Document:

Unassociated Document

    Exhibit
10.1

    

    AMCOL
INTERNATIONAL CORPORATION

    NONQUALIFIED
DEFERRED COMPENSATION PLAN

     

    AMCOL
International Corporation

    Nonqualified
Deferred Compensation Plan (As Amended)

    
      Master
Plan Document

      
        

        

      

    

    Effective
January 1, 2008

     

    Copyright
© 2007

    By
Clark Consulting, Inc.

    All
Rights Reserved

        

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    AMCOL
International Corporation

    Nonqualified
Deferred Compensation Plan

    
      Master
Plan Document

      
        

        

      

    

    TABLE OF
CONTENTS

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              
                                                                                                                                                                
                                                                                                                                                                  
                                                                                                                                                                    
                                                                                                                                                                      
                                                                                                                                                                        
                                                                                                                                                                          
                                                                                                                                                                            
                                                                                                                                                                              
                                                                                                                                                                                
                                                                                                                                                                                  
                                                                                                                                                                                    
                                                                                                                                                                                      
                                                                                                                                                                                        
                                                                                                                                                                                          
                                                                                                                                                                                            
                                                                                                                                                                                              	
                                                                                                                                                                                                      ARTICLE 1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Definitions

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      - 1
      -

                                                                                                                                                                                                    
	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Selection,
      Enrollment, Eligibility

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      - 8
      -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      2.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Selection
      by Committee

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      - 8
      -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      2.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Enrollment
      and Eligibility Requirements; Commencement of
    Participation.

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      - 8
      -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 3

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Deferral
      Commitments/Company Contribution Amounts/Company Restoration Matching
      Amounts/ Vesting/Crediting/Taxes

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      - 9
      -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      3.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Minimum/Maximum
      Deferral

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      - 9
      -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      3.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Timing
      of Deferral Elections; Effect of Election Form.

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      - 9
      -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      3.3

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Withholding
      and Crediting of Annual Deferral Amounts

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      11 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      3.4

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Company
      Contribution Amount

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      11 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      3.5

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Company
      Restoration Matching Amount

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      12 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      3.6

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Vesting

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      12 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      3.7

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Crediting/Debiting
      of Account Balances

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      13 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      3.8

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      FICA
      and Other Taxes.

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      15 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 4

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Scheduled
      Distribution; Unforeseeable Emergencies

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      16 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      4.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Scheduled
      distributions

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      16 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      4.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Postponing
      Scheduled Distributions

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      16 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      4.3

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Other
      Benefits Take Precedence Over Scheduled Distributions

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      17 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      4.4

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Unforeseeable
      Emergencies

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      17 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 5

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Change
      in Control Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      17 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      5.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Change
      in Control Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      17 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      5.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Payment
      of Change in Control Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      18 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 6

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Retirement
      Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      18 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      6.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Retirement
      Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      18 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      6.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Payment
      of Retirement Benefit.

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      18 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 7

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Termination
      Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      19 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      7.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Termination
      Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      19 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      7.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Payment
      of Termination Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      19
-

                                                                                                                                                                                                    

                                                                                                                                                                                            

                                                                                                                                                                                          

                                                                                                                                                                                        

                                                                                                                                                                                      

                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                

                                                                                                                                                                              

                                                                                                                                                                            

                                                                                                                                                                          

                                                                                                                                                                        

                                                                                                                                                                      

                                                                                                                                                                    

                                                                                                                                                                  

                                                                                                                                                                

                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
         

        AMCOL
International Corporation

        Nonqualified
Deferred Compensation Plan

        
          Master
Plan Document

          
            

            

          

        

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              
                                                                                                                                                                
                                                                                                                                                                  
                                                                                                                                                                    
                                                                                                                                                                      
                                                                                                                                                                        
                                                                                                                                                                          
                                                                                                                                                                            
                                                                                                                                                                              
                                                                                                                                                                                
                                                                                                                                                                                  
                                                                                                                                                                                    
                                                                                                                                                                                      
                                                                                                                                                                                        
                                                                                                                                                                                          
                                                                                                                                                                                            
                                                                                                                                                                                              	
                                                                                                                                                                                                      ARTICLE 8

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Disability
      Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      19 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      8.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Disability
      Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      19 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      8.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Payment
      of Disability Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      20 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 9

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Death
      Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      20 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      9.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Death
      Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      20 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      9.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Payment
      of Death Benefit

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      20 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 10

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Beneficiary
      Designation

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      20 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      10.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Beneficiary

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      20 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      10.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Beneficiary
      Designation; Change; Spousal Consent

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      20 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      10.3

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Acknowledgment

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      20 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      10.4

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      No
      Beneficiary Designation

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      20 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      10.5

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Doubt
      as to Beneficiary

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      21 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      10.6

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Discharge
      of Obligations

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      21 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 11

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Leave
      of Absence

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      21 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      11.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Paid
      Leave of Absence

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      21 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      11.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Unpaid
      Leave of Absence

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      21 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 12

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Termination
      of Plan, Amendment or Modification

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      21 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      12.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Termination
      of Plan

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      21 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      12.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Amendment

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      22 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      12.3

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Plan
      Agreement

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      22 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      12.4

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Effect
      of Payment

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      22 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 13

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Administration

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      22 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      13.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Committee
      Duties.

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      22 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      13.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Administration
      Upon Change In Control

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      22 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      13.3

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Agents

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      23 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      13.4

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Binding
      Effect of Decisions

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      23 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      13.5

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Indemnity
      of Committee

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      23 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      13.6

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Employer
      Information

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      23 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 14

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Other
      Benefits and Agreements

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      23 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      14.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Coordination
      with Other Benefits

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      23 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 15

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Claims
      Procedures

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      23 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      15.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Presentation
      of Claim

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      23
-

                                                                                                                                                                                                    

                                                                                                                                                                                            

                                                                                                                                                                                          

                                                                                                                                                                                        

                                                                                                                                                                                      

                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                

                                                                                                                                                                              

                                                                                                                                                                            

                                                                                                                                                                          

                                                                                                                                                                        

                                                                                                                                                                      

                                                                                                                                                                    

                                                                                                                                                                  

                                                                                                                                                                

                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      
        
           

          AMCOL
International Corporation

          Nonqualified
Deferred Compensation Plan

          
            Master
Plan Document

            
              

              

            

          

        

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                
                                                                  
                                                                    
                                                                      
                                                                        
                                                                          
                                                                            
                                                                              
                                                                                
                                                                                  
                                                                                    
                                                                                      
                                                                                        
                                                                                          
                                                                                            
                                                                                              
                                                                                                
                                                                                                  
                                                                                                    
                                                                                                      
                                                                                                        
                                                                                                          
                                                                                                            
                                                                                                              
                                                                                                                
                                                                                                                  
                                                                                                                    
                                                                                                                      
                                                                                                                        
                                                                                                                          
                                                                                                                            
                                                                                                                              
                                                                                                                                
                                                                                                                                  
                                                                                                                                    
                                                                                                                                      
                                                                                                                                        
                                                                                                                                          
                                                                                                                                            
                                                                                                                                              
                                                                                                                                                
                                                                                                                                                  
                                                                                                                                                    
                                                                                                                                                      
                                                                                                                                                        
                                                                                                                                                          
                                                                                                                                                            
                                                                                                                                                              
                                                                                                                                                                
                                                                                                                                                                  
                                                                                                                                                                    
                                                                                                                                                                      
                                                                                                                                                                        
                                                                                                                                                                          
                                                                                                                                                                            
                                                                                                                                                                              
                                                                                                                                                                                
                                                                                                                                                                                  
                                                                                                                                                                                    
                                                                                                                                                                                      
                                                                                                                                                                                        
                                                                                                                                                                                          
                                                                                                                                                                                            
                                                                                                                                                                                              	 
      	
                                                                                                                                                                                                      15.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Notification
      of Decision

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      24 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      15.3

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Review
      of a Denied Claim

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      24 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      15.4

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Decision
      on Review

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      24 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      15.5

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Legal
      Action

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      25 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 16

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Trust

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      25 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      16.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Establishment
      of the Trust

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      25 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      16.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Interrelationship
      of the Plan and the Trust

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      25 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      16.3

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Distributions
      From the Trust.

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      25 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                      ARTICLE 17

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Miscellaneous

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      25 -

                                                                                                                                                                                                    
	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.1

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Status
      of Plan

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      25 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.2

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Unsecured
      General Creditor

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      26 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.3

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Employer's
      Liability

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      26 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.4

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Nonassignability

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      26 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.5

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Not
      a Contract of Employment

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      26 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.6

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Furnishing
      Information

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      26 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.7

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Terms

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      26 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.8

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Captions

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      27 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                       
      

                                                                                                                                                                                                    	
                                                                                                                                                                                                      17.9

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Governing
      Law

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      27 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.10

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Notice

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      27 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.11

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Successors

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      27 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	
                                                                                                                                                                                                       
      

                                                                                                                                                                                                    	
                                                                                                                                                                                                      17.12

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Spouse's
      Interest

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      27 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.13

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Validity

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      27 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.14

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Incompetent

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      27 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.15

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Domestic
      Relations Orders

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      27 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.16

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Distribution
      in the Event of Income Inclusion Under Code Section 409A

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      28 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.17

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Deduction
      Limitation on Benefit Payments

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      28 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.18

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Insurance

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      28 -

                                                                                                                                                                                                    
	 	 	 	 	 	 
	 
      	
                                                                                                                                                                                                      17.19

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      Legal
      Fees To Enforce Rights After Change in Control

                                                                                                                                                                                                    	 
      	
                                                                                                                                                                                                      -
      29
-

                                                                                                                                                                                                    

                                                                                                                                                                                            

                                                                                                                                                                                          

                                                                                                                                                                                        

                                                                                                                                                                                      

                                                                                                                                                                                    

                                                                                                                                                                                  

                                                                                                                                                                                

                                                                                                                                                                              

                                                                                                                                                                            

                                                                                                                                                                          

                                                                                                                                                                        

                                                                                                                                                                      

                                                                                                                                                                    

                                                                                                                                                                  

                                                                                                                                                                

                                                                                                                                                              

                                                                                                                                                            

                                                                                                                                                          

                                                                                                                                                        

                                                                                                                                                      

                                                                                                                                                    

                                                                                                                                                  

                                                                                                                                                

                                                                                                                                              

                                                                                                                                            

                                                                                                                                          

                                                                                                                                        

                                                                                                                                      

                                                                                                                                    

                                                                                                                                  

                                                                                                                                   

                                                                                                                                

                                                                                                                              

                                                                                                                            

                                                                                                                          

                                                                                                                        

                                                                                                                      

                                                                                                                    

                                                                                                                  

                                                                                                                

                                                                                                              

                                                                                                            

                                                                                                          

                                                                                                        

                                                                                                      

                                                                                                    

                                                                                                  

                                                                                                

                                                                                              

                                                                                            

                                                                                          

                                                                                        

                                                                                      

                                                                                    

                                                                                  

                                                                                

                                                                              

                                                                            

                                                                          

                                                                        

                                                                      

                                                                    

                                                                  

                                                                

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

    

    Purpose

     

    The
purpose of this Plan is to provide specified benefits to Directors and a select
group of management or highly compensated Employees who contribute materially to
the continued growth, development and future business success of AMCOL
International Corporation, a Delaware corporation, and its subsidiaries, if any,
that sponsor this Plan.  This Plan shall be unfunded for tax purposes
and for purposes of Title I of ERISA.  This Plan amends and restates
in its entirety the AMCOL International Corporation Nonqualified Deferred
Compensation Plan, effective January 1, 2008.

     

    This Plan
is intended to comply with all applicable law, including Code Section 409A and
related Treasury guidance and Regulations, and shall be operated and interpreted
in accordance with this intention.  In order to transition to the
requirements of Code Section 409A and related Treasury Regulations, the
Committee may make available to Participants certain transition relief provided
under Notice 2007-86, as described more fully in Appendix A of this
Plan.

     

    ARTICLE
1

     

    Definitions

     

    For the
purposes of this Plan, unless otherwise clearly apparent from the context, the
following phrases or terms shall have the following indicated
meanings:

     

    
      	
              1.1  

            	
              “Account
      Balance” shall mean, with respect to a Participant, an entry on the
      records of the Employer equal to the sum of the Participant’s Annual
      Accounts.  The Account Balance shall be a bookkeeping entry only
      and shall be utilized solely as a device for the measurement and
      determination of the amounts to be paid to a Participant, or his or her
      designated Beneficiary, pursuant to this
Plan.

            

    

     

    If a
Participant is both an Employee and a Director and participates in the Plan in
each capacity, then separate Account Balances (and separate Annual Accounts, if
applicable) shall be established for such Participant as a device for the
measurement and determination of the (a) amounts deferred under the Plan that
are attributable to the Participant’s status as an Employee, and (b) amounts
deferred under the Plan that are attributable to the Participant’s status as a
Director.

     

    
      	
              1.2  

            	
              “Annual
      Account” shall mean, with respect to a Participant, an entry on the
      records of the Employer equal to (a) the sum of the Participant’s
      Annual Deferral Amount, Company Contribution Amount and Company
      Restoration Matching Amount for any one Plan Year, plus (b) amounts
      credited or debited to such amounts pursuant to this Plan, less (c) all
      distributions made to the Participant or his or her Beneficiary pursuant
      to this Plan that relate to the Annual Account for such Plan
      Year.  The Annual Account shall be a bookkeeping entry only and
      shall be utilized solely as a device for the measurement and determination
      of the amounts to be paid to a Participant, or his or her designated
      Beneficiary, pursuant to this Plan.

            

    

     

    
      	
              1.3  

            	
              “Annual
      Deferral Amount” shall mean that portion of a Participant's Base Salary,
      Bonus and Director Fees that a Participant defers in accordance with
      Article 3 for any one Plan Year, without regard to whether such
      amounts are withheld and credited during such Plan
  Year.

            

    

     

    
      
        
        

      

      
        - 1
-

        
          

        

      

      
        
        

      

    

    
       

      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

    

    
      	
              1.4  

            	
              “Base
      Salary” shall mean the annual cash compensation relating to services
      performed during any calendar year, excluding distributions from
      nonqualified deferred compensation plans, bonuses, commissions, overtime,
      fringe benefits, stock options, relocation expenses, incentive payments,
      non-monetary awards, director fees and other fees, and automobile and
      other allowances paid to a Participant for employment services rendered
      (whether or not such allowances are included in the Employee’s gross
      income).  Base Salary shall be calculated before reduction for
      compensation voluntarily deferred or contributed by the Participant
      pursuant to all qualified or nonqualified plans of any Employer and shall
      be calculated to include amounts not otherwise included in the
      Participant's gross income under Code Sections 125, 402(e)(3), 402(h), or
      403(b) pursuant to plans established by any Employer; provided, however,
      that all such amounts will be included in compensation only to the extent
      that had there been no such plan, the amount would have been payable in
      cash to the Employee.

            

    

     

    
      	
              1.5  

            	
              “Beneficiary”
      shall mean one or more persons, trusts, estates or other entities,
      designated in accordance with Article 10, that are entitled to
      receive benefits under this Plan upon the death of a
      Participant.

            

    

     

    
      	
              1.6  

            	
              “Beneficiary
      Designation Form” shall mean the form established from time to time by the
      Committee that a Participant completes, signs and returns to the Committee
      to designate one or more
Beneficiaries.

            

    

     

    
      	
              1.7  

            	
              “Benefit
      Distribution Date” shall mean the date upon which all or an objectively determinable portion of
      a Participant’s vested benefits will become eligible for
      distribution.  Except as otherwise provided in the Plan, a
      Participant’s Benefit Distribution Date shall be determined based on the earliest to occur of an event or
      scheduled date set forth in Articles 4 through 9, as
      applicable.

            

    

     

    
      	
              1.8  

            	
              “Board”
      shall mean the board of directors of the
  Company.

            

    

     

    
      	
              1.9  

            	
              “Bonus”
      shall mean any compensation, in addition to Base Salary earned by a
      Participant under any Employer's annual bonus and cash incentive
      plans.

            

    

     

    
      	
              1.10  

            	
              “Change
      in Control” shall mean the occurrence of a “change in the ownership,” a
      “change in the effective control” or a “change in the ownership of a
      substantial portion of the assets” of a corporation, as determined in
      accordance with this Section. 

            

    

     

    In order
for an event described below to constitute a Change in Control with respect to a
Participant, except as otherwise provided in part (b)(ii) of this Section, the
applicable event must relate to the corporation for which the Participant is
providing services, the corporation that is liable for payment of the
Participant’s Account Balance (or all corporations liable for payment if more
than one), as identified by the Committee in accordance with Treas. Reg.
§1.409A-3(i)(5)(ii)(A)(2), or such other corporation identified by the Committee
in accordance with Treas. Reg. §1.409A-3(i)(5)(ii)(A)(3).

     

    In
determining whether an event shall be considered a “change in the ownership,” a
“change in the effective control” or a “change in the ownership of a substantial
portion of the assets” of a corporation, the following provisions shall
apply:

     

    
      
        
        

      

      
        - 2
-

        
          

        

      

      
        
        

      

    

    
       

      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

    

    
      
        	
              	
                (a)

              	
                A
      “change in the ownership” of the applicable corporation shall occur on the
      date on which any one person, or more than one person acting as a group,
      acquires ownership of stock of such corporation that, together with stock
      held by such person or group, constitutes more than 50% of the total fair
      market value or total voting power of the stock of such corporation, as
      determined in accordance with Treas. Reg.
      §1.409A-3(i)(5)(v).  If a person or group is considered either
      to own more than 50% of the total fair market value or total voting power
      of the stock of such corporation, or to have effective control of such
      corporation within the meaning of part (b) of this Section, and such
      person or group acquires additional stock of such corporation, the
      acquisition of additional stock by such person or group shall not be
      considered to cause a “change in the ownership” of such
      corporation.

