MacDermid, Incorporated Profit Sharing and Employee Savings Plan



 Exhibit 10.7 
 MACDERMID, INCORPORATED 
 PROFIT SHARING AND EMPLOYEE SAVINGS PLAN 

(As amended and restated generally 
 effective January 1, 2010) 







 Table of Contents 

 

							
	  	  	 	  	Page	 
	MACDERMID, INCORPORATED PROFIT SHARING AND	  
	EMPLOYEE SAVINGS PLAN	  
		
	 ARTICLE I Preamble
	  	 	1	  
	 ARTICLE II Definitions and Construction
	  	 	3	  
	 2.1
	  	“Administrator”	  	 	3	  
	 2.2
	  	“Affiliated Company”	  	 	3	  
	 2.3
	  	“Approved Leave”	  	 	3	  
	 2.4
	  	“Autotype”	  	 	3	  
	 2.5
	  	“Autotype 401(k) Plan”	  	 	3	  
	 2.6
	  	“Board of Directors”	  	 	3	  
	 2.7
	  	“Break in Service”	  	 	3	  
	 2.8
	  	“Cash Distributions”	  	 	3	  
	 2.9
	  	“Code”	  	 	3	  
	 2.10
	  	“Company”	  	 	3	  
	 2.11
	  	“Compensation”	  	 	4	  
	 2.12
	  	“Continuous Employment”	  	 	5	  
	 2.13
	  	“Credited Service”	  	 	5	  
	 2.14
	  	“Early Retirement Age”	  	 	6	  
	 2.15
	  	“Effective Date”	  	 	6	  
	 2.16
	  	“Elective Contribution”	  	 	6	  
	 2.17
	  	“Elective Contribution Account”	  	 	6	  
	 2.18
	  	“Employee”	  	 	6	  
	 2.19
	  	“Employee Profit Sharing Contribution”	  	 	7	  
	 2.20
	  	“Employer Contribution”	  	 	7	  
	 2.21
	  	“Employer Money Purchase Contribution”	  	 	7	  
	 2.23
	  	“Employer Money Purchase Contribution Account”	  	 	7	  
	 2.24
	  	“Employer Special Share Account”	  	 	7	  
	 2.25
	  	“ERISA”	  	 	7	  
	 2.26
	  	“Fiduciary”	  	 	7	  
	 2.27
	  	“Forfeiture”	  	 	7	  
	 2.28
	  	“Gumm”	  	 	7	  
	 2.29
	  	“Gumm Plan”	  	 	7	  
	 2.30
	  	“Highly Compensated Employee”	  	 	8	  
	 2.31
	  	“Hours of Service”	  	 	8	  
	 2.32
	  	“Income”	  	 	11	  
	 2.33
	  	“Investment Committee”	  	 	12	  
	 2.34
	  	“Investment Manager”	  	 	12	  
	 2.35
	  	“MacDermid Equipment” or “MEI”	  	 	12	  
	 2.36
	  	“MEI 401(k) Plan”	  	 	12	  
	 2.37
	  	“MEI MP Plan”	  	 	12	  
	 2.38
	  	“MacDermid Imaging”	  	 	12	  
		  		  			


  
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 Table of Contents 
 (continued) 
  

							
	  	  	 	  	Page	 
			
	 2.39
	  	“MacDermid Imaging Plan”	  	 	12	  
	 2.40
	  	“New MacDermid Stock”	  	 	12	  
	 2.41
	  	“Normal Retirement Age”	  	 	12	  
	 2.42
	  	“Participant”	  	 	12	  
	 2.43
	  	“Plan”	  	 	12	  
	 2.44
	  	“Plan Year”	  	 	12	  
	 2.45
	  	“Prior ESOP”	  	 	12	  
	 2.46
	  	“Prior Plan”	  	 	12	  
	 2.47
	  	“PTI”	  	 	12	  
	 2.48
	  	“PTI Plan”	  	 	13	  
	 2.49
	  	“PTI MP Plan”	  	 	13	  
	 2.50
	  	“Transferred National Starch Employee”	  	 	13	  
	 2.51
	  	“Trustee”	  	 	13	  
	 2.52
	  	“Trust Agreement”	  	 	13	  
	 2.53
	  	“Trust Fund”	  	 	13	  
	 2.54
	  	“Valuation Date”	  	 	13	  
	 2.55
	  	“W. Canning”	  	 	13	  
	 2.56
	  	“W. Canning Plan”	  	 	13	  
	 ARTICLE III Participation and Service
	  	 	14	  
	 3.1
	  	Participation	  	 	14	  
	 3.2
	  	Termination of Participating	  	 	14	  
	 3.3
	  	Rejoining After Termination of Participation	  	 	15	  
	 3.4
	  	Inactive Status	  	 	15	  
	 ARTICLE IV Contributions
	  	 	16	  
	 4.1
	  	Employer Contributions	  	 	16	  
	 4.2
	  	Employee Profit Sharing Contributions	  	 	16	  
	 4.3
	  	Elective Contributions	  	 	17	  
	 4.4
	  	Employee ESOP Contributions	  	 	18	  
	 4.5
	  	Employer ESOP Contributions	  	 	18	  
	 4.6
	  	Cash Distributions	  	 	18	  
	 4.7
	  	Limitations on Allocations to Participants.	  	 	19	  
	 4.8
	  	Limit on Contributions of Company	  	 	25	  
	 4.9
	  	Limited Return of Contributions	  	 	25	  
	 4.10
	  	Certain Transfers	  	 	25	  
	 ARTICLE V Allocations to Participants Accounts
	  	 	27	  
	 5.1
	  	Individual Accounts	  	 	27	  
	 5.2
	  	Computation and Allocation of Employer Contributions	  	 	27	  
	 5.3
	  	Allocation of Employee Profit Sharing	  	 	27	  
	 5.4
	  	Allocation of Elective Contributions	  	 	27	  
	 5.5
	  	Allocation of Income and Dividends	  	 	27	  
	 5.6
	  	Forfeitures	  	 	28	  
	 5.7
	  	Account Value	  	 	28	  
	 5.8
	  	Investment Options Under Plan	  	 	29	  


  
 ii 









 Table of Contents 
 (continued) 
  

							
	  	  	 	  	Page	 
			
	 5.9
	  	Transfers Among Investment Funds	  	 	29	  
	 5.10
	  	Interest of Participating in Trust Fund	  	 	29	  
	 5.11
	  	Special Diversification Requirements	  	 	30	  
	 ARTICLE VI Benefits
	  	 	32	  
	 6.1
	  	Retirement	  	 	32	  
	 6.2
	  	Disability	  	 	32	  
	 6.3
	  	Benefits on Death	  	 	32	  
	 6.4
	  	Vesting	  	 	33	  
	 6.5
	  	Changes in Vesting Schedule	  	 	33	  
	 6.6
	  	Manner of Payment of Benefits	  	 	34	  
	 6.7
	  	Election to Take Benefits in Stock	  	 	35	  
	 6.8
	  	Time of Payments of Benefits	  	 	35	  
	 6.9
	  	Separate Account	  	 	35	  
	 6.10
	  	Cash-Outs of Certain Benefits	  	 	36	  
	 6.11
	  	Restoration of Benefits	  	 	37	  
	 6.12
	  	Direct Rollover	  	 	37	  
	 6.13
	  	Immediate Distributions	  	 	38	  
	 6.14
	  	Required Distributions	  	 	38	  
	 6.15
	  	Latest Commencement Date of Benefits	  	 	39	  
	 6.16
	  	Nonalienation of Benefits	  	 	40	  
	 6.17
	  	Distributions Required by a Qualified Domestic Relations Order	  	 	41	  
	 6.18
	  	No Vested Rights	  	 	42	  
	 6.19
	  	Incapacity of Payee	  	 	42	  
	 6.20
	  	Distribution Rights Regarding MEIMP Plan Benefits	  	 	42	  
	 6.21
	  	Special Distribution Rights Regarding PTI MP Plan Benefits	  	 	46	  
	 ARTICLE VII Withdrawals
	  	 	47	  
	 7.1
	  	Hardship Withdrawals	  	 	47	  
	 7.2
	  	Withdrawals From Employee Profit Sharing Contributions Account	  	 	48	  
	 7.3
	  	Loans To Participants	  	 	49	  
	 ARTICLE VIII Top-Heavy Provisions
	  	 	52	  
	 8.1
	  	Top-Heavy Minimum Contributions	  	 	52	  
	 8.2
	  	Top-Heavy Vesting	  	 	52	  
	 8.3
	  	Adjustment to Limitation on Benefits	  	 	52	  
	 8.4
	  	Definitions	  	 	53	  
	 8.5
	  	Determination of Top Heavy Status	  	 	54	  
	 8.6
	  	Matching Contributions	  	 	54	  
	 ARTICLE IX Trustee
	  	 	55	  
	 9.1
	  	Appointment	  	 	55	  
	 9.2
	  	Removal and Replacement	  	 	55	  
	 9.3
	  	Changes in Trust Arrangements	  	 	55	  
	 9.4
	  	Group or Cordon Trust Funds	  	 	55	  
	 ARTICLE X Administration of Plan
	  	 	56	  
	 10.1
	  	Allocation of Fiduciary Responsibility	  	 	56	  


  
 iii









 Table of Contents 
 (continued) 
  

							
	  	  	 	  	Page	 
			
	 10.2
	  	Appointment Administrator	  	 	56	  
	 10.3
	  	Power and Duties	  	 	57	  
	 10.4
	  	Effect of Interpretation or Determination	  	 	58	  
	 10.5
	  	Nondiscriminatory Exercise of Authority	  	 	58	  
	 10.6
	  	Named Fiduciary	  	 	58	  
	 10.7
	  	Indemnification	  	 	58	  
	 10.8
	  	Examination of Records	  	 	58	  
	 10.9
	  	Claims and Review Procedures.	  	 	58	  
	 10.10
	  	Membership of Investment Committee	  	 	59	  
	 10.11
	  	Action by Investment Committee	  	 	59	  
	 10.12
	  	Investment Instructions	  	 	59	  
	 10.13
	  	Nondiscrimination and Standard of Care	  	 	60	  
	 10.14
	  	Payment of Expenses	  	 	60	  
	 10.15
	  	Compensation and Indentification	  	 	60	  
	 ARTICLE XI Amendment and Termination
	  	 	61	  
	 11.1
	  	Amendment	  	 	61	  
	 11.2
	  	Termination	  	 	62	  
	 11.3
	  	Termination in Event of Certain Changes in Ownership of the Company	  	 	62	  
	 11.4
	  	Notices with Respect to Termination	  	 	63	  
	 ARTICLE XII Miscellaneous Provisions
	  	 	64	  
	 12.1
	  	Participant and Employee Rights	  	 	64	  
	 12.2
	  	Exclusive Benefit	  	 	64	  
	 12.3
	  	Release by Participants	  	 	64	  
	 12.4
	  	Merger	  	 	64	  
	 12.5
	  	Governing Law	  	 	64	  


  
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 ARTICLE I 
 Preamble 
 This instrument sets forth the restatement of the MacDermid,
Incorporated Profit Sharing and Employee Savings Plan (the “Plan”) effective generally as of January 1, 2010. Prior to such date, the Plan was most recently restated as of January 1, 2005. This instrument incorporates all
amendments to the Plan adopted after the 2005 Restatement, as well as certain other technical and miscellaneous changes as amended by the First through Fourth Amendments to the 2005 Restatement and the amendment relating to the termination of the
employee stock ownership program feature of the Plan in 2007. 
 The Plan and the related trust are intended to qualify as a
discretionary contribution individual account plan under Section 401(a) and Section 501(a) of the Code, respectively, and the cash or deferred arrangement under the Plan is intended to qualify under Section 401 (k) of the Code.

 Background. The Plan is the result of the merger, over the course of many years, of a number of separate plans,
commencing with the merger, effective April 1, 1996, of the MacDermid, Incorporated Employees’ Profit Sharing Plan (the “Profit Sharing Plan”) and the MacDermid, Incorporated Employee Stock Ownership Plan (the “Employee
Stock Ownership Plan” or “ESOP”). 
 The original version of the Profit Sharing Plan was adopted on
December 15, 1952, effective as of January 1, 1952. It was intended to effectuate a moral objective of the Company to share profits with employees and also to encourage employee thrift, so as to further enhance the financial growth,
independence and security of the Company’s employees and their families and beneficiaries at the time of retirement or disability, other termination of employment, or of death. 

The Employee Stock Ownership Plan was established to further assist employees in planning financially for retirement, disability or
termination of employment and to afford employees an opportunity to acquire a proprietary interest in the Company. The Employee Stock Ownership Plan was originally adopted as of April 1, 1980. The Employee Stock Ownership Plan was intended to
qualify under Section 401(a) and to meet the requirements for an employee stock ownership plan under Section 4975(e)(7) of the Code including, without limitation, the requirements relating to qualifying employer securities that may be held
by the ESOP. In 2007, the securities of the Company ceased to be traded on an established securities market. In connection with this change, the Plan ceased to include an employee stock ownership plan feature. Participants’ account balances
under the employee stock ownership plan feature were reinvested in one or more of the remaining investment options, including a restricted investment in stock of the new entity. 

In addition to the Profit Sharing Plan and the Employee Stock Ownership Plan, other plans have contributed to the Plan set forth in this
instrument. Effective January 1, 1999, the MacDermid Imaging Technology, Inc. 401 (k) and Profit Sharing Plan (the “MacDermid Imaging Plan”) was merged into the Plan in connection with the merger of MacDermid Imaging








 
Technology, Inc. (“MacDermid Imaging”) into MacDermid, Incorporated; effective October 1, 1999, the Canning Gumm, Inc. 401(k) Plan (the “Gumm Plan”) was merged into the
Plan; effective January 1, 2000, the W. Canning, Inc. 401(k) Plan (the “W. Canning Plan”) was merged into the Plan; effective February 1, 2000, the Polyfibron Technologies, Inc. Savings and Investment Plan (the “PTI
Plan”) was merged into the Plan; effective January 1, 2003, the MacDermid Equipment 401(k) Plan, the MacDermid Equipment, Inc. Money Purchase Plan and Trust and the Polyfibron Technologies, Inc. Retirement Plan were merged into the Plan;
effective January 1, 2003, the MacDermid Equipment 401(k) Plan, the MacDermid Equipment, Inc. Money Purchase Plan and Trust and the Polyfibron Technologies, Inc. Retirement Plan were merged into the Plan; and, effective January 1, 2006,
the Autotype Americas, Inc. 401(k) Plan was merged into the Plan. 

  
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 ARTICLE II 
 Definitions and Construction 
 Whenever used in this instrument:

 2.1 “Administrator” means the person or persons appointed pursuant to Article X to administer the Plan in
accordance with said Article. 
 2.2 “Affiliated Company” means (a) any corporation (other than the
Company) which is a member of a controlled group of corporations (as defined in Section 414(b) of the Code) with the Company; (b) any trade or business (other than the Company), whether or not incorporated, which is under common control
(as defined in Section 414(c) of the Code) with the Company; (c) any trade or business (other than the Company) which is a member of an affiliated service group (as defined in Section 414(m) of the Code) of which the Company is also a
member; or (d) any entity (other than the Company) required to be aggregated with the Company pursuant to regulations issued under Section 414(o) of the Code; provided, that the term “Affiliated Company” shall not include
any corporation, unincorporated trade or business or other entity prior to the date on which such corporation, trade or business or entity satisfies the affiliation or control test of (a), (b), (c) or (d) above. In identifying
“Affiliated Companies” for purposes of Section 4.7(a), the definitions in Sections 414(b) and (c) of the Code will be modified as provided in Section 415(h) of the Code. 

