Document:

ex10-6a.htm

    Exhibit
10.6(a)

    

    

    

    

    

    

    FIRST
AMENDMENT TO

    EMPLOYMENT
AGREEMENT

    

    This First Amendment, made as of
__________, ____, by and between Minerals Technologies Inc., a Delaware
corporation (the “Employer”) and
(the “Executive”).

    

    WHEREAS, the Employer and the Executive
previously entered into an employment agreement dated (the “Employment Agreement”); and

    

    WHEREAS, the Employer and the Executive
now wish to amend the Employment Agreement to ensure compliance with section
409A of the Internal Revenue Code.

    

    NOW, THEREFORE, the Employer and the
Executive hereby amend the Employment Agreement, effective December 31, 2008, as
follows:

    

    1.           Section
7(a) shall be amended to read in its entirety as follows:

    

    7.           (a)           Employer
or Executive may terminate Executive’s employment with Employer under this
Agreement at any time by providing the other party with ninety (90) days advance
written notice, in which case Executive’s employment shall terminate at the end
of said ninety-day period.  In the event during the Term Employer
terminates the employment of Executive for reasons other than for Cause or the
Permanent Disability or death of Executive or Executive resigns for Good Reason
(as defined below), then within 90 days of Executive’s separation from service
with the Employer, Employer will pay Executive a lump sum amount equal to his
monthly Base Salary times the number of months remaining in the Term (but in no
event shall Executive be paid an amount equal to more than fifteen (15) months
of Base Salary).  In addition, Employer shall pay Executive any
“Termination Bonuses,” as defined herein, in the first calendar quarter of the
year following the performance year to which the Termination Bonus
relates.  For purposes of this Agreement, “Termination Bonuses” shall
mean amounts which would otherwise be payable to Executive during the Term
pursuant to Section 1(b) were Executive an employee of Employer, provided that
in no event will any such bonus be greater in amount than the average amount of
any such bonuses received by Executive in the two years immediately preceding
the termination of his employment with Employer, or the amount of such bonus
received by Executive in the prior year if Executive has received only one such
bonus payment.

    

    In
addition to the foregoing payments, Executive shall be entitled to coverage, at
Executive’s expense, under Employer’s Group Benefit Plan for medical and dental
expense coverage and prescription drugs until the end of the
Term.  Employer shall pay to Executive a lump sum payment within 90
days of Executive’s separation from service equal to the cost of such coverage
through end of the Term at the level and type in effect for Executive upon his
separation from service, plus a tax gross-up amount determined by Employer with
respect to such lump sum payment.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    As a
condition of receiving any severance payments under this Section 7(a), Executive
shall first sign a General Release of all claims, in the form attached hereto as
Attachment “A.”

    

    Notwithstanding
the foregoing, if Executive is a “specified employee” (within the meaning of
Section 409A of the Internal Revenue Code and the regulations thereunder
(“Section 409A”) and using the methodology established by the Company’s Board of
Directors or its delegate) and any payment described in this Section 7(a) is
subject to Section 409A, then any such payment that would otherwise be made in
the six months following Executive’s separation from service shall be made upon
the six-month anniversary of such separation from service.  For
purposes of this Section 7(a), “separation from service” shall mean a separation
from service, within the meaning of Section 409A, with Employer and all other
entities treated as a single employer with Employer under Section
409A.

    

    2.           Section
10 shall be amended by adding the following at the end thereof:

    

    Executive
and Employer intend that this Agreement shall comply with Section 409A to the
extent any payments hereunder are subject to Section 409A.  In the
event that any amount payable under this Agreement becomes subject to the
additional 20% tax under Section 409A as a result of Employer’s failure to pay
such amount at the time specified under this Agreement, Employer shall indemnify
Executive for any additional tax incurred by Executive as a result of such
failure, and Employer shall pay Executive a tax gross-up amount with respect to
such indemnification (determined applying the highest marginal federal income
tax rate and the state income tax rate applicable to Executive). Such amounts
shall be paid no later than the calendar year following the year in which
Executive incurs the applicable taxes.

    

    IN WITNESS WHEREOF, the Employer and
the Executive have executed and delivered this amendment effective as of the
date shown above.

    

    

    MINERALS
TECHNOLOGIES INC.