              

      

    

     

    
      
        	
              	
                (b) 

              	
                A
      “change in the effective control” of the applicable corporation shall
      occur on either of the following
dates:

              

      

    

     

    
      
        	
              	
                (i) 

              	
                The
      date on which any one person, or more than one person acting as a group,
      acquires (or has acquired during the 12-month period ending on the date of
      the most recent acquisition by such person or persons) ownership of stock
      of such corporation possessing 30% or more of the total voting power of
      the stock of such corporation, as determined in accordance with Treas.
      Reg. §1.409A-3(i)(5)(vi).  If a person or group is considered to
      possess 30% or more of the total voting power of the stock of a
      corporation, and such person or group acquires additional stock of such
      corporation, the acquisition of additional stock by such person or group
      shall not be considered to cause a “change in the effective control” of
      such corporation; or

              

      

    

     

    
      
        	
              	
                (ii) 

              	
                The
      date on which a majority of the members of the applicable corporation’s
      board of directors is replaced during any 12-month period by directors
      whose appointment or election is not endorsed by a majority of the members
      of such corporation’s board of directors before the date of the
      appointment or election, as determined in accordance with Treas. Reg.
      §1.409A-3(i)(5)(vi).  In determining whether the event described
      in the preceding sentence has occurred, the applicable corporation to
      which the event must relate shall only include a corporation identified in
      accordance with Treas. Reg. §1.409A-3(i)(5)(ii) for which no other
      corporation is a majority
shareholder.

              

      

    

     

    
      
        	
                
                

              	
                (c) 

              	
                A
      “change in the ownership of a substantial portion of the assets” of the
      applicable corporation shall occur on the date on which any one person, or
      more than one person acting as a group, acquires (or has acquired during
      the 12-month period ending on the date of the most recent acquisition by
      such person or persons) assets from the corporation that have a total
      gross fair market value equal to or more than 40% of the total gross fair
      market value of all of the assets of the corporation immediately before
      such acquisition or acquisitions, as determined in accordance with Treas.
      Reg. §1.409A-3(i)(5)(vii).  A transfer of assets shall not be
      treated as a “change in the ownership of a substantial portion of the
      assets” when such transfer is made to an entity that is controlled by the
      shareholders of the transferor corporation, as determined in accordance
      with Treas. Reg.
§1.409A-3(i)(5)(vii)(B).

              

      

    

     

    
      
        
        

      

      
        - 3
-

        
          

        

      

      
        
        

      

    

    
       

      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

    

    
      	
              1.11  

            	
              “Code”
      shall mean the Internal Revenue Code of 1986, as it may be amended from
      time to time.

            

    

     

    
      	
              1.12  

            	
              “Committee”
      shall mean the committee described in
  Article 13.

            

    

     

    
      	
              1.13  

            	
              “Company”
      shall mean AMCOL International Corporation, a Delaware corporation, and
      any successor to all or substantially all of the Company’s assets or
      business.

            

    

     

    
      	
              1.14  

            	
              “Company
      Contribution Amount” shall mean, for any one Plan Year, the amount
      determined in accordance with Section
3.4.

            

    

     

    
      	
              1.15  

            	
              “Company
      Restoration Matching Amount” shall mean, for any one Plan Year, the amount
      determined in accordance with Section
3.5.

            

    

     

    
      	
              1.16  

            	
              “Director”
      shall mean any member of the board of directors of any
      Employer.

            

    

     

    
      	
              1.17  

            	
              “Director
      Fees” shall mean the annual fees earned by a Director from any Employer,
      including retainer fees and meetings fees, as compensation for serving on
      the board of directors.

            

    

     

    
      	
              1.18  

            	
              “Disability”
      or “Disabled” shall mean that a Participant is either (a) unable to engage
      in any substantial gainful activity by reason of any medically
      determinable physical or mental impairment that can be expected to result
      in death or can be expected to last for a continuous period of not less
      than 12 months, or (b) by reason of any medically determinable physical or
      mental impairment that can be expected to result in death or can be
      expected to last for a continuous period of not less than 12 months,
      receiving income replacement benefits for a period of not less than 3
      months under an accident and health plan covering employees of the
      Participant’s Employer.  For purposes of this Plan, a
      Participant shall be deemed Disabled if determined to be totally disabled
      by the Social Security Administration.  A Participant shall also
      be deemed Disabled if determined to be disabled in accordance with the
      applicable disability insurance program of such Participant’s Employer,
      provided that the definition of “disability” applied under such disability
      insurance program complies with the requirements of this
      Section.

            

    

     

    
      	
              1.19  

            	
              “Election
      Form” shall mean the form, which may be in electronic format, established
      from time to time by the Committee that a Participant completes, signs and
      returns to the Committee to make an election under the
    Plan.

            

    

     

    
      	
              1.20  

            	
              “Employee”
      shall mean a person who is an employee of an
  Employer.

            

    

     

    
      	
              1.21  

            	
              “Employer(s)”
      shall be defined as follows:

            

    

     

    
      
        	
              	
                (a) 

              	
                Except
      as otherwise provided in part (b) of this Section, the term “Employer”
      shall mean the Company and/or any of its subsidiaries (now in existence or
      hereafter formed or acquired) that have been selected by the Board to
      participate in the Plan and have adopted the Plan as a
      sponsor.

              

      

    

     

    
      
        	
              	
                (b) 

              	
                For
      the purpose of determining whether a Participant has experienced a
      Separation from Service, the term “Employer” shall
  mean:

              

      

    

     

    
      
        
        

      

      
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

    

    
      
        	
              	
                (i) 

              	
                The
      entity for which the Participant performs services and with respect to
      which the legally binding right to compensation deferred or contributed
      under this Plan arises; and

              

      

    

     

    
      
        	
              	
                (ii) 

              	
                All
      other entities with which the entity described above would be aggregated
      and treated as a single employer under Code Section 414(b) (controlled
      group of corporations) and Code Section 414(c) (a group of trades or
      businesses, whether or not incorporated, under common control), as
      applicable.  In order to identify the group of entities
      described in the preceding sentence, the Committee shall use an ownership
      threshold of at least 50% as a substitute for the 80% minimum ownership
      threshold that appears in, and otherwise must be used when applying, the
      applicable provisions of (A) Code Section 1563 for determining a
      controlled group of corporations under Code Section 414(b), and (B) Treas.
      Reg. §1.414(c)-2 for determining the trades or businesses that are under
      common control under Code Section
414(c).

              

      

    

     

    
      	
              1.22  

            	
              “ERISA”
      shall mean the Employee Retirement Income Security Act of 1974, as it may
      be amended from time to time.

            

    

     

    
      	
              1.23  

            	
              “401(k)
      Plan” shall mean, with respect to an Employer, a plan qualified under Code
      Section 401(a) that contains a cash or deferral arrangement described in
      Code Section 401(k), adopted by the Employer, as it may be amended from
      time to time, or any successor
thereto.

            

    

     

    
      	
              1.24  

            	
              “Participant”
      shall mean any Employee or Director (a) who is selected to
      participate in the Plan, (b) whose executed Plan Agreement, Election
      Form and Beneficiary Designation Form are accepted by the Committee, and
      (c) whose Plan Agreement has not
terminated.

            

    

     

    
      	
              1.25  

            	
              “Performance-Based
      Compensation” shall mean compensation the entitlement to or amount of
      which is contingent on the satisfaction of pre-established organizational
      or individual performance criteria relating to a performance period of at
      least 12 consecutive months, as determined by the Committee in accordance
      with Treas. Reg. §1.409A-1(e).

            

    

     

    
      	
              1.26  

            	
              “Plan”
      shall mean the AMCOL International Corporation Nonqualified Deferred
      Compensation Plan, which shall be evidenced by this instrument, as it may
      be amended from time to time, and by any other documents that together
      with this instrument define a Participant’s rights to amounts credited to
      his or her Account Balance.

            

    

     

    
      	
              1.27  

            	
              “Plan
      Agreement” shall mean a written agreement in the form prescribed by or
      acceptable to the Committee that evidences a Participant’s agreement to
      the terms of the Plan and which may establish additional terms or
      conditions of Plan participation for a Participant.  Unless
      otherwise determined by the Committee, the most recent Plan Agreement
      accepted with respect to a Participant shall supersede any prior Plan
      Agreements for such Participant.  Plan Agreements may vary among
      Participants and may provide additional benefits not set forth in the Plan
      or limit the benefits otherwise provided under the
  Plan.

            

    

     

    
      	
              1.28  

            	
              “Plan
      Year” shall mean a period
      beginning on January 1 of each calendar year and continuing through
      December 31 of such calendar year.

            

    

     

    
      
        
        

      

      
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      AMCOL
International Corporation

    

    
      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      
        	
                1.29

              	
                “Quarterly
      Installment Method” shall be a quarterly installment payment over the
      number of years selected by the Participant in accordance with this Plan,
      calculated as follows: the vested Account Balance of the Participant shall
      be calculated as of the close of business on or around the last business
      day of the month which precedes the date on which the quarterly payment is
      made pursuant to the Plan.  The quarterly installment shall be
      calculated by multiplying this balance by a fraction, the numerator of
      which is one and the denominator of which is the remaining number of
      quarterly payments due the Participant.  By way of example, if
      the Participant elects a ten (10) year Quarterly Installment Method, the
      first payment shall be 1/40 of the vested Account Balance, calculated as
      described in this definition.  The following quarter, the
      payment shall be 1/39 of the vested Account Balance, calculated as
      described in this definition.  Each quarterly installment shall
      be paid no later than sixty (60) days after the last business day of the
      applicable quarter.  Shares of Stock that shall be distributable
      from the Stock Option Gain Account shall be distributable in shares of
      actual Stock in the same manner previously described.  However,
      the Committee may, in its sole discretion, (i) adjust the quarterly
      installments in order to distribute whole shares of actual Stock and/or
      (ii) accelerate the distribution of such actual shares of Stock by payment
      of a lump sum.

              

      

       

      
        	
                1.30

              	
                “Quarterly
      Payment Date” shall mean the last day of the 2nd, 5th, 8th and 11th months
      of each calendar year.

              

      

       

      
        	
                1.31

              	
                “Retirement,”
      “Retire(s)” or “Retired” shall mean with respect to a Participant who is
      an Employee, a Separation from Service on or after the date on which the
      sum of the Participant’s age and Years of Service equals at least 70, and
      shall mean with respect to a Participant who is a Director, a Separation
      from Service.  If a Participant is both an Employee and a
      Director and participates in the Plan in each capacity, (a) the
      determination of whether the Participant qualifies for Retirement as an
      Employee shall be made when the Participant experiences a Separation from
      Service as an Employee and such determination shall only apply to the
      applicable Account Balance established in accordance with Section 1.1 for
      amounts deferred under the Plan as an Employee, and (b) the determination
      of whether the Participant qualifies for Retirement as a Director shall be
      made at the time the Participant experiences a Separation from Service as
      a Director and such determination shall only apply to the applicable
      Account Balance established in accordance with Section 1.1 for amounts
      deferred under the Plan as a
Director.

              

      

       

      
        	
                1.32

              	
                “Separation
      from Service” shall mean a termination of services provided by a
      Participant to his or her Employer, whether voluntarily or involuntarily,
      other than by reason of death or Disability, as determined by the
      Committee in accordance with Treas. Reg. §1.409A-1(h).  In
      determining whether a Participant has experienced a Separation from
      Service, the following provisions shall
apply:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                For
      a Participant who provides services to an Employer as an Employee, except
      as otherwise provided in part (c) of this Section, a Separation from
      Service shall occur when such Participant has experienced a termination of
      employment with such Employer.  A Participant shall be
      considered to have experienced a termination of employment when the facts
      and circumstances indicate that the Participant and his or her Employer
      reasonably anticipate that either (i) no further services will be
      performed for the Employer after a certain date, or (ii) that the level of
      bona fide services the Participant will perform for the Employer after
      such date (whether as an Employee or as an independent contractor) will
      permanently decrease to no more than 20% of the average level of bona fide
      services performed by such Participant (whether as an Employee or an
      independent contractor) over the immediately preceding 36-month period (or
      the full period of services to the Employer if the Participant has been
      providing services to the Employer less than 36
  months).

              

      

       

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      If a
Participant is on military leave, sick leave, or other bona fide leave of
absence, the employment relationship between the Participant and the Employer
shall be treated as continuing intact, provided that the period of such leave
does not exceed 6 months, or if longer, so long as the Participant retains a
right to reemployment with the Employer under an applicable statute or by
contract.  If the period of a military leave, sick leave, or other
bona fide leave of absence exceeds 6 months and the Participant does not retain
a right to reemployment under an applicable statute or by contract, the
employment relationship shall be considered to be terminated for purposes of
this Plan as of the first day immediately following the end of such 6-month
period.  In applying the provisions of this paragraph, a leave of
absence shall be considered a bona fide leave of absence only if there is a
reasonable expectation that the Participant will return to perform services for
the Employer.

       

      
        	
                 
      

              	
                (b)

              	
                For
      a Participant who provides services to an Employer as an independent
      contractor, except as otherwise provided in part (c) of this Section, a
      Separation from Service shall occur upon the expiration of the contract
      (or in the case of more than one contract, all contracts) under which
      services are performed for such Employer, provided that the expiration of
      such contract(s) is determined by the Committee to constitute a good-faith
      and complete termination of the contractual relationship between the
      Participant and such Employer.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                For
      a Participant who provides services to an Employer as both an Employee and
      an independent contractor, a Separation from
      Service generally shall not occur until the Participant has ceased
      providing services for such Employer as both as an Employee and as an
      independent contractor, as determined in accordance with the provisions
      set forth in parts (a) and (b) of this Section,
      respectively.  Similarly, if a Participant either (i) ceases
      providing services for an Employer as an independent contractor and begins
      providing services for such Employer as an Employee, or (ii) ceases
      providing services for an Employer as an Employee and begins providing
      services for such Employer as an independent contractor, the Participant
      will not be considered to have experienced a Separation from Service until
      the Participant has ceased providing services for such Employer in both
      capacities, as determined in accordance with the applicable provisions set
      forth in parts (a) and (b) of this Section. 

              

      

       

      Notwithstanding
the foregoing provisions in this part (c), if a Participant provides services
for an Employer as both an Employee and as a Director, to the extent permitted
by Treas. Reg. §1.409A-1(h)(5) the services provided by such Participant as a
Director shall not be taken into account in determining whether the Participant
has experienced a Separation from Service as an Employee, and the services
provided by such Participant as an Employee shall not be taken into account in
determining whether the Participant has experienced a Separation from Service as
a Director.

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      
        	
                1.33

              	
                “Trust”
      shall mean one or more trusts established by the Company in accordance
      with Article 16.

              

      

       

      
        	
                1.34

              	
                “Unforeseeable
      Emergency” shall mean a severe financial hardship of the Participant
      resulting from (a) an illness or accident of the Participant, the
      Participant’s spouse, the Participant’s Beneficiary or the Participant’s
      dependent (as defined in Code Section 152 without regard to paragraphs
      (b)(1), (b)(2) and (d)(1)(b) thereof), (b) a loss of the Participant’s
      property due to casualty, or (c) such other similar extraordinary and
      unforeseeable circumstances arising as a result of events beyond the
      control of the Participant, all as determined by the Committee based on
      the relevant facts and
circumstances.

              

      

       

      
        	
                1.35

              	
                “Years
      of Service” shall mean the total number of full years in which a
      Participant has been employed by one or more Employers.  For
      purposes of this definition, a year of employment shall be a 365 day
      period (or 366 day period in the case of a leap year) that, for the first
      year of employment, commences on the Employee's date of hiring and that,
      for any subsequent year, commences on an anniversary of that hiring
      date.  A partial year of employment shall not be treated as a
      Year of Service.

              

      

       

      ARTICLE
2

       

      Selection,
Enrollment, Eligibility

       

      
        	
                2.1

              	
                Selection
      by Committee.  Participation in the Plan shall be limited
      to Directors and, as determined by the Committee in its sole discretion, a
      select group of management or highly compensated
      Employees.  From that group, the Committee shall select, in its
      sole discretion, those individuals who may actually participate in this
      Plan.

              

      

       

      
        	
                2.2

              	
                Enrollment
      and Eligibility Requirements; Commencement of
      Participation.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                As
      a condition to participation, each Director or selected Employee shall
      complete, execute and return to the Committee a Plan Agreement, an
      Election Form and a Beneficiary Designation Form by the deadline(s)
      established by the Committee in accordance with the applicable provisions
      of this Plan.  In addition, the Committee shall establish from
      time to time such other enrollment requirements as it determines, in its
      sole discretion, are necessary.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Each
      Director or selected Employee who is eligible to participate in the Plan
      shall commence participation in the Plan on the date that the Committee
      determines that the Director or Employee has met all enrollment
      requirements set forth in this Plan and required by the Committee,
      including returning all required documents to the Committee within the
      specified time period.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                If
      a Director or an Employee fails to meet all requirements established by
      the Committee within the period required, that Director or Employee shall
      not be eligible to participate in the Plan during such Plan
      Year.

              

      

       

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      ARTICLE
3

       

      Deferral
Commitments/Company Contribution Amounts/

       

      Company
Restoration Matching Amounts/ Vesting/Crediting/Taxes

       

      
        	
                3.1

              	
                Minimum/Maximum
      Deferral.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Annual
      Deferral Amount.  For each Plan Year, a Participant may
      elect to defer, as his or her Annual Deferral Amount, Base Salary, Bonus
      and/or Director Fees up to the following maximum percentages for each
      deferral elected:

              

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  Deferral

                                	 	
                                  Maximum Percentage

                                	 	
                                  Minimum Amount

                                
	
                                  Base
      Salary

                                	 	
                                  75%

                                	 	
                                  $3,000
      aggregate with Bonus

                                
	
                                  Bonus

                                	 	
                                  100%

                                	 	
                                  $3,000
      aggregate with Base Salary

                                
	
                                  Director
      Fees

                                	 	
                                  100%

                                	 	
                                  $0

                                

                        

                      

                    

                  

                

              

            

          

        

      

       

      
        	
                 
      

              	
                (b)

              	
                Short
      Plan Year.  Notwithstanding the foregoing, if a
      Participant first becomes a Participant after the first day of a Plan
      Year, then to the extent required by Section 3.2 and Code Section 409A and
      related Treasury Regulations, the maximum amount of the Participant’s Base
      Salary, Bonus or Director Fees that may be deferred by the Participant for
      the Plan Year shall be determined by applying the percentages set forth in
      Section 3.1(a) to the portion of such compensation attributable to
      services performed after the date that the Participant’s deferral election
      is made.