2.3 “Approved Leave” means a leave of absence authorized by the Company under the Company’s standard personnel
practices; provided, that all persons under similar circumstances must be treated alike in the granting of such Approved Leaves; and provided further, that the Participant returns within the period specified in the Approved Leave.

 2.4 “Autotype” means Autotype Americas, Inc. 

2.5 “Autotype 401(k) Plan” means the Autotype Americas, Inc. 401(k) Plan. 

2.6 “Board of Directors” means the Board of Directors of MacDermid, Incorporated. 

2.7 “Break in Service” means one or more consecutive One Year Breaks in Service. The term “One Year Break in
Service” means, with respect to any person, a Plan Year during which the person does not complete 500 or more Hours of Service, except as otherwise provided herein. An Approved Leave shall not constitute a Break in Service, but shall not be
considered as Credited Service under the Plan, except as otherwise specifically provided herein. 
 2.8 “Cash
Distributions” means the amount which a Participant elects to receive as a cash distribution for any Plan Year in accordance with the provisions of Section 4.6. 
 2.9 “Code” means the Internal Revenue Code of 1986, as from time to time amended. 
 2.10 “Company” means MacDermid, Incorporated, a corporation organized and existing under the laws of the State of Connecticut, and any Affiliated Company which adopts the Plan with the
consent of MacDermid, Incorporated. 

  
 3 








 2.11 “Compensation” means, with respect to any Employee for a Plan Year:

  

	 	(a)	During Employment. For purposes of Sections 2.30 and 4.7(a), for any Employee, while such Employee is currently employed by the Company, the Employee’s
wages, salaries, fees for professional services and other amounts received (without regard to whether or not an amount is paid in cash) for personal services actually rendered in the course of employment with the Company to the extent that the
amounts are includable in gross income (or to the extent that the amounts would have been received and includible in gross income but for an election under Sections 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B), 402(k), 457(b) of the Code), including
but not limited to commissions paid to salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits, reimbursements, expense allowances, and any amounts includible in
an Employee’s gross income under Section 409A, but not including any items excludable from the definition of compensation under Treasury Regulation Section 1.415(c)-2(d)(3). 


 

	 	(b)	Post-Severance. For purposes of Sections 2.30 and 4.7(a), for any Employee, after such Employee has separated from service with the Company:


  

	 	(i)	 Payments Made Within
2 1/2 Months from Separation from Service. Amounts described in paragraph (a) above, that are paid (1) within two and one half months of the Employee’s separation from service or (2) at the end of the limitation year that
included the Employee’s date of separation from service; 


  

	 	(ii)	Regular Wages Pages After Separation from Service. Payments of regular compensation for services during an Employee’s regular working hours, or compensation
for services outside of an Employee’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments that would have been paid to the employee prior to a severance from employment if such
Employee had continued to be employed by the Company; 

  

	 	(iii)	Leave Cashouts and Deferred Compensation. Payments for unused accrued bona fide sick, vacation, or other leave, but only if an Employee would have been able to
use the leave if such Employee had continued to be employed by the Company or amounts received by an Employee pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment would have been paid to such Employee at the same
time if such Employee had continued to be employed by the Company and only to the extent such amount is includible in such Employee’s gross income; 

  

	 	(iv)	 Salary Continuation Payments for Military Service and Disabled Participants. Payments to a Participant who is no longer an Employee because of
qualified military service (as defined in Section 414(u)(l) of the Code) or permanent and total disability (as defined in Section 22(e)(3) of 



  
 4 









	 	 
the Code) that are not in excess of the amounts such Participant would have received if such Participant had continued to be employed by the Company. 



For all other purposes under the Plan, for any Employee, the Employee’s total compensation which is reportable as income subject to
federal income tax withholding paid to the Employee during the Plan Year or which would have been so paid if not deferred by the Employee’s election under Section 4.3 or under any cafeteria plan maintained by the Company. 

Consistent with Section 401(a)(17) of the Code, the Compensation of each Participant for any Plan Year shall be limited to $200,000
(as adjusted from time to time by the Secretary of the Treasury or his delegate). 
 2.12 “Continuous
Employment” means the aggregate regular and customary employment by the Company for a period of one or more complete Plan Years, including periods of Approved Leave, and shall include all complete Plan Years of employment whether continuous
or interrupted. If an Employee is absent solely because of sickness or disability, he shall be deemed an eligible Employee continuously employed during such period as the Company continues him on its payroll, but he shall not be deemed an eligible
Employee or continuously employed during such absence after such period unless absent on Approved Leave. On and after April 1, 1969 continuous employment by the Company shall for purposes of the Plan include all continuous employment, as
defined above, by Brookside AIL Corporation (formerly American Industrial Linings, Inc.). Effective January 1, 1999 continuous employment by the Company shall for purposes of the Plan include all continuous employment, as defined above, by
MacDermid Imaging prior to January 1, 1999. Effective October 1, 1999, continuous employment by the Company shall for purposes of the Plan include all continuous employment, as defined above, by Gumm prior to October 1, 1999.
Effective January 1, 2000, continuous employment by the Company shall for purposes of the Plan include all continuous employment, as defined above, by W. Canning prior to January 1, 2000. Effective February 1, 2000, continuous
employment by the Company shall for purposes of the Plan include all continuous employment, as defined above, by PTI prior to February 1, 2000. Effective January 1, 2003, continuous employment by the Company shall for purposes of the Plan
include all continuous employment, as defined above, by MEI prior to January 1, 2003. Effective January 1, 2006, continuous employment by the Company shall for purposes of the Plan include all continuous employment, as defined above, by
Autotype prior to January 1, 2006. 
 2.13 “Credited Service” means, with respect to any person, the
number of Plan Years during each of which such person has completed at least 1,000 Hours of Service; provided, however, that; 
  

	 	(a)	 Notwithstanding anything in this Section 2.12 to the contrary, for any Participant, the Participant’s last period of Continuous Employment
with the Company prior to April 1, 1976 shall be counted as Credited Service. The partial year beginning a Participant’s such last period of Continuous Employment shall be deemed to be one full year of Credited Service if (i) for Plan
Years commencing prior to January 1, 2002, such partial year began on or before October 31, or (ii) for Plan 



  
 5 









	 	 
Years commencing on or after January 1, 2002, such partial year began on or before July 31. 



 

	 	(b)	In the case of any person who does not have any nonforfeitable right to a benefit derived from Company contributions, years of Credited Service prior to any Break in
Service shall not be taken into account if the number of consecutive One Year Breaks in Service is five or more. The aggregate number of years of Credited Service prior to such Break in Service shall be deemed not to include any years of Credited
Service not required to be taken into account under this Section by reason of any prior Break in Service. 

  

	 	(c)	Without limiting any other Plan provision, with respect to the Plan Year ending December 31, 2001, each Participant credited with an Hour of Service between
April 1, 2001 and December 31,2001 and who has not separated from covered service prior to January 1, 2002 shall be credited with a Year of Service for such Plan Year. 


2.14 “Early Retirement Age” means age 55. 
 2.15 “Effective Date” means, with respect to the restatement of the Plan set forth in this instrument, January 1, 2010. 

2.16 “Elective Contribution” each mean the contribution made to the Plan on behalf of a Participant under
Section 4.3(a). Prior to the elimination of the employee stock ownership feature of the Plan in 2007, the term “Elective Contribution” also included certain elective employee contributions on behalf of the Participant to such employee
stock ownership feature of the Plan. 
 2.17 “Elective Contribution Account” means an Elective Contribution
Account or Employer Special Share Account maintained for a Participant to record his Elective Contributions and adjustments thereto. “Elective Contribution Account” means the account maintained for a Participant to record his Elective
Contributions to Plan and adjustments thereto. “Employer Special Share Account” means the account maintained for a Participant to record his interest, if any, in New MacDermid Stock that was converted from stock previously held under the
elective deferral account of the Plan’s employee stock ownership plan feature in connection with the elimination of that feature prior to the Effective Date. 
 2.18 “Employee” means any person between whom and the Company or an Affiliated Company there exists the common law relationship of employee and employer and who is receiving remuneration
for personal services rendered to the Company or an Affiliated Company, as the case may be, including any person absent on Approved Leave and any person who is also an officer or director of the Company or an Affiliated Company, but excluding
(a) any officer or director not otherwise employed by the Company or an Affiliated Company, (b) any person who merely receives from the Company, an Affiliated Company or the Trust a retirement allowance or benefit, retainer or fee under
contract but who is not otherwise an employee, (c) any employee who, by virtue of a general bargaining obligation, agreement or good faith impasse between the Company or an Affiliated Company and a labor organization


  
 6 








 
which the Company or the Affiliated Company is legally obligated to recognize as such employee’s exclusive bargaining representative, is precluded from participation in the Plan and
(d) any person who is a nonresident alien and who receives no earned income from the Company or an Affiliated Company which constitutes income from sources within the United States (within the meaning of Section 861(a)(3) of the Code). Any
person who is a “leased employee,” within the meaning of Section 414(n) of the Code, and any person required to be considered an employee pursuant to regulations under Section 414(o) of the Code, shall be considered an employee
to the extent required under such Section; provided, that no such person shall be eligible to become a Participant until he is actually employed by the Company. 
 2.19 “Employee Profit Sharing Contribution” means the amount contributed by a Participant under the Plan pursuant to Section 4.2. 

2.20 “Employer Contribution” means the amount contributed by the Company under the Plan for each Plan Year pursuant to
Section 4.1. 
 2.21 “Employer Money Purchase Contribution” means the amount contributed by the Company on
behalf of certain former participants in the MEIMP Plan pursuant to Section 4.1. 
 2.22 “Employer Contribution
Account” means the account maintained for a Participant to record his share of the contributions of the Company under Section 4.1 and adjustments thereto. 
 2.23 “Employer Money Purchase Contribution Account” means the account maintained for a Participant to record his share of the Employer Money Purchase Contributions made by the Company
under Section 4.1 and adjustments thereto. 
 2.24 “Employer Special Share Account” means the account
maintained for a Participant to record his interest, if any, in New MacDermid Stock that was converted from stock previously held under the employer contribution account of the Plan’s employee stock ownership plan feature before the elimination
of that feature prior to the Effective Date. 
 2.25 “ERISA” means the Employee Retirement Income Security Act
of 1974, as amended from time to time. 
 2.26 “Fiduciary” means the Company, the Administrator and the
Trustee, but only with respect to the specific responsibilities of each with respect to the administration of the Plan and Trust Fund, as provided in Article X. 
 2.27 “Forfeiture” means the portion of a Participant’s Employer Contribution Account and Employer Money Purchase Contribution Account and Employer Special Share Account which is
forfeited because of termination of employment before full vesting. 
 2.28 “Gumm” means Canning Gumm, L.L.C.,
a Delaware limited liability company of which the Company is the sole member, and its predecessors. 
 2.29 “Gumm
Plan” means the Canning Gumm, Inc. 401(k) Plan. 

  
 7 








 2.30 “Highly Compensated Employee” means, effective April 1, 1997.

  

	 	(a)	For Plan Years beginning on or before January 1, 1996, an Employee who, during the Plan Year in question or the preceding Plan Year, 


 

	 	(i)	was at any time a five-percent owner (as defined in Section 416(i)(l) of the Code) of the Company, 


 

	 	(ii)	received Compensation in excess of $75,000, 

  

	 	(iii)	received Compensation in excess of $50,000 and was in the top-paid group of employees (as defined in Section 414(q) of the Code, based upon the exclusion of all
employees excludable under Section 414(q)(8)) for the Year, or 

  

	 	(iv)	was at any time an officer of the Company and received Compensation greater than 150 percent of the amount in effect under Section 415(b)(1)(A) of the Code for
such Year. 

 The $75,000 and $50,000 amounts in (ii) and (iii) above shall automatically be adjusted if
and to the extent the corresponding amounts in Section 414(q) of the Code are adjusted by the Secretary of the Treasury. No more than 50 Employees (or, if less, the greater of three Employees or 10 percent of all Employees) shall be treated as
officers for purposes of clause (iv) above. An individual who was not described in (i), (ii), (iii), or (iv) above during the preceding Plan Year shall be a Highly Compensated Employee during the current Plan Year only if he is described
in (i) above or is among the 100 Employees with the greatest Compensation for the current Plan Year. 
 If an Employee is
described in (i) above or is among the ten Employees with the greatest Compensation during the Plan Year, the Employee and any family members, as defined in Section 414(q)(6) of the Code, who are also Employees shall be treated as a single
Employee. 
  

	 	(b)	For Plan Years beginning on or after January 1, 1997, an Employee who (i) was a 5-percent owner, as defined in Section 416(i)(l) of the Code, of the
Company at any time during the Plan Year or the preceding Plan Year, or (ii) for the preceding Plan Year received Compensation from the Company in excess of $80,000 (adjusted as provided in Section 415(d) of the Code), and, if the Company
elects the operation of the remainder of this clause (ii), was in the top twenty percent of all Employees of the Company on the basis of Compensation for such preceding Plan Year. 


2.31 “Hours of Service” means for any Employee during any period of time: 

 

	 	(a)	Each hour for which the Employee is directly or indirectly paid, or entitled to payment, for the performance of duties for the Company or an Affiliated Company, each
such hour to be credited to the Employee for the computation period in which such duties were performed. 


  
 8 









	 	(b)	(i) Each hour for which the Employee is directly or indirectly paid, or entitled to payment, on account of any of the following periods during which no duties are
performed; provided, however, that no more than 501 Hours of Service shall be credited under this paragraph (b) to any person on account of any single continuous period during which he performs no duties; and further
provided, that Hours of Service shall not be credited under this paragraph (b) for a payment which solely reimburses the Employee for medically related expenses incurred by the Employee, or which is made or due under a plan maintained
solely for the purpose of complying with applicable worker’s compensation, unemployment compensation or disability insurance laws: 

 (A) Periods of time during which the Employee has been excused from work by the Company or an Affiliated Company by reason of vacation, holiday, illness, incapacity (including disability), layoff or jury
duty; provided, that in the event that such person fails to return to work upon the expiration of the period for which he has been so excused, his employment shall be deemed to terminate upon such expiration; 

(B) Periods of Approved Leave authorized in writing by the Company; provided, that in the event the Employee fails
to return to the active employ of the Company or the Affiliated Company upon the expiration of the period of such Approved Leave his employment shall be deemed to terminate upon such expiration; 

 

	 	(ii)	          (A) In the case of a payment made or due which is calculated on the basis of units of time, the number of
Hours of Service to be credited shall be the number of regularly scheduled working hours included in the units of time on the basis of which the payment is calculated. Such hours shall be credited to the computation period in which the period during
which no duties are performed occurs, beginning with the first unit of time to which the payment relates. 

