Document:

PROMISSORY NOTE

$348,161.00                                        Date:  August 11, 2000

For value received,  the undersigned ALFRED R. GLOBUS,  residing at 26-53
210th Street,  Bayside, New York 11360 (the "Borrower"),  promises to pay
to the order of  UNITED-GUARDIAN,  INC.  (the  "Lender"),  at 230  Marcus
Blvd.,  Hauppauge,  New York 11788 (or at such other  place as the Lender
may designate in writing) the sum of $348,161.00  with interest from July
8, 2000, on the unpaid principal at a rate of 6.6% annually until paid.

The unpaid  principal and accrued  interest  shall be payable as follows:
yearly  installments  of  interest  only,  beginning  July 8,  2001 , and
continuing  until  July 8,  2003,  (the "Due  Date"),  at which  time the
remaining unpaid principal and interest shall be due in full. In addition
to the interest  payments,  the Borrower shall repay the principal at the
rate of $50,000  per year for the first four years of the loan  beginning
July  8,  2001  and  continuing  on the  eighth  day of  July  each  year
thereafter  until July 8, 2003,  at which  time the  remaining  principal
balance,  along with any  accrued  and unpaid  interest,  will be due and
payable.

All  payments  on this Note shall be applied  first in payment of accrued
interest and any remainder in payment of principal.

The Borrower  promises to pay a late charge of $5.00 for each installment
that  remains  unpaid more than 15 day(s)  after its Due Date.  This late
charge shall be paid as liquidated damages in lieu of actual damages, and
not as a penalty.

If any  payment  obligation  under  this Note is not paid  when due,  the
remaining unpaid principal  balance and any accrued interest shall become
due immediately at the option of the Lender.

The Borrower reserves the right to prepay this Note (in whole or in part)
prior to the Due Date with no prepayment penalty.

If any  payment  obligation  under  this Note is not paid  when due,  the
Borrower  promises to pay all costs of collection,  including  reasonable
attorney  fees,  whether  or not a lawsuit  is  commenced  as part of the
collection process.

If any of the following events of default occur,  this Note and any other
obligations of the Borrower to the Lender,  shall become due immediately,
without demand or notice:

     1) the failure of the Borrower to pay the  principal and any accrued
interest in full on or before the Due Date;

     2)  the death of the Borrower

     3) the filing of bankruptcy  proceedings involving the Borrower as a
debtor;

     4) the  application  for  the  appointment  of a  receiver  for  the
Borrower;

     5) the  making  of a  general  assignment  for  the  benefit  of the
Borrower's creditors;

     6) the insolvency of the Borrower;

     7) a misrepresentation by the Borrower to the Lender for the purpose
of obtaining or extending credit.

If any one or more of the  provisions  of this Note are  determined to be
unenforceable,  in  whole  or in  part,  for any  reason,  the  remaining
provisions shall remain fully operative.

This  note  may be  repaid  either  in cash or in  United-Guardian,  Inc.
("Corporation")  stock, at the option of the Lender.  If Lender agrees to
accept Corporation stock in payment of the indebtedness, the value of the
stock applied towards the loan shall be the closing price of the stock on
the date the stock is transferred on the books of the Corporation.

The  Borrower  waives  presentment  for payment,  protest,  and notice of
protest and nonpayment of this Note.

No renewal or extension of this Note, delay in enforcing any right of the
Lender under this Note, or assignment by Lender of this Note shall affect
the  liability  or the  obligations  of the  Borrower.  All rights of the
Lender under this Note are cumulative  and may be exercised  concurrently
or consecutively at the Lender's option.

This Note shall be construed in accordance  with the laws of the State of
New York.

Signed this 11th day of August, 2000, at Hauppauge, New York.

Borrower:

/s/ Alfred R. Globus
--------------------
Alfred R. GlobusExhibit 10

EXHIBIT 10.5                 

     Employment Agreements have been executed by the Company and the indicated employees, each substantially identical in all material respects to the
following form of employment agreement except as noted below. Each Employment Agreement was executed by Mr. Saueracker for the
Company, except the agreement with Mr. Saueracker, which was executed by Mr. John Curcio for the
Company.