              

      

       

      
        	
                3.2

              	
                Timing
      of Deferral Elections; Effect of Election
  Form.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                General
      Timing Rule for Deferral Elections.  Except as otherwise
      provided in this Section 3.2, in order for a Participant to make a valid
      election to defer Base Salary, Bonus and/or Director Fees, the Participant
      must submit an Election Form on or before the deadline established by the
      Committee, which in no event shall be later than the December 31st
      preceding the Plan Year in which such compensation will be
      earned.

              

      

       

      Any
deferral election made in accordance with this Section 3.2(a) shall be
irrevocable; provided, however, that if the Committee permits or requires
Participants to make a deferral election by the deadline described above for an
amount that qualifies as Performance-Based Compensation, the Committee may
permit a Participant to subsequently change his or her deferral election for
such compensation by submitting a new Election Form in accordance with
Section  3.2(d) below.

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      
        	
                 
      

              	
                (b)

              	
                Timing
      of Deferral Elections for Newly Eligible Plan
      Participants.  A Director or selected Employee who first
      becomes eligible to participate in the Plan on or after the beginning of a
      Plan Year, as determined in accordance with Treas. Reg.
      §1.409A-2(a)(7)(ii) and the “plan aggregation” rules provided in Treas.
      Reg. §1.409A-1(c)(2), may be permitted to make an election to defer the
      portion of Base Salary, Bonus and/or Director Fees attributable to
      services to be performed after such election, provided that the
      Participant submits an Election Form on or before the deadline established
      by the Committee, which in no event shall be later than 30 days after the
      Participant first becomes eligible to participate in the
    Plan.

              

      

       

      If a
deferral election made in accordance with this Section 3.2(b) relates to
compensation earned based upon a specified performance period, the amount
eligible for deferral shall be equal to (i) the total amount of compensation for
the performance period, multiplied by (ii) a fraction, the numerator of which is
the number of days remaining in the service period after the Participant’s
deferral election is made, and the denominator of which is the total number of
days in the performance period.

       

      Any
deferral election made in accordance with this Section 3.2(b) shall become
irrevocable no later than the 30th day
after the date the Director or selected Employee becomes eligible to participate
in the Plan.

       

      
        	
                 
      

              	
                (d)

              	
                Timing
      of Deferral Elections for Performance-Based Compensation.  Subject to
      the limitations described below, the Committee may determine that an
      irrevocable deferral election for an amount that qualifies as
      Performance-Based Compensation may be made by submitting an Election Form
      on or before the deadline established by the Committee, which in no event
      shall be later than 6 months before the end of the performance
      period.

              

      

       

      In order
for a Participant to be eligible to make a deferral election for
Performance-Based Compensation in accordance with the deadline established
pursuant to this Section 3.2(d), the Participant must have performed services
continuously from the later of (i) the beginning of the performance period for
such compensation, or (ii) the date upon which the performance criteria for such
compensation are established, through the date upon which the Participant makes
the deferral election for such compensation.  In no event shall a
deferral election submitted under this Section 3.2(d) be permitted to apply to
any amount of Performance-Based Compensation that has become readily
ascertainable.

       

      
        	
                 
      

              	
                (e)

              	
                Timing
      Rule for Deferral of Compensation Subject to Risk of
      Forfeiture.  With
      respect to compensation (i) to which a Participant has a legally binding
      right to payment in a subsequent year, and (ii) that is subject to a
      forfeiture condition requiring the Participant’s continued services for a
      period of at least 12 months from the date the Participant obtains the
      legally binding right, the Committee may determine that an irrevocable
      deferral election for such compensation may be made by timely delivering
      an Election Form to the Committee in accordance with its rules and
      procedures, no later than the 30th
      day after the Participant obtains the legally binding right to the
      compensation, provided that the election is made at least 12 months in
      advance of the earliest date at which the forfeiture condition could
      lapse, as determined in accordance with Treas. Reg.
      §1.409A-2(a)(5).

              

      

       

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      Any
deferral election(s) made in accordance with this Section 3.2(e) shall become
irrevocable no later than the 30th day
after the Participant obtains the legally binding right to the compensation
subject to such deferral election(s).

       

      
        	
                3.3

              	
                Withholding
      and Crediting of Annual Deferral Amounts.  For each Plan
      Year, the Base Salary portion of the Annual Deferral Amount shall be
      withheld from each regularly scheduled Base Salary payroll in equal
      amounts, as adjusted from time to time for increases and decreases in Base
      Salary.  The Bonus and/or Director Fees portion of the Annual
      Deferral Amount shall be withheld at the time the Bonus or Director Fees
      are or otherwise would be paid to the Participant, whether or not this
      occurs during the Plan Year itself.  Annual Deferral Amounts
      shall be credited to the Participant’s Annual Account for such Plan Year
      at the time such amounts would otherwise have been paid to the
      Participant.

              

      

       

      
        	
                3.4

              	
                Company
      Contribution Amount.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                For
      each Plan Year, an Employer may be required to credit amounts to a
      Participant’s Annual Account in accordance with employment or other
      agreements entered into between the Participant and the Employer, which
      amounts shall be part of the Participant’s Company Contribution Amount for
      that Plan Year.  Such amounts shall be credited to the
      Participant’s Annual Account for the applicable Plan Year on the date or
      dates prescribed by such
agreements.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                For
      each Plan Year, an Employer, in its sole discretion, may, but is not
      required to, credit any amount it desires to any Participant’s Annual
      Account under this Plan, which amount shall be part of the Participant’s
      Company Contribution Amount for that Plan Year.  The amount so
      credited to a Participant may be smaller or larger than the amount
      credited to any other Participant, and the amount credited to any
      Participant for a Plan Year may be zero, even though one or more other
      Participants receive a Company Contribution Amount for that Plan
      Year.  The Company Contribution Amount described in this Section
      3.4(b), if any, shall be credited to the Participant’s Annual Account for
      the applicable Plan Year on a date or dates to be determined by the
      Committee.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                If
      not otherwise specified in the Participant’s employment or other agreement
      entered into between the Participant and the Employer, the amount (or the
      method or formula for determining the amount) of a Participant’s Company
      Contribution Amount shall be set forth in writing in one or more
      documents, which shall be deemed to be incorporated into this Plan in
      accordance with Section 1.27, no later than the date on which such Company
      Contribution Amount is credited to the applicable Annual Account of the
      Participant.

              

      

       

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      
        	
                3.5

              	
                Company
      Restoration Matching Amount.  A Participant's Company
      Restoration Matching Amount for any Plan Year shall be an amount
      determined by the Committee to make up for certain limits applicable to
      the 401(k) Plan or other qualified plan for such Plan Year, as identified
      by the Committee, or for such other purposes as determined by the
      Committee in its sole discretion.  The amount so credited to a
      Participant under this Plan for any Plan Year (a) may be smaller or larger
      than the amount credited to any other Participant, and (b) may differ from
      the amount credited to such Participant in the preceding Plan Year. The
      Participant’s Company Restoration Matching Amount, if any, shall be
      credited to the Participant’s Annual Account for the applicable Plan Year
      on a date or dates to be determined by the Committee.  The
      amount (or the method or formula for determining the amount) of a
      Participant’s Company Restoration Matching Amount shall be set forth in
      writing in one or more documents, which shall be deemed to be incorporated
      into this Plan in accordance with Section 1.27, no later than the date on
      which such Company Restoration Matching Amount is credited to the
      applicable Annual Account of the Participant.  To be eligible to
      receive the Company Restoration Matching Account for a given Plan Year,
      you must be employed by AMCOL International Corporation or one of its
      subsidiaries as of the last day of such Plan Year and you must actually
      defer Base Annual Salary and/or Annual Bonus into this nonqualified Plan.
      However, if you Retire, die or become Disabled prior to the end of the
      Plan Year, you will be credited with an Annual Company Matching Amount for
      that portion of the Plan Year during which you were actively
      employed.

              

      

       

      
        	
                3.6

              	
                Vesting.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                A
      Participant shall at all times be 100% vested in the portion of his or her
      Account Balance attributable to Annual Deferral Amounts, plus amounts
      credited or debited on such amounts pursuant to Section
    3.7.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                A
      Participant shall be vested in the portion of his or her Account Balance
      attributable to any Company Contribution Amounts, plus amounts credited or
      debited on such amounts pursuant to Section 3.7, in accordance with the
      vesting schedule(s) set forth in his or her Plan Agreement, employment
      agreement or any other agreement entered into between the Participant and
      his or her Employer.  If not addressed in such agreements, a
      Participant shall vest in the portion of his or her Account Balance
      attributable to any Company Contribution Amounts, plus amounts credited or
      debited on such amounts pursuant to Section 3.7, in accordance with the
      following schedule:

              

      

       

      
        
          
            
              
                
                  
                    	
                            Years
      of Service

                          	 	
                            Vested
      Percentage

                          
	
                            Less
      than 3 years

                          	 	
                            0%

                          
	
                            3
      years or more

                          	 	
                            100%

                          

                  

                

              

            

          

        

      

       

      
        	
                 
      

              	
                (c)

              	
                A
      Participant shall be vested in the portion of his or her Account Balance
      attributable to any Company Restoration Matching Amounts, plus amounts
      credited or debited on such amounts pursuant to Section 3.7, only to the
      extent that the Participant would be vested in such amounts under the
      provisions of the 401(k) Plan, as determined by the Committee in its sole
      discretion.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                Notwithstanding
      anything to the contrary contained in this Section 3.6, in the event of a
      Change in Control, or upon a Participant’s Disability, Separation from
      Service on or after qualifying for Retirement, or death prior to
      Separation from Service, any amounts that are not vested in accordance
      with Sections 3.6(b) or 3.6(c) above, shall immediately become 100%
      vested. 

              

      

       

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      
        	
                 
      

              	
                (e)

              	
                Notwithstanding
      subsection 3.6(d) above, the vesting schedules described in Sections
      3.6(b) or 3.6(c) above shall not be accelerated upon a Change in Control
      to the extent that the Committee determines that such acceleration would
      cause the deduction limitations of Section 280G of the Code to become
      effective.  In the event of such a determination, the
      Participant may request independent verification of the Committee’s
      calculations with respect to the application of Section
      280G.  In such case, the Committee must provide to the
      Participant within 90 days of such a request an opinion from a nationally
      recognized accounting firm selected by the Participant (the “Accounting
      Firm”).  The opinion shall state the Accounting Firm’s opinion
      that any limitation in the vested percentage hereunder is necessary to
      avoid the limits of Section 280G and contain supporting
      calculations.  The cost of such opinion shall be paid for by the
      Company.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                Section
      3.6(e) shall not prevent the acceleration of the vesting schedules
      described in Sections 3.6(b) and 3.6(c) if such Participant is entitled to
      a “gross-up” payment, to eliminate the effect of the Code section 4999
      excise tax, pursuant to his or her employment agreement or other agreement
      entered into between such Participant and the
  Employer.

              

      

       

      
        	
                3.7

              	
                Crediting/Debiting
      of Account Balances.  In accordance with, and subject to,
      the rules and procedures that are established from time to time by the
      Committee, in its sole discretion, amounts shall be credited or debited to
      a Participant's Account Balance in accordance with the following
      rules:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Measurement
      Funds.  Subject to the restrictions found in Section
      3.7(c) below, the Participant may elect one or more of the measurement
      funds selected by the Committee, in its sole discretion, which are based
      on certain mutual funds (the “Measurement Funds”), for the purpose of
      crediting or debiting additional amounts to his or her Account
      Balance.  As necessary, the Committee may, in its sole
      discretion, discontinue, substitute or add a Measurement
      Fund.  Each such action will take effect as of the first day of
      the first calendar quarter that begins at least 30 days after the day on
      which the Committee gives Participants advance written notice of such
      change.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Election
      of Measurement Funds.  Subject to the restrictions found
      in Section 3.7(c) below, a Participant, in
      connection with his or her initial deferral election in accordance with
      Section 3.2 above, shall elect, on the Election Form, one or more
      Measurement Fund(s) (as described in Section 3.7(a) above) to be used to
      determine the amounts to be credited or debited to his or her Account
      Balance.  If a Participant does not elect any of the Measurement
      Funds as described in the previous sentence, the Participant’s Account
      Balance shall automatically be allocated into the lowest-risk Measurement
      Fund, as determined by the Committee, in its sole
      discretion.  Subject to the restrictions found in Section 3.7(c)
      below, the
      Participant may (but is not required to) elect, by submitting an Election
      Form to the Committee that is accepted by the Committee, to add or delete
      one or more Measurement Fund(s) to be used to determine the amounts to be
      credited or debited to his or her Account Balance, or to change the
      portion of his or her Account Balance allocated to each previously or
      newly elected Measurement Fund.  If an election is made in
      accordance with the previous sentence, it shall apply as of the first
      business day deemed reasonably practicable by the Committee, in its sole
      discretion, and shall continue thereafter for each subsequent day in which
      the Participant participates in the Plan, unless changed in accordance
      with the previous sentence.  Notwithstanding the foregoing, the
      Committee, in its sole discretion, may impose limitations on the frequency
      with which one or more of the Measurement Funds elected in accordance with
      this Section 3.7(b) may be added or deleted by such Participant;
      furthermore, the Committee, in its sole discretion, may impose limitations
      on the frequency with which the Participant may change the portion of his
      or her Account Balance allocated to each previously or newly elected
      Measurement Fund.

              

      

       

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      
        	
                 
      

              	
                (c)

              	
                AMCOL
      International Corporation Stock Unit
  Fund.

              

      

       

      
        	
                 
      

              	
                (i)

              	
                Under
      a prior version of the Plan, a Participant was permitted to defer certain
      gains upon exercising stock options.  Such deferrals were
      allocated to a Participant’s “Stock Option Gain Account.”  A
      Participant’s Stock Option
      Gain Account will be automatically and irrevocably allocated to the
      AMCOL International Corporation Stock Unit Fund Measurement
      Fund.  Participants may not select any other Measurement Fund to
      be used to determine the amounts to be credited or debited to their Stock Option Gain
      Account. Furthermore, no
      other portion of the Participant’s Account Balance can be either initially
      allocated or re-allocated to the AMCOL International Corporation Stock
      Unit Fund.  Amounts allocated to the AMCOL International
      Corporation Stock Unit Fund shall only be distributable in actual shares
      of AMCOL International Corporation common stock
  (“Stock”).

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                Any
      stock dividends, cash dividends or other non-cash dividends that would
      have been payable on the Stock credited to a Participant’s Account Balance
      may be credited to the Participant’s Account Balance in the form of
      additional shares of Stock or may be credited to the Participant’s Account
      Balance in cash, based on the fair market value of AMCOL Stock on the date
      of the dividend, if applicable.  If credited in Stock, the
      number of shares credited to the Participant for a particular stock
      dividend shall be equal to (a) the number of shares of Stock credited to
      the Participant’s Account Balance as of the payment date for such dividend
      in respect of each share of Stock, multiplied by (b) the number of
      additional shares of Stock actually paid as a dividend in respect of each
      share of Stock.  If credited in Stock, the number of shares
      credited to the Participant for a particular cash dividend or other
      non-cash dividend shall be equal to (a) the number of shares of Stock
      credited to the Participant’s Account Balance as of the payment date for
      such dividend in respect of each share of Stock, multiplied by (b) the
      fair market value of the dividend, divided by (c) the “fair market value”
      of the Stock on the payment date for such
  dividend.

              

      

       

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      
        	
                 
      

              	
                (iii)

              	
                The
      number of shares of Stock credited to the Participant’s Account Balance
      may be adjusted by the Committee, in its sole discretion, to prevent
      dilution or enlargement of Participants’ rights with respect to the
      portion of his or her Account Balance allocated to the AMCOL International
      Corporation Stock Unit Fund in the event of
      any reorganization, reclassification, stock split, or other unusual
      corporate transaction or event which affects the value of the Stock,
      provided that any such adjustment shall be made taking into account any
      crediting of shares of Stock to the Participant under Section
      3.7.

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                For
      purposes of this Section 3.7(c), the fair market value of the Stock shall
      be determined by the Committee in accordance with its established
      procedures.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                Proportionate
      Allocation.  In making any election described in Section
      3.7(b) above, the Participant shall specify on the Election Form, in
      increments of one percent (1%), the percentage of his or her Account
      Balance or Measurement Fund, as applicable, to be
      allocated/reallocated.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                Crediting
      or Debiting Method.  The performance of each Measurement
      Fund (either positive or negative) will be determined on a daily basis
      based on the manner in which such Participant’s Account Balance has been
      hypothetically allocated among the Measurement Funds by the
      Participant.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                No
      Actual Investment.  Notwithstanding any other provision
      of this Plan that may be interpreted to the contrary, the Measurement
      Funds are to be used for measurement purposes only, and a Participant's
      election of any such Measurement Fund, the allocation of his or her
      Account Balance thereto, the calculation of additional amounts and the
      crediting or debiting of such amounts to a Participant's Account Balance
      shall not be considered or construed in any manner as an actual investment
      of his or her Account Balance in any such Measurement Fund.  In
      the event that the Company or the Trustee (as that term is defined in the
      Trust), in its own discretion, decides to invest funds in any or all of
      the investments on which the Measurement Funds are based, no Participant
      shall have any rights in or to such investments
      themselves.  Without limiting the foregoing, a Participant's
      Account Balance shall at all times be a bookkeeping entry only and shall
      not represent any investment made on his or her behalf by the Company or
      the Trust; the Participant shall at all times remain an unsecured creditor
      of the Company.

