Document:

Exhibit 10.10

 

 

 

 

MINERALS TECHNOLOGIES INC. RETIREMENT PLAN

(As amended and restated effective as of January 1, 2006, 

with certain other effective dates) 

 

 

 

 

 

 

 

 

July 2006

 

MINERALS TECHNOLOGIES INC. RETIREMENT PLAN 

(as amended and restated effective as of January 1, 2006 

with certain other effective dates) 

Table of Contents 

	 

  	 
  	 

  	 
  	 

  	 
  	
Page
  
	 

  
	
Article 1.
  	 	
The Plan
  	 
  	
1
  
	 

  	 
  	
1.1
  	  
  	
Background of Plan
  	 
  	
1
  
	 

  	 
  	
1.2
  	 
  	
Applicability of Plan
  	 
  	
1
  
	 

  	 
  	
1.3
  	 
  	
Purpose of Plan
  	 
  	
1
  
	
Article 2.
  	 
  	
Definitions
  	 
  	
2
  
	 

  	 
  	
2.1
  	 
  	
Definitions
  	 
  	
2
  
	 

  	 
  	
2.2
  	 
  	
Gender and Number
  	 
  	
15
  
	
Article 3.
  	 
  	
Participation
  	 
  	
15
  
	 

  	 
  	
3.1
  	 
  	
Commencement of Participation
  	 
  	
15
  
	 

  	 
  	
3.2
  	 
  	
Cessation of Participation
  	 
  	
15
  
	
Article 4.
  	 
  	
Normal Retirement Benefit
  	 
  	
16
  
	 

  	 
  	
4.1
  	 
  	
Normal Retirement Benefit
  	 
  	
16
  
	 

  	 
  	
4.2
  	 
  	
Vesting and Early Commencement of Retirement Benefit Payments
  	 
  	
19
  
	 

  	 
  	
4.3
  	 
  	
Deferred Retirement
  	 
  	
21
  
	 

  	 
  	
4.4
  	 
  	
Disability Retirement
  	 
  	
21
  
	 

  	 
  	
4.5
  	 
  	
Adjustment for In-Service Payments
  	 
  	
22
  
	 

  	 
  	
4.6
  	 
  	
Transfer of Employment
  	 
  	
22
  
	
Article 5.
  	 
  	
Effect of Continued Employment or Reemployment on Retirement Benefits
  	 
  	
23
  
	 

  	 
  	
5.1
  	 
  	
Reemployment After a Member’s Annuity Starting Date
  	 
  	
23
  
	 

  	 
  	
5.2
  	 
  	
Reemployment Before a Member’s Annuity Starting Date
  	 
  	
23
  
	 

  	 
  	
5.3
  	 
  	
Reemployment or Continuation of Employment After a Member’s Normal
  	 
  	 

  
	 

  	 
  	 

  	 
  	          

  	  Retirement Date
  	 
  	
23
  
	 

  	 
  	
5.4
  	 
  	
Suspension of Benefits Notice Procedures
  	 
  	
23
  
	
Article 6.
  	 
  	
Form of Payment of Retirement Benefits
  	 
  	
24
  
	 

  	 
  	
6.1
  	 
  	
Automatic Form of Payment
  	 
  	
24
  
	 

  	 
  	
6.2
  	 
  	
Automatic Joint and Surviving Spouse Annuity
  	 
  	
24
  
	 

  	 
  	
6.3
  	 
  	
Other Optional Forms of Payment
  	 
  	
28
  
	 

  	 
  	
6.4
  	 
  	
Distribution Requirements
  	 
  	
29
  
	 

  	 
  	
6.5
  	 
  	
Amounts Not Exceeding $1,000
  	 
  	
31
  
	 

  	 
  	
6.6
  	 
  	
Designation of Beneficiary
  	 
  	
31
  
	 

  	 
  	
6.7
  	 
  	
Death of Beneficiary Prior to Member’s Separation from Service Date
  	 
  	
31
  
	 

  	 
  	
6.8
  	 
  	
Optional Direct Rollovers of Eligible Rollover Distributions
  	 
  	
31
  
	 Article 6-A. Minimum Distribution
    Requirements 	 
  	
34
  
	 

  	 
  	
6-A.1  General Rules
  	 
  	
34
  
	 

  	 
  	
6-A.2  Time and Manner of Distribution
  	 
  	
34
  
	 

  	 
  	
6-A.3. Determination of Amount to be Distributed Each Year
  	 
  	
35
  
	 

  	 
  	
6-A.4
Requirements For Annuity Distributions That Commence During Member's
  	 
  	 

  
	 

  	 
  	 

  	 
  	 

  	  Lifetime
  	 
  	
37
  
	 

  	 
  	
6-A.5
Requirements For Minimum Distributions Where Member Dies Before Date
  	 
  	 

  
	 

  	 
  	 

  	 
  	 

  	  Distributions Begin
  	
38
  
	 

  	 
  	
6-A.6
  	  Definitions
  	
39
  

(i) 

	
Table of Contents
  
	
(continued)
  
	 

  	 
  	 

  	 

  	 
  	
Page
  
	 

  
	
Article 7.
  	  
  	
Preretirement Death Benefits
  	 
  	
40
  
	 

  	 
  	
7.1
  	
Unmarried Member
  	 
  	
40
  
	 

  	 
  	
7.2
  	
Married Member
  	 
  	
40
  
	 

  	 
  	
7.3
  	
Amounts Not Exceeding $1,000
  	 
  	
42
  
	
Article 8.
  	 
  	
Maximum Benefit Limitations
  	 
  	
42
  
	 

  	 
  	
8.1
  	
General Rule
  	 
  	
42
  
	 

  	 
  	
8.2
  	
Adjustment for Other Forms of Payment
  	 
  	
43
  
	 

  	 
  	
8.3
  	
Adjustment for Benefits Commencing Before Age 62
  	 
  	
43
  
	 

  	 
  	
8.4
  	
Adjustment for Benefits Commencing After Age 65
  	 
  	
43
  
	 

  	 
  	
8.5
  	
Adjustment of Limitation for Years of Vesting Service
  	 
  	
43
  
	 

  	 
  	
8.6
  	
Limitation Year
  	 
  	
43
  
	 

  	 
  	
8.7
  	
Definitions
  	 
  	
43
  
	
Article 9.
  	 
  	
Amendment and Termination
  	 
  	
45
  
	 

  	 
  	
9.1
  	
Amendment of the Plan
  	 
  	
45
  
	 

  	 
  	
9.2
  	
Termination of the Plan
  	 
  	
45
  
	 

  	 
  	
9.3
  	
Vesting on Termination or Partial Termination
  	 
  	
45
  
	 

  	 
  	
9.4
  	
Termination of the Trust
  	 
  	
45
  
	 

  	 
  	
9.5
  	
Distribution on Termination
  	 
  	
46
  
	 

  	 
  	
9.6
  	
Merger, Consolidation or Transfer
  	 
  	
46
  
	 

  	 
  	
9.7
  	
Restrictions on Benefits and Distributions to Certain Members
  	 
  	
46
  
	 

  	 
  	
9.8
  	
Plan Participation by Associate Companies
  	 
  	
49
  
	
Article 10.  Contributions
  	 
  	
49
  
	 

  	 
  	
10.1
  	
  Employer Contributions
  	 
  	
50
  
	 

  	 
  	
10.2
  	
  Reversion of Employer Contributions
  	 
  	
50
  
	 

  	 
  	
10.3
  	
  Rollover Contributions
  	 
  	
50
  
	
Article 11.  Administration of the Plan
  	 
  	
50
  
	 

  	 
  	
11.1
  	
  Responsibility for Plan and Trust Administration
  	 
  	
50
  
	 

  	 
  	
11.2
  	
  Operation of the Committees
  	 
  	
51
  
	 

  	 
  	
11.3
  	
  Powers and Duties of the Retirement Committee
  	 
  	
51
  
	 

  	 
  	
11.4
  	
  Duties of the Plan Assets Committee
  	 
  	
53
  
	 

  	 
  	
11.5
  	
  Duties of the Trustee
  	 
  	
54
  
	 

  	 
  	
11.6
  	
  Standard of Duty
  	 
  	
55
  
	 

  	 
  	
11.7
  	
  Funding and Investment Policy
  	 
  	
55
  
	 

  	 
  	
11.8
  	
  Compensation and Expenses
  	 
  	
55
  
	 

  	 
  	
11.9
  	
  Non-Liability and Indemnification
  	 
  	
56
  
	 

  	 
  	
11.10 Claims Procedure
  	 
  	
56
  
	
Article 12.  Trust Arrangements
  	 
  	
58
  
	 

  	 
  	
12.1
  	
  Appointment of Trustee
  	 
  	
58
  
	 

  	 
  	
12.2
  	
  Removal of Trustee; Appointment of Other Trustee
  	 
  	
58
  
	 

  	 
  	
12.3
  	
  Change in Trust Agreements
  	 
  	
58
  
	
Article 13.  Top-Heavy Plan Provisions
  	 
  	
58
  
	 

  	 
  	
13.1
  	
  General Rule
  	 
  	
58
  
	 

  	 
  	
13.2
  	
  When Plan is Top-Heavy
  	 
  	
58
  

(ii)

	
Table of Contents
  
	
(continued)
  
	 

  	 
  	 

  	 
  	
Page
  
	 

  
	
    13.3
    
	 
  	
When Plan is in Top-Heavy Group
  	 
  	
59
  
	
    13.4
    
	 
  	
Minimum Benefit
  	 
  	
60
  
	
    13.5
    
	 
  	
Accelerated Vesting
  	 
  	
60
  
	
    13.6
    
	 
  	
Limitation on Earnings
  	 
  	
61
  
	
    13.7
    
	 
  	
Definitions
  	 
  	
61
  
	
    Article 14. Miscellaneous
    
	 
  	
61
  
	
                     14.1
    
	 
  	
No Employment Rights Created
  	 
  	
61
  
	
    14.2
    
	 
  	
Rights to Trust Assets
  	 
  	
61
  
	
    14.3
    
	 
  	
Nonalienation of Benefits
  	 
  	
62
  
	
    14.4
    
	 
  	
Expenses
  	 
  	
62
  
	
    14.5
    
	 
  	
Severability
  	 
  	
62
  
	
    14.6
    
	 
  	
Governing State
  	 
  	
63
  
	
    14.7
    
	 
  	
Facility of Payment
  	 
  	
63
  
	
    14.8
    
	 
  	
Missing Persons
  	 
  	
63
  
	
    14.9
    
	 
  	
Titles
  	 
  	
63
  

(iii)

Article 1. The Plan

1.1 Background of Plan 

Effective
as of October 22, 1992, Minerals Technologies Inc. (the “Company”) adopted the Minerals Technologies Inc. Retirement Annuity Plan (the “Retirement Annuity Plan”) for the purpose of providing pensions
upon retirement from service to employees of the Company and its subsidiaries and affiliates participating in the Plan. Members in the Retirement Annuity Plan accrued a retirement benefit for each year of participation consisting of a percentage of
the Member’s compensation. Subsequent to its effective date, the Company
amended the Retirement Annuity Plan from time to time to make desired changes
and to comply with various statutory and regulatory requirements that became
effective after the effective date. 

Effective as of January 1 2002, the Company amended the Retirement Annuity Plan to provide that employees employed on or after January 1, 2002 would accrue benefits under a cash balance formula and that Members who were accruing
benefits under the Retirement Annuity Plan on December 31, 2001 generally would continue to accrue benefits under the career earnings benefit formula that was in effect on December 31, 2001. In connection with such amendment, the name of the
Retirement Annuity Plan was changed to the Minerals Technologies Inc. Retirement Plan (the “Plan”), effective as of January 1, 2002. 

Effective as of January 1, 2005, with certain other effective dates, the Plan was amended and restated to incorporate certain clarifying changes relating to the operation and administration of the Plan. 

Effective as of January 1, 2006, with certain other effective dates, the Plan is being amended and restated to amend the Plan's definition of the term “Career Earnings.” 

The Plan, as hereinafter amended and restated, shall be effective as of January 1, 2006, except that certain amendments shall have other effective dates as set forth in the Plan. 

1.2 Applicability of Plan

Except
as otherwise expressly indicated, the provisions of the Plan are applicable only
to Eligible Employees in the employ of an Employer on and after January 1, 2002.
The Plan shall preserve all rights accrued and not forfeited by Members under
the Plan as of December 31, 2001. Unless the Plan specifies otherwise, the rights
and benefits of any Employee who terminates employment prior to the effective
date of the provisions of this restated Plan shall be governed by the Plan provisions
in effect at the time of such Employee’s termination of employment. 

1.3 Purpose of Plan

The
Plan is intended to meet the requirements for qualification under Section 401(a)
of the Internal Revenue Code of 1986, as amended from time to time and the Trust
established under the Plan is intended to be exempt from taxation as provided
under Code Section 501(a). Certain provisions contained in the Plan are intended
to comply with the requirements of the Economic Growth and Tax Relief Reconciliation
Act of 2001 (“EGTRRA”) and with certain other
qualification requirements resulting from changes in statutes, or from regulations
or other guidance published in the Internal Revenue Bulletin since the enactment
of EGTRRA, to the extent that such requirements are required to be taken into
account in this written Plan document.

1

Article 2. Definitions

2.1 Definitions 

Whenever used in the Plan, the following terms shall have the meanings set forth below unless otherwise expressly provided. 

	
(a)	
“Accrued Benefit” shall mean, as of any given date, the monthly amount of retirement income that would be payable in the form of a Single Life Annuity commencing on the Member’s
Normal Retirement Date (or the Member’s Severance from Service Date, if later), based on the value of the Member’s Cash Balance Account or, if applicable, the Member’s benefit under the Career Earnings Formula as of such
date.
	 
	
(b)     	
“Actuarial Equivalent” shall mean an equivalent amount determined on the basis of the following factors:
	 
	 	
(1)     	
Benefit Payable Under Cash Balance Formula.  
	 
	 	 	
(A)     	
In the case of a benefit payable pursuant to Section 4.1(c), the amount payable in the form of a lump-sum payment shall be equal to the value of the Member’s Cash Balance Account as of the last day of the month prior to the
month in which distribution occurs.
	 
	 	 	
(B)	
In determining the amount of a benefit payable in the form of a Single Life Annuity under Sections 2.1(a) and 6.3(c), actuarial equivalence as of any given date shall be determined by applying to the Member’s Cash Balance
Account, valued as of the Annuity Starting Date, a factor determined on the basis of—
	 
	 	 	 	
(i)     	
an interest rate equal to the applicable interest rate (within the meaning of Code section 417(e)(3)), determined for the full calendar month that is four months prior to the month in which the Annuity Starting Date occurs;
and
	 
	 	 	 	
(ii)	
for all such benefits payable on an Annuity Starting Date that is on or prior to December 31, 2002, the 1983 Group Annuity Mortality Table weighted 50 percent male; and for all such benefit payments payable on an Annuity Starting
Date that is on or after January 1, 2003, the 1994 Group Annuity Reserve Table weighted 50 percent male, projected to 2002; or such other mortality assumption as shall be prescribed by the Secretary of the Treasury, which assumption shall be based
on the prevailing commissioners’ standard table described in Code section 807(d)(5)(A) used to determine reserves for group annuity contracts issued on the date the determination is being made (without regard to any other subparagraph of Code
section 807(d)(5)).
	 
	 	 	
(C)	
In determining the amount of a benefit payable in the form of an Automatic Joint and Surviving Spouse Annuity under Section 6.2 or under an optional
	 

2

	         	 	 	 form available to a Member
      under Section 6.3(d) or (e), actuarial equivalence as of any given date
      shall be determined by applying to the Member’s Single Life Annuity
      as determined in Section 2.1(b)(1)(B), valued as of the Annuity Starting
    Date, a factor determined on the basis of— 
	 	 	 	 	 
	 	 	 	
(i)	
An interest rate assumption of 71⁄2% per annum; and
	 
	 	 	 	
(ii)     	
for all such benefits payable on an Annuity Starting Date that is on or prior to December 31, 2002, the 1983 Group Annuity Mortality Table weighted 50 percent male; and for all such benefit payments payable on an Annuity Starting
Date that is on or after January 1, 2003, the 1994 Group Annuity Reserve Table weighted 50 percent male, projected to 2002; or such other mortality assumption as shall be prescribed by the Secretary of the Treasury, which assumption shall be based
on the prevailing commissioners’ standard table described in Code section 807(d)(5)(A) used to determine reserves for group annuity contracts issued on the date the determination is being made (without regard to any other subparagraph of Code
section 807(d)(5)).
	 
	 	
(2)     	
Benefit Payable Under Career Earnings Formula. In
determining the amount of a benefit payable in the form of an Automatic Joint
and Surviving Spouse Annuity under Section 6.2, or a Joint and Contingent Annuitant
Option and/or Level Income Option under Section 6.3, and for purposes of determining
any adjustment to be made to a Member’s Accrued Benefit under Section 6.4(b),
actuarial equivalence as of any given date shall be determined using an interest
rate assumption of 71⁄2% per annum and the mortality table described in
Section 2.1(b)(2)(B). In determining the amount of benefit payable in the form
of a lump-sum payment under Section 6.3(b) and for purposes of determining whether
the cash-out provisions of Section 7.3 shall be applicable, actuarial equivalence
as of any given date shall be determined using—
	 
	 	 	(A)     	
an interest rate equal to the annual rate of interest on 30-year
Treasury securities or the generally accepted proxy therefor, in each case as
specified by the Commissioner of the Internal Revenue Service for the full calendar
month four months prior to the month in which the Member retires;  and
	 
	 	 	(B)	
for all such benefits payable on an Annuity Starting Date
that is on or prior to December 31, 2002, the 1983 Group Annuity Mortality Table
weighted 50 percent male; and for all such benefit payments payable on an Annuity
Starting Date that is on or after January 1, 2003, the 1994 Group Annuity Reserve
Table  weighted 50 percent male, projected to 2002; or such other mortality assumption
as shall be prescribed by the Secretary of the Treasury, which assumption shall
be based on the prevailing commissioners’ standard table described in Code
section  807(d)(5)(A) used to determine reserves for group annuity contracts
issued on the date the determination is being made (without regard to any other
subparagraph of Code section 807(d)(5)).
	 

3

	 	
(3)     	
Maximum Benefit Limitations.  
	 
	 	 	
(A)     	
Commencement Prior to Age 62; Adjustment for Certain Forms of Payment Under Section 8.2. In determining the adjusted maximum benefit limitations under Section 8.3(b) (for benefits commencing before
age 62) or under Section 8.2 (for certain forms of payment), actuarial equivalence shall be based on whichever of the following sets of actuarial assumptions result in the lower Retirement Benefit: (i) the assumed rate of interest and the mortality
table specified in Sections 2.1(b)(1) and 2.1(b)(2), as applicable, or (ii) a 5 percent assumed rate of interest and the mortality table specified in Section 2.1(b)(2).
	 
	 	 	
(B)	
Commencement After Age 65. In determining the adjusted maximum benefit limitations under Section 8.4 (for benefits commencing after age 65), actuarial equivalence shall be based on whichever of the
following sets of actuarial assumptions result in the lower Retirement Benefit: (i) the assumed rate of interest and the mortality table specified in Sections 2.1(b)(1) and 2.1(b)(2), as applicable, or (ii) a 5 percent assumed rate of interest and
the mortality table specified in Sections 2.1(b)(1) and 2.1(b)(2), as applicable.
	 
	 	 	
(C)	
Top Heavy Factors. In determining present value under the top-heavy provisions of Article 13, actuarial equivalence shall be based on the Pension Benefit Guaranty Corporation immediate annuity
lump-sum factor, with male and female factors equally weighted, as in effect three (3) months prior to the member’s Severance from Service Date and the mortality assumptions specified in Section 2.1(b)(2)(B).
	 
	 	 	
  Notwithstanding the foregoing limitations, the benefit determined under this subsection shall in no event be less than the Member’s Accrued Benefit as of July 1, 1995, determined by applying a 5 percent assumed rate of
interest in lieu of the applicable interest rate under Code section 417(e)(3), wherever the same appears in Section 2.1(b)(4)(A).
	 
	
(c)     	
“Affiliated Company” shall mean—
	 
	 	
(1)	
any corporation while it is a member of the same controlled group of corporations (within the meaning of Code section 414(b)) as the Company,
	 
	 	
(2)	
any other trade or business (whether or not incorporated) while it is under common control with the Company within the meaning of Code section 414(c),
	 
	 	
(3)	
any organization (whether or not incorporated) during any period in which it (along with the Company) is a member of an affiliated service group (within the meaning of Code section 414(m)), and
	 
	 	
(4)	
any entity required to be aggregated with the Company pursuant to Code section 414(o) and the regulations thereunder;
	 

4

	 	
provided that, for purposes of Article 8 (regarding maximum benefit limitations), in determining common control under Code sections 414(b) and (c), the phrase “more than 50 percent” shall be substituted for the phrase
“at least 80 percent” each place the latter appears in Code section 1563 (and regulations thereunder) and in regulations under Code section 414(c).
	 
	
(d)     	
“Annual Pay Credits” shall mean amounts credited to a Member’s Cash Balance Account, in accordance with Section 4.1(d).
	 
	
(e)	
“Annuity Starting Date” shall be defined as follows:
	 
	 	
(1)     	
Benefits Payable in the Form of an Annuity. In the case of benefits payable in the form of an annuity, Annuity Starting Date shall mean the first day of the first period for which an amount is
payable under the Plan.
	 
	 	
(2)	
Benefits Payable in the Form of a Lump-Sum Payment. In the case of a benefit payable in the form of a lump-sum payment, Annuity Starting Date shall mean the date on which all events have occurred
which entitle the Member to such benefit, but in no event earlier than the date that benefits become payable to the Member under Section 4.1, 4.2, 4.3, 4.4 or 6.5, whichever is applicable.
	 
	 	
(3)	
Administrative Delay. For purposes of subsection (1), if a benefit payment under the Plan has become payable to a Member but distribution has not yet occurred solely for administrative reasons, the
Member’s Annuity Starting Date shall be deemed to have occurred on the date such payment first became payable.
	 
	
(f)	
“Anniversary Year” shall mean (1) the twelve-month period following the date on which an Employee first begins his employment with the Company or an Affiliated Company, as well as
successive twelve-month periods thereafter, and (2) the twelve-month period following the date on which an Employee returns to the employ of the Company or an Affiliated Company after incurring a One-Year Break in Service, as well as successive
twelve-month periods thereafter. No Anniversary Year shall be credited for purposes of vesting under Section 4.2(a) unless in such Anniversary Year the Employee has completed 1,000 or more Hours of Service for the Company or an Affiliated
Company.
	 
	
(g)	
“Associate Company” shall mean any Affiliated Company of which Minerals Technologies Inc. owns directly or indirectly at least 80% of the issued and outstanding shares of stock, which,
with the consent of Minerals Technologies Inc., adopts the Plan pursuant to the provisions of Section 9.8 hereof, and, when action is required to be taken hereunder by an Associate Company, such action shall be authorized by its Board of
Directors.
	 
	
(h)	
“Automatic Joint and Surviving Spouse Annuity” shall mean the annuity form of benefit payments described in Section 6.2.
	 
	
(i)	
“Beneficiary” shall mean the person, persons or trust, or the Member’s estate, designated under Section 6.6 to receive benefits under the Plan after the Member’s
death.
	 

5

	
(j)     	
“Career Earnings” shall mean the Member’s aggregate Earnings during his period of Creditable Service, except that:
	 
	 	
(1)     	
if the Member was employed on October 1, 2006, the Member’s Earnings for each calendar year prior to 2003 shall be the average of such Member’s Earnings during the five consecutive calendar years prior to 2003 during
which the Member rendered Creditable Service which yield the highest average, provided such Member’s Earnings are not reduced thereby; and
	 
	 	
(2)	
if the Member was employed on April 1, 1998, but terminated employment prior to October 1, 2006, the Member’s Earnings for each calendar year prior to 1998 shall be the average of such Member’s Earnings during the five
consecutive calendar years prior to 1998 during which the Member rendered Creditable Service which yield the highest average, provided such Member’s Earnings are not reduced thereby; and
	 
	 	
(3)	
if the Member was employed on July 1, 1995, but terminated employment prior to April 1, 1998, the Member’s Earnings for each calendar year prior to 1995 shall be the average of such Member’s Earnings during the five
consecutive calendar years prior to 1995 during which the Member rendered Creditable Service which yield the highest average; provided such Member’s Earnings are not reduced thereby; and
	 
	 	
(4)	
if the Member was employed on October 22, 1992, but terminated employment before July 1, 1995, the Member’s Earnings for each calendar year prior to 1992 shall be the average of such Member’s Earnings during the five
consecutive calendar years prior to 1992 during which the Member rendered Creditable Service which yield the highest average, provided such Member’s Earnings are not reduced thereby; and
	 
	 	
(5)	
in each case, only the Member’s Earnings during his last 35 years of Creditable Service shall be counted; provided, however, that, such a calculation shall not lessen such Member’s Career Earnings below the result of a
prior calculation.
	 
	
(k)	
“Career Earnings Formula” shall mean the benefit formula described in Section 4.1(b).
	 
	
(l)	
“Cash Balance Account” shall mean the notional account deemed to have been estab- lished for each Member for the purpose of determining each Member’s benefit under the Cash Balance
Formula.
	 
	
(m)	
“Cash Balance Formula” shall mean shall mean the benefit formula described in Section 4.1(c).
	 
	
(n)	
“Cessation of Participation Date” shall mean the date that an Employee ceases to be an Eligible Employee, notwithstanding that he remains an Employee on such date.
	 

6

	
(o)     	
“Code” shall mean the Internal Revenue Code of 1986, as in effect at the time with respect to which such term is used. A reference to a provision of the Code shall, if such provision is
amended, refer to the successor to such provision.
	 
	
(p)	
“Company” shall mean Minerals Technologies Inc., a Delaware corporation, and any successor corporation and, when action is required to be taken hereunder by the Company, such action shall
be authorized by the Compensation and Nominating Committee or the Board of Directors of the Company.
	 
	
(q)	
“Creditable Service” shall mean the period of a Member’s employment with the Company or an Affiliated Company that is used to determine (i) the amount of a Member’s benefit
under the Career Earnings Formula, (ii) whether a Member has a vested, non-forfeitable right to his Retirement Benefit on the Member’s Severance from Service Date and (iii) eligibility for Disability benefits under Section 4.4. Creditable
Service shall be determined as follows:
	 
	 	
(1)     	
Years of Creditable Service. A Member shall be credited with a year of Creditable Service for each Anniversary Year during which he completes 1,000 or more Hours of Service; provided, however, that
for purposes of calculating a Member’s Retirement Benefit under the Career Earnings Formula, Hours of Service earned by the Member with an Affiliated Company that is not an Associate Company shall be disregarded in determining the Member’s
Creditable Service. No fractional years of Creditable Service shall be credited to a Member, except for purposes of determining (A) the Primary Social Security Benefit offset amount pursuant to Section 4.1(b)(2) and (B) a Member’s Career
Earnings and his eligibility for early retirement under Sections 4.2(b)(2)(A) and (B), in which event the Member’s Creditable Service shall be determined on the basis of the months of employment with an Employer during the fractional
Anniversary Year without regard to whether the Member completes 1,000 or more Hours of Service within such period. For purposes of the preceding sentence, a month of employment will be credited with respect to the Member’s first and last month
of employment with an Employer if the Member is employed for at least 15 days in each such month.
	 
	 	
(2)	
“Prior Service” shall mean service rendered by a person who is in the service of an Employer before the date on which he becomes a Member and who continues in service on and after the
date he becomes a Member. Except as otherwise provided in Section 4.1 and Section 9.8, Prior Service of a Member shall be included in the Member’s Creditable Service.
	 
	 	
(3)	
“Special Service” shall mean service rendered outside the United States by an Employee employed by a corporation which is an Affiliated Company, but not an Associate Company, which
service is rendered (1) before the date on which such Employee becomes a Member; provided, that such Employee continues in service of the Company or an Affiliated Company on and after the date he becomes a Member, or (2) subsequent to the date the
Employee becomes a Member, provided that such employment is uninterrupted and that the Member returns to the
	 

7

	         	 	
employment of an Employer immediately following such service. Special Service of a Member shall be included in the Member’s Creditable Service.
	 
	 	
(4)     	
Pfizer Plan Membership. With respect to any Member who was an active participant of the Pfizer Plan immediately prior to October 22, 1992 and who commenced employment with the Company or any of its
subsidiaries on or after October 22, 1992 and prior to June 1, 1993, Creditable Service shall include any service credited such Member under the Pfizer Plan provided such Member was an active participant of the Pfizer Plan immediately prior to such
Member’s employment by the Company or any of its subsidiaries.
	 
	 	
(5)	
Other Company Service. Creditable Service shall include service with an employer other than an Employer or an Affiliate which service is recognized as Creditable Service pursuant to Schedule
E.
	 
	 	
(6)	
Military Leave. An Employee who is absent from work with the Company or an Affiliated Company for voluntary or involuntary service with the armed forces of the United States shall be credited with
Creditable Service for the time spent on active duty in the armed forces; provided that such Employee returns to active service with an Employer within the time limits provided by law after their separation or discharge from active duty from the
armed forces, having satisfactorily completed their period of training and service. In the event an Employee who would otherwise be credited with Creditable Service for the time spent on active duty in the armed forces except for such
Employee’s failure to return to active service with an Employer pursuant to the preceding sentence shall nevertheless be credited with up to 501 Hours of Service for such period of military service. Notwithstanding any provision of the Plan to
the contrary, effective as of December 12, 1994, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Code Section 414(u).
	 
	 	
(7)	
Leave of Absence. Interruption of active service on account of leave of absence authorized by an Employer shall not be considered termination of service. Time spent on authorized leave of absence
shall be credited for the purpose of computing length of service and benefits payable under the Career Earnings Formula on the following basis: Members shall receive credit for each full year spent on authorized leave of absence for each full year
of Creditable Service that they render to an Employer following return to active service, except that time spent on authorized leave of absence for medical reasons shall be credited without requirement of subsequent Creditable Service and time spent
on civic leave shall be credited upon return to active service.
	 
	 	
(8)	
Effect on Creditable Service of Reemployment After Severance From Service Date. An Employee who is reemployed after his Severance from Service Date shall have Creditable Service that was credited
to such Employee prior to his Severance from Service Date reinstated upon reemployment as follows:
	 

8

	                  	
(A)     	
If the Employee is reemployed before a One-Year Break in Service occurs, the Creditable Service the Employee had at the time of his Severance from Service Date shall be reinstated upon the Employee’s reemployment.
	 
	 	
(B)	
If the Employee is reemployed after a One-Year Break in Service occurs, the Creditable Service the Employee had at such One-Year Break in Service shall be disregarded if-
	 
	 	 	
(i)	
the Employee was not vested as to any part of his benefit under the Plan prior to a One-Year Break in Service, and
	 
	 	 	
(ii)     	
the number of consecutive One-Year Breaks in Service equals or exceeds the greater of five or the aggregate number of years of Credited Service completed prior to such One-Year Break in Service; provided, however, that the
Creditable Service that such employee had prior to a One-Year Break in Service shall not be disregarded pursuant to this subsection (ii) if the employee completes at least 24 consecutive months of Creditable Service following his
reemployment.
	 
	 	 If a reemployed Employee does not forfeit
      his Creditable Service as provided above, solely for purposes of determining
      his Career Earnings, the last calendar year in which he rendered Creditable
      Service shall be treated as being consecutive with the first calendar year
    in which he renders Creditable Service after his reemployment. 
	 	 
	 	 Notwithstanding the foregoing, for purposes
      of determining a Member’s Retirement Benefit under the Career Earnings
      Formula, following reemployment, no Creditable Service shall be credited
      for any Anniversary Year subsequent to a Member’s Severance from Service
    Date if such reemployment occurs on or after January 1, 2002. 
	 	 

	
(r)     	
“Disability” shall mean the inability of a Member, who is participating in a long-term disability plan of an Employer, to perform his duties for an Employer as a result of any bodily
injury or disease or mental infirmity and for which the Member is receiving disability benefits under such long-term disability plan. A Member who suffers a Disability shall be considered “Disabled” only during the period in which he is
receiving disability benefits under an Employer’s long-term disability plan.
	 
	
(s)	
“Disability Leave Status” shall mean the status of a Member who, for purposes of the Career Earnings Formula, has been determined to be Disabled and who has completed at least five years
of Creditable Service at the time his Disability began.
	 
	
(t)	
“Earnings.”  
	 
	 	
(1)     	
Items Included. Earnings shall mean actual salary, wages, bonus (except as otherwise provided under Section 2.1(t)(2)), and other remuneration earned by an Employee from an Employer for his service
with an Employer, as determined by such Employer. Earnings shall include pre-tax contributions under (A) the
	 

9

	 	 	
Company’s Savings and Investment Plan, (B) a cafeteria plan under Code section 125 and (C) a transportation fringe benefit plan under Code section 132(f)(4). Earnings shall also include earnings from Pfizer to the extent that
Pfizer has transferred the accumulated benefit obligation of such person under the Pfizer Plan to the Company under the terms and conditions of the Reorganization Agreement between Pfizer Inc. and Minerals Technologies Inc. dated as of September 28,
1992.
	 
	         	
(2)     	
Items Excluded. Earnings shall not include any part of the cost of any employee benefit (other than pre-tax contributions under (A) the Company’s Savings and Investment Plan, (B) a cafeteria
plan under Code section 125 or (C) under a transportation fringe benefit plan under Code section 132(f)(4)), including without limitation stock options, perquisites and group insurance, matching contributions under the Company’s Savings and
Investment Plan, or of any expense reimbursement, including, without limitation, relocation costs, or of any remuneration received in the form of salary continuance or lump-sum severance by an Employee while no longer providing services to the
Company. No part of any bonus or other remuneration forming part of the compensation of any Employee shall be used to determine benefits under the Plan, if such bonus should cause such benefit to become discriminatory under the applicable provisions
of the Code.
	 
	 	
(3)	
Limitation on Amount. Unless
otherwise specifically provided in the Plan, the annual Earnings of each Employee
that may be taken into account under the Plan shall not exceed the “applicable
 dollar amount” of an Employee’s annual Earnings. For purposes of this
 Section 2.1(s), the term “applicable dollar amount” means the maximum
 annual compensation limit which is (A) $200,000 as adjusted for the cost
 of living in accordance with Code section 415(d) for Plan Years beginning before
 January 1, 1994, (B) $150,000, as adjusted for the cost of living in accordance
 with Code section 401(a)(17)(B) for Plan Years beginning January 1, 1994 and
 ending December 31, 2001, and (C) beginning January 1, 2002, $200,000, as
 adjusted for the cost of living in accordance with Code section 415(d). In determining
 the Earnings of a Member for purposes of the aforementioned limitations for
 Plan Years beginning prior to January 1, 1997, if any individual is a member
 of the family of a 5-percent owner or of a Highly Compensated Employee (as defined
 in Section 9.7(a)(2)) in the group consisting of the ten Highly Compensated
 Employees paid the greatest compensation during the year, then (A) such individual
 shall not be considered a separate employee and (B) any Earnings paid to such
 individual (and any applicable benefit on behalf of such individual) shall be
 treated as if it were paid to (or on behalf of) the 5-percent owner or Highly
 Compensated Employee; provided, however, that the aforementioned term “family” shall
 include only the Spouse of the Member and any lineal descendants of the Member
 who have not attained age 19 before the close of the year. If, as a result of
 the application of the foregoing family aggregation rules, the applicable dollar
 amount is exceeded, then the limit shall be prorated among the individuals in
 proportion to each such individual’s Earnings as determined under this
 section 2.1(t) prior to the application of the limit.
	 