 (B) In the case of a payment made or due which is not calculated on the basis of units of time, the number of Hours of Service to be credited shall be equal to the amount of the payment divided by the
person’s most recent hourly rate of compensation before the period during which no duties are performed. For purposes of this subparagraph (b)(ii)(B), a person’s most recent hourly rate of compensation shall be (1) if his compensation
is determined on the basis of an hourly rate, his most recent hourly rate of compensation, (2) if his compensation is determined on the basis of a fixed rate for specified periods of time (other than hours), his most recent rate of compensation
for such specified period of time divided by the number of hours regularly scheduled 

  
 9 








 
for the performance of duties during such period of time, and (3) if his compensation is not determined on the basis of a fixed rate for specified periods of time, the lowest hourly rate of
compensation paid to employees in the same job classification as his, or if no employees in the same job classification have an hourly rate, the minimum wage as established from time to time under Section 6(a)(1) of the Fair Labor Standards Act
of 1938, as amended. Any hours to be credited under this subparagraph (b)(ii)(B) shall be credited to the computation period in which the period during which no duties are performed occurs, or if the period during which no duties are performed
extends beyond one computation period, shall be allocated between not more than the first two computation periods on any reasonable basis which is consistently applied with respect to all employees within the same job classification, reasonably
defined. 
  

	 	(iii)	Notwithstanding any of the foregoing provisions of this paragraph (b), a person is not required to be credited hereunder on account of a period during which no duties
are performed with a number of Hours of Service which is greater than the number of hours regularly scheduled for the performance of duties during such period. 


 

	 	(iv)	For purposes of this paragraph (b), in the case of a person without a regular work schedule, such person shall be deemed to have a 40 hour work week.


  

	 	(c)	To the extent not already credited under paragraph (a) or (b) of this Section, each hour for which back pay, irrespective of mitigation of damages, is either
awarded or agreed to by the Company or the Affiliated Company, each such hour being credited to the computation period to which such award or agreement pertains; provided, that crediting of Hours of Service under this paragraph (c) with
respect to periods described in paragraph (b) shall be subject to the limitations set forth in such paragraph (b). 

  

	 	(d)	To the extent not already described under paragraph (a), (b), or (c) of this Section, each hour as is determined by the Company to be credited for periods covered
by leaves of absence authorized by it or an Affiliated Company; provided, however, that all such determinations shall be uniform and applicable to all persons similarly situated. 


 

	 	(e)	 Solely for purposes of determining whether a Break in Service has occurred, with respect to a person who furnishes to the Administrator such
information as shall be reasonably required to establish that he is absent from work for maternity or paternity reasons, the number of Hours of Service which would normally have been credited to him during such absence but for such absence (or, if
the number of such Hours of Service cannot be determined, eight Hours of Service for each 



  
 10 










	 	 
day of such absence); provided, however, that no more than 501 Hours of Service shall be credited with respect to any such maternity or paternity absence.



 For purposes of this paragraph (e), an absence from work for maternity or paternity reasons
means an absence (i) by reason of the pregnancy of the Employee, (ii) by reason of the birth of a child of the Employee, (iii) by reason of the placement of a child with the Employee in connection with the adoption of such child by
such Employee, or (iv) for purposes of caring for such child for a period beginning immediately following such birth or placement. 
 Hours of Service credited in accordance with this paragraph (e) shall be credited for the computation period in which the absence begins, if necessary to prevent the Employee from incurring a Break
in Service in such period, or if not, in the computation period following the period in which the absence begins if necessary to prevent such a Break in Service in that period. 

 

	 	(f)	Effective December 12, 1994, to the extent not already credited under paragraph (a), (b), (c), (d), or (e) of this Section, each period of qualified military
service in the uniformed services (as defined for purposes of Section 414(u)(5) of the Code and the Uniformed Services Employment and Reemployment Rights Act of 1994 (“USERRA”)) served by an Employee shall be considered, upon
reemployment of the Employee by the Company under USERRA, for purposes of the Plan to be service with the Company. For benefit accrual purposes, each Participant who dies or becomes disabled within the meaning of Section 6.2 while performing
qualified military service, within the meaning of Section 414(u)(9) of the Code with respect to the Company shall be treated as if such Participant had resumed employment in accordance with the individual’s reemployment rights under
USERRA, on the day preceding death or disability (as the case may be) and terminated employment on the actual date of death or disability. All Participants performing qualified military service with respect to the Company who die or became disabled
as a result of performing qualified military service prior to reemployment by the Company shall be credited with service and benefits hereunder on reasonably equivalent terms. The amount of employee contributions and the amount of elective deferrals
of each Participant treated as reemployed under this paragraph (f) shall be determined on the basis of such Participant’s average actual employee contributions or elective deferrals for the lesser of (i) the 12-month period of service
with the Company immediately prior to qualified military service, or (ii) if service with the Company is less than such 12-month period, the actual length of continuous service with the Company. 


2.32 “Income” means the net gain or loss of the Trust Fund or of a separate investment fund within the Trust Fund, as
the case may be, from investments, as reflected by interest payments, dividends, realized and unrealized gains and losses on investments and expenses paid from the Trust Fund. In determining the Income of the Trust Fund or any separate fund for any
period, assets shall be valued on the basis of their fair market value. 

  
 11 









 2.33 “Investment Committee” means a committee appointed by the Board of
Directors pursuant to Section 10.1. 
 2.34 “Investment Manager” means an investment adviser registered
under the Investment Advisers Act of 1940, a bank as defined in that Act, or an insurance company qualified to manage, acquire or dispose of assets of the Plan under the laws of more than one State, which is appointed pursuant to Section 10.1
to manage, acquire or dispose of assets of the Plan. 
 2.35 “MacDermid Equipment or “MEI” means MacDermid
Equipment, Inc. 
 2.36 “MEI 401(k) Plan” means the MacDermid Equipment 401(k) Plan established by MacDermid
Equipment, Inc. effective April 1, 1999. 
 2.37 “MEI MP Plan” means the MacDermid Equipment, Inc. Money
Purchase Plan and Trust established by MacDermid Equipment, Inc. effective April 1, 1999. 
 2.38 “MacDermid
Imaging” means MacDermid Imaging Technology, Inc. 
 2.39 “MacDermid Imaging Plan” means the MacDermid
Imaging Technology, Inc. 401(k) and Profit Sharing Plan established by MacDermid Imaging effective January 1, 1996. 
 2.40
“New MacDermid Stock” means an irrevocable interest in a restricted investment in MacDermid, Incorporated that was converted, at a Participant’s election in 2007, from such Participant’s interest in his elective deferrals
and employer contributions in the terminated employer stock ownership plan feature of the Plan. 
 2.41 “Normal
Retirement Age” means age 60. 
 2.42 “Participant” means an Employee of the Company who has become a
Participant in the Plan in the manner set forth in Article III. 
 2.43 “Plan” means the MacDermid,
Incorporated Profit Sharing and Employee Savings Plan contained herein, as from time to time amended. 
 2.44 “Plan
Year” or “Limitation Year” means the 12-month period ending on December 31. 
 2.45 “Prior
ESOP” means the MacDermid, Incorporated Employee Stock Ownership Plan as in effect from time to time prior to April 1, 1996, 
 2.46 “Prior Plan” means the MacDermid, Incorporated Employees’ Profit Sharing Plan as in effect from time to time prior to April 1, 1996. 

2.47 “PTI” means Polyfibron Technologies, Inc., a corporation organized under the laws of the State of Delaware that
became a wholly-owned subsidiary of the Company effective generally as of December 29, 1999. 

  
 12 









 2.48 “PTI Plan” means the Polyfibron Technologies, Inc. Savings and
Investment Plan. 
 2.49 “PTI MP Plan” means the Polyfibron Technologies, Inc. Retirement Plan established by
PTI effective January 1, 1995. 
 2.50 “Transferred National Starch Employee” means any individual who
became an Employee of MacDermid, Incorporated pursuant to Section 6.1 of the Purchase and Sale Agreement dated September 29, 1997 by and among National Starch and Chemical Company and MacDermid, Incorporated. 

2.51 “Trustee” means, collectively, the trustee or trustees acting under the Trust Agreement. 

2.52 “Trust Agreement” means the agreement between the Company and the Trustee establishing the trust. 

2.53 “Trust Fund” means the principal and Income of the trust under the Trust Agreement. 

2.54 “Valuation Date” means June 30, September 30, December 31 and March 31 of each Plan
Year and such other dates as the Administrator may determine. 
 2.55 “W. Canning” means W. Canning L.P., a
wholly-owned subsidiary of the Company. 
 2.56 “W. Canning Plan” means the W. Canning, Inc. 401(k) Plan.

 The masculine gender, where appearing in the Plan, shall be deemed to include the feminine gender, and the singular shall
include the plural, unless the context indicates otherwise. The words “hereof”, “herein”, “hereunder” and other similar compounds of the word “here” shall mean and refer to the entire Plan, and not to any
particular provision or Section. 

  
 13 









 ARTICLE III 
 Participation and Service 
 3.1 Participation. 

Each individual who was a participant in the Plan on December 31, 2008 shall become a Participant in the Plan as of the Effective
Date; provided, that he is an Employee of the Company on such date. Each other Employee of the Company shall become a Participant in the Plan in accordance with the following: 

 

	 	(a)	For purposes of making Elective Contributions, an Employee shall become a Participant as of the later of (i) the first day of the calendar month next following the
date his employment with the Company begins and (ii) the date on which he files with the Administrator a salary reduction agreement in accordance with Section 4.3 to have Elective Contributions made to the Plan on his behalf. No such
Participant shall be entitled to an allocation of Employer Contributions, Employer Money Purchase Contributions or Forfeitures, or be permitted to make Employee Profit Sharing Contributions, until the requirements of paragraph (b) have been
satisfied, 

  

	 	(b)	For purposes of eligibility to receive a portion of an Employer Contribution in accordance with Sections 4.1 and 5.2, an Employee shall become a Participant in the Plan
(A) as of December 1 of the first Plan Year during which he is an Employee, provided, that his employment by the Company commences on or prior to July 1 of such Plan Year (or he is otherwise earns one year of Credited Service
during such Plan Year) and he is at least 18 years of age as of such December 1 date; or (B) as of December 1 of the second Plan Year during which he is an Employee, provided, that his employment with the Company commences
after July 1 of the first Plan Year during which he is an Employee and he is at least 18 years of age as of such December 1 date. In the event that an Employee is ineligible to become a Participant under the preceding sentence solely
because he is less than 18 years old, then he shall become a Participant in the Plan as of December 1 next following the date he attains 18 years of age (or, if earlier, the date that is six months after the date he attains 18 years of age)
provided that he is an Employee of the Company on such date. 

 3.2 Termination of Participating. A
Participant shall cease to be a Participant in the Plan on the first to occur of the following events: 
  

	 	(a)	His retirement at or after reaching Early Retirement Age or Normal Retirement Age in accordance with Section 6.1; 


 

	 	(b)	His retirement as the result of disability in accordance with Section 6.2; 


 

	 	(c)	His death; 


  
 14 










	 	(d)	His termination of employment with the Company for reasons other than retirement, disability or death; and 


 

	 	(e)	The termination of the Plan. 


3.3 Rejoining After Termination of Participation. Each Participant whose participation in the Plan terminates as a result of his
retirement, disability or termination of employment for reasons other than retirement, disability or death shall again become a Participant as of the first day of his reemployment as an Employee of the Company. 

3.4 Inactive Status. In the event that any Participant shall in any Plan Year accumulate 500 or more but less than 1,000 Hours of
Employment or be on Approved Leave and have accumulated less than 1,000 Hours of Employment, his Employer Contribution Account, Employer Money Purchase Contribution Account and Employer Special Share Account shall be placed on inactive status. In
such case, such Plan Year shall not be considered as a period of Credited Service for the purpose of determining the Participant’s vested interest in accordance with Section 6.4, and the Participant shall not share in the Employer
Contribution (except as otherwise provided in Section 5.2), Employer Money Purchase Contribution or in Forfeiture allocations for any such Year, but he shall continue to receive Income allocations with respect to his Accounts in accordance with
Section 5.5. For Plan Years commencing on or after January 1, 2003, such a Participant shall be eligible to make contributions pursuant to Sections 4.2 and 4.3. In the event such Participant accumulates 1,000 Hours of Service in a
subsequent Plan Year, his Employer Contribution Account, Employer Special Share Account and Employer Money Purchase Contribution Account shall be restored to active status with full rights and privileges under the Plan restored. 

  
 15 









 ARTICLE IV 
 Contributions 
 4.1 Employer Contributions. The Company shall pay
over to the Trust Fund for each Plan Year as an Employer Contribution under the Plan the amount, if any, determined by the Board of Directors in its sole discretion. 
 The Employer Contribution for each Plan Year shall be paid over to the Trustee by the Company not later than the time prescribed by law for filing its Federal income tax return, including any extensions
thereof, with respect to the Company’s fiscal year ending with, or within which ends, such Plan Year. 
 The Employer
Contribution shall be prorated between MacDermid, Incorporated and the Affiliated Companies participating in the Plan on the basis of the Compensation attributable to Participants who are Employees of each during the Plan Year and who are eligible
to receive a portion of such Contribution in accordance with Section 5.2. 
 On behalf of each Participant who, as of
December 31, 2002, was a participant in the MEI MP Plan and eligible to share in allocations of employer contributions to the MEI MP Plan, for each year of his or her participation in this Plan, the Company shall contribute and pay over to the
Trust Fund an amount equal to three (3%) percent of said Participant’s base wage or salary payments received for personal services actually rendered in the course of employment with the Company during the Plan Year for which such
contribution is made; provided that, for purposes of this sentence, base wage and salary payments shall not include commissions paid to sales personnel, compensation for services on the basis of a percentage of profits, reimbursements and
expense allowances or any other amounts that the Administrator determines on a reasonable and consistent basis to be other than base wage or salary payments; and provided further that, for purposes of this sentence, a Participant’s
year(s) of participation shall not include any Plan Year in which a Participant separates from service with the Company unless he or she is credited with more than 500 Hours of Service for such Plan Year or is an Employee on the last day of such
Plan Year. 
 4.2 Employee Profit Sharing Contributions. Effective January 1, 2002, each Participant may elect to
make Employee Profit Sharing Contributions on an “after-tax” basis under the Plan; provided, however, that such Contributions may not exceed three percent (3%) of the Participant’s Compensation for the Plan Year,
less any voluntary contributions made by the Employee under any other qualified plan of the Company or an Affiliated Company; and provided further, that effective January 1, 2006 in no event may a Participant elect to contribute any
percentage to the Plan under this Section 4.2 which when combined with all Elective Contributions made with respect to the same Limitation Year, exceeds eighty percent (80%) of the Participant’s Compensation. Employee Profit Sharing
Contributions may be made by means of payroll deduction in an amount equal to the percentage of Compensation designated by the Participant. A Participant may also make Employee Profit Sharing Contributions by means of direct payments to the Company
which is his employer. A Participant may terminate such Contributions at any time, and may elect to increase or decrease the amount of Employee Profit 

  
 16 









 
Sharing Contributions at such time and subject to such notice and timing requirements as the Administrator shall determine. 

