Amendment to Change-in-Control Severance Agreement between Minerals Technologies Inc. and Employee

Contract Categories: Human Resources › Change of Control Agreements
Summary

Minerals Technologies Inc. is amending an existing change-in-control severance agreement with an employee. The amendment changes certain thresholds and conditions related to what constitutes a change in control, such as increasing the required ownership percentage from 15% to 30% and clarifying that certain actions must be consummated by the company rather than just approved by shareholders. The amendment is effective upon signing by both parties.

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EX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm
Exhibit 10.1



 
[Date]

Minerals Technologies Inc.
622 Third Avenue
New York, NY  10017

Dear                                      :
 
      This letter amends your change-in-control severance agreement as follows, effective as of the date hereof.

1.           Section 2(i)(A) is amended by replacing the phrase “15% or more of the combined voting power of the Company’s then outstanding securities” with “30% or more of the combined voting power of the Company’s then outstanding securities”.

2.           Section 2(i)(C) is amended by replacing the phrase “the stockholders of the Company approve” with “the Company consummates”.

3.           Section 2(i)(D) is amended by replacing the phrase “the stockholders of the Company approve” with “the Company consummates”.
 
      If you agree to this amendment, please sign and return the enclosed copy of this letter.

Sincerely,

MINERALS TECHNOLOGIES INC.


By:_________________________________                                            ___________________
[Print Name]                                                                                           Date


Agreed to by:


___________________________________                                              ___________________
[Print Name]                                                                                            Date