 

	
EMPLOYEE AND POSITION

	
BASE SALARY

          	
DATE OF AGREEMENT

          	
TERMINATION DATE OF AGREEMENT [IF NOT
EXTENDED PURSUANT TO SECTION 1(a)]

          
	
   Allen Cheng

      Vice President

          
	
$
	
210,000
	
March 1, 2001
	
July 31, 2002

	

   Michael A. Cipolla

        Controller and Chief  

         Accounting Officer	

$	
160,000
	

March 1, 2001

 
	
February 28, 2002

	

   Howard R. Crabtree

      Vice President, Organization

       and Human Resources
	
$
	
250,000
	
March 1, 2001
	
July 31, 2002

	

   Anton Dulski

      Chief Operating Officer	

$	

385,000
	

March 1, 2001

 
	
February 28, 2003

	

   S. Garrett Gray

      Vice President, General

      Counsel and Secretary
	

$
	

250,000
	

March 1, 2001
	

July 31, 2002

	

   William Kromberg 

        Vice President - Taxes
          	

$

 
	
200,000
	

March 1, 2001
	
February 28, 2002

	

   Kenneth Massimine

      Vice President

          
	

$
	

200,000
	

March 1, 2001
	

July 31, 2002

	

   Paul R. Saueracker

     President and 

     Chief Executive Officer
          	

$	

500,000
	

March 1, 2001

 
	
February 28, 2003

	

   John A. Sorel

      Vice President

          
	

$
	

235,000
	

March 1, 2001
	

July 31, 2002

 

EMPLOYMENT AGREEMENT

 

      This Employment Agreement ("Agreement"), made as of the
____ day of __________, 200___, by and between Minerals Technologies Inc., 405 Lexington Avenue, New York, New York 10174-1901, a Delaware Corporation (hereinafter referred to as "Employer"), and
________________ (hereinafter referred to as "Executive").

      WHEREAS, in furtherance of Employer's commitment to the continued success of its businesses, and in recognition of the valuable contributions to be made by Executive, Employer has agreed to employ Executive
for a period commencing on the _____ day of _________
2001, ("Commencement Date") and terminating on the expiration of the "Term" as hereinafter defined, subject to certain terms and conditions as hereinafter set forth, and Executive has indicated his willingness to accept such employment;

      NOW, THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, the parties agree as follows:

      1.       (a) The employment of Executive by Employer will commence on the Commencement Date and, unless terminated on an earlier date in the manner hereinafter provided, shall
terminate on the expiration of the Term. For purposes of this Agreement, "Term" shall mean a period beginning on the Commencement Date and ending on the
______ day of_________________, subject to any extensions thereof as provided herein. On the first day of each month occurring after the Commencement Date, the Term shall automatically be extended for an additional month, unless, prior to any such first
day of a month, the Employer or Executive shall have given written notice to the other party not to extend the Term or Executive shall have reached his sixty-fifth birthday. Nothing in this Section shall limit the right of the Employer or Executive to
terminate Executive's employment hereunder pursuant to the terms and conditions set forth in Section 7. The Employer and Executive agree that neither such notice not to extend the Term by the Employer nor failure of this Agreement to be extended because
Executive has reached his sixty-fifth birthday shall be considered as a termination of Executive other than for Cause (as defined below) pursuant to Section 7(a) and shall not constitute Good Reason for Executive to terminate his employment hereunder
pursuant to Section 7(c)(ii).

            (b) During the
Term, Executive will be employed by Employer as _____________ of Employer at an annual salary of not less than
$_____________ ("Base Salary") and will participate in all benefit plans and other fringe benefits available to similarly situated executives in accordance with their respective terms. By
December 31_______, and thereafter, Employer will review Executive's salary on an annual basis in accordance with Employer's policies, to determine appropriate increases, if any. In addition to salary, Executive will receive bonus payments as determined
from time to time by Employer's Board of Directors or the Compensation and Nominating Committee thereof. Any such payment with respect to a calendar year will be made in the first quarter of the following year but shall be deemed earned and due and owing
if Executive is employed on December 31st of the applicable calendar year, regardless of his status as of the payment date.

      2.       It is contemplated that, in connection with his employment hereunder, Executive may be required to incur reasonable and necessary travel, business entertainment and other
business expenses. Employer agrees to reimburse Executive for all reasonable and necessary travel, business entertainment, and other business expenses incurred or expended by him incident to the performance of his duties hereunder, upon submission by
Executive to Employer of vouchers or expense statements satisfactorily evidencing such expenses.

      3.       During the Term, Employer will provide retirement, employee benefits (pre- and post-retirement) and fringe benefit plans to Executive no less favorable than those made
available to Employer's executive employees generally, to the extent that Executive qualifies under the eligibility provisions of such plans. Executive shall be entitled to a period of paid vacation each year as provided in Employer's established vacation
policy, but in no event shall such period be shorter than that agreed to between Employer and Executive under any prior agreement.

      4.       Executive agrees that he shall use his best efforts to promote and protect the interest of Employer, its subsidiaries and related corporations, and to devote his full
working time, attention and energy to performing the duties of his position.