The aggregate amount of all Employee Profit Sharing Contributions deducted by or paid to the Company in any month shall be promptly paid
over to the Trust Fund by the Company as soon as such amounts can reasonably be segregated from the assets of the Company, in accordance with applicable Department of Labor regulations. 

Employee Profit Sharing Contributions shall be fully vested and nonforfeitable at all times. The Administrator shall prescribe rules as
to the time and manner of making Employee Profit Sharing Contributions, including any minimum payroll deduction which may be elected per payroll period and the effective date of any such election, and shall provide appropriate forms to be used in
making Employee Profit Sharing Contributions and elections in connection therewith. Elections by Participants pursuant to this Section 4.2 shall be made in writing in accordance with such rules as may be prescribed by the Administrator.

 4.3 Elective Contributions. 
  

	 	(a)	Elective Contributions to Plan. Effective January 1, 2006, a Participant may elect in writing by a salary reduction agreement with the Company to have the
Company contribute to the Plan on his behalf any percentage, up to a maximum of eighty percent (80%), of his Compensation payable thereafter while he is a Participant in the Plan. 


A Participant may from time to time change such percentage by entering into a new salary reduction agreement or may at any time
voluntarily suspend any Elective Contributions on his behalf by revoking any salary reduction agreement then in effect for him; provided, however, that a Participant who suspends his Elective Contributions may resume such contributions
in accordance with Plan procedures. 
  

	 	(b)	Elective Contributions to ESOP. In connection with the elimination of the employer stock ownership feature of the Plan in 2007, elective Participant
contributions to such feature ceased and are no longer permitted. 

  

	 	(c)	Salary Reduction Agreement, Etc. A salary reduction agreement entered into by a Participant in accordance with this Section 4.3 shall be applied to reduce
his Compensation otherwise payable by the Company for each full pay period after the effective date of such salary reduction agreement until revoked or changed. Any such salary reduction agreement: 


 

	 	(i)	shall be effective as of the first day of the calendar month next following its execution or as of such other date subsequent to its execution as may be approved by the
Administrator, and 

  

	 	(ii)	 shall remain in effect unless and until (A) revoked by the Participant by written notice to the Administrator, such revocation being effective as
of the first full pay period next following receipt by the Administrator of 



  
 17 










	 	 
such notice or as of such other date subsequent to the receipt of such notice as may be approved by the Administrator, or (B) superseded by a subsequent salary reduction agreement entered
into in accordance with the provisions of this Section. 


 Elective Contributions shall be paid over to the
Trust Fund by the Company as soon as such amounts can reasonably be segregated from the assets of the Company, in accordance with applicable Department of Labor regulations. To the extent required by Treasury Regulation
Section 1.401(k)-l(a)(3)(iii), Elective Contributions made by a Participant shall not be paid over to the Trust Fund before the Participant’s performance of services with respect to which the contributions are made (or when the cash or
other taxable benefit would be currently available, if earlier); provided, however, that the timing of contributions will not be treated as failing to satisfy this sentence merely because contributions for a pay period are occasionally
made before the services with respect to that pay period are performed, if the contributions are made early in order to accommodate bona fide administrative considerations within the meaning of Treasury Regulation
Section 1.401(k)-l(a)(3)(iii)(C) and are not paid early with a principal purpose of accelerating deductions. 
 Elective
Contributions shall be fully vested and nonforfeitable at all times. The Administrator shall prescribe such rules as he deems necessary or appropriate as to the form and manner in which elections and salary reduction agreements pursuant to this
Section 4.3 are to be made. Elections and agreements shall be made in writing in accordance with such rules as may be prescribed by the Administrator. 
  

	 	(d)	All Participants who are eligible to make Elective Contributions under this Plan and who have attained age 50 before the close of the Plan Year shall be eligible to
make ‘catch-up contributions’ in accordance with, and subject to the limitations of Section 414(v) of the Code. Such catch-up contributions shall not be taken into account for purposes of the provisions of the Plan implementing the
required limitations of Sections 402(g) and 415 of the Code. The Plan shall not be treated as failing to satisfy the provisions of the Plan implementing the requirements of Sections 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as
applicable, by reason of the making of such catch-up contributions. 

 4.4 Employee ESOP Contributions. In
connection with the elimination of the employer stock ownership feature of the Plan in 2007, elective Participant contributions to such feature on an “after-tax” basis ceased and are no longer permitted. 

4.5 Employer ESOP Contributions. In connection with the elimination of the employer stock ownership feature of the Plan in 2007,
Company contributions to such feature ceased and the Company shall no longer make contributions to such feature. 
 4.6 Cash
Distributions. Each Participant entitled to a share of an Employer Contribution for any Plan Year made under Section 4.1 may elect, in lieu of having his entire 

  
 18 









 
share of such Contribution paid to the Trust Fund and applied for his benefit, to receive a Cash Distribution from the Company which is his employer, in an amount equal to 33 1/3 percent of his vested share (to the extent such share does not
exceed five percent of his Compensation) of his portion of the Employer Contribution for the Plan Year. Such election must be made by submitting to the Administrator, not later than December 1 of the Plan Year for which the Contribution is to
be made, a completed form as prescribed by the Administrator. An election to receive a Cash Distribution for any Plan Year is irrevocable. A new election must be filed for each Plan Year in order to receive a Cash Distribution with respect to each
such Plan Year. 
 That portion of the Employer Contribution allocated to a Participant which may be distributed in cash
pursuant to this Section shall be fully vested and nonforfeitable at all times, In the event of the death of the Participant before payment of any elected Cash Distribution, such payment shall be made in accordance with Section 6.3. 

4.7 Limitations on Allocations to Participants. 
  

	 	(a)	Limitations on Annual Additions Under Code Section 415. Notwithstanding any other provision of the Plan, the total Annual Additions (within the meaning of
Section 415(c)(2) of the Code) made to a Participant’s Accounts hereunder for any Limitation Year, when added to the Annual Additions to his accounts for such Year under all other defined contribution Plans maintained by the Company and
the Affiliated Companies, shall not exceed the amount permitted under Section 415 of the Code. For Plan Years beginning before January 1, 2000, in the case of a Participant who also participates in a defined benefit plan maintained by the
Company or an Affiliated Company, the Annual Addition for a limitation year will, if necessary, be further limited so that the sum of the Participant’s “defined contribution fraction” (as determined under Section 415(e) of the
Code and Treasury Regulations thereunder) and his “defined benefit plan fraction” (as so determined) for such Limitation Year does not exceed 1.0. To the extent necessary to satisfy the limitations of Section 415 of the Code for any
Participant, the Annual Addition which would otherwise be made with respect to the Participant under the Plan shall be reduced only after the Participant’s benefit is reduced under any defined benefit plan. 


Except as permitted by the provisions of the Plan concerning catch-up contributions (within the meaning of
Section 4.3(d)) and Section 414(v) of the Code, the Annual Addition that may be contributed or allocated to a Participant’s Accounts under the Plan for any Limitation Year shall not exceed the lesser of: (i) $49,000, as adjusted
for increases in the cost-of-living under Section 415(d) of the Code; or (ii) 100 percent of the Participant’s Compensation within the meaning of Section 415(c)(3) of the Code, for the Limitation Year (provided, that the
Compensation limit referred to in this subsection (ii) shall not apply to any contribution for medical benefits after separation from service (within the meaning of Section 401(h) or 419A(f)(2) of the Code) which is otherwise treated as an
Annual Addition.) 

  
 19 









 Except as permitted by the provisions of the Plan concerning catch-up
contributions (within the meaning of Section 4.3(d)) and Section 414(v) of the Code, the Annual Addition that may be contributed or allocated to a Participant’s Accounts under the Plan for any Limitation Year shall not exceed the
lesser of: (i) $40,000, as adjusted for increases in the cost-of-living under Section 415(d) of the Code; or (ii) 100 percent of the Participant’s Compensation within the meaning of Section 415(c)(3) of the Code, for the
Limitation Year provided, that the Compensation limit referred to in this subsection (ii) shall not apply to any contribution for medical benefits after separation from service (within the meaning of Section 401(h) or 419A(f)(2) of
the Code) which is otherwise treated as an Annual Addition.) 
 In the event that the amounts otherwise allocable
hereunder to the Accounts of any Participant for any Plan Year would be in excess of the limitations provided in this Section 4.7(a), such excess shall be disposed of in the following order: 

 

	 	(i)	First, any voluntary Employee Profit Sharing Contributions to the Plan, to the extent that their return would reduce such excess, shall be forthwith returned to the
Participant. 

  

	 	(ii)	Second, to the extent such excess is attributable to Employer Contributions under the Plan for the Plan Year, such excess shall be reallocated among other eligible
Participants in accordance with Section 5.2. 

  

	 	(iii)	Third, to the extent such excess is attributable to Forfeitures under the Plan, such excess shall be reallocated among other eligible Participants in accordance with
Section 5.6. 

  

	 	(iv)	Fourth, such excess shall otherwise be held in a suspense account and used to reduce the Employer Contribution or Employer Money Purchase Contribution for the following
Plan Year and each succeeding Plan Year if necessary; provided, however, that no such suspense account shall participate in the allocation of the investment earnings, gains or losses under the Plan. 


 

	 	(b)	Annual Addition. “Annual Addition” means all amounts contributed to the Plan by the Company or by a Participant except, 


 

	 	(i)	Rollover contributions (as described in Sections 401(a)(31), 402(c)(1), 403(a)(4), 403(b)(8), 408(d)(3), and 457(e)(16) of the Code); 


 

	 	(ii)	Repayments of loans made to a Participant from the Plan; 

  

	 	(iii)	Repayments of amounts described in Section 411(a)(7)(B) of the Code (in accordance with Section 411(a)(7)(C)) and 411(a)(3)(D) of the Code);



  
 20 










	 	(iv)	Employee contributions to a cost of living arrangement within the meaning of Section 415(k)(2)(B) of the Code; and 


 

	 	(v)	Restorative payments made to the plan as a result of a breach of fiduciary duty that creates a reasonable risk of liability to the Plan as described in Treas. Reg.
1.415(c)-1(b)(2)(C). 

  

	 	(c)	Nondiscrimination Provisions Under Code Section 401(k)(3). 

  

	 	(i)	Notwithstanding any other provision of the Plan, the Plan shall at all times meet the applicable requirements of Section 401(k)(3) of the Code and Treasury
Regulations thereunder, which are incorporated herein by reference. 

 Without limiting the foregoing, each
cash-or-deferred arrangement within the meaning of Section 401(k)(2) of the Code maintained under the Plan shall satisfy the actual deferral percentage test of Section 401(k)(3) of the Code and Treasury Regulation Section 1.401(k)-2,
as described in Treasury Regulation Section 1.401(k)-l(b)(l)(ii)(A), and the provisions of said Section 401(k)(3) of the Code and Treasury Regulation Section 1.401(k)-2 are incorporated herein by reference in accordance with Treasury
Regulation Section 1.401(k)-l(e)(7). For the purpose of such test, the current year testing method, within the meaning of Treasury Regulation Section 1.401(k)-2(a)(2)(ii), shall be used for Plan Years commencing on or after January 1,
2006. 
  

	 	(ii)	Correction of Excess Contributions. If the Elective Contributions made on behalf of Plan Participants, when added to that portion of the Employer Contribution
which may be distributed in cash under Section 4.6, would cause the Plan to fail the nondiscrimination tests under Section 401(k)(3) of the Code, then any excess contributions and any allocable income or loss shall be distributed to the
affected Participants no later than 12 months after the close of the Plan Year in which the excess contribution was made. 

 Distributions pursuant to this Section 4.7(c)(ii) shall be made in accordance with the requirements of Treasury Regulation Section 1.401(k)-2(b)(2), which are incorporated herein by reference.
Without limiting the foregoing, income allocable to excess contributions for the Plan Year with respect to which such contributions were made and for the gap period, i.e., the period after the close of such Plan Year and prior to the
distribution, shall be determined in accordance with Treasury Regulation Section 1.401(k)-2(b)(2)(iv). Except as otherwise provided in Treasury Regulation Sections 1.401(k)-2(b)(2)(v) and 1.401(k)-2(b)(4)(i), a distribution of excess
contributions shall be in addition to any other distributions made during the year and shall be designated as a corrective distribution by the Company. In the event of a complete termination of


  
 21 









 
the Plan during the Plan Year in which an excess contribution arose, the corrective distribution shall be made as soon as administratively feasible after the date of termination of the Plan, but
in no event later than 12 months after the date of termination. If the entire account balance of a Highly Compensated Employee is distributed prior to when the Plan makes a distribution of excess contributions, the distribution shall be deemed to
have been a corrective distribution of excess contributions (and income) to the extent that a corrective distribution would otherwise have been required, subject to Treasury Regulation Section 1.401(k)-2(b)(2). 

Any excess contributions to be distributed shall be reduced by excess deferrals previously distributed under Section 4.7(e). For
purposes of this subsection (c), the amount of excess contributions for a Plan Year for a Participant who is a Highly Compensated Employee is the amount (if any) by which such Participant’s Elective Contributions must be reduced for the
Participant’s actual deferral ratio to equal the highest permitted actual deferral ratio under the Plan, as determined in accordance with applicable Treasury regulations, including Treasury Regulation 1.401(k)-l(f)(2). 

Effective April 1, 1997, if a distribution becomes necessary, it will be first applied to the Participant who is the
Highly Compensated Employee having the highest actual deferral amount, determined under Section 401(k)(3) of the Code and applicable regulations, until the requirements of Section 401(k)(3) are met or until such Participant’s actual
deferral amount is reduced to the same amount as that of the Participant who is the Highly Compensated Employee having the next highest actual deferral amount. If further limitations are required, the process shall be repeated until the requirements
of Section 401(k)(3) are met. 
 The Administrator shall maintain such records as are necessary to
demonstrate compliance with the requirements of Section 401(k)(3) of the Code. 
  

	 	(d)	Nondiscrimination Provisions Under Code Section 401(m)(2). 

  

	 	(i)	Notwithstanding any other provision of the Plan, the Plan shall at all times meet the applicable requirements under Section 401(m)(2) of the Code and Treasury
Regulations thereunder, which are incorporated herein by reference. 

 Without limiting the foregoing, the amount
of matching contributions and employee contributions, within the meaning of Treasury Regulation Sections 1.401(m)-l(a)(2) and 1.401(m)-l(a)(3), respectively, to the Plan for a Plan Year shall satisfy the requirements of the nondiscrimination test of
Section 401 (m) of the Code under Treasury Regulation Section 1.401(m)-l(b)(l)(A), and the provisions of said Section 401(m) of the Code 

  
 22 









 
and Treasury Regulation Section 1.401(m)-l(b) are incorporated herein by reference in accordance with Treasury Regulation Section 1.401(m)-l(c)(2). For the purpose of such test, the
current year testing method, within the meaning of Treasury Regulation Section 1.401(m)-2(a)(2)(ii), shall be used for Plan Years commencing on or after January 1, 2004. 

