<PAGE>   1
                                                                   Exhibit 10.17

                                    MILACRON
                       SUPPLEMENTAL EXECUTIVE PENSION PLAN


    I.   PURPOSE

                  The purpose of the Milacron Supplemental Executive Pension
                  Plan (the "Plan") is to provide supplemental retirement
                  benefits to certain key employees of Milacron Inc. and its
                  subsidiaries (the "Company") who meet the eligibility
                  requirements of the Plan.

   II.   DEFINITIONS

                  "Benefit Commencement Date" - shall be the date as determined
                  by Article VIII herein.

                  "Compensation" - shall have the same meaning as that term is
                  defined in the Milacron Retirement Plan, without regard to any
                  dollar limitations and including employee deferrals under the
                  Milacron Compensation Deferral Plan.

                  "Compensation Committee" - shall mean the Compensation
                  Committee of the Milacron Inc. Board of Directors.

                  "Eligible Position" - shall mean the position of Chairman,
                  President or Vice President of Milacron Inc. held by an
                  individual who is first elected to the position of either
                  Chairman, President or Vice President of Milacron Inc. after
                  July 30, 1998 or any specific position held by an individual
                  subsequent to that individual's designation as a key employee
                  by the Compensation Committee for purposes of this Plan.

                  "Highest Average Compensation" - shall mean the highest
                  average of the Participant's Compensation for three
                  consecutive years.

                  "Normal Retirement Date" - shall have the same meaning as that
                  term is defined in the Milacron Retirement Plan.

                  "Participant" - shall mean an individual eligible to
                  participate in this Plan as set forth in Article IV.

                  "Years of Credited Service" - shall have the same meaning as
                  that term is defined in the Milacron Retirement Plan and shall
                  not include service with a predecessor employer unless
                  otherwise determined by the Compensation Committee and set
                  forth on Schedule A.


                                       1
<PAGE>   2
                  "Predecessor Employer Plan" - shall mean the plan or plans of
                  a predecessor employer as designated by the Compensation
                  Committee on Schedule A under which a Participant has earned
                  an annual benefit as of the Participant's Normal Retirement
                  Date, part or all of which, as designated by the Compensation
                  Committee on Schedule A, will be used to determine the
                  Participants benefit in accordance with Article V or VIII.

                  Solely for purposes of this Plan, the above terms that are
                  defined in the Milacron Retirement Plan shall be applied to
                  the Participant with respect to his employment with the
                  Company (excluding any service or periods of employment prior
                  to the date such Participant became an employee of the Company
                  or such predecessor employer became a subsidiary of the
                  Company, unless otherwise specifically provided for by the
                  terms of this Plan), regardless of the Participant's
                  eligibility under the Milacron Retirement Plan.

  III.   EFFECTIVE DATE/PLAN YEAR

                  This Plan will be effective beginning July 30, 1998. The Plan
                  year shall coincide with the calendar year.

   IV.   ELIGIBILITY

                  An individual shall be eligible to participate in the Plan and
                  thus become a "Participant" if:

                  A.       The individual holds or has held an Eligible
                           Position; and,

                           (i)   the individual remains in the employ of the
                                    Company at least until his Normal Retirement
                                    Date; or,

                           (ii)  the individual is an employee of the Company
                                    on or after his 55th birthday and has at
                                    least ten (10) Years of Credited Service
                                    with the Company; or,

                           (iii) the individual terminates employment with
                                    the Company due to disability as set forth
                                    in Article VII, below. Or,

                  B.       The individual dies while holding an Eligible
                           Position as set forth in Article IX, below.

    V.   BENEFIT

                  A Participant who has ten (10) Years of Credited Service or
                  more in an Eligible Position shall receive as the annual
                  benefit as of the Participant's Normal Retirement Date the
                  greater of: (i) one percent (1%) of the


                                       2
<PAGE>   3
                  Participant's Highest Average Compensation for each Year of
                  Credited Service the Participant served in an Eligible
                  Position, however, in no event shall this annual benefit
                  exceed ten percent (10%) of the Participant's Highest Average
                  Compensation; or, (ii) an amount necessary to increase the
                  Participant's combined annual benefits under this Plan, the
                  Milacron Retirement Plan, the Milacron Retirement Savings
                  Plan, the Milacron Compensation Deferral Plan (Basic Credits
                  and Discretionary Credits),the Milacron Inc. Supplemental
                  Retirement Plan and the Predecessor Employer Plan (as defined
                  in Article II and set forth in Schedule A) as of the
                  Participant's Normal Retirement Date to fifty-two and one half
                  percent (52.5%) of the Participant's Highest Average
                  Compensation.

