Attached files
Exhibit
10.13
MINERALS
TECHNOLOGIES INC.
SUPPLEMENTAL
RETIREMENT PLAN
(AMENDED
AND RESTATED EFFECTIVE DECEMBER 31, 2008)
ARTICLE
I
INTRODUCTION
AND PURPOSE
1.1
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Purpose. The purpose of the
Minerals Technologies Inc. Supplemental Retirement Plan (the “Plan”) is to
provide additional benefits to a select group of eligible employees of
Minerals Technologies Inc. (the “Company”) whose retirement benefits under
the Minerals Technologies Inc. Retirement Plan (the “Retirement Plan”)
have been limited (i) by Sections 415 and 401(a)(17) of the Internal
Revenue Code of 1986, as amended (the “Code”) or (ii) by excluding amounts
deferred under the Company’s Supplemental Savings Plan from the
compensation taken into account under the Retirement Plan. The
additional benefits provided by the Plan will ensure that total benefits
paid to participating employees will be approximately equal to the amount
of benefits such employees would have accrued under the Retirement Plan
had such limitations imposed by the Code and the Retirement Plan not been
in effect.
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1.2
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Amendment
and Restatement. The Company hereby amends and restates the Plan
(which was previously referred to as the Minerals Technologies Inc.
Nonfunded Supplemental Retirement Plan), effective December 31,
2008.
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ARTICLE
II
PARTICIPATION
The
Participants in the Plan shall be those employees of the Company who are
participating in the Retirement Plan and whose benefits under the Retirement
Plan are limited by reason of Sections 415 and/or 401(a)(17) of the Code,
provided that any such employee is determined by the
Administrative Committee of the Plan (the “Administrative Committee”) to be part
of a select group of management or a highly compensated employee.
ARTICLE
III
BENEFITS
3.1
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Amount
of Benefits. In the case of a Participant who is
accruing benefits under the Retirement Plan under the Career Earnings
Formula (a “Career Earnings Participant”), a Participant’s accrued benefit
under the Plan shall be an amount equal to the difference between (i) the
amount of the single life annuity pension benefit payable under the
Retirement Plan as of the payment date specified in Section 4.1 and (ii)
the amount of the single life annuity pension benefit that would have been
payable to the Participant under the Retirement Plan as of the payment
date specified in Section 4.1 (A) determined without regard to the
limitation on compensation taken into account and/or pension benefits
under Sections 401(a)(17) or 415 of the Code and (B) taking into account,
in the year of deferral, any income deferred by the Participant pursuant
to the Minerals Technologies Inc. Supplemental Savings Plan in calculating
the Participant’s Career Earnings under the Retirement
Plan.
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In
the case of a Participant who is accruing benefits under the Retirement
Plan under the Cash Balance Formula (a “Cash Balance Participant”), a
Participant’s accrued benefit
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under
the Plan shall be an amount equal to the difference between (i)
the amount of the Participant’s Cash Balance Account payable under the
Retirement Plan as of the payment date specified in Section 4.1 and (ii)
the amount of the Participant’s Cash Balance Account that would have been
payable to the Participant under the Retirement Plan as of the payment
date specified in Section 4.1 (A) determined without regard for the
limitation on compensation taken into account and/or pension benefits
under Sections 401(a)(17) or 415 of the Code and (B) taking into account,
in the year of deferral, any income deferred by the Participant pursuant
to the Minerals Technologies Inc. Supplemental Savings Plan in calculating
the Participant’s Earnings under the Retirement
Plan.
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3.2
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Vesting
and Accrual. For purposes of the determination of
benefits under Section 3.1, the rules contained in the Retirement Plan
governing the accrual and vesting of pension benefits shall
apply. Accordingly, if a Participant is not vested in his
Retirement Plan benefit at the time of his separation from service, he
will not be vested in a benefit under this
Plan.
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ARTICLE
IV
COMMENCEMENT
AND FORM OF BENEFIT PAYMENT
4.1
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Distribution
of Benefits. In the case of a Career Earnings
Participant, benefits under this Plan shall be paid in a single lump sum
upon the later of (i) the Participant’s separation from service with the
Company and all Affiliates or (ii) the Participant reaching age
55. Such lump sum shall be the actuarial equivalent of the
annuity determined under Article III, determined applying the interest
rate and mortality table then applicable under the Retirement Plan for
purposes of determining a lump-sum cash-out with respect to a
Participant’s benefit under the Career Earnings Formula. In the
case of a Cash Balance Participant, benefits under this Plan shall be paid
in a single lump-sum payment upon the Participant’s separation from
service with the Company and its Affiliates. Such lump sum
shall be equal to the amount determined under Article
III.
