Document:

Exhibit 10.13(d)

 

FIFTH AMENDMENT TO THE

MINERALS TECHNOLOGIES INC. RETIREMENT PLAN

WHEREAS, Minerals Technologies Inc. (the "Employer") heretofore adopted the Minerals Technologies Inc. Retirement Plan (the "Plan"); and

WHEREAS, the Employer reserved the right to amend the Plan; and

WHEREAS, the Retirement Committee desires to amend the Plan in accordance with the final regulations and IRS guidance on bifurcated benefit distributions;

NOW, THEREFORE, the Plan is hereby amended, effective as of January 1, 2017, as follows:

	1.	
Section 5.3 of the Plan is hereby amended by adding to it the following paragraph, immediately following subsection (d) thereof:

“Separately with respect to the portion of a Participant’s Accrued Benefit determined under Section 4.1(a) (the “Career Earnings Benefit”) and the portion of a Participant’s Accrued Benefit determined under Section 4.1(b) (the ‘Cash Balance Benefit”), for purposes of this paragraph each separately an “Accrued Benefit”, the Participant or Beneficiary may elect to divide the Participant’s Accrued Benefit into Career Earnings Benefit and Cash Balance Benefit portions as described in this section.  A Participant or Beneficiary may elect a combination of distribution options for the divided portions of the Participant’s Accrued Benefit to the following extent: A Participant or Beneficiary who elects to bifurcate the Participant’s Accrued Benefit may divide the benefit between no more than two distribution forms, with either the Cash Balance Benefit or the Career Earnings Benefit portion payable in a lump sum (A) to the Participant, as described in Section 5.3(d), and, the Career Earnings Benefit or the Cash Balance Benefit portion payable, as applicable, in one of the other optional forms available as described in this Section 5.3 (subject to the requirements of Sections 5.1 and 5.2), or (B) to the Beneficiary, as described in Section 6.1 or 6.2, as applicable, and the Career Earnings Benefit portion or the Cash Balance Benefit portion, as applicable, payable as provided under Section 6.1 or 6.2, as applicable.  If a Participant or Beneficiary elects to divide the Participant’s Accrued Benefit, the amount of the distribution payable with respect to the Accrued Benefit shall be determined in accordance with the method for calculating the amount of a distribution payable in the optional form elected for that portion as if that portion were the Participant’s entire Accrued Benefit.”

	2.	
Section 6.2(b) of the Plan is hereby amended by adding the following paragraph to the end thereof:

 

“With respect to a surviving spouse who elects to receive a single sum payment of the present value of the qualified preretirement survivor annuity with respect to the Participant's Cash Balance Benefit, the amount of the distribution payable with respect to that portion of the benefit shall be determined in accordance with the method for calculating the amount of a distribution payable in the optional form elected for that portion as if that portion were the Participant’s entire Accrued Benefit.”

	3.	
Section 9.3 (1)(a) is hereby amended by deleting it in its entirety and by substituting the following therefor:

	“(a)	
A Participant or Beneficiary may elect to divide the benefit into restricted and unrestricted portions as described in this section.  A Participant or Beneficiary may elect a combination of distribution options for the divided portion of the benefit to the following extent: A Participant or Beneficiary who elects to bifurcate the benefit may divide the benefit between no more than two distribution forms, with the unrestricted portion payable in a single sum payment or other optional form of benefit that is a prohibited payment (A) to the Participant, as described in Section 5.3(d), and the restricted portion payable in one of the other optional forms described in Section 5.3 (subject to the requirements of Sections 5.1 and 5.2) or (B) to the Beneficiary, as described in Section 6.2(c) or 6.3, as applicable, and the restricted portion payable as provided under Section 6.2(b).  Notwithstanding the foregoing, if the Participant or Beneficiary elects to defer receipt of the restricted portion, the Participant or Beneficiary may subsequently elect to receive the restricted portion in any optional form available (for a Participant, under Section 5.3 (subject to the requirements of Sections 5.1 and 5.2)); for a Beneficiary, under Section 6.2) when the limitation described in this Section 9.3(1)(a) ceases to apply.  If a Participant or Beneficiary elects to divide the benefit, the amount of the distribution payable with respect to each specified portion of the benefit shall be determined in accordance with the method for calculating the amount of a distribution payable in the optional form elected for that portion as if that portion were the Participant’s entire Accrued Benefit.”

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

 

2

IN WITNESS WHEREOF, the Employer, by its duly authorized officer, has caused this Amendment to be executed on the 6th day of December, 2017.

	 	
MINERALS TECHNOLOGIES INC.