      5.       In the event of the "Permanent Disability" (as defined below) of Executive during the Term, Employer shall have the right, upon written notice to Executive, to terminate
his employment hereunder, effective upon the giving of such notice. Upon such termination, Employer and Executive shall be discharged and released from any further obligations under this Agreement, except that the obligations provided for in Section 9
hereof shall survive any such termination. Disability benefits, if any, due under applicable plans and programs of the Employer shall be determined under the provisions of such plans and programs. For purposes of this Section 5, "Permanent Disability"
means any physical or mental disability or incapacity which permanently renders Executive incapable of performing the services required of him by Employer.

      6.       In the event of the death of Executive during the Term, the salary to which Executive is entitled hereunder shall continue to be paid through the end of the month in which
death occurs, to the last beneficiary designated by Executive by written notice to Employer, or, failing such designation, to his estate. Executive's designated beneficiary or personal representative, as the case may be, shall accept the payments provided
for in this Section 6 in full discharge and release of Employer of and from any further obligations under this Agreement. Any other benefits due under applicable plans and programs of Employer shall be determined under the provisions of such plans and
programs.

      7.       (a) Employer or Executive may terminate Executive's employment with Employer under this Agreement at any time by providing the other party with ninety (90) days advance
written notice, in which case Executive's employment shall terminate at the end of said ninety-day period. In the event during the Term Employer terminates the employment of Executive for reasons other than for Cause or the Permanent Disability or death
of Executive or Executive resigns for Good Reason (as defined below), Employer will pay Executive his Base Salary through the end of the Term (but in no event shall Executive be paid his Base Salary for more than fifteen (15) months following his date of
termination) plus any "Termination Bonuses", as defined herein, less any severance payments paid Executive pursuant to Employer policies. For purposes of this Agreement, "Termination Bonuses" shall mean amounts which would otherwise be payable to
Executive during the Term pursuant to Section 1(b) were Executive an employee of Employer, provided that in no event will any such bonus be greater in amount than the average amount of any such bonuses received by Executive in the two years immediately
preceding the termination of his employment with Employer, or the amount of such bonus received by Executive in the prior year if Executive has received only one such bonus payment. In addition to the foregoing payments, Executive shall be entitled to
coverage under Employer's Group Benefit Plan for medical and dental expense coverage and prescription drugs until the end of the Term. 

            (b) Executive shall be required to mitigate the amount of any payment provided for pursuant to Section 7(a) by seeking other comparable employment within a reasonable
commuting distance of his home, taking into account the provisions of Section 9 of this Agreement. Anything in this Agreement to the contrary notwithstanding, in the event that Executive provides services for pay to anyone other than Employer or any of
its affiliates or subsidiaries from the date Executive's employment hereunder is terminated and during such period as Executive is receiving salary continuation payments pursuant to Section 7(a), the amounts to be paid to Executive during such period
pursuant to this Agreement shall be reduced by the amounts of salary, bonus or other cash compensation earned by Executive during such period as a result of Executive's performing such services.

            (c) For purposes of this Agreement:

            (i) "Cause" shall be limited to the following:

      (A) Executive shall have failed to perform any of his material obligations as set forth herein, provided that Employer has advised Executive of such failure and given Executive a reasonable period of time
to cure such failure and Executive has failed to do so; or

      (B) Executive shall commit acts constituting (i) a felony involving moral turpitude materially adversely reflecting on the Employer or (ii) fraud or theft against Employer. 

            (ii) "Good Reason" shall mean termination at the election of Executive based on any of the following: 

      (A) The assignment to Executive of any duties substantially inconsistent with his status as _____________ of Employer or a substantial adverse alteration in the nature or status of his responsibilities
pursuant to this Agreement, except in connection with the termination of his employment for Cause, or normal retirement, death, or by Executive other than for Good Reason;

      (B) A reduction of Executive's fringe or retirement benefits that is not applied by Employer to executives generally or a reduction by Employer in Executive's Base Salary;

      (C) The merger or consolidation of Employer into or with any other entity, or the sale of all or substantially all of the assets of Employer to an unaffiliated entity unless the entity which survives such
merger or to whom such assets are transferred shall assume and agree to perform the obligations of Employer hereunder pursuant to an instrument reasonably acceptable to Executive; or 

      (D) Separation of Executive's office location from the principal corporate office of Employer or relocation outside the contiguous United States.

      8.       Employer shall have the right to terminate this Agreement immediately with no further liability under its terms if Executive terminates his employment without Good Reason,
or if Executive is discharged by Employer for Cause. In such event, Executive shall be entitled only to receive his earned Base Salary through the date of termination and to receive any bonus payment to which he may be entitled pursuant to Section 1(a).
It is agreed that the provisions of Section 9 shall survive any such termination of this Agreement.