10

	
(u)     	
“Effective Date” shall mean October 22, 1992.
	 
	
(v)	
“Eligible Employee” shall mean a person who (1) is included in a group or class designated by the Company as eligible for membership in the Plan and (2) is in the service of an Employer
within the United States of America or is a United States citizen in the service of an Employer outside of the continental limits of the United States of America. Eligible Employee shall not include any person who is included in a unit of employees
covered by a collective bargaining agreement that does not provide for the coverage of such person under the Plan if there is evidence that retirement benefits were the subject of good faith bargaining. A person who is a United States citizen and
who is employed outside the continental limits of the United States of America in the service of a foreign subsidiary (including foreign subsidiaries of such foreign subsidiary) of the Company shall be considered, for all purposes of the Plan, as
employed in the service of the Company if (A) the Company has entered into an agreement under Code section 3121(1) which applies to the foreign subsidiary of which such person is an employee and (B) contributions under a funded plan of deferred
compensation, whether or not a plan described in Code section 401(a), 403(a), or 405(a) are not provided by any other person with respect to the remuneration paid to such individual by the foreign subsidiary. The groups and classes designated by the
Company are set forth in Schedule A.
	 
	
(w)	
“Employee” shall mean any individual employed by an Employer or an Affiliated Company. The term Employee excludes any Leased Employee. The term Employee shall also not include any person
who performs services for an Employer under an agreement or arrangement (which may be written, oral and/or evidenced by an Employer’s payroll practices) with the individual or with another organization that provides the services of the
individual to an Employer, pursuant to which the person is treated as an independent contractor or is otherwise treated as an employee of an entity other than an Employer, irrespective of whether the individual is treated as an employee of an
Employer under common law employment principles or pursuant to the provisions of Code section 414(m), 414(n), or 414(o).
	 
	
(x)	
“Employer” shall mean the Company and any Associate Company.
	 
	
(y)	
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as in effect at the time with respect to which such term is used. A reference to a provision of ERISA shall, if
such provision is amended, refer to the successor to such provision.
	 
	
(z)	
“Former Eligible Employee” means an Employee who was an Eligible Employee immediately prior to his or her Cessation of Participation Date.
	 
	
(aa)	
“Hour of Service”  
	 

	          	
(1)     	
General Definition of Hour of Service. The term “Hour of Service” shall mean each hour for which the Employee is directly or indirectly paid or entitled to payment by an Employer or an
Affiliate—
	 
	 	 	
(A)      for the performance of duties,
	 

11

	 	 	
(B)     	
on account of a period of time during which no duties are performed (regard- less of whether or not the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including Disability), layoff, jury
duty, military duty, or leave of absence, or
	 
	 	 	
(C)	
for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by an Employer or an Affiliated Company;
	 
	 	 	 provided, however, that no hour shall be
    credited as an Hour of Service under more than one of the preceding paragraphs. 
	 	 	 
	         	
(2)     	
Maternity/Paternity Leave. In the case of Maternity/Paternity Leave, up to 501 Hours of Service shall be credited in the Anniversary Year in which the Maternity/Paternity Leave begins, if the
Employee would otherwise have incurred a One-Year Break in Service in that Anniversary Year, otherwise up to 501 Hours of Service shall be credited in the following Anniversary Year to prevent a One-Year Break in Service. Maternity/ Paternity Leave
means an absence from work (A) by reason of the pregnancy of an Employee, (B) by reason of the birth of a child of an Employee, (C) by reason of the placement of a child with the Employee in connection with the adoption of the child, or (D) for the
purposes of caring for the child during the period immediately following the birth or placement for adoption.
	 
	 	
(3)	
Credited Hours of Service.
	 
	 	 	
         (A)     	
Equivalency Method. With respect to periods of employment prior to July 1, 2005, each Employee shall be credited with Hours of Service on the basis of an assumed 190 Hours of Service per month for
each month for which the Employee would have received at least one Hour of Service in accordance with this definition to the extent that it does not result in crediting Hours of Service more than once with respect to any period.
	 
	 	 	
         (B)	
General Method. With respect to periods of employment subsequent to June 30, 2005, Hours of Service shall be determined by the Employer or Affiliated Company from records of actual hours worked by
each Employee in accordance with (I) this definition to the extent that it does not result in crediting Hours of Service more than once with respect to any period and (II) the requirements of Department of Labor Regulation section 2530.200b-2(a)(1),
(2) and (3).
	 
	 	
(4)	
Special Rules for Determining Hours of Service. In the case of a payment which is made or due on account of a period during which an Employee performs no duties, Hours of Service will be determined
in accordance with Department of Labor Regulations § 2530.200b-2(b) and (c).
	 

12

	
(bb)   	
“Interest Credits” shall mean the amounts credited to a Member’s Cash Balance Account in accordance with Section 4.1(e).
	 
	
(cc)	
“Leased Employee” shall mean any person (other than an Employee of the Company or an Associate Company) who pursuant to an agreement between the Company or an Associate Company and any
other person (“leasing organization”) has performed services for the Company or an Associate Company (or for the Company or an Associate Company and related persons determined in accordance with section 414(n)(6) of the Code) on a
substantially full time basis for a period of at least one year, and such services are performed under the primary direction or control of the Company or an Associate Company.
	 
	
(dd)	
“Member” shall mean an Employee or former Employee who has become a Member under Article 3. A Member shall continue to be a Member as long as he has an undistributed beneficial interest
in the Plan.
	 
	
(ee)	
“Normal Retirement Age” shall mean age 65 if the Employee commenced employment on or before July 31, 2002, or the later of the date the Employee attains age 65 or completes five years of
Creditable Service, if the Employee commences employment on or after August 1, 2002.
	 
	
(ff)	
“Normal Retirement Date” shall mean the first day of the calendar month coinciding with or next following the date on which the Member attains Normal Retirement Age.
	 
	
(gg)	
“One Year Break in Service” shall mean an Anniversary Year in which a Member is credited with 500 or fewer Hours of Service.
	 
	
(hh)	
“Pfizer Plan” shall mean the Pfizer Inc. Retirement Annuity Plan.
	 
	
(ii)	
“Plan” shall mean the Minerals Technologies Inc. Retirement Plan, as set forth in this document and as amended from time to time.
	 
	
(jj)	
“Plan Year” shall mean the period beginning January 1 and ending December 31.
	 
	
(kk)	
“Primary Social Security Benefit” shall mean the annual amount available to the Member at age 65, or later if the Member retires after age 65, under the Old Age Insurance provisions of
Title II of the Social Security Act in effect at his Severance from Service Date, without regard to any increases in the wage base or benefit levels that take effect after the date of termination of employment, subject to the following:
	 
	 	
(A)     	
A Member’s Primary Social Security Benefit shall be determined (1) with respect to the period prior to the Member’s Severance from Service Date, by applying a salary scale which is the actual change in average wages from
year to year as determined by the Social Security Administration, projected backwards, from the Member’s Earnings for the calendar year in which the Member’s Severance from Service Date occurs (or the Member’s Earnings during the
calendar year immediately preceding the calendar year in which the Member’s Severance from Service Date occurs, if Earnings during such year are greater) and (2) in the event
	 

13

	 	 	
that the Member’s Severance from Service Date occurs prior to attainment of age 65, by assuming that the Member’s Earnings as determined in (1) will continue to be earned by the Member until age 65. Notwithstanding the
foregoing, if a Member whose Severance from Service Date occurs prior to attainment of age 65 retires pursuant to Section 4.2(b)(2)(B), such Member’s Primary Social Security Benefit shall be estimated by assuming that the Member will not
receive any income after retirement which would be treated as wages for purposes of the Social Security Act.
	 
	 	
(B)     	
Notwithstanding the foregoing, actual salary history will be used to calculate the Primary Social Security Benefit if this will result in a larger benefit under the Career Earnings Formula for the Member, but only if documentation
of such history is provided by the Member within two years after the later of his Severance from Service Date or the date the Member receives notice of his benefits under the Plan.
	 
	
(ll)	
“Retirement Benefit” shall mean the benefit payment to which a Member is entitled under Section 4.1, 4.2, 4.3 or 4.4, whichever is applicable.
	 
	
(mm)   	
“Retirement Committee” shall mean those individuals designated by the Board of Directors of the Company to serve as Members of the Retirement Committee.
	 
	
(nn)	
“Severance from Service Date” shall mean the earlier of the following dates:
	 
	 	
(1)	
the date on which the Employee terminates voluntarily, retires, is discharged or dies; or
	 
	 	
(2)	
the first anniversary of the first date of a period in which an Employee remains absent from the service of an Employer for any reason other than voluntary termination, retirement, discharge or death, such as vacation, holiday,
sickness, disability (other than a condition that renders the Employee Disabled as defined in Section 2.1(r)), leave of absence (other than a leave granted for military service) or lay-off; provided, however, that in the event an Employee shall
quit, retire, die or be discharged prior to said first anniversary, his Severance from Service Date shall be the first day of such period of absence unless the Employee shall return to employment prior to such anniversary date.
	 
	
(oo)	
“Single Life Annuity” shall mean an annuity providing equal monthly payments for the lifetime of the Member with no survivor benefits.
	 
	
(pp)	
“Spouse” shall mean the person of the opposite sex to whom a Member has been legally married (as determined in accordance with the laws of the jurisdiction in which he resides) throughout
the one-year period preceding the earlier of the Member’s Annuity Starting Date or the date of the Member’s death.
	 
	
(qq)	
“Trust Agreement” shall mean the agreement under which Plan assets are held and invested pursuant to Article 12 hereof.
	 

14

	
(rr)     	
“Trust Fund” or “Trust” shall mean the trust fund established under Article 12 to hold the assets of the
Plan.
	 
	
(ss)	
“Trustee” shall mean the person or persons acting as trustee of the Trust Fund.

2.2 Gender and Number

Whenever applicable, the masculine gender, when used in the Plan, shall include the feminine or neuter gender, and the singular shall include the plural. 

Article 3. Participation 

3.1 Commencement of Participation

	
(a)     	
Employees Who Were Members on December 31, 2001. Each Employee on December 31, 2001, who was a Member in the Retirement Annuity Plan on such date shall be a Member in the Plan on January 1, 2002,
provided he is then an Eligible Employee.
	 
	
(b)	
Other Employees. Each other Employee shall become a Member on the first day on which the Employee is credited with an Hour of Service, provided he is then an Eligible Employee.

3.2 Cessation of Participation

Notwithstanding any other provision of the Plan to the contrary, as of a Former Eligible Employee’s Cessation of Participation Date, such Former Eligible Employee shall continue to earn Creditable Service for purposes of
determining his vested status under Section 4.2, but, effective December 30, 2005, in no event shall such a Former Eligible Employee continue to earn Creditable Service for purposes of (A) the calculation of his Career Earnings under Section 4.1(b);
or (B) his eligibility for Disability benefits under Section 4.4. Furthermore, in no event shall such a Former Eligible Employee’s Earnings be recognized, nor shall he accrue benefits under, either the Career Earnings Formula or the Cash
Balance Formula following such Former Eligible Employee’s Cessation of Participation Date, except as specifically set forth below. With respect to any benefits under the Plan that accrue after December 30, 2005, a Former Eligible
Employee’s age on his or her Cessation of Participation Date shall be used for purposes of determining such Former Eligible Employee’s age under Sections 4.2(b)(2)(A)(B) and (C). 

Notwithstanding the foregoing, a Former Eligible
    Employee shall continue to earn Interest Credits pursuant to Section 4.1(e),
    and such Former Eligible Employee’s Cash Balance Account shall continue to be credited with such Interest Credits, until the last day of the month prior to the month in which
  payment under the Plan commences in accordance with Section 4.1(e) .

If such a Former Eligible Employee again becomes an Eligible Employee, he shall be treated as if he were reemployed, and shall be covered under the Cash Balance Formula, consistent with Sections 4.1 (b) and (c). 

15

Article 4. Normal Retirement Benefit

4.1 Normal Retirement Benefit

	
(a)     	
In General. A Member who attains Normal Retirement Age while employed by an Employer or an Affiliated Company shall be entitled to a nonforfeitable benefit, calculated as a Single Life Annuity
commencing on his Normal Retirement Date.
	 
	
(b)	
Career Earnings Formula. The Career Earnings Formula shall be used to determine the Normal Retirement Benefit of each Member who was an Employee of an Employer on December 31, 2001; provided,
however, that, in the case of a Member who, following his Severance from Service Date, is reemployed by an Employer on or after January 1, 2002, the Career Earnings Formula shall not be applicable with respect to the Member’s period of
employment with an Employer which occurs subsequent to the date of the Member’s reemployment. The benefit payable at the Normal Retirement Date of an Employee under the Career Earnings Formula, shall be equal to the greater
of—
	 
	 	
(1)     	
1.4% of the Member’s Career Earnings; or
	 
	 	
(2)	
1.75% of the Member’s Career Earnings, less 1.50% of his Primary Social Security Benefit multiplied by his years of Creditable Service, but in no event more than 35 years of Creditable Service.
	 
	 	 Notwithstanding the foregoing, unless otherwise
      provided herein, each Section 401(a)(17) Member’s Accrued Benefit
      under the Career Earnings Formula will be the greater of the Accrued Benefit
    determined for such Member under (A) or (B) below: 
	 	 

	         	         	
(A)     	
the Section 401(a)(17) Member’s Accrued Benefit determined with respect to the benefit formula applicable for the Plan Year beginning on or after January 1, 1994, as applied to such Member’s total years of Creditable
Service taken into account under the Career Earnings Formula for the purposes of benefit accruals, or
	 
	 	 	(B)	     
	
the sum of:
	 
	 	 	 	 	
(i)     	
the Section 401(a)(17) Member’s Accrued Benefit as of the last day of the last Plan Year beginning before January 1, 1994, frozen in accordance with section 1.401(a)(4)-13 of the Treasury Regulations, and
	 
	 	 	 	 	
(ii)	
the Section 401(a)(17) Member’s Accrued Benefit determined under the benefit formula applicable for the Plan Year beginning on or after January 1, 1994, as applied to such Member’s years of Creditable Service for Plan
Years beginning on or after January 1, 1994, for purposes of benefit accruals.
	 
	 	 	 A “Section 401(a)(17) Member” means
      a Member whose current Accrued Benefit as of a date on or after the first
    day of the first Plan Year beginning on or after 

 

16

	 	January
        1, 1994, is based on Career Earnings for a year beginning prior to the
        first day of the first Plan Year beginning on or after January 1, 1994,
        that exceeded $150,000. 

     In the case of any group or class of
        Members, an Employer may limit the Prior Service of persons included
        in such group or class to service rendered on and after a date to be
        determined by an Employer. 

     Except in the case of a person in the
        service of a corporation which becomes an Associate Company, the Prior
        Service benefits of any Member who was absent from his Employer during
        all or part of the calendar year next preceding the date he becomes a
        Member, because of sickness, Disability, service in the armed forces
        of the United States, or like reasons beyond his control, and who entered
        the service of his Employer prior to such calendar year, shall be computed
        by crediting to him as Earnings for such calendar year the following
    Earnings: 

	 	 	 	 
	                   	          	
(I)     	
all Earnings actually received by such Member in such calendar year before or after the period of absence from his Employer, and
	 
	 	 	
(II)	
the Earnings he would have received in such calendar year during the period of absence based on a forty-hour week at his straight-time rate of pay at the time of leaving his Employer and any increased rate to which he would have
been entitled as a result of automatic length-of-service increases or a general increase, and any bonuses or other payments made in such calendar year during such period of absence to which he would normally have been entitled.
	 

	
(c)     	
Cash Balance Formula. The Cash Balance Formula shall be used to determine the Normal Retirement Benefit of each Member whose employment with an Employer commences on or after January 1, 2002. The
Cash Balance Formula shall be also used to determine the Normal Retirement Benefit of any Member who is reemployed by an Employer on or after January 1, 2002, with respect to the determination of such Member’s Normal Retirement Benefit
attributable to service occurring subsequent to his reemployment date. Under no circumstances shall a Member accrue benefits under the Career Earnings Formula and the Cash Balance Formula with respect to the same periods of Creditable Service. The
benefit payable at the Normal Retirement Date of an Employee under the Cash Balance Formula shall be equal to the sum of—
	 
	 	
(1)     	
Annual Pay Credits pursuant to Section 4.1(d); and
	 
	 	
(2)	
Interest Credits pursuant to Section 4.1(e).
	 
	
(d)	
Annual Pay Credits. As of the first day of each Plan Year, an Annual Pay Credit shall be credited to the Cash Balance Account of each Member whose benefit is determined under the Cash Balance
Formula (including each such Member who retired, died, or otherwise terminated during the prior Plan Year), who received Earnings during the prior Plan Year. The Annual Pay Credit shall equal such Member’s Earnings for the prior Plan Year
multiplied by five percent (5%). Notwithstanding the foregoing, in the final year of
	 

17

	 	
a Member’s employment, an Annual Pay Credit will be credited
to such Member’s account, calculated by multiplying such Member’s Earnings
in the current Plan Year up to the Member’s termination date by five percent
(5%).
	 
	
(e)     	
Interest Credits. Interest Credits based on the amount of the Member’s Cash Balance Account as of the last day of each Plan Year shall be added to the Cash Balance Account of each Member whose
benefit is determined under the Cash Balance Formula as of the last day of the Plan Year, prior to the crediting of any Annual Pay Credit or other credit for the following Plan Year. In the final year of employment of each such Member, interest at
the same rate as used in determining the Interest Credit on the last day of the Plan Year in which the Member’s employment is terminated, shall be credited on a pro rata basis up to the
date such Member’s benefits commence to the Member’s Cash Balance Account as of January 1 of the Plan Year in which the Member’s employment terminates. Effective January 21, 2004, the preceding sentence shall only apply if the Member
elects to receive his benefit prior to the end of the Plan Year in which the Member’s employment terminates and no additional Interest Credit will be applied as of the end of the Plan Year to any Annual Pay Credit accrued to a Member’s
Cash Balance Account based on his Earnings in the final year of the Member’s employment where the Member elected to receive his benefit prior to the end of the Plan Year in which the Member’s employment terminates. Except as provided
below, Interest Credits shall cease once benefit payments have commenced to the Member.
	 
	 	
If a Member who is currently receiving Retirement Benefits
in any form other than a lump-sum payment is re-employed, interest hereunder
shall not be credited to the Member’s Cash Balance Account used to determine
such  benefits but shall be credited to a new Cash Balance Account established
on behalf of such Member.
	 
	 	
Effective for Plan Years beginning on January 1, 2002 through January 1, 2004, the rate of interest used to determine the Interest Credits for a Plan Year shall be the twelve- month average of the 30-year constant maturity
Treasury Bond rates (or the generally accepted proxy therefor (as published by the U.S. Federal Reserve Board)) determined for the 12 months ending in November of the immediately preceding Plan Year. Notwithstanding any other provision of the Plan
to the contrary, an Employer reserves the right to change the interest rate used to determine Interest Credits at any time prior to the beginning of the Plan Year in which such credit is added to the Member’s Cash Balance Account.
	 
	 	
Effective for Plan Years beginning after December 31, 2004, the rate of interest used to determine the Interest Credits for a Plan Year shall be the one-year constant maturity Treasury Bond rate (or the generally accepted proxy
therefor (as published by the U.S. Federal Reserve Board)) for the month of November of the immediately preceding Plan Year plus one percentage point. Notwithstanding any other provision of the Plan to the contrary, an Employer reserves the right to
change the interest rate used to determine Interest Credits at any time prior to the end of the Plan Year in which such credit is added to the Member’s Cash Balance Account.
	 

18

4.2 Vesting and Early Commencement of Retirement Benefit Payments

	
(a)     	
Commencement of Vested Retirement Benefits at Normal Retirement Date. A Member whose Severance from Service Date occurs after he has completed five or more Years of Creditable Service shall be
entitled to receive a Retirement Benefit commencing at Normal Retirement Date calculated in accordance with Section 4.1, the monthly amount of which, if such benefit were paid in the form of a Single Life Annuity, shall be equal to the Member’s
Accrued Benefit at his Annuity Starting Date under the Career Earnings Formula and/or the Actuarial Equivalent of his Cash Balance Account at his Annuity Starting Date. Subject to the provisions of Article 6, any Retirement Benefit payable under
this section may be paid in the form of a Single Life Annuity, an Automatic Joint and Surviving Spouse Annuity, or in another optional form of payment provided under Section 6.3.
	 
	 	
If, at the Member’s Severance from Service Date, a Member’s vested Accrued Benefit is zero, he shall be deemed to have received an immediate lump-sum payment of his vested Accrued Benefit.
	 
	
(b)	
Commencement of Vested Retirement Benefits Before Normal Retirement Date.  
	 
	 	
(1)     	
Provisions Applicable to Accrued Benefits Attributable to the Cash Balance Formula. Subject to the provisions of Article 6, a Member whose Severance from Service Date occurs after he has completed
five or more Years of Creditable Service shall be entitled to elect that the Retirement Benefit payable pursuant to the Cash Balance Formula, if any, commence on the first day of the month coincident with or following his Severance from Service Date
up to his Normal Retirement Date.
	 
	 	
(2)	
Provisions Applicable to Commencement of Vested Retirement Benefits Attributable to the Career Earnings Formula. The Retirement Benefit determined under the Career Earnings Formula of a Member
whose Severance from Service Date occurs prior to his Normal Retirement Date shall not commence until the Member’s Normal Retirement Date, except as follows:
	 
	 	 	
(A)     	
A Member whose Severance from Service Date occurs on or after the Member’s attainment of age 55 and following his completion of 10 Years of Creditable Service may elect to commence his Retirement Benefit as of the first day
of any month prior to the Member’s Normal Retirement Date. If such a Member elects an Annuity Starting Date that is prior to the Member’s Normal Retirement Date, the Retirement Benefit payable as of such date shall equal the Member’s
Accrued Benefit multiplied by the applicable percentages contained in Schedule B;
	 
	 	 	
(B)	
A Member whose Severance from Service Date occurs on or after the date as of which the sum of the Member’s age and the Member’s Years of Creditable Service equal or exceed a total of 90 years may elect to commence his
Retirement Benefit as of the first day of any month on or after the Member’s
	 

19

	 	 	
attainment of age 55 and prior to the Member’s Normal Retirement Date. If such a Member elects an Annuity Starting Date that is prior to the Member’s Normal Retirement Date, the Retirement Benefit payable as of such date
shall equal the Member’s Accrued Benefit multiplied by the applicable percentages contained in Schedule C;
	 
	                  	
(C)     	
A Member whose Severance From Service Date occurs on or after the date as of which the Member has completed five or more Years of Creditable Service but prior to the date as of which the Member satisfies the requirements of
Sections 4.2(b)(2)(A) and (B), such Member may elect to commence his Retirement Benefit as of the first day of any month prior to the Member’s Normal Retirement Date on or after the Member has attained age 55. If such a Member elects an Annuity
Starting Date that is prior to the Member’s Normal Retirement Date, the Retirement Benefit payable as of such date shall equal the Member’s Accrued Benefit multiplied by the applicable percentages contained in Schedule D.
	 
	 	
(D)	
The foregoing notwithstanding, the Retirement Benefit of a
Member who has completed at least five Years of Creditable Service shall in no
event be less than the Retirement Benefit to which the Member would have been
entitled had  his Severance from Service Date occurred on December 31, 1993,
under the terms and conditions of the Plan as then in effect (the “1993
Annuity”). A Member may elect to receive his 1993 Annuity, if any, prior
to attaining age 55 but in no event prior to attaining age 50. If such a Member
elects an Annuity Starting Date for this 1993 Annuity that is prior to the Member
attaining age 55, the benefit payable as of such date shall equal the Member’s
1993 Annuity, reduced by 4% for each year (or portion thereof determined on a
monthly basis) that it is received prior to age 65, measured from the Annuity
Starting Date.
	 
	 	 	
If a Member makes such an election, the remaining portion of his Accrued Benefit, if any, determined as of the date he elects to receive the 1993 Annuity and expressed as a benefit payable at age 65, shall be the amount obtained
by subtracting the Member’s reduced 1993 Annuity from the product of his Accrued Benefit multiplied by the Actuarial Factor. The resulting net benefit amount, if any, is then divided by the Actuarial Factor to obtain the remaining benefit
payable at age 65. For purposes of this computation, the “Actuarial Factor” shall mean the product of 40% multiplied by the actuarial equivalent benefit of an annual benefit of $1 commencing at age 55, determined as of the date the
Member begins to receive his 1993 Annuity. The remaining portion of the Accrued Benefit so determined shall be payable under the terms and conditions of the Plan in effect at the Member’s termination of employment.
	 
	 	 	
A Member who terminates employment with a vested right to his 1993 Annuity may elect to receive the 1993 Annuity in any of the optional forms of benefit available to such Member as in effect under the Plan on December 31,
1993.
	 

20

4.3 Deferred Retirement

	
(a)     	
Amount of Benefit. A Member who remains an Eligible Employee beyond his Normal Retirement Date shall be entitled to a Deferred Retirement Benefit, calculated in accordance with Section 4.1 and in
accordance with the provisions of the Plan as in effect as of his Severance from Service Date. The monthly amount of a Member’s benefit payable under this section, if such benefit were payable in the form of a Single Life Annuity, shall be the
Actuarial Equivalent of his Cash Balance Account or his Retirement Benefit under the Career Earnings Formula at his Severance from Service Date. Subject to the provisions of Article 6, any benefit payable under this section may be paid in the form
of a Single Life Annuity, an Automatic Joint and Surviving Spouse Annuity, or in an optional form of payment under Section 6.3.
	 
	
(b)	
Commencement of Benefit. Subject to the provisions of Article 6, and except as provided in Sections 4.3(c) and (d), such Deferred Retirement Benefit payments shall commence as of the first day of
the calendar month coincident with or next following the Member’s Severance from Service Date.
	 
	
(c)	
Limited Service. Notwithstanding any other provision of the Plan, with respect to the period from his Normal Retirement Date to his Severance from Service Date, the Member shall receive Normal
Retirement Benefit payments for each month in which he is compensated for fewer than 40 Hours of Service.
	 
	
(d)	
Suspension of Benefits Notice Procedures. In the case of a Member who remains an Employee beyond his Normal Retirement Date, Sections 5.2 and 5.3 (suspension of benefits) shall apply for any month
commencing after Normal Retirement Date in which he is compensated for 40 or more Hours of Service.

4.4 Disability Retirement

	
(a)     	
Effect of Disability Leave Status on Benefits Under the
Career Earnings Formula. Upon becoming Disabled,
a Member who has completed at least five years of Creditable Service will be
eligible for Disability Leave Status. Such status may be terminated or suspended
by the Retirement Committee if at any time before age 65 the Member again engages
in regular full-time employment, fails or refuses to undergo any medical examination
ordered by the Retirement Committee, or the Retirement Committee determines on
the basis of a medical examination that the Member has sufficiently recovered
to engage in regular full-time employment. While on Disability Leave Status,
a Member will be credited with Creditable Service, and with Earnings at the same
rate as he had earned in the calendar year prior to the calendar year in which
he became Disabled, until the Member retires, dies, reaches age 65, or his Disability
Leave Status is sooner terminated or suspended. 
	 
	
(b)	
Effect of Disability on Benefits Under the Cash Balance Formula. If a Member who has completed at least five years of Creditable Service and who is an Employee suffers a Disability prior to
termination, and, for reasons thereof, the Member’s status as an Employee ceases, then such Member shall continue to be credited with Annual Pay
	 

21

 

	         	 Credits and Interest
      Credits during the period of such Disability as described below and as
      provided in Section 4.1 as if the individual were still actively employed.
      For the purpose of determining a Disabled Member’s Annual Pay Credits
      for any Plan Year, such Member’s Earnings for any period of Disability
      shall be equal to the Member’s Earnings during the full calendar year
      immediately preceding the date of such Disability (annualized in the event
      the Member did not receive 12 full months of Earnings). Additionally, Years
      of Creditable Service (determined on the basis of the Member’s regularly
      scheduled Hours of Service as of the date immediately preceding the date
      of such Disability) shall continue to be credited during the period in
      which credits continue to be credited to the Member’s Cash Balance
      Account. Annual Pay Credits for a Plan Year shall be determined based on
      the Disabled Member’s attained age and Anniversary Years of Service
      (including the additional service described above) as of the immediately
      preceding December 31. However, such credits shall cease upon the earliest
    to occur of: 
	 	       	 	 
	 	 	
(1)     	
the day on which the Member’s long-term disability plan payments cease;
	 
	 	 	
(2)	
the day the Member dies;
	 
	 	 	
(3)	
the date the Member begins to receive benefit payments under the Plan; or
	 
	 	 	
(4)	
the fifth anniversary of the last day the Member was actively at work prior to such Disability, as determined by the Retirement Committee.
	 

4.5 Adjustment for In-Service Payments 

In
the case of a Member whose benefit payments commence prior to his Severance from
Service Date pursuant to either section 4.3(c) or section 6.4(b) (required commencement
at age 701⁄2)— 

	
(a)     	
Retirement Benefits payable under the Career Earnings Formula shall be reduced to reflect the Actuarial Equivalent value of amounts previously paid to the Member as in- service payments; and
	 
	
(b)	
the Member’s benefit determined under the Cash Balance Formula will be adjusted, if appropriate, in each calendar year beginning after the Member’s Annuity Starting Date, to reflect changes in his Normal Retirement
Benefit resulting from adjustments to the Member’s Cash Balance Account for the next preceding calendar year.

4.6 Transfer of Employment

In
the case of a Member who transfers from employment with an Employer to a nonparticipating
Affiliated Company, he shall not earn Creditable Service for Anniversary Years
during which the Member is employed by the nonparticipating Affiliated Company
nor shall the Member’s Earnings be recognized with respect to such period. No Annual Pay Credits shall be made to the Member’s Cash Balance Account with respect to the period of such Member’s
employment with a nonparticipating Affiliated Company, however, such Member’s
Cash Balance Account shall continue to be credited with Interest Credits during
such period until the end of the month prior to the month in which payment under
the Plan commences. 

22

Article 5. Effect of Continued Employment or Reemployment on Retirement Benefits 

5.1 Reemployment After a Member’s Annuity Starting Date 

In
the case of a Member who is reemployed by an Employer or an Affiliate after he
has received or begun to receive a benefit under the Plan, such Member’s participation in the Plan shall resume as of the date of such
Member’s reemployment and benefit payments under the Plan shall be suspended during the period of his reemployment with respect to benefits accrued prior to such reemployment. The amount of the Member’s Cash Balance Account attributable to
the Member’s previous employment shall be equal to $0 upon such Member’s
reemployment and a new Cash Balance Account shall be established with respect
to such Member which shall reflect Annual Pay Credits for periods after reemployment
and related Interest Credits. 

5.2 Reemployment Before a Member’s Annuity Starting Date 

In
the case of a Member who is reemployed by an Employer or an Affiliate before
he has begun to receive a benefit, such Member’s participation in the Plan shall resume as of the date of such Member’s
reemployment, provided, however, that any benefits accrued by a Member who is
reemployed on or after January 1, 2002 shall be determined under the Cash Balance
Formula, pursuant to Section 4.1(c). 

5.3 Reemployment or Continuation of Employment After a Member’s Normal Retirement Date 

In
the case of a Member who is reemployed by an Employer or an Affiliate after his
Normal Retirement Date or who remains employed by an Employer or an Affiliate
after his Normal Retirement Date— 

	
(a)     	
no benefits shall be paid under the Plan for any month in which he is compensated for 40 or more Hours of Service;
	 
	
(b)	
for periods of employment or reemployment described in subsection (a) above, Department of Labor regulation section 2530.203-3, including the notice procedures described in Section 5.4, shall be followed; and
	 
	 	
(1)     	
benefits paid after a subsequent Break in Service shall not be adjusted on account of payments suspended during periods of employment or reemployment.

5.4 Suspension of Benefits Notice Procedures 

In
the case of a Member whose benefits are to be suspended after Normal Retirement
Age as a result of such Member’s continuation of employment with an Employer
or an Affiliate, the Retirement Committee shall notify the Member of any such
suspension by personal delivery or first class mail during the first calendar
month for which payments are withheld. Such notice shall contain— 

	
(a)     	
a general description of the reasons why payments are suspended;
	 
	
(b)	
a general description of the Plan provisions relating to the suspension of benefits;
	 

23

	
(c)     	
a copy of such Plan provisions;
	 
	
(d)	
a statement that applicable Department of Labor regulations may be found in section 2530.203-3 of the Code of Federal Regulations; and
	 
	
(e)	
a statement that a review of the suspension may be requested under the claims procedure found in Section 11.10.

If the summary plan description (“SPD”) contains information which is substantially the same as the information required by this section, the notification may refer the Member to the relevant pages of the SPD, provided
that the Member is informed as to how to obtain a copy of the SPD or the relevant pages, and that requests for information are honored within 30 days. 

Article 6. Form of Payment of Retirement Benefits

6.1 Automatic Form of Payment

Subject
to Sections 6.2 through 6.5, a Member’s benefit shall be paid in the form
of a Single Life Annuity (in the case of unmarried Member) and in the form of
an Automatic Joint and Surviving Spouse Annuity (in the case of married Members)
commencing on the date determined under the provisions of Article 4. 

6.2 Automatic Joint and Surviving Spouse Annuity 

	
(a)     	
General Rule. The benefit of a Member who has been married to his Spouse throughout the one-year period immediately preceding his Annuity Starting Date and who is entitled to receive monthly
annuity payments under the Plan shall be payable in the form of an Automatic Joint and Surviving Spouse Annuity (as defined below), unless he has elected otherwise in accordance with Section 6.2(c).
	 
	
(b)	
Definition. “Automatic Joint and Surviving Spouse Annuity” shall mean an annuity that is the Actuarial Equivalent of a Single Life Annuity, provides a reduced level monthly benefit to the
Member for his lifetime, and upon the Member’s death, provides an annuity for the life of his surviving Spouse in a monthly amount equal to 50% of the monthly amount payable to the Member during his life.”
	 
	
(c)	
Election Procedures.  
	 
	 	
(1)     	
General Rule. A married Member
may elect in writing, on a form supplied by the Retirement Committee, to waive
the Automatic Joint and Surviving Spouse Annuity, and to receive his benefits
in the  form of a Single Life Annuity or in accordance with an optional form
of payment described in Section 6.3. Any election by a Member pursuant to this
Section 6.2(c)(1) must be filed with the Retirement Committee within the election
period described in  Section 6.2(c)(5). For such an election to be effective—
	 
	 	 	
(A)      the Member’s Spouse must consent in writing to such election;
	 

24

	         	 	
(B)	
such election must state the optional form of payment under Section 6.3 which is elected;
	 
	 	 	
(C)	
such election must designate a Beneficiary (if applicable);
	 
	 	 	
(D)	
the Member’s Spouse must acknowledge the financial consequences of such consent; and
	 
	 	 	
(E)	
such Spouse’s consent must be witnessed by a Plan representative or a notary public.
	 
	 	
(2)     	
Exception to Consent Requirement. The consent of a Member’s Spouse shall not be required where—
	 
	 	 	
(A)     	
the Member has elected the form of payment described in Section 6.3(d) and the Spouse is the Beneficiary thereunder;
	 
	 	 	
(B)	
the Retirement Committee determines that the required consent cannot be obtained because there is no Spouse or the Member’s Spouse could not be located;
	 
	 	 	
(C)	
the Retirement Committee determines that the Member is legally separated;
	 
	 	 	
(D)	
the Retirement Committee determines that the Member has been abandoned within the meaning of local law and there is a court order to that effect.
	 
