Amendment to Minerals Technologies Inc. Nonfunded Deferred Compensation and Supplemental Savings Plan

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment, effective January 1, 2012, modifies the Minerals Technologies Inc. Nonfunded Deferred Compensation and Supplemental Savings Plan. It allows participants to defer a portion of their base salary above a certain IRS compensation limit, but not bonus compensation. The company will match 100% of the first 3% and 50% of the next 2% of deferred salary per payroll period. All other terms of the plan remain unchanged. The amendment is executed by authorized officers of Minerals Technologies Inc.

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EX-10.16(A) 4 ex10-16a.htm AMENDMENT TO SUPPLEMENTAL SAVINGS PLAN ex10-16a.htm
 
 
 
Exhibit 10.16(a)

AMENDMENT TO THE

MINERALS TECHNOLOGIES INC. NONFUNDED DEFERRED COMPENSATION AND SUPPLEMENTAL SAVINGS PLAN


WHEREAS, Mineral Technologies Inc. (the "Employer") heretofore adopted the Minerals Technologies Inc. Nonfunded Deferred Compensation and Supplemental Savings Plan (the "Plan"); and

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

WHEREAS, the Employer desires to amend the Plan;

NOW, THEREFORE, the Plan is hereby amended, effective as of January 1, 2012, as follows:


1.  
Section 4 of the Plan shall be amended to read in its entirety as follows:

A Participant may elect to defer any percentage of his or her Base Salary Compensation for a Plan Year by filing an election with the Administrator pursuant to Section 6.  Such deferral election shall apply to Base Salary Compensation once all Compensation paid to the Participant in the Plan Year reaches the Code Section 401(a)(17) limit for the year, including as Compensation any amounts that would have been Compensation had they not been deferred pursuant to Section 5.  Such deferral election shall not apply to any Bonus Compensation.

For each payroll period in which a Participant defers Base Salary Compensation pursuant to this Section 4, the Company shall credit a hypothetical matching contribution of 100% of the first 3%, and 50% of the next 2%, of such deferred Compensation.

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


IN WITNESS WHEREOF, the Employer, by its duly authorized officer, has caused this Amendment to be executed on the 28th day of December, 2011.


        MINERALS TECHNOLOGIES INC.

                             By:  /s/ Patricia M. Casey
                             By:  /s/ Thomas J. Meek