                  For purposes of this Plan, the Participant's vested account
                  balance, if any, attributable to Employer Basic Contributions
                  under the Milacron Retirement Savings Plan and Basic Credits
                  and Discretionary Credits under the Milacron Compensation
                  Deferral Plan will be converted to an actuarially equivalent
                  annual benefit payable for the Participant's lifetime
                  commencing at the Participant's Normal Retirement Date,
                  determined based on the actuarial assumptions used to
                  calculate lump sum amounts as set forth in the Milacron
                  Retirement Plan.

                  A Participant who has less than ten (10) Years of Credited
                  Service in an Eligible Position shall receive as the annual
                  benefit as of the Participant's Normal Retirement Date, one
                  percent (1%) of the Participant's Highest Average Compensation
                  for each Year of Credited Service the Participant served in an
                  Eligible Position, however, in no event shall this annual
                  benefit exceed ten percent (10%) of the Participant's Highest
                  Average Compensation.

   VI.   MINIMUM AND MAXIMUM BENEFIT

                  In no event shall a Participant receive an annual benefit from
                  this Plan at his Benefit Commencement Date that is less than
                  one percent (1%) of the Participant's Highest Average
                  Compensation for each Year of Credited Service the Participant
                  served in an Eligible Position, however, in no event shall
                  this minimum annual benefit exceed ten percent (10%) of the
                  Participant's Highest Average Compensation. Notwithstanding
                  the foregoing, in no event shall a Participant receive total
                  combined annual benefits from this Plan, the Milacron
                  Retirement Plan, the Milacron Retirement Savings Plan (as
                  determined under Article V), the Milacron Compensation
                  Deferral Plan (as determined under Article V), the Milacron
                  Inc. Supplemental Retirement Plan and the Predecessor Employer
                  Plan (as defined in Article II and set forth in Schedule A)as
                  of the Participant's Normal Retirement Date in excess of 60%
                  of the Participant's Highest Average Compensation and benefits
                  from this Plan shall be reduced accordingly, if necessary.


                                       3
<PAGE>   4
  VII.   DISABILITY

                  An individual who terminates employment with the Company due
                  to disability prior to his 55th birthday will be a Participant
                  if:

                  (i)   the individual at the time of disability held an
                           Eligible Position; and

                  (ii)  the individual has ten (10) years Credited Service
                           with the Company; and

                  (iii) the disability is certified by a physician or
                           physicians designated by the Compensation Committee.

 VIII.   BENEFIT COMMENCEMENT DATE

                  Except as otherwise stated in this Article VIII and Article
                  IX, benefits shall commence on a Participant's Normal
                  Retirement Date.

                  For a Participant who has less than ten (10) Years of Credited
                  Service in an Eligible Position and retires prior to his
                  Normal Retirement Date, annual benefits shall commence upon
                  the date of retirement and shall be equal to the amount of the
                  Participant's benefit at his Normal Retirement Date.

                  For a Participant who has ten (10) Years of Credited Service
                  or more in an Eligible Position and retires prior to his
                  Normal Retirement Date, annual benefits shall commence upon
                  the date of retirement and shall be equal to the following:

                   (i)     fifty-two and one half percent (52.5%) of the
                           Participant's Highest Average Compensation,
                           multiplied by the applicable percentage set forth
                           below, with linear interpolation for other than
                           integral ages and for ages not shown:

<TABLE>
<CAPTION>


                                                              Percentage of
                               Age at Commencement            Benefit Payable
<S>                                                         <C>
                                         65                   100
                                         64                   100
                                         63                   100
                                         62                   100
                                         61                   96
                                         60                   92
                                         59                   88
                                         58                   84
                                         57                   80
                                         56                   76
</TABLE>