	 	
(3)	
Revocation and Modification. An election by a Member, pursuant to Section 6.2(c)(1), to waive an Automatic Joint and Surviving Spouse Annuity may be revoked by the Member, in writing, without the
consent of his Spouse at any time during the election period. Any subsequent election by a Member to waive an Automatic Joint and Surviving Spouse Annuity or any subsequent modification of a prior election (other than a revocation of a waiver of an
Automatic Joint and Surviving Spouse Annuity or a change in the form of payment or designation of Beneficiary where there is in effect a valid general consent with respect to the form of payment or designated Beneficiary (whichever is applicable))
must comply with the requirements set forth in Section 6.2(c)(1) above. A Spouse’s consent shall be considered a “general consent” if the following requirements are satisfied—
	 
	 	 	
(A)	
the consent permits the Member to waive the Automatic Joint and Surviving Spouse Annuity;
	 
	 	 	
(B)	
the consent permits the Member to change the optional form of benefit payment and/or the designated Beneficiary without any requirement of further consent by the Spouse; and
	 
	 	 	
(C)	
the Spouse acknowledges in the consent that—
	 

25

	                             	
(i)	
the Spouse has the right to limit consent to a specific optional form of benefit and/or Beneficiary (as applicable), and
	 
	 	
(ii)     	
the Spouse voluntarily relinquishes either or both of such rights (as applicable).
	 

	 	 	 Notwithstanding any other provision of this
      Article 6 to the contrary, if, at any time subsequent to the Annuity Starting
      Date of a retirement benefit being paid to a Member in the form of an Automatic
      Joint and Surviving Spouse Annuity, the Plan receives a domestic relations
      order determined by the Retirement Committee pursuant to Section 14.3 to
      be a qualified domestic relations order under Code section 414(p), which
      order specifically provides that the Member’s former Spouse who is
      the Member’s contingent annuitant under the Automatic Joint and Surviving
      Spouse Annuity is no longer the Member’s contingent annuitant for
      purposes of survivor benefits under the Plan, the Automatic Joint and Surviving
      Spouse Annuity shall thereupon be cancelled. Upon such cancellation of
      the Automatic Joint and Surviving Spouse Annuity, the Member shall elect
      any form of payment as shall be available under the Plan to the Member
      at the time of the cancellation of the Automatic Joint and Surviving Spouse
      Annuity; provided, however, that the amount of the retirement benefit payable
      after the cancellation of the Automatic Joint and Surviving Spouse Annuity
      shall be the Actuarial Equivalent of the Member’s Accrued Benefit
      as of the Member’s Annuity Starting Date reduced to reflect the value
      of the benefits previously received by the Member in the form of the Automatic
    Joint and Surviving Spouse Annuity. 
	 	 	 
	         	
(4)     	
Validity of Spousal Consent. Any consent or election under this provision shall be valid only with respect to the Spouse who signs the consent or, if the Spouse’s consent is excused by the
Retirement Committee, the designated Spouse, but shall be irrevocable once made.
	 
	 	
(5)	
Election Period. For purposes of this Section 6.2, a Member’s “election period” shall be the 90-day period ending on the Member’s Annuity Starting Date; provided, however, that
if the written notification described in Section 6.2(d) is furnished to a Member on or after the Member’s Annuity Starting Date, then (i) the Member’s election period shall not end until 30 days after such notification is provided, and
(ii) distributions must commence to such a Member not more than 90 days after (or longer if distribution has not yet occurred by such 90th day solely for administrative reasons) such notification is provided (in which case the Annuity Starting Date
affirmatively elected by the Member shall be referred to as the “Retroactive Annuity Stating Date” and shall be deemed to have occurred on the date such Member’s Plan benefits first became payable). Notwithstanding any provision of
the Plan to the contrary, for purposes of the foregoing, Plan benefits shall only be provided based on a Retroactive Annuity Starting Date if all of the following conditions are satisfied:
	 
	 	 	
(A)     	
The Member affirmatively elects to use the Retroactive Annuity Starting Date.
	 

26

	 	 	(B)	 The Member’s Spouse, as
    of the time distributions actually commence (including an alternate payee
    who is treated as the Member’s Spouse under a qualified domestic relations
    order as defined in Code section 414(p)), consents to the Retroactive Annuity
    Starting Date election in a manner that satisfies the spousal consent requirements
    set forth herein. However, such spousal consent is not required where the
    amount of such Spouse’s survivor annuity payments using the Retroactive
    Annuity Starting Date are no less than the amount that the survivor payments
    to such Spouse would have been under an optional form of benefit that would
    satisfy the requirements to be a “qualified joint and survivor annuity” under
    Code section 417(b) and has an annuity starting date after the date that
    the notification was provided.
	 
	 	 	
(C)	
The distribution (including appropriate interest rate adjustments) to the Member provided based on the Retroactive Annuity Starting Date would satisfy the requirements of Code section 415, if the date the distribution commences is
substituted for the Annuity Starting Date for all purposes, including for purposes of determining the applicable interest rate and mortality table; provided, however, that such requirement is not applicable in the case of a distribution that
commences 12 months or less from the Retroactive Annuity Starting Date, unless the form of benefit is a form of benefit subject to the valuation rules of Code section 417(e)(3).
	 
	 	 	
(D)     	
Future periodic payments with respect to a Member who elects a Retroactive Annuity Starting Date are the same as the future periodic payments, if any, that would have been paid to such Member had payments actually commenced on the
Retroactive Annuity Starting Date. In addition, in the case of a form of benefit that would have been subject to Code section 417(e)(3) if distributions had commenced as of the Retroactive Annuity Starting Date, the distribution must be no less than
the benefit produced by applying the applicable interest rate and the applicable mortality table determined as of the date the distribution commences to the annuity form that corresponds to the annuity form that was used to determine the benefit
amount as of the Retroactive Annuity Starting Date. In the case of either future periodic payments described in the first sentence of this subsection (D) or payments subject to Code section 417(e)(3) described in the second sentence of this
subsection (D), the Member must receive a make-up amount to reflect any missed payments, with an appropriate adjustment for interest, at a rate of interest equal to the applicable interest rate for one-year Treasury-Bills plus 1%, compounded
monthly, from the date the payments would have been made to the date payments actually commenced.
	 
	
(d)     	
Notification. With regard to an election, the Retirement Committee shall provide each Member within the notice period described below, a written explanation of—
	 
	 	
(1)     	
the terms and conditions of the Automatic Joint and Surviving Spouse Annuity;
	 

27

	         	
(2)     	
the Member’s right to make, and the effect and financial consequences of, a waiver of the Automatic Joint and Surviving Spouse Annuity;
	 
	 	
(3)	
the relative values of the various optional forms of benefit under the Plan;
	 
	 	
(4)	
the financial effect of electing an optional form of benefit under the Plan;
	 
	 	
(5)	
any other material features of the various optional forms of benefit under the Plan;
	 
	 	
(6)	
the rights of the Member’s Spouse regarding a waiver of the Automatic Joint and Surviving Spouse Annuity; and
	 
	 	
(7)	
the right of the Member to revoke a prior waiver of the Automatic Joint and Surviving Spouse Annuity and the effect and financial consequences of such a revocation.

For purposes of this Section 6.2(d), the “notice period” shall be the 60-day period beginning 90 days prior to the Annuity Starting Date; provided, however, that the Retirement Committee may establish uniform procedures
to permit a Member with any applicable spousal consent to waive the 30-day period for notice and/or election if the distribution commences more than 7 days after the notification is provided. 

6.3 Other Optional Forms of Payment

	
(a)     	
In General.  
	 
	 	
(1)     	
The optional forms of payment described in Section 6.3(b),
(d) and (e) shall not be available to a Member whose Severance From Service Date
occurs prior to the date as of which the Member satisfies the requirements of
Sections  4.2(b)(2)(A) and (B). Notwithstanding the foregoing, a Member whose
Retirement Benefit is determined under the Cash Balance Formula may receive payment
of his vested Retirement Benefit in the form of a lump sum payment pursuant to
Section 6.3(b).
	 
	 	
(2)	
Subject to Sections 6.1, 6.2 and 6.3(a)(1), a Member may elect in writing to receive his benefit under Section 4.1, 4.2, 4.3, or 4.4 in any optional form of payment described in this section. An optional form of payment shall be
the Actuarial Equivalent of the benefit payable to the Member as a Single Life Annuity, except in the case of a Retirement Benefit determined under the Cash Balance Formula that is paid in the form of a lump sum, which lump sum payment shall be in
the amount determined pursuant to Section 2.1(b)(1)(A). An election by an unmarried Member to receive payment of his benefit in an optional form shall be valid only if he is furnished with an explanation of the material features and relative values
of the optional forms of benefit within the notice period described in Section 6.2(d).
	 
	
(b)	
Lump Sum Option.  
	 
	 	
(1)	
With respect to a Retirement Benefit determined under the Career Earnings Formula, a Member may elect to receive his Retirement Benefit in the form of a
	 

28

	 	 	
lump sum payment; provided, however, that (A) the election to receive such lump sum payment must be made by the Member prior to the Member’s Severance from Service Date, and (B) the Annuity Starting Date of such lump sum
payment may not be deferred beyond the Annuity Starting Date next following or coincident with the Member’s Severance from Service Date. Such lump sum benefit shall be the Actuarial Equivalent of the Member’s Accrued Benefit on the
Member’s Annuity Starting Date.
	 
	 	(2)     	
 With respect to a Retirement Benefit determined under the
Cash Balance Formula, a Member may elect to receive his Retirement Benefit in
the form of a lump sum payment which lump sum payment shall be equal to the amount
credited to his Cash Balance Account as of the last day of the month next preceding
his Annuity Starting Date.
	 
	
(c)     	
Single Life Annuity Options. A Member may elect to receive an annuity providing equal monthly payments for the lifetime of the Member with no survivor benefits.
	 
	
(d)	
Joint and Contingent Annuity Option. A Member may elect an annuity providing reduced equal monthly payments for his lifetime, with monthly payments to continue for the lifetime of his Beneficiary
in an amount equal to 50% or 100% of the monthly amount payable during the Member’s lifetime.
	 
	
(e)	
Level Income Option. If the
Member’s benefit is to commence prior to the Member’s Normal Retirement
Date, the Member may elect to convert the Retirement Benefit otherwise payable
to him  into a Retirement Benefit of an Actuarial Equivalent value of such amount
so that with his expected Social Security benefit, he will receive, so far as
possible, the same amount each year before and after such expected Social Security
benefit  commences. A Member whose Retirement Benefit commences before he reaches
age 62 may elect the Level Income Option based on his Social Security benefit
as of age 62 or his Social Security benefit as of age 65. A Member whose Retirement
Benefit commences after he reaches age 62 may only elect the level income option
based on his Social Security benefit as of age 65. Monthly payments shall terminate
upon the death of the Member unless the Member elected the Level Income Option
in conjunction with the Automatic Joint and Surviving Spouse Annuity or the Joint
and Contingent Annuity Option described in Section 6.3(d), in which event payments
shall continue pursuant to such election if the Member’s Spouse or Beneficiary,
as applicable, survives the Member.

6.4 Distribution Requirements

	
(a)     	
General Rule. Notwithstanding anything in Sections 6.1 through 6.3 to the contrary, and unless the Member otherwise elects in writing, distribution to such Member shall not commence later than the
sixtieth day after the close of the Plan Year in which occurs the latest of the following events:
	 
	 	
(1)      the Member attains age 65;
	 

29

	 	
(2)	
the Member attains the tenth anniversary of the date on which he became a Member under the Plan; or
	 
	 	
(3)     	
the Member’s Break in Service.
	 
	
(b)     	
Latest Allowable Commencement Dates.  
	 
	 	
(1)	
General. Notwithstanding anything in the Plan to the contrary, all distributions will comply with Article 6-A.
	 
	 	
(2)	
Basic Rule. Subject to Article 6-A and notwithstanding anything contained in Sections 6.1 through 6.3 to the contrary, any Member who is a five percent owner (as such term is defined in Code
section 416(i)(1)(B)(i)), with respect to the Plan Year ending with or within the calendar year in which he attains age 701⁄2, shall commence to receive Retirement Benefit payments no later than April 1 following the close of the calendar year
in which age 701⁄2 is attained. Retirement Benefit payments to any other Member shall commence no later than April 1 of the calendar year following the later of (1) the calendar year in which such Member attains age 701⁄2 or (2) the
calendar year in which such Member Severance from Service Date occurs.
	 
	 	 	
With respect to a Member other than a five percent owner (as such term is defined in Code section 416(i)(1)(B)(i)) whose Severance from Service Date occurs subsequent to April 1 of the close of the calendar year in which the
Member attains age 701⁄2 and whose Retirement Benefit is determined under the Career Earnings Formula, the Retirement Benefit of such a Member shall be actuarially adjusted. Such actuarially adjusted Retirement Benefit shall be equal to the
Actuarial Equivalent, as of the Member’s Annuity Starting Date, of:
	 
	 	 	
     (A)     	
the Member’s Retirement Benefit determined as of the April 1 following the close of the calendar year in which the Member attained age 701⁄2; plus
	 
	 	 	
     (B)	
any additional Retirement Benefits accrued by the Member during the period beginning on the April 1 following the close of the calendar year in which the Member attained age 701⁄2 and ending on the Member’s Severance
from Service Date; minus
	 
	 	 	
     (C)	
any distributions made to the Member prior to the Member’s Annuity Starting Date.
	 
	 	 	
For purposes of this Section 6.4(b)(2), the actuarial equivalent value of a Member’s Retirement Benefit as of the Member’s Annuity Starting date shall be determined by using the actuarial assumptions contained in Section
2.1(b)(2).
	 
	
(c)	
No Change in Form of Payment After Annuity Starting Date. Except as may otherwise be permitted in Section 6.2(c)(3), a Member may not change the form of benefit payment elected pursuant to this
Article 6 for any reason following the Member’s Annuity Starting Date.
	 

30

6.5 Amounts Not Exceeding $1,000

Notwithstanding
the foregoing provisions of this Article 6, if the Actuarial Equivalent present
value of a Member’s vested benefits payable under the Plan (including a benefit payable in a form as described in Section 6.2),
determined as of the first day of the Plan Year immediately following the Plan Year in which the Member’s Severance from Service Date occurs, does not exceed $5,000 ($1,000, effective March 28, 2005), the Retirement Committee shall
cause such Member’s vested benefits to be paid to him in a single lump-sum
payment of Actuarial Equivalent value as soon as practicable thereafter. Payment
of such lump sum shall relieve the Plan of all obligations to the Member. In
the event a Member is not entitled to any Retirement Benefit at his Severance
from Service Date pursuant to Section 4.2(a), he shall be deemed cashed out under
the provisions of this Section 6.5 as of his Severance from Service Date. However,
if such Member is subsequently reemployed by the Employer or an Affiliated Company,
his Retirement Benefit shall be automatically restored. 

6.6 Designation of Beneficiary

Subject
to the provisions of Sections 6.2 through 6.5, 7.1 and 7.2, each Member who is
accruing benefits under the Cash Balance Formula may designate a Beneficiary,
including a trust or an estate, to whom survivor’s benefits
under Article 7 are to be paid upon the Member’s death. Each such designation shall be made on a form provided by the Retirement Committee, shall be effective only when filed in writing with the Retirement Committee, and shall revoke, subject
to the provisions of Section 6.2, all prior designations. If no Beneficiary is designated, if a designation is revoked, or if no designated Beneficiary survives the Member, the applicable benefit, if any, shall be payable to the Member’s
surviving Spouse or, if there is no surviving Spouse, to the Member’s estate,
except as provided in Section 6.7. 

6.7 Death of Beneficiary Prior to Member’s Separation from Service Date 

If
the Beneficiary designated by the Member to receive survivor benefits described
in Section 6.3(d) dies prior to the Member’s Severance from Service Date,
the election under Section 6.3 shall be void, and benefits shall be payable under
Section 6.1 or 6.2, as applicable, unless and until another Beneficiary is formally
designated by the Member pursuant to Section 6.6. 

6.8 Optional Direct Rollovers of Eligible Rollover Distributions 

	
(a)     	
In General. Notwithstanding any provision of the Plan to the contrary, a “Distributee” may elect to have any portion (subject to the limitations provided below of an “Eligible
Rollover Distribution” paid directly to an “Eligible Retirement Plan” specified by the “Distributee” in a “Direct Rollover” to the extent permitted by Code section 401(a)(31) and applicable Treasury regulations
thereunder. Terms in quotation marks are defined in Section 6.8(b).
	 
	
(b)	
Definitions.  
	 
	 	
(1)     	
“Direct Rollover” means a payment by the Plan to an Eligible Retirement Plan, in the form of a direct trustee to trustee transfer, as specified by the Distributee.
	 
	 	
(2)	
“Distributee” means each of the following persons who may elect a Direct Rollover of an Eligible Rollover Distribution of the Member’s Retirement Benefit;
	 

31

	 	 	(A)     	  the Member;
	 
	 	 	 (B)	 the Member’s Beneficiary, if the Beneficiary
    was married to the Member on the date of his death; and
	 
	 	 	
(C)	
an alternate payee under a qualified domestic relations order, as defined in Code section 414(p), if that person is the Spouse or former Spouse of the Member.
	 
	 	
(3)     	
“Eligible Retirement Plan” means a qualified plan described in Code section 401(a), provided that the terms of such qualified plan permit acceptance of the Distributee’s Eligible
Rollover Distribution, an annuity plan described in Code section 403(a), an annuity contract described in Code section 403(b), an individual retirement account described in Code section 408(a), an individual retirement annuity described in Code
section 408(b), or an eligible plan under Code section 457(b) which is maintained by a state, political subdivision of a state, or an agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for
amounts transferred into such plan from the Plan. However, in the case of an Eligible Rollover Distribution to the surviving Spouse, an “Eligible Retirement Plan” is an individual retirement account or an individual retirement annuity, as
such terms are defined in the preceding sentence.
	 
	 	
(4)	
“Eligible Rollover Distribution” means any distribution of all or any portion of the Retirement Benefit payable to the Distributee except that an “Eligible Rollover
Distribution” does not include:
	 
	 	 	
(A)	
any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Distributee or the joint lives (or joint life expectancies) of the
Distributee or the Distributee’s designated Beneficiary, or for a specified period of 10 years or more;
	 
	 	 	
(B)	
any distribution to the extent such distribution is required under Code section 401(a)(9); and
	 
	 	 	
(C)	
the portion of any distribution that is not includible in gross income.
	 
	
(c)     	
No amount shall be directly rolled over pursuant to this Section 6.8 unless and until it would otherwise be distributed to the Distributee and all consents and written elections required to make the distribution have been
obtained. Nothing in this Section 6.8 shall be construed to alter the normal or optional forms of payment of the Retirement Benefit available under the Plan.
	 
	
(d)	
The Retirement Committee shall provide notice to each Distributee who will receive an Eligible Rollover Distribution of the Distributee’s right to elect a Direct Rollover in accordance with Code section 401(a)(31). The
Retirement Committee shall provide such notice at the time and in the manner required by regulations.
	 

32

	
(e)     	
The Distributee shall notify the Retirement Committee in writing by such deadline as the Retirement Committee shall prescribe whether or not he wishes to have any part of the Eligible Rollover Distribution directly rolled over. If
the Distributee fails to elect a Direct Rollover by the deadline established by the Retirement Committee, then the entire amount of the Eligible Rollover Distribution shall be distributed or paid directly to the Distributee as otherwise provided in
the Plan.
	 
	
(f)	
A Distributee may elect that the lowest of the following amounts shall be directly rolled over:
	 
	 	
(1)     	
The entire amount of the Eligible Rollover Distribution; or
	 
	 	
(2)	
Such portion of the Eligible Rollover Distribution as the Distributee specifies (in accordance with rules established by the Retirement Committee), provided that the amount directly rolled over is not less than $200 or such
higher amount as the Retirement Committee may prescribe in accordance with applicable Treasury regulations.
	 
	 	
Notwithstanding the foregoing provisions of this Section 6.8(f), a Distributee may not elect a Direct Rollover with respect to his Eligible Rollover Distributions during the year if such Eligible Rollover Distributions are
reasonably expected to total less than $200.
	 
	
(g)	
A Member may elect to have a direct rollover made with respect to a portion of his distribution, provided the amount of the partial direct rollover equals at least $500.
	 
	
(h)	
The Distributee may only request a Direct Rollover to one Eligible Retirement Plan with respect to any Eligible Rollover Distribution.
	 
	
(i)	
No amount will be directly rolled over pursuant to this Section 6.8 unless the Distributee provides the Retirement Committee, by such deadline as the Retirement Committee shall prescribe, such information as it shall
require—
	 
	 	
(1)	
to determine that the amount directly rolled over will be received by an Eligible Retirement Plan that will accept the Direct Rollover; and
	 
	 	
(2)	
to make the Direct Rollover and make such reports and keep such records as are required under applicable law.
	 
	 	
  The Retirement Committee may rely on all such information provided by the Distributee and shall not be required to verify any such information.
	 
	
(j)	
The Retirement Committee shall select the manner in which to make the Direct Rollover.
	 
	
(k)	
Any amount directly rolled over in accordance with this Section 6.8 shall be a distribution from this Plan and shall discharge any liability to the Distributee under this Plan to the same extent as a payment directly to the
Distributee.
	 

33

Article 6-A. Minimum Distribution Requirements

6-A.1 General Rules

	
(a)     	
Effective Date. The provisions of this Article 6-A will apply for purposes of determining required minimum distributions for calendar years beginning with the 2003 calendar year.
	 
	
(b)	
Precedence. The requirements of this Article 6-A will take precedence over any inconsistent provisions of the Plan.
	 
	
(c)	
Requirements of Treasury Regulations Incorporated. All distributions required under this Article 6-A will be determined and made in accordance with the Treasury regulations under Code section
401(a)(9).
	 
	
(d)	
TEFRA Section 242(b)(2) Elections. Notwithstanding the other provisions of this Article 6-A, distributions may be made under a designation made before January 1, 1984, in accordance with section
242(b)(2) of the Tax Equity and Fiscal Responsibility Act (“TEFRA”) and the provisions of the Plan that relate to section 242(b)(2) of TEFRA.

6-A.2 Time and Manner of Distribution

	
(a)     	
Required Beginning Date. The Member's entire interest will be distributed, or begin to be distributed, to the Member no later than the Member's Required Beginning Date.
	 
	
(b)	
Death of Member Before Distributions Begin. If the Member dies before distributions begin, the Member's entire interest will be distributed, or begin to be distributed, no later than as
follows:
	 
	 	
(1)     	
If the Member's surviving Spouse is the Member's sole Designated Beneficiary, then distributions to the surviving Spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Member
died, or by December 31 of the calendar year in which the Member would have attained age 70 1/2, if later.
	 
	 	
(2)	
If the Member's surviving Spouse is not the Member's sole Designated Beneficiary, then distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the
Member died.
	 
	 	
(3)	
If there is no Designated Beneficiary as of September 30 of the year following the year of the Member's death, the Member's entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary
of the Member's death.
	 
	 	
(4)	
If the Member's surviving Spouse is the Member's sole Designated Beneficiary and the surviving Spouse dies after the Member but before distributions to the surviving Spouse begin, this Section 6-A.2(b), other than Section
6-A.2(b)(1), will apply as if the surviving Spouse were the Member.
	 

34

	 	
For purposes of this Section 6-A.2(b), distributions are considered to begin on the Member's Required Beginning Date (or, if Section 6-A.2(b)(4) applies, the date distributions are required to begin to the surviving Spouse under
Section 6-A.2(b)(1)). If annuity payments irrevocably commence to the Member before the Member's Required Beginning Date (or to the Member's surviving Spouse before the date distributions are required to begin to the surviving Spouse under Section
6-A.2(b)(1)), the date distributions are considered to begin is the date distributions actually commence.
	 
	
(c)     	
Form of Distribution. Unless the Member's interest is distributed in the form of an annuity purchased from an insurance company or in a single lump sum on or before the Required Beginning Date, as
of the first Distribution Calendar Year distributions will be made in accordance with Sections 6-A.3, 6-A.4 and 6-A.5. If the Member's interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder
will be made in accordance with the requirements of Code section 401(a)(9) and the Treasury regulations thereunder.

6-A.3. Determination of Amount to be Distributed Each Year

	
(a)     	
General Annuity Requirements. If the Member's interest is paid in the form of an annuity distribution under the Plan, payments under the annuity must satisfy the following requirements:
	 	 	 	 
	 	(1)     	 the annuity distributions will be paid in
    periodic payments made at intervals not longer than one year;
	 	 	 
	 	
(2)	
the distribution period will be over a life (or lives) or over a period certain not longer than the period described in Section 6-A.4 or 6-A.5;
	 
	 	
(3)	
once payments have begun over a period certain, the period certain may only be changed as follows:
	 
	 	 	
(A)     	
the modification occurs at the time that the Member retires or in connection with a Plan termination;
	 
	 	 	
(B)	
the payments prior to modification are paid over a period certain without life contingencies; or
	 
	 	 	
(C)	
the payments after modification are paid under an Automatic Joint and Surviving Spouse Annuity over the joint lives of the Member and a Designated Beneficiary, the Member’s Spouse is the sole Designated Beneficiary, and the
modification occurs in connection with the Member becoming married to such Spouse;
	 
	 	 	
  provided, however, that in order to modify a stream of annuity payments in accordance with the foregoing, the following conditions must be satisfied: (i) the future payments under the modified stream must satisfy Code section
401(a)(9) as though payments first commenced on a new annuity starting date, treating the actuarial value of the remaining payments as the Member’s entire interest; (ii) for
	 

35

	 	 	
purposes of Code sections 415 and 417, the modification is treated as a new annuity starting date; (iii) after taking into account the modification, the annuity stream satisfies Code section 415 (determined at the original Annuity
Starting Date, using the interest rates and mortality tables applicable to such date); and (iv) the end point of the period certain, if any, for any modified payment period is not later than the end point available under Code section 401(a)(9) to
the Member at the original Annuity Starting Date; and
	 
	         	
(4)     	
payments will either be non-increasing or increase only in accordance with one or more of the following:
	 
	 	 	
(A)     	
by an annual percentage increase that does not exceed the annual percentage increase in an Eligible Cost-of-Living Index for a 12-month period ending in the year during which the increase occurs or the prior year;
	 
	 	 	
(B)	
by a percentage increase that occurs at specified times and does not exceed the cumulative total of annual percentage increases in an Eligible Cost-of- Living Index since the Annuity Starting Date, or if later, the date of the
most recent percentage increase; provided, however, that in cases providing such a cumulative increase, an actuarial increase may not be provided to reflect the fact that increases were not provided in the interim years;
	 
	 	 	
(C)	
to the extent of the reduction in the amount of the Member's payments to provide for a survivor benefit upon death, but only if the Beneficiary whose life was being used to determine the distribution period described in Section
6-A.4 dies or is no longer the Member's Beneficiary pursuant to a qualified domestic relations order within the meaning of Code section 414(p);
	 
	 	 	
(D)	
to pay increased benefits that result from a Plan amendment;
	 
	 	 	
(E)	
to allow a Beneficiary to convert the survivor portion of an Automatic Joint and Surviving Spouse Annuity into a single sum distribution upon the Member’s death; or
	 
	 	 	
(F)	
with respect to annuity payments paid under the Plan (other than annuity payments under an annuity contract purchased from an insurance company), the payments are increased by one of the following: (i) a constant percentage,
applied not less frequently than annually, at a rate that is less than 5% per year; (ii) to provide a final payment upon the death of the Member that does not exceed the excess of the actuarial present value of the Member’s accrued benefit
(within the meaning of Code section 411(a)(7)) calculated as the annuity starting date using the applicable interest rate and the applicable mortality table under Code section 417(e) over the total payments before the death of the Member); or (iii)
as a result of dividend payments or other payments that result from actuarial gains, but only if (a) actuarial gain is measured no less frequently than annually; (b) the resulting dividend payments or other payments are either paid no later than the
year following the year for which the actuarial experience is measured or paid in the same
	 

36

	                             	form as the payment of the annuity over the remaining
        period of the annuity (beginning no later than the year following the
        year for which the actuarial experience is measured); (c) the actuarial
        gain taken into account is limited to actuarial gain from investment
        experience; (d) the assumed interest used to calculate such actuarial
        gains is not less than 3%; and (e) the payments are not increasing by
    a constant percentage as set forth in (i) above. 
	 	 

	
(b)     	
Amount Required to be Distributed by Required Beginning
Date. The amount that must be distributed on or
before the Member's Required Beginning Date (or, if the Member dies before distributions
 begin, the date distributions are required to begin under section 6-A.2(a) or
6-A.2(b)) is the payment that is required for one payment interval. The second
payment need not be made until the end of the next payment interval even if that
payment interval ends in the next calendar year. Payment intervals are the periods
for which payments are received, e.g., bi-monthly, monthly, semi-annually, or
annually. All of the Member's benefit accruals as of the last day of the first
Distribution Calendar Year will be included in the calculation of the amount
of the annuity payments for payment intervals ending on or after the Member's
Required Beginning Date.
	 
	
(c)	
Additional Accruals After First Distribution Calendar Year. Any additional benefits accruing to the Member in a calendar year after the first Distribution Calendar Year will be distributed
beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount accrues; provided, however, that any such additional benefits may be disregarded if the actuarial present value of the
additional benefits is not more than 20% of the Member’s interest in the annuity as set forth in Section 6-A.3(a) and the annuity provides only for the following additional benefits (1) additional benefits that, in the case of a distribution,
are reduced by an amount sufficient to ensure that the ratio of such sum to the Member’s interest in the annuity does not increase as a result of the distribution, and (2) an additional benefit that is the right to receive a final payment upon
death that does not exceed the excess of the premiums paid less the amount of prior distributions; provided, further that if the only additional benefit provided under the annuity is the additional benefit set forth in (2) above, the additional
benefit may be disregarded regardless of its value in relation to the dollar amount credited to the Member under the annuity.

6-A.4 Requirements For Annuity Distributions That Commence During Member's Lifetime 

	
(a)     	
Joint Life Annuities Where the Beneficiary Is Not the Member's Spouse. If the Member's interest is being distributed in the form of an Automatic Joint and Surviving Spouse Annuity for the joint
lives of the Member and a non-spouse Beneficiary, annuity payments to be made on or after the Member's Required Beginning Date to the Designated Beneficiary after the Member's death must not at any time exceed the applicable percentage of the
annuity payment for such period that would have been payable to the Member using the table set forth in Q&A-2 of section 1.401(a)(9)-6 of the Treasury regulations. If the form of distribution combines an Automatic Joint and Surviving Spouse
Annuity for the joint lives of the Member and a non-spouse Beneficiary and a period certain annuity, the requirement in the preceding sentence will
	 

37

	 	
apply to annuity payments to be made to the Designated Beneficiary after the expiration of the period certain.
	 
	
(b)     	
Period Certain Annuities. Unless the Member's Spouse is the sole Designated Beneficiary and the form of distribution is a period certain and no life annuity, the period certain for an annuity
distribution commencing during the Member's lifetime may not exceed the applicable distribution period for the Member under the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations for the calendar year that contains
the annuity starting date. If the annuity starting date precedes the year in which the Member reaches age 70, the applicable distribution period for the Member is the distribution period for age 70 under the Uniform Lifetime Table set forth in
section 1.401(a)(9)-9 of the Treasury regulations plus the excess of 70 over the age of the Member as of the Member's birthday in the year that contains the annuity starting date. If the Member's Spouse is the Member's sole Designated Beneficiary
and the form of distribution is a period certain and not a life annuity, the period certain may not exceed the longer of the participant's applicable distribution period, as determined under this Section 6-A.4(b), or the joint life and last survivor
expectancy of the Member and the Member's Spouse as determined under the Joint and Last Survivor Table set forth in section 1.401(a)(9)-9 of the Treasury regulations, using the Member's and Spouse's attained ages as of the Member's and Spouse's
birthdays in the calendar year that contains the annuity starting date.

6-A.5 Requirements For Minimum Distributions Where Member Dies Before Date Distributions Begin 

	
(a)     	
Member Survived by Designated Beneficiary. If the Member dies before the date distribution of his interest begins and there is a Designated Beneficiary, the Member's entire interest will be
distributed, beginning no later than the time described in Section 6- A.2(a) or (b), over the life of the Designated Beneficiary or over a period certain not exceeding:
	 
	 	
(1)     	
unless the annuity starting date is before the first Distribution Calendar Year, the Life Expectancy of the Designated Beneficiary determined using the Beneficiary's age as of the Beneficiary's birthday in the calendar year
immediately following the calendar year of the Member’s death; or
	 
	 	
(2)	
if the annuity starting date is before the first Distribution Calendar Year, the Life Expectancy of the Designated Beneficiary determined using the Beneficiary's age as of the Beneficiary's birthday in the calendar year that
contains the annuity starting date.
	 

	
(b)     	
No Designated Beneficiary. If the Member dies before the date distributions begin and there is no Designated Beneficiary as of September 30 of the year following the year of the Member's death,
distribution of the Member's entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Member's death.
	 

38

	
(c)     	
Death of Surviving Spouse Before Distributions to Surviving Spouse Begin. If the Member dies before the date distribution of his interest begins, the Member's surviving Spouse is the Member's sole
Designated Beneficiary, and the surviving Spouse dies before distributions to the surviving Spouse begin, this Section 6-A.5 will apply as if the surviving Spouse were the Member, except that the time by which distributions must begin will be
determined without regard to Section 6-A.2(a).

6-A.6 Definitions. For purposes of this Article 6-A, the following terms shall have the meanings set forth below unless otherwise expressly provided: 

	
(a)     	
“Designated Beneficiary.” The individual who is designated as the Beneficiary under Section 6.6 and is the designated beneficiary under Code section 401(a)(9)
and section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.
	 
	
(b)	
“Distribution Calendar Year.” A calendar year for which a minimum distribution is required. For distributions beginning before the Member's death, the first distribution calendar year is
the calendar year immediately preceding the calendar year which contains the Member's Required Beginning Date. For distributions beginning after the Member's death, the first distribution calendar year is the calendar year in which distributions are
required to begin pursuant to Section 6-A.2(b).
	 
	
(c)	
“Eligible Cost-of-Living Index.” Any of the following:
	 
	 	
(1)     	
A consumer price index that is based on prices of all items (or all items excluding food and energy) and issued by the Bureau of Labor Statistics.
	 
	 	
(2)	
A percentage adjusted based on a cost-of-living index described in Section 6- A.6(c)(1) above, or a fixed percentage if less. In any year when the cost-of-living index is lower than the fixed percentage, the fixed percentage may
be treated as an increase in an eligible cost-of-living index, provided it does not exceed the sum of (A) the cost-of-living index for that year, and (B) the accumulated excess of the annual cost-of-living index from each prior year over the fixed
annual percentage used in that year (reduced by any amount previously utilized under this Section 6-A.6(c)(2)).
	 
	
(d)	
“Life Expectancy.” Life expectancy as computed by use of the Single Life Table in section 1.401(a)(9)-9 of the Treasury regulations.
	 
	 	
(1)	
“Required Beginning Date.” The April 1st of the calendar year immediately following the later of: (i) the calendar year in
which the Member attains age 70 1⁄2, or (ii) the calendar year in which the Member retires; provided, however, that subsection (ii) hereof shall not apply in the case of a Member who is a 5% owner as defined in Code section 416 at any time
during the Plan Year ending with or within the calendar year in which such Member attains age 70 1⁄2.
	 