 

	 	(ii)	Correction of Excess Aggregate Contributions, If the Employee Profit Sharing Contributions made on behalf of Plan Participants would cause the Plan to fail the
nondiscrimination tests under Section 401(m)(2) of the Code, then any excess aggregate contributions and any allocable income shall be returned to the affected Participants no later than 12 months after the close of the Plan Year in which the
excess aggregate contribution was made. 

 Distributions pursuant to this Section 4.7(d)(ii) shall be made in
accordance with the requirements of Treasury Regulation Section 1.401(m)-2(b)(2), which are incorporated herein by reference. Without limiting the foregoing, income allocable to excess aggregate contributions for the Plan Year with respect to
which such contributions were made and for the gap period, i.e., the period after the close of such Plan Year and prior to the distribution, shall be determined in accordance with Treasury Regulation Section 1.401(m)-2(b)(2)(iv). Except
as otherwise provided in Treasury Regulation Section 1.401(m)-2(b)(2)(v), a distribution of excess aggregate contributions shall be in addition to any other distributions made during the year and shall be designated as a corrective distribution
by the Company. In the event of a complete termination of the Plan during the Plan Year in which an excess aggregate contribution arose, the corrective distribution shall be made as soon as administratively feasible after the date of termination of
the Plan, but in no event later than 12 months after the date of termination. If the entire account balance of a Highly Compensated Employee is distributed prior to when the Plan makes a distribution of excess aggregate contributions, the
distribution shall be deemed to have been a corrective distribution of excess aggregate contributions (and income) to the extent that a corrective distribution would otherwise have been required, subject to Treasury Regulation
Section 1.401(m)-2(b)(2). 
 For purposes of this subsection (d), the amount of excess aggregate contributions for a
Participant who is a Highly Compensated Employee for a Plan Year is the amount (if any) by which the Participant’s Elective Contributions must be reduced for the Participant’s actual contribution ratio to equal the highest permitted actual
contribution ratio under the Plan, as determined in accordance with applicable Treasury regulations, including Treasury Regulation 1.401(m)-l(e)(2). Except as otherwise provided in such regulations, to calculate the highest permitted actual
contribution ratio under the Plan, the actual contribution ratio of the Highly Compensated Employee with the highest actual contribution ratio 

  
 23 









 
is reduced by the amount required to cause the employee’s actual contribution ratio to equal the ratio of the Highly Compensated Employee with the next highest actual contribution ratio. If
a lesser reduction would enable the arrangement to satisfy the actual contribution percentage test imposed under Section 401(m) of the Code, only this lesser reduction shall be made. This process shall be repeated until the Plan satisfies the
actual contribution percentage test. The highest actual contribution ratio remaining under the Plan after leveling is the highest permitted actual contribution ratio. 
 Effective April 1, 1997, if a distribution become necessary, it will be first applied to the Participant who is the Highly Compensated Employee with the highest actual contribution amount, determined
under Section 401(m)(2) of the Code and applicable regulations, until the requirements of Section 401(m)(2) of the Code are met or until such Participant’s actual contribution amount is reduced to the same percentage level as that of
the Participant who is the Highly Compensated Employee having the next highest actual contribution amount. If further limitations are required, this process shall be repeated until the requirements of Section 401(m)(2) of the Code are met. A
Participant’s excess aggregate contributions will be designated by the Company as a distribution of excess aggregate contributions. 
 The Administrator shall maintain such records as are necessary to demonstrate compliance with the requirements of Section 401(m)(2) of the Code. 

 

	 	(iii)	The multiple use test described in Treasury Regulation Section 1.401(m)~ 2 shall not apply for Plan Years beginning after December 31, 2001.


  

	 	(e)	Limitation of Code Section 402(g). 

  

	 	(i)	Elective Contributions made on behalf of a Participant, when added to that portion of the Employer Contribution which may be distributed in cash under Section 4.6
and to the Participant’s elective deferrals (within the meaning of Section 402(g)(3) of the Code) under all plans, contracts or arrangements maintained by the Company or an Affiliated Company shall not exceed the limitation of
Section 402(g) of the Code (as from time to time adjusted by the Secretary of the Treasury), except to the extent permitted under Section 4.3(d) and Section 414(v) of the Code. 


 

	 	(ii)	 Correction of Excess Deferrals. Notwithstanding any other provision of the Plan, if prior to March 1 following the close of a
Participant’s taxable year, the Participant notifies the Plan that he requests a return of that portion of his prior Plan Year’s Elective Contributions which exceeds the limit of Section 402(g) of the Code (and any income allocable to
such amount) the Plan may (but is not required to) return such excess amount 



  
 24 










	 	 
with income allocable thereto not later than the April 15 following (he end of the Participant’s taxable year. The Participant’s request will be limited solely to Elective
Contributions deemed made in the immediately prior taxable year. No distribution of an excess deferral shall be made during the taxable year of a Participant in which the excess deferral was made unless the correcting distribution is made after the
date on which the Plan received the excess deferral and both the Participant and the Plan designate the distribution as a distribution of an excess deferral. The Administrator shall establish such rules as it deems necessary to carry out the effect
of this provision. 


 4.8 Limit on Contributions of Company. The sum of the contributions by the
Company shall in no event be greater than the amount which is deductible under Section 404 of the Code. All Company contributions are hereby conditioned on their deductibility under Section 404 of the Code. 

4.9 Limited Return of Contributions. Notwithstanding any other provision of the Plan, any contribution which was made by the
Company under a mistake of fact or which was conditioned on the deductibility of the contribution under Section 404 of the Code, but the deduction of which is disallowed or treated as disallowed, shall upon request of the Company be returned to
it within one year following the payment of such contribution or the disallowance of such deduction (to the extent disallowed), whichever is applicable. 
 4.10 Certain Transfers. Amounts representing the balance to the credit of each participant in the MacDermid imaging Plan who becomes a Participant as of January 1, 1999 shall be transferred to
the Plan and each such amount shall be held in one or more separate individual accounts created by the Plan Administrator in accordance with Article V of the Plan for the benefit of the affected Participant. Amounts representing the balance to the
credit of each participant in the Gumm Plan who becomes a Participant as of October 1, 1999 shall be transferred to the Plan and each such amount shall be held in one or more separate individual accounts created by the Plan and Administrator in
accordance with Article V of the Plan for the benefit of the affected Participant. Amounts representing the balance to the credit of each participant in the W. Canning Plan who becomes a Participant as of January 1, 2000 shall be transferred to
the Plan and each such amount shall be held in one or more separate individual accounts created by the Plan and Administrator in accordance with Article V of the Plan for the benefit of the affected Participant. Amounts representing the balance to
the credit of each participant in the PTI Plan who becomes a Participant as of February 1, 2000 shall be transferred to the Plan and each such amount shall be held in one or more separate individual accounts created by the Plan and
Administrator in accordance with Article V of the Plan for the benefit of the affected Participant. Amounts representing the balance to the credit of each participant in the MEI 401(k) Plan, the MEI MP Plan and/or the PTI MP Plan who becomes a
Participant as of January 1, 2003, shall be transferred to the Plan and each such amount shall be held in one or more separate individual accounts credited by the Plan and Administrator in accordance with Article V of the Plan for the benefit
of the affected Participant. Amounts representing the balance to the credit of each participant in the Autotype 401(k) Plan who becomes a Participant as of January 1, 2006, shall be transferred to the Plan and each such amount shall be held in
one or more separate individual accounts credited by the Plan and Administrator in accordance with 

  
 25 









 
Article V of the Plan for the benefit of the affected Participant. Optional forms of benefit, if any, with respect to such amounts shall continue to be available under the Plan to the extent
required by Section 411(d)(6) of the Code. 

  
 26 









 ARTICLE V 
 Allocations to Participants’ Accounts 
 5.1 Individual
Accounts. The Administrator shall create and maintain, or cause to be created and maintained, adequate records to disclose the interest in the Trust Fund of each Participant, former Participant and beneficiary. Such records shall be in the form
of individual accounts and shall reflect the amount invested in each of the separate investment funds available from time to time under the Plan, or in New MacDermid Stock under the Employer Special Share Account, and credits and charges shall be
made to such accounts in the manner herein described. A Participant shall have up to five separate accounts, an Employer Contribution Account, an Employer Money Purchase Contribution Account, an Employee Profit Sharing Contribution Account, an
Elective Contribution Account, and an Employer Special Share Account, and such other accounts as the Administrator may deem appropriate. The maintenance of individual accounts is for accounting purposes, and a segregation of the assets of the Trust
Fund shall not be required. 
 5.2 Computation and Allocation of Employer Contributions. As of December 31 of each
year, there shall be allocated to the Employer Contribution Account of each person who was a Participant on the last day of the Plan Year, including a Participant who terminated employment on such date, or who ceased employment for reasons of
retirement, disability or death during the Plan Year an undivided proportionate interest in the Employer Contribution, if any, made by the Company for such Plan Year. The amount allocated to each such Participant shall be an amount which bears the
same ratio to the total Employer Contribution as the Participant’s Compensation for such Year bears to the total Compensation for all such Participants for such Year. 
 5.3 Allocation of Employee Profit Sharing. Each Participant’s Employee Profit Sharing Contributions, if any, made pursuant to Section 4.2 shall be allocated to such Participant’s
Employee Profit Sharing Contribution Account for each biweekly or monthly payroll date. 
 5.4 Allocation of Elective
Contributions. A Participant’s Elective Contributions, if any, made pursuant to Section 4.3(a) shall be allocated to his Elective Contribution Account for each biweekly or monthly payroll date. 

5.5 Allocation of Income and Dividends. 
  

	 	(a)	With respect to amounts invested in the separate investment funds available under the Plan, the Income of each separate investment fund of the Trust Fund during each
Plan Year shall be allocated as received among the Participants (including, for purposes of this Section 5.5, a former Participant) in each separate investment fund. 


There shall be allocated to each Participant an undivided proportionate interest in such Income, the amount of which shall bear the same
ratio to the total of such Income as the ratio which the market value of such Participant’s interest in the 

  
 27 









 
separate investment fund bears to the aggregate market value of all Participants’ interests in such separate investment fund. 

 

	 	(b)	All other Income of the Trust Fund during each calendar quarter shall be allocated as received among the Participant Accounts to which investments with respect to such
Income are allocated as of the close of such quarter, excluding for this purpose any New MacDermid Stock allocated to such Accounts, 

 5.6 Forfeitures. If upon termination of employment a Participant’s vested interest in his Employer Contribution Account, Employer Money Purchase Contribution Account or Employer Special Share
Account is less than 100 percent, then as of the Valuation Date next following or coinciding with his termination such Account shall be made to reflect two separate portions, one representing his vested percentage and the other his forfeiture
percentage. The forfeiture percentage, if any, of each separate investment fund (other than the Employer Special Share Account) shall be held in such fund or partially or totally transferred from time to time to any other separate investment fund as
the Investment Committee shall in its sole discretion determine until it is applied in accordance with the provisions of this Section 5.6. As of the last day of the Plan Year in which the terminated Participant incurs a One-Year Break in
Service, or, if earlier, on the last day of the Plan Year in which distribution to such Participant of his benefits is made as provided in Section 6.8, the terminated Participant’s previous Employer Contribution Account, Employer Money
Purchase Contribution Account or Employer Special Share Account, as the case may be, shall be closed and his forfeiture percentage shall be applied to reduce the Employer Contribution or Employer Money Purchase Contribution for the next Plan Year;
provided, that if the benefit of any Participant is to be restored in accordance with Section 6.11, Forfeitures for the current Plan Year shall first be applied for such purpose. If the terminated Participant returns to the employ of the
Company or an Affiliated Company before he has incurred five consecutive One-Year Breaks in Service, then, subject to Sections 6.9 and 6.11, the amount of the forfeiture percentage maintained in his previous Employer Contribution Account and
Employer Money Purchase Contribution Account in each of the separate investment funds shall upon reparticipation be credited to such funds in his new Employer Contribution Account and Employer Money Purchase Contribution Account, and the amount of
the forfeiture percentage in his previous Employer Special Share Account shall be credited to his new Employer Contribution Account, together with the amount of a distribution repaid by the Participant, if any, pursuant to Section 6.11.

 5.7 Account Value. The value of the interest of any Participant in the Trust Fund at any time prior to his retirement
date or termination date shall be the market value, as determined by the Trustee, of his interest at the next preceding Valuation Date, plus Employee Profit Sharing Contributions, Elective Contributions and rollover or transferred amounts, if any,
and less withdrawals or other distributions, if any, made subsequent thereto, and on and after the date of his retirement, disability, death or other termination of employment shall be the value of his Employee Profit Sharing Contribution Account,
Elective Contribution Account, and any rollover or transfer account, and the vested portion of his Employer Contribution Account, Employer Money Purchase Contribution Account and Employer Special Share Account as of the Valuation Date coinciding
with the date of distribution. 

  
 28 









 Notwithstanding anything herein to the contrary, the value of any portion of a distribution of any benefit
of a Participant that is invested in New MacDermid Stock shall be determined as of the date of distribution. 
 5.8
Investment Options Under Plan. Subject to the limitations hereinafter set forth and to such further rules as may be prescribed by the Administrator, including any rules as to the minimum amount of any Employer Contributions, Employee Profit
Sharing Contributions or Elective Contributions which may be so invested, a Participant may give instructions or changes of instructions to the Administrator to invest (a) Employer Contributions allocated to his Employer Contribution Account in
an amount equal to not more than five percent of his Compensation, (b) Employee Profit Sharing Contributions and Elective Contributions made to the Plan on his behalf, and (c) amounts rolled over or transferred to the Plan in one or more
of the following separate investment funds within the Trust Fund as the Participant shall designate. An election pursuant to this Section 5.8 shall become effective, and shall be reflected, as soon as is administratively feasible. An election,
once made, may be changed by a Participant not more often than twice in any Plan Year, unless the Administrator permits such changes to be made more frequently. An election filed pursuant to this Section 5.8 shall remain in effect until changed
by the Participant by the filing of a subsequent election in accordance with the foregoing provisions of this Section 5.8. 

The separate investment funds maintained within the Trust Fund shall consist of such investment funds as are specified on Schedule A
attached hereto and made a part hereof. Notwithstanding anything herein to the contrary, the Investment Committee may from time to time in its sole discretion change such other separate investment funds by amending such Schedule A. New MacDermid
Stock may not be acquired under the Plan after the Effective Date, as an investment or otherwise. 
 In the event that a
Participant fails to provide investment instructions to the Administrator in accordance with this Section 5.8, amounts held in his Accounts under the Plan shall be invested in the money market fund identified on Schedule A. 

5.9 Transfers Among Investment Funds. Subject to the limitations hereinafter set forth and to such further rules as may be
prescribed by the Administrator, including any rules as to the minimum amount of transfers, a Participant (including, for purposes of this Section 5.9, a former Participant) may give instructions or changes of instructions to the Administrator
to transfer all or any portion of the amounts then held in his Employer Contribution Account, Employer Money Purchase Contribution Account, Employee Profit Sharing Contribution Account or Elective Contribution Account and any rollover or transfer
account from one separate investment fund to another separate investment fund. Such instructions shall become effective, and shall be reflected, as soon as is administratively feasible. An election, once made, may be changed by a Participant not
more often than twice in any Plan Year, unless the Administrator permits such changes to be made more frequently. 
 5.10
Interest of Participating in Trust Fund. Nothing contained herein shall be deemed to give any Participant an interest in any specific assets of the Trust Fund or in any contribution made by the Company to the Plan, or any other interest under
the Plan, other than his right to receive benefits in accordance with the provisions of Articles VI and VII. 