              

      

       

      
        	
                3.8

              	
                FICA
      and Other Taxes.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Annual
      Deferral Amounts.  For each Plan Year in which an Annual
      Deferral Amount is being withheld from a Participant, the Participant’s
      Employer(s) shall withhold from that portion of the Participant’s Base
      Salary and/or Bonus that is not being deferred, in a manner determined by
      the Employer(s), the Participant’s share of FICA and other employment
      taxes on such Annual Deferral Amount.  If necessary, the
      Committee may reduce the Annual Deferral Amount in order to comply with
      this Section 3.8.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Company
      Restoration Matching Amounts and Company Contribution
      Amounts.  When a Participant becomes vested in a portion
      of his or her Account Balance attributable to any Company Restoration
      Matching Amounts and/or Company Contribution Amounts, the Participant’s
      Employer(s) shall withhold from that portion of the Participant’s Base
      Salary and/or Bonus that is not deferred, in a manner determined by the
      Employer(s), the Participant’s share of FICA and other employment taxes on
      such amounts.  If necessary, the Committee may reduce the vested
      portion of the Participant’s Company Restoration Matching Amount or
      Company Contribution Amount, as applicable, in order to comply with this
      Section 3.8.

              

      

       

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      
        	
                 
      

              	
                (c)

              	
                Distributions.  The
      Participant’s Employer(s), or the trustee of the Trust, shall withhold
      from any payments made to a Participant under this Plan all federal, state
      and local income, employment and other taxes required to be withheld by
      the Employer(s), or the trustee of the Trust, in connection with such
      payments, in amounts and in a manner to be determined in the sole
      discretion of the Employer(s) and the trustee of the
  Trust.

              

      

       

      ARTICLE
4

       

      Scheduled
Distribution; Unforeseeable Emergencies

       

      
        	
                4.1

              	
                Scheduled
      Distributions.  In
      connection with each election to defer an Annual Deferral Amount, a
      Participant may elect to receive all or a portion of such Annual Deferral
      Amount, plus amounts credited or debited on that amount pursuant to
      Section 3.7, in the form of a lump sum payment, calculated as of the
      close of business on or around the Benefit Distribution Date designated by
      the Participant in accordance with this Section (a “Scheduled
      Distribution”).  The Benefit Distribution Date for the amount
      subject to a Scheduled Distribution election shall be the first day of any
      Plan Year designated by the Participant, which may be no sooner than 3
      Plan Years after the end of the Plan Year to which the Participant’s
      deferral election relates, unless otherwise provided on an Election Form
      approved by the Committee.

              

      

       

      Subject
to the other terms and conditions of this Plan, each Scheduled Distribution
elected shall be paid out on the first Quarterly Payment Date following the
Benefit Distribution Date.  By way of example, if a Scheduled
Distribution is elected for Annual Deferral Amounts that are earned in the Plan
Year commencing January 1, 2008, the earliest Benefit Distribution Date
that may be designated by a Participant would be January 1, 2012, and the
Scheduled Distribution would be paid out on February 29, 2012.

       

      
        	
                4.2

              	
                Postponing
      Scheduled Distributions.  A Participant may elect to
      postpone a Scheduled Distribution described in Section 4.1 above, and have
      such amount paid out on the first Quarterly Payment Date immediately after
      an allowable alternative Benefit Distribution Date designated in
      accordance with this Section 4.2.  In order to make such an
      election, the Participant must submit an Election Form to the Committee in
      accordance with the following
criteria:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                The
      election of the new Benefit Distribution Date shall have no effect until
      at least 12 months after the date on which the election is
      made;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      new Benefit Distribution Date selected by the Participant for such
      Scheduled Distribution must be the first day of a Plan Year that is no
      sooner than 5 years after the previously designated Benefit Distribution
      Date; and

              

      

       

      
        	
                 
      

              	
                (c)

              	
                The
      election must be made at least 12 months
      prior to the Participant's previously designated Benefit Distribution Date
      for such Scheduled Distribution.

              

      

       

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      For
purposes of applying the provisions of this Section 4.2, a Participant’s
election to postpone a Scheduled Distribution shall not be considered to be made
until the date on which the election becomes irrevocable.  Such an
election shall become irrevocable no later than the date that is 12 months prior
to the Participant’s previously designated Benefit Distribution Date for such
Scheduled Distribution.

       

      
        	
                4.3

              	
                Other
      Benefits Take Precedence Over Scheduled
      Distributions.  Should an event occur prior to any
      Benefit Distribution Date designated for a Scheduled Distribution that
      would trigger a benefit under Articles 5 through 9, as applicable, all
      amounts subject to a Scheduled Distribution election shall be paid in
      accordance with the other applicable provisions of the Plan and not in
      accordance with this Article 4.

              

      

       

      
        	
                4.4

              	
                Unforeseeable
      Emergencies.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                If
      a Participant experiences an Unforeseeable Emergency prior to the
      occurrence of a distribution event described in Articles 5 through 9, as applicable, the
      Participant may petition the Committee to receive a partial or full payout
      from the Plan.  The payout, if any, from the Plan shall not
      exceed the lesser of (i) the Participant's vested Account Balance,
      calculated as of the close of business on or around the Benefit
      Distribution Date for such payout, as determined by the Committee in
      accordance with provisions set forth below, or (ii) the amount necessary
      to satisfy the Unforeseeable Emergency, plus amounts necessary to pay
      Federal, state, or local income taxes or penalties reasonably anticipated
      as a result of the distribution.  A Participant shall not be
      eligible to receive a payout from the Plan to the extent that the
      Unforeseeable Emergency is or may be relieved (A) through reimbursement or
      compensation by insurance or otherwise, (B) by liquidation of the
      Participant’s assets, to the extent the liquidation of such assets would
      not itself cause severe financial hardship or (C) by cessation of
      deferrals under this Plan.

              

      

       

      If the
Committee, in its sole discretion, approves a Participant’s petition for payout
from the Plan, the Participant’s Benefit Distribution Date for such payout shall
be the date on which such Committee approval occurs and such payout shall be
distributed to the Participant in a lump sum no later than 90 days after such
Benefit Distribution Date.  In addition, in the event of such approval
the Participant’s outstanding deferral elections under the Plan shall be
cancelled.

       

      
        	
                 
      

              	
                (b)

              	
                A
      Participant’s deferral elections under this Plan shall also be cancelled
      to the extent the Committee determines that such action is required for
      the Participant to obtain a hardship distribution from an Employer’s
      401(k) Plan pursuant to Treas. Reg.
  §1.401(k)-1(d)(3).

              

      

       

      ARTICLE
5

       

      Change
in Control Benefit

       

      
        	
                5.1

              	
                Change
      in Control Benefit.  A Participant, in connection with
      his or her commencement of participation in the Plan, shall have an
      opportunity to irrevocably elect to receive his or her vested Account
      Balance in the form of a lump sum payment in the event that a Change in
      Control occurs prior to the Participant’s Separation from Service,
      Disability or death (the “Change in Control Benefit”).  The
      Benefit Distribution Date for the Change in Control Benefit, if any, shall
      be the date on which the Change in Control
  occurs.

              

      

       

      
        
           

        

        
          - 17
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      If a
Participant elects not to receive a Change in Control Benefit, or fails to make
an election in connection with his or her commencement of participation in the
Plan, the Participant’s Account Balance shall be paid in accordance with the
other applicable provisions of the Plan.

       

      
        	
                5.2

              	
                Payment
      of Change in Control Benefit.  The Change in Control
      Benefit, if any, shall be calculated as of the close of business on or
      around the Participant’s Benefit Distribution Date, as determined by the
      Committee, and paid to the Participant on the first Quarterly Payment Date
      following the Participant’s Benefit Distribution
  Date.

              

      

       

      ARTICLE
6

       

      Retirement
Benefit

       

      
        	
                6.1

              	
                Retirement
      Benefit.  If a Participant experiences a Separation from
      Service that qualifies as a Retirement, the Participant shall be eligible
      to receive his or her vested Account Balance in either a lump sum or quarterly installment
      payments, as elected by the Participant in accordance with Section
      6.2 (the “Retirement Benefit”).  A Participant’s
      Retirement Benefit shall be calculated as of the close of business on or
      around the applicable Benefit Distribution Date for such benefit, which
      shall be the first day after the end of the 6-month period immediately
      following the date on which the Participant experiences such Separation
      from Service; provided, however, if a Participant changes the form of
      distribution for the Retirement Benefit in accordance with Section 6.2(b),
      the Benefit Distribution Date for the Retirement Benefit shall be
      determined in accordance with Section
6.2(b).

              

      

       

      
        	
                6.2

              	
                Payment
      of Retirement Benefit.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                A
      Participant, in connection with his or her commencement of participation
      in the Plan, shall elect on an Election Form to receive the Retirement
      Benefit in a lump sum or pursuant to an Quarterly Installment Method of up
      to 15 years.  If a Participant does not make any election with
      respect to the payment of the Retirement Benefit, then such Participant
      shall be deemed to have elected to receive the Retirement Benefit as a
      lump sum.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                A
      Participant may change the form of payment for the Retirement Benefit by
      submitting an Election Form to the Committee in accordance with the
      following criteria:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                The
      election shall not take effect until at least 12 months after the date on
      which the election is made;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                The
      new Benefit Distribution Date for the Participant’s Retirement Benefit
      shall be 5 years after the Benefit Distribution Date that would otherwise
      have been applicable to such benefit;
and

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                The
      election must be made at least 12 months prior to the Benefit Distribution
      Date that would otherwise have been applicable to the Participant’s
      Retirement Benefit.

              

      

      
        
           

        

        
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      For
purposes of applying the provisions of this Section 6.2(b), a Participant’s
election to change the form of payment for the Retirement Benefit shall not be
considered to be made until the date on which the election becomes
irrevocable.  Such an election shall become irrevocable no later than
the date that is 12 months prior to the Benefit Distribution Date that would
otherwise have been applicable to the Participant’s Retirement
Benefit.  Subject to the requirements of this Section 6.2(b), the
Election Form most recently accepted by the Committee that has become effective
shall govern the form of payout of the Participant’s Retirement
Benefit.

       

      
        	
                 
      

              	
                (c)

              	
                The
      lump sum payment shall be made, or installment payments shall commence, on
      the later of the first Quarterly Payment Date of the year following the
      year of Separation from Service or the first Quarterly Payment Date after
      the Participant’s Benefit Distribution
Date.

              

      

       

      ARTICLE
7

       

      Termination
Benefit

       

      
        	
                7.1

              	
                Termination
      Benefit. If a Participant
      experiences a Separation from Service that does not qualify as a
      Retirement, the Participant shall receive his or her vested Account
      Balance in the form of a lump sum payment (the “Termination
      Benefit”).  A Participant’s Termination Benefit shall be
      calculated as of the close of business on or around the Benefit
      Distribution Date for such benefit, which shall be the first day after the
      end of the 6-month period immediately following the date on which the
      Participant experiences such Separation from
  Service.

              

      

       

      
        	
                7.2

              	
                Payment
      of Termination Benefit.  The Termination Benefit shall be
      paid to the Participant on the later of the first Quarterly Payment Date
      of the year following the year of Separation from Service or the first
      Quarterly Payment Date after the Participant’s Benefit Distribution
      Date.

              

      

       

      ARTICLE
8

       

      Disability
Benefit

       

      
        	
                8.1

              	
                Disability
      Benefit. If a Participant becomes Disabled prior to the occurrence
      of a distribution event described in Articles 5 through 7, as applicable, the
      Participant shall receive his or her vested Account Balance in the form of
      a lump sum payment (the “Disability Benefit”).  The Disability
      Benefit shall be calculated as of the close of business on or around the
      Participant’s Benefit Distribution Date for such benefit, which shall be
      the date on which the Participant becomes
  Disabled.

              

      

       

      
        	
                8.2

              	
                Payment
      of Disability Benefit. The Disability
      Benefit shall be paid to the Participant on the first Quarterly Payment
      Date of the year following the Participant’s Benefit Distribution
      Date.

              

      

       

      
        
           

        

        
          - 19
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      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      ARTICLE
9

       

      Death
Benefit

       

      
        	
                9.1

              	
                Death
      Benefit.  In the event of a Participant’s death prior to
      the complete distribution of his or her vested Account Balance, the
      Participant's Beneficiary(ies) shall receive the Participant's unpaid
      vested Account Balance in a lump sum payment (the “Death
      Benefit”).  The Death Benefit shall be calculated as of the
      close of business on or around the Benefit Distribution Date for such
      benefit, which shall be the date on which the Committee is provided with
      proof that is satisfactory to the Committee of the Participant’s
      death.

              

      

       

      
        	
                9.2

              	
                Payment
      of Death Benefit.  The Death Benefit shall be paid to the
      Participant’s Beneficiary(ies) on the first Quarterly Payment Date of the
      year following the Participant’s Benefit Distribution
  Date.

              

      

       

      ARTICLE
10

       

      Beneficiary
Designation

       

      
        	
                10.1

              	
                Beneficiary.  Each
      Participant shall have the right, at any time, to designate his or her
      Beneficiary(ies) (both primary as well as contingent) to receive any
      benefits payable under the Plan to a beneficiary upon the death of a
      Participant.  The Beneficiary designated under this Plan may be
      the same as or different from the Beneficiary designation under any other
      plan of an Employer in which the Participant
  participates.

              

      

       

      
        	
                10.2

              	
                Beneficiary
      Designation; Change; Spousal Consent.  A Participant
      shall designate his or her Beneficiary by completing and signing the
      Beneficiary Designation Form, and returning it to the Committee or its
      designated agent.  A Participant shall have the right to change
      a Beneficiary by completing, signing and otherwise complying with the
      terms of the Beneficiary Designation Form and the Committee's rules and
      procedures, as in effect from time to time.  If the Participant
      names someone other than his or her spouse as a Beneficiary, the Committee
      may, in its sole discretion, determine that spousal consent is required to
      be provided in a form designated by the Committee, executed by such
      Participant's spouse and returned to the Committee.  Upon the
      acceptance by the Committee of a new Beneficiary Designation Form, all
      Beneficiary designations previously filed shall be
      canceled.  The Committee shall be entitled to rely on the last
      Beneficiary Designation Form filed by the Participant and accepted by the
      Committee prior to his or her
death.

              

      

       

      
        	
                10.3

              	
                Acknowledgment.  No
      designation or change in designation of a Beneficiary shall be effective
      until received and acknowledged in writing by the Committee or its
      designated agent.

              

      

       

      
        	
                10.4

              	
                No
      Beneficiary Designation.  If a Participant fails to
      designate a Beneficiary as provided in Sections 10.1, 10.2 and 10.3
      above or, if all designated Beneficiaries predecease the Participant or
      die prior to complete distribution of the Participant's benefits, then the
      Participant's designated Beneficiary shall be deemed to be his or her
      surviving spouse.  If the Participant has no surviving spouse,
      the benefits remaining under the Plan to be paid to a Beneficiary shall be
      payable to the executor or personal representative of the Participant's
      estate.

              

      

       

      
        
           

        

        
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International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      
        	
                10.5

              	
                Doubt
      as to Beneficiary.  If the Committee has any doubt as to
      the proper Beneficiary to receive payments pursuant to this Plan, the
      Committee shall have the right, exercisable in its discretion, to cause
      the Participant's Employer to withhold such payments until this matter is
      resolved to the Committee's
satisfaction.

              

      

       

      
        	
                10.6

              	
                Discharge
      of Obligations.  The payment of benefits under the Plan
      to a Beneficiary shall fully and completely discharge all Employers and
      the Committee from all further obligations under this Plan with respect to
      the Participant, and that Participant's Plan Agreement shall terminate
      upon such full payment of benefits.

              

      

       

      ARTICLE
11

       

      Leave
of Absence

       

      
        	
                11.1

              	
                Paid
      Leave of Absence.  If a Participant is authorized by the
      Participant's Employer to take a paid leave of absence from the employment
      of the Employer, and such leave of absence does not constitute a
      Separation from Service, (a) the Participant shall continue to be
      considered eligible for the benefits provided under the Plan, and (b) the
      Annual Deferral Amount shall continue to
      be withheld during such paid leave of absence in accordance with
      Section 3.2.

              

      

       

      
        	
                11.2

              	
                Unpaid
      Leave of Absence.  If a Participant is authorized by the
      Participant's Employer to take an unpaid leave of absence from the
      employment of the Employer for any reason, and such leave of absence does
      not constitute a Separation from Service, such Participant shall continue
      to be eligible for the benefits provided under the Plan.  During
      the unpaid leave of absence, the Participant shall not be allowed to make
      any additional deferral elections.  However, if the Participant
      returns to employment, the Participant may elect to defer an Annual
      Deferral Amount for the Plan Year following his or her return to
      employment and for every Plan Year thereafter while a Participant in the
      Plan, provided such deferral elections are otherwise allowed and an
      Election Form is delivered to and accepted by the Committee for each such
      election in accordance with Section 3.2
  above.

              

      

       

      ARTICLE
12

       

      Termination
of Plan, Amendment or Modification

       

      
        	
                12.1

              	
                Termination
      of Plan.  Although each Employer anticipates that it will
      continue the Plan for an indefinite period of time, there is no guarantee
      that any Employer will continue the Plan or will not terminate the Plan at
      any time in the future.  Accordingly, each Employer reserves the
      right to terminate the Plan with respect to all of its
      Participants.  In the event of a Plan termination no new
      deferral elections shall be permitted for the affected Participants and
      such Participants shall no longer be eligible to receive new company
      contributions.  However, after the Plan termination the Account
      Balances of such Participants shall continue to be credited with Annual
      Deferral Amounts attributable to a deferral election that was in effect
      prior to the Plan termination to the extent deemed necessary to comply
      with Code Section 409A and related Treasury Regulations, and additional
      amounts shall continue to credited or debited to such Participants’
      Account Balances pursuant to Section 3.7.  The Measurement Funds
      available to Participants following the termination of the Plan shall be
      comparable in number and type to those Measurement Funds available to
      Participants in the Plan Year preceding the Plan Year in which the Plan
      termination is effective.  In addition, following a Plan
      termination, Participant Account Balances shall remain in the Plan and
      shall not be distributed until such amounts become eligible for
      distribution in accordance with the other applicable provisions of the
      Plan. Notwithstanding
      the preceding sentence, to the extent permitted by Treas. Reg.
      §1.409A-3(j)(4)(ix), the Employer may provide that upon termination of the
      Plan, all Account Balances of the Participants shall be distributed,
      subject to and in accordance with any rules established by such Employer
      deemed necessary to comply with the applicable requirements and
      limitations of Treas. Reg.
§1.409A-3(j)(4)(ix).