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4.2
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Specified
Employees. Notwithstanding anything in this Plan to the
contrary, in the case of a Participant who is a “specified employee”
within the meaning of Section 409A(a)(2)(B)(i) of the Code and the
regulations thereunder, payment of benefits under the Plan on account of
separation from service shall be made in a
lump sum upon the six-month anniversary of the Participant’s separation
from service in a lump sum. Such lump sum will be equal to the
amount determined under Section 4.1 upon the Participant’s separation from
service plus interest at the 26-week Treasury Bill rate for the six-month
period. The Company may create a grantor trust to pay certain
of its obligations hereunder (a so-called rabbi trust), the assets of
which shall be, for all purposes, the assets of the Company. In
the event the trustee of such trust is unable or unwilling to make
payments directly to Participants and such trustee remits payments to the
Company for delivery to Participants, the Company shall promptly remit
such amount, less applicable income and other taxes required to be
withheld, to the Participant. “Specified
employees”
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shall
be determined in accordance with the methodology established by the Board
of Directors of the Company or its
delegate.
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4.3
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Additional
Benefits Following Disability. If a Participant is
Disabled at the time of his separation from service, the Participant shall
receive the following benefits in addition to those described in Article
III and Section 4.1.
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In the
case of a Career Earnings Participant, if (i) the Participant is Disabled at the
time of his separation from service with the Company and its Affiliates, (ii)
the Participant continues to be Disabled after age 55 or the Participant
separated from service after age 55, and (iii) the Participant did not commence
benefits under the Retirement Plan upon separation from service or, if later,
upon reaching age 55, then at the later of age 65 or the five year anniversary
of the Participant’s separation from service, the Participant shall receive a
lump-sum payment. Such lump-sum payment shall be the actuarial
equivalent of the annuity determined in the following sentence, calculated
applying the interest rate and mortality table applicable under the Retirement
Plan for purposes of determining a lump-sum cash-out with respect to a
Participant’s benefit under the Career Earnings Formula. The annuity
shall be equal to the difference, if any, between (i) the amount that would be
paid under the Retirement Plan as of the payment date specified in this Section
4.3, (A) determined without regard for the limitation on compensation taken into
account and/or pension benefits under the Retirement Plan by reason of Sections
401(a)(17) or 415 of the Code and (B) taking into account, in the year of
deferral, any income deferred by the Participant pursuant to the Minerals
Technologies Inc. Supplemental Savings Plan in calculating the Participant’s
Earnings under the Retirement Plan, minus the amount that would be paid under
the Retirement Plan as of the payment date specified in this Section 4.3, and
(ii) the single life annuity that was determined under this Plan as of the
payment date specified in Section 4.1, actuarially adjusted for commencement as
of the payment date specified in this Section 4.3 in a manner consistent with
the provisions of the Retirement Plan.
In the
case of a Cash Balance Participant, if a Participant is Disabled at the time of
his separation from service with the Company and its Affiliates, then upon the
five-year anniversary of the Participant’s separation from service (i.e., the
date the Participant’s disability leave began), the Participant shall receive a
lump sum payment. Such payment shall be equal to the difference, if
any, between (i) the amount of the Participant’s Cash Balance Account payable
under the Retirement Plan as of the payment date specified in this Section 4.3
that is attributable to Annual Pay Credits occurring after the Participant’s
separation from service (A) determined without regard for the limitation on
compensation taken into account and/or pension benefits under the Retirement
Plan by reason of Sections 401(a)(17) or 415 of the Code and (B) taking into
account, in the year of deferral, any income deferred by the Participant
pursuant to the Minerals Technologies Inc. Supplemental Savings Plan in
calculating the Participant’s Earnings under the Retirement Plan and (ii) the
amount of the Participant’s Cash Balance Account payable under the Retirement
Plan as of the payment date specified in this Section 4.3 that is attributable
to Annual Pay Credits occurring after the Participant’s separation from
service.
If a
Participant dies before receiving the payment provided for in this Section 4.3,
such payment shall be forfeited and shall not be made.