  
 29 









 5.11 Special Diversification Requirements. Effective January 1, 2007, this
Section 5.11 shall apply to the extent that the Plan constitutes an applicable defined contribution plan within the meaning of Section 401(a)(35)(E) of the Code. 

 

	 	(a)	For purposes of this Section 5.15, the term “applicable individual” means any Participant and any beneficiary who has an account under the Plan with
respect to which the beneficiary is entitled to exercise the rights of a Participant. 

  

	 	(b)	Notwithstanding any other provision of the Plan, in the case of the portion of an applicable individual’s account balances attributable to employee contributions
and elective deferrals which is invested in employer securities, the applicable individual may elect to direct the Plan to divest any such securities and to reinvest an equivalent amount in other investment options meeting the requirements of
subsection (c) of this Section 5.11; notwithstanding the foregoing, the interest in a Participant’s Employer Special Share Account may not be reinvested at the election of the Participant. In the case of the portion of an applicable
individual’s account balances attributable to employer contributions (other than elective deferrals) which is invested in employer securities, the applicable individual may, if he or she is a Participant who has completed at least three years
of Credited Service, or is a beneficiary of either a Participant who has completed at least three years of Credited Service or a deceased Participant, elect to direct the Plan to divest any such securities and to reinvest an equivalent amount in
other investment options meeting the requirements of subsection (c) of this Section 5.11; notwithstanding the foregoing, the interest in a Participant’s Employer Special Share Account may not be reinvested at the election of the
Participant. 

  

	 	(c)	The requirements of this subsection (c) are met if the Plan offers not less than three investment options, other than employer securities, to which an applicable
individual may direct the proceeds from the divestment of employer securities pursuant to this Section 5.11, each of which is diversified and has materially different risk and return characteristics. To the extent permitted under
Section 401(a)(35)(B) of the Code and applicable guidance issued thereunder, the Administrator may limit the time for divestment and reinvestment to periodic, reasonable opportunities occurring no less frequently than quarterly and may impose
restrictions or conditions with respect to the investment of employer securities (in addition to any restrictions or conditions imposed by reason of the application of securities law). 


 

	 	(d)	 In the case of the portion of an account to which this Section 5.11 applies and which consists of employer securities acquired in a Plan Year
beginning before January 1, 2007, this Section 5.11 shall only apply to the applicable percentage (as hereinafter defined) of such securities, and shall be applied separately with respect to each class of securities. For purposes of the
preceding sentence, the applicable percentage shall be, with respect to the Plan Year beginning January 1, 2007, thirty-three (33%) percent; with respect to the Plan Year beginning January 1, 2008, sixty-six (66%) percent; and
with respect to Plan Years beginning on or after January 1, 2009, one-hundred (100%) percent. Notwithstanding the 



  
 30 










	 	 
foregoing, this subsection (d) shall not apply to a Participant who has attained age 55 and completed at least three years of Credited Service before the Plan Year beginning on
January 1, 2006. 



  
 31 









 ARTICLE VI 
 Benefits 
 6.1 Retirement. An Employee may retire on or after the
attainment of his Early Retirement Age or Normal Retirement Age. In the event of a Participant’s retirement, he shall be entitled to a benefit in the amount of the value of his interest in the Trust Fund, determined in accordance with
Section 5.7. A Participant shall be fully vested in amounts held in his Employer Contribution Account, Employer Money Purchase Contribution Account and Employer Special Share Account as of the date on which he attains Early Retirement Age.

 6.2 Disability. If, because of a medically determinable physical or mental impairment likely to result in death or to
be of continued duration of at least one year, a Participant cannot engage in any substantial gainful employment and terminates employment with the Company and the Affiliated Companies, he will be entitled to a benefit in the amount of the value of
his interest in the Trust Fund, determined in accordance with Section 5.7. In the event of such a disability, the Participant shall be fully vested in amounts held in his Employer Contribution Account, Employer Money Purchase Contribution
Account and Employer Special Share Account. Whether or not a Participant is disabled will be determined by the Administrator in its sole discretion on the basis of medical evidence satisfactory to the Administrator, 

6.3 Benefits on Death. In the event of the death of a Participant or former Participant, his designated beneficiary or
beneficiaries will have a fully vested and nonforfeitable interest in, and will be entitled to receive a benefit equal to, the amount or remaining amount of his interest in the Trust Fund, as determined in accordance with Section 5.7.

 Each Participant may at any time and from time to time designate, in the manner described in this Section, one or more
persons to be the beneficiary or beneficiaries to receive all benefits payable under the Plan upon or after his death. Each beneficiary designation shall be on a form furnished by the Administrator, signed by such Participant and delivered to the
Administrator and upon receipt by the Administrator shall be deemed to be a revocation of all prior beneficiary designations, if any, made by the Participant. At any time and from time to time each Participant may revoke a prior beneficiary
designation made by him by a written instrument signed by the Participant and delivered to the Administrator. No beneficiary designation or revocation of a designation shall become effective prior to its receipt by the Administrator. Notwithstanding
the foregoing, if a Participant was married at the time of his death, he shall be deemed to have named his surviving spouse as his beneficiary unless (a) such spouse has consented in writing to the designation of another beneficiary or
beneficiaries and that consent acknowledges the effect of such designation and the specific beneficiary or beneficiaries or, with respect to subsequent designations, the consent of the spouse explicitly permits such designations without any
requirement of further consent by such spouse, and the consent is witnessed by a notary public, or (b) it has been established to the satisfaction of the Administrator (or a Plan representative designated by him) that the Participant has no
spouse, or that the spouse’s consent could not be obtained because the spouse could not be located, or because of such other circumstances as may be prescribed in applicable Treasury Regulations. Any consent by a spouse or determination by the
Administrator with respect to a spouse shall be effective only with respect to such spouse. Any consent that permits beneficiary designations by 

  
 32 









 
the Participant without any requirement of further consent must acknowledge the spouse’s right to limit consent to a specific beneficiary and the spouse’s voluntary election to
relinquish such right. Any consent by a spouse under this Section shall be irrevocable. 
 If a Participant has not designated
any beneficiary, or no designated beneficiary survives the Participant, the benefit payable upon his death will be paid to his estate. 
 6.4 Vesting. If a Participant terminates employment for any reason other than retirement, disability or death, the Participant shall be entitled to a benefit equal to the full amount of his
Employee Profit Sharing Contribution Account, Elective Contribution Account, and any rollover or transfer account, plus, in the case of a Participant who has completed five years of Credited Service, the full amount of his Employer Contribution
Account, Employer Money Purchase Contribution Account and Employer Special Share Account, determined in accordance with Section 5.7, together with any allocable share of the Employer Contribution for the Plan Year of his termination of
employment as provided in Section 5.2. Notwithstanding the foregoing, effective with respect to employer contributions (other than elective deferrals) made for Plan Years beginning on or after January 1, 2007, the reference in the
preceding sentence to ‘five years of Credited Service’ shall be replaced with ‘three years of Credited Service.’ Subject to Section 8.2, a Participant who has completed less than five years of Credited Service will not be
vested in any portion of his Employer Contribution Account, Employer Money Purchase Contribution Account or Employer Special Share Account and his interest in each such Account shall be subject to forfeiture in accordance with the provisions of
Section 5.7. Notwithstanding the foregoing, effective with respect to employer contributions (other than elective deferrals) made for Plan Years beginning on or after January 1, 2007, the reference in the preceding sentence to ‘five
years of Credited Service’ shall be replaced with ‘three years of Credited Service.’ Notwithstanding the foregoing, with respect to a Participant who was actively employed by PTI as of December 29, 1999 in no event shall the
interest of such Participant in his Employer Contribution Account, Employer Money Purchase Contribution Account and Employer Special Share Account be subject to forfeiture based on the fact that such Participant has completed less than five years of
Credited Service. Notwithstanding the foregoing, with respect to a Participant who was actively employed by Autotype and participating in the Autotype 401(k) Plan as of December 31, 2005, in no event shall the interest of such Participant in
his account balance under the Autotype 401(k) Plan as of December 31, 2005 be subject to forfeiture based on the fact that such Participant has completed less than five years of Credited Service (or, if greater, the length of service required
under the Autotype 401(k) Plan for full vesting). 
 6.5 Changes in Vesting Schedule. If the Plan is amended at any time
and such amendment directly or indirectly affects the computation of the nonforfeitable interest of a Participant in his Employer Contribution Account, such amendment shall apply to any Participant who has completed three years of Credited Service
as of the end of the period described below only to the extent that the Participant’s nonforfeitable interest in each such Account is equal to or greater than such interest determined without regard to the amendment. If the Plan is amended at
any time and such amendment directly or indirectly affects the computation of the nonforfeitable interest of a Participant in his Employer Money Purchase Contribution Account, such amendment shall apply to any Participant who has completed five
years of Credited Service as of the end of the period described below only to the extent that the 

  
 33 









 
Participant’s nonforfeitable interest in each such Account is equal to or greater than such interest determined without regard to the amendment. The period referred to in the preceding two
sentences will begin on the date the amendment of the vesting schedule is adopted and will end on the date which is 60 days after the later of (a) the date on which the amendment is adopted and (b) the date on which the amendment becomes
effective. 
 6.6 Manner of Payment of Benefits. Subject to such rules as the Administrator shall prescribe, a
Participant or former Participant may elect to receive his benefits hereunder in any of the following forms: 
  

	 	(a)	in a lump sum in cash or in kind (payable currently or on a deferred basis); 


 

	 	(b)	in equal periodic installments payable not less frequently than annually over a fixed period not exceeding 15 years (or, if less, the life expectancy of the Participant
or the joint life and last survivor expectancy of the Participant and his beneficiary); 

  

	 	(c)	in any combination of the methods provided in (a) and (b); 

 provided, that in the event of the death of the Participant or former Participant after benefits have commenced, any remaining benefits will be paid to his beneficiary in an immediate lump sum. In
the event of the death of a Participant or former Participant prior to the commencement of benefits, his beneficiary may elect the form of benefit payments in accordance with this Section 6.6. 

In the case of distributions to be made in installments, the amount of an installment for a particular calendar year shall be determined
by dividing (i) the value of the Participant’s Accounts as of the Valuation Date immediately preceding the beginning of such year (adjusted for any allocations of contributions and any distributions which are made after the Valuation Date
but before such year) by (ii) (A) the number of remaining installments under the period elected by the Participant (or, if applicable, beneficiary) as of the beginning of such year, or (B) if elected by the Participant (or, if
applicable, beneficiary) the number of years in the applicable remaining life expectancy for such year determined pursuant to Treasury Regulation Section 1.401(a)(9)-l, or (if the Participant’s beneficiary is not his spouse) the applicable
divisor for such year determined under Section 1.401(a)(9)-2 of the Treasury Regulations. For purposes of determining the amount of any installment distribution, the life expectancies of a Participant and his spouse will be recalculated
annually, if elected by the Participant, but only to the extent required pursuant to Section 401(a)(9) of the Code. 
 An
election pursuant to this Section must be made prior to the commencement of benefits and shall become irrevocable upon the commencement of such benefits. In the absence of any election by the Participant, former Participant or beneficiary his
benefits hereunder shall be payable in an immediate lump sum. 
 In the case of distributions from a Participant’s Employer
Special Share Account, the Participant will receive a distribution of stock that may be sold to the Company in exchange for a lump sum cash payment or, at the election of the Company, an interest bearing promissory note providing for a payment
schedule not in excess of five years or a combination of cash and a note. 

  
 34 









 6.7 Election to Take Benefits in Stock. All benefits payable from an Employer Special
Share Account shall be paid in cash or shares of New MacDermid Stock, as elected by the Participant or former Participant; provided, that he submits a written notice of such election to the Administrator at least 30 days prior to the date his
benefit is to commence (or such shorter period as may be provided by rules or regulations issued by the Secretary of the Treasury). Notwithstanding the foregoing, fractional shares of New MacDermid Stock shall be paid in cash. In the event a
Participant or former Participant fails to make an election under this Section, his benefit will be distributed in cash. 
 All
benefit payments, as well as any subsequent transfer of New MacDermid Stock paid out from the Plan shall be effected in accordance with all applicable requirements of federal and other securities laws as from time to time in effect. In order to
assure compliance with such securities laws and for other purposes deemed necessary and proper, the Trustee or the Company may in its discretion require as conditions to the payment of benefits under the Plan either (a) that a registration
statement under the Securities Act of 1933, as amended, with respect to the shares of new MacDermid Stock to be distributed has become, and continues to be, effective and that a requisite prospectus is available which meets, and conforms to, the
requirements of such Act and the rules and regulations thereunder, or (b) that the recipient of the benefit payment shall have (i) represented, warranted and agreed, by documents satisfactory to the Company or the Trustee in form and
substance, executed and delivered at and as of the time of payment, that he is acquiring such shares for his own account and not with a view to or in connection with any distribution, (ii) agreed to restrictions on transfer, in form and
substance satisfactory to the Company or the Trustee, and (iii) agreed to an endorsement which makes appropriate reference to such representations, warranties, agreements and restrictions on the certificates representing such shares.

 6.8 Time of Payments of Benefits. Distribution of benefits, or the commencement thereof, shall be made as soon as
administratively feasible after the event giving rise to the distribution and, in any event, within 60 days after the close of the Plan Year in which such event occurs. Notwithstanding the foregoing, such Participant or former Participant may elect,
subject to such rules as the Administrator may prescribe, to have his benefits commence as of such later date after his termination of employment and before his attainment of Normal Retirement Age as the Participant shall request. 