      9.       (a) Executive agrees that during the term of his employment hereunder and, subject to the last sentence of this Section 9(a), during the further period of two (2) years
after the termination of such employment for whatever reason, Executive shall not, without the prior written approval of Employer, directly or indirectly through any other person, firm or corporation, (i) engage or participate in or become employed by or
render advisory or other services to or for any person, firm or corporation, or in connection with any business enterprise, which is, directly or indirectly, in competition with any of the business operations or activities of Employer, or (ii) solicit,
raid, entice or induce any such person who on the date of termination of employment of Executive is, or within the last six (6) months of Executive's employment by Employer was, an employee of Employer, to become employed by any person, firm or
corporation which is, directly or indirectly, in competition with any of the business operations or activities of Employer, and Executive shall not approach any such employee or former employee for such purpose or authorize or knowingly approve the taking
of such actions by any other person; provided, however, that Executive shall not be bound by the restrictions contained in clause (i) of this Section 9(a) if Employer terminates his employment during Term other than for "Cause" (as defined in Section 7(c) hereof). The foregoing
restrictions shall apply to the geographical areas where Employer does business and/or did business during the term of Executive's employment and all places where, at the date of termination of employment of Executive, Employer had plans or reasonable
expectations to do business; provided that if any Court construes any portion of this provision or clause of this Agreement, or any portion thereof, to be illegal, void or unenforceable because of the duration of such provision or the area or matter
covered thereby, such Court shall reduce the duration, area, or matter of such provision and, in its reduced form, such provision shall then be enforceable and shall be enforced. Notwithstanding the provisions of this Section 9, Employer shall be entitled
to enforce the provisions of Section 9(a)(i) following the end of Executive's term of employment hereunder only during such time as the Employer continues to pay Executive an amount equal to the Base Salary that Executive was receiving at the time of such
termination, unless Executive was terminated for Cause.

            (b) Recognizing that the knowledge, information and relationship with customers, suppliers, and agents, and the knowledge of Employer's and its subsidiary companies' business
methods, systems, plans and policies which Executive shall hereafter establish, receive or obtain as an employee of Employer or its subsidiary companies, are valuable and unique assets of the respective businesses of Employer and its subsidiary companies,
Executive agrees that, during and after the term of his employment hereunder, he shall not (otherwise than pursuant to his duties hereunder) disclose, without the prior written approval of Employer, any such knowledge or information pertaining to Employer
or any of its subsidiary companies, their business, personnel or policies, to any person, firm, corporation or other entity, for any reason or purpose whatsoever. The provisions of this Section 9(b) shall not apply to information which is or shall become
generally known to the public or the trade (other than by reason of Executive's breach of his obligations hereunder), information which is or shall become available in trade or other publications, and information which Executive is required to disclose by
law or an order of a court of competent jurisdiction. If Executive is required by law or a court order to disclose such information, he shall notify Employer of such requirement and provide Employer an opportunity (if Employer so elects) to contest such
law or court order.

      10.       Executive agrees that Employer shall withhold from any and all payments required to be made to Executive pursuant to this Agreement, all federal, state, local and/or other
taxes which Employer determines are required to be withheld in accordance with applicable statutes and/or regulations from time to time in effect.

      11.       This Agreement shall be construed under the laws of the State of New York.

      12.       This Agreement supersedes all prior negotiations and understandings of any kind with respect to the subject matter hereof and contains all of the terms and provision of
agreement between the parties hereto with respect to the subject matter hereof. Any representation, promise or condition, whether written or oral, not specifically incorporated herein, shall be of no binding effect upon the parties.

      13.       (a) If any portion of this Agreement is held invalid or unenforceable by a court of competent jurisdiction, that portion only shall be deemed deleted as though it had
never been included herein but the remainder of this Agreement shall remain in full force and effect.

            (b) Executive acknowledges and agrees that Employer's remedies at law for a breach or threatened breach of any of the provisions of Section 9 would be inadequate and, in
recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, Employer, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance,
temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.

            (c) This Agreement shall not be assignable by Executive.

14.       No modification, termination or waiver of any provision of this Agreement shall be valid unless it is in writing and signed by both parties hereto.

15.       Employer represents that it has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement, and that this Agreement is enforceable
against it in accordance with its terms.

 

 

 

MINERALS TECHNOLOGIES INC.

 

By:  ________________________ 

Name:  Paul R. Saueracker

Title:  President and Chief Executive Officer 

 

 

Agreed to by:

 

    ________________________

Executive

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