39

Article 7. Preretirement Death Benefits

7.1 Unmarried Member

In
the case of a Member who has no surviving Spouse and dies after having completed
at least five Years of Creditable Service but prior to his Annuity Starting Date,
his Retirement Benefit under the Cash Balance Formula shall be payable to his
Beneficiary in a single lump-sum cash distribution as soon as practicable following
the applicable date described in Section 7.2. Each unmarried Member may designate
a Beneficiary or Beneficiaries of his Cash Balance Account. The Member may, from
time to time during his lifetime, on a form approved by and filed with the Retirement
Committee, change the Beneficiary or Beneficiaries of his Cash Balance Account.
In the event that a Member fails to designate a Beneficiary or Beneficiaries
of his cash balance Account, or if for any reason such designation shall be legally
ineffective, or if all designated Beneficiaries predecease the Member or die
simultaneously with him, distribution shall be made to the Member’s
estate. In the case of the death of an unmarried Member before his Annuity Starting
Date, no benefit shall be payable under the Career Earnings Formula. 

7.2 Married Member

	
(a)     	
Automatic Preretirement Surviving Spouse Benefit. In
the case of a Member who has a surviving Spouse and dies prior to his Annuity
Starting Date, then the preretirement death benefit payable to  such Member’s
surviving Spouse shall be a Single Life Annuity. The amount of such Single Life
Annuity under the Cash Balance Formula shall be determined based on the Spouse’s
life and shall be the Actuarial Equivalent of the benefit that would have been
payable to the Member in the form of a lump-sum benefit determined on the date
of the Member’s death. Such preretirement surviving Spouse benefit shall
commence at the end of the month following the month in which the Member would
have attained his Normal Retirement Date or earlier, if the Spouse so elects.
The amount of such Single Life Annuity under the Career Earnings Formula shall
be determined as if (i) the Member’s Severance from Service Date had occurred
on the day immediately preceding his date of death (if he had not previously
incurred a Severance from Service Date); (ii) the Member had survived to the
day immediately preceding his earliest possible Annuity Starting Date; (iii)
the Member had elected to receive his retirement benefit in the form of an Automatic
Joint and Survivor Annuity pursuant to Section 6.2 and (iv) the Member died immediately
following such election. Such preretirement surviving Spouse benefit, payable
for the life of the surviving Spouse, shall commence at the end of the month
following the month in which the Member would have attained his Normal Retirement
Date or earlier, if the Spouse so elects, but not earlier than the date the Member
first would have reached age 55.
	 
	
(b)	
Lump-Sum Option. In lieu of an automatic preretirement surviving Spouse benefit under Section 7.2(a), a surviving Spouse may elect to receive a lump-sum benefit equal to the value of the
Member’s Cash Balance Account as of the last day of the month in which the Member’s death occurs, but not less than the amount determined in accordance with the factors in Section 2.1(b)(1).
	 
	
(c)	
Waiver of Preretirement Surviving Spouse Benefit. With respect to a Member’s Accrued Benefit attributable to the Cash Balance Formula, a married Member may waive
	 

40

	 	 the automatic preretirement
      surviving Spouse benefit in accordance with the provisions of this Section
    7.2(c). 
	 	 	 
	         	
(1)     	
Notice Requirements. The
Retirement Committee shall provide each Member with a written explanation with
respect to the automatic preretirement surviving Spouse benefit comparable to
that required  in Section 6.2, regarding the Automatic Joint and Surviving Spouse
Annuity, within whichever of the following periods that ends last: (A) the period
beginning on the first day of the Plan Year in which the Member attains age 32
and ending on the  last day of the Plan Year in which the Member attains age
34; (B) a reasonable period after an Employee becomes a Member; or (C) a reasonable
period after the joint and survivor rules become applicable to the Member. A
reasonable period described in  clauses (B) and (C) is the period beginning one
year before and ending one year after the applicable event. If the Member’s
Severance from Service Date is before the date the Member attains age 35, clauses
(A), (B) and (C) shall not apply and the Retirement Committee must provide the
written explanation within the period beginning one year before and ending one
year after the Member’s Severance from Service Date.
	 
	 	
(2)	
Election Period. A Member’s
waiver of the automatic preretirement surviving Spouse benefit is not valid unless
(A) the Member makes the waiver election no earlier than the first day of the
 Plan Year in which he attains age 35 and (B) the Member’s Spouse satisfies
 the consent requirements described in Section 7.2(c)(3). The Spouse’s consent
 to the waiver of the automatic preretirement surviving Spouse benefit shall
 be irrevocable, unless the Member revokes the waiver election. Irrespective
 of the time of election requirements described in clause (A) of the first sentence
 of this Section 7.2(c)(2), if the Member’s Severance from Service Date
 occurs prior to the first day of the Plan Year in which he attains age 35, the
 Retire- ment Committee will accept a waiver election with respect to the Member’s
 Retirement Benefit attributable to his service prior to his Severance from Service
 Date. Furthermore, if a Member who has not separated from service makes a valid
 waiver election, except for the timing requirement of clause (A) of the first
 sentence of this Section 7.2(c)(2), the Retirement Committee will accept that
 election as valid, but only until the first day of the Plan Year in which the
 Member attains age 35.
	 
	 	
(3)	
Elections. A Member may elect to waive the automatic preretirement surviving Spouse benefit or revoke such election at any time during the applicable election periods described in Section
7.2(c)(2)(A) and (B). An election shall only be given effect if (i) the Spouse of the Member consents in writing to such election, (ii) such election designates another Beneficiary or Beneficiaries to receive the death benefit in the form of a
lump-sum benefit which may not be changed without written spousal consent (or the consent of the Spouse expressly permits designations by the Member without the requirements of further consent by the Spouse), and (iii) the Spouse’s consent
acknowledges the effect of such election and such consent is witnessed by a Plan representative or a notary public. If it is established to the satisfaction of the Retirement Committee that a Member has no Spouse, that his Spouse may not be located,
or that such other circumstances as the Secretary of the
	 

41

	                  	Treasury may prescribe by regulations have occurred,
        then spousal consent shall not be required. Any spousal consent or lack
        of requirement of such consent shall only be effective with respect to
    such Spouse. 

7.3 Amounts Not Exceeding $1,000

Notwithstanding the foregoing provisions of this Article 7, if the Actuarial Equivalent value of a benefit payable under this Article does not exceed $5,000 ($1,000, effective March 28, 2005), such benefit shall be paid in
a single lump-sum payment of Actuarial Equivalent value as soon as practicable following the death of the Member. A Member’s surviving Spouse shall have the right to elect a Direct Rollover of a single lump-sum payment made pursuant to this
section, in accordance with Section 6.8. Any such election shall be subject to the limitations and requirements of Section 6.8 and Section 6.8 shall be applied as though the surviving Spouse were the Member. 

Article 8. Maximum Benefit Limitations 

8.1 General Rule

Notwithstanding
any provision of the Plan to the contrary, the annual Normal Retirement Benefit
payable to a Member under the Plan as a Single Life Annuity, an Automatic Joint
and Surviving Spouse Annuity, or a joint and contingent annuity option under
Section 6.3(d) where the surviving annuitant is the Member’s Spouse, commencing
at age 65, together with benefits payable in the same form under other qualified
defined benefit plans maintained by an Employer or an Affiliate, shall in no
event exceed the lesser of— 

	
(a)     	
$160,000, or such other amount as shall be determined by the Secretary of the Treasury under Code section 415(d) to reflect cost-of-living adjustments; or
	 
	
(b)	
100 percent of the Member’s average Limitation Earnings (as defined in Section 8.7(d)) for the three-consecutive Plan Years that produce the highest average, or during all of the Plan Years in which he was a Member if less
than three years.

If the benefit the Member otherwise would accrue in any Plan Year under the Plan and all such plans (if any) would produce a benefit in excess of such maximum amount, the rate of accrual under the Plan will be reduced to the
extent necessary to avoid such excess. The limitation amount, as described above, applicable to a Member who terminated his employment with an Employer or any Affiliates and who is, or will be, receiving Plan benefits shall automatically be adjusted
annually for increases in the cost of living. 

The Retirement Benefit of any Member whose Severance from Service Date occurred prior to January 1, 2002, and whose Retirement Benefit is currently limited as a result of the application of the limitations of Code section 415(b),
shall be increased, effective with respect to benefit payments made on and after January 1, 2002, to the amount of Retirement Benefit such Member would have received on his Annuity Starting Date had the limitations described herein been in effect on
the Member’s Annuity Starting Date. Notwithstanding the foregoing, any increase in the Retirement Benefit of a Member pursuant to this Section 8.1 will not apply with respect to any former Member who has received a distribution of his
Retirement Benefit in the form of a lump-sum payment and with respect to whom no additional Retirement Benefits are payable 

42

(without regard to any amount that would otherwise be payable to such Member pursuant to this Section 8.1). 

8.2 Adjustment for Other Forms of Payment 

In the case of benefits payable in a form other than a Single Life Annuity, an Automatic Joint and Surviving Spouse Annuity, or a joint and contingent annuity option under Section 6.3(d), the limitations of Section 8.1 shall be
applied to the amount which would be payable under the Plan in the form of a Single Life Annuity, and then converting such reduced benefit into the Actuarial Equivalent optional form. 

8.3 Adjustment for Benefits Commencing Before Age 62 

In
the case of benefits commencing before a Member’s attainment of age 62,
the applicable dollar limit under Section 8.1(a) shall be the Actuarial Equivalent
of the amount payable to the Member at age 62. 

8.4 Adjustment for Benefits Commencing After Age 65. 

In
the case of benefits commencing after the Member’s attainment of age 65,
the applicable dollar limit under Section 8.1(a) shall be the Actuarial Equivalent
amount determined as if the Member elected a Single Life Annuity benefit commencing
at age 65. 

8.5 Adjustment of Limitation for Years of Vesting Service 

	
(a)     	
Dollar Limitation. In the case of a Member whose aggregate years of participation in the Plan are fewer than ten, the applicable dollar limit under Section 8.1(a) shall be equal to the amount
otherwise applicable times the greater of—
	 
	 	
(1)     	
10 percent, or
	 
	 	
(2)	
a fraction, the numerator of which is the aggregate number (not in excess of ten) of years of participation in the Plan and the denominator of which is ten.
	 
	
(b)	
Earnings Limitation. In the case of a Member with fewer than ten Years of Creditable Service, the applicable limitation amount under Section 8.1(b) shall be equal to the amount otherwise applicable
times the greater of—
	 
	 	
(1)	
10 percent, or
	 
	 	
(2)	
a fraction, the numerator of which is the total number (not in excess of ten) of Years of Creditable Service credited to the Member, and the denominator of which is ten.

8.6 Limitation Year

For purposes of applying Code section 415 and applicable Treasury regulations, the limitation year for the Plan shall be the calendar year. 

8.7 Definitions 

For purposes of this Article 8,

43

	
(a)     	
“Annual Addition” shall mean the sum, credited to a Member’s accounts under all qualified defined contribution plans maintained by an Employer or an Affiliate (if any),
of—
	 
	 	
(1)     	
Employer contributions, including amounts made under cash or deferred arrange- ments described in Code section 401(k);
	 
	 	
(2)	
forfeitures;
	 
	 	
(3)	
Employee contributions;
	 
	 	
(4)	
amounts allocated to an individual medical benefit account (as defined in Code section 415(l)) which is part of any defined benefit plan maintained by an Employer or an Affiliate; and
	 
	 	
(5)	
amounts (derived from contributions paid after December 31, 1985, in taxable years ending after such date) attributable to post-retirement medical benefits allocated to the separate account of a Key Employee (as defined in Section
13.7(b)) under a welfare benefit fund (as defined in Code section 419(e)) maintained by an Employer or an Affiliate;
	 
	 	
provided, however, that Code section 415(c)(1)(B) shall not apply to any amount treated as an Annual Addition under paragraph (4) or (5) hereof. Restored forfeitures, repaid distributions, rollover contributions, and loan payments
shall not be treated as Annual Additions. Notwithstanding the foregoing, any contribution made after a Member’s termination of employment with the Company and its Affiliates for the purpose of providing medical care (within the meaning of Code
section 419A(f)(2)) shall not be treated as an Annual Addition.
	 
	
(b)	
“Limitation Earnings” shall mean the total of regular, overtime, bonus, and other cash compensation paid or made available to the Employee during the Plan Year, but not including amounts
deferred as a result of a salary reduction election under Code section 401(k) or deferrals under a plan maintained under Code section 125, and the items listed in Treasury regulation section 1.415-2(d)(2) (relating to deferred compensation, stock
options, and proceeds from the sale of certain securities). The limitation on Earnings contained in Section 2.1(s)(3) shall apply. Effective January 1, 1998, “Limitation Earnings” shall mean a Member’s “compensation” as
defined in Code section 415(c)(3), including any deferrals under Code section 401(k), 132(f)(4) or 125.
	 
	
(c)	
“Projected Annual Benefit” shall mean the annual benefit to which the Member would be entitled under the terms of the Plan and all other defined benefit plans maintained by an Employer or
an Affiliate, if the Member continued employment until his Normal Retirement Age (or current age, if later) and the Member’s Limitation Earnings (as defined in Section 8.7(b)) for the Plan Year and all other relevant factors used to determine
such benefit remained constant until Normal Retirement Age (or current age, if later).
	 

44

Article 9. Amendment and Termination

9.1 Amendment of the Plan

The
Board of Directors of the Company, in its sole and absolute discretion, hereby
reserves the right to amend, modify, or alter in any respect the Plan at any
time and from time to time and retroactively if deemed necessary or appropriate
for any reason whatsoever. Further, by adopting the Plan, an Employer hereby
delegates to the Board of Directors of the Company, the authority and the right
to amend or modify the Plan at any time. The Retirement Committee may make administrative
changes to the Plan to qualify or maintain the Plan as a plan meeting the requirements
of ERISA and Code section 401(a) and the Treasury regulations issued thereunder.

No amendment of the Plan shall cause any part of the Trust Fund to be used for
or diverted to purposes other than the exclusive benefit of the Members, their
surviving Spouses, or their Beneficiaries covered by the Plan. No Plan amendment
may— 

	
(a)     	
decrease the Accrued Benefit of any Member,
	 
	
(b)	
eliminate or reduce an early retirement benefit or a retirement-type subsidy (as defined in Treasury regulations), or
	 
	
(c)	
eliminate an optional form of benefit with respect to benefits attributable to service before the amendment,

except as permitted under Code section 411(d)(6) and the Treasury regulations thereunder. Retroactive Plan amendments may not decrease the Accrued Benefit of any Member determined as of the time the amendment was adopted.

9.2 Termination of the Plan

The Board of Directors of the Company may terminate the Plan in whole or in part for any reason at any time in any manner. If the Plan is terminated or partially terminated without termination of the Trust, the Trust will be
continued until the Board of Directors of the Company terminates it or until all Trust assets have been fully distributed. 

9.3 Vesting on Termination or Partial Termination 

Upon a complete or partial termination of the Plan (within the meaning of Treasury regulations section 1.411(d) -2), the right of each affected Member to benefits accrued to the date of such termination or partial termination
shall become nonforfeitable to the extent such benefits are funded as of such date. 

9.4 Termination of the Trust

If the Plan is terminated or partially terminated, or if contributions are discontinued, the Trust may be terminated by the Board of Directors of the Company at any time. The Trust Fund will then be valued. The Retirement
Committee will determine the method and means of distribution of each interest in the Trust Fund and will certify that information to the Trustee. After receiving that certification and after making necessary adjustments to reflect additional
earnings, losses, and liquidation expenses, the Retirement Committee shall direct the Trustee to make distribution as promptly as possible. If one Employer, but not others, discontinues contributions or 

45

terminates or partially terminates its participation in the Plan, the Board of Directors of the Company may determine whether or not the Trust shall be continued for that Employer’s Members and Beneficiaries. If those
interests in the Trust are terminated, the Board of Directors of the Company will direct their liquidation under this section. 

9.5 Distribution on Termination

Upon termination of the Plan, that portion of any assets then held in the Trust Fund shall be allocated, after payment of all expenses of administration or liquidation, in accordance with amendments to the Plan adopted prior to
such allocation under section 4044(a) of ERISA; provided, that any assets remaining after the satisfaction of all benefits accrued to the termination date with respect to Members, and their surviving Spouses and Beneficiaries, shall revert to and be
distributed to Employers. 

9.6 Merger, Consolidation or Transfer

In the case of any merger or consolidation of the Plan with, or any transfer of assets and liabilities of the Plan to, any other plan, provision must be made so that each Member would, if the Plan were then terminated, receive a
benefit immediately after the merger, consolidation, or transfer which is equal to or greater than the benefit he would have been entitled to receive under the Plan immediately before the merger, consolidation, or transfer if the Plan had then
terminated. 

9.7 Restrictions on Benefits and Distributions to Certain Members 

	
(a)     	
Restriction of Benefits. Notwithstanding any other provisions in the Plan to the contrary, in the event of the termination of the Plan, the benefit of any Highly Compensated Employee (and any
Highly Compensated Former Employee) is limited to a benefit that is nondiscriminatory under Code section 401(a)(4). For purposes of this Section 9.7, the following terms shall apply:
	 
	 	
(1)     	
“Total Earnings” means a Member’s compensation as defined in Code section 415(c)(3) as determined by the Retirement Committee, increased by amounts excluded from wages by reason of a
Member’s election to reduce wages in lieu of benefits under a cafeteria plan under Code section 125, a cash or deferred arrange- ment under Code section 401(k), a transportation fringe benefit plan under Code section 132(f)(4) or a simplified
employee pension arrangement under Code section 408(k).
	 
	 	
(2)	
“Highly Compensated Employee” means, any Employee who—
	 
	 	 	
(A)     	
was a 5-percent owner (as determined under Code section 416(i)(1)) at any time during the Plan Year or the preceding Plan Year, or
	 
	 	 	
(B)	
for the prior Plan Year—
	 
	 	 	 	
(i)     	
received Total Earnings from Employers and Affiliates in excess of $90,000 (as adjusted by the Secretary of the Treasury pursuant to Code section 415(d), except that the base period shall be the calendar quarter ending
September 30, 1996), and
	 

46

	                             	
(ii)    	
if the Retirement Committee elects the application of this clause for such preceding year, was in the top-paid group of Employees for such preceding year.
	 	 	 
	 	 For this purpose, an
      Employee is in the top-paid group of Employees for any year if such Employee
      is in the group consisting of the top 20 percent of Employees when ranked
    on the basis of Earnings during the year. 
	 

	 	 	 In determining the Highly Compensated Employees of
      the Employers, the provisions of this section shall be applied in accordance
      with the provisions of Code section 414(q) and related guidance, including
      in the discretion of the Retirement Committee (and pursuant to the appropriate
    election) any method or election allowed under the Code. 
	 	 	 
	 	
(3)	
“Highly Compensated Former Employee” shall mean any Member who has terminated employment as an Employee in a prior Plan Year and who was a Highly Compensated Employee either when he
terminated employment as an Employee or any Plan Year ending on or after his fifty-fifth birthday.
	 
	
(b)     	
Restrictions on Distributions. Notwithstanding any other provisions to the contrary, Highly Compensated Employees and Highly Compensated Former Employees (as defined in Section 9.7(a)), who are
among the 25 most highly paid Employees of the Employer shall not be entitled to elect to receive Retirement Benefits in the form of a lump-sum payment under Section 6.3(b). This restriction shall not apply, however, if:
	 
	 	
(1)     	
after any payment to the Member of the requested lump-sum amount, the value of Plan assets would continue to equal or exceed 110 percent of the value of the current liabilities of the Plan, as such liabilities are defined in Code
section 412(l)(7), or
	 
	 	
(2)	
the lump-sum amount due such Member is less than one percent of the value of the current liabilities of the Plan, as such liabilities are defined in Code section 412(l)(7), or
	 
	 	
(3)	
the Actuarial Equivalent present value of benefits payable to the Member is $5,000 ($1,000, effective March 28, 2005) or less, in which case the provisions of Section 6.5 apply.
	 
	 	
  In the event that two or more Members subject to this Section 9.7(b) have the same Severance from Service Date, the determination of whether the foregoing restrictions apply will be made beginning with the oldest of the Members
and proceeding to the youngest, taking into account with each Member any payments to be made to the Members who preceded him.
	 
	
(c)	
Repayment Guarantee. A Member who is otherwise restricted from receiving a lump- sum payment of his Retirement Benefit because of the provisions of Section 9.7(b), above, may receive a lump-sum
payment if, prior to receipt of such lump-sum payment, the Member provides a written guarantee to the Retirement Committee of repayment of
	 

47

	 	
the lump-sum payment to the Plan, in the event of the Plan’s termination. The amount subject to a guarantee of repayment (the “Excess Amount”), for any Plan Year, is the excess of the amounts distributed to a Member
(accumulated with reasonable interest) over the amounts that could have been distributed to the Member under a single life annuity that is the Actuarial Equivalent of the sum of such Member’s Accrued Benefit and other benefits under the Plan
(accumulated with reasonable interest). The affected Member may guarantee repayment by: (i) depositing in escrow, with an acceptable depository, property having a fair market value equal to at least 125 percent of the Excess Amount, (ii) providing a
bank letter of credit in an amount equal to at least 100 percent of the Excess Amount, or (iii) posting a bond equal to at least 100 percent of the Excess Amount. If the Member elects to post bond, the bond must be furnished by an insurance company,
bonding company or other surety acceptable for federal bonds.
	 
	 	
The escrow arrangement may provide that the Member may withdraw amounts in excess of 125 percent of the Excess Amount. If the market value of the property in an escrow account falls below 110 percent of the Excess Amount, the
Member must deposit sufficient additional property to bring the total value of the property held by the depository to 125 percent of the Excess Amount. The escrow arrangement may provide that the Member shall have the right to receive any income
from the property placed in escrow, provided that no such payment may be made if the value of the property in the escrow account is less than 125 percent of the Excess Amount or if such payment would cause the value of the property in the escrow
account to be less than 125 percent of the Excess Amount. A surety or bank may release any liability on a bond or letter of credit in excess of 100 percent of the Excess Amount. If the Retirement Committee certifies to the depository, surety or bank
that a Member (or such Member’s estate) is no longer obligated to repay any Excess Amount, the depository may deliver to such Member (or such Member’s estate) any property held under an escrow agreement, and a surety or bank may release
any liability on such Member’s bond or letter of credit.
	 
	
(d)     	
Delayed Lump-sum Distribution. Notwithstanding the above, a Member who, on his Severance from Service Date, is entitled to receive his Retirement Benefit only in an annuity form, because of the
provisions of this Section 9.7, may on or before such date make an irrevocable election to receive his Retirement Benefit in the form of an annuity only until such time as it is determined that he is no longer restricted under this Section 9.7, and
then to receive a lump sum payment that is the Actuarial Equivalent of the Member’s remaining Retirement Benefit. However, if such determination is not made prior to the first day of the Plan Year that is eight years coincident with or
subsequent to the Member's Severance from Service Date or if the Member's death occurs prior to such a determination, the Member’s Retirement Benefit shall continue in the form of annuity selected by the Member, in accordance with its terms,
until the Actuarial Equivalent present value of benefits payable to the Member is $5,000 ($1,000, effective March 28, 2005) or less, at which time the Member shall receive a lump sum payment that is the Actuarial Equivalent of the
Member’s remaining Retirement Benefit. Any such determination shall be made as of the last day of each Plan Year. Payment of such lump sum shall relieve the Plan of all obligations to the Member.
	 

48

	 	 In determining whether, as of a given last day of a
      Plan Year, two or more Members’ Retirement Benefits are no longer
      restricted, the order in which such determination shall be made with respect
      to the Members shall be based on the Members’ respective Severance
      from Service Dates. The Member whose Severance from Service Date occurs
      first shall be the first eligible to receive a lump-sum payment that is
      the Actuarial Equivalent of such Member’s remaining Retirement Benefit;
      other affected Members shall be considered in sequence, proceeding to the
      one(s) with the most recent Severance from Service Date, taking into account
      with each Member any payments to be made to the Members who preceded him.
      In the event that two or more Members electing delayed lump-sum distribution
      under this Section 9.7(d) have the same Severance from Service Date, the
      determination of eligibility to receive a lump-sum payment of a remaining
      Retirement Benefit will be made beginning with the oldest of the Members
      and proceeding to the youngest, taking into account with each Member any
    payments to be made to the Members who preceded him. 
	 	 
	 9.8 Plan Participation
    by Associate Companies
	 	 
	
(a)     	
Adoption of the Plan. Any Affiliated Company, with the consent of the Company and by taking appropriate corporate action, may become an Associate Company and secure the benefits of the Plan for its
Employees by adopting the Plan and by executing the Trust Agreement. As a condition to such Affiliated Company becoming an Associate Company, the Company may require such Affiliated Company to modify or amend any pension plan which such Affiliated
Company may then have so as to conform to the provisions of the Plan, or to limit Prior Service, as defined in Section 2.1(p)(2), to service rendered for such corporation on and after a date to be determined by the Company. The Associate Company
shall thereafter promptly deliver to the Trustee a certified copy of the resolutions or other documents evidencing its adoption of the Plan and also a written instrument showing the consent by the Company to such adoption.
	 
	
(b)	
Withdrawal from the Plan. The Company may upon thirty (30) days written notice request an Associate Company to withdraw from the Plan and upon the expiration of such thirty-day period, unless such
Associate Company has taken the appropriate corporate action to accomplish such withdrawal, such Associate Company shall be deemed to have withdrawn from the Plan. Any Employer may withdraw from the Plan by giving the Retirement Committee thirty
(30) days written notice of its intention to withdraw. In the event any Employer withdraws from the Plan, the Retirement Committee shall thereupon determine, on the basis of actuarial valuation, that portion of the Trust Fund held on account of the
Employees of such Employer not yet retired. The Retirement Committee in its discretion shall direct the Trustee either (1) to continue to hold such assets under the Plan on the date of such withdrawals; or (2) to deliver such assets to such trustee
or trustees as shall be selected by such withdrawing Employer; or (3) to use such assets to purchase an appropriate retirement annuity for each Employee of such withdrawing Employer who was a Member on the date of such withdrawal.
	 

49

 Article 10. Contributions

10.1 Employer Contributions

Each Employer shall make contributions from time to time in such amounts as are necessary to maintain the Plan on a sound actuarial basis and to meet the minimum funding standards of Code section 412. However, an Employer may
discontinue its contributions for any reason at any time. Any forfeitures shall be used to reduce the amount of any Employer contributions otherwise payable for succeeding Plan Years and will not be applied to increase the benefits any Member would
otherwise receive under the Plan. 

10.2 Reversion of Employer Contributions 

	
(a)     	
That portion of a contribution made by an Employer by a mistake of fact shall be returned to an Employer within one year after the payment of the contribution.
	 
	
(b)	
An Employer’s contributions to the Plan are conditioned upon their deductibility under Code section 404. That portion of a contribution made by an Employer and disallowed by the Internal Revenue Service as a deduction under
Code section 404 shall be returned to an Employer within one year after the Internal Revenue Service disallows the deduction.
	 
	
(c)	
Earnings attributable to the contributions to be returned under this section shall not be returned to an Employer and any losses attributable to such contributions shall reduce the amount returned.

10.3 Rollover Contributions

The Trustee shall not accept a rollover contribution to the Plan on behalf of an Employee.

Article 11. Administration of the Plan 

11.1 Responsibility for Plan and Trust Administration 

The
Plan shall be administered by the Retirement Committee, which shall be appointed
by the Board of Directors of the Company and shall be responsible for the general
administration of the Plan. However, the Retirement Committee shall have no responsibility
for or control over the investment of Plan assets. The investment of the assets
of the Plan shall be managed by the Plan Assets Committee (the “Plan Assets Committee”), which shall be appointed by the Board of
Directors of the Company, except to the extent that such responsibility has been allocated or delegated as hereinafter otherwise provided. The Retirement Committee and the Plan Assets Committee are each referred to as a “Committee” in this
Article 11. The Trustee shall be responsible for the management of the Plan’s assets pursuant to the terms of the Trust Agreement. The Board of Directors of the Company shall have the sole authority to appoint and remove any Trustee or any
member of the Committee, and to amend or terminate, in whole or in part the Plan or the Trust. The Company, through the Committee shall have the responsibility for the administration of the Plan, which is specifically described in the Plan and the
related Trust Agreement. Each of the Retirement Committee and the Plan Assets Committee shall be a “named fiduciary” and the Retirement Committee shall be the “plan administrator,” for
purposes of the Code and ERISA.

50

11.2 Operation of the Committees

Each
Committee shall consist of at least three persons appointed by the Board of Directors
of the Company. Members of the Committees may resign at any time upon due notice
in writing. The Board of Directors of the Company may remove any member of any
Committee at any time, with or without cause. Vacancies in each Committee shall
be filled by the Board of Directors of the Company as soon as is reasonably possible
after the vacancy occurs. Until a new appointment is made, the remaining member
or members of each Committee shall have full authority to act as such Committee.
Any member of a Committee may resign by delivering his written resignation to
the Secretary of the Company (the “Secretary”) and the
other members of the Committee. Any such resignation shall become effective upon
its receipt by the Secretary or on any other date as is agreed to by the chairman
of the Committee and the resigning member. Each Committee shall act by a majority
of its members at the time in office, and such action may be taken either by
vote at a meeting (including a telephone meeting) or by consent in writing without
a meeting. Each Committee shall hold meetings (including telephone meetings)
upon such notice and at such times and places as it may from time to time determine.
Notice of a meeting need not be given to any member of a Committee who submits
a signed waiver of notice before or after the meeting or who attends a meeting
(including a telephone meeting). Each Committee may adopt such rules and appoint
such subcommittees as it deems desirable for the conduct of its affairs and the
administration of the Plan, and may appoint one of its members as its chairman.
Each Committee shall elect a Secretary, who need not be a member of the Committee,
who shall record the minutes of its proceedings and shall perform such other
duties as may from time to time be assigned to him. Any person dealing with a
Committee shall be entitled to rely upon a certificate of any member of such
Committee, or its secretary, as to any act or determination of the Committee.
Each Committee may delegate such duties or powers, as it deems necessary to carry
out the administration of the Plan. 

The Secretary (or other authorized officer of the Company) shall certify to the Trustee the names and authorized signatures of the members of each Committee and, as changes take place in membership, the names and signatures of new
members. Each Committee may authorize one or more of its respective members to execute any document or documents on its behalf, in which event the applicable Committee shall notify the Trustee in writing of such action and the name or names of those
so designated. The Trustee thereafter shall accept and rely conclusively upon any direction or document executed by such member or members as representing action by the Committee until such time as the Committee shall file with the Trustee a written
revocation of such designation. 

11.3 Powers and Duties of the Retirement Committee 

The
members of the Retirement Committee are hereby designated as “named fiduciaries,” within
the meaning of section 402(a) of ERISA, with respect to the operation and administration
of the Plan and, except to the extent otherwise provided herein, jointly shall
administer the Plan in accordance with its terms and shall have all powers necessary
to carry out its duties hereunder. The Retirement Committee shall determine,
in a uniform and nondiscriminatory manner, all questions concerning the administration,
interpretation and application of the Plan. Any such determination by the Retirement
Committee shall be conclusive and binding on all persons. In addition: 

51

	         	
(A)     	
The Retirement Committee will determine the names of Members, surviving Spouses and Beneficiaries and the amounts that are payable to them from the Trust Fund in accordance with the provisions of the Plan.
	 
	 	
(B)	
The Retirement Committee shall keep in convenient form such data as shall be necessary for actuarial valuations of the contingent assets and liabilities of the Plan and for checking the experience thereof.
	 
	 	
(C)	
The Retirement Committee shall determine the manner in which the funds of the Plan shall be dispensed including the form of voucher or waiver to be used in making disbursements and the due notification of persons authorized to
approve and sign the same.
	 
	 	
(D)	
The Retirement Committee shall determine whether a judgment, decree or order, including approval of a property settlement agreement, made pursuant to a state domestic relations law, including a community property law, that relates
to the provision of child support, alimony payments, or marital property rights of a Spouse, former Spouse, child, or other dependent of the Member is a qualified domestic relations order within the meaning of Code section 414(p), and shall give the
required notices and segregate any amounts that may be subject to such order if it is a qualified domestic relations order, and shall administer the distributions required by any such qualified domestic relations order.
	 
	 	
(E)	
The Retirement Committee is authorized to make such rules and regulations as may be necessary to carry out the provisions of the Plan and will determine any questions arising in the administration, interpretation and application
of the Plan, which determination shall be conclusive and binding on all parties. The Retirement Committee is also authorized to provide, on a nondiscriminatory basis, for accelerated vesting and to purchase or arrange for payment of an appropriate
annuity or any other form of payment or to permit the immediate distribution of Plan benefits in those cases involving groups of Employees involuntarily terminated, including, but not limited to, cases involving groups of Employees who involuntarily
cease to render Creditable Service due to a liquidation, sale, or other means of terminating the parent-subsidiary or controlled group relationship with an Employer or the sale or other transfer to a third party of all or substantially all of the
assets used by an Employer in a trade or business conducted by an Employer, when the Retirement Committee determines that such action is appropriate to prevent inequities with respect to such Employees, and the determination of the Committee in such
matters shall be conclusive and binding on all parties. Further, the Retirement Committee, upon the written request of the Company’s Vice President-Organization and Human Resources, is authorized, with respect to a Member of the Plan who has
five or more years of Creditable Service and who is transferred to the purchaser of a portion of the Company’s operations, effective the day after the closing date of the sale, to grant additional Creditable Service and additional credit for
age under the Plan, on a nondiscriminatory basis, in each case up to one percent for each year of Creditable Service, and to advance the date through which a Member’s Earnings are calculated pursuant to Section 2.1(s)
	 

52

	                   	hereof, so as to prevent hardship with respect to
        his participation in said purchaser’s pension plan. The Retirement
        Committee is also authorized, with respect to a Member (i) whose Accrued
        Benefit is attributable to the Cash Balance Formula and (ii) who has
        completed at least five years of Creditable Service and (iii) who is
        transferred to the purchaser of a portion of the Company’s operations,
        effective as of the day after the closing date of the sale, to grant
        additional Annual Pay Credits and Interest Credits, on a nondiscriminatory
        basis, so as to prevent hardship with respect to his participation in
        said purchaser’s pension plan. The Retirement Committee is also
        authorized to waive, either in whole or in part, the percentage reductions
        for early commencement of retirement benefits set forth in Section 4.2(b)(2),
        on a nondiscriminatory basis, in those cases where groups of Employees
        have terminated employment either as a result of a reduction in the work
        force or for similar economic reasons, and, the determination of the
        Retirement Committee shall be conclusive and binding on all parties.
        The Retirement Committee is also authorized to adopt such rules and regulations
        as it may consider necessary or desirable for the conduct of its affairs
        and the transaction of its business, including, but not limited to, the
        power on the part of the Retirement Committee to act without formally
        convening and to provide that action of the Retirement Committee may
        be expressed by written instrument signed by a majority of its members.
        The Retirement Committee may retain legal counsel (who may be counsel
        for the Company) when and if it is found necessary to do so and may also
        employ such other assistants, clerical or otherwise, as may be requisite,
        and expend such monies as may be requisite in their work. All of these
        expenses of the Retirement Committee and the reasonable expenses of the
        Trustee in the administration of the trust as well as for actuarial services
        may be paid out of the Trust Fund to the extent permissible under applicable
        law. In exercising such powers and authorities, the Retirement Committee
        shall at all times exercise good faith, apply standards of uniform application
    and refrain from arbitrary action. 