	 	 
	 	
By:

	
/s/ Florence Lively

 

 

3Exhibit 10.19(a)

AMENDMENT NO. 1

TO THE

AMENDED AND RESTATED GRANTOR TRUST AGREEMENT

This Agreement and Amendment No. 1 (the “Amendment”) to the Trust Agreement (as defined below) is made effective as of October 25, 2017 (the “Effective Date”), by and between Minerals Technologies Inc. (the “Company”) and Wilmington Trust, National Association, as successor trustee (the “Trustee”).

WHEREAS, the Company has (1) adopted two nonqualified deferred compensation plans, the Minerals Technologies Inc. Supplemental Savings Plan (the “Supplemental Savings Plan”) and the Minerals Technologies Inc. Supplemental Retirement Plan (the “Supplemental Retirement Plan”), (2) entered into or maintains compensation and bonus programs and arrangements for the benefit of certain employees and (3) entered into or maintains or may otherwise have obligations with respect to, compensation, bonus, employment and similar plans, programs, arrangements and agreements for the benefit of certain employees, payments and distributions under which may be limited or delayed by reason of limitations imposed by the Internal Revenue Code of 1986, as amended (the “Code”) (such plans, programs, arrangements and agreements described in clauses (1), (2) and (3) immediately preceding are referred to herein collectively as the “Plans”); and

WHEREAS, the Company has incurred or expects to incur liability under the terms of such Plans with respect to the individuals participating in such Plans; and

WHEREAS, the Company maintains a grantor trust (the “Trust”) and has contributed to the Trust assets that are held in accordance with the Amended and Restated Grantor Trust Agreement dated April 1, 2010, by and between the Minerals Technologies Inc. and Wilmington Trust Company (as heretofore amended, as applicable, the “Trust Agreement”); and

WHEREAS, pursuant to an assignment of the Trust Agreement by Wilmington Trust, National Association to Matrix Trust Company (f/k/a MG Trust Company d/b/a Matrix Trust Company), Matrix Trust Company became Trustee as of the close of business on April 10, 2015; and

WHEREAS, the Trust Agreement provides that the Trust Agreement may be amended by a written instrument executed by the Company and the Trustee in accordance with the terms thereof; and

WHEREAS, in accordance therewith, the Company has removed Matrix Trust Company as Trustee and appoints Wilmington Trust, National Association as the successor trustee and Wilmington Trust, National Association accepts such appointment as of the Effective Date.

NOW, THEREFORE, on and after the Effective Date, all references to the “Trustee” in the Trust Agreement shall mean and refer to Wilmington Trust, National Association.

	A.	
The parties hereby agree that the Trust Agreement is amended as follows, effective as of the date set forth above:

 

		1.	
In Section 2(a), the fourth sentence is amended to read as follows:

 

“The Company shall on a timely basis provide the Trustee with written instructions for the reporting and withholding of any federal and state taxes that may be required to be reported and withheld with respect to any amount paid under the Trust Agreement and the Trustee shall comply with such written instructions and shall pay any taxes withheld to the appropriate taxing authorities.”

		2.	
Section 5(b) shall be replaced with the following:

As directed by the Company prior to a Change of Control, the Trustee is specifically authorized to invest idle, or otherwise uninvested cash in, among other things, money market instruments, short term US government securities and money market funds.  Following a Change in Control, the Trustee shall have sole discretion to invest idle, or otherwise uninvested cash.

		3.	
In Section 13(f), the Trustee address shall be amended as follows:

Wilmington Trust, National Association

1100 North Market Street

Wilmington, DE 19890

Attention: Institutional Retirement Services – Client Services Manager

Telephone Number: (302) 651-8600

Facsimile Number (302) 427-4663

	B.	
The Company herby represents and warrants that no Change in Control has occurred as of the effective date hereof.

	C.	
Except as expressly amended herein, the Trust Agreement shall continue in full force and effect with the new Trustee.

IN WITNESS WHEREOF, the Company and the Trustee have caused this Amendment to be executed by their duly authorized representatives on the dates set forth below:

	 	MINERALS TECHNOLOGIES INC.
	 	
	 	
By:

	/s/ Thomas Meek
	 	Name: Thomas Meek
	 	Title: Senior VP, General Counsel and Secretary

 

	 	
Date:  10/25/17

	 	 
	 	
WILMINGTON TRUST, N.A.

	 	 	 
	 	
By: 

	/s/ Patricia A. Hohensee
	 	
Name: Patricia A. Hohensee

	 	
Title: Asst. Vice President

	 	 
	 	
Date:  October 26, 2017

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