6.9 Separate Account. Notwithstanding any other provision of the Plan, if a Participant or former Participant receives a
distribution from his Employer Contribution Account, Employer Money Purchase Contribution Account or Employer Special Share Account at a time when he has a nonforfeitable interest in less than 100 percent of such Account, then upon the distribution
a separate account shall be established for him. Such separate account shall be credited with the balance remaining in the Participant’s Employer Contribution Account, Employer Money Purchase Contribution Account or Employer Special Share
Account, as the case may be, after the distribution and shall be used to determine his nonforfeitable interest, if any, in such balance thereafter. On any particular date, the Participant or former Participant shall be entitled to a nonforfeitable
portion of the balance of his separate account, payable as otherwise herein provided, equal to an amount determined by the following formula: 

  
 35 









 X = P (AB + D) - D 
 where P is the applicable vesting percentage determined under Section 6.4 (or Section 8.2, if applicable) as of such date, AB is the balance in the separate account as of such date; and D is the
amount which was last distributed from the separate account or from the Participant’s Account when the separate account was established. The establishment of a separate account for a Participant whose employment with the Company has terminated
shall not prevent a Forfeiture of any portion of his Employer Contribution Account, Employer Money Purchase Contribution Account or Employer Special Share Account from occurring and a reallocation thereof, in accordance with Section 5.6;
provided, that if any portion of such separate account is forfeited, the remaining balance, if any, in such separate account will thereafter be fully vested and nonforfeitable. Except as otherwise provided in this Section 6.9, a separate
account shall be treated as though it were the Account from which it was derived for all purposes under the Plan. 
 6.10
Cash-Outs of Certain Benefits. Notwithstanding any other provision of the Plan, with respect to a Participant whose employment terminates for any reason and who is entitled to a nonforfeitable benefit under the Plan, if the present value of
such nonforfeitable benefit does not, and did not at the time of any prior distribution, exceed $3,500, the Participant’s benefit shall be distributed in cash or in kind in a lump sum as soon as administratively feasible after such termination;
provided, however, that effective April 1, 1998, if the present value of such nonforfeitable benefit does not, and did not at the time of any prior distribution, exceed $5,000, the Participant’s benefit shall be distributed
in cash or in kind, in a lump sum as soon as administratively feasible after such termination. If a Participant would have received a distribution under the preceding sentence but for the fact that the Participant’s nonforfeitable benefit
exceeds $5,000 when the Participant terminated service and if at a later time such nonforfeitable benefit is reduced such that it is not greater than $5,000, the Participant will receive a distribution of such nonforfeitable benefit and the
nonvested portion of the benefit will be treated as a forfeiture. For purposes of determining the $5,000 involuntary distribution threshold, the value of a Participant’s nonforfeitable Account balance shall be determined without regard to the
portion of the Account balance that is attributable to rollover contributions (and earnings allocable thereto), if any, within the meaning of Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16) of the Code; and provided
further that for distributions on or after August 6, 1997, the value of the Participant’s nonforfeitable benefit derived from Company contributions shall be determined at the time of the distribution without regard to the value of the
benefit at the time of any earlier distribution; provided, however, that if a Participant has begun to receive distributions pursuant to an optional form of benefit under which at least one scheduled periodic distribution is still
payable and if the value of the Participant’s nonforfeitable benefit derived from Company contributions exceeded $5,000 at the time of the first distribution under the optional form of benefit, then the value of the Participant’s
nonforfeitable benefit may be distributed immediately subject to this Section. For purposes of determining the $5,000 involuntary distribution threshold, the value of a Participant’s nonforfeitable Account balance shall be determined without
regard to the portion of the Account balance that is attributable to rollover contributions (and earnings allocable thereto), if any, within the meaning of Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16) of the Code.
Effective as of March 28, 2005, in the event of a mandatory distribution greater than $1,000 in accordance with the provisions of this Section, if the Participant does not elect to have such distribution paid directly to an eligible retirement
plan specified by the Participant in a 

  
 36 









 
direct rollover, including elections made in accordance with Section 6.12, or to receive the distribution directly in accordance with Section 6.6, then the Administrator will pay the
distribution in a direct rollover to an individual retirement plan designated by the Administrator. 
 6.11 Restoration of
Benefits. If a Participant who terminated employment with the Company and the Affiliated Companies for any reason other than retirement, disability or death and received a distribution of benefits hereunder returns to the employ of the Company
before incurring five consecutive One-Year Breaks in Service and again becomes a Participant, such Participant may repay to the Plan the full amount of such distribution derived from Employer Contributions, Employer Money Purchase Contributions and
Employer Special Share Account. In the event of such repayment the full present value of the Participant’s benefit derived from such contributions (nonforfeitable and forfeitable, if any) as of the date of such distribution shall be restored to
his accounts. 
 Any restoration of a Participant’s Employer Contribution Account, Employer Money Purchase Contribution
Account or and Employer Special Share Account shall be made first from then current Forfeitures and second from additional contributions of the Company for such purpose. 
 6.12 Direct Rollover. With respect to distributions made on or after January 1, 1993, a Participant may elect to have all or any portion of a distribution paid in the form of a direct rollover
to an individual retirement account or annuity described in Section 408(a) or (b) of the Code, an annuity plan qualified under Section 403(a) of the Code, or a plan and trust qualified under Section 401(a) of the Code, if such
plan accepts direct rollover distributions. With respect to distributions made after December 31, 2001, a Participant may elect to have ail or any portion of a distribution that qualifies as an eligible rollover distribution within the meaning
of Section 402(c)(4) of the Code to be paid in the form of a direct rollover to an eligible retirement plan, including a qualified retirement plan, individual retirement account, an annuity contract described in Section 402(b) of the Code
and an eligible plan under Section 457(b) of the Code, which is maintained by a state political subdivision of a state or any agency or instrumentality of a state or political subdivision of a state. With respect to distributions made after
December 31, 2001, a Participant may elect to have all or any portion of a distribution that qualifies as an eligible rollover distribution within the meaning of Section 402(c)(4) of the Code to be paid in the form of a direct rollover to
an eligible retirement plan, including a qualified retirement plan, individual retirement account, an annuity contract described in Section 402(b) of the Code and an eligible plan under Section 457(b) of the Code, which is maintained by a
state political subdivision of a state or any agency or instrumentality of a state or political subdivision of a state. Notwithstanding the foregoing, this Section shall not apply to any distribution that is (a) one of a series of substantially
equal installments over the life expectancy of the Participant or the joint life expectancies of the Participant and his beneficiary, or over a fixed period of ten years or more, (b) a required minimum distribution under Section 401(a)(9)
of the Code, (c) a distribution (or portion of a distribution) of amounts not otherwise includable in income, (d) a distribution in an amount less than $200, (e) a hardship distribution described in Section 401(k)(2)(B)(i)(iv) of
the Code received after December 31,1999, or (f) a distribution that is otherwise not an eligible rollover distribution, within the meaning of Section 402(f)(2)(A) of the Code and applicable Treasury Regulations thereunder. Any
election pursuant to this Section 6.12 shall be made in such form and manner as the Administrator may prescribe and shall 

  
 37 









 
specify the retirement plan to which the distribution is to be made. Any such election may be revoked by the Participant at any time prior to the time distribution is made. If no election is made
by the Participant under this Section, the distribution shall be paid to the Participant. If any distribution is payable to the spouse or former spouse of a Participant, this Section shall apply as if such spouse or former spouse were the
Participant, except that any such distribution may be directly rolled over only to an individual retirement account or annuity. 

The Administrator shall provide Participants with notice with respect to the direct rollover of eligible rollover distributions no less
than 30 days and no more than 90 days prior to the Participant’s annuity starting date, as defined for purposes of Section 411(a)(ll) of the Code; provided, however, that the Participant may affirmatively elect, in accordance
with such procedures as the Administrator may prescribe, to have benefits commence sooner than 30 days after such notice. 

6.13 Immediate Distributions. Subject to Section 6.10, no distribution to a Participant will be compelled of amounts held in
his Accounts before his attainment of age 62, unless the written consent of the Participant and, if the distribution is subject to Sections 401(a)(l 1) and 417 of the Code, the Participant’s spouse, has been obtained. Such consent shall be made
in writing within the 180-day period ending on the Participant’s annuity starting date, as defined for purposes of Section 401(a)(ll) of the Code. Within the period beginning 180 days before the Participant’s annuity starting date (as
so defined) and ending 30 days before such date, the Administrator will provide the Participant with written notice containing a general description of the material features and an explanation of the relative values of the optional forms of benefit
available under the Plan and informing the Participant of his right to defer receipt of the distribution until age 62; provided, that, if the distribution is not subject to Sections 401(a)(ll) and 417 of the Code, the Participant may
affirmatively elect to have benefits commence less than 30 days after such notice. Notwithstanding the preceding sentence, the Plan may provide the written notice referred to in said sentence after the Participant’s annuity starting date
(subject to applicable Treasury regulations, if any); provided, that the applicable election period under Section 417(a)(6) of the Code shall not end before the 30th day after the date on which such written notice is provided. A
Participant may elect (with spousal consent, if applicable) to waive the requirement that the above-referenced written notice be provided at least 30 days before the Participant’s annuity starting date (or to waive the 30-day requirement under
the preceding sentence); provided, that the benefit distribution commences more than 7 days after such written notice is furnished. Notwithstanding the foregoing, all or any portion of a Participant’s Accounts may be distributed without
the consent of the Participant or the Participant’s spouse to the extent that a distribution is required to satisfy Section 401(a)(9) or Section 415 of the Code. 

6.14 Required Distributions. Notwithstanding any other provision of the Plan, distribution of benefits under Article VI shall
satisfy the requirements of this Section 6.14. The benefits of a Participant will be distributed (a) to the Participant in full not later than the required beginning date, or (b) beginning not later than the required beginning date,
to the Participant over a period not extending beyond the life expectancy of the Participant, or to the Participant and his designated beneficiary over a period not extending beyond the life expectancy of the Participant and the designated
beneficiary. For purposes of this Section 6.14, a Participant’s “required beginning date” shall be the date determined under Section 6.15(b) with respect to the 

  
 38 









 
Participant, and the term “designated beneficiary” shall have the meaning given such term under Section 401(a)(9) of the Code and Treasury Regulations thereunder. 

In the event that distribution of benefits to a Participant has commenced and the Participant dies prior to the
distribution of his entire benefit, but after the required beginning date, the remaining portion of the benefit will be distributed at least as rapidly as under the method of distribution used as of the date of the Participant’s death. In the
event a Participant dies before distribution of benefits has commenced or after actual commencement but before the required beginning date, the remaining benefit will be distributed within five years unless the benefit is payable to a designated
beneficiary, in which case such benefit will be distributed, beginning not later than one year after the death of the Participant (or such other time as may be prescribed by regulations), over a period not exceeding the life expectancy of such
beneficiary; provided, that if the designated beneficiary is the Participant’s spouse, distributions will not be required to commence hereunder earlier than the date on which the Participant would have attained age 70 1/2 and, in the event the Participant’s spouse dies prior to the
commencement of distributions, the provisions of this Section shall apply as if such spouse were the Participant. Any distribution required under the incidental death benefit requirements of Section 401(a)(9)(G) of the Code will be treated as a
distribution required under Section 401(a)(9) of the Code and this Section. The provisions of this Section will be interpreted and applied in accordance with applicable Treasury Regulations under Section 401(a)(9) of the Code.

 6.15 Latest Commencement Date of Benefits. In no case will the payment of benefits to any Participant commence
later than the earliest of: 
  

	 	(a)	unless the Participant otherwise elects in writing, the sixtieth day after the latest of the following: 


 

	 	(i)	the close of the Plan Year in which occurs the date on which the Participant attains age 62; 


 

	 	(ii)	the close of the Plan Year in which occurs the tenth anniversary of the year in which the Participant commenced participation in the Plan; or 


 

	 	(iii)	the close of the Plan Year in which the Participant ceases to be an Employee; and 


 

	 	(b)	 except with respect to a Participant who is a 5 percent owner (as defined in Section 416(i)(l)(B)(i) of the Code) of the Company or any Affiliated
Company for the Plan Year ending in the calendar year in which the Participant attains age 70 1/2, the April 1 next following the end of the calendar year in which the Participant retires; provided, that the Participant may elect an earlier commencement date for benefit distribution, but
not earlier than the April 1 next following the end of the calendar year in which the Participant attains age 62, by filing a written, irrevocable election with the Administrator in a form acceptable to the Administrator at least 30 days prior
the proposed benefit commencement be provided further, that with respect to any Participant who attained age 70 1/2 before April 1, 1997 (and who was not a 5 percent owner (as defined in Section 



  
 39 










	 	 
416(i)(l)(B)(i) of the Code) of the Company or any Affiliated Company for any of the Plan Years ending after the Participant attained age 70 1/2) but did not cease covered employment under the Plan (including
Continuous Service under the Prior Plan, Prior ESOP and/or the MacDermid Imaging Plan) before April 1, 1997 and to whom benefit payments from the Plan (including the Prior Plan, the Prior ESOP or the MacDermid Imaging Plan) commenced in
accordance with the requirements of Section 401(a)(9) of the Code, each such Participant may elect, at any time prior to the date the Participant retires, to stop such payments from the Plan (subject to the terms of any applicable qualified
domestic relations order within the meaning of Section 414(p) of the Code) and, if such an election is made, the Participant’s benefit shall be distributed in accordance with the other provisions of this Section and/or such other
provisions of the Plan as may be applicable; provided further, that for the Plan Years commencing before April 1, 1997, the commencement date under this Section 6.15(b) shall be the April 1 next following the close of the
calendar year in which the Participant attains age 70 1/2; and 


  

	 	(c)	 with respect to a Participant who is a 5 percent owner (as defined in Section 416(i)(l)(B)(i) of the Code) of the Company or any Affiliated
Company at any time during the Plan Year ending in the calendar year in which the Participant attains age
70 1/2, the April 1 next following the close of
the calendar year in which the Participant attains age 70 1/2. 


 6.16 Nonalienation of Benefits.

  

	 	(a)	No benefit payable to any person under the Plan shall be subject to anticipation or assignment by such person or to attachment by or the interference or control of any
creditor, or be taken or reached by any legal or equitable process in satisfaction of any debt or liability prior to actual receipt; provided, however, that this provision shall be inapplicable to the extent otherwise provided in a
qualified domestic relations order within the meaning of Section 414(p) of the Code. 

  

	 	(b)	effective August 5, 1997, the non-alienation rule of Section (a) above shall not apply to any offset, as defined by the Administrator, of a Participant’s
benefits) under the Plan against an amount that the Participant is ordered or required to pay to the Plan if: 

  

	 	(i)	the order or requirement to pay arises (1) under a judgment of conviction for a crime involving the Plan; (2) under a civil judgment (including a consent
order or decree) entered by a court in an action brought in connection with a violation (or alleged violation) of Part 4 of Subtitle B of Title I of the ERISA; or (3) pursuant to a settlement agreement between the Secretary of the United States
Department of Labor and the Participant, or a settlement agreement between the Pension Benefit Guaranty Corporation and the Participant, in connection with a violation (or alleged violation) of Part 4 of Subtitle B of Title I of ERISA by a fiduciary
(as defined in Section 3(21) of ERISA) or any other person; and 


  
 40 










	 	(ii)	the judgment, order, decree, or settlement agreement expressly provides for the offset of all or part of the amount ordered or required to be paid to the Plan against
the Participant’s benefits) provided under the Plan; and 

  

	 	(iii)	in a case in which the survivor annuity requirements of Section 205 of ERISA or Section 401(a)(ll) of the Code apply with respect to distributions from the
Plan to the Participant, if the Employee has a spouse at the time at which the offset is to be made; 

  

	 	(1)	either: 

  

	 	(A)	such spouse has consented in writing to such offset and such consent is witnessed by a notary public or Plan representative designated by the Administrator (or it is
established to the satisfaction of such Plan representative that such consent may not be obtained by reason of circumstances described in Section 205(c)(2)(5) of ERISA or Section 417(a)(2)(B) of the Code, or 


 

	 	(B)	an election to waive the right of the spouse to a qualified joint and survivor annuity or a qualified preretirement survivor annuity is in effect in accordance with the
requirements of Section 205(c) of ERISA or Section 417(a) of the Code; or 

  

	 	(2)	such spouse is ordered or required in such judgment, order, decree, or settlement to pay an amount to the Plan in connection with a violation of Part 4 of Subtitle B of
Title I of ERISA; or 

  

	 	(3)	in such judgment, order, decree, or settlement, such spouse retains the right to receive the survivor annuity under a qualified joint and survivor annuity provided
pursuant to Section 205(a)(1) of ERISA or Section 401(a)(ll)(A)(i) of the Code, and under a qualified preretirement survivor annuity provided pursuant to Section 205(a)(2) of ERISA or Section 401(a)(ll)(A)(ii) of the Code,
determined in accordance with Section 206(d)(5) of ERISA and Section 401(a)(13)(D) of the Code. 