              

      

       

      
        
           

        

        
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International Corporation

      Nonqualified
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        Master
Plan Document

        
          

          

        

      

      
        	
                12.2

              	
                Amendment.  Any
      Employer may, at any time, amend or modify the Plan in whole or in part
      with respect to that Employer.  Notwithstanding the foregoing,
      no amendment or modification shall be effective to decrease the value of a
      Participant's vested Account Balance in existence at the time the
      amendment or modification is made.

              

      

       

      
        	
                12.3

              	
                Plan
      Agreement.  Despite the provisions of Sections 12.1,
      if a Participant's Plan Agreement contains benefits or limitations that
      are not in this Plan document, the Employer may only amend or terminate
      such provisions with the written consent of the
    Participant.

              

      

       

      
        	
                12.4

              	
                Effect
      of Payment.  The full payment of the Participant’s vested
      Account Balance in accordance with the applicable provisions of the Plan
      shall completely discharge all obligations to a Participant and his or her
      designated Beneficiaries under this Plan, and the Participant's Plan
      Agreement shall terminate.

              

      

       

      ARTICLE
13

       

      Administration

       

      
        	
                13.1

              	
                Committee
      Duties.  Except as otherwise provided in this Article 13,
      this Plan shall be administered by a Committee, which shall consist of the
      Board, or such committee as the Board shall appoint.  Members of
      the Committee may be Participants under this Plan.  The
      Committee shall also have the discretion and authority to (a) make,
      amend, interpret, and enforce all appropriate rules and regulations for
      the administration of this Plan, and (b) decide or resolve any and
      all questions, including benefit entitlement determinations and
      interpretations of this Plan, as may arise in connection with the
      Plan.  Any individual serving on the Committee who is a
      Participant shall not vote or act on any matter relating solely to himself
      or herself.  When making a determination or calculation, the
      Committee shall be entitled to rely on information furnished by a
      Participant or the Company.

              

      

       

      
        	
                13.2

              	
                Administration
      Upon Change In Control. Within 120 days following a Change in
      Control, the individuals who comprised the Committee immediately prior to
      the Change in Control (whether or not such individuals are members of the
      Committee following the Change in Control) may, by written consent of the
      majority of such individuals, appoint an independent third party
      administrator (the “Administrator”) to perform any or all of the
      Committee’s duties described in Section 13.1 above, including without
      limitation, the power to determine any questions arising in connection
      with the administration or interpretation of the Plan, and the power to
      make benefit entitlement determinations.  Upon and after the
      effective date of such appointment, (a) the Company must pay all
      reasonable administrative expenses and fees of the Administrator, and (b)
      the Administrator may only be terminated with the written consent of the
      majority of Participants with an Account Balance in the Plan as of the
      date of such proposed termination.

              

      

       

      
        
           

        

        
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International Corporation

      Nonqualified
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        Master
Plan Document

        
          

          

        

      

      
        	
                13.3

              	
                Agents.
      In the administration of this Plan, the Committee or the Administrator, as
      applicable, may, from time to time, employ agents and delegate to them
      such administrative duties as it sees fit (including acting through a duly
      appointed representative) and may from time to time consult with
      counsel.

              

      

       

      
        	
                13.4

              	
                Binding
      Effect of Decisions.  The decision or action of the
      Committee or Administrator, as applicable, with respect to any question
      arising out of or in connection with the administration, interpretation
      and application of the Plan and the rules and regulations promulgated
      hereunder shall be final and conclusive and binding upon all persons
      having any interest in the Plan.

              

      

       

      
        	
                13.5

              	
                Indemnity
      of Committee.  All Employers shall indemnify and hold
      harmless the members of the Committee, any Employee to whom the duties of
      the Committee may be delegated, and the Administrator against any and all
      claims, losses, damages, expenses or liabilities arising from any action
      or failure to act with respect to this Plan, except in the case of willful
      misconduct by the Committee, any of its members, any such Employee or the
      Administrator.

              

      

       

      
        	
                13.6

              	
                Employer
      Information.  To enable the Committee and/or
      Administrator to perform its functions, the Company and each Employer
      shall supply full and timely information to the Committee and/or
      Administrator, as the case may be, on all matters relating to the Plan,
      the Trust, the Participants and their Beneficiaries, the Account Balances
      of the Participants, the compensation of its Participants, the date and
      circumstances of the Separation from Service, Disability or death of its
      Participants, and such other pertinent information as the Committee or
      Administrator may reasonably
require.

              

      

       

      ARTICLE
14

       

      Other
Benefits and Agreements

       

      
        	
                14.1

              	
                Coordination
      with Other Benefits.  The benefits provided for a
      Participant and Participant's Beneficiary under the Plan are in addition
      to any other benefits available to such Participant under any other plan
      or program for employees of the Participant's Employer.  The
      Plan shall supplement and shall not supersede, modify or amend any other
      such plan or program except as may otherwise be expressly
      provided.

              

      

       

      ARTICLE
15

       

      Claims
Procedures

       

      
        	
                15.1

              	
                Presentation
      of Claim.  Any Participant or Beneficiary of a deceased
      Participant (such Participant or Beneficiary being referred to below as a
      “Claimant”) may deliver to the Committee a written claim for a
      determination with respect to the amounts distributable to such Claimant
      from the Plan.  If such a claim relates to the contents of a
      notice received by the Claimant, the claim must be made within
      60 days after such notice was received by the
      Claimant.  All other claims must be made within 180 days of
      the date on which the event that caused the claim to arise
      occurred.  The claim must state with particularity the
      determination desired by the
Claimant.

              

      

       

      
        
           

        

        
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        Master
Plan Document

        
          

          

        

      

      
        	
                15.2

              	
                Notification
      of Decision.  The Committee shall consider a Claimant's
      claim within a reasonable time, but no later than 90 days after receiving
      the claim.  If the Committee determines that special
      circumstances require an extension of time for processing the claim,
      written notice of the extension shall be furnished to the Claimant prior
      to the termination of the initial 90 day period.  In no event
      shall such extension exceed a period of 90 days from the end of the
      initial period.  The extension notice shall indicate the special
      circumstances requiring an extension of time and the date by which the
      Committee expects to render the benefit determination.  The
      Committee shall notify the Claimant in
writing:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                that
      the Claimant's requested determination has been made, and that the claim
      has been allowed in full; or

              

      

       

      
        	
                 
      

              	
                (b)

              	
                that
      the Committee has reached a conclusion contrary, in whole or in part, to
      the Claimant's requested determination, and such notice must set forth in
      a manner calculated to be understood by the
  Claimant:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      specific reason(s) for the denial of the claim, or any part of
      it;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                specific
      reference(s) to pertinent provisions of the Plan upon which such denial
      was 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)

              	
                an
      explanation of the claim review procedure set forth in Section 15.3
      below; and

              

      

       

      
        	
                 
      

              	
                (v)

              	
                a
      statement of the Claimant’s right to bring a civil action under ERISA
      Section 502(a) following an adverse benefit determination on
      review.

              

      

       

      
        	
                15.3

              	
                Review
      of a Denied Claim.  On or before 60 days after
      receiving a notice from the Committee that a claim has been denied, in
      whole or in part, a Claimant (or the Claimant's duly authorized
      representative) may file with the Committee a written request for a review
      of the denial of the claim.  The Claimant (or the Claimant's
      duly authorized representative):

              

      

       

      
        	
                 
      

              	
                (a)

              	
                may,
      upon request and free of charge, have reasonable access to, and copies of,
      all documents, records and other information relevant (as defined in
      applicable ERISA regulations) to the claim for
  benefits;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                may
      submit written comments or other documents;
  and/or

              

      

       

      
        	
                 
      

              	
                (c)

              	
                may
      request a hearing, which the Committee, in its sole discretion, may
      grant.

              

      

       

      
        	
                15.4

              	
                Decision
      on Review.  The Committee shall render its decision on
      review promptly, and no later than 60 days after the Committee
      receives the Claimant’s written request for a review of the denial of the
      claim.  If the Committee determines that special circumstances
      require an extension of time for processing the claim, written notice of
      the extension shall be furnished to the Claimant prior to the termination
      of the initial 60 day period.  In no event shall such extension
      exceed a period of 60 days from the end of the initial
      period.  The extension notice shall indicate the special
      circumstances requiring an extension of time and the date by which the
      Committee expects to render the benefit determination.  In
      rendering its decision, the 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 benefit
      determination.  The decision must be written in a manner
      calculated to be understood by the Claimant, and it must
      contain:

              

      

       

      
        
           

        

        
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                (a)

              	
                specific
      reasons for the decision;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                specific
      reference(s) to the pertinent Plan provisions upon which the decision was
      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 (as defined in applicable ERISA regulations) to
      the Claimant’s claim for benefits;
and

              

      

       

      
        	
                 
      

              	
                (d)

              	
                a
      statement of the Claimant’s right to bring a civil action under ERISA
      Section 502(a).

              

      

       

      
        	
                15.5

              	
                Legal
      Action.  A Claimant's compliance with the foregoing
      provisions of this Article 15 is a mandatory prerequisite to a
      Claimant's right to commence any legal action with respect to any claim
      for benefits under this Plan.

              

      

       

      ARTICLE
16

       

      Trust

       

      
        	
                16.1

              	
                Establishment
      of the Trust  In order to provide assets from which to
      fulfill its obligations to the Participants and their Beneficiaries under
      the Plan, the Company may establish a trust by a trust agreement with a
      third party, the trustee, to which each Employer may, in its discretion,
      contribute cash or other property, including securities issued by the
      Company, to provide for the benefit payments under the Plan (the
      “Trust”).

              

      

       

      
        	
                16.2

              	
                Interrelationship
      of the Plan and the Trust.  The provisions of the Plan
      and the Plan Agreement shall govern the rights of a Participant to receive
      distributions pursuant to the Plan.  The provisions of the Trust
      shall govern the rights of the Employers, Participants and the creditors
      of the Employers to the assets transferred to the Trust.  Each
      Employer shall at all times remain liable to carry out its obligations
      under the Plan.

              

      

       

      
        	
                16.3

              	
                Distributions
      From the Trust.  Each Employer's obligations under the
      Plan may be satisfied with Trust assets distributed pursuant to the terms
      of the Trust, and any such distribution shall reduce the Employer's
      obligations under this Plan.

              

      

       

      ARTICLE
17

       

      Miscellaneous

       

      
        	
                 
      

              	
                17.1

              	
                Status
      of Plan.  The Plan is intended to be a plan that is not
      qualified within the meaning of Code Section 401(a) and that “is unfunded
      and is maintained by an employer primarily for the purpose of providing
      deferred compensation for a select group of management or highly
      compensated employees” within the meaning of ERISA Sections 201(2),
      301(a)(3) and 401(a)(1).  The Plan shall be administered and
      interpreted (a) to the extent possible in a manner consistent with the
      intent described in the preceding sentence, and (b) in accordance with
      Code Section 409A and related Treasury guidance and
      Regulations.

              

      

       

      
        
           

        

        
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International Corporation

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        Master
Plan Document

        
          

          

        

      

      
        	
                 
      

              	
                17.2

              	
                Unsecured
      General Creditor.  Participants and their Beneficiaries,
      heirs, successors and assigns shall have no legal or equitable rights,
      interests or claims in any property or assets of an
      Employer.  For purposes of the payment of benefits under this
      Plan, any and all of an Employer's assets shall be, and remain, the
      general, unpledged unrestricted assets of the Employer.  An
      Employer's obligation under the Plan shall be merely that of an unfunded
      and unsecured promise to pay money in the
  future.

              

      

       

      
        	
                 
      

              	
                17.3

              	
                Employer's
      Liability.  An Employer's liability for the payment of
      benefits shall be defined only by the Plan and the Plan Agreement, as
      entered into between the Employer and a Participant.  An
      Employer shall have no obligation to a Participant under the Plan except
      as expressly provided in the Plan and his or her Plan
      Agreement.

              

      

       

      
        	
                 
      

              	
                17.4

              	
                Nonassignability  Neither
      a Participant nor any other person shall have any right to commute, sell,
      assign, transfer, pledge, anticipate, mortgage or otherwise encumber,
      transfer, hypothecate, alienate or convey in advance of actual receipt,
      the amounts, if any, payable hereunder, or any part thereof, which are,
      and all rights to which are expressly declared to be, unassignable and
      non-transferable.  No part of the amounts payable shall, prior
      to actual payment, be subject to seizure, attachment, garnishment or
      sequestration for the payment of any debts, judgments, alimony or separate
      maintenance owed by a Participant or any other person, be transferable by
      operation of law in the event of a Participant's or any other person's
      bankruptcy or insolvency or be transferable to a spouse as a result of a
      property settlement or otherwise.

              

      

       

      
        	
                 
      

              	
                17.5

              	
                Not
      a Contract of Employment.  The terms and conditions of
      this Plan shall not be deemed to constitute a contract of employment
      between any Employer and the Participant.  Such employment is
      hereby acknowledged to be an “at will” employment relationship that can be
      terminated at any time for any reason, or no reason, with or without
      cause, and with or without notice, unless expressly provided in a written
      employment agreement.  Nothing in this Plan shall be deemed to
      give a Participant the right to be retained in the service of any
      Employer, either as an Employee or a Director, or to interfere with the
      right of any Employer to discipline or discharge the Participant at any
      time.

              

      

       

      
        	
                 
      

              	
                17.6

              	
                Furnishing
      Information.  A Participant or his or her Beneficiary
      will cooperate with the Committee by furnishing any and all information
      requested by the Committee and take such other actions as may be requested
      in order to facilitate the administration of the Plan and the payments of
      benefits hereunder, including but not limited to taking such physical
      examinations as the Committee may deem
  necessary.

              

      

       

      
        	
                 
      

              	
                17.7

              	
                Terms.  Whenever
      any words are used herein in the masculine, they shall be construed as
      though they were in the feminine in all cases where they would so apply;
      and whenever any words are used herein in the singular or in the plural,
      they shall be construed as though they were used in the plural or the
      singular, as the case may be, in all cases where they would so
      apply.

              

      

       

      
        
           

        

        
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International Corporation

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        Master
Plan Document

        
          

          

        

      

      
        
          	
                  17.8

                	
                  Captions.  The
      captions of the articles, sections and paragraphs of this Plan are for
      convenience only and shall not control or affect the meaning or
      construction of any of its
provisions.

                

        

      

       

      
        
          	
                  17.9

                	
                  Governing
      Law.  Subject to ERISA, the provisions of this Plan shall
      be construed and interpreted according to the internal laws of the State
      of Illinois without regard to its conflicts of laws
      principles.

                

        

      

       

      
        
          	
                  17.10

                	
                  Notice.  Any
      notice or filing required or permitted to be given to the Committee under
      this Plan shall be sufficient if in writing and hand-delivered, or sent by
      registered or certified mail, to the address
  below:

                

        

      

       

      
        
          
            
              
                
                  
                    
                      	
                              AMCOL
      International Corporation    

                            
	
                              Attn:  Amiel
      Naiman

                            
	
                              1500
      W. Shure Dr.

                            
	
                              Arlington
      Heights, IL
60004

                            

                    

                  

                

              

            

          

        

      

       

      Such
notice shall be deemed given as of the date of delivery or, if delivery is made
by mail, as of the date shown on the postmark on the receipt for registration or
certification.

       

      Any
notice or filing required or permitted to be given to a Participant under this
Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to
the last known address of the Participant.

       

      
        	
                17.11

              	
                Successors.  The
      provisions of this Plan shall bind and inure to the benefit of the
      Participant's Employer and its successors and assigns and the Participant
      and the Participant's designated
Beneficiaries.

              

      

       

      
        	
                17.12

              	
                Spouse's
      Interest.  The interest in the benefits hereunder of a
      spouse of a Participant who has predeceased the Participant shall
      automatically pass to the Participant and shall not be transferable by
      such spouse in any manner, including but not limited to such spouse's
      will, nor shall such interest pass under the laws of intestate
      succession.

              

      

       

      
        	
                17.13

              	
                Validity.  In
      case any provision of this Plan shall be illegal or invalid for any
      reason, said illegality or invalidity shall not affect the remaining parts
      hereof, but this Plan shall be construed and enforced as if such illegal
      or invalid provision had never been inserted
  herein.

              

      

       

      
        	
                17.14

              	
                Incompetent.  If
      the Committee determines in its discretion that a benefit under this Plan
      is to be paid to a minor, a person declared incompetent or to a person
      incapable of handling the disposition of that person's property, the
      Committee may direct payment of such benefit to the guardian, legal
      representative or person having the care and custody of such minor,
      incompetent or incapable person.  The Committee may require
      proof of minority, incompetence, incapacity or guardianship, as it may
      deem appropriate prior to distribution of the benefit.  Any
      payment of a benefit shall be a payment for the account of the Participant
      and the Participant's Beneficiary, as the case may be, and shall be a
      complete discharge of any liability under the Plan for such payment
      amount.

              

      

       

      
        	
                17.15

              	
                Domestic
      Relations Orders.  If necessary to comply with a domestic
      relations order, as defined in Code Section 414(p)(1)(B), pursuant to
      which a court has determined that a spouse or former spouse of a
      Participant has an interest in the Participant’s benefits under the Plan,
      the Committee shall have the right to immediately distribute the spouse’s
      or former spouse’s interest in the Participant’s benefits under the Plan
      to such spouse or former spouse.

              

      

       

      
        
           

        

        
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        Master
Plan Document

        
          

          

        

      

      
        	
                17.16

              	
                Distribution
      in the Event of Income Inclusion Under Code Section 409A.  If any
      portion of a Participant’s Account Balance under this Plan is required to
      be included in income by the Participant prior to receipt due to a failure
      of this Plan to comply with the requirements of Code Section 409A and
      related Treasury Regulations, the Committee may determine that such
      Participant shall receive a distribution from the Plan in an amount equal
      to the lesser of (i) the portion of his or her Account Balance required to
      be included in income as a result of the failure of the Plan to comply
      with the requirements of Code Section 409A and related Treasury
      Regulations, or (ii) the unpaid vested Account
  Balance.

