MINERALS TECHNOLOGIES INC. (NYSE:MTX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Employment Agreement. The initial term of the Employment
Agreement expires on July 31, 2018 and renews for successive
one-month terms if not otherwise terminated. to the Employment
Agreement, Mr. Garth will receive an annual salary of not less
than $450,000, as previously reported, and the Company will also
provide all benefit plans and other fringe benefits available to
similarly situated executives in accordance with their respective
terms. The terms of the Employment Agreement are the Company’s
standard form of executive employment agreement, the full text of
which is filed as Exhibit 10.6 to the Company’s Annual Report on
Form 10-K for the year ended December 31, 2016 and is
incorporated by reference herein.
change-in-control severance agreement with the Company. Under the
severance agreement, if, following a change in control, Mr. Garth
is terminated by the Company for any reason, other than for
disability, death, retirement or for Cause (as defined in the
agreement), or if Mr. Garth terminates his or her employment for
Good Reason (as defined in the agreement), then Mr. Garth is
entitled to a severance payment of three times the sum of (1) the
greater of his base salary in effect immediately prior to the
change in control or his base salary in effect immediately prior
to the date of termination and (2) the greater of his target cash
annual incentive compensation immediately prior to the change in
control or his target cash annual incentive compensation
immediately prior to the date of termination. The terms of the
severance agreement are otherwise the Company’s standard form of
severance agreement, the full text of which is filed as Exhibit
10.8 to the Company’s Annual Report on Form 10-K for the year
ended December 31, 2016 and is incorporated by reference herein.
About MINERALS TECHNOLOGIES INC. (NYSE:MTX)
Minerals Technologies Inc. is a resource-and technology-based company that develops, produces and markets worldwide a range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. It has five segments. The Specialty Minerals, Performance Materials, and Construction Technologies segments produce and sell products and technologies based primarily upon the mineral products calcium carbonate, bentonite, talc, chromite and leonardite. These products are used principally in the paper, metalcasting, building materials, paints and coatings, consumer products, ceramic, polymer, and food and pharmaceutical industries. The Refractories segment produces monolithic refractory materials and specialty products, services and application equipment used by the steel, non-ferrous metal and glass industries. The Energy Services segment provides produced water treatment, filtration and well-testing services to both on-shore and off-shore oil and gas producers. MINERALS TECHNOLOGIES INC. (NYSE:MTX) Recent Trading Information
MINERALS TECHNOLOGIES INC. (NYSE:MTX) closed its last trading session down -0.20 at 79.45 with 155,763 shares trading hands.
