Form 4: Carolyn K. Pittman Reports Acquisition of Phantom Stock Units in Minerals Technologies Inc.

Director Carolyn K. Pittman reports the acquisition of phantom stock units in Minerals Technologies Inc. under the company's deferred compensation plan.

Summary

• On March 7, 2024, Carolyn K. Pittman, a director of Minerals Technologies Inc. (MTX), acquired 18.708 phantom stock units.
• These units were accrued under the Minerals Technologies Inc. Non-Funded Deferred Compensation and Unit Award Plan for Non-Employee Directors.
• Each phantom stock unit is the economic equivalent of one share of Minerals Technologies Inc. Common Stock.
• The phantom stock units are to be settled in cash upon the reporting person's termination of service as a director.
• Following the reported transaction, Pittman directly owns 13,632.561 shares of Minerals Technologies Inc. Common Stock.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a neutral to slightly positive sentiment as it aligns director interests with company performance.

Positives

• The acquisition of phantom stock units aligns the director's interests with the long-term performance of the company.
• The deferred compensation plan is a common practice to attract and retain qualified non-employee directors.

Future Outlook

The phantom stock units will be settled in cash upon the reporting person's termination of service as a director.

Industry Context

The use of phantom stock units and deferred compensation plans is a common practice among publicly traded companies to incentivize and retain non-employee directors.

Comparison to Industry Standards

• Deferred compensation plans for non-employee directors are a standard practice among publicly traded companies, including those in the materials sector like Minerals Technologies Inc.
• Companies such as Ecolab and PPG Industries also utilize similar compensation strategies to align director interests with shareholder value.

Stakeholder Impact

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders, potentially leading to better corporate governance and decision-making.

Key Dates