4.4
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Distribution
of Benefits Due to Death. If a Career Earnings
Participant dies before a benefit is paid under Section 4.1, the
Participant’s Beneficiary shall receive, upon the Participant’s death, an
amount equal to the difference between (i) the amount of the single life
annuity pension benefit that would have been payable to a surviving spouse
the same age as the Participant (whether or not the Participant actually
has a surviving spouse) under the Retirement Plan upon the Participant’s
death (A) determined without regard to the limitation on compensation
taken into account and/or pension benefits under the Retirement Plan by
reason of Sections 401(a)(17) or 415 of the Code and (B) taking into
account, in the year of deferral, any income deferred by the Participant
pursuant to the Minerals Technologies Inc. Supplemental Savings Plan in
calculating the Participant’s Career Earnings under the Retirement Plan,
and (ii) the amount of the single life annuity pension benefit payable to
a surviving spouse the same age as the Participant (whether or not the
Participant actually has such a surviving spouse) under the Retirement
Plan upon the Participant’s death. Such amount shall be paid in
a single lump-sum payment that is the actuarial equivalent of the annuity
determined under the preceding sentence, calculated applying the interest
rate and mortality table applicable under the Retirement Plan for purposes
of determining a lump-sum cash-out with respect to a Participant’s benefit
under the Career Earnings Formula.
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If
a Cash Balance Participant dies before a benefit is paid under Section
4.1, the Participant’s Beneficiary shall receive, upon the Participant’s
death, an amount equal to the difference between (i) the amount of the
Participant’s Cash Balance Account payable under the Retirement Plan upon
the Participant’s death and (ii) the amount of the Participant’s Cash
Balance Account that would have been payable to the Participant under the
Retirement Plan upon the Participant’s death (A) determined without regard
to the limitation on compensation taken into account and/or pension
benefits under the Retirement Plan by reason of Sections 401(a)(17) or 415
of the Code and (B) taking into account, in the year of deferral, any
income deferred by the Participant pursuant to the Minerals Technologies
Inc. Supplemental Savings Plan in calculating the Participant’s Earnings
under the Retirement Plan. Such amount shall be paid in a
single lump-sum payment.
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ARTICLE
V
PLAN
ADMINISTRATION
5.1
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Administrative
Committee. The Plan shall be administered by an
Administrative Committee that shall consist of at least three members
appointed by the Board of Directors of the Company or its
delegate.
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5.2
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Rights
and Duties. The Administrative Committee shall
administer the Plan and shall have all powers and discretion necessary to
accomplish that purpose, including, but not limited to, the
following:
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(a)
construe, interpret, and administer the terms and intent of the Plan with
its decisions to be final and binding on all
parties;
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(b)
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to
make all determinations required by the Plan, and to maintain all
necessary records of the Plan; and
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(c)
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to
compute and certify to the Company the amount of benefits payable to
Participants or Beneficiaries, and to determine the time and manner in
which such benefits are to be paid.
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5.3
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Compensation,
Indemnity and Liability. The Administrative Committee
shall serve as such without bond and without compensation for services
hereunder. All expenses of the Plan and the Administrative
Committee shall be paid by the Employer. No member of the
Administrative Committee shall be liable for any act or omission of any
other member or any act or omission on his own part, except his own
willful misconduct. The Employer shall indemnify and hold
harmless each member of the Administrative Committee against any and all
expenses and liabilities, including reasonable legal fees and expenses
arising out of his membership on the Administrative Committee, except for
expenses or liabilities arising out of his own willful
misconduct.
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ARTICLE
VI
CLAIMS
PROCEDURE
Claims
for benefits and appeals of claim determinations under the Plan shall be
processed in the manner set forth under the claims and appeals procedures set
forth in the Retirement Plan, provided that for this purpose all references in
the Retirement Plan to the “Retirement Committee” shall be read as references to
the Administrative Committee.
ARTICLE
VII
AMENDMENT
AND TERMINATION
7.1
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Amendment. The
Company, acting through its Board of Directors or its delegate, shall have
the right to amend the Plan in whole or in part at any time, provided,
however, that no amendment shall reduce the benefits accrued on behalf of
any Participant as of the effective date of such amendment. Any amendment
shall be in writing and executed by a duly authorized officer of the
Company.
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7.2
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Termination
of the Plan. The Company reserves the right to
discontinue and terminate the Plan at any time, in whole or in part, for
any reason. In the event of termination of the Plan, the
benefits accrued under the Plan on behalf of any Participant, as of the
effective date of such termination, shall not be reduced and shall be
distributed at a time and in the manner determined by the Administrative
Committee and that complies with Section 409A of the Code and the
regulations thereunder.