              

      

       

      
        	
                17.17

              	
                Deduction
      Limitation on Benefit Payments.  If an
      Employer reasonably anticipates that the Employer’s deduction with respect
      to any distribution from this Plan would be limited or eliminated by
      application of Code Section 162(m), then to the extent permitted by Treas.
      Reg. §1.409A-2(b)(7)(i), payment shall be delayed as deemed necessary to
      ensure that the entire amount of any distribution from this Plan is
      deductible.  Any amounts for which distribution is delayed
      pursuant to this Section shall continue to be credited/debited with
      additional amounts in accordance with Section 3.7.  The delayed
      amounts (and any amounts credited thereon) shall be distributed to the
      Participant (or his or her Beneficiary in the event of the Participant’s
      death) at the earliest date the Employer reasonably anticipates that the
      deduction of the payment of the amount will not be limited or eliminated
      by application of Code Section 162(m).  In the event that such
      date is determined to be after a Participant’s Separation from Service,
      then to the extent deemed necessary to comply with Treas. Reg.
      §1.409A-3(i)(2), the delayed payment shall not made before the end of the
      six-month period following such Participant’s Separation from
      Service.

              

      

       

      
        	
                17.18

              	
                Insurance.  The
      Employers, on their own behalf or on behalf of the trustee of the Trust,
      and, in their sole discretion, may apply for and procure insurance on the
      life of the Participant, in such amounts and in such forms as the Trust
      may choose.  The Employers or the trustee of the Trust, as the
      case may be, shall be the sole owner and beneficiary of any such
      insurance.  The Participant shall have no interest whatsoever in
      any such policy or policies, and at the request of the Employers shall
      submit to medical examinations and supply such information and execute
      such documents as may be required by the insurance company or companies to
      whom the Employers have applied for
insurance.

              

      

       

      
        
           

        

        
          - 28
-

          
            

          

        

        
           

        

      

      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      
        	
                17.19

              	
                Legal
      Fees To Enforce Rights After Change in Control.  The
      Company and each Employer is aware that upon the occurrence of a Change in
      Control, the Board or the board of directors of a Participant’s Employer
      (which might then be composed of new members) or a shareholder of the
      Company or the Participant’s Employer, or of any successor corporation
      might then cause or attempt to cause the Company, the Participant’s
      Employer or such successor to refuse to comply with its obligations under
      the Plan and might cause or attempt to cause the Company or the
      Participant’s Employer to institute, or may institute, litigation seeking
      to deny Participants the benefits intended under the Plan.  In
      these circumstances, the purpose of the Plan could be
      frustrated.  Accordingly, if, following a Change in Control, it
      should appear to any Participant that the Company, the Participant’s
      Employer or any successor corporation has failed to comply with any of its
      obligations under the Plan or any agreement thereunder or, if the Company,
      such Employer or any other person takes any action to declare the Plan
      void or unenforceable or institutes any litigation or other legal action
      designed to deny, diminish or to recover from any Participant the benefits
      intended to be provided, then the Company and the Participant’s Employer
      irrevocably authorize such Participant to retain counsel of his or her
      choice at the expense of the Company and the Participant’s Employer (who
      shall be jointly and severally liable) to represent such Participant in
      connection with the initiation or defense of any litigation or other legal
      action, whether by or against the Company, the Participant’s Employer or
      any director, officer, shareholder or other person affiliated with the
      Company, the Participant’s Employer or any successor thereto in any
      jurisdiction.  All reimbursements and in kind benefits provided
      under this Section, shall be made or provided in accordance with the
      requirements of Code Section 409A, including, where applicable, the
      requirement that (i) any reimbursement is for expenses incurred during the
      Participant’s lifetime, (ii) the amount of expenses eligible for
      reimbursement, or in kind benefits provided, during a calendar year may
      not affect the expenses eligible for reimbursement, or in kind benefits to
      be provided, in any other calendar year, (iii) the reimbursement of an
      eligible expense will be made on or before the last day of the calendar
      year following the year in which the expense is incurred, and (iv) the
      right to reimbursement or in kind benefits is not subject to liquidation
      or exchange for another benefit.

              

      

       

      IN
WITNESS WHEREOF, the Company has signed this Plan document as of December 18,
2008.

       

      
        
          	
                  AMCOL
      International Corporation,

                
	
                  a
      Delaware corporation

                
	 
      	 
      
	
                  By:

                	
                  /s/  James
  Ashley

                
	
                  Title:
      Secretary

                

        

      

      
        
           

        

        
          - 29
-

          
            

          

        

        
           

        

      

      AMCOL
International Corporation

      Nonqualified
Deferred Compensation Plan

      
        Master
Plan Document

        
          

          

        

      

      APPENDIX
A

       

      LIMITED
TRANSITION RELIEF FOR DISTRIBUTION ELECTIONS MADE AVAILABLE IN ACCORDANCE WITH
NOTICE 2007-86

       

      The
capitalized terms below shall have the same meaning as provided in Article 1 of
the Plan.

       

      Opportunity
to Make New (or Revise Existing) Distribution Elections.  Notwithstanding
the required deadline for the submission of an initial distribution election
under Articles 4, 5 and 6 of the Plan, the Committee may, to the extent
permitted by Notice 2007-86, provide a limited period in which Participants may
make new distribution elections, or revise existing distribution elections, with
respect to amounts subject to the terms of the Plan, by submitting an Election
Form on or before the deadline established by the Committee, which in no event
shall be later than December 31, 2008.  Any distribution election(s)
made by a Participant, and accepted by the Committee, in accordance with this
Appendix A shall not be treated as a change in either the form or timing of a
Participant’s benefit payment for purposes of Code Section 409A or the
Plan.  If any distribution election submitted by a Participant in
accordance with this Appendix A either (a) relates to an amount that would
otherwise be paid to the Participant in 2008, or (b) would cause an amount to be
paid to the Participant in 2008, such election shall not be
effective.Unassociated Document

    
      Exhibit
10.3

      
        

        AMCOL
INTERNATIONAL CORPORATION

        2006
LONG-TERM INCENTIVE PLAN

        (AS
AMENDED DECEMBER 18, 2008)

      

    

     

     

    
      	
               
      

            	
              1.

            	
              Preamble.

            

    

     

    AMCOL
International Corporation, a Delaware corporation (the “Company”), hereby
establishes the AMCOL International Corporation 2006 Long-Term Incentive Plan
(the “Plan”) as a means whereby the Company may, through awards of (i) incentive
stock options (“ISOs”) within the meaning of section 422 of the Code, (ii)
non-qualified stock options (“NSOs”), (iii) stock appreciation rights (“SARs”),
(iv) restricted stock (“Restricted Stock”) and (v) restricted stock units
(“Restricted Stock Units”):

     

    
      	
               
      

            	
              (a)

            	
              provide
      selected officers, directors and employees with additional incentive to
      promote the success of the Company’s
business;

            

    

     

    
      	
               
      

            	
              (b)

            	
              encourage
      such persons to remain in the service of the Company;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              enable
      such persons to acquire proprietary interests in the
    Company.

            

    

     

    
      	
               
      

            	
              2.

            	
              Definitions and Rules
      of Construction.

            

    

     

    2.01        “Affiliate”
means any entity during any period that, in the opinion of the Committee, the
Company has a significant economic interest in the entity.

     

    2.02        “Award”
means the grant of Options, SARs, Restricted Stock and/or Restricted Stock Units
to a Participant.

     

    2.03        “Award
Date” means the date upon which an Award is awarded to a Participant under the
Plan.

     

    2.04        “Board”
or “Board of Directors” means the board of directors of the
Company.

     

    2.05        “Cause”
with respect to any Award shall have the meaning set forth in the Participant’s
employment agreement, or if no meaning is set forth in the Participant’s
employment agreement or there is no employment agreement, “Cause” shall mean:
Participant’s commission of a felony or misdemeanor that involves fraud,
dishonesty or moral turpitude; or Participant’s gross negligence or willful or
intentional material misconduct in the performance of his duties.  The
Participant shall be considered to have been discharged for “Cause” if the
Company determines, within 30 days after the Participant’s resignation, that
discharge for Cause was warranted.

     

    2.06        “Change
of Control” with respect to any Award shall have the meaning set forth in the
Participant’s employment agreement, or if no meaning is set forth in the
Participant’s employment agreement or there is no employment agreement, “Change
of Control” shall be deemed to have occurred on the first to occur of any of the
following:

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (a)

            	
              any
      person (as such term is used in Rule 13d-5 under the Exchange Act) or
      group (as such term is defined in Section 3(a)(9) and 13(d)(3) of the
      Exchange Act), other than a Subsidiary, any employee benefit plan (or any
      related trust) of the Company or any of its Subsidiaries or any Excluded
      Person, becomes the Beneficial Owner (as defined in Rule 13d-3 (or any
      successor rule) of the Securities and Exchange Commission under the
      Exchange Act of 1934) of 50.1% or more of the Common Stock of the Company
      or of Voting Securities representing 50.1% or more of the combined voting
      power of the Company (such a person or group, a “50.1% Owner”), except
      that (i) no Change of Control shall be deemed to have occurred solely by
      reason of such beneficial ownership by a corporation with respect to which
      both more than 49.9% of the common stock of such corporation and Voting
      Securities representing more than 49.9% of the aggregate voting power of
      such corporation are then owned, directly or indirectly, by the persons
      who were the direct or indirect owners of the common stock and Voting
      Securities of the Company immediately before such acquisition in
      substantially the same proportions as their ownership, immediately before
      such acquisition, of the Common Stock and Voting Securities of the
      Company, as the case may be and (ii) such corporation shall not be deemed
      a 50.1% Owner; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Incumbent Directors (determined using the Effective Date of this Plan as
      the baseline) cease for any reason to constitute at least one-half of the
      directors of the Company then serving;
or

            

    

     

    
      	
               
      

            	
              (c)

            	
              immediately
      prior to the consummation by the Company of a merger, reorganization,
      consolidation, or similar transaction, or a plan or agreement for the sale
      or other disposition of 50.1% of the consolidated assets of the Company or
      a plan of liquidation of the Company (any of the foregoing transactions, a
      “Reorganization Transaction”) which is not an Exempt Reorganization
      Transaction (provided however, there shall be no Change of Control unless
      the Reorganization Transaction is actually
  consummated).

            

    

     

    2.07        “Code”
means the Internal Revenue Code of 1986, as amended from time to time or any
successor thereto.

     

    2.08        “Committee”
means the Compensation Committee of the Board of Directors.

     

    2.09        “Common
Stock” means Common Stock of the Company, par value $.01 per share.

     

    2.10        “Company”
means AMCOL International Corporation, a Delaware corporation, and any successor
thereto.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    2.11        “Covered
Employee” means an Employee who is, or as determined by the Committee may
become, a “covered employee” within the meaning of section 162(m) of the Code
(or any successor provision), which generally means, the chief executive officer
and the four other highest compensated officers of the Company for whom total
compensation is required to be reported to stockholders under the Securities
Exchange Act of 1934.

     

    2.12        “Exchange
Act” shall mean the Securities Exchange Act of 1934, as it exists now or from
time to time may hereafter be amended.

     

    2.13        “Excluded
Person” means any of the Paul Bechtner Trust, Everett P. Weaver, The Estate of
William D. Weaver or any Named Executive, any Affiliates or Family Member of any
of the foregoing and any group (as such term is defined in Section 3(a)(9) and
13(d)(3) of the Exchange Act) of which any of the foregoing is a
member.

     

    2.14        “Exempt
Reorganization Transaction” means a Reorganization Transaction which results (i)
in the Persons who were the direct or indirect owners of the outstanding Common
Stock and Voting Securities of the Company immediately before such
Reorganization Transaction becoming, immediately after the consummation of such
Reorganization Transaction, the direct or indirect owners of both more than
49.9% of the then-outstanding common stock of the Surviving Corporation and
Voting Securities representing more than 49.9% of the aggregate voting power of
the Surviving Corporation, in substantially the same respective proportions as
such Persons’ ownership of the common stock and voting Securities of the Company
immediately before such Reorganization Transaction; (ii) in the Excluded Person
owning 50% or more of the common stock of the Surviving Corporation or Voting
Securities representing 50% or more of the combined voting power of the
Surviving Corporation; or (iii) from any merger, reorganization, consolidation
or similar transaction or a plan or agreement for sale or other disposition of
50.1% of the consolidated assets of the Company or a plan of liquidation of the
Company pursuant to the Bankruptcy Code of Title 11 of the United States Code,
as amended from time to time, or any similar or successor statute, domestic or
foreign.

     

    2.15        “Fair
Market Value” means as of any date, the closing price for the Common Stock on
that date, or if no sales occurred on that date, the next trading day on which
actual sales occurred (as reported by the New York Stock Exchange or any
securities exchange or automated quotation system of a registered securities
association on which the Common Stock is then traded or quoted).

     

    2.16        “Family
Members” mean with respect to an individual, any child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including adoptive relationships, any person sharing the
individual’s household (other than a tenant or employee), a trust in which these
persons have more than 50% of the beneficial interest, a foundation in which
these persons (or the individual) control the management of assets, and any
other entity in which these persons (or the individual) own more than 50% of the
voting interests.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    2.17        “Good
Reason” with respect to any Award shall have the meaning set forth in the
Participant’s employment agreement, or if no meaning is set forth in the
Participant’s employment agreement or there is no employment agreement, shall
mean any of the following:

     

    
      	
               
      

            	
              (a)

            	
              a
      material diminution in the Participant’s authority, duties or
      responsibilities from and after a Change of
  Control;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      material diminution in the base compensation payable to the Participant
      from and after a Change of Control;
or

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      relocation after a Change of Control of the Company’s place of business at
      which the Participant is principally located to a location that is greater
      than 50 miles from the site immediately prior to the Change of
      Control,

            

    

     

    provided
,however, that Participant must provide the Company with (x) written notice
within sixty (60) days of the event that Participant believes constitutes "Good
Reason" specifically identifying the acts or omissions constituting the grounds
for Good Reason and (y) a reasonable cure period of not less than thirty (30)
days following the date of such notice.

     

    2.18        “Incumbent
Directors” means individuals serving as members of the Board as of the Effective
Date of this Plan; provided that any subsequently-appointed or elected member of
the Board whose election, or nomination for election by stockholders of the
Company or the Surviving Corporation, as applicable, was approved by a vote or
written consent of at least one-half of the directors then comprising the
Incumbent Directors shall also thereafter be considered an Incumbent Director,
unless the initial assumption of office of such subsequently-elected or
appointed director was in connection with (i) an actual or threatened election
contest, including a consent solicitation, relating to the election or removal
of one or more members of the Board, (ii) a “tender offer” (as such term is used
in Section 14(d) of the Exchange Act), (iii) a proposed Reorganization
Transaction, or (iv) a request, nomination or suggestion of any Beneficial Owner
of Voting Securities representing 35% or more of the aggregate voting power of
the Voting Securities of the Company or the Surviving Corporation, as
applicable.

     

    2.19        “ISO”
means an incentive stock option within the meaning of section 422 of the
Code.

     

    2.20        “NSO”
means a non-qualified stock option which is not intended to or does not qualify
as an ISO under section 422 of the Code.

     

    2.21        “Option”
means an ISO or an NSO.

     

    2.22        “Option
Price” means the price per share of Common Stock at which an Option may be
exercised.

     

    2.23        “Participant”
means an individual to whom an Award has been granted under the
Plan.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    2.24        “Performance
Criteria” means the criteria the Committee selects for purposes of establishing
the Performance Goal or Performance Goals for a Participant for a Performance
Period.  The Performance Criteria that will be used to establish
Performance Goals are limited to the following: (i) return on capital; (ii)
earnings per share; (iii) net sales; (iv) net earnings; (v) net operating
profits; (vi) expense control; (vii) working capital relating to inventory
and/or accounts receivable; (viii) operating margin; (ix) share price
performance; (x) implementation or completion of critical projects; and (xi)
total return to shareholders.  The Committee shall, within the time
prescribed by section 162(m) of the Code, define in an objective fashion the
manner of calculating the Performance Criteria it selects to use for such
Performance Period for such Participant.

     

    2.25        “Performance
Goals” means the goals established in writing by the Committee for the
Performance Period based upon the Performance Criteria.  Depending on
the Performance Criteria used to establish such Performance Goals, the
Performance Goals may be expressed in terms of overall Company performance or
the performance of an Affiliate, a division or business unit of the Company, or
an individual.  The Committee shall establish Performance Goals for
each Performance Period prior to, or as soon as practicable after, the
commencement of such Performance Period.  The Committee, in its
discretion, may, within the time prescribed by section 162(m) of the Code,
adjust or modify the calculation of Performance Goals for such Performance
Period in order to prevent the dilution or enlargement of the rights of
Participants (i) in the event of, or in anticipation of, any unusual or
extraordinary corporate item, transaction, event, or development, or (ii) in
recognition of, or in anticipation of, any other unusual or nonrecurring events
affecting the Company, or the financial statements of the Company, or in
response to, or in anticipation of, changes in applicable laws, regulations,
accounting principles, or business conditions.

     

    2.26        “Performance
Period” means the designated period during which the Performance Goals must be
satisfied with respect to the Award to which the Performance Goals
relate.

     

    2.27        “Plan”
means this AMCOL International Corporation 2006 Long-Term Incentive Plan, as set
forth herein and from time to time amended.

     

    2.28        “Qualified
Performance-Based Award” means an Award that is intended to qualify as
“qualified performance-based compensation” within the meaning of section 162(m)
of the Code and is designated as a Qualified Performance-Based Award pursuant to
Section 14 hereof.

     

    2.29        “Restricted
Stock” means the Common Stock awarded to a Participant pursuant to Section 8 of
this Plan.