                                       4
<PAGE>   5
                                         55                  72
                                         50                  52
                                         45                  32
                                         40                  12
                                         37                  0


                                      MINUS

                  (ii) The Participant's combined annual benefits payable
                           under the Milacron Retirement Plan, the Milacron
                           Retirement Savings Plan, the Milacron Compensation
                           Deferral Plan (Basic Credits and Discretionary
                           Credits), the Milacron Inc. Supplemental Retirement
                           Plan and the Predecessor Employer Plan (as defined in
                           Article II and set forth in Schedule A), as of the
                           Participant's retirement date. For purposes of this
                           Article, the Participant's vested account balance, if
                           any, attributable to Employer Basic Contributions
                           under the Milacron Retirement Savings Plan and Basic
                           Credits and Discretionary Credits under the Milacron
                           Compensation Deferral Plan will be converted to an
                           actuarially equivalent annual benefit payable for the
                           Participant's lifetime commencing at the
                           Participant's retirement date, determined based on
                           the actuarial assumptions used to calculate lump sum
                           amounts as set forth in the Milacron Retirement Plan.

                  Benefits for a Participant who terminates employment with the
                  Company due to disability prior to age 55 shall commence upon
                  the date the Participant begins receiving benefits from the
                  Milacron Retirement Plan or would be eligible to receive
                  benefits from the Milacron Retirement Plan if he participated
                  therein and shall be equal to the amount as set forth above
                  for commencement prior to his Normal Retirement Date.

   IX.   DEATH

                  An individual who dies while employed by the Company and who
                  is not otherwise a Participant in this Plan shall be a
                  Participant if:

                  (i)   the individual holds an Eligible Position at the time
                           of death; and,

                  (ii)  the individual was at the time of his death vested in
                           the Milacron Retirement Plan or the Milacron
                           Retirement Savings Plan.

                  If a Participant dies prior to commencement of benefits under
                  this Plan and the Participant is survived by a spouse to whom
                  he was married on the date he became vested under this Plan,
                  the Participant's surviving spouse shall receive benefits
                  under this Plan beginning at the time benefits may begin to
                  the surviving spouse under the Milacron Retirement Plan and
                  ending on the date of the surviving spouse's death, in the


                                       5
<PAGE>   6
                  amount of fifty percent (50%) of the Participant's benefits
                  under this Plan, with such Participant's benefit equal to the
                  amount as set forth in Article VIII for commencement prior to
                  the date that would have been the Participant's Normal
                  Retirement Date. Benefits shall be paid to the surviving
                  spouse on a monthly basis.

    X.   PAYMENT OPTIONS

                  The Participant's annual benefit shall be paid on a monthly
                  basis beginning on the Participant's Benefit Commencement Date
                  and ending on the date of the Participant's death. The
                  Participant's surviving spouse, if any, to whom the
                  Participant was married on the date the Participant became
                  vested under this Plan, shall receive a monthly benefit
                  beginning on the date of the Participant's death and ending on
                  the date of the spouses death equal to 50% of the
                  Participant's monthly benefit.

   XI.   VESTING

                  Unless forfeited pursuant to Article XII, a Participant's
                  benefit shall become vested -

                  (i)    on his Normal Retirement Date; or

                  (ii)   on the date he reaches age 55 and has at least ten
                           (10) Years of Credited Service with the Company; or

                  (iii)  on the date of termination of employment due to
                           disability or death.

                  If a Participant no longer holds an Eligible Position, but
                  remains an employee of the Company, the Participant's service
                  in the Eligible Position and his resulting benefit under this
                  Plan shall not be forfeited.

  XII.   FRAUD

                  In the event that a Participant shall at any time be dismissed
                  for, or convicted of a crime involving, dishonesty or fraud on
                  his part in his relationship with the Company, all benefits
                  which would otherwise be payable to him under the Plan shall
                  be forfeited.

 XIII.   COMPETITION

                  By accepting payment of any benefit under the Plan the
                  Participant agrees not to be employed, or consult, in any
                  business which is, or is about to be, engaged in a business of
                  the same or substantially the same nature as the businesses of
                  the Company without prior written consent of the Company, and
                  breach of this agreement by the Participant shall be cause for
                  termination of payment of benefits under the Plan.