 6.17
Distributions Required by a Qualified Domestic Relations Order. To the extent required by a qualified domestic relations order, within the meaning of Section 414(p) of the Code, the Administrator shall make distributions of a
Participant’s benefit to alternate payees named in such order in a manner consistent with the distribution options otherwise available under the Plan, regardless of whether the Participant is otherwise entitled to a distribution at such time
under the Plan. 

  
 41 









 6.18 No Vested Rights. A Participant who terminates employment with the Company and
the Affiliated Companies for reasons other than retirement, disability or death and who has no vested benefit under the Plan shall be deemed to receive a distribution of zero benefits hereunder and shall promptly forfeit all rights to all benefits
under the Plan. 
 6.19 Incapacity of Payee. Subject to applicable regulations of the Secretary of the Treasury or the
Secretary of Labor, if any person to whom a benefit is payable under the Plan is, in the opinion of the Administrator, incapable for any reason of handling his affairs at the time payment thereof is due, such payment (unless prior demand therefor is
made to the Administrator or the Trustee by a duly qualified guardian or other legally qualified representative of such person) may be made to such person or persons comprised in the class consisting of the spouse, parents, brothers, sisters or
issue of the person to whom the benefit is payable as the Administrator may determine, and each payment made pursuant to such determination shall constitute a Ml discharge of all liability under the Plan with respect thereto. 

6.20 Distribution Rights Regarding MEIMP Plan Benefits. Amounts credited to an Employer Money Purchase Contribution Account shall
be subject to this Section 6.20. 
  

	 	(a)	Qualified Joint and Survivor Annuity. Unless an optional form of benefit is selected pursuant to a qualified election within the 180-day period ending on the
annuity starting date, a married Participant’s vested account balance under an Employer Money Purchase Contribution Account will be paid in the form of a qualified joint and survivor annuity. The Participant may elect to have such annuity
distributed upon attainment of the earliest retirement age under the Plan. 

  

	 	(b)	Single Life Annuity. Unless an optional form of benefit is selected pursuant to a qualified election within the 180-day period ending on the annuity starting
date, an unmarried Participant’s vested account balance under an Employer Money Purchase Contribution Account will be paid in the form of a life annuity. The Participant may elect to have such annuity distributed upon attainment of the earliest
retirement age under the Plan. 

  

	 	(c)	Qualified Preretirement Survivor Annuity. Unless an optional form of benefit has been selected within the election period pursuant to a qualified election, if a
Participant dies before the annuity starting date then the Participant’s vested account balance under an Employer Money Purchase Contribution Account shall be applied toward the purchase of an annuity for the life of the surviving spouse. The
surviving spouse may elect to have such annuity distributed within a reasonable period after the Participant’s death. 

  

	 	(d)	Definitions. For purposes of this Section 6.20, the following definitions shall apply: 


 

	 	(1)	 Election Period. The period that begins on the first day of the Plan Year in which the Participant attains age 35 and ends on the date of the
Participant’s death. If a Participant separates from service prior to the first day of the Plan Year in which age 35 is attained, with respect to the 



  
 42 










	 	 
account balance as of the date of separation, the election period shall begin on the date of separation. 



 

	 	(2)	Pre-age 35 waiver. A Participant who will not yet attain age 35 as of the end of any current Plan Year may make special qualified election to waive the qualified
preretirement survivor annuity for the period beginning on the date of such election and ending on the first day of the Plan Year in which the Participant will attain age 35. Such election shall not be valid unless the Participant receives a written
explanation of the qualified preretirement survivor annuity in such terms as are comparable to the explanation required under Section 6.20(e)(1). Qualified preretirement survivor annuity coverage will be automatically reinstated as of the first
day of the Plan Year in which the Participant attains age 35. Any new waiver on or after such date shall be subject to the full requirements of this Section 6.20. 


 

	 	(3)	Earliest Retirement Age. The earliest date on which, under the Plan, the Participant could elect to receive retirement benefits. 


 

	 	(4)	Qualified Election. A waiver of a qualified joint and survivor annuity or a qualified preretirement survivor annuity. Any waiver of a qualified joint and survivor
annuity or a qualified preretirement survivor annuity shall not be effective unless: (a) the Participant’s spouse consents in writing to the election; (b) the election designates a specific beneficiary, including any class of
beneficiaries or any contingent beneficiaries, which may not be changed without spousal consent (or the spouse expressly permits designations by the Participant without any further spousal consent); (c) the spouse’s consent acknowledges
the effect of the election; and (d) the spouse’s consent is witnessed by a Plan representative or notary public. Additionally, a Participant’s waiver of the qualified joint and survivor annuity shall not be effective unless the
election designates a form of benefit payment which may not be changed without spousal consent (or the spouse expressly permits designations by the Participant without any further spousal consent). If it is established to the satisfaction of a Plan
representative that there is no spouse or that the spouse cannot be located, a waiver will be deemed a qualified election. 

 Any consent by a spouse obtained under this subsection (d)(4) (or establishment that the consent of a spouse may not be obtained) shall be effective only with respect to such spouse. A consent that
permits designations by the Participant without any requirement of further consent by such spouse must acknowledge that the spouse has the right to limit consent to a specific beneficiary, and a specific form of benefit where applicable, and that
the spouse voluntarily elects to relinquish either or both of such rights. 

  
 43 









 A revocation of a prior waiver may be made by a Participant without the consent of the
spouse at any time before the commencement of benefit. 
 The number of revocations shall not be limited. No consent obtained
under this provision shall be valid unless the Participant has received notice as provided in Section 6.20(e) below. 
  

	 	(5)	Qualified Joint and Survivor Annuity. An immediate annuity for the life of the Participant with a survivor annuity for the life of the spouse which is not less than 50%
and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse and which is the amount of benefit which can be purchased with the Participant’s vested account balance. The
percentage of the survivor annuity under the Plan shall be 50%. 

  

	 	(6)	Spouse (surviving spouse). The spouse or surviving spouse of the Participant, provided that a former spouse will be treated as the spouse or surviving spouse and a
current spouse will not be treated as the spouse or surviving spouse to the extent provided under a qualified domestic relations order as described in Section 414(p) of the Code. 


 

	 	(7)	Annuity Starting Date. The first day of the first period for which an amount is paid as an annuity or any other form. 


 

	 	(8)	Vested Account Balance. The aggregate value of the Participant’s vested balance under an Employer Money Purchase Contribution Account. 


 

	 	(e)	Notice Requirements. 

  

	 	(1)	In the case of a qualified joint and survivor annuity, the Plan Administrator shall no less than 30 days and not more than 90 days prior to the annuity starting date
provide each Participant a written explanation of: (a) the terms and conditions of a qualified joint and survivor annuity; (b) the Participant’s right to make and the effect of an election to waive the qualified joint and survivor
annuity form of benefit; (c) the rights of a Participant’s spouse; and (d) the right to make, and the effect of, a revocation of a previous election to waive the qualified joint and survivor annuity. 


The annuity starting date for a distribution in a form other than a qualified joint and survivor annuity may be less than 30 days after
the receipt of the written explanation described in the preceding paragraph provided: (a) the Participant has been provided with information that clearly indicates that the Participant has at least 30 days to consider whether to waive the
qualified joint and survivor annuity and elect (with spousal consent) to a form of distribution other than a qualified joint and survivor annuity; (b) the Participant is permitted to revoke any affirmative distribution election at least until
the annuity starting date or, if later, at any time prior to the 

  
 44 









 
expiration of the 7-day period that begins the day after the explanation of the qualified joint and survivor annuity is provided to the Participant; and (c) the annuity starting date is a
date after the date that the written explanation was provided to the Participant. 
  

	 	(2)	In the case of a qualified preretirement annuity as described in Section 6.20(c), the Plan Administrator shall provide each Participant within the applicable
period for such Participant a written explanation of the qualified preretirement survivor annuity in such terms and in such manner as would be comparable to the explanation provided for meeting the requirements of Section 6.20(e)(1) applicable
to a qualified joint and survivor annuity. 

 The applicable period for a Participant is whichever of the
following periods ends last: (a) the period beginning with the first day of the Plan Year in which the Participant attains age 32 and ending with the close of the Plan Year preceding the Plan Year in which the Participant attains age 35;
(b) a reasonable period ending after the individual becomes a Participant; (c) a reasonable period ending after Section 6.20(e)(3) ceases to apply to the Participant; and (d) a reasonable period ending after this
Section 6.20 first applies to the Participant. 
 Notwithstanding the foregoing, notice must be provided within a
reasonable period ending after separation from service in the case of a Participant who separates from service before attaining age 35. 
 For purposes of applying the preceding paragraph, a reasonable period ending after the enumerated events described in (b), (c) and (d) is the end of the two-year period beginning one year prior
to the date the applicable event occurs, and ending one year after that date. In the case of a Participant who separates from service before the Plan Year in which age 35 is attained, notice shall be provided within the two-year period beginning one
year prior to separation and ending one year after separation. If such a Participant thereafter returns to employment with the Employer, the applicable period for such Participant shall be predetermined. 

 

	 	(3)	Notwithstanding the other requirements of this Section 6.20(e), the respective notices prescribed by this Section 6.20(e), need not be given to a Participant
if (a) the Plan “fully subsidizes” the costs of a qualified joint and survivor annuity or qualified preretirement survivor annuity, and (b) the Plan does not allow the Participant to waive the qualified joint and survivor annuity
or qualified preretirement survivor annuity and does not allow a married Participant to designate a non-spouse beneficiary. For purposes of this Section 6.20(e)(3), a plan fully subsidizes the costs of a benefit if no increase in cost, or
decrease in benefits to the Participant may result from the Participant’s failure to elect another benefit. 


  
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	 	(4)	For purposes of Section 6,20: 

  

	 	(a)	Qualified early retirement age is the latest of: 

  

	 	(i)	the earliest date, under the Plan, on which the Participant may elect to receive retirement benefits, 


 

	 	(ii)	the first day of the 120th month beginning before the Participant reaches Normal Retirement Age, or 


 

	 	(iii)	the date the Participant begins participation. 

  

	 	(b)	Qualified joint and survivor annuity is an annuity for the life of the Participant with a survivor annuity for the life of the spouse as described in
Section 6.20(d)(4) of this Plan. 

 6.21 Special Distribution Rights Regarding PTI MP Plan
Benefits. Effective September 1, 2007, nonforfeitable amounts held under the Plan attributable to the PTI MP Plan (including associated gains, losses and other adjustments) and allocated to a Participant’s individual account may be
distributed to such Participant at or after such Participant’s attainment of age 62 without regard to whether such Participant has separated from service with the Company to the extent permitted by Section 401(a)(36) of the Code.


  
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 ARTICLE VII 
 Withdrawals 
 7.1 Hardship Withdrawals. 

 

	 	(a)	Amount of Withdrawal. A Participant who has suffered a financial hardship, as determined by the Administrator in accordance with the provisions of this Section,
may elect to withdraw from the Trust Fund an amount not to exceed the value of his Employee Profit Sharing Contribution Account, Elective Contribution Accounts and any rollover or transfer account, plus his vested interest in his Employer
Contribution Account and Employer Special Share Account, determined as of the date upon which written notice of such election is received by the Administrator. The withdrawal may not exceed the amount required to meet the financial hardship of the
Participant (provided that such 30-day notice may be waived in whole or in part by the Administrator acting in its discretion provided however that the exercise of such waiver authority shall not be arbitrary, capricious or discriminatory).


 Such a withdrawal shall be made by giving 30 days prior written notice to the Administrator
(provided that such 30-day notice may be waived, in whole or in part, by the Administrator, acting in its discretion, provided further that the exercise of such waiver authority shall not be arbitrary, capricious or discriminatory) on
a form provided by him and shall be effective as soon as is administratively feasible. Such notice when made shall be irrevocable. 
 Withdrawals will be charged first to the Participant’s Employee Profit Sharing Contribution Account, next to his Employer Contribution Account, next to his Employer Special Share Account and the
balance, if any, will be charged to his Elective Contribution Accounts; provided, that any changes to his Elective Contribution Accounts shall be made first to the account having the larger balance. 

 

	 	(b)	Immediate and Heavy Financial Need. For purposes of this Section 7.1, financial hardship shall consist of: 


 

	 	(i)	expenses for medical care described in Section 213(d) of the Code, or necessary to obtain such care, incurred by the Participant, his spouse or any of his
dependents (as defined in Section 152 of the Code); 

  

	 	(ii)	the purchase (excluding mortgage payments) of a principal residence of the Participant; 


 

	 	(iii)	the payment of tuition, fees or room and board for the next 12-month period of post-secondary education for the Participant, his spouse, children or dependents; or



  
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	 	(iv)	the need to prevent the eviction of the Participant from his principal residence or foreclosure on the mortgage of his principal residence. 


The Administrator shall determine whether there is an immediate and heavy financial need on the basis of such written
evidence furnished by the Participant as the Administrator may require. The Participant shall also provide evidence that he has obtained all other distributions (other than hardship distributions) and all nontaxable loans currently available under
the Plan and all other plans maintained by the Company and the Affiliated Companies. 
  

	 	(c)	Effect of Hardship Distribution. If a Participant receives a hardship distribution from his Elective Contribution Account or from that portion of his Employer
Contribution Account or Employer Special Share Account which may be distributed in cash, then any Elective Contribution election, Employee Profit Sharing Contribution election, or any other cash-or-deferred or employee contribution election in
effect with respect to the Participant under the Plan (or any other qualified plan maintained by the Company or an Affiliated Company) shall be suspended for the 6-month period beginning with the date the Participant receives the distribution, and
the amount of Elective Contributions made for the benefit of the Participant, together with any elective deferrals made on behalf of the Participant under any other plan maintained by the Company or an Affiliated Company for the calendar year
immediately following the calendar year of the hardship distribution must not exceed the applicable limit under Section 402(g) of the Code for such next calendar year, less the amount of such contributions made on behalf of the Participant for
the calendar year of the hardship distribution. 

 7.2 Withdrawals From Employee Profit
Sharing Contributions Account. A Participant may elect at any time, subject to such rules as the Administrator may prescribe, to withdraw all or any portion of the amounts held in his Employee Profit Sharing Contribution Account and attributable
to Employee Profit Sharing Contributions; provided, that a Participant who has attained aged
59 1/2 and who participated in the MacDermid Imaging
Plan as of December 31, 1998 may withdraw all or a portion of the amounts held in the Plan credited to such participant as of December 31, 1995 but not in excess of his nonforfeitable interest in MacDermid Imaging Plan as of such date;