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ARTICLE
VIII
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MISCELLANEOUS
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8.1
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Limitation
on Participant’s Rights. Participation in this Plan
shall not give any Participant the right to be retained in the Employer’s
employ or any rights or interest in this Plan or any assets of the
Employer other than as herein provided. The Company reserves
the right to terminate the employment of any Participant without any
liability for any claim against the Company under this Plan, except to the
extent provided herein.
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8.2
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Benefits
Unfunded. The benefits provided by this Plan shall be
unfunded. All amounts payable under the Plan to Participants or
Beneficiaries shall be paid from the general assets of the Employer, and
nothing contained herein shall require the Company to set aside or hold in
trust any amounts or assets for the purpose of paying
benefits. Participants and Beneficiaries shall have the status
of general unsecured creditors of the Company with respect to their
benefits under the Plan or any other obligation of the Company to pay
benefits pursuant hereto. Any funds of the Company available to
pay benefits under the Plan shall be subject to the claims of general
creditors of the Company and may be used for any purpose by the
Company.
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Notwithstanding
the preceding paragraph, the Company may at any time transfer assets to a trust
for purposes of paying all or any part of its obligations under this Plan. To
the extent that assets are held in a trust when a Participant’s benefits under
the Plan become payable, the Administrative Committee shall direct the trustee
to pay such benefits to the Participant from the assets of the
trust.
8.3
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Governing
Law. This Plan shall be interpreted in a manner
consistent with Code Section 409A and the regulations thereunder and shall
also be subject to and construed in accordance with the provisions of
ERISA, where applicable, and otherwise by the laws of the State of New
York, without regard to the conflict of law provisions of any
jurisdiction. If any provisions of this instrument shall be
held by a court of competent jurisdiction to be invalid or unenforceable,
the remaining provisions shall continue to be fully
effective.
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8.4
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Certain
Terms Used in Plan. References herein to “separation
from service” shall mean a separation from service within the meaning of
Section 409A of the Code and the regulations thereunder, provided,
however, that a 50% threshold for the level of services that constitute a
separation shall be applied rather than a 20%
threshold. “Disabled” or “Disability” shall have the same
meaning as “Disability” in the Retirement Plan. An “Affiliate”
means any entity that is treated as a single employer with the Company
under Section 409A of the Code and the regulations
thereunder. “Beneficiary” shall mean the Participant’s estate
or, if the Participant has designated a beneficiary in accordance with the
procedures specified by the Administrative Committee, such
beneficiary.
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8.5
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Payment
and Taxes. Any amount payable under this Plan shall be
paid on the date specified herein or no later than the latest date
permitted under Section 409A of the Code in order for such payment to be
treated as paid on such specified date. If all or
any
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portion
of a Participant’s or Beneficiary’s benefit under this Plan shall become
liable for the payment of any income, employment, estate, inheritance, or
other tax that the Employer shall be required to pay or withhold, the
Employer shall have the full power and authority to withhold and pay such
tax out of any monies or other property credited to such Participant or
Beneficiary at the time the benefits under this Plan are
distributable.
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8.6
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Gender,
Number, and Headings. In this Plan, whenever the
context so indicates, the singular or plural number and the masculine,
feminine, or neuter gender shall be deemed to include the
other. Headings and subheadings in this Plan are inserted for
convenience of reference only and are not considered in the construction
of the provisions hereof.
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8.7
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Successors
and Assigns; Nonalienation of Benefits. This Plan shall
inure to the benefit of and be binding upon the parties hereto and their
successors and assigns, provided, however, that the amounts credited to
the account of a Participant shall not be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
charge, garnishment, execution or levy of any kind, either voluntary or
involuntary, and any attempt to anticipate, alienate, sell, transfer,
assign, pledge, encumber, charge or otherwise dispose of any right to any
benefits payable hereunder shall be void, including, without limitation,
any assignment or alienation in connection with a separation, divorce,
child support or similar
arrangement.
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IN
WITNESS WHEREOF, the Company has caused this Plan to be executed by its duly
authorized officers this 22nd day of December, 2008.
MINERALS
TECHNOLOGIES INC.
By: /s/
Kirk G. Forrest
Kirk G. Forrest
General Counsel
By: /s/
D. Randy Harrison
D. Randy
Harrison
Vice-President
of Organization and Human Resources