11.4 Duties of the Plan Assets Committee

	
(a)     	
The Plan Assets Committee shall have exclusive authority and fiduciary responsibility under ERISA, (i) to appoint and remove investment advisers, if any, under the Plan and the Trust Agreement, (ii) to direct the segregation of
assets of the Trust Fund into an investment adviser account or accounts at any time, and from time to time to add to or withdraw assets from such investment adviser account or accounts as it deems desirable or appropriate and also to direct the
Company’s contribution or any portion thereof into any of the accounts maintained under the Trust, (iii) to direct the Trustee to enter into an agreement or agreements with an insurance company or companies designated by the Plan Assets
Committee as provided in the Trust Agreement, (iv) to establish investment guidelines for areas other than those set forth above and, within such guidelines, to direct the Trustee to purchase and sell securities or to enter into one or more
agreements with one or more companies, partnerships or joint ventures and to transfer assets of the Trust Fund to such entities for purposes of investment therein; provided however, that, except as expressly set forth above, the Plan Assets
Committee shall have no responsibility for or control over the investment of the Plan assets held in the Trust Fund established hereunder. In addition, the Plan Assets Committee shall receive the reports and
	 

53

	 	
recommendations of the actuary designated by the Company concerning actuarial assumptions to be adopted on subjects including, but not limited to, Employee turnover, rate of mortality, disability rate, ages at actual retirement,
rate of pay increases, investment income and size of participant group, and make such recommendations and determinations based upon such reports and recommendations as it may deem necessary or appropriate. The Plan Assets Committee may appoint or
employ such persons as it deems necessary to render advice with respect to any responsibility of the Plan Assets Committee under the Plan. The Plan Assets Committee may allocate to any one or more of its members any responsibility that it may have
under the Plan and may designate any other person or persons to carry out any responsibility of the Plan Assets Committee under the Plan. Any person may serve in more than one fiduciary capacity with respect to the Plan. Members of the Plan Assets
Committee may resign at any time upon due notice in writing. The Board of Directors of the Company may remove any Plan Assets Committee members and appoint others in their places. The Plan Assets Committee may act by a majority of its
members.
	 
	
(b)     	
The Plan Assets Committee is authorized to make such rules and regulations as may be necessary to carry out its duties under the Plan. The Plan Assets Committee is also authorized to adopt such rules and regulations as it may
consider necessary or desirable for the conduct of its affairs and the transaction of its business, including, but not limited to, the power on the part of the Plan Assets Committee to act without formally convening and to provide that action of the
Plan Assets Committee may be expressed by written instrument signed by a majority of its members. The Plan Assets Committee may retain legal counsel (who may be counsel for the Company) when and if it be found necessary to do so and may also employ
such other assistants, clerical or otherwise, as may be requisite, and expend such monies as may be requisite in their work. All of these expenses of the Plan Assets Committee as well as expenses for investment counseling may be paid out of the
Trust Fund to the extent permissible under applicable law.

The Retirement Committee may make such rules and regulations in connection with its administration of the Plan as are consistent with the terms and provisions hereof. 

11.5 Duties of the Trustee

The Trustee is hereby designated as a “named fiduciary”, within the meaning of section 402(a) of ERISA, and shall possess all powers which may be necessary to carry out its duties, as set forth in the Trust Agreement. In
addition: 

	         	
(a)     	
The Trustee may, to the full extent permitted by law, establish procedures for the designation of persons other than named fiduciaries to carry out its fiduciary responsibilities (other than trustee responsibilities) under the
Plan. If the Trustee properly allocates any fiduciary responsibility to another person or designates another person to carry out any of its responsibilities, the Trustee shall not be liable for any act or omission of such person in carrying out such
responsibility, except as provided in section 405(c) of ERISA.
	 
	 	
(b)	
The Trustee shall act in accordance with any directions issued to it directly by the Plan Assets Committee (or if required by the terms of the applicable Trust
	 

54

	                  	Agreement, indirectly by the Retirement Committee)
        with respect to the Trustee’s exercise of any of the powers conferred
        upon it by the Trust Agreement. Any direction to the Trustee shall be
        in writing and signed by the secretary or a duly authorized member of
        the Plan Assets Committee. The Retirement Committee, the Employers, and
        the Company, and their officers and directors, shall be entitled to rely
        upon all tables, valuations, certificates, and reports furnished by any
        enrolled actuary selected by the Retirement Committee, upon all certificates
        and reports made by any accountant selected by the Retirement Committee,
        the Company, or the Employers, and upon all opinions given by any legal
        counsel selected by the Retirement Committee. The Retirement Committee,
        the Company, and the Employers and their officers and directors, shall
        be fully protected with respect to any action taken or suffered by them
        in good faith in reliance upon any such actuary, accountant or counsel,
    and all action so taken or suffered shall be conclusive upon all persons. 

11.6 Standard of Duty

The members of the Retirement Committee and the Plan Assets Committee, as well as the Trustee, shall discharge their duties with respect to the Plan solely in the interests of the Members and their Beneficiaries and in accordance
with section 404 of ERISA. 

11.7 Funding and Investment Policy

The
Plan Assets Committee shall establish an investment policy and funding policy
consistent with the objectives of the Plan and the requirements of Title I of
ERISA. The Plan Assets Committee shall at least annually review such policy and
method. In establishing and reviewing such policy and method, the Plan Assets
Committee shall endeavor to determine the Plan’s short-term and long-term
financial needs, taking into account the need for liquidity to pay benefits and
the need for investment growth. The general objective of the funding policy and
method shall be at all times to maintain a balance between safety in capital
investment and investment return. All actions of the Plan Assets Committee taken
to carry out the purposes of this Section 11.7, and the reasons therefor, shall
be recorded in the minutes of the Plan Assets Committee and shall be made available
to the Board and senior financial officers of the Company. Notwithstanding anything
herein to the contrary, the Retirement Committee or the Plan Assets Committee
may provide for the funding of the payment of any benefits prescribed by the
Plan through the purchase of immediate or deferred annuities, as the case may
be, from any governmental agency or insurance company or companies, approved
by the Company. 

11.8 Compensation and Expenses

The members of the Retirement Committee and the Plan Assets Committee shall serve without compensation for services as such. All expenses of the Retirement Committee and the Plan Assets Committee that are properly allocable to the
Plan shall be paid out of the Trust Fund, to the extent permissible under applicable law, unless paid by the Company. Such expenses shall include any expenses incidental to the functioning of the Retirement Committee and the Plan Assets Committee,
including, but not limited to, fees of independent accountants, enrolled actuaries, legal counsel, investment advisors and other specialists and other expenses. 

55

11.9 Non-Liability and Indemnification

To the extent permitted by law, the Retirement Committee, the Plan Assets Committee, the Boards of Directors of the Employers, and the Employers and their respective officers shall not be liable for the directions, actions or
omissions of any agent, legal or other counsel, accountant or any other expert who has agreed to the performance of administrative duties in connection with the Plan or Trust. The Committees, the Boards of Directors of the Employers, and the
Employers and their respective officers shall be entitled to rely upon all certificates, reports, data, statistics, analyses and opinions which may be made by such experts and shall be fully protected in respect to any action taken or suffered by
them in good faith reliance upon any such certificates, reports, data, statistics, analyses or opinions; all action so taken or suffered shall be conclusive upon each of them and upon all persons having or claiming to have any interest in or under
the Plan. 

Each member of each of the Retirement Committee, the Plan Assets Committee, and the Board of Directors, shall be indemnified by the Company against all costs and expenses (including counsel fees but excluding any amount
representing a settlement unless such settlement be approved by the Board of Directors of the Company) reasonably incurred by or imposed upon him, in connection with or resulting from any action, suit or proceeding, to which he may be made a party
by reason of his being or having been a member of the Retirement Committee or the Plan Assets Committee, as applicable (whether or not he continues to be a member of such Committee at the time when such cost or expense is incurred or imposed), to
the full extent permitted by law. The foregoing rights of indemnification shall not be exclusive of other rights to which any member of the Retirement Committee or the Plan Assets Committee may be entitled as a matter of law. 

11.10 Claims Procedure

If
an Employee, Member or Beneficiary (“Claimant”) receives an adverse
determination with respect to a claim for benefits which determination results,
wholly or partially, in the denial, reduction or termination of benefits under
the Plan, or the failure to provide full or partial payment, or if such adverse
determination is based upon eligibility, the Retirement Committee shall provide
the Claimant with written notification or electronic notification (in accordance
with the requirements of Department of Labor Regulation section 2520.104b -1(c)(1)(i),
(iii) and (iv)) of the adverse determination with respect to the claim within
a reasonable period of time, but not later than 90 days after the claim has been
received by the Plan; provided, however, that in the event of special circumstances,
such period may be extended beyond the initial 90-day period but not later than
180 days after the claim has been received by the Plan. In the event of such
an extension, the Claimant shall be notified in writing of the extension prior
to the expiration of the initial 90-day period. Such notification shall explain
the special circumstances requiring the extension and indicate the date by which
the Plan expects to render a determination with respect to the claim. 

The notification of the adverse determination with respect to a claim provided to the Claimant shall set forth the following: 

          (a)      the specific reason or reasons for the adverse determination;

56

	         	
(b)     	
reference to the specific Plan provisions on which the adverse determination is based;
	 
	 	
(c)	
a description of any material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary;
	 
	 	
(d)	
appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review, including any time limits applicable with respect to such steps; and
	 
	 	
(e)	
a statement of the Claimant’s right to bring a civil action under section 502(a) of ERISA following the adverse determination on review with respect to the claim.

Any request for a review must be made in writing to the Retirement Committee within 60 days of the date the Retirement Committee notifies the Claimant of the adverse determination with respect to the claim. Upon receipt by the
Plan of the request for review, the claim will be reviewed by the Retirement Committee. A Claimant’s request for a review must be given a full and fair review by the Retirement Committee. In connection with such request, the Claimant, or his
duly authorized representative, may: 

	         	
(1)     	
upon request and free of charge, have reasonable access to all documents, records and other information that is relevant (within the meaning of Department of Labor Regulation section 2560.503-1(m)(8)) to the claim; and
	 
	 	
(2)	
submit written comments, documents, records and other information relating to the claim.

The review of the claim by the Retirement Committee shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was
submitted or considered in the initial determination. 

If the Retirement Committee deems it appropriate, it may hold a hearing with respect to a claim. If a hearing is held, the Claimant shall be entitled to be represented by counsel. The determination of the Retirement Committee
shall be made within a reasonable period of time, but not later than 60 days after receipt by the Plan of the request for review, unless special circumstances (such as the need to hold a hearing) require an extension of time, in which event such
determination shall be rendered not later than 120 days after receipt by the Plan of the request for review. If such an extension is required, written notification of the extension shall be furnished to the Claimant prior to the expiration of the
initial 60-day period. Such notification shall explain the special circumstances requiring the extension and indicate the date by which the Plan expects to render a determination with respect to the review of the claim. 

The Retirement Committee shall provide the Claimant with written notification or electronic notification (in accordance with the requirements of Department of Labor Regulation section 2520.104b -1(c)(1)(i), (iii) and (iv)) of its
determination with respect to its review of the claim. If the adverse determination with respect to the claim is upheld by the Retirement Committee, the notification shall set forth: 

57

	         	
(a)     	
the specific reason or reasons for the adverse determination;
	 
	 	
(b)	
reference to the specific Plan provisions on which the adverse determination is based;
	 
	 	
(c)	
a statement that the Claimant is entitled to receive upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant (within the meaning of Department of Labor Regulation
section 2560.503-1(m)(8)) to the adverse determination with respect to the claim; and
	 
	 	
(d)	
a statement of the Claimant’s right to bring a civil action under section 502(a) of ERISA following the adverse determination on review with respect to the claim.

All interpretations, determinations and decisions of the Retirement Committee with respect to any claim shall be made by the Retirement Committee in its sole discretion based on the Plan and documents presented to it and shall be
final, conclusive and binding. 

 

Article 12. Trust Arrangements

12.1 Appointment of Trustee

A Trustee for the Plan shall be appointed from time to time by the Board of Directors of the Company and, upon acceptance thereof, the Trustee shall perform the duties and exercise the authority of the Trustee as set forth in the
Plan and in the Trust Agreement. 

12.2 Removal of Trustee; Appointment of Other Trustee 

The Board of Directors of the Company reserves the right to remove the Trustee at any time and to appoint a successor Trustee. 

12.3 Change in Trust Agreements

The Board of Directors of the Company may from time to time enter into such further agreements with a Trustee or other parties and make such amendments to Trust Agreements as it may deem necessary or desirable to carry out the
Plan; and may take such other steps and execute such other instruments as may be deemed necessary or desirable to put the Plan into effect or to carry it out. 

 

Article 13. Top-Heavy Plan Provisions

13.1 General Rule

In the event that the Plan is top-heavy, or is a member of a top-heavy group, with respect to any Plan Year the provisions of Sections 13.4 through 13.7 shall apply. 

13.2 When Plan is Top-Heavy

The Plan shall be top-heavy for a Plan Year if as of the Applicable Determination Date (as defined in Section 13.7(a)), the present value of the cumulative Accrued Benefits under the Plan

58

for Key Employees (as defined in Section 13.7(b)) exceeds 60 percent of the cumulative Accrued Benefits under the Plan for all Employees (other than former Key Employees) under the Plan. Such amounts shall include the value of any
distributions made with respect to an Employee during the five-year period ending on the Applicable Determination Date. The Accrued Benefits of individuals who have not performed services for an Employer or the Affiliates at any time during the
five-year period ending on the Applicable Determination Date shall not be taken into account. The determination of the foregoing ratio shall be made in accordance with Code section 416(g), which is incorporated herein by this reference.
Notwithstanding the foregoing, the Plan shall not be top-heavy if it is part of any aggregation group of plans, as defined in Section 13.3(a), that is not a top-heavy group. 

13.3 When Plan is in Top-Heavy Group

A
plan is a member of a top-heavy group with respect to a Plan Year if as of the
Applicable Determination Date (as defined in Section 13.8(a)), it is part of
a “required aggregation group” of plans which is top-heavy.
For purposes of this Article— 

	
(a)     	
An “aggregation group of plans” shall consist of
a “required aggregation group” of plans that shall include each plan
qualified under Code section 401(a) which is maintained by an Employer or an
Affiliate and  (1) in which a Key Employee (as defined in Section 13.7(b)) is
a participant in the Plan Year that contains the Applicable Determination Date,
or any of the four preceding Plan Years, or (2) which enables any other plan
in which a Key Employee is a  participant to meet the requirements of Code section
401(a)(4) or 410. In addition, at the election of the Retirement Committee, an
aggregation group of plans may be expanded to include the “permissive aggregation
group.” “Permissive aggregation group” consists of the plans of
an Employer or an Affiliate that are required to be aggregated, plus one or more
plans of an Employer that are not part of a required aggregation group but that
satisfy the requirements of Code sections 401(a)(4) and 410 when considered with
the required aggregation group; and
	 
	
(b)	
an aggregation group of plans shall be a “top-heavy group” with respect to a Plan Year if as of the Applicable Determination Date, the sum of—
	 
	 	
(1)     	
the present value of the cumulative Accrued Benefits for Key Employees under all defined benefit plans included in such group, and
	 
	 	
(2)	
the aggregate of the accounts of Key Employees under all defined contribution plans included in such group exceeds 60 percent of a similar sum determined for all Employees (other than former Key Employees) covered under the
aggregation group of plans. Cumulative Accrued Benefits and account balances shall be adjusted for any distribution made in the one-year period ending on the Applicable Determination Date and any contribution due but unpaid as of said Applicable
Determination Date; provided, however, that in the case of a distribution made to a Member for a reason other than separation from service, death or Disability, this provision shall be applied by substituting “five-year period” for
“one-year period.” Account balances and Accrued Benefits of individuals who have not performed services for an Employer or any Affiliates at any time during the one-year period ending on the Applicable Determination Date shall not be taken
into account. The
	 

59

	                  	determination of the foregoing ratio, including the
        extent to which distributions (including distributions from terminated
        plans), rollovers, and transfers are taken into account, shall be made
    in accordance with Code section 416 and the regulations thereunder. 

13.4 Minimum Benefit

	
(a)     	
Notwithstanding any other section of the Plan to the contrary, each Member who is not a Key Employee (as defined in Section 13.7(b)) shall accrue a Normal Retirement Benefit for each year that shall not be less than two percent of
the Member’s average Limitation Earnings (as defined in Section 13.6) for the five consecutive Plan Years for which such Limitation Earnings was the highest. The accrual under this section shall be determined without regard to any Social
Security contribution or other Plan provisions for integration with Social Security.
	 
	
(b)	
No additional benefit accruals shall be provided under Section 13.4(a) once the total annual benefit payable under the Plan in the form of a Single Life Annuity at age 65 equals or exceeds 20 percent of the Member’s highest
average Limitation Earnings (as defined in Section 13.6) for the five consecutive years for which such Limitation Earnings was the highest.
	 
	
(c)	
If a Member who is not a Key Employee (as defined in Section 13.7(b)) is also a participant under one or more defined contribution plans in an aggregation group of plans maintained by an Employer in any Plan Year in which the Plan
is top-heavy, the minimum benefit credited to such Member in accordance with Section 13.4(a) shall be offset by the Actuarial Equivalent of the value of an Employer’s contributions to such defined contribution plan or plans on the Non-Key
Employee’s behalf. Such actuarial equivalent shall be calculated using all accruals derived from Employer contributions, whether or not attributable to years in which the Plan is top-heavy and may be used in determining whether the minimum
accrued benefit requirements for a Non-Key Employee has been satisfied.

13.5 Accelerated Vesting

	
(a)     	
For each Plan Year for which the Plan is top-heavy, or is a member of a top-heavy group, the provisions of Section 4.2(a) shall be changed to provide for vesting of a Member’s Accrued Benefit in accordance with the following
schedule:
	 

	
    
      Completed Years of Creditable
    	 

  
	
Service
  	
    
      Vested Percentage
    
	 	 
	
    
      Less than 2 years
    	
0%
  
	 	 
	
    
      2 years but less than 3 years
    	
40%
  
	 	 
	 
    3 years but less than 4 years  	
60%
  
	 	 
	 
    4 years but less than 5 years  	
80%
  
	 	 
	 
    5 years or more
  	 100%

60

	 	 Notwithstanding the foregoing, this subsection (a)
      shall not apply to the Accrued Benefit of any Member who is not credited
    with an Hour of Service while the Plan is top-heavy. 
	 	 
	
(b)     	
In a Plan Year in which the Plan is no longer top-heavy or
a member of a top-heavy group, the vesting provisions contained in Section 4.2(a)
shall be restored. Notwithstanding such restoration, the provisions of Section
4.2(a), as modified by Section 14.5(a) above, shall continue to apply in the
case of a Member with three or more Years of Creditable Service at the time of
such restoration.

13.6 Limitation on Earnings 

In
determining a Member’s benefits for a Plan Year with respect to which the
Plan is top-heavy or is a member of a top-heavy group, the maximum amount of
Limitation Earnings for each year taken into account to determine Plan benefits
with respect to such Plan Year shall be the applicable dollar amount limitation
set forth in Section 2.1(s)(3) . 

13.7 Definitions 

For purposes of this Article 13—

	
(a)     	
“Applicable Determination Date” shall mean, with respect to the Plan, the determin- ation date for the Plan Year of reference and, with respect to any other plan, the determin- ation date
for any plan year of such plan which falls within such calendar year as of the Applicable Determination Date of the Plan. For purposes of this subsection, the term “determination date” shall mean, with respect to the initial plan year of a
plan, the last day of such plan year and, with respect to any other plan year of a plan, the last day of the preceding plan year of such plan. The present value of an Accrued Benefit shall be determined as of the most recent valuation date, used for
purposes of Code section 412, which is within the 12-month period ending on the Applicable Determination Date.
	 
	
(b)	
“Key Employee” shall mean a Member, former Member, or a beneficiary as described in Code section 416(i)(1). Where an individual’s compensation is a factor in determining whether he
is a Key Employee, Total Earnings (as defined in Section 9.7(a)(1)) shall be used.

Article 14. Miscellaneous 

14.1 No Employment Rights Created

Neither the establishment nor the continuation of the Plan, nor anything contained within the Plan, shall be deemed to give any person the right to continued employment by an Employer or its Affiliates, or to affect the right of
an Employer or its Affiliates to terminate the employment of any individual. 

14.2 Rights to Trust Assets

No Employee or Beneficiary shall have any right to, or interest in, any assets of the Trust Fund upon termination of his employment or otherwise, except as specifically provided under the Plan,

61

and then only to the extent of the benefits payable under the Plan to such Employee or Beneficiary out of the assets of the Trust Fund. All payments of benefits as provided for in the Plan shall be made solely out of assets of the
Trust Fund and neither the Company, an Employer, the Affiliates, nor any fiduciary of the Plan shall be liable therefor in any manner. 

14.3 Nonalienation of Benefits

Except
to the extent permissible under applicable law, benefits payable under the Plan
shall not be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, charge, garnishment, execution, or levy of any
kind, either voluntary or involuntary, including any such liability which is
for alimony or other payments for the support of a Spouse or former Spouse, or
for any other relative of the Employee, prior to actually being received by the
person entitled to the benefit under the terms of the Plan; and any attempt to
anticipate, alienate, sell, transfer, assign, pledge, encumber, charge, or otherwise
dispose of any right to benefits payable hereunder, shall be void. The Trust
Fund shall not in any manner be liable for, or subject to, the debts, contracts,
liabilities, engagements, or torts of any person entitled to benefits hereunder.
Notwithstanding the foregoing, a Member’s benefits under the Plan may be
offset against any amount that the Member is ordered or required to pay to the
Plan due to a fiduciary breach or other misconduct effective for judgments or
settlement agreements made on or after August 5, 1997, as determined in accordance
with the requirements of section 206(d)(4) of ERISA, as amended. 

The preceding paragraph shall also apply to the creation, assignment, or recognition of a right to any interest or benefit payable with respect to a Member pursuant to a domestic relations order, unless such order is determined to
be a qualified domestic relations order (as defined in Code section 414(p)). The Retirement Committee shall establish reasonable procedures to determine the qualified status of domestic relations orders and to administer distributions under such
qualified orders. Any other provision of the Plan to the contrary notwithstanding, if the amount payable to an alternate payee under a qualified domestic relations order is less than or equal to $5,000, such amount shall be paid as soon as
practicable following the qualification of the order. If such amount exceeds $5,000, it shall not be payable prior to the Member’s “earliest retirement age” (within the meaning of Code section 414(p)(4)(B)). 

14.4 Expenses

To the
extent permissible under applicable law, all reasonable expenses of the Plan
and Trust Fund shall be paid by, and constitute a charge upon, the Trust Fund,
except to the extent that such expenses may have been paid by an Employer in
its sole and absolute discretion. Such expenses shall include any expenses incident
to the functioning of the Plan, including, without limitation, attorneys’ fees
and the compensation of actuaries and other agents, accounting and clerical charges,
expenses, if any, of being bonded as required by ERISA, the premiums of plan
termination insurance purchased from the Pension Benefit Guaranty Corporation,
and any other costs of administering the Plan. 

14.5 Severability

In the event that any provision of the Plan is held invalid or illegal for any reason, such invalidity or illegality shall not affect the remaining parts of the Plan and the Plan shall be enforced and construed as if such
provision had never been inserted herein. 

62

14.6 Governing State

The Plan shall be construed in accordance with the laws of the State of New York except where such laws have been preempted by ERISA or other laws of the United States. 

14.7 Facility of Payment

If
the Retirement Committee shall find that any person to whom a benefit is payable
from the Trust Fund is unable to care for his affairs because of illness or accident,
any payments due (unless a prior claim therefor shall have been made by a duly
appointed guardian, committee, or other legal representative) may be paid to
the recipient’s Spouse, child, parent, brother or sister, or to any person
deemed by the Retirement Committee to have incurred expense for such person otherwise
entitled to payment. Any such payment shall be a complete discharge of any liability
under the Plan therefor. 

14.8 Missing Persons

If the Retirement Committee is unable to locate a proper payee within one year after a benefit becomes payable, the Retirement Committee may treat the benefit as a forfeiture; however, if a claim for benefits is subsequently
presented by a person entitled to a payment, the forfeited amount shall be recredited upon verification of the claim, except for those amounts that have been paid pursuant to an escheat or other applicable law. 

14.9 Titles

The titles of sections are included only for convenience of reference and shall not be construed as part of the Plan or in any respect affecting or modifying its provisions. 

63

SCHEDULE A

Groups or classes eligible for participation in the Minerals Technologies Inc. Retirement Plan (except in each case employees covered by a collective bargaining agreement that does not provide for coverage of such employees under
the Plan, if there is evidence that retirement benefits were the subject of good faith bargaining): 

	
1.          	
All employees in the service of Minerals Technologies Inc.
	 
	
2.	
All employees in the service of the following Associate Companies:
	 

	 	
Barretts Minerals Inc.
  
	 	
Specialty Minerals Inc.
  
	 	
MINTEQ International Inc.
  
	 	
Specialty Minerals (Michigan) Inc.
  
	 	
Specialty Minerals Mississippi Inc.
  
	 	
Synsil Products Inc.
  

SCHEDULE B 

Early Retirement Table

The following table sets forth the percentages which will apply at the ages indicated in the computation of early retirement benefits pursuant to Section 4.2(b)(2)(A): 

	
    
      Age
    	 
  	
Percentage
  
	 	 	 
	
    
      65
    	 
  	
100
  
	
    
      64
    	 
  	
96
  
	
    
      63
    	 
  	
92
  
	
    
      62
    	 
  	
88
  
	
    
      61
    	 
  	
84
  
	
    
      60
    	 
  	
80
  
	
    
      59
    	 
  	
76
  
	
    
      58
    	 
  	
72
  
	
    
      57
    	 
  	
68
  
	
    
      56
    	 
  	
64
  
	
    
      55
    	 
  	
60
  

64

SCHEDULE C

Alternate Early Retirement Table

The following table sets forth the percentages which will apply at the ages indicated in the computation of early retirement benefits pursuant to Section 4.2(b)(2)(B): 

	 

  	
Minimum Years
  	 

  	 
	 Age 
	 of
    Service 
	 Percentage 

	
64
  	
26
  	
100
  	 
	
63
  	
27
  	
100
  	 
	
62
  	
28
  	
100
  	 
	
61
  	
29
  	
100
  	 
	
60
  	
30
  	
100
  	 
	
59
  	
31
  	
96
  	 
	
58
  	
32
  	
92
  	 
	
57
  	
33
  	
88
  	 
	
56
  	
34
  	
84
  	 
	
55
  	
35
  	
80
  	 

SCHEDULE D 

Vested Benefit Table

The following table sets forth the percentages which will apply at the ages indicated in the computation of vested benefits pursuant to Section 4.2(b)(2)(C): 

	
Age That Annuity
  	 
  	
Percentage of
  
	
Payments Commence
  	 
  	
Vested Annuity
  
	
65+
  	 
  	
100%
  
	
64
  	 
  	
94
  
	
63
  	 
  	
88
  
	
62
  	 
  	
82
  
	
61
  	 
  	
76
  
	
60
  	 
  	
70
  
	
59
  	 
  	
64
  
	
58
  	 
  	
58
  
	
57
  	 
  	
52
  
	
56
  	 
  	
46
  
	
55
  	 
  	
40
  

65

SCHEDULE E 

Other Company Service

A Member’s Creditable Service pursuant to Section 2.1(p)(5) shall include service with the following employers as provided herein. 

	
(1)     	
Service With Zedmark Refractories Corporation and/or Zedmark Inc. Creditable Service, for purposes of vesting pursuant to Section 4.2(a), shall include each full year of service for the period
during which a Member was employed by Zedmark Refractories Corporation and/or Zedmark, Inc. prior to October 3, 1989, except if such Member was covered at such time by a collective bargaining agreement that did not provide for coverage of such
Member under the Pfizer Plan. Creditable Service for purposes of benefit accrual under the Career Earnings Formula shall include each full year of service for the period during which a Member was employed by Zedmark Refractories Corporation and/or
Zedmark, Inc. prior to October 3, 1989, provided such number of full years of service may not exceed the number of full years of service the Member is employed by the Company after October 3, 1989; and provided, further, such Member was not covered,
on October 3, 1989, by a collective bargaining agreement that did not provide for coverage of such Member under the Pfizer Plan.
	 
	
(2)	
Service With Nalco Chemical Company. Creditable Service, for purposes of vesting under Section 4.2(a) and eligibility for early retirement under Section 4.2(b)(2)(A) and (B) shall include each full
year of service for the period during which a Member was employed by Nalco Chemical Company prior to June 1, 1988, if such Member was a transferred employee, as such term is defined in the Purchase Agreement dated June 1, 1988, between Quigley
Company, Inc. and Pfizer Inc., as purchasers and Nalco Chemical Company, as seller.
	 
	
(3)	
Service With Martin Marietta Magnesia Specialties, Inc. With respect to Members who were employees of Martin Marietta Magnesia Specialties, Inc. on April 30, 2001, who became Employees on May 1,
2001, Creditable Service, for purposes of vesting under Section 4.2(a) and eligibility for early retirement under Section 4.2(b)(2) shall include each full year of service for the period during which a Member was employed by Martin Marietta Magnesia
Specialties, Inc. prior to May 1, 2001; provided such Member was not covered, on April 30, 2001, by the terms of a collective bargaining agreement of which Martin Marietta Magnesia Specialties, Inc. was a party.
	 

66c46802_ex10-14.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.14

MINERALS TECHNOLOGIES INC. 

HEALTH AND WELFARE PLAN 

(Effective April 1, 2003 and Amended and Restated as of January 1, 2006)

July 2006

MINERALS TECHNOLOGIES INC.

HEALTH AND WELFARE PLAN 

(Effective April 1, 2003 and Amended and Restated as of January 1, 2006)

	
TABLE OF CONTENTS
  
	 

  
	 

  
	 

  
	
INTRODUCTION
  	 
  	
1
  
	 

  
	
ARTICLE I. Definitions
  	 
  	
2
  
	
                    1.1.
  	 
  	
ADA
  	 
  	
2
  
	
                    1.2.
  	 
  	
Affiliate
  	 
  	
2
  
	
                    1.3.
  	 
  	
Benefit Component
  	 
  	
2
  
	
                    1.4.
  	 
  	
Benefits
  	 
  	
3
  
	
                    1.5.
  	 
  	
Board
  	 
  	
3
  
	
                    1.6.
  	 
  	
Cafeteria Program
  	 
  	
3
  
	
                    1.7.
  	 
  	
Claims Processor
  	 
  	
3
  
	
                    1.8.
  	 
  	
COBRA
  	 
  	
3
  
	
                    1.9.
  	 
  	
Code
  	 
  	
3
  
	
                    1.10.
  	 
  	
Collective Bargaining Agreement
  	 
  	
3
  
	
                    1.11.
  	 
  	
Company
  	 
  	
3
  
	
                    1.12.
  	 
  	
Dependent
  	 
  	
3
  
	
                    1.13.
  	 
  	
DOL
  	 
  	
3
  
	
                    1.14.
  	 
  	
Effective Date
  	 
  	
3
  
	
                    1.15.
  	 
  	
Eligible Employee
  	 
  	
3
  
	
                    1.16.
  	 
  	
Employee
  	 
  	
3
  
	
                    1.17.
  	 
  	
Employee Plan Contributions
  	 
  	
4
  
	
                    1.18.
  	 
  	
Employer
  	 
  	
4
  
	
                    1.19.
  	 
  	
Employer Plan Contributions
  	 
  	
4
  
	
                    1.20.
  	 
  	
ERISA
  	 
  	
4
  
	
                    1.21.
  	 
  	
FMLA
  	 
  	
4
  
	
                    1.22.
  	 
  	
HIPAA
  	 
  	
4
  
	
                    1.23.
  	 
  	
HMO
  	 
  	
4
  
	
                    1.24.
  	 
  	
Participant
  	 
  	
4
  
	
                    1.25.
  	 
  	
Plan Administrator
  	 
  	
4
  
	
                    1.26.
  	 
  	
Plan Year
  	 
  	
4
  
	
                    1.27.
  	 
  	
Retiree
  	 
  	
4
  
	
                    1.28.
  	 
  	
Service Provider
  	 
  	
4
  
	
                    1.29.
  	 
  	
Third Party Administrator
  	 
  	
5
  
	
                    1.30.
  	 
  	
USERRA
  	 
  	
5
  
	
                    1.31.
  	 
  	
Welfare Plan
  	 
  	
5
  
	
                    1.32.
  	 
  	
Welfare Plan Committee
  	 
  	
5
  

	
ARTICLE II. Participation
  	 
  	
5
  
	
                    2.1.
  	 
  	
  Participation
  	 
  	
5
  
	
                    2.2.
  	 
  	
  Cessation of Participation
  	 
  	
6
  
	
                    2.3.
  	 
  	
  Continuation Coverage
  	 
  	
6
  
	 

  
	
ARTICLE III. Contributions
  	 
  	
6
  
	
                    3.1.
  	 
  	
  Employer Plan Contributions
  	 
  	
6
  
	
                    3.2.
  	 
  	
  Employee Plan Contributions
  	 
  	
6
  
	 

  
	
ARTICLE IV. Benefits
  	 
  	
6
  
	
                    4.1.
  	 
  	
  Provision of Benefits
  	 
  	
6
  
	 

  
	
ARTICLE V.
Claims, Claims Procedure, Appeals, and Payment
  	 
  	
7
  
	
                    5.1.
  	 
  	
  Claims
  	 
  	
7
  
	
                    5.2.
  	 
  	
  Claims Procedure
  	 
  	
7
  
	
                    5.3.
  	 
  	
  Claims Procedure, All Other Benefits
  	 
  	
15
  
	
                    5.4.
  	 
  	
  Notices
  	 
  	
16
  
	
                    5.5.
  	 
  	
  Evidence
  	 
  	
16
  
	
                    5.6.
  	 
  	
  Payment
  	 
  	
17
  
	
                    5.7.
  	 
  	
  Coordination of Benefits
  	 
  	
17
  
	
                    5.8.
  	 
  	
  Proof of Loss
  	 
  	
17
  
	
                    5.9.
  	 
  	
  Nonassignment
  	 
  	
17
  
	
                    5.10.
  	 
  	
  Government-Provided Benefits
  	 
  	
17
  
	
                    5.11.
  	 
  	
  Receipt and Release of Information
  	 
  	
17
  
	
                    5.12.
  	 
  	
  Subrogation
  	 
  	
18
  
	
                    5.13.
  	 
  	
  Right of Recovery
  	 
  	
18
  
	 

  
	
ARTICLE VI. Purpose and Funding
  	 
  	
18
  
	
                    6.1.
  	 
  	
  Purpose
  	 
  	
18
  
	
                    6.2.
  	 
  	
  Funding Policy
  	 
  	
18
  
	 

  
	
ARTICLE VII. Adoption of Welfare Plan by Participating Employer
  	 
  	
19
  
	
                    7.1.
  	 
  	
  Adoption by Subsidiary or Affiliate
  	 
  	
19
  
	
                    7.2.
  	 
  	
  Termination of Participation
  	 
  	
19
  
	
                    7.3.
  	 
  	
  Contributions and Liabilities
  	 
  	
19
  
	
                    7.4.
  	 