                                       6
<PAGE>   7
  XIV.   FUNDING

                  The Plan shall be unfunded and benefits shall be paid only
                  from the general assets of the Company.

   XV.   ADMINISTRATION

                  The general administration of this Plan and the responsibility
                  for carrying out and interpreting the provisions hereof shall
                  be vested in the Compensation Committee. The Compensation
                  Committee may adopt such rules and regulations as it may deem
                  necessary for the proper administration of this Plan, which
                  are not inconsistent with the provisions hereof, and its
                  decision in all matters shall be final, conclusive and
                  binding.

  XVI.   AMENDMENT AND TERMINATION

                  The Board of Directors reserves in its sole and exclusive
                  discretion the right at any time and from time to time to
                  amend this Plan in any respect or terminate this Plan without
                  restriction and without the consent of any Participant,
                  provided however, that no amendment or termination of this
                  Plan shall impair the right of any Participant to receive
                  benefits which have become vested prior to such amendment or
                  termination and that the Plan shall not be amended or
                  terminated during the 24-month period beginning on the date of
                  a "Change in Control" (as defined in Schedule B, attached
                  hereto).

XVII.    CHANGE IN CONTROL

                  Notwithstanding the foregoing provisions of the Plan, an
                  individual who holds an Eligible Position and is not otherwise
                  a Participant under the Plan in accordance with Article V,
                  shall become a Participant under the Plan and become vested
                  under the Plan upon the date of a "Qualifying Termination" (as
                  defined in Schedule C, attached hereto) following a "Change in
                  Control" (as defined in Schedule B, attached hereto).


XVIII.   MISCELLANEOUS

                  (i)      Nothing contained in this Plan guarantees the
                           continued employment of a Participant with the
                           Company.

                  (ii)     No benefit hereunder may be assigned, pledged,
                           mortgaged or hypothecated and, to the extent
                           permitted by law, no such benefit shall be subject to
                           legal process or attachment for the



                                       7
<PAGE>   8
                           payment of any claims against any person entitled to
                           receive the same.

                  (iii)    If a Participant entitled to receive a benefit under
                           this Plan is deemed by the Compensation Committee or
                           is adjudged by a court of competent jurisdiction to
                           be legally incapable of giving valid receipt and
                           discharge for such benefit, such payments shall be
                           paid to such person or persons as the Compensation
                           Committee shall designate or to the duly appointed
                           guardian or other legal representative of such
                           Participant. Such payment shall, to the extent made,
                           be deemed a complete discharge for such payments
                           under this Plan.

                  (iv)     Payments made under this Plan shall be subject to
                           withholding as shall at the time be required under
                           any income tax or other laws, whether of the United
                           States or any other jurisdiction.

                  (v)      All expenses and costs in connection with the
                           operation of this Plan shall be borne by the Company.

                  (vi)     The provisions of this Plan shall be construed
                           according to the laws of the State of Ohio.

                  (vii)    The masculine pronoun wherever used herein shall
                           include the feminine gender and the feminine shall
                           include the masculine and the singular number as used
                           herein shall include the plural and the plural shall
                           include the singular unless the context clearly
                           indicates otherwise.

                  (viii)   The titles and headings used herein are for
                           convenience of reference only and in case of any
                           conflict, the text of this Plan, rather than such
                           titles or headings, shall be controlling.




                                       8
<PAGE>   9
                                    MILACRON
                       SUPPLEMENTAL EXECUTIVE PENSION PLAN

                                   SCHEDULE A

<TABLE>
<CAPTION>
  PREDECESSOR EMPLOYER AND             ANNUAL BENEFIT AT               EARLY RETIREMENT
  PREDECESSOR EMPLOYER PLAN            NORMAL RETIREMENT DATE           REDUCTION AMOUNT
  -------------------------            ----------------------           ----------------
<S>                                    <C>                             <C>
  For Jerry R. Lirette:

  Fairchild Corporation
  (service included for purposes
  of determining Years of Credited
  Service)

  Fairchild Industries, Inc.               $109,248                      4% for each year
  Supplemental Executive               (for all three plans)             by which
  Retirement Plan                                                        commencement of
                                                                         payment of his
                                                                         benefit precedes the
  Retirement Plan for Employees                                          date the Participant
  of The Fairchild Corporation                                           attains age 62,
                                                                         computed on a
                                                                         pro-rata basis for
  The Savings Plan for Employees                                         periods which are
  of The Fairchild Corporation                                           less than a whole
                                                                         year.