    

    

    By:_________________________________                                                                                     ___________________

    Date

    

    

    

    Agreed to
by:

    

    

    ________________________________

    [print
name]

    

    ________________________________

    Dateex10-7a.htm

    Exhibit
10.7(a)

    

    

    

    

    

    

    

    [Date]

    

    

    Minerals
Technologies Inc.

    405
Lexington Avenue

    New York,
NY  10174-0002

    

    Dear
Mr.                                :

    

    As you may know, a new section of the
tax code governing deferred compensation, Section 409A, was recently
enacted.  All arrangements that provide for or could provide for
deferred compensation must be amended by the end of 2008 in order to protect
employees from adverse tax consequences, including immediate inclusion in income
and a 20% penalty tax.  Accordingly, this letter amends your
change-in-control severance agreement as follows, effective December 31,
2008.

    

    1.           The
second sentence of Section 3(v) shall be amended to read as
follows:

    

    Notwithstanding
the pendency of any such dispute, the Company and its subsidiaries will continue
to pay you your full compensation in effect when the notice giving rise to the
dispute was given (including, but not limited to, monthly payments of base
salary and bonus paid in the first quarter of the calendar year following the
performance year) and continue you as a participant in all incentive
compensation, benefit and insurance plans in which you were participating when
the notice giving rise to the dispute was given (other than the Savings and
Investment Plan and the Supplemental Savings and Investment Plan), until the
dispute is finally resolved in accordance with this Section 3(v).

    

    2.          Section
4(iv)(D)(1) shall be amended to read as follows:

    

    (1)           The
Company shall also pay to you all legal fees and expenses reasonably incurred by
you in connection with this Agreement (including all such fees and expenses, if
any, incurred in contesting or disputing the nature of any such termination for
purposes of this Agreement or in seeking to obtain or enforce any right or
benefit provided by this Agreement), provided that any such fees and expenses
shall be paid no later than the end of the calendar year following the calendar
year in which they are incurred; and

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              3.

            	
              Section
      4(iv)(D)(2) shall be amended to read as
follows:

            

    

    

    (2)           The
Company shall pay to you a lump sum amount within 90 days of your separation
from service equal to the cost for twenty-four (24) months of life, disability,
accident and health insurance benefits at the level and type in effect for you
upon your separation from service, plus a tax gross-up amount determined by the
Company with respect to such lump sum payment.  This Agreement in no
way diminishes any rights to those benefits to which you would be entitled if
you were to retire as an employee of Minerals Technologies Inc.

    

    4.           Section
4(iv)(G) is amended by replacing the phrase “in a lump sum no later than” with
“in a lump sum upon your separation from service and no later
than.”

    

    5.           Section
4(iv)(H) is added to read as follows:

    

    (H)           Notwithstanding
the foregoing, if you are a “specified employee” (within the meaning of Section
409A of the Internal Revenue Code and the regulations thereunder (“Section
409A”) using the methodology specified by the Company’s Board of Directors or
its delegate) and any payment described in Section 4(iv)(G) is subject to
Section 409A, then any such payment that would otherwise be made in the six
months following your separation from service shall be made upon the six-month
anniversary of such separation from service.  For purposes of this
Section 4, “separation from service” shall mean a separation from service,
within the meaning of Section 409A, with the Company and all other entities
treated as a single employer with the Company under Section 409A.

    

    6.           Section
7 shall be amended by adding the following at the end thereof:

    

    The
parties intend that this Agreement shall comply with Section 409A to the extent
any payments hereunder are subject to Section 409A.  In the event that
any amount payable under this Agreement becomes subject to the additional 20%
tax under Section 409A as a result of the Company’s failure to pay such amount
at the time specified under this Agreement, the Company shall indemnify you for
any additional tax that you incur as a result of such failure, and the Company
shall pay you a tax gross-up amount with respect to such indemnification
(determined applying the highest marginal federal income tax rate and the state
income tax rate applicable to Executive).  Such amounts shall be paid
no later than the calendar year following the year in which you incur the
applicable taxes.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    If you agree to this amendment, please
sign and return the enclosed copy of this letter.

    

    

    Sincerely,

    

    

    MINERALS
TECHNOLOGIES INC.

    

    

    

    By:_________________________________                                                                                     ___________________

    Date

    

    

    Agreed to
by:

    

    

    ________________________________

    [Print
Name]

    

    ________________________________

    Date

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