  	
  Actions, Approvals and Notification
  	 
  	
19
  
	
                    7.5.
  	 
  	
  Rights
  	 
  	
20
  
	
                    7.6.
  	 
  	
  Successor
  	 
  	
20
  
	 

  
	
ARTICLE VIII. Plan Administration
  	 
  	
20
  
	
                    8.1.
  	 
  	
  Allocation of Plan Administration Responsibilities
  	 
  	
20
  
	
                    8.2.
  	 
  	
  Committee Membership
  	 
  	
21
  
	
                    8.3.
  	 
  	
  Committee Meetings
  	 
  	
21
  
	
                    8.4.
  	 
  	
  Fiduciary Duties
  	 
  	
21
  

(ii)

	
                    8.5.
  	 
  	
Indemnification of Fiduciaries
  	 
  	
22
  
	
                    8.6.
  	 
  	
Discretionary Power of Plan Administrator
  	 
  	
22
  
	
                    8.7.
  	 
  	
Miscellaneous
  	 
  	
22
  
	 

  
	
ARTICLE IX.
  	 
  	
Amendment and Termination
  	 
  	
22
  
	
                    9.1.
  	 
  	
Amendment
  	 
  	
22
  
	
                    9.2.
  	 
  	
Termination
  	 
  	
23
  
	 

  
	
ARTICLE X. Miscellaneous
  	 
  	
23
  
	
                    10.1.
  	 
  	
State of Jurisdiction
  	 
  	
23
  
	
                    10.2.
  	 
  	
Severability
  	 
  	
23
  
	
                    10.3.
  	 
  	
Welfare Plan Not An Employment Contract
  	 
  	
23
  
	
                    10.4.
  	 
  	
Non-Transferability of Interest and Facility of Payment
  	 
  	
23
  
	
                    10.5.
  	 
  	
Mistake of Fact
  	 
  	
23
  
	
                    10.6.
  	 
  	
Cost of Administering the Welfare Plan
  	 
  	
24
  
	
                    10.7.
  	 
  	
Withholding for Taxes
  	 
  	
24
  
	
                    10.8.
  	 
  	
Bonding and Insurance
  	 
  	
24
  
	
                    10.9.
  	 
  	
Nondiscrimination Requirements
  	 
  	
24
  
	
                    10.10.
  	 
  	
Prohibition on Compensation
  	 
  	
24
  
	
                    10.11.
  	 
  	
No Vested Rights
  	 
  	
24
  
	
                    10.12.
  	 
  	
Titles and Headings
  	 
  	
25
  
	
                    10.13.
  	 
  	
Tax Effects
  	 
  	
25
  
	
                    10.14.
  	 
  	
Continuation Coverage under COBRA or Other Applicable Law
  	 
  	
25
  
	
                    10.15.
  	 
  	
Procedures for Providing Certain Notices
  	 
  	
25
  
	
                    10.16.
  	 
  	
FMLA or USERRA Leaves of Absence
  	 
  	
27
  
	
                    10.17.
  	 
  	
Qualified Medical Child Support Orders
  	 
  	
27
  
	
                    10.18.
  	 
  	
Entire Document
  	 
  	
27
  
	 

  
	
ARTICLE XI.
  	 
  	
HIPAA Privacy
  	 
  	
28
  
	
                    11.1.
  	 
  	
Definitions
  	 
  	
28
  
	
                    11.2.
  	 
  	
Disclosure of Summary Health Information
  	 
  	
32
  
	
                    11.3.
  	 
  	
Disclosure of Protected Health Information to the Company
  	 
  	
32
  
	
                    11.4.
  	 
  	
Permitted Use and Disclosure of Protected Health Information
  	 
  	
32
  
	
                    11.5.
  	 
  	
Required Uses and Disclosures of Protected Health Information
  	 
  	
37
  
	
                    11.6.
  	 
  	
Minimum Necessary
  	 
  	
37
  
	
                    11.7.
  	 
  	
Employer Certification and Responsibility
  	 
  	
37
  
	
                    11.8.
  	 
  	
Employees with access to Protected Health Information
  	 
  	
38
  
	
                    11.9.
  	 
  	
Limitations to Protected Health Information Access and Disclosure
  	 
  	
39
  
	
                    11.10.
  	 
  	
Noncompliance
  	 
  	
39
  
	
                    11.11.
  	 
  	
Nondisclosure of Protected Health Information by HMOs
  	 
  	
40
  
	
                    11.12.
  	 
  	
Notice to Employees
  	 
  	
40
  
	
                    11.13.
  	 
  	
Policies and Procedures
  	 
  	
40
  
	
                    11.14.
  	 
  	
Hybrid Entity Designation
  	 
  	
40
  
	
                    11.15.
  	 
  	
Electronic Data Security Standards
  	 
  	
41
  
	
APPENDIX A LIST OF BENEFIT COMPONENTS
  	 
  	
43
  
	
APPENDIX B PARTICIPATING EMPLOYERS
  	 
  	
44
  

(iii)

MINERALS TECHNOLOGIES INC.

HEALTH AND WELFARE PLAN 

(Effective April 1, 2003 and Amended and Restated as of January 1, 2006)

INTRODUCTION

     Minerals Technologies Inc. established the Minerals Technologies Inc. Health and Welfare Plan (hereinafter the “Welfare Plan”), effective April 1, 2003 to provide health and welfare benefits
for the Eligible Employees, Retirees and their Dependents of Minerals Technologies Inc. and participating Affiliates. The Welfare Plan is hereby being amended and restated as of January 1, 2006. The Welfare Plan includes and encompasses: (i) the
Minerals Technologies Inc. Cafeteria Program (the “Cafeteria Program”), which in turn includes the Premium Conversion Program, Health Flexible Spending Account Program and Dependent Care Assistance Program benefit components, covering
Eligible Employees of Minerals Technologies Inc.; and (ii) each of the individual plans, programs, insurance contracts, and benefit components that are listed in Appendix A (collectively, with the Cafeteria Program, hereinafter referred to as
“Benefit Components”), and the terms of each such Benefit Component are hereby incorporated into the Welfare Plan by reference. 

	 	THIS WELFARE PLAN, TOGETHER WITH EACH BENEFIT COMPONENT FORMING A PART OF THE WELFARE PLAN, CONSTITUTES THE WRITTEN PLAN DOCUMENT FOR THE MINERALS TECHNOLOGIES INC. HEALTH AND WELFARE PLAN. 	 

In the event that any term or provision in the Welfare Plan document is in conflict with any of the terms or provisions of any Benefit Component, the terms or provisions in the Welfare Plan document will govern.  Where terms and
provisions specifically applicable to an individual Benefit Component are not addressed in the Welfare Plan document, such terms and provisions as set forth in such Benefit Component will govern. 

     The Welfare Plan is designed to meet the applicable requirements of the Code, ERISA, COBRA, HIPAA, the ADA, the FMLA, the USERRA, and any other applicable law, including regulations and rulings issued
pursuant to any such laws, to the extent applicable to a Benefit Component. The Welfare Plan is specifically designated as a welfare benefit plan under ERISA, and shall be treated as a single welfare benefit plan for purposes of the reporting
requirements under Title I of ERISA. However, to the extent permitted by Title I of ERISA, an Employer may elect to satisfy the summary plan description and summary of material modifications requirements of ERISA separately with respect to any one
or more of the Benefit Components. Notwithstanding the foregoing, each individual Benefit Component shall be subject to ERISA only to the extent required by ERISA. 

     Except as otherwise provided, each Benefit Component is a separate plan for purposes of satisfying the nondiscrimination requirements of the Code. However, each Benefit Component which is a
self-insured group health plan (if any), together with any HMO coverage that is

offered in lieu of coverage under any such Benefit Components, shall constitute a single plan for purposes of the nondiscrimination requirements of Section 105(h)(2) of the Code. It is intended that all applicable
nondiscrimination requirements of the Code be satisfied, including all requirements under Code Sections 79, 105(h), and 125. 

     The Welfare Plan is maintained for the exclusive benefit of Eligible Employees and/or any of their eligible Dependents. 

     The general provisions of the Welfare Plan shall apply only to Eligible Employees and Retirees of an Employer who are Participants as defined in Article I.  Provisions of any individual Benefit
Component shall apply only with respect to Participants who are eligible to receive Benefits under such Benefit Component.  The rights and Benefits, if any, of former Employees who are Participants will be determined in accordance with the
provisions of the Welfare Plan as in effect on the date their employment terminated. 

ARTICLE I.

Definitions 

     Any terms that are used or separately defined in any Benefit Component shall have the meaning set forth in such Benefit Component. 

     Where required by the context, the noun, verb, adjective and adverb forms of each defined term includes any of its other forms and the singular includes the plural and the plural includes the
singular. “He,” “him” and “his” include “she,” “her” and “hers.” 

     The following terms used in the Welfare Plan shall have the following meanings:

	 	
1.1.        	
ADA. The Americans with Disabilities Act of 1990, as amended.
  
	 
	 	
1.2.        	
Affiliate. Any corporation, partnership or other entity which is:
  
	 
	 	 	
(a)        	
a member of a “controlled group of corporations” (as that term is defined in Code Section 414(b)) of which the Company is a member;
  
	 
	 	 	
(b)        	
a member of any trade or business under “common control” (as that term is defined in Code Section 414(c)) with the Company;
  
	 
	 	 	
(c)        	
a member of an “affiliated service group” (as that term is defined in Code Section 414(m)) which includes the Company; or
  
	 
	 	 	
(d)        	
any other entity required to be aggregated with the Company pursuant to U.S. Department of Treasury regulations issued under Code Section 414(o).
  
	 

     1.3. Benefit Component.  The Cafeteria Program and each of the individual plans, programs, insurance
contracts, and benefit components that are part of the Welfare Plan, as listed in Appendix A. Existing Benefit Components may be discontinued or amended, in whole or in

-2-

part, and new Benefit Components may be added, at any time by the Welfare Plan Committee or the Board. 

     1.4. Benefits. The benefits provided to Participants under any Benefit Component, as listed in the schedule of
benefits for such Benefit Component or in one or more other written documents approved by the Welfare Plan Committee or the Board, with respect to such Benefit Component. 

     1.5. Board. The Board of Directors of Minerals Technologies Inc. 

     1.6. Cafeteria Program. The Minerals Technologies Inc. Cafeteria Program, as it may be amended from time to
time. 

     1.7. Claims Processor. Any person or entity appointed by the Plan Administrator to process claims in
accordance with Article V hereof. 

     1.8. COBRA.  The Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, including any applicable
regulations and/or rulings issued thereunder. 

     1.9. Code. The Internal Revenue Code of 1986, as amended, including any
applicable regulations and/or rulings issued thereunder. 

     1.10. Collective Bargaining Agreement.  An agreement between an Employer and a collective bargaining unit
which sets forth the terms and conditions governing the employment of those Employees who are represented by such collective bargaining unit. 

     1.11. Company. Minerals Technologies Inc. 

     1.12. Dependent. Any individual who meets the applicable definition of “dependent” under any Benefit
Component(s), but then only with respect to such Benefit Component(s). 

     1.13. DOL. The United States Department of Labor. 

     1.14. Effective Date. April 1, 2003. 

     1.15. Eligible Employee.  Eligible Employee shall mean, (a) with respect to any Employee whose terms of
employment are governed by a Collective Bargaining Agreement, any such Employee who meets the applicable eligibility requirements as set forth under such Collective Bargaining Agreement and (b) with respect to any Employee whose terms of employment
are not governed by a Collective Bargaining Agreement, any such Employee who meets the applicable eligibility requirements under any Benefit Component(s), but then only with respect to such Benefit Component(s). 

     1.16. Employee. Any person who is a full-time employee of an Employer who is paid from sources within the
United States, or a part-time employee of an Employer who works at least 20 hours per week and who is paid from sources within the United States.  The term “Employee” shall not include any person who performs services for an Employer under
an agreement or arrangement (which may be written, oral and/or evidenced by such Employer’s 

 -3-  

payroll practice) with the individual or with another organization that provides the services of the individual to such Employer, pursuant to which the person is treated as an independent contractor or otherwise treated as an
employee of any entity other than an Employer, irrespective of whether the individual is treated as an employee of such Employer under common law employment principles. 

     1.17. Employee Plan Contributions. The contributions, if any, made by a Participant in accordance with any
Benefit Component. 

     1.18. Employer. Minerals Technologies Inc., and any of its subsidiaries or Affiliates, that, with the consent
of the Board, adopts the Welfare Plan in accordance with Article VII hereof, and any organization that is a successor thereto. 

     1.19. Employer Plan Contributions. The contributions, if any, made by an Employer in accordance with Section
3.1. 

     1.20. ERISA. The Employee Retirement Income Security Act of 1974, as amended. 

     1.21. FMLA. The Family and Medical Leave Act of 1993, as amended. 

     1.22. HIPAA.  The Health Insurance Portability and Accountability Act of
1996, as amended. 

     1.23. HMO. A health maintenance organization. 

     1.24. Participant.  An Eligible Employee or Retiree who meets the requirements of Section 2.1 or a Dependent.

     1.25. Plan Administrator.  The Welfare Plan Committee appointed by the Board pursuant to Article VIII. Certain
administrative functions with respect to the Welfare Plan may be delegated to any other person, persons, or entity, including a Third Party Administrator or Claims Processor, in accordance with reasonable procedures established by the Welfare Plan
Committee. 

     1.26. Plan Year.  The twelve-month period beginning January 1st and ending on the following December 31st.

     1.27. Retiree.  A former Employee of an Employer who was hired by an Employer before January 1, 2004, and who
completes at least fifteen (15) “years of creditable service” after the attainment of age 40. For purposes of the foregoing, years of creditable service shall have the meaning set forth in the Minerals Technologies Inc. Retirement
Plan.Service Provider. Any insurance company, HMO, point of service provider (“POS”), Preferred Provider Organization (“PPO”), physician, hospital, or any other service
provider who provides, or is obligated to provide, pursuant to a contractual arrangement with the Welfare Plan or any Employer, Benefits under any plan, program, insurance contract, or benefit component that is part of the Welfare Plan. 

 -4-  

     1.29. Third Party Administrator.  Any individual or entity appointed to assist in the administration of the
Welfare Plan, or any Benefit Component, in accordance with such written agreement as may be entered into between the Plan Administrator and such Third Party Administrator. 

     1.30. USERRA. The Uniformed Services Employment and Reemployment Rights Act of 1994, as amended. 

     1.31. Welfare Plan.  This Minerals Technologies Inc. Health and Welfare Plan, including any Benefit Component
that is a part of the Welfare Plan, as it may be amended from time to time. 

     1.32. Welfare Plan Committee. The committee established under Article VII.

ARTICLE II.

Participation 

     2.1. Participation. An Eligible Employee or Retiree shall be eligible to participate in the Welfare Plan: (a)
on the Effective Date, to the extent that he participated in, or was eligible to participate in one of more of the Benefit Components forming a part of the Welfare Plan on such date; or (b), if he becomes a Participant after the Effective Date, in
accordance with the following: 

	 	(i) with respect to an Eligible Employee and with respect to any Benefit Component providing medical or dental Benefits, on the first date of employment with an
    Employer;	 
	 	 	 
	 	(ii) with respect to an Eligible Employee and with respect to any Benefit Component providing Benefits other than medical or dental Benefits, on the earliest date that he
      becomes eligible for such Benefits in accordance with the eligibility and participation provisions contained in at least one of any such Benefit Components or one or more other written documents approved by the Welfare Plan Committee or the Board
    with respect to such Benefit Component, but then only with respect to such Benefit Component(s); or	 
	 	 	 
	 	(iii) with respect to a Retiree and with respect to any Benefit Component providing retiree medical benefits, as of the first day he is no longer an Employee; provided,
    however, that such individual participated or was eligible to participate in the Welfare Plan immediately before his retirement.	 

     Participation in the Welfare Plan shall be contingent upon participation in any such Benefit Component(s), and upon receipt by the Plan Administrator of such applications, consents, proofs of birth or
marriage, school attendance, elections, beneficiary designations, proof of reimbursable expenses, proof of disability and/or other documents and information as may be prescribed by the Plan Administrator, in its discretion, or by any Benefit
Component.

     An Eligible Employee who does not timely elect coverage under any Benefit Component shall be deemed to have elected individual coverage under a Benefit Component providing

-5-

medical benefits, and shall be deemed to have waived participation in all other Benefit Components. A Retiree who does not timely elect initial coverage under any Benefit Component providing retiree medical care shall forfeit the
right to enroll in any Benefit Component providing retiree medical care.  If a Retiree ceases to participate in all Benefit Components providing retiree medical coverage the Retiree shall never be allowed to participate in, re-enter or be reinstated
into any Benefit Component providing retiree medical coverage. Eligible Dependents will participate in the Welfare Plan to the extent provided in, and in accordance with the provisions of, the applicable Benefit Component.  A Participant shall be
deemed conclusively, for all purposes, to have consented to the terms and provisions of the Welfare Plan and any Benefit Component(s) to the extent of his participation thereunder. 

     2.2. Cessation of Participation. Subject to Section 2.3, participation of a Participant generally will
terminate as of the date such Participant no longer is an Eligible Employee or Dependent, or in accordance with the terms and provisions of any Benefit Component. Notwithstanding the immediately preceding sentence or any provision of the Welfare
Plan to the contrary, participation of a Participant who is a Retiree, or eligible Dependent of a Retiree, may be extended in accordance with the terms of any Benefit Component that provides Benefits to such Retiree, or eligible Dependent of such
Retiree; provided, however, except as provided in Section 2.3, nothing herein or therein shall represent a contractual obligation of the Company or the other Benefit Component providers to continue to maintain the Welfare Plan or any Benefit
Component, respectively, for, or provide a level of coverage for, any Eligible Employee, Retiree or any group thereof or Dependents thereof. 

     2.3. Continuation Coverage.  The term “Participant” shall include any former Participant who remains
covered under a Benefit Component that is subject to COBRA, the FMLA, the USERRA, or other similar applicable law, pursuant to the continuation coverage provisions of such Benefit Component. 

ARTICLE III.

Contributions 

     3.1. Employer Plan Contributions. Any Employer who has adopted the Welfare Plan in accordance with the
provisions of Article VII hereunder agrees to contribute such amounts as are required to fund any self-funded Benefit provided hereunder, or to pay any premium, fee, expense, or other amount required from an Employer under the terms of any Benefit
Component.

     3.2. Employee Plan Contributions. Participants must pay any premium, fee, expense, co-pay, or other amounts
required under the terms of any Benefit Component in order to receive Benefits under such Benefit Component. 

ARTICLE IV.

Benefits 

     4.1. Provision of Benefits. Each Participant shall be entitled to the Benefits set forth in any applicable
schedule of benefits or in one or more other written documents approved by the

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Welfare Plan Committee or the Board with respect to any Benefit Component(s) in which he is a Participant, and for which Benefits he is eligible by virtue of his employment or former employment with an Employer, but only with
respect to such Benefit Component(s) and only to the extent it is determined under the applicable Benefit Component that he has satisfied all of the conditions precedent to his receiving such Benefits.  All Benefits under a Benefit Component shall
be payable or provided under such Benefit Component only if such Benefits relate to periods in which a Participant has elected to participate in such Benefit Component (if applicable). All such Benefits shall be legally enforceable to the extent
required by the Code, ERISA and other applicable law. 

ARTICLE V.

Claims, Claims Procedure, Appeals, and Payment

     5.1. Claims.  A claimant (“Claimant”) must file a claim for Benefits on a form prescribed by the
Claims Processor or Plan Administrator (such terms are used interchangeably throughout this Article V), or as set forth in any Benefit Component. The claim form must be completed in its entirety, including all information and reports from doctors
and hospitals (if applicable), plus any proof of claim requirements established by the Claims Processor, Plan Administrator, or as set forth in any such Benefit Component. A claim will be considered filed for purposes of this Section 5.1 when a
properly completed claim form and all additional materials necessary to process the claim are received by the Claims Processor or Plan Administrator, as applicable. 

     For purposes of this Article V, a claim filed with or received by a Claims Processor shall be deemed to have been filed with or received by the Plan Administrator or the Welfare Plan, as applicable,
and any notice or notification (including notice or notification of an Adverse Benefit Determination) provided to a Claimant by a Claims Processor shall be deemed to have been provided by the Plan Administrator or the Welfare Plan, as applicable.

     5.2. Claims Procedure.  The procedures set forth in this Section 5.2 shall apply to claims with respect to
Benefit Components providing group health insurance benefits or group disability insurance benefits (i.e., the (i) Minerals Technologies Inc. Group Benefit Program, (ii) Minerals
Technologies Inc. Retiree Medical Program; (iii) Minerals Technologies Inc. Group Dental Program, (iv) Minerals Technologies Inc. Cafeteria Program, and (v) Minerals Technologies Inc. Group Long-Term Disability Program, except to the extent that any
such Benefit Component(s) utilizes a claims and appeals procedure that is more favorable to Participants than the claims and appeals procedure set forth in this Section 5.2, in which case such claims and appeals procedure shall supercede the claims
and appeals procedure set forth in this Section 5.2; provided, that such claims and appeals procedure complies with applicable law, including the applicable DOL regulations. 

     For purposes of this Section 5.2, the following definitions shall apply:

     (a) Adverse Benefit Determination.  “Adverse Benefit Determination” means any of the following: a denial, reduction or termination
of, or a failure to provide or make payment (in whole or in part) for, a Benefit, including any such denial, reduction or termination or failure to

-7-

provide or make payment that (i) is based on a determination of eligibility to participate in the Welfare Plan or any applicable Benefit Component; (ii) results from the application of any utilization review; or (iii) is due to a
failure to cover an item or service for which Benefits are otherwise provided because such item or service is determined to be experimental or investigational, or not medically necessary or appropriate. 

     Solely with respect to a Concurrent Care Claim, in the event that the Welfare Plan or applicable Benefit Component has approved an ongoing course of treatment to be provided over a period of time, or
a specific number of treatments, “Adverse Benefit Determination” also means any termination of such course of treatments prior to the end of the prescribed course of such treatments, or reduction of the specific number of treatments below
the number originally approved (other than as a result of an amendment to, or the termination of, the Welfare Plan or applicable Benefit Component). 

     (b) Concurrent Care Claim. A “Concurrent Care Claim” is any claim under a Benefit Component providing group health insurance
Benefits in which the Welfare Plan, or applicable Benefit Component, has approved an ongoing course of treatment to be provided over a period of time, or a specific number of treatments, and either (i) the Welfare Plan or applicable Benefit
Component now seeks to reduce or terminate the course of treatment (other than by amendment or termination of the Welfare Plan or applicable Benefit Component), or to reduce the specific number of treatments; or (ii) the Claimant requests an
extension of such course of treatment, or to increase the specific number of treatments, subsequent to the initial approval of the original course of treatment, or specific number of treatments. 

     (c) Disability Claim. A “Disability Claim” is any claim for disability benefits under the applicable Benefit Component(s).

     (d) Health Care Professional.  A “Health Care Professional” means a physician or other health care professional licensed,
accredited, or certified to perform specified health services consistent with state law. 

     (e) Pre-Service Claim.  A “Pre-Service Claim” is any claim under a Benefit Component providing group health insurance Benefits that
requires approval, or pre-authorization, of the Benefit in advance of obtaining medical care. 

     (f) Post-Service Claim.  A “Post-Service Claim” is any claim under a Benefit Component providing group health insurance Benefits
that is not a Pre-Service Claim, and that involves payment or reimbursement for a health care Benefit that has already been provided. 

     (g) Urgent Care Claim.  An “Urgent Care Claim” is any claim under a Benefit Component providing group health insurance Benefits
with respect to which a delay in making a determination: (i) could seriously jeopardize a Claimant’s life or health, or his ability to regain maximum function; or (ii) in the opinion of a physician with knowledge of the Claimant’s medical
condition, would subject the Claimant to severe pain that cannot be adequately managed without the care or treatment. An Urgent Care Claim also includes any claim that a physician with knowledge of the Claimant’s medical condition determines is
a claim involving urgent care. 

     Initial Claims.

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     The Plan Administrator must provide a Claimant with written or electronic notification of any Adverse Benefit Determination, written in a manner calculated to be understood by the Claimant and within
the time frames set forth in this Section 5.2. The Plan Administrator must provide notification to a Claimant orally within the time frames set forth in this Section 5.2, in which case written or electronic notification shall be furnished to such
Claimant within three (3) days following such oral notification. 

     The notification with respect to an Adverse Benefit Determination under a Benefit Component providing group health or disability insurance benefits must set forth clearly, in language calculated to be
understood by the Claimant: 

     (i) the specific reason(s) for the Adverse Benefit Determination; 

     (ii) references to the specific Welfare Plan, or any Benefit Component, provisions on which the Adverse Benefit Determination is based; 

     (iii) a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; 

     (iv) a description of the Welfare Plan’s claims review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action
under Section 502(a) of ERISA following an Adverse Benefit Determination on review; 

     (v) 

	 	 (A) if an internal rule, guideline, protocol or other similar criterion was relied upon in making the Adverse Benefit Determination, either the specific rule, guideline, protocol, or other similar criterion; or a statement that such a rule, guideline, protocol, or other similar criterion was relied upon in making the Adverse Benefit Determination, and that a copy of such rule, guideline, protocol, or other similar criterion will be provided free of charge to the Claimant upon request; or 	 
	 	 	 
	 	 (B) if the Adverse Benefit Determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Welfare Plan to the Claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request; and 	 

     (vi) solely with respect to an Urgent Care Claim, a description of the Welfare Plan’s expedited review process with respect to such claims. 

     Urgent Care Claims. Upon its receipt of an Urgent Care Claim, the Plan Administrator must notify the Claimant of its determination (whether or not such determination
is an Adverse Benefit Determination) as soon as possible, but in no case later than seventy-two (72) hours after its receipt of such Urgent Care Claim, unless the Claimant does not provide sufficient information to determine whether, or to what
extent, Benefits are covered or payable under the Welfare Plan. In that instance, the Plan Administrator must notify the Claimant as soon possible, but in no case later than twenty-four (24) hours after its receipt of such Urgent Care Claim, of the

 -9-  

specific information necessary to properly complete such Urgent Care Claim.  The Claimant must be given a reasonable amount of time to provide the specified information, depending on the circumstances, but in no case less than
forty-eight (48) hours after his having been so notified.  The Plan Administrator must notify the Claimant of its determination as soon as possible, but in no case later than forty-eight (48) hours after the earlier of (i) the Plan
Administrator’s receipt of the specified information; or (ii) the end of the period afforded to the Claimant to provide the additional specified information. 

     Pre-Service Claims.  A Claimant must be notified of the Welfare Plan’s decision regarding his Pre-Service Claim within a reasonable time (appropriate to the
medical circumstances), but in no case later than fifteen (15) days after the Plan Administrator’s receipt of such Claimant’s Pre-Service Claim. The Plan Administrator may extend the initial fifteen-day period for up to an additional
fifteen (15) days in the event that there are matters beyond its control, in which case the Plan Administrator must notify the Claimant prior to the expiration of the initial fifteen-day period of the circumstances requiring the extension, and the
date on which the Welfare Plan expects to make its decision.  If such an extension is necessary because the Claimant failed to submit the information required to make a determination, the notice must describe the specific information required. The
Claimant must have at least forty-five (45) days from his receipt of such notice to provide the specified information. 

     If a Claimant fails to follow the Welfare Plan’s procedures for filing a Pre-Service Claim, such Claimant must be notified as soon as possible, but in no case later than five (5) days
(twenty-four (24) hours in the case of a Pre-Service Claim that also qualifies as an Urgent Care Claim) following the Plan Administrator’s receipt of such Claimant’s claim, that his claim has been improperly filed, and must be provided
with a description of the proper procedures for filing his Pre-Service Claim.  Such notice may be given orally, unless the Claimant or his authorized representative specifically has requested written notification.  This paragraph must apply only
where such improper filing occurred with respect to (i) a communication by a Claimant or his authorized representative that is received by a person or organizational unit customarily responsible for handling benefits matters; and (ii) is a
communication that names a specific Claimant, medical condition or symptom, and a specific treatment, service, or product for which approval is requested. 

     Post-Service Claims. In the event of an Adverse Benefit Determination with respect to a Post-Service Claim, a Claimant must be notified of the Welfare Plan’s
decision within a reasonable time period, but in no case later than thirty (30) days after its receipt of the Post-Service Claim. Such thirty-day period may be extended for up to an additional fifteen (15) days if the Plan Administrator determines
that such an extension is necessary for reasons beyond the Welfare Plan’s control, in which case the Claimant must be notified, prior to the end of the initial thirty (30) day period, of the circumstances requiring the extension, and the date
on which the Welfare Plan expects to make a decision. If such extension is necessary because the Claimant failed to submit the information required to make a determination, the notice must describe the specific information required, in which case
the Claimant must have at least forty-five (45) days from his receipt of the notice to provide the specified information. 

     Concurrent Care Claims.  The Plan Administrator must notify the Claimant of an Adverse Benefit Determination with respect to a Concurrent Care Claim sufficiently in
advance

-10-

of the termination of pre-approved course of treatment, or reduction in the specific number of treatments, to allow such Claimant to appeal the Adverse Benefit Determination and obtain a determination upon review with respect to
such Adverse Benefit Determination prior to such termination or reduction. 

     A Claimant’s request to extend a course of treatment beyond the prescribed period of time, or the specific number of pre-approved treatments, that also qualifies as an Urgent Care Claim must be
decided as soon as possible , taking into account the medical exigencies. The Plan Administrator must notify such Claimant of its determination (whether or not such determination is an Adverse Benefit Determination) within twenty-four (24) hours
after its receipt of the claim; provided that such claim is made at least twenty-four (24) hours prior to the expiration of the prescribed course of treatment, or specific number of
pre-approved treatments. 

     Disability Claims. With respect to a Disability Claim, the Plan Administrator must notify the Claimant of an Adverse Benefit Determination within a reasonable time
period, but in no event later than forty-five (45) days after the Welfare Plan’s receipt of the claim. This period may be extended for a period of up to thirty (30) days if the Plan Administrator determines that such an extension is necessary
due to matters beyond the control of the Welfare Plan; provided that the Claimant is notified prior to the expiration of the initial forty-five (45) day period of the circumstances requiring
the extension, and the date by which the Welfare Plan expects to render a decision.  If, prior to the end of the first thirty (30) day extension period, the Plan Administrator determines that, due to matters beyond the control of the Welfare Plan, a
decision cannot be rendered within such thirty (30) day extension period, the period for making the determination may be extended for up to an additional thirty (30) days; provided that the
Plan Administrator notifies the Claimant, prior to the expiration of the initial thirty (30) day period, of the circumstances requiring the extension, and the date on which the Welfare Plan expects to render a decision. Such notification must
explain the standards on which entitlement to a Benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve such issues. A Claimant must have at least forty-five (45) days to provide
the additional specified information. 

     Appeals of Adverse Benefit Determinations.

     A Claimant who wishes to appeal an Adverse Benefit Determination with respect to his claim must file such appeal with the Plan Administrator in writing within one hundred eighty (180) days following
such Claimant’s receipt of the notification with respect to his initial Adverse Benefit Determination. 

     Within the time frames set forth for each specific type of claim set forth below, the Plan Administrator must notify the Claimant of the Welfare Plan’s decision on such appeal.  A claimant may
submit written comments, documents, records and other information relating to his claim.  Such Claimant is entitled to be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information
relevant to his claim. For purposes of this Section 5.2, a document, record or other information shall be considered relevant to a Claimant’s claim if such document, record or other information (i) was relied upon in making the Adverse Benefit
Determination; (ii) was submitted, considered, or generated in the course of making the Adverse Benefit Determination, irrespective of whether or not it was relied

-11-

upon in making such Adverse Benefit Determination; (iii) demonstrates compliance with the administrative processes and safeguards that ensure that determinations are made in accordance with governing Welfare Plan documents and
that where appropriate, Welfare Plan provisions have been applied consistently; or (iv) constitutes a statement of policy or guidance with respect to the Welfare Plan concerning the denied treatment option or Benefit for the Claimant’s
diagnosis, without regard to whether such advice or statement was relied upon in making the Adverse Benefit Determination. 

     The review of such Claimant’s appeal of the Adverse Benefit Determination must take into account all comments, documents, records, and other information submitted by the Claimant relating to his
claim, without regard to whether such information was submitted or considered in the making of the initial Adverse Benefit Determination. The decision on review must not afford deference to the initial Adverse Benefit Determination, and will be
conducted by an appropriate named fiduciary of the Welfare Plan who is neither the individual who made the initial Adverse Benefit Determination, nor a subordinate of such individual.  In deciding an appeal of any Adverse Benefit Determination that
is based in whole or in part on medical judgment, including determinations with regard to whether a particular treatment, drug, or other item is experimental, investigational, or not medically necessary or appropriate, the appropriate named
fiduciary must consult with a Health Care Professional who has appropriate training and experience in the field of medicine involved in the medical judgment. The medical or vocational experts whose advice was obtained on behalf of the Welfare Plan
in connection with the Claimant’s Adverse Benefit Determination will be identified, whether or not the advice was relied upon in making the Adverse Benefit Determination. Any such Health Care Professional engaged for purposes of a consultation
must be an individual who is neither one of the individuals who was consulted in connection with the initial Adverse Benefit Determination, nor a subordinate of any such individual. 

     A Claimant must be notified of the Welfare Plan’s benefit determination upon review in writing or electronically.  Notice of the decision with respect to an Adverse Benefit Determination on
review must set forth clearly, in a manner to be understood by the Claimant: 

     (i) the specific reason(s) for the Adverse Benefit Determination on review; 

     (ii) reference to the specific Welfare Plan, or any Benefit Component, provisions on which the Adverse Benefit Determination on review is based; 

     (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the
Claimant’s claim for Benefits; 

     (iv) a statement describing the Welfare Plan’s claims review procedures, and the time limits applicable to such procedures, and the Claimant’s right to obtain the information about such
procedures, including a statement of a Claimant’s right to bring a civil action under Section 502(a) of ERISA; 

     (v) 

 -12-  

	 	     (A) if an internal rule, guideline, protocol or other similar criterion was relied upon in making the Adverse Benefit Determination on review, either the specific rule, guideline, protocol, or other similar criterion; or a statement that such a rule, guideline, protocol, or other similar criterion was relied upon in making the Adverse Benefit Determination on review, and that a copy of such rule, guideline, protocol, or other similar criterion will be provided free of charge to the Claimant upon request; or 	 
	 	 	 
	 	     (B) if the Adverse Benefit Determination on review is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Welfare Plan to the Claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request; and 	 

     (vi) the following statement:  “You and your plan may have other voluntary alternative dispute resolution options, such as mediation.  One way to find out what may be available is to contact your
local U.S. Department of Labor Office and your State insurance regulatory agency.” 

     Urgent Care Claims. With respect to an Urgent Care Claim, if a Claimant appeals the Welfare Plan’s initial Adverse Benefit Determination with respect to his
claim, the Plan Administrator must notify the Claimant of the Welfare Plan’s Benefit determination on review as soon as possible, taking into account the medical exigencies, but not later than seventy-two (72) hours after receipt of the
Claimant’s request for review of an Adverse Benefit Determination by the Welfare Plan. 