     

    2.30        “Restricted
Stock Unit” means a unit awarded to a Participant pursuant to Section 8 of this
Plan evidencing the right of a Participant to receive a fixed number of shares
of Common Stock at some future date.

     

    2.31        “SAR”
means a stock appreciation right issued to a Participant pursuant to Section 9
of this Plan.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    2.32        “SEC”
means the Securities and Exchange Commission.

     

    2.33        “Subsidiary”
means any entity during any period which the Company owns or controls more than
50% of (i) the outstanding capital stock, or (ii) the combined voting power of
all classes of stock.

     

    2.34        “Surviving
Corporation” means the corporation resulting from a Reorganization Transaction
or, if securities representing more than 50% of the aggregate Voting Power of
such resulting corporation are directly or indirectly owned by another
corporation, such other corporation.

     

    2.35        “Voting
Securities” of a corporation means securities of such corporation that are
entitled to vote generally in the election of directors of such corporation, but
not including any other class of securities of such corporation that may have
voting power by reason of the occurrence of a contingency.

     

    2.36       
Rules of Construction:

     

    2.36.1  
Governing Law and
Venue.  The construction and operation of this Plan are
governed by the laws of the State of Delaware without regard to any conflicts or
choice of law rules or principles that might otherwise refer construction or
interpretation of this Plan to the substantive law of another jurisdiction, and
any litigation arising out of this Plan shall be brought in the Circuit Court of
the State of Illinois or the United States District Court for the Eastern
Division of the Northern District of Illinois.

     

    2.36.2  
Undefined
Terms.  Unless the context requires another meaning, any term
not specifically defined in this Plan is used in the sense given to it by the
Code.

     

    2.36.3  
Headings.  All
headings in this Plan are for reference only and are not to be utilized in
construing the Plan.

     

    2.36.4  
Conformity with
Section 422.  Any ISOs issued under this Plan are intended to
qualify as incentive stock options described in section 422 of the Code, and all
provisions of the Plan relating to ISOs shall be construed in conformity with
this intention.  Any NSOs issued under this Plan are not intended to
qualify as incentive stock options described in section 422 of the Code, and all
provisions of the Plan relating to NSOs shall be construed in conformity with
this intention.

     

    2.36.5  
Gender.  Unless
clearly inappropriate, all nouns of whatever gender refer indifferently to
persons or objects of any gender.

     

    2.36.6  
Singular and
Plural.  Unless clearly inappropriate, singular terms refer
also to the plural and vice versa.

     

    2.36.7  
Severability.  If
any provision of this Plan is determined to be illegal or invalid for any
reason, the remaining provisions are to continue in full force and effect and to
be construed and enforced as if the illegal or invalid provision did not exist,
unless the continuance of the Plan in such circumstances is not consistent with
its purposes.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              3.

            	
              Stock Subject to the
      Plan.

            

    

     

    3.01       General
Limitation.  Subject to adjustment as provided in Section 12
hereof, the aggregate number of shares of Common Stock for which Awards may be
issued under this Plan may not exceed 1,500,000 shares.  Reserved
shares may be either authorized but unissued shares or treasury shares, in the
Board’s discretion.  If any Award shall terminate, expire, be
cancelled or forfeited as to any number of shares of Common Stock (other than a
cancellation within the meaning of Code section 162(m)), new Awards may
thereafter be awarded with respect to such shares.

     

    3.02       Individual
Limitations.  Subject to adjustment as provided in Section 12
of the Plan:

     

    
      	
               
      

            	
              (a)

            	
              the
      maximum number of shares of Common Stock with respect to which Awards may
      be granted to any individual during any one calendar year is 200,000
      shares; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      maximum number of shares of Common Stock with respect to Qualified
      Performance-Based Awards that can be paid to any Covered Employee under
      the Plan for a Performance Period is 100,000
  shares.

            

    

     

    3.03       Incentive Stock Option
Limitation.  Subject to adjustment as provided in Section 12 of
the Plan, the maximum number of shares of Common Stock for which Awards may be
granted under the Plan pursuant to ISOs shall be 500,000.

     

    3.04       Restricted Stock
Limitation.  Subject to adjustment as provided in Section 12 of
the Plan, the maximum number of shares of Common Stock for which Awards of
Restricted Stock or Restricted Stock Units may be granted under the Plan shall
be 500,000.

     

    
      	
               
      

            	
              4.

            	
              Administration.

            

    

     

    The
Committee shall administer the Plan.  All determinations of the
Committee are made by a majority vote of its members.  The Committee’s
determinations are final and binding on all Participants.  In addition
to any other powers set forth in this Plan, the Committee has the following
powers:

     

    
      	
               
      

            	
              (a)

            	
              to
      construe and interpret the Plan;

            

    

     

    
      	
               
      

            	
              (b)

            	
              to
      establish, amend and rescind appropriate rules and regulations relating to
      the Plan;

            

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              subject
      to the terms of the Plan, to select the individuals who will receive
      Awards, the times when they will receive them, the form of agreements
      which evidence such Awards, the number of Options, Restricted Stock,
      Restricted Stock Units and/or SARs to be subject to each Award, the Option
      Price, the vesting schedule (including any performance targets to be
      achieved in connection with the vesting of any Award), the expiration date
      applicable to each Award and other terms, provisions and restrictions of
      the Awards (which need not be identical) and subject to Section 18 hereof,
      to amend or modify any of the terms of outstanding Awards provided,
      however, that except as permitted by Section 12.01, no outstanding Award
      may be repriced, whether through cancellation of the Award and the grant
      of a new Award, or the amendment of the Award, without the approval of the
      stockholders of the Company;

            

    

     

    
      	
               
      

            	
              (d)

            	
              to
      contest on behalf of the Company or Participants, at the expense of the
      Company, any ruling or decision on any matter relating to the Plan or to
      any Awards;

            

    

     

    
      	
               
      

            	
              (e)

            	
              generally,
      to administer the Plan, and to take all such steps and make all such
      determinations in connection with the Plan and the Awards granted
      thereunder as it may deem necessary or advisable;
  and

            

    

     

    
      	
               
      

            	
              (f)

            	
              to
      determine the form in which tax withholding under Section 16 of this Plan
      will be made (i.e., cash,
      Common Stock or a combination
thereof).

            

    

     

    Except to
the extent prohibited by applicable law or the applicable rules of a stock
exchange, and except with respect to any Qualified Performance-Based Award
intended to satisfy the requirements of Code section 162(m), the Committee may
allocate all or any portion of its responsibilities and powers to any one or
more of its members and may delegate all or any part of its responsibilities and
powers to any person or persons selected by it.  Any such allocation
or delegation may be revoked by the Committee at any time.

     

    
      	
               
      

            	
              5.

            	
              Eligible
      Participants.

            

    

     

    Present
and future directors, officers and employees of the Company or any Subsidiary or
Affiliate shall be eligible to participate in the Plan.  The Committee
from time to time shall select those officers, directors and employees of the
Company and any Subsidiary or Affiliate of the Company who shall be designated
as Participants and shall designate in accordance with the terms of the Plan the
number, if any, of ISOs, NSOs, SARs, Restricted Stock Units and shares of
Restricted Stock or any combination thereof, to be awarded to each
Participant.

     

    
      	
               
      

            	
              6.

            	
              Terms and Conditions
      of Non-Qualified Stock
Options.

            

    

     

    Subject
to the terms of the Plan, the Committee, in its discretion, may award an NSO to
any Participant.  Each NSO shall be evidenced by an agreement, in such
form as is approved by the Committee, and except as otherwise provided by the
Committee, each NSO shall be subject to the following express terms and
conditions, and to such other terms and conditions, not inconsistent with the
Plan, as the Committee may deem appropriate:

     

    6.01       Option
Period.  Each NSO will expire as of the earliest
of:

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (i)

            	
              the
      date on which it is forfeited under the provisions of Section
      11.01;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              10
      years from the Award Date;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              in
      the case of a Participant who is an employee of the Company, a Subsidiary
      or an Affiliate, three months after the Participant’s termination of
      employment with the Company and its Subsidiaries and Affiliates for any
      reason other than for Cause, death, total and permanent disability or
      retirement on or after age 65;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              in
      the case of a Participant who is a member of the board of directors of the
      Company or a Subsidiary or Affiliate, but not an employee of the Company,
      a Subsidiary or an Affiliate, three months after the Participant’s
      termination as a member of the board for any reason other than for Cause,
      death, total and permanent disability or retirement on or after age
      65;

            

    

     

    
      	
               
      

            	
              (v)

            	
              immediately
      upon the Participant’s termination of employment with the Company and its
      Subsidiaries and Affiliates or service on a board of directors of the
      Company or a Subsidiary or Affiliate for
Cause;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              12
      months after the Participant’s death or total and permanent
      disability;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              60
      months after the Participant's termination of employment  with
      the Company and its parent and Subsidiaries or service on the Board on
      account of retirement on or after age 65;
or

            

    

     

    
      	
               
      

            	
              (viii)

            	
              any
      other date specified by the Committee when the NSO is
    granted.

            

    

     

    6.02       Option
Price.  At the time granted, the Committee shall determine the
Option Price of any NSO.  However, the Option Price shall not be less
than 100% of the Fair Market Value of the Common Stock subject to the NSO on the
Award Date.

     

    6.03       Vesting.  Unless
otherwise determined by the Committee and set forth in the agreement evidencing
an Award, NSO Awards shall vest in accordance with Section 11.01.

     

    6.04       Other Option
Provisions.  The form of NSO authorized by the Plan may contain
such other provisions as the Committee may from time to time
determine.

     

    
      	
               
      

            	
              7.

            	
              Terms and Conditions
      of Incentive Stock Options

            

    

     

    Subject
to the terms of the Plan, the Committee, in its discretion, may award an ISO to
any employee of the Company or a Subsidiary.  Each ISO shall be
evidenced by an agreement, in such form as is approved by the Committee, and
except as otherwise provided by the Committee, each ISO shall be subject to the
following express terms and conditions and to such other terms and conditions,
not inconsistent with the Plan, as the Committee may deem
appropriate:

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    7.01       Option
Period.  Each ISO will expire as of the earliest
of:

     

    
      	
               
      

            	
              (i)

            	
              the
      date on which it is forfeited under the provisions of Section
      11.01;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              10
      years from the Award Date, except as set forth in Section 7.02
      below;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              immediately
      upon the Participant’s termination of employment with the Company and its
      Subsidiaries for Cause;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              three
      months after the Participant’s termination of employment with the Company
      and its Subsidiaries for any reason other than for Cause or death or total
      and permanent disability;

            

    

     

    
      	
               
      

            	
              (v)

            	
              12
      months after the Participant’s death or total and permanent
      disability;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              any
      other date (within the limits of the Code) specified by the Committee when
      the ISO is granted.

            

    

     

    Notwithstanding
the foregoing provisions granting discretion to the Committee to determine the
terms and conditions of ISOs, such terms and conditions shall meet the
requirements set forth in section 422 of the Code or any successor
thereto.

     

    7.02       Option Price and
Expiration.  The Option Price of any ISO shall be determined by
the Committee at the time an ISO is granted, and shall be no less than 100% of
the Fair Market Value of the Common Stock subject to the ISO on the Award Date;
provided, however, that if an ISO is granted to a Participant who, immediately
before the grant of the ISO, beneficially owns stock representing more than 10%
of the total combined voting power of all classes of stock of the Company or its
parent or subsidiary corporations, the Option Price shall be at least 110% of
the Fair Market Value of the Common Stock subject to the ISO on the Award Date
and in such cases, the exercise period specified in the Option agreement shall
not exceed five years from the Award Date.

     

    7.03       Vesting.  Unless
otherwise determined by the Committee and set forth in the agreement evidencing
an Award, ISO Awards shall vest in accordance with Section 11.01.

     

    7.04       Other Option
Provisions.  The form of ISO authorized by the Plan may contain
such other provisions as the Committee may, from time to time, determine;
provided, however, that such other provisions may not be inconsistent with any
requirements imposed on incentive stock options under Code section 422 and the
regulations thereunder.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    7.05       $100,000
Limitation.  To the extent required by Code section 422, if the
aggregate Fair Market Value (determined as of the time of grant) of Common Stock
with respect to which ISOs are exercisable for the first time by a Participant
during any calendar year (under this Plan and all other plans of the Company and
its Subsidiaries) exceeds $100,000, the Options or portions thereof which exceed
such limit (according to the order in which they were granted) shall be treated
as NSOs.

     

    
      	
               
      

            	
              8.

            	
              Terms and Conditions
      of Awards of Restricted Stock or Restricted Stock
      Units.

            

    

     

    Subject
to the terms of the Plan, the Committee, in its discretion, may award Restricted
Stock or Restricted Stock Units to any Participant.  Each Award of
Restricted Stock or Restricted Stock Units shall be evidenced by an agreement,
in such form as is approved by the Committee, and, except as otherwise provided
by the Committee, all shares of Common Stock awarded to Participants under the
Plan as Restricted Stock and all Restricted Stock Units shall be subject to the
following express terms and conditions and to such other terms and conditions,
not inconsistent with the Plan, as the Committee shall deem
appropriate:

     

    
      	
               
      

            	
              (a)

            	
              Restricted
      Period.  Restricted Stock Units and shares of Restricted
      Stock awarded under this Section 8 may not be sold, assigned, transferred,
      pledged or otherwise encumbered before they vest, other than as permitted
      by Section 13 hereof.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Vesting.  Unless
      otherwise determined by the Committee, Awards of Restricted Stock and
      Restricted Stock Units under this Section 8 shall vest in accordance with
      Section 11.02.  Until a Participant’s shares of Restricted Stock
      vest, he will have all of the rights of a shareholder of the Company
      including, but not limited to, the right to vote such shares and the right
      to receive cash dividends declared thereon, but all noncash dividends and
      distributions with respect to shares of Restricted Stock shall be subject
      to the same vesting and other restrictions applicable to the underlying
      shares of Restricted Stock.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Certificate Legend for
      Restricted Stock Awards.  Each certificate issued in
      respect of shares of Restricted Stock awarded under this Section 8 shall
      be registered in the name of the Participant and shall bear the following
      (or a similar) legend until such shares have
  vested:

            

    

     

    “The
transferability of this certificate and the shares of stock represented hereby
are subject to the terms and conditions (including forfeiture) relating to
Restricted Stock contained in Section 8 of the AMCOL International Corporation
2006 Long-Term Incentive Plan and an Agreement entered into between the
registered owner and AMCOL International Corporation.  Copies of such
Plan and Agreement are on file at the principal office of AMCOL International
Corporation.”

     

    
      	
               
      

            	
              (d)

            	
              Restricted Stock
      Units.  In the case of an Award of Restricted Stock
      Units, no shares of Common Stock or other property shall be issued at the
      time such Award is granted.  Upon the lapse or waiver of
      restrictions and the restricted period relating to Restricted Stock Units,
      shares of Common Stock shall be issued to the holder of the Restricted
      Stock Units and evidenced in such manner as the Committee may deem
      appropriate.

            

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              9.

            	
              Terms and Conditions
      of Stock Appreciation
Rights.

            

    

     

    The
Committee may, in its discretion, grant a SAR to any Participant under the
Plan.  Each SAR shall be evidenced by an agreement between the Company
and the Participant, and may relate to and be associated with all or any part of
a specific ISO or NSO.  A SAR shall entitle the Participant to whom it
is granted the right, so long as such SAR is exercisable and subject to such
limitations as the Committee shall have imposed, to surrender any then
exercisable portion of his SAR and, if applicable, the related ISO or NSO, in
whole or in part, and receive from the Company in exchange, without any payment
of cash (except for applicable employee withholding taxes), that number of
shares of Common Stock having an aggregate Fair Market Value on the date of
surrender equal to the product of (i) the excess of the Fair Market Value of a
share of Common Stock on the date of surrender over the Fair Market Value of the
Common Stock on the date the SARs were issued, or, if the SARs are related to an
ISO or an NSO, the per share Option Price under such ISO or NSO on the Award
Date, and (ii) the number of shares of Common Stock subject to such SAR, and, if
applicable, the related ISO or NSO or portion thereof which is
surrendered.

     

    Except as
otherwise determined by the Committee and set forth in the Agreement, a SAR
granted in conjunction with an ISO or NSO shall terminate on the same date as
the related ISO or NSO and shall be exercisable only if the Fair Market Value of
a share of Common Stock exceeds the Option Price for the related ISO or NSO, and
then shall be exercisable to the extent, and only to the extent, that the
related ISO or NSO is exercisable.  The Committee may at the time of
granting any SAR add such additional conditions and limitations to the SAR as it
shall deem advisable, including, but not limited to, limitations on the period
or periods within which the SAR shall be exercisable and the maximum amount of
appreciation to be recognized with regard to such SAR.  Any ISO or NSO
or portion thereof which is surrendered with a SAR shall no longer be
exercisable.  A SAR that is not granted in conjunction with an ISO or
NSO shall terminate on such date as is specified by the Committee in the SAR
agreement and shall vest in accordance with Section 11.02.  The
Committee, in its sole discretion, may allow the Company to settle all or part
of the Company’s obligation arising out of the exercise of a SAR by the payment
of cash equal to the aggregate Fair Market Value of the shares of Common Stock
which the Company would otherwise be obligated to deliver.

     

    
      	
               
      

            	
              10.

            	
              Manner of Exercise of
      Options.

