREOF, the Company, by its duly authorized officers, has caused this Amendment to be executed on the 17th day of December, 2010.

MINERALS TECHNOLOGIES INC.

By: /s/ Thomas J. Meek

Thomas J. Meek

General Counsel

By: /s/ D. Randy Harrison

D. Randy Harrison

Sr. Vice-President, Organization and Human Resources

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