     Expedited Review, Urgent Care Claims. Solely with respect to an Urgent Care Claim, if a Claimant appeals the Welfare Plan’s initial Adverse Benefit Determination
with respect to his claim, an expedited review process must be afforded such Claimant pursuant to which (i) the Claimant may submit, orally or in writing, a request for an expedited appeal and (ii) all necessary information must be transmitted
between the Welfare Plan and the Claimant by telephone, facsimile, or other available similarly expeditious method. The Plan Administrator must notify such Claimant of the Welfare Plan’s determination on appeal as soon as possible (depending on
the medical circumstances), but in no case later than seventy-two (72) hours after its receipt of the Claimant’s appeal of the initial Adverse Benefit Determination. 

     Pre-Service Claims.  With respect to a Pre-Service Claim, if a Claimant appeals the Welfare Plan’s initial Adverse Benefit Determination with respect to his
claim, the Plan Administrator must notify such Claimant of the Welfare Plan’s decision with respect to the appeal of his Pre-Service Claim within a reasonable time, appropriate to the medical circumstances. If the Benefit Component provides for
a single appeal of the Adverse Benefit Determination the Claimant must be notified of the Welfare Plan’s decision on review no later than thirty (30) days after its receipt of such Claimant’s appeal.  If the Benefit Component provides for
two appeals of an Adverse Benefit Determination (A) the Claimant must be notified of the Welfare Plan’s initial decision on review no later than fifteen (15) days after its receipt of
such Claimant’s appeal and (B) if the Claimant appeals such initial decision on review, the Claimant must be notified of the Welfare Plan’s subsequent decision on re-review no later than

-13-

fifteen (15) days after the Welfare Plan’s receipt of the Claimant’s appeal of the initial decision on review. 

     Post-Service Claims.  With respect to a Post-Service Claim, if a Claimant appeals the Welfare Plan’s initial Adverse Benefit Determination with respect to his
claim, such Claimant must be notified within a reasonable time period of such determination. With respect to Benefit Components which provide for a single appeal of the Adverse Benefit Determination, the Claimant must be notified of the Welfare
Plan’s decision on review no later than sixty (60) days after its receipt of such Claimant’s appeal. With respect to Benefit Components which provide for two appeals of an Adverse Benefit Determination: (A) the Claimant must be notified of
the Welfare Plan’s initial decision on review no later than thirty (30) days after its receipt of such Claimant’s appeal and (B) if the Claimant appeals such initial decision on review, he must be notified of the Welfare Plan’s
subsequent decision on re-review no later than thirty (30) days after the Welfare Plan’s receipt of the Claimant’s appeal of the initial decision on review. The number of appeals of an Adverse Benefit Determination with respect to all
Benefit Components are as set forth in each such Benefit Component. 

     Concurrent Care Claims.  With respect to a Concurrent Care Claim, if a Claimant appeals the Welfare Plan’s initial Adverse Benefit Determination with respect to
his claim, the Plan Administrator must notify such Claimant of the Welfare Plan’s Benefit determination within a reasonable period of time, but not later than sixty (60) days following receipt by the Welfare Plan of the Claimant’s request
for review, unless the Plan Administrator determines that special circumstances (such as the need to hold a hearing, if applicable) require an extension of time for processing the Concurrent Care Claim.  If the Plan Administrator determines that an
extension of time for processing such Concurrent Care Claim is required, written notice of the extension of time must be furnished to the Claimant prior to the termination of the initial sixty (60) day period. In no event shall such extension of
time exceed a period of sixty (60) days from the end of the initial sixty (60) day period. Notice of such extension of time must indicate the special circumstances requiring the extension of time, and the date by which the Welfare Plan expects to
render the determination on review. 

     If, on appeal, a Concurrent Care Claim also qualifies as an Urgent Care Claim, a Pre-Service Claim or a Post-Service Claim, an Adverse Benefit Determination with respect to such claim must be treated
as an Urgent Care Claim, a Pre-Service Claim or a Post-Service Claim, as appropriate. 

     Disability Claims. With respect to a Disability Claim, if a Claimant appeals the Welfare Plan’s initial Adverse Benefit Determination with respect to his claim,
the Plan Administrator must notify such Claimant of the Welfare Plan’s Benefit determination within a reasonable period of time, but not later than forty-five (45) days following receipt by the Welfare Plan of the Claimant’s request for
review, unless the Plan Administrator determines that special circumstances (such as the need to hold a hearing, if applicable) require an extension of time for processing the Concurrent Care Claim. If the Plan Administrator determines that an
extension of time for processing such Concurrent Care Claim is required, written notice of the extension of time must be furnished to the Claimant prior to the termination of the initial forty-five (45) day period. In no event shall such extension
of time exceed a period of forty-five (45) days from the end of the initial forty-five (45) day period. Notice of such extension of time must indicate the

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special circumstances requiring the extension of time, and the date by which the Welfare Plan expects to render the determination on review. 

     5.3. Claims Procedure, All Other Benefits. The procedures set forth in this Section 5.3 apply to claims with
respect to Benefit Components providing Benefits other than group health insurance benefits or group disability insurance benefits (i.e., the Mineral Technologies Inc. Group Life,
Supplemental Life and Accidental Death and Dismemberment Program), except to the extent that any such Benefit Component utilizes a claims and appeals procedure that is more favorable to Participants than the claims and appeals procedure set forth in
this Section 5.3, in which case such claims and appeals procedure shall supercede the claims and appeals procedure set forth in this Section 5.3; provided, that such claims and appeals
procedure complies with applicable law, including the applicable DOL regulations. 

     For purposes of this Section 5.3, an “Adverse Benefit Determination” is a (i) denial, (ii) reduction or termination of a Benefit, or (iii) failure to make a total payment for a Benefit. For
purposes of the foregoing, any such (i) denial, (ii) reduction or termination, or (iii) failure to provide or make a total payment for a Benefit that is based upon eligibility is an “Adverse Benefit Determination.” 

     Initial Claims.

     The Plan Administrator must provide a Claimant with written or electronic notification of any Adverse Benefit Determination, written in a manner calculated to be understood by the Claimant and within
the time frames set forth in this Section 5.3. The Plan Administrator must notify the Claimant in writing (which may be transmitted electronically) of its decision within ninety (90) days of receipt of the application. If special circumstances
require any extension of time (not to exceed an additional ninety (90) days) for processing the claim, the Plan Administrator must notify the Claimant in writing (which may be transmitted electronically) of such extension prior to the expiration of
the initial ninety (90) day period. 

     Any Adverse Benefit Determination with respect to a claim for Benefits shall be stated in writing (which may be transmitted electronically) and shall state clearly, in language calculated to be
understood by the Claimant: 

     (i) the specific reason(s) for the Adverse Benefit Determination; 

     (ii) references to the specific provisions of the Welfare Plan, or any Benefit Component, on which the Adverse Benefit Determination is based;

     (iii) a description of the additional material or information (if any) that the claimant must provide to the Plan Administrator or Claims
Processor in order for the Plan Administrator or Claims Processor to reconsider the claim, and an explanation of why such material or information is necessary; and 

     (iv) a description of the appeals procedures under the Welfare Plan and the time limits applicable to such procedures, including a statement of
the claimant’s right to bring a civil action under ERISA Section 502(a) following an Adverse Benefit Determination on review. 

 -15-  

     Appeals of Adverse Benefit Determinations.

     If a Claimant has received an Adverse Benefit Determination, he may appeal the Adverse Benefit Determination within sixty (60) days following his receipt of written notice thereof by submitting a
request for review of the Adverse Benefit Determination of the claim in writing to the Plan Administrator. The Claimant also may submit written comments, documents, records and other information relating to his claim for Benefits.  A Claimant shall
be provided, upon request and free of charge, reasonable access to, and copies of, the Welfare Plan document and all other documents, records and other information that is relevant to such claim. The review of the Adverse Benefit Determination shall
take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial Adverse Benefit Determination.

     If a Claimant appeals in accordance with the foregoing, the Plan Administrator or Claims Processor shall render its final decision, setting forth the specific reasons therefore in writing (which may
be transmitted electronically), within sixty (60) days of its receipt of the request for review, unless extenuating circumstances require an extension of time.  If there are such extenuating circumstances, written notice of such extension of time
shall be given to the Claimant prior to the expiration of the original sixty (60)-day period, and a decision shall be rendered as soon as administratively feasible, but not later than one hundred and twenty (120) days after receipt of the initial
request for review.  The written notice of the Welfare Plan’s decision upon review shall state clearly, in language calculated to be understood by the Claimant: 

     (i) the specific reason(s) for the Adverse Benefit Determination on appeal; 

     (ii) reference to the specific provisions of the Welfare Plan, or any Benefit Component, on which the Adverse Benefit Determination appeal is based; 

     (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, the Welfare Plan document and all documents, records and other
information relevant to the claim; and 

     (iv) a statement describing the Claimant’s right to bring an action under ERISA Section 502(a). 

     5.4. Notices. Notices and documents relating to the Welfare Plan may be delivered, or mailed via registered
mail, postage prepaid, to the Plan Administrator in care of the Vice President Organization and Human Resources, Minerals Technologies Inc., 405 Lexington Avenue, New York, New York 10174-1901. Any notice required under the Welfare Plan may be
waived by the person entitled to such notice. 

     5.5. Evidence. Evidence required of anyone under the Welfare Plan may be fulfilled by means of certificate,
affidavit, or other documentation, or such other information as the Welfare Plan Committee and/or Claims Processor shall require under rules uniformly applicable. 

     No legal action, grievance, or arbitration proceeding against the Welfare Plan, an Employer, the Plan Administrator, a Claims Processor, or any other person for the recovery of 

 -16-  

any claim may be commenced until the Welfare Plan’s claims procedures as set forth in this Section have been exhausted. 

     5.6. Payment.  Unless specifically provided to the contrary under the terms of any Benefit Component, payment
of any claim will be made to the Participant unless he has previously authorized payment to be made to a Service Provider. If the Participant dies before all benefits have been paid, the remaining benefits, if any, will be paid to the
Participant’s estate or to any person or corporation appearing to the Welfare Plan to be entitled to payment. Such payment will fully discharge the Welfare Plan’s obligations with respect to that claim.  If a Participant is a minor, or
otherwise not competent to give a valid receipt for payment of any Benefit due him under the Welfare Plan and if no request for payment has been received from a duly appointed guardian or other legally appointed representative of that person,
payment may be made directly to the individual or institution that has assumed the custody or the principal support of that person. 

     5.7. Coordination of Benefits. If a Participant is covered under another group medical plan, the payment of
Benefits will be determined in accordance with the rules in effect with respect to any applicable Benefit Component, as stated in such Benefit Component or one or more written documents approved by the Welfare Plan Committee or the Board with
respect to such Benefit Component. 

     5.8. Proof of Loss. Written proof of loss must be furnished to the Plan Administrator or Claims Processor
within two years, or such longer or shorter period as may be provided under a particular Benefit Component, after the date of the loss for which the claim is made, provided that the Welfare Plan, or applicable Benefit Component, has not been
terminated, or, if the Welfare Plan, or applicable Benefit Component, has been terminated, within 90 days of such termination (or, with respect to a Benefit Component, as otherwise provided in such Benefit Components). Failure to furnish written
proof of loss within that time will neither invalidate nor reduce any claim if it is shown that it was not reasonably possible to furnish written proof of loss within that time, provided that such proof is furnished as soon as reasonably possible
and in no event, in the absence of legal incapacity, later than one year from the time proof is otherwise required. Notwithstanding the foregoing, an individual claiming Benefits must always comply with any applicable proof of loss or substantiation
of claims provisions or requirements contained in any applicable Benefit Component. 

     5.9. Nonassignment. Except for assignments of reimbursements payable for coverage for hospital, surgical, or
medical charges, or made pursuant to a “qualified medical child support order,” no assignment of any rights or benefits under the Welfare Plan may be made. 

     5.10. Government-Provided Benefits. The Welfare Plan does not provide Benefits in lieu of, and does not affect
any requirement for coverage by, any benefits provided under any federal, state or local government including, without limitation, any workers’ compensation insurance or benefit. 

     5.11. Receipt and Release of Information. The Plan Administrator (or, for purposes of this Section 5.11, any
person or entity to whom specific fiduciary responsibilities have been delegated by the Plan Administrator in accordance with Section 8.1) may, without consent of or

-17-

notice to any person, release to or obtain from any insurance company or other organization or person any data or other information, with respect to any person, which the Plan Administrator, in its sole discretion, deems to be
necessary for the administration of the Welfare Plan. The Plan Administrator will be free from any liability that might arise in relation to such action.  Any person claiming benefits under the Welfare Plan will furnish to the Plan Administrator
such information as may be necessary to implement this provision. 

     5.12. Subrogation.  If any payment for benefits under the Welfare Plan are paid, the Welfare Plan will, to the
extent of such payment, be subrogated to all the rights of recovery of the Participant arising out of any claim or cause of action which may occur because of the negligence or willful misconduct of a third party. Each Participant or his legal
guardian agrees to reimburse the Welfare Plan for amounts paid for such claims, out of any monies recovered from the third party, including but not limited to, any third parties and the Participant’s own insurance company as the result of
judgment, settlement or otherwise.  In addition, each Participant agrees to assist a Claims Processor or the Plan Administrator in enforcing these rights. 

     5.13. Right of Recovery. Whenever payments for a claim have been made in excess of the maximum limit for that
claim under the Welfare Plan, the Welfare Plan will have the right to recover such amounts to the extent of the excess from whoever received the excess payment and/or the Participant. 

ARTICLE VI. 

Purpose and Funding

     6.1. Purpose.  The purpose of the Welfare Plan is to provide medical benefits and certain other welfare
benefits to Participants and/or their Dependents. 

     6.2. Funding Policy.  All contributions under Article III shall be made on a timely basis, in accordance with
the terms and provisions of any Benefit Component. Except as otherwise provided, benefits under each Benefit Component shall be funded in the following manner: 

	 	(i)  Trust Fund. The Company may establish a trust fund into which contributions are made to pay benefits under one or more of the Benefit Components. If Benefits under a Benefit Component are funded through a trust fund, the Employers shall contribute to such trust fund the amount required to fund the Benefit payments and to accumulate such reserves as such Employer deems reasonable and necessary. 	 
	 	 	 
	 	(ii)  Self-Insured. If Benefits under a Benefit Component are funded on a self-insured basis, the Employers shall pay Benefits under such Benefit Component from their general assets. However, an Employer, in its sole discretion, may establish a separate bank account for the payment of Benefits. If a separate bank account is established for such purpose, it shall be for bookkeeping purposes only. The Employers shall contribute any amounts necessary to provide any Benefits under a self-insured Benefit Component. 	 

-18-

	 	(iii)  Insured. The Plan Administrator may purchase insurance either to provide benefits under a Benefit Component or, in the case of a Benefit Component funded by a trust fund or on a self-insured basis, to insure the Employers against certain excess claims or large aggregate losses. Any such insurance policy or policies shall contain terms that are consistent with the provisions of the Benefit Components, as applicable and with the Benefits provided under such Benefit Component. Such policy or policies may contain any additional provisions as the Plan Administrator or Board may authorize. 	 

ARTICLE VII.

Adoption of Welfare Plan by Participating Employer

     7.1. Adoption by Subsidiary or Affiliate.  With the approval of the Board, any subsidiary or Affiliate, by
appropriate action of its board of directors or other governing entity, may adopt the Welfare Plan for the exclusive benefit of its eligible employees, retirees and/or their dependents and thereby become an Employer. Employers that have adopted the
Welfare Plan pursuant to the foregoing are listed in Appendix B hereto. 

     7.2. Termination of Participation. An Employer, with the approval of the Board, may terminate its
participation in the Welfare Plan by giving the Welfare Plan Committee prior written notice specifying a termination date which shall be the last day of a month at least 60 days subsequent to the date such notice is received by the Welfare Plan
Committee, or in accordance with such rules and procedures as may be adopted by the Welfare Plan Committee. The Board may terminate any Employer’s participation in the Welfare Plan as of any termination date specified by the Board for the
failure of such Employer to make proper contributions in accordance with Section 3.1, or to comply with any other provision of the Welfare Plan, or any provision of any Benefit Component, and shall terminate an Employer’s participation upon
complete and final discontinuance of any required contributions. 

     7.3. Contributions and Liabilities.  Upon termination of the Welfare Plan as to any Employer, such Employer
shall not make any further contributions under the Welfare Plan and no amount shall thereafter be payable under the Welfare Plan to, or in respect of, any Participants then employed by such Employer, except as may be agreed to, in writing, between
the Company and any such Employer. To the maximum extent permitted by ERISA or other applicable law, any rights of Participants no longer employed by such Employer, and of former Participants and their Dependents (if any), shall be unaffected by
such terminations. Any transfers, distributions or other dispositions of the assets of the Welfare Plan shall constitute a complete discharge of all liabilities under the Welfare Plan with respect to such Employer’s participation in the Welfare
Plan, and any Participant then employed by such Employer. 

     7.4. Actions, Approvals and Notification.  All actions, approvals, and notifications referred in this Article
VII shall be in the form and substance and from a source satisfactory to the Welfare Plan Committee, or counsel retained by the Welfare Plan Committee.  To the maximum extent permitted by ERISA or other applicable law, the termination of the Welfare
Plan as to any Employer shall not in any way affect any other Employer’s participation in the Welfare Plan. 

-19-

     7.5. Rights. An Employer shall have no rights with respect to the Welfare Plan except as specifically provided
in the Welfare Plan. 

     7.6. Successor.  If the Company transfers substantially all of its business by sale, merger, consolidation, or
reorganization, the Welfare Plan may be adopted by the successor entity upon acceptance in writing of the terms of the Welfare Plan by the successor entity. The successor entity shall then succeed to all of the power, rights, and duties of the
Company under the Welfare Plan. If the successor entity does not adopt the Welfare Plan, then the Welfare Plan shall terminate. 

ARTICLE VIII. 

Plan Administration

     8.1. Allocation of Plan Administration Responsibilities. The Welfare Plan, including each Benefit Component,
shall be administered by the Plan Administrator, which shall have the discretionary authority to control and manage the operation of the Welfare Plan as named fiduciary. The Plan Administrator shall have such powers, in its sole discretion, to
administer the Welfare Plan in all of its details, including, but not limited to, the following powers: 

     A. Interpretation of the Welfare Plan, including each Benefit Component, and including determinations as to eligibility for Welfare Plan
benefits, such interpretation to be final and conclusive on all individuals claiming rights under the Welfare Plan; 

     B. Adoption of such procedures and regulations as in its opinion are necessary for the proper and efficient administration of the Welfare Plan
and are consistent with the terms and purposes of the Welfare Plan, and each Benefit Component; 

     C. Enforcement of the Welfare Plan according to its terms and to the rules and regulations adopted by the Welfare Plan Committee; 

     D. The responsibility to administer and manage each Benefit Component; 

     E. The responsibility to prepare, report, file and disclose any forms, documents and other information required by law or otherwise to be
reported or filed with any governmental agency, or to be prepared and disclosed to Eligible Employees, Retirees or other persons entitled to Benefits under the Welfare Plan; and 

     F. The responsibility to review claims or claim denials and to determine benefit eligibility under the Welfare Plan and each Benefit
Component;

     Notwithstanding the foregoing, the Plan Administrator may delegate to insurance companies, Service Providers, Claims Processors, Third Party Administrators, organizations or persons (who also may be
Employees) specific fiduciary responsibilities in administering the Welfare Plan. Any such delegation must be in writing and in accordance with ERISA or other applicable law. 

 -20-  

     8.2. Committee Membership. The Board shall appoint no fewer than three members to the Welfare Plan Committee.
Each member shall remain in office at the will of, and may be removed, with or without cause, by the Board. Any member of the Welfare Plan Committee may resign at any time, upon proper written notice in accordance with procedures authorized by the
Welfare Plan Committee. No member of the Welfare Plan Committee shall be entitled to act on or decide any matters relating solely to himself or herself or any of his or her rights or benefits under the Welfare Plan. The members of the Welfare Plan
Committee shall not receive any special compensation for serving in such capacity but shall be reimbursed for any reasonable expenses incurred in connection therewith. Except as otherwise required by ERISA, no bond or other security need be required
of the Welfare Plan Committee or any member thereof in any jurisdiction. 

     8.3. Committee Meetings. The Welfare Plan Committee shall designate a Chairman, establish its own procedures
and the time and place for its meetings, and provide for the keeping of minutes of all meetings. Any action of the Welfare Plan Committee may be taken upon the affirmative vote of a majority of its members at a meeting or, at the direction of its
Chairman, without a meeting, by mail, facsimile, telephone, or other electronic means, provided that all of the members of the Welfare Plan Committee are informed in writing of the vote. 

     8.4. Fiduciary Duties. Each fiduciary shall discharge his duties hereunder solely in the interest of
Participants in the Plan: 

     (i) for the exclusive purpose of providing benefits under the Welfare Plan to Participants in accordance with the provisions of the Welfare
Plan insofar as they are consistent with ERISA or other applicable law, and any regulations issued thereunder; and 

     (ii) with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and
familiar with such matters would use in the conduct of an enterprise of like character and with like aims. 

     A fiduciary shall be liable for a breach of fiduciary responsibility by another fiduciary or any other party deemed a fiduciary pursuant to the applicable provisions of the Welfare Plan (or of ERISA)
only if such fiduciary: 

	 	
(i)        	
participates knowingly in, or knowingly undertakes to conceal, an act or omission of such other fiduciary, knowing such act or omission is a breach; or
  
	 
	 	
(ii)        	
by failing to act prudently, enables another fiduciary to commit a breach; or
  
	 
	 	
(iii)        	
has knowledge of a breach of such other fiduciary, unless he or she makes reasonable efforts under the circumstances to remedy such breach.
  
	 

     In the event that it is determined by ERISA or any other statute, court decision, ruling by the Internal Revenue Service or Department of Labor, or otherwise, that part or all of the responsibilities
prescribed for fiduciaries by ERISA as set forth in this Section 8.4 are not applicable, this Section or the appropriate part thereof shall be ineffective with respect to such responsibilities without a formal amendment to the Welfare Plan.

-21-

     8.5. Indemnification of Fiduciaries. When making a determination or calculation, the Plan Administrator and
anyone acting on its behalf may rely on information furnished by a Participant, an Employer, or by any actuaries, accountants, or counsel retained by, or on behalf of, the Welfare Plan. 

     Each Employer will, as permitted by applicable law, indemnify and reimburse all Board members, Welfare Plan Committee members, and any other person to whom administrative duties with respect to the
Welfare Plan have been delegated, for all expenses, losses, and liabilities incurred by such Board member, Welfare Plan Committee member, or person arising from an act or omission in the management of the Welfare Plan. 

     An Employer may purchase insurance for all Welfare Plan fiduciaries employed by an Employer, and for all persons who are employees, officers, or agents of an Employer, to cover the potential liability
of those persons with respect to their actions and lack of actions concerning the Welfare Plan other than with respect to willful misconduct. 

     8.6. Discretionary Power of Plan Administrator.  All discretion conferred upon the Plan Administrator will be
absolute.  However, no discretionary power conferred on the Plan Administrator shall be exercised in a manner that is arbitrary or capricious. The discretionary power of the Plan Administrator will be exercised in a non-discriminatory manner with
regard to all similarly situated employees or Participants. 

     8.7. Miscellaneous.  Notwithstanding anything contained in this Article VIII to the contrary: 

	 	
(i)        	
any person may serve in more than one fiduciary capacity;

  
	 
	 	
(ii)        	
any named fiduciary with respect to the Welfare Plan may employ one or more persons to render advice regarding any responsibility such fiduciary has under the Welfare Plan; and

  
	 
	 	
(iii)        	
any person who is a fiduciary with respect to the control or management of any assets with respect to the Welfare Plan may appoint an investment manager to manage any assets of the Welfare Plan.

  
	 

ARTICLE IX.

Amendment and Termination

     9.1. Amendment. The Board may amend, in writing, any part or all of the Welfare Plan, including any insurance
contract providing Benefits under the Welfare Plan (with the agreement of such insurance company or Service Provider, if required under any such contract) at any time or from time to time. The Board may also remove or change any insurance company,
Service Provider, Claims Processor, or Third Party Administrator at any time and from time to time. Such amendment shall be made effective through a formally approved Board resolution and written plan amendment.  Any such amendment, removal or
change may be effective retroactively or prospectively. 

-22-

     9.2. Termination.  The Board may terminate any part or all of the Welfare Plan, including any Benefit
Component and/or any insurance contract providing benefits under the Welfare Plan, or may terminate any contract with an insurance company, Service Provider, Claims Processor, or Third Party Administrator at any time or from time to time. No
termination shall operate to reduce the amount of any benefit payment otherwise payable under the Welfare Plan or any Benefit Component for charges incurred prior to the effective date of such termination. A termination of all or part of the Welfare
Plan shall be made effective through a formally approved Board resolution and written plan amendment. 

ARTICLE X.

Miscellaneous

     10.1. State of Jurisdiction. Except to the extent superseded by the laws of the United States, the Welfare
Plan and all rights and duties hereunder shall be governed, construed, and administered in accordance with the laws of the State of New York. 

     10.2. Severability.  If any provision of the Welfare Plan is held invalid or unenforceable, its invalidity or
unenforceability shall not affect any other provisions of the Welfare Plan, and the Welfare Plan shall be construed and enforced as if such provision had not been included herein. 

     10.3. Welfare Plan Not An Employment Contract.  The Welfare Plan is not an employment contract. Nothing in the
Welfare Plan shall be construed to limit in any way the right of an Employer to terminate an Employee’s employment at any time for any reason whatsoever, with or without cause. 

     10.4. Non-Transferability of Interest and Facility of Payment.  Except as otherwise expressly permitted by the
Welfare Plan, the interests of persons entitled to benefits under the Welfare Plan are not subject to their debts or other obligations and, except as may be required by the tax withholding provisions of the Code or any other applicable law, may not
be voluntarily or involuntarily sold, transferred, alienated, assigned, or encumbered. The right of a Participant to receive a Benefit payable under the Welfare Plan shall not be considered to be an asset of such Participant or his beneficiary (if
applicable) in the event of his divorce, insolvency, or bankruptcy.  When any person entitled to benefits under the Welfare Plan is under legal disability, or in an Employer’s opinion is in any way incapacitated so as to be unable to manage his
affairs, such Employer may cause such person’s benefits to be paid to such person’s legal representative for his benefit, or to be applied for the benefit of such person in any other manner that such Employer may determine. 

     10.5. Mistake of Fact. Any mistake of fact or misstatement of fact shall be corrected, and proper adjustment
made by reason thereof, to the extent practicable, provided that such mistake or misstatement is brought to the attention of the Plan Administrator or its delegate within a reasonable time, not to exceed six months.  An Employer shall not be liable
in any manner for any determination of fact made in good faith. 

-23-

     10.6. Cost of Administering the Welfare Plan. The costs and expenses incurred by an Employer in administering
the Welfare Plan shall be paid by such Employer. 

     10.7. Withholding for Taxes. Notwithstanding any other provision of the Welfare Plan, an Employer or other
organization, insurance company, Service Provider, or institution providing benefits under the Welfare Plan, may withhold from any payment to be made under the Welfare Plan such amount or amounts as may be required for purposes of complying with the
tax withholding provisions of the Code or any other applicable law. 

     10.8. Bonding and Insurance. To the extent required by ERISA or other applicable law with respect to benefits
subject to ERISA, every fiduciary of the Welfare Plan, including any Benefit Component, and every person handling funds of the Welfare Plan or such component thereunder shall be bonded. The Plan Administrator may apply for and obtain fiduciary
liability insurance insuring the Welfare Plan against damages by reason of breach of fiduciary responsibility at the Welfare Plan’s expense and insuring each fiduciary against liability to the extent permissible by law at the Employers’
expense. 

     10.9. Nondiscrimination Requirements. If the Plan Administrator determines, before or during any applicable
period of coverage, that the Welfare Plan may fail to satisfy for such period of coverage: 

	 	
(i)        	
any nondiscrimination requirement imposed by the Code; or
  
	 
	 	
(ii)        	
the requirement that benefits provided under the Cafeteria Program to Employees who are “key employees” as defined in Section 125 of the Code may not exceed 25 percent of the aggregate of such benefits
provided for all Participants covered under the Cafeteria Program,
  
	 

the Plan Administrator shall take such action as it deems appropriate, under rules uniformly applicable to similarly situated Participants, to assure compliance with such requirement or limitation. Such action may include, without
limitation, a modification of elections under the Cafeteria Program by Employees who are “highly compensated employees” as defined in Section 414(h) of the Code, or “key employees,” with or without the consent of such Employees.

     10.10. Prohibition on Compensation. No person appointed by the Plan Administrator to serve as an administrator
or in any other function shall receive any additional compensation for serving as such administrator or in such function, if he is a full-time employee of an Employer, but he shall be reimbursed by such Employer for any reasonable expenses incurred
in connection therewith. 

     10.11. No Vested Rights. The Welfare Plan creates no vested rights of any kind. No Participant, nor any person
claiming through him, shall have any right, title or interest in or through the Welfare Plan, or part thereof, except as otherwise expressly provided herein. Nothing in the Welfare Plan shall be construed as giving any person rights against the
Welfare Plan, the Company, the Plan Administrator, or any Employer, or any of their employees or agents, except as provided in the Welfare Plan. 

-24-

     10.12. Titles and Headings. The captions preceding the provisions of the Welfare Plan are used solely as a
matter of convenience and in no way define, modify or limit the scope or intent of any provision of the Welfare Plan. 

     10.13. Tax Effects.  Neither the Plan Administrator nor any Employer makes any warranty or other
representation as to whether any payments received, under the Cafeteria Program or otherwise, will be treated as includible by a Participant or Dependent in gross income for federal or state income tax purposes. 

     10.14. Continuation Coverage under COBRA or Other Applicable Law. COBRA requires that certain Participants
and/or Dependents (“qualified beneficiaries”) be given the opportunity to elect to continue coverage under certain Benefit Components under the Welfare Plan upon the occurrence of a “qualifying event,” as such term is defined in
COBRA. Continuation coverage under each such Benefit Component shall be extended and financed in accordance with administrative procedures that are adopted by each Employer to comply with COBRA, and with any other similar applicable law. If COBRA or
other similar applicable law requires that continuation coverage be extended, financed, or offered under any such Benefit Component in any manner which is inconsistent with any of the terms contained herein or in any such Benefit Component, the
Welfare Plan and/or such Benefit Component shall be deemed amended to comply with the minimum requirements of COBRA or such applicable law, and shall be administered in accordance therewith. In no case shall this provision be interpreted in such a
way as to implement changes required by COBRA or other applicable law earlier than the latest effective date required by COBRA, or such other applicable law. 

     10.15. Procedures for Providing Certain Notices.  A Participant or “qualified beneficiary,” as such
term is defined in COBRA (a “Qualified Beneficiary”), must notify the Company of certain Qualifying Events as a prerequisite to eligibility for continuation coverage with respect to such Qualifying Events. In the event that a Participant,
a spouse of a Participant or a Dependent experiences a Qualifying Event that constitutes: (i) a divorce or legal separation; (ii) a loss of Dependent child status; (iii) the occurrence of a second Qualifying Event while such Participant or Qualified
Beneficiary is covered under COBRA continuation coverage; (iv) a disability determination by the Social Security Administration (“SSA”) with respect to a Participant or Qualified Beneficiary who is covered under COBRA continuation
coverage; or (v) a determination by the SSA that a Participant or Qualified Beneficiary, who is covered under extended COBRA continuation coverage due to a SSA determination of disability, is no longer totally disabled.  Such Participant or
Qualified Beneficiary shall provide written notice to the Plan Administrator in accordance with the procedures and timelines described in this Section 10.15. 

     All notices provided in accordance with this Section 10.15 shall be in writing.  A Participant or Qualified Beneficiary subject to this Section 10.15 must mail, fax or hand-deliver, his notice to the
Plan Administrator, in care of the Human Resources Department, Minerals Technologies Inc., 405 Lexington Avenue, New York, New York 10174-1901. Such notice shall include the following information: 

     (1) the name of the Benefit Component(s) and the group health (including dental) program(s) thereunder in which the Participant, his spouse
and/or Dependents are covered; 

-25-

     (2) the name and address of the Participant and/or Qualified Beneficiary covered under such Benefit Component(s); 

     (3) a description of the Qualifying Event and the date on which such Qualifying Event occurred; 

     (4) if the notice relates to a SSA determination of disability, the name of the disabled Qualified Beneficiary, the date on which such
Qualified Beneficiary became disabled, the date the SSA made its determination of disability, and a copy of the SSA determination letter; and 

     (5) evidence of the Qualifying Event (such as a copy of a divorce decree, documentation acceptable to the Plan Administrator as to the age of a
Dependent, a death certificate, or such other documentation acceptable to the Plan Administrator, as is applicable). 

     Notice of a Qualifying Event pursuant to this Section 10.15 must be postmarked (or received by the Plan Administrator, if submitted by hand-delivery or fax) within sixty (60) days of the later of: (i)
the Qualifying Event; (ii) the date on which coverage would be lost due to the Qualifying Event; or (iii) the date on which the Qualified Beneficiary is informed, through the furnishing of a copy of the summary plan description with respect to the
Welfare Plan (the “SPD”) or by the applicable notice described in U.S. Department of Treasury Regulations Section 2590.606 -1 (the “Regulation”), which Regulation is incorporated herein by reference, of both the
Participant’s or Qualified Beneficiary’s responsibility to provide notice of a Qualifying Event, and the Welfare Plan’s procedures for providing such notice to the Plan Administrator. 

     With respect to a notice relating to an extension of continuation coverage due to disability, such notice must be post-marked, hand-delivered, or received by fax within sixty (60) days of the later
of: (i) the date of the disability determination by the SSA; (ii) the date on which a Qualifying Event occurs; (iii) the date on which the Qualified Beneficiary loses coverage under the applicable Benefit Component of the Welfare Plan as a result of
the Qualifying Event; or (iv) the date on which the Qualified Beneficiary is informed, through the furnishing of a copy of the SPD or by the applicable notice described in the Regulation, of both the Qualified Beneficiary’s responsibility to
provide the notice relating to an extension of continuation coverage due to disability, and the Welfare Plan’s procedures for providing such notice to the Plan Administrator. Notwithstanding the foregoing, in no event may the notice required by
this paragraph be provided to the Plan Administrator after the end of the Qualified Beneficiary’s initial eighteen (18) month continuation coverage period. 

     In the event that a Qualified Beneficiary whose disability resulted in an extended COBRA coverage period is determined by the SSA to be no longer disabled, such Qualified Beneficiary must provide
notice to the Plan Administrator within thirty (30) days after the later of: (i) the date of the SSA’s determination; or (ii) the date on which the Qualified Beneficiary is informed, through the furnishing of a copy of the SPD or by the
applicable notice described in the Regulation, of both the Qualified Beneficiary’s responsibility to provide the notice relating to the determination that he is no longer disabled, and the Welfare Plan’s procedures for providing such
notice to the Plan Administrator. 

-26-

     Any notice required under this Section 10.15 may be provided by either the Participant or Qualified Beneficiary, or the authorized representative of such Participant or Qualified Beneficiary; and the
provision of any such notice by any such person shall satisfy any responsibility to provide notice pursuant to this Section 10.15 on behalf of all related Qualified Beneficiaries with respect to a Qualifying Event. 

     Notwithstanding anything in this Section 10.15 to the contrary, no notice provided in accordance with this Section 10.15 shall be deemed to be untimely if such notice, although not containing all of
the information required under this Section 10.15, is provided within the time limits contained within this Section 10.15, and the Plan Administrator is able to determine from such notice: (i) the name of the Benefit Component(s) and the group
health (including dental) program(s) thereunder in which the Participant or Qualified Beneficiary is covered; (ii) the identity of the covered Participant or Qualified Beneficiary; and (iii) the nature and date of the Qualifying Event, disability
determination, or determination that a Qualified Beneficiary is no longer disabled, as applicable; provided, that, the Plan Administrator may, in its sole discretion, require the Participant
or Qualified Beneficiary to subsequently provide such additional information as is required under this Section 10.15, to the extent that the Plan Administrator deems necessary. 