</TABLE>

The amount and terms set forth above in this Schedule A are agreed to and
accepted this 30th day of October, 1998.

                                                 Signature in file
                                                 -----------------
                                                 Jerry R. Lirette
                                                 President
                                                 D-M-E Company


                                                 Signature in file
                                                 -----------------
                                                 Barbara G. Kasting
                                                 Vice President Human Resources
                                                 Milacron Inc.


                                       9
<PAGE>   10
                                   SCHEDULE B


A "Change in Control" occurs if:

         (a) a Person or Group other than a trustee or other fiduciary of
securities held under an employee benefit plan of the Company or any of its
subsidiaries, is or becomes a Beneficial Owner, directly or indirectly, of stock
of the Company representing 20% or more of the total voting power of the
Company's then outstanding stock and securities; provided, however, that for
purposes of this Paragraph (a), the following acquisitions shall not constitute
a Change of Control: (i) any acquisition directly from the Company, (ii) any
acquisition by the Company, (iii) any acquisition by any employee benefit plan
(or related trust) sponsored or maintained by the Company or any corporation
controlled by the Company or (iv) any acquisition by any corporation pursuant to
a transaction which complies with clause (i) of Paragraph (c) of this Schedule.

         (b) individuals who, as of the date hereof, constitute the Board of
Directors of the Company (the "Incumbent Board"), cease for any reason to
constitute a majority thereof; provided, however, that any individual becoming a
director whose election, or nomination for election by the Company's
stockholders, was approved by a vote of at least 60% of the directors then
comprising the Incumbent Board shall be considered as though such individual was
a member of the Incumbent Board, but excluding, for this purpose, any such
individual whose initial assumption of office occurs as a result of an actual or
threatened election contest with respect to the election or removal of directors
or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person or Group other than the Board of Directors of the Company;

         (c) there is consummated a merger, consolidation or other corporate
transaction, other than (i) a merger, consolidation or transaction that would
result in the voting securities of the Company outstanding immediately prior to
such merger, consolidation or transaction continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity or any parent thereof) at least 66-2/3% of the combined voting
power of the stock and securities of the Company or such surviving entity or any
parent thereof outstanding immediately after such merger, consolidation or
transaction, or (ii) a merger, consolidation or transaction effected to
implement a recapitalization of the Company (or similar transaction) in which no
Person or Group is or becomes the Beneficial Owner, directly or indirectly, of
stock and securities of the Company representing more than 20% of the combined
voting power of the Company's then outstanding stock and securities;

         (d) the sale or disposition by the Company of all or substantially all
of the Company's assets other than a sale or disposition by the Company of all
or substantially all of the assets to an entity at least 66-2/3% of the combined
voting power of the stock and securities which is owned by Persons in
substantially the same proportions as their ownership of the Company's voting
stock immediately prior to such sale; or



                                       10
<PAGE>   11
         (e) the stockholders of the Company approve a plan of complete
liquidation or dissolution of the Company.

"Company" shall mean Milacron Inc. "Person" shall mean any person (as defined in
Section 3(a)(9) of the Securities Exchange Act (the "Exchange Act"), as such
term is modified in Section 13(d) and 14(d) of the Exchange Act) other than (i)
any employee plan established by the Company, (ii) any affiliate (as defined in
Rule 12b-2 promulgated under the Exchange Act) of the Company, (iii) an
underwriter temporarily holding securities pursuant to an offering of such
securities, or (iv) a corporation owned, directly or indirectly, by stockholders
of the Company in substantially the same proportions as their ownership of the
Company. "Group" shall mean any group as defined in Section 14(d)(2) of the
Exchange Act. "Beneficial Owner" shall mean beneficial owner as defined in Rule
13d-3 under the Exchange Act.


                                       11
<PAGE>   12
                                   SCHEDULE C

A "Qualifying Termination" shall mean (i) a termination of the individual's
employment by the Company for any reason other than for "Cause" or "Disability"
(as defined below) during the "Protection Period" (as defined below), or (ii)
the individual's termination of employment for "Good Reason" (as defined below)
during the Protection Period.