            

    

     

    To
exercise an Option in whole or in part, a Participant (or, after his death, his
executor or administrator) must give written notice to the Committee, stating
the number of shares with respect to which he intends to exercise the
Option.  The Company will issue the shares with respect to which the
Option is exercised upon payment in full of the Option Price.  The
Committee may permit the Option Price to be paid in cash or shares of Common
Stock held by the Participant having an aggregate Fair Market Value, as
determined on the date of delivery, equal to the Option Price, provided such
shares of Common Stock meet such criteria as the Committee shall from time to
time establish (e.g. that such shares are “mature” shares under generally
accepted accounting principles).  The Committee may permit a
Participant to elect to pay the Option Price upon the exercise of an Option by
authorizing a third party to sell shares of Common Stock (or a sufficient
portion of the shares) acquired upon exercise of the Option and remit to the
Company a sufficient portion of the sale proceeds to pay the entire Option Price
and any tax withholding resulting from such exercise.  The Committee
may also permit the Option Price to be paid by any other method permitted by
law, including by delivery to the Committee from the Participant of an election
directing the Company to withhold the number of shares of Common Stock from the
Common Stock otherwise due upon exercise of the Option having an aggregate Fair
Market Value on that date equal to the Option Price.  If a Participant
pays the Option Price with shares of Common Stock which were received by the
Participant upon exercise of one or more ISOs, and such Common Stock has not
been held by the Participant for at least the greater of:

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    (a)           two
years from the date the ISOs were granted; or

     

    (b)           one
year after the transfer of the shares of Common Stock to the
Participant,

     

    the use
of the shares shall constitute a disqualifying disposition and the ISO
underlying the shares used to pay the Option Price shall no longer satisfy all
of the requirements of Code Section 422.

     

    
      	
               
      

            	
              11.

            	
              Vesting.

            

    

     

    11.01  
Options.  A
Participant may not exercise an Option until it has vested.  The
portion of an Award of Options that is vested depends upon the period that has
elapsed since the Award Date.  The following schedule applies to any
Award of Options under this Plan unless the Committee establishes a different
vesting schedule:

     

    
      
        
          
            	
                    Number of Years

                    Since Award Date

                  	 
      	
                    Vested Percentage

                  
	 
      	 
      	 
      
	
                    Fewer
      than one

                  	 
      	
                    0%

                  
	
                    One
      but fewer than two

                  	 
      	
                    33%

                  
	
                    Two
      but fewer than three

                  	 
      	
                    66%

                  
	
                    Three
      or more

                  	 
      	
                    100%

                  

          

        

      

    

     

    Notwithstanding
the above schedule, unless otherwise determined by the Committee, a
Participant’s Awards shall become fully vested if a Participant’s employment
with the Company and its Subsidiaries and Affiliates or service on the board of
directors of the Company, a Subsidiary or an Affiliate is terminated due to: (i)
retirement on or after his sixty-fifth birthday; (ii) retirement on or after his
fifty-fifth birthday with consent of the Company; (iii) retirement at any age on
account of total and permanent disability as determined by the Company; or (iv)
death.  Unless the Committee otherwise provides or the preceding
sentence of this Section or Section 11.03 applies, if a Participant’s employment
with or service to the Company, a Subsidiary or an Affiliate terminates for any
other reason, any Awards that are not yet vested are immediately and
automatically forfeited; provided, however, in such special circumstances as the
Committee deems appropriate, the Committee may take such action as it deems
equitable in the circumstances or in the best interests of the Company,
including, without limitation, fully vesting an Award or waiving or modifying
any other limitation or requirement under the Award.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    A
Participant’s employment shall not be considered to be terminated hereunder by
reason of a transfer of his employment from the Company to a Subsidiary or
Affiliate, or vice versa, or a leave of absence approved by the Participant’s
employer.  A Participant’s employment shall be considered to be
terminated hereunder if, as a result of a sale or other transaction, the
Participant’s employer ceases to be a Subsidiary or Affiliate (and the
Participant’s employer is or becomes an entity that is separate from the Company
and its Subsidiaries and Affiliates).

     

    11.02  
Restricted Stock,
Restricted Stock Units and SARs.  The Committee shall establish
the vesting schedule to apply to any Award of Restricted Stock, Restricted Stock
Units or SAR that is not associated with an ISO or NSO granted under the Plan to
a Participant, and in the absence of such a vesting schedule set forth in the
Agreement evidencing the Award, such Award shall vest in accordance with Section
11.01.

     

    11.03  
Effect of “Change of
Control”.   Notwithstanding Sections 11.01 and 11.02
above, if within 12 months following a “Change of Control” the employment of a
Participant with the Company and its Subsidiaries and Affiliates is terminated
without Cause or the Participant resigns for Good Reason, any Award issued to
the Participant shall be fully vested, and in the case of an Award other than an
Award of Restricted Stock or Restricted Stock Units, fully exercisable for 90
days following the date on which the Participant’s service with the Company and
its Subsidiaries and Affiliates is terminated, but not beyond the date the Award
would otherwise expire but for the Participant’s termination of
employment.

     

    
      	
               
      

            	
              12.

            	
              Adjustments to Reflect
      Changes in Capital
Structure.

            

    

     

    12.01  
Adjustments.  If
there is any change in the corporate structure or shares of the Company, the
Committee may make any appropriate adjustments, including, but not limited to,
such adjustments deemed necessary to prevent accretion, or to protect against
dilution, in the number and kind of shares of Common Stock with respect to which
Awards may be granted under this Plan (including the maximum number of shares of
Common Stock with respect to which Awards may be granted under this Plan in the
aggregate and individually to any Participant during any calendar year as
specified in Section 3) and, with respect to outstanding Awards, in the number
and kind of shares covered thereby and in the applicable Option
Price.  For the purposes of this Section 12, a change in the corporate
structure or shares of the Company includes, without limitation, any change
resulting from a recapitalization, stock split, stock dividend, consolidation,
rights offering, separation, reorganization, or liquidation (including a partial
liquidation) and any transaction in which shares of Common Stock are changed
into or exchanged for a different number or kind of shares of stock or other
securities of the Company or another corporation.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    12.02  
Cashouts.  In
the event of an extraordinary dividend or other distribution, merger,
reorganization, consolidation, combination, sale of assets, split up, exchange,
or spin off, or other extraordinary corporate transaction, the Committee may, in
such manner and to such extent (if any) as it deems appropriate and equitable,
make provision for a cash payment or for the substitution or exchange of any or
all outstanding Awards for the cash, securities or property deliverable to the
holder of any or all outstanding Awards based upon the distribution or
consideration payable to holders of Common Stock upon or in respect of such
event; provided, however, in each case, that with respect to any ISO no such
adjustment may be made that would cause the Plan to violate section 422 of the
Code (or any successor provision).

     

    12.03  
Section
409A.  Notwithstanding the foregoing: (i) any adjustments made
pursuant to Section 12 hereof to Awards that are considered “deferred
compensation” within the meaning of section 409A of the Code shall be made in
compliance with the requirements of section 409A of the Code unless the
Participant consents otherwise; (ii) any adjustments made pursuant to Section 12
of the Plan to Awards that are not considered “deferred compensation” subject to
section 409A of the Code shall be made in such a manner as to ensure that after
such adjustment, the Awards either continue not to be subject to section 409A of
the Code or comply with the requirements of section 409A of the Code unless the
Participant consents otherwise; and (iii) the Committee shall not have the
authority to make any adjustments pursuant to Section 12 of the Plan to the
extent that the existence of such authority would cause an Award that is not
intended to be subject to section 409A of the Code to be subject
thereto.

     

    
      	
               
      

            	
              13.

            	
              Nontransferability of
      Awards.

            

    

     

    13.01  
ISOs.  ISOs
are not transferable, voluntarily or involuntarily, other than by will or by the
laws of descent and distribution or pursuant to a qualified domestic relations
order as defined by the Code.  During a Participant’s lifetime, his
ISOs may be exercised only by him.

     

    13.02  
Awards Other Than
ISOs.  All Awards granted pursuant to this Plan other than ISOs
are transferable by will or by the laws of descent and distribution or pursuant
to a qualified domestic relations order as defined by the Code, or in the
Committee’s discretion after vesting.  With the approval of the
Committee, a Participant may transfer an Award (other than an ISO) for no
consideration to or for the benefit of one or more Family Members of the
Participant subject to such limits as the Committee may establish, and the
transferee shall remain subject to all the terms and conditions applicable to
the Award prior to such transfer.  The transfer of an Award pursuant
to this Section 13 shall include a transfer of the right set forth in Section 18
hereof to consent to an amendment or revision of the Plan and, in the discretion
of the Committee, shall also include transfer of ancillary rights associated
with the Award.  The provisions of this Section 13 shall not apply to
any Common Stock issued pursuant to an Award for which all restrictions have
lapsed and is fully vested.

     

    
      	
               
      

            	
              14.

            	
              Performance-Based
      Awards

            

    

     

    14.01  
Purpose.  The
purpose of this Section 14 is to provide the Committee the ability to qualify
Awards of Restricted Stock and Restricted Stock Units as Qualified
Performance-Based Awards.  If the Committee, in its discretion,
decides to grant to a Covered Employee an Award of Restricted Stock or
Restricted Stock Units that is intended to constitute a Qualified
Performance-Based Award, the provisions of this Section 14 shall control over
any contrary provision contained herein; provided, however, that the Committee
may in its discretion grant Awards of Restricted Stock or Restricted Stock Units
to Covered Employees that are based on Performance Criteria or Performance Goals
but that do not satisfy the requirements of this Section 14.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    14.02  
Applicability.  This
Section 14 shall apply only to those Covered Employees selected by the Committee
to receive Qualified Performance-Based Awards.  The designation of a
Covered Employee as a Participant for a Performance Period shall not in any
manner entitle the Participant to receive an Award for the relevant Performance
Period.  Moreover, designation of a Covered Employee as a Participant
for a particular Performance Period shall not require designation of such
Covered Employee as a Participant in any subsequent Performance Period and
designation of one Covered Employee as a Participant shall not require
designation of any other Covered Employees as a Participant in such period or in
any other period.

     

    14.03  
Procedures with
Respect to Qualified Performance-Based Awards.  To the extent
necessary to comply with the Qualified Performance-Based Award requirements of
section 162(m)(4)(C) of the Code, with respect to any Award of Restricted Stock
or Restricted Stock Units that may be granted to one or more Covered Employees,
no later than 90 days following the commencement of any fiscal year in question
or any other designated fiscal period or period of service (or such other time
as may be required or permitted by section 162(m) of the Code), the Committee
shall, in writing, (a) designate one or more Covered Employees, (b) select the
Performance Criteria applicable to the Performance Period, (c) establish the
Performance Goals, and amounts of such Awards, as applicable, which may be
earned for such Performance Period, and (d) specify the relationship between
Performance Criteria and the Performance Goals and the amounts of such Awards,
as applicable, to be earned by each Covered Employee for such Performance
Period.  Following the completion of each Performance Period, the
Committee shall certify in writing whether the applicable Performance Goals have
been achieved for such Performance Period.  No Award or portion
thereof that is subject to the satisfaction of any condition shall be considered
to be earned or vested until the Committee certifies in writing that the
conditions to which the distribution, earning or vesting of such Award is
subject have been achieved.  The Committee may not increase during a
year the amount of a Qualified Performance-Based Award that would otherwise be
payable upon satisfaction of the conditions but may reduce or eliminate the
payments as provided for in the agreement evidencing the Award.

     

    14.04  
Payment of Qualified
Performance-Based Awards.  Unless otherwise provided in the
applicable agreement evidencing the Award, a Participant must be employed by the
Company or a subsidiary on the day a Qualified Performance-Based Award for such
Performance Period is paid to the Participant.  Furthermore, a
Participant shall be eligible to receive payment pursuant to a Qualified
Performance-Based Award for a Performance Period only if the Performance Goals
for such period are achieved.

     

    14.05  
Additional
Limitations.  Notwithstanding any other provision of the Plan,
any Award granted to a Covered Employee that is intended to constitute a
Qualified Performance-Based Award under this Section 14 shall be subject to any
additional limitations set forth in section 162(m) of the Code (including any
amendment to section 162(m) of the Code) or any regulations or rulings issued
thereunder that are requirements for qualification as qualified
performance-based compensation as described in section 162(m)(4)(C) of the Code,
and the Plan shall be deemed amended to the extent necessary to conform to such
requirements.

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    14.06  
Effect on Other Plans
and Arrangements.  Nothing contained in the Plan will be deemed
in any way to limit or restrict the Committee from making any award or payment
to any person under any other plan, arrangement or understanding, whether now
existing or hereafter in effect.

     

    
      	
               
      

            	
              15.

            	
              Rights as
      Stockholder.

            

    

     

    No Common
Stock may be delivered upon the exercise of any Option until full payment has
been made.  A Participant has no rights whatsoever as a stockholder
with respect to any shares covered by an Option until the date of the issuance
of a stock certificate for the shares except as otherwise determined by the
Committee and set forth in the Agreement.

     

    
      	
               
      

            	
              16.

            	
              Withholding
      Taxes.

            

    

     

    The
Committee may, in its discretion and subject to such rules as it may adopt,
permit or require a Participant to pay all or a portion of the federal, state
and local taxes, including FICA and Medicare withholding tax, arising in
connection with any Awards by (i) having the Company withhold shares of Common
Stock at the minimum rate legally required, (ii) tendering back shares of Common
Stock received in connection with such Award or (iii) delivering other
previously acquired shares of Common Stock having a Fair Market Value
approximately equal to the amount to be withheld.

     

    
      	
               
      

            	
              17.

            	
              No Right to
      Employment.

            

    

     

    Participation
in the Plan will not give any Participant a right to be retained as an employee
or director of the Company or its Subsidiaries or Affiliates, or any right or
claim to any benefit under the Plan, unless the right or claim has specifically
accrued under the Plan.

     

    
      	
               
      

            	
              18.

            	
              Amendment of the
      Plan.

            

    

     

    The Board
of Directors may from time to time amend or revise the terms of this Plan in
whole or in part, subject to the following limitations:

     

    
      	
               
      

            	
              (a)

            	
              no
      amendment may, in the absence of written consent to the change by the
      affected Participant (or, if the Participant is not then living, the
      affected beneficiary), adversely affect the rights of any Participant or
      beneficiary under any Award granted under the Plan prior to the date such
      amendment is adopted by the Board; provided, however, no such consent
      shall be required if the Committee determines in its sole and absolute
      discretion that the amendment or revision (i) is required or advisable in
      order for the Company, the Plan or the Award to satisfy applicable law, to
      meet the requirements of any accounting standard or to avoid any adverse
      accounting treatment, or (ii) in connection with any transaction or event
      described in Section 12, is in the best interests of the Company or its
      shareholders. The Committee may, but need not, take the tax consequences
      to affected Participants into consideration in acting under the preceding
      sentence.

            

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (b)

            	
              no
      amendment may increase the limitations on the number of shares set forth
      in Section 3, unless any such amendment is approved by the Company’s
      stockholders; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              no
      amendment may be made to the provisions of Section 4(c) relating to
      repricing unless such amendment is approved by the Company’s
      stockholders;

            

    

     

    provided,
however, that adjustments pursuant to Section 12.01 shall not be subject to the
foregoing limitations of this Section 18.

     

    
      	
               
      

            	
              19.

            	
              Conditions Upon
      Issuance of Shares.

            

    

     

    An Option
shall not be exercisable and a share of Common Stock shall not be issued
pursuant to the exercise of an Option, and Restricted Stock or Restricted Stock
Units shall not be awarded until and unless the Award of Restricted Stock or
Restricted Stock Units, exercise of such Option and the issuance and delivery of
such share pursuant thereto shall comply with all relevant provisions of law,
including, without limitation, the Securities Act of 1933, as amended, the
Exchange Act, the rules and regulations promulgated thereunder, and the
requirements of any stock exchange or national securities association upon which
the shares of Common Stock may then be listed or quoted, and shall be further
subject to the approval of counsel for the Company with respect to such
compliance.

     

    As a
condition to the exercise of an Option, the Company may require the person
exercising such Option to represent and warrant at the time of any such exercise
that the shares of Common Stock are being purchased only for investment and
without any present intention to sell or distribute such shares if, in the
opinion of counsel for the Company, such a representation is required by any of
the aforementioned relevant provisions of law.

     

    
      	
               
      

            	
              20.

            	
              Substitution or
      Assumption of Awards by the
Company.

            

    

     

    The
Company, from time to time, also may substitute or assume outstanding awards
granted by another company, whether in connection with an acquisition of such
other company or otherwise, by either (a) granting an Award under the Plan in
substitution of such other company’s award, or (b) assuming such award as if it
had been granted under the Plan if the terms of such assumed award could be
applied to an Award granted under the Plan.  Such substitution or
assumption shall be permissible if the holder of the substituted or assumed
award would have been eligible to be granted an Award under the Plan if the
other company had applied the rules of the Plan to such grant.  In the
event the Company assumes an award granted by another company, the terms and
conditions of such award shall remain unchanged (except that the exercise price
and the number and nature of shares issuable upon exercise of any such option
will be adjusted appropriately pursuant to section 424(a) of the
Code).  In the event the Company elects to grant a new Award rather
than assuming an existing option, such new Award may be granted with a similarly
adjusted exercise price.

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              21.

            	
              Section
      409A.

            

    

     

    It is the
intention of the Company that no Award shall be “deferred compensation” subject
to section 409A of the Code, unless and to the extent that the Committee
specifically determines otherwise, and the Plan and the terms and conditions of
all Awards shall be interpreted accordingly.  The terms and conditions
governing any Awards that the Committee determines will be subject to section
409A of the Code, including any rules for elective or mandatory deferral of the
delivery of cash or Shares pursuant thereto, shall be set forth in the
applicable agreement governing the Award, and shall comply in all respects with
section 409A of the Code.

     

    
      	
               
      

            	
              22.

            	
              Effective Date and
      Termination of Plan.

            

    

     

    22.01  
Effective
Date.  This Plan is effective as of the date of its approval by
the stockholders of the Company.

     

    22.02  
Termination of the
Plan.  The Plan will terminate 10 years after the date it is
approved by the stockholders of the Company; provided, however, that the Board
of Directors may terminate the Plan at any time prior thereto with respect to
any shares that are not then subject to Awards.  Termination of the
Plan will not affect the rights and obligations of any Participant with respect
to Awards granted before termination.

     

    IN
WITNESS WHEREOF, the Company has signed this Plan document as of December 18,
2008.

     

    
      
        
          	 
      	
                  AMCOL
      International Corporation,

                
	 
      	
                  a
      Delaware corporation

                
	 
      	 
      
	 
      	 
      
	 
      	
                  By:  /s/
      James Ashley

                
	 
      	
                  Title:
      Secretary

                

        

      

    

    
      
         

      

      
        19

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