     10.16. FMLA or USERRA Leaves of Absence. To the extent required by the FMLA, the USERRA, or other applicable
law, participation in the Welfare Plan or any applicable Benefit Component will be extended to any Participant qualifying for such extension under such law(s), subject to timely payment of any required premiums or other amount by such Participant
and/or Dependent, and subject to any other condition or requirement set forth in such law(s).  If the FMLA, the USERRA, or other applicable law requires that participation in the Welfare Plan, or any applicable Benefit Component be extended,
financed, or offered under the Welfare Plan in any manner which is inconsistent with any of the terms contained herein or in such Benefit Component, the Welfare Plan and/or such Benefit Component shall be deemed amended to comply with the minimum
requirements of the FMLA, the USERRA, or such applicable law, and shall be administered in accordance therewith. In no case shall this provision be interpreted in such a way as to implement changes required by the FMLA, the USERRA, or other
applicable law earlier than the latest effective date required by the FMLA, the USERRA, or such other applicable law. 

     10.17. Qualified Medical Child Support Orders.  Notwithstanding anything in the Welfare Plan to the contrary,
Benefits under the Welfare Plan will be provided in accordance with any “qualified medical child support order” as that term is defined in ERISA Section 609, in accordance with written procedures established under the Welfare Plan.

     10.18. Entire Document.  This Welfare Plan (including the provisions of any Benefit Component that is part of
the Welfare Plan), constitutes the entire plan document, and no other written or oral statements shall be deemed or construed to constitute part of the Welfare Plan. 

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ARTICLE XI. 

HIPAA Privacy

     11.1. Definitions: Whenever used in this Article XI, the following terms
shall have the respective meanings set forth below.

               (a) Affiliated Companies – means the subsidiary and affiliated companies of the Company that are participating employers in the Welfare
Plan. 

               (b) CFR – means the Code of Federal Regulations.

               (c) Covered Entity – means (i) a Health Plan, (ii) a Health Care Clearinghouse, or (iii) a Health Care Provider who transmits any Health
Information in electronic form in connection with a transaction covered by HIPAA. For purposes of this Article XI, a Covered Entity shall include the Welfare Plan.

               (d) Group Health Plan – means an employee welfare benefit plan (as defined in section 3(1) of ERISA), including insured and self-insured
plans, to the extent that the plan provides medical care, as defined in section 2791(a)(2) of the Public Health Service Act, including items and services paid for as Health Care to employees or their dependents directly or through insurance,
reimbursement, or otherwise, that:

	 	
(1)        	
has 50 or more participants (as defined in section 3(7) of ERISA); or
  
	 
	 	
(2)        	
is administered by an entity other than the employer that established and maintains the plan.
  
	 

               (e) Health Care – means care, services, or supplies related to the health of an Individual. Health Care includes, but is not limited to,
the following:

	 	(1) 	preventative, diagnostic, therapeutic, rehabilitative, maintenance, or palliative care, and counseling, service, assessment, or procedure with respect to the physical or mental condition or functional status of an Individual or that affects the structure or function of the body; and 	 
	 	 	 	 
	 	(2)	  the sale or dispensing of a drug, device, equipment, or other item in accordance with a prescription.	 

               (f) Health Care Clearinghouse – means a public or private entity, including a billing service, re-pricing company, community health
management information system or community health information system, and “value-added” networks and switches, that performs either of the following functions:

-28-

	 	
(1)        	
processes or facilitates the processing of Health Information received from another entity in a nonstandard format or containing nonstandard data content into standard data elements or a standard transaction;
or

  
	 
	 	
(2)        	
receives a standard transaction from another entity and processes or facilitates the processing of Health Information into a nonstandard format or nonstandard data content for the receiving party.

  
	 

               (g) Health Care Component – means a component or combination of components of a Hybrid Entity that are designated by the Hybrid Entity
in accordance with 45 CFR Section 164.103(a)(2)(iii)(C).

               (h) Health Care Provider – has the meaning set forth in 45 CFR Section 160.103 and includes a provider of medical or health services (as
defined therein), as well as any other person or organization that furnishes, bills, or is paid for Health Care in the normal course of business. 

               (i) Health Information – means information, whether oral or recorded in any form or medium (including, but not limited to, verbal
conversations, telephonic communications, electronic mail or messaging over computer networks, the Internet and intranets, as well as written documentation, photocopies, facsimiles and electronic data) that: 

	 	(1)	is created or received by a Health Care Provider, Health Plan, the Company, a life insurer, school or university, or a Health Care Clearinghouse; and
	 	 	 
	 	(2)	 relates to the past, present, or future physical or mental health or condition of an Individual, the provision of Health Care to an Individual, or the past, present, or future payment for the provision of Health Care to an Individual.

               (j) Health Insurance Issuer – means an insurance company, insurance service, or insurance organization (including an HMO) that is
licensed to engage in the business of insurance in a State and is subject to State law that regulates insurance. Such term does not include a Group Health Plan.

               (k) Health Plan – has the meaning set forth in 45 CFR Section 160.103 and includes the Welfare Plan. 

               (l) HIPAA – means the Health Insurance Portability and Accountability Act of 1996, as amended from time to time. 

               (m) HMO – means a “Health Maintenance Organization” (as defined in 45 CFR Section
160.103) . 

-29-

               (n) Hybrid Entity — means a single legal entity that is a Covered Entity whose business
activities include both covered functions and non-covered functions and that designates Health Care Components in accordance with 45 CFR Section 164.103(c)(2)(iii)(C) for purposes of fulfilling the Hybrid Entity requirements of HIPAA. For purposes
of this definition, “covered functions” means those functions of a Covered Entity, the performance of which makes the entity a Health Plan, Health Care Provider or Health Care Clearinghouse.

               (o) Individual – means the person who is the subject of Protected Health Information.

               (p) Individually Identifiable Health Information – means information that is a subset of Health Information, including demographic
information, collected from an Individual, and

	 	
(1)        	
is created or received by a Health Care Provider, Health Plan, employer, or Health Care Clearinghouse; and

  
	 
	 	
(2)        	
relates to the past, present, or future physical or mental health or condition of an Individual, the provision of Health Care to an Individual, or the past, present, or future payment for the provision of Health
Care to an Individual; and

  
	 
	 	 	
(i)        	
that identifies the Individual, or

  
	 
	 	 	
(ii)        	
with respect to which there is a reasonable basis to believe the information may be used to identify the Individual.

  
	 

;               (q) Organized Health Care Arrangement – has the meaning set forth in 45 CFR Section 160.103 and includes:

	 	
(1)        	
a Group Health Plan and a Health Insurance Issuer or HMO with respect to such Group Health Plan, but only with respect to Protected Health Information created or received by such Health Insurance Issuer or HMO
that relates to Individuals who are or who have been participants or beneficiaries in such Group Health Plan;

  
	 
	 	
(2)        	
a Group Health Plan and one (1) or more other Group Health Plans each of which are maintained by the same Plan Sponsor; or

  
	 
	 	
(3)        	
the Group Health Plans described in paragraph (2) immediately above and Health Insurance Issuers or HMOs with respect to such Group Health Plans, but only with respect to Protected Health Information created or
received by such Health Insurance Issuers or HMOs that relates to Individuals who are or have been participants or beneficiaries in any of such Group Health Plans.

  
	 

-30- 

               (r) Plan Administration Functions – means administrative functions performed by the Plan Administrator on behalf of the Welfare Plan,
excluding functions performed by the Plan Administrator in connection with any other benefit or benefit plan of the Company.

               (s) Plan Sponsor – means the entity defined in Section 3(16)(B) of ERISA.

               (t) Privacy Notice – means the statement communicated to Welfare Plan Participants that sets forth the uses and disclosures of Protected
Health Information that may be made by the Welfare Plan under HIPAA, as more fully described in 45 CFR Section 164.520. 

               (u) Privacy Official – means the individual appointed by the Company, or its delegate, on behalf of the Welfare Plan and named in
Section 11.8 hereof who is responsible for developing and implementing policies and procedures for protecting the privacy and confidentiality of Protected Health Information that is held by or on behalf of the Company’s Health Plans and Health
Care Providers, in accordance with 45 CFR Section 164.530. 

               (v) Protected Health Information  – means Individually Identifiable Health Information that is transmitted by electronic media,
maintained in electronic media, transmitted or maintained in any other form or medium, including oral or written information, excluding Individually Identifiable Health Information in education records covered by the Family Educational Rights and
Privacy Act, as amended (within the meaning of 20 USC Section 1232g), employment records held by the Covered Entity in its role as an employer, and other records described in 20 USC Section 1232g(a)(4)(B)(iv). 

               (w) Required by Law – means a mandate contained in law that compels an entity to make a use or disclosure of Protected Health
Information and that is enforceable in a court of law including, but not limited to, a court order, a court-ordered warrant, subpoena, or summons issued by a court, grand jury, a governmental or inspector general, or an administrative body
authorized to require the production of information; a civil or an authorized investigative demand; Medicare conditions of participation with respect to Health Care Providers participating in the program; and statutes or regulations that require the
production of information, including statutes or regulations that require such information if payment is sought under a government program providing public benefits.

               (x) Summary Health Information – means information that may be Individually Identifiable Health Information that summarizes the claims
history, expenses, or types of claims by Individuals for whom the Company has provided benefits under the Welfare Plan, and from which the following information has been removed: 

	 	
(1)        	
names;

  
	 
	 	
(2)        	
all geographical subdivisions smaller than a State, including street address, city, county, precinct, zip code, and their equivalent geocodes, except for the initial three digits of a zip code (if permitted
under 45 CFR Section 164.514(b)(2)(i)(B));

  
	 

-31-

	 	
(3)        	
all elements of dates (except year) directly relating to the Individual including birth date, admission date, discharge date, date of death; and all ages over eighty-nine (89) and all elements of dates
(including year) indicative of such age, except that such ages and elements may be aggregated into a single category of ages over age eighty-nine (89);

  
	 
	 	
(4)        	
other identifying numbers, such as Social Security, telephone, fax, account or medical record numbers, e-mail or Internet addresses, URLs or Internal Protocol (IP) address numbers, vehicle identifiers and serial
numbers;

  
	 
	 	
(5)        	
facial photographs or biometric identifiers (e.g., finger and voice prints);

  
	 
	 	
(6)        	
any other unique identifying number, characteristic, or code; and

  
	 
	 	
(7)        	
any information of which the Company has knowledge that could be used alone or in combination with other information to identify an Individual.

  
	 	 	 
	 	(y)	USC – means the United States Code.
	 

     11.2. Disclosure of Summary Health Information.  The Welfare Plan may disclose Summary Health Information to
the Company if the Company requests such information for the purpose of obtaining premium bids for providing health insurance coverage under the Welfare Plan or for modifying, amending or terminating the Welfare Plan, including analyzing Welfare
Plan costs and the effectiveness of the Welfare Plan’s administration or for such other purposes as may be permitted under the provisions of this Article XI.

     11.3. Disclosure of Protected Health Information to the Company. The Welfare
Plan will disclose Protected Health Information to the Company only in accordance with CFR Section 164.504(f) and the provisions of this Article XI.

     11.4. Permitted Use and Disclosure of Protected Health Information. The Welfare Plan may generally not use or
disclose Protected Health Information. Notwithstanding the foregoing, however, Protected Health Information may be used or disclosed by the Welfare Plan, without an Individual’s written authorization (that meets the requirements of 45 CFR
Section 164.508), for any purpose permitted under HIPAA, the CFR and/or other guidance issued by the U.S. Department of Health and Human Services, including, but not limited to, the following (hereinafter referred to as “permitted uses and
disclosures”):

          (a) Health Care Treatment. The provision, coordination, or management of Health Care and related services by one or more Health Care
Providers, including the coordination or management of Health Care by a Health Care Provider with a third party, consultation between Health Care Providers relating to a patient, or the referral of a patient for Health Care from one Health Care
Provider to another. 

          (b) Payment for Health Care. Activities undertaken by the Welfare Plan to obtain premiums or reimbursement, or to determine or fulfill its
responsibility for coverage and

-32-

provision of Welfare Plan benefits that relate to an Individual to whom Health Care is provided. These activities include, but are not limited to, the following: 

	 	
(1)        	
determination of eligibility or coverage (including coordination of benefits or the determination of cost sharing amounts), and adjudication or subrogation of health benefit claims;

  
	 
	 	
(2)        	
risk adjusting amounts due based on enrollee health status and demographic characteristics;

  
	 
	 	
(3)        	
billing, claims management, collection activities, obtaining payment under a contract for reinsurance (including stop-loss and excess of loss insurance), and related Health Care data processing;

  
	 
	 	
(4)        	
review of Health Care services with respect to medical necessity, coverage under a Health Plan, appropriateness of care, or justification of charges;

  
	 
	 	
(5)        	
utilization review, including pre-certification and preauthorization of services, concurrent review and retrospective review of services; and

  
	 	 	 
	 	(6) 	disclosure to consumer reporting agencies of any of the following Protected Health Information relating to the collection of premiums or reimbursement: name and address, date of birth, Social Security number, payment history, account number, name and address of the Health Care Provider and/or Health Plan;
	 

     (c) Health Care Operations. The activities of a Covered Entity under 45 CFR Section 164.501, to the
extent that the activities are related to covered functions, including, but not limited to:

	 	
(1)        	
conducting quality assessment and improvement activities including outcomes evaluation and development of clinical guidelines, provided that the obtaining of generalizable knowledge is not the primary purpose of
any studies resulting from such activities;

  
	 
	 	
(2)        	
population-based activities relating to improving health or reducing Health Care costs, protocol development, case management and care coordination, disease management, contacting Health Care Providers and
patients with information about treatment alternatives and related functions that do not include treatment;

  
	 
	 	
(3)        	
reviewing the competence or qualifications of Health Care professionals, evaluating practitioner performance, rating Health Care Provider and plan performance, including accreditation, certification, licensing
and/or credentialing activities;

  
	 

-33- 

	 	
(4)        	
underwriting, premium rating and other activities relating to the creation, renewal or replacement of a contract of health insurance or health benefits, securing or placing a contract for reinsurance of risk
relating to Health Care claims, including stop-loss insurance and excess of loss insurance;

  
	 
	 	
(5)        	
conducting or arranging for medical review, legal services and auditing functions, including fraud and abuse detection and compliance programs;

  
	 
	 	
(6)        	
business planning and development, such as conducting cost-management and planning related analysis associated with managing and operating the plan, including formulary development and administration,
development or improvement of payment methods or coverage policies;

  
	 
	 	
(7)        	
business management and general administrative activities of the Welfare Plan, including, but not limited to:

  
	 

	 	(i) 	management activities relating to the implementation of and compliance with HIPAA’s administrative simplification requirements, or 
	 	 	 
	 	
(ii)        	
customer service, including the provision of data analysis for policyholders, plan sponsors or other customers;

  
	 
	 	
(iii)        	
resolution of internal grievances;

  
	 
	 	
(iv)        	
the sale, transfer, merger or consolidation of all or part of the Covered Entity with another Covered Entity, or an entity that following such activity will become a Covered Entity, and due diligence related to
such activity; and

  
	 
	 	
(v)        	
consistent with the applicable requirements of 45 CFR Section 164.514, creating de-identified health information or a limited data set, and fundraising for the benefit of the Covered Entity.

  
	 

          (d) Organized Health Care Arrangement. On behalf of the Welfare Plan, the Company may designate, with the concurrence of the Privacy
Official, that the Welfare Plan, or any Health Care Component of the Welfare Plan, is part of an Organized Health Care Arrangement. If the Welfare Plan participates in an Organized Health Care Arrangement, it may disclose Protected Health
Information about an Individual to another Covered Entity that participates in the Organized Health Care Arrangement for any Health Care Operation activities of the Organized Health Care Arrangement.

          (e) Pursuant to an Authorization. The Welfare Plan may disclose Protected Health Information pursuant to an authorization that meets the
requirements of 45 CFR Section 164.508. 

-34- 

          (f) Required by Law.  The Welfare Plan may disclose Protected Health Information when required to do so by federal, state or local law
(including but not limited to those laws that require the reporting of certain types of wounds, illnesses or physical injuries) and when the use or disclosure complies with and is limited to the relevant requirements of such law.

          (g) Business Associates.  The Welfare Plan may disclose Protected Health Information to a “business
associate” (as defined in 45 CFR Section 164.103) and may allow such business associate to create or receive Protected Health Information on its behalf; provided that the Welfare Plan
has obtained satisfactory assurance that the business associate will appropriately safeguard the information. 

          (h) Avert a Serious Threat to Public Health or Safety. The Welfare Plan may, consistent with the applicable
law and standards of ethical conduct, use or disclose Protected Health Information if the Welfare Plan, in good faith, believes the use or disclosure is necessary to prevent a serious and imminent threat to an Individual’s health and safety or
the health and safety of the public or another person, and such disclosure is made to a person or persons reasonably able to help prevent or lessen the threat, including the target of the threat, as and to the extent required by 45 CFR Section
164.512(j). 

          (i) Workers’ Compensation. The Welfare Plan may disclose an Individual’s Protected Health
Information to the extent authorized by and to the extent necessary to comply with workers’ compensation laws or other similar programs established by law that provide benefits for work-related injuries or illness without regard to fault.

          (j) Public Health Activities. The Welfare Plan may disclose Protected Health Information for the public health
activities and purposes described in 45 CFR Section 164.512(b), including, but not limited to: preventing or controlling disease, injury or disability; reporting births and deaths; reporting child abuse or neglect; reporting reactions to medications
or problems with medical products; notifying Individual’s of recalls of products they have been using; notifying Individuals who may have been exposed to a disease or may be at risk for contracting or spreading a disease or condition; or
notifying the appropriate government authority if the Welfare Plan believes an Individual has been the victim of abuse, neglect or domestic violence. 

          (k) Health Oversight Activities.  The Welfare Plan may disclose an Individual’s Protected Health
Information to a health oversight agency for oversight activities authorized by law, including audits; civil, administrative, or criminal investigations; inspections; licensure or disciplinary actions; civil, administrative, or criminal proceedings
or actions; or other activities necessary for the government to monitor the health care system and government programs, as and to the extent permitted by 45 CFR Section 164.512(d). 

          (l) Judicial and Administrative Proceedings. If an Individual is involved in a lawsuit, dispute or other legal
action, the Welfare Plan may disclose such Individual’s Protected Health Information in response to a court or administrative order, or subpoena, warrant, discovery request, or other forms of lawful due process; provided that efforts have been made to

-35-

inform the Individual about the request and to obtain an order protecting the information requested, as and to the extent permitted by 45 CFR Section 164.512(e). 

          (m) Law Enforcement.  As and to the extent permitted by 45 CFR Section 164.512(f), the Welfare Plan may
release an Individual’s Protected Health Information if requested to do so by a law enforcement official in a court order, subpoena, warrant, summons or similar process, including: to report child abuse, to identify or locate a suspect,
fugitive, material witness or missing person, or to report a crime, the crime’s location or victims, or the identity, description, or location of the person who committed the crime.

          (n) Coroners, Medical Examiners and Funeral Directors. The Welfare Plan may disclose Protected Health
Information to (1) a coroner or medical examiner when necessary to identify a deceased person or determine the cause or death or other duties as authorized by law, and (2) a funeral director, consistent with applicable law, as necessary to carry out
their duties with respect to the decedent. 

          (o) Organ and Tissue Donation.  If an Individual is an organ donor, the Welfare Plan may release Protected
Health Information to organizations that handle organ procurement or organ, eye or tissue transplantation, or to an organ donation bank, as necessary to facilitate organ, eye or tissue donation or transplantation. 

          (p) Military and Veterans. If an Individual is a member of the armed forces, the Welfare Plan may disclose
Protected Health Information about such Individual as required by military command authorities and may also release Protected Health Information about foreign military personnel to an appropriate foreign military authority, as and to the extent
provided by 45 CFR Section 164.512(k). 

          (q) National Security and Intelligence Activities. The Welfare Plan may disclose Protected Health Information
about Individuals to authorized federal officials for the conduct of lawful intelligence, counter-intelligence, and other national security activities authorized by law and to enable them to provide protection to the members of the U.S. government
or foreign heads of state, or to conduct special investigations. 

          (r) Victims of Abuse, Neglect or Domestic Violence. The Welfare Plan may disclose Protected Health Information
about an Individual (subject to the notification requirements of 45 CFR Section 164.512(c)(2)) whom the Welfare Plan reasonable believes to be a victim of abuse, neglect, or domestic violence to a government authority, including a social service or
protective services agency, authorized by law to receive reports of such abuse, neglect, or domestic violence:

	 	
(1)        	
to the extent the disclosure is Required by Law and the disclosure complies with and is limited to the relevant requirements of such law;

  
	 
	 	
(2)        	
if the Individual agrees to the disclosure; or

  
	 

-36-

	 	
(3)        	
to the extent the disclosure is expressly authorized by statute or regulation and:

  
	 
	 	 	
(i)        	
the Welfare Plan, in the exercise of professional judgment, believes the disclosure is necessary to prevent serious harm to the Individual or other potential victims; or

  
	 
	 	 	
(ii)        	
if the Individual is unable to agree because of incapacity, a law enforcement or other public official authorized to receive the report represents that the Protected Health Information for which disclosure is
sought is not intended to be used against the Individual and that an immediate enforcement activity that depends upon the disclosure would be materially and adversely affected by waiting until the Individual is able to agree to the
disclosure.

  
	 

     11.5. Required Uses and Disclosures of Protected Health Information.  The Welfare Plan is required to disclose
Protected Health Information: 

           (a) to an Individual, when requested, under, and as required by 45 CFR Section 164.524 or 164.528; and 

           (b) when required by the Secretary of the Department of Health and Human Services (or any other officer or employee of the Department of Health and Human Services to whom the authority involved has
been delegated) under 45 CFR Sections 160.300 through 160.312 to investigate or determine the Welfare Plan’s compliance with HIPAA. 

     11.6. Minimum Necessary. When using or disclosing Protected Health
Information, as permitted or required hereby, or when requesting Protected Health Information from another Covered Entity, the Welfare Plan shall make reasonable efforts to limit Protected Health Information to the minimum necessary to accomplish
the intended purpose of the use, disclosure or request, except as provided under 45 CFR Section 164.502(b)(2). 

     11.7. Employer Certification and Responsibility. The Welfare Plan hereby
incorporates the following provisions (a) through (j) to enable it to disclose Protected Health Information to the Company or Affiliated Companies and acknowledges receipt of a written certification from the Company that the Welfare Plan has been so
amended to comply with the requirements of 45 CFR Section 164.504(f). Additionally, the Company and Affiliated Companies agree: 

          (a) to use or disclose Protected Health Information only to the extent permitted in Section 11.4, to the extent provided under HIPAA, or as otherwise Required by Law; 

          (b) to ensure that any and all of
its agents or subcontractors to whom the Company or Affiliated Companies provide Protected Health Information received from the Welfare Plan agree to the same restrictions and conditions as are imposed upon the Company and Affiliated Companies;

-37-

          (c) not to use or disclose Protected Health Information for employment-related actions or in connection with any other benefit or employee benefit plan of the Company and Affiliated Companies;

          (d) to report to the Welfare Plan any use or disclosure of Protected Health Information that is inconsistent with the permitted uses and disclosures in Section 11.4 hereof of which it becomes aware;

          (e) to make Protected Health Information available to Individuals in accordance with 45 CFR Section 164.524; 

          (f) to make Protected Health Information available for amendment and incorporate any amendments in accordance with 45 CFR Section 164.526; 

          (g) to make the Protected Health Information available that will provide Individuals with an accounting of disclosures in accordance with 45 CFR Section 164.528; 

          (h) to make its internal practices, books and records relating to the use and disclosure of Protected Health Information received from the Welfare Plan available to the Secretary of the U.S.
Department of Health and Human Services upon request for purposes of determining compliance with HIPAA;

          (i) if feasible, to return or destroy all Protected Health Information received from the Welfare Plan that the Company or Affiliated Companies maintain in any form and retain no copies of such
information when such Protected Health Information is no longer needed for the purpose for which disclosure was made, except that, if such return or destruction is not feasible, the Company or Affiliated Companies, as applicable, will limit further
uses and disclosures of the Protected Health Information to those purposes that make the return or destruction of the information infeasible; and

          (j) to ensure that adequate separation required by 45 CFR Section 164.504(f)(2)(iii) and provided in Sections 11.8, 11.9 and 11.10 hereof between the Welfare Plan and the Company is established and
maintained. 

     11.8. Employees with access to Protected Health Information.  In accordance
with HIPAA, the Welfare Plan shall disclose Protected Health Information only to the following Employees or classes of Employees: 

          (a) the Company’s Executive Director of Human Resources, who is the named HIPAA Privacy Official; and 

          (b) any other Individual who is under the control of the Company or Affiliated Companies and who receives Protected Health Information pertaining to the Welfare Plan in the ordinary course of business
(within the meaning of 45 CFR Section 164.504(f)(2)(iii)) and who has been designated, in writing, by the Privacy Official. 

-38-

     11.9. Limitations to Protected Health Information Access and Disclosure.
Access to and use of Protected Health Information by the Individuals described in Section 11.8 above shall be restricted to those Plan Administration Functions that the Company or Affiliated Companies perform for the Welfare Plan and/or the uses set
forth in Section 11.4 hereof. Such access or use shall be permitted only to the extent necessary for these Individuals to perform their respective duties for the Welfare Plan.

     11.10. Noncompliance.  Instances of noncompliance with the permitted uses and
disclosures of Protected Health Information set forth in Section 11.4 hereof by Individuals described in Section 11.8 hereof shall be addressed in the following manner: 

          (a) Potential Sanctions: The Welfare Plan shall establish and communicate a set of sanctions that are applicable to a wide variety of
breaches of covered health policies and procedures. The range of sanctions may include: 

	 	
(1)        	
additional/remedial privacy training;
  
	 
	 	
(2)        	
counseling by supervisor;
  
	 
	 	
(3)        	
notation in personnel files;
  
	 
	 	
(4)        	
letter of reprimand from supervisor;
  
	 
	 	
(5)        	
removal from being within the firewall;
  
	 
	 	
(6)        	
removal from current position;
  
	 
	 	
(7)        	
suspension from current position;
  
	 
	 	
(8)        	
termination of employment; and
  
	 
	 	
(9)        	
other sanctions as the Privacy Official shall deem appropriate.
  
	 

          (b) Administration of Sanctions: The Welfare Plan, in consultation with the Privacy Official, shall develop a procedure for: 

	 	
(1)        	
determining the appropriate sanction to be administered to a member of its “workforce” for a breach of a covered health policy or procedure.
  
	 
	 	
(2)        	
determining who (e.g., the Privacy Official, etc.) has responsibility for assessing the sanction against the “workforce” member; and
  
	 
	 	
(3)        	
determining a process for administering any sanctions.
  
	 

For purposes of this subparagraph, “workforce” shall mean an Employee, volunteer, trainee or other person who performs duties under the direct control of the Covered Entity, whether or not he or she is paid by the
Covered Entity.

-39- 

          (c) Documentation of Sanctions:  The Privacy Official, on behalf of the Welfare Plan, shall develop and implement a system for maintaining a
record of each sanction administered.  The record of sanctions shall conform to the recordkeeping and documentation standards and implementation specifications required under HIPAA. The Welfare Plan will have the option of having this record
maintained by the Privacy Official or his or her designee. 

     11.11. Nondisclosure of Protected Health Information by HMOs.  A Health
Insurance Issuer or HMO that provides services to the Welfare Plan is not permitted to disclose Protected Health Information to the Company except as would be permitted by the Welfare Plan under this Article XI and only if a Privacy Notice is
maintained and provided as required by 45 CFR Section 164.520(a)(2)(ii) . 

     11.12. Notice to Employees. The Welfare Plan shall not use or disclose Protected Health Information in a
manner inconsistent with the Privacy Notice required by 45 CFR Section 164.520, and shall not disclose, and may not permit a Health Insurance Issuer or HMO providing services to the Welfare Plan to disclose Protected Health Information to the
Company or Affiliated Companies unless a separate statement, as set forth in 45 CFR Section 164.520(b)(1)(iii)(C), describing the intention of the Welfare Plan to make such disclosure, is included in a Privacy Notice that is maintained and provided
as required by 45 CFR Section 164.520. 

     11.13. Policies and Procedures. The Company shall adopt on behalf of the
Welfare Plan policies and procedures as necessary to administer the terms and conditions of this Article XI and the Welfare Plan’s obligations under HIPAA. Such policies and procedures shall meet the requirements of 45 CFR Section 164.530(i).

     11.14. Hybrid Entity Designation.  On behalf of the Welfare Plan, the Company
may designate, with the concurrence of the Privacy Official, one or more Health Care Components as part of a Hybrid Entity for purposes of complying with this Article XI and the HIPAA requirements. If such designation is made, the following rules
shall apply: 

	
          (a) references to:
	 
	 	
(1)        	
the Welfare Plan or a Covered Entity in this Article XI shall also refer to the Health Care Component of the Welfare Plan or Covered Entity;
  
	 
	 	
(2)        	
Health Plan, Health Care Provider or Health Care Clearinghouse in this Article XI shall refer to the Health Care Component of the Covered Entity if such Health Care Component performs the functions of a Health
Plan, Health Care Provider or Health Care Clearinghouse, as applicable;
  
	 
	 	
(3)        	
Protected Health Information in this Article XI shall refer to Protected Health Information that is created or received by or on behalf of the Health Care Component of the Welfare Plan or Covered Entity;
and
  
	 

-40-

	 	
(4)        	
electronic Protected Health Information shall refer to electronic Protected Health Information that is created, received, maintained or transmitted by or on behalf of the Health Care Component of the Welfare
Plan or Covered Entity.

  
	 

          (b) the Welfare Plan shall be responsible for complying with the requirements of HIPAA, as set out in this Article XI, and as fully set forth
in 45 CFR Section 164.105(a), including, but not limited to, ensuring:

	 	
(1)        	
that the Health Care Component does not disclose Protected Health Information and electronic Protected Health Information to another component of the Welfare Plan under circumstances where HIPAA would prohibit
such disclosure if the Health Care Component and the other component were separate and distinct legal entities;

  
	 
	 	
(2)        	
that a Health Care Component whose activities would make it a business associate does not use or disclose Protected Health Information or electronic Protected Health Information that it creates or receives from
or on behalf of the Health Care Component in a way prohibited by HIPAA; and

  
	 
	 	
(3)        	
that if a person performs duties for both the Health Care Component in the capacity of an Employee, volunteer, trainee or other person performing duties under the direct control of such component and for another
component of the Welfare Plan in the same capacity with respect to that component, such Employee, volunteer, trainee or other person performing duties under the direct control of such component must not use or disclose Protected Health Information
created or received in the course of or incident to the Employee’s work for the Health Care Component in a manner prohibited by HIPAA.

  
	 

          (c) The Welfare Plan shall retain documentation of the Hybrid Entity designation for six (6) years from the date it was created or was last in
effect, whichever is later, in accordance with 45 CFR Section 164.530(j). 

     11.15. Electronic Data Security Standards.  The Welfare Plan shall apply the
following provisions (a) and (b) to enable it to disclose electronic Protected Health Information to the Company and Affiliated Companies and acknowledges receipt of a written certification from the Company that the Welfare Plan has been so amended
to comply with the requirements of 45 CFR Section 164.314(b).

          (a) Except when electronic Protected Health Information is disclosed to the Company or Affiliated Companies with the safeguards set forth in (1) through (3) below, the Welfare Plan and the Company
shall reasonably and appropriately safeguard electronic Protected Health Information that is created, received, maintained or transmitted to or by the Company or Affiliated Companies on behalf of the Welfare Plan.

-41-

	 	
(1)        	
The Welfare Plan may disclose electronically Summary Health Information to the Company or Affiliated Companies if requested by the Company or Affiliated Companies for the purpose of obtaining premium bids from
Health Plans, for providing health insurance coverage under the Welfare Plan or for modifying, amending, or terminating the Welfare Plan in accordance with 45 CFR Section 504(f)(1)(ii).

  
	 
	 	
(2)        	
The Welfare Plan, a Health Insurance Issuer or HMO with respect to the Welfare Plan, may disclose electronically to the Company or Affiliated Companies information on whether an Individual is participating in
the Welfare Plan, or is enrolled in or has dis-enrolled from a Health Insurance Issuer or HMO offered by the Welfare Plan in accordance with 45 CFR Section 504(f)(1)(iii).

  
	 
	 	
(3)        	
The Welfare Plan may disclose Protected Health Information to the Company or Affiliated Companies for which it has obtained from the Individual about which the Protected Health Information concerns, a valid
authorization that meets the requirements of 45 CFR Section 164.508.

  
	 

          (b) Additionally, effective April 21, 2005, the Company agrees to comply with 45 CFR Section 164.314, including the following: 

	 	
(1)        	
the Company shall implement administrative, physical and technical safeguards that reasonably and appropriately protect the confidentiality, integrity, and availability of the electronic Protected Health
Information that it creates, receives, maintains or transmits on behalf of the Welfare Plan.

  
	 
	 	
(2)        	
the Company shall ensure that the separation requirements applicable to the Welfare Plan set out in Sections 11.8, 11.9 and 11.10 hereof and 45 CFR Section 164.504(f)(2)(iii) shall be supported by reasonable and
appropriate security measures.

  
	 
	 	
(3)        	
the Company shall ensure that any agent, including a subcontractor, to whom it provides electronic Protected Health Information agrees to implement reasonable and appropriate security measures to protect the
information.

  
	 
	 	
(4)        	
the Company shall report to the Welfare Plan any security incident (within the meaning of 45 CFR Section 164.304) of which it becomes aware.

  
	 	 	 
	 

  
          (c) The Welfare Plan and the Company shall take any such further action as is required to comply with the electronic data security standards requirements of HIPAA.

   

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APPENDIX A

LIST OF BENEFIT COMPONENTS

Minerals Technologies Inc. Cafeteria Program (the “Cafeteria Program”) 

The Minerals Technologies Inc. Group Benefit Program (a Principal Life Insurance Company program providing group medical, dental, vision and prescription drug coverage) 

The Minerals Technologies Inc. Retiree Medical Program (benefits provided by Minerals Technologies Inc.) 

Delta USA Group Dental Program for Employees of Minerals Technologies Inc. 

Minerals Technologies Inc. Long Term Disability Program (benefits provided through Aetna Life Insurance Company) 

Minerals Technologies Inc. Group Life, Supplemental Life and Accidental Death and Dismemberment Insurance Program (benefits provided through American General Life Companies) 

Minerals Technologies Inc. Business Travel Accident Insurance Program (benefits provided through Aetna Life Insurance Company) 

Minerals Technologies Inc. Educational Assistance Program (benefits provided by Minerals Technologies Inc.) 

Minerals Technologies Inc. Employee Assistance Program (benefits provided by Minerals Technologies Inc.) 

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APPENDIX B 

PARTICIPATING EMPLOYERS

Minerals Technologies Inc. 

Specialty Minerals Inc. 

Minteq International Inc. 

Specialty Minerals Michigan Inc. 

Specialty Minerals Mississippi Inc. 

Barretts Minerals Inc. 

Synsil Products Inc. 

Minteq Shapes & Services Inc. 

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