         (a) Disability. If the individual is absent from duties with the
Company on a full-time basis for eighteen consecutive months due to a physical
or mental incapacity, and the individual has not returned to the full-time
performance of the individual's duties within thirty (30) days after written
Notice of Termination is given to the individual by the Company, such
termination shall be considered to be termination by the Company for
"Disability" for purposes of this Exhibit.

         (b) Cause. The Company may terminate the individual's employment for
Cause. For purposes of this Schedule only, the Company shall have "Cause" to
terminate the individual's employment hereunder only on the basis of (i) the
individual's fraud on, or misappropriation or embezzlement of assets of, the
Company that causes material harm to the Company or (ii) the individual's
willful and continued failure to substantially perform the individual's duties
hereunder (other than any such failure resulting from the individual's mental or
physical incapacity or mental illness or any such actual or anticipated failure
after the issuance of a Notice of Termination, as defined in Paragraph (d), by
the individual for Good Reason, as defined below); provided, however, that
"Cause" shall occur with respect to clause (ii) of this sentence only if such
action constituting Cause has not been corrected or cured by the individual
within 30 days after the individual has received written notice from the Company
of the Company's intent to terminate the individual's employment for Cause and
specifying in detail the basis for such termination. For purposes of this
Paragraph, no act, or failure to act, on the individual's part shall be
considered "willful" unless done, or omitted to be done, by the individual in
bad faith and without reasonable belief that the individual's action or omission
was in the best interests of the Company. Notwithstanding the foregoing, the
individual shall not be deemed to have been terminated for Cause unless and
until delivery to the individual of a copy of a resolution duly adopted by the
affirmative vote of not less than three-quarters of the entire membership of the
Board at a meeting of the Board called and held for the purpose (after
reasonable notice to the individual and an opportunity for the individual,
together with the individual's counsel, to be heard before the Board), finding
that in the good faith opinion of the Board the individual was guilty of conduct
set forth in clause (i) or (ii) of this Paragraph and specifying the particulars
thereof in detail.

         (c) Good Reason. The individual shall be entitled to terminate the
individual's employment for Good Reason at any time following a Change in
Control. For purposes of this Schedule, "Good Reason" shall exist in the event
of the occurrence of any of the following without the individual's express prior
written consent:

                  (i) any diminution of, or the assignment to the individual of
duties inconsistent with, the individual's position, duties, responsibilities
and status with the


                                       12
<PAGE>   13
Company immediately prior to a Change in Control, an adverse change in the
individual's titles or offices as in effect immediately prior to a Change in
Control, or any removal of the individual from, or any failure to reelect the
individual to, any of such positions, except in connection with the individual's
termination of employment for Disability or Cause or as a result of the
individual's death or by the individual other than for Good Reason;

                  (ii) a reduction by the Company in the individual's base
salary as in effect on the date of a Change in Control or as the same may be
increased from time to time during the term of any agreement between the Company
and the individual;

                  (iii) the Company's failure to continue any benefit plan or
arrangement (including, without limitation, the Company's life insurance,
post-retirement benefits, and comprehensive medical plan coverage) in which the
individual participated at the time of a Change in Control (or any other plans
providing the individual with substantially similar benefits) (hereinafter
referred to as "Benefit Plans"), or any action by the Company that would
adversely affect the individual's participation in or materially reduce the
individual's benefits under any such Benefit Plan or deprive the individual of
any material fringe benefit enjoyed by the individual at the time of a Change in
Control;

                  (iv) the Company's failure to continue in effect, or continue
payments under, any incentive plan or arrangement (including, without
limitation, any equity-based plan or arrangement) in which the individual
participated at the time of a Change in Control (hereinafter referred to as
"Incentive Plans") or any action by the Company that would adversely affect the
individual's participation in any such Incentive Plans or reduce the
individual's benefits under any such Incentive Plans;

                  (v) a relocation of the Company's principal executive offices
to a location outside the Cincinnati, Ohio metropolitan area or relocation of
the individual's primary workplace to any place other than the location at which
the individual performed the individual's duties immediately prior to a Change
in Control;

                  (vi) the Company's failure to provide the individual with the
number of paid vacation days to which the individual was entitled at the time of
a Change in Control;

                  (vii) the Company's material breach of any provision of any
agreement between the Company and the individual regarding severance benefits
following a Change in Control;

                  (viii) the Company's purported termination of the individual
which is not effected pursuant to a Notice of Termination satisfying the
requirements of Paragraph (d);

         (d) Notice of Termination. Any purported termination of the individual
by the Company or by the individual shall be communicated by written Notice of
Termination to the other party in accordance with Paragraph (f) hereof. For
purposes of this Schedule,


                                       13
<PAGE>   14
a "Notice of Termination" shall mean a notice that indicates the specific
termination provision in this Schedule relied upon and the facts, if any,
supporting application of such provision.

         (e) Date of Termination: Dispute Concerning Termination. "Date of
Termination" shall mean (i) if the individual's employment is terminated for
Disability, thirty (30) days after Notice of Termination is given (provided that
the individual has not returned to the performance of the individual's duties on
a full-time basis during such thirty (30) day period) or (ii) if the
individual's employment is terminated by the Company for any reason other than
Disability or by the individual for any reason, the date specified in the Notice
of Termination (which, in the case of a termination by the Company shall not be
less than thirty (30) days, and in the case of a termination by the individual
shall not be more than sixty (60) days, respectively, from the date such Notice
of Termination is given); provided, however, that if the party receiving the
Notice of Termination notifies the other party within thirty (30) days after the
date such Notice of Termination is given that a dispute exists concerning the
termination, the Date of Termination shall be the date on which the dispute is
finally resolved, either by mutual written agreement of the parties or by a
binding arbitration award referred to in Paragraph (g); and provided, further
that the Date of Termination shall be extended by a notice of dispute only if
such notice is given in good faith and the party giving such notice shall pursue
the resolution of such dispute with reasonable diligence. The Company shall
continue the individual as a participant in the plan until the dispute is
finally resolved in accordance with this Schedule. For purposes of determining
whether any Qualifying Termination has occurred during the Protection Period,
the date a Notice of Termination is given pursuant to this Schedule shall be
deemed the date of the individual's Qualifying Termination.

         (f) Notice. For the purposes of this Schedule, notices and all other
communications provided for in the Schedule shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, as follows:

                  (i) if, to the individual, to the individual's current address
on file with the Company;

                  (ii) if, to the Company, to:        Milacron Inc.
                                                      4701 Marburg Avenue
                                                      Cincinnati, Ohio 45209
                                                      Attn:    Secretary

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notice of change of address shall be
effective only upon receipt.

         (g) Arbitration. Any dispute or controversy arising under or in
connection with this Schedule shall be settled exclusively by arbitration in
Cincinnati, Ohio in accordance with the rules of (but not necessarily appointed
by) the American Arbitration


                                       14
<PAGE>   15
Association then in effect except as provided herein. Judgment may be entered on
the arbitrator's award in any court having jurisdiction. No such arbitration
proceedings shall be commenced or conducted until at least sixty (60) days after
the parties, in good faith, shall have attempted to resolve such dispute by
mutual agreement; and the parties hereby agree to endeavor in good faith to
resolve any dispute by mutual agreement. If mutual agreement cannot be attained,
any disputing party, by written notice to the other ("Arbitration Notice") may
commence arbitration proceedings. Such arbitration shall be conducted before a
panel of three arbitrators, one appointed by each party within thirty (30) days
after the date of the Arbitration Notice, and one chosen within sixty (60) days
after the date of the Arbitration Notice by the two arbitrators appointed by the
disputing parties. Any Cincinnati, Ohio court of competent jurisdiction shall
appoint any arbitrator that has not been appointed within such time periods.
Judgment may include costs and attorneys fees and may be entered in any court of
competent jurisdiction.

         (h) Definitions. For purposes of this Schedule, "Company" shall mean
Milacron Inc., "Protection Period" shall mean the 24-month period beginning on
the date of a Change in Control, and "Board" shall mean the Board of Directors
of Milacron Inc. and "Change in Control" shall have the meaning set forth in
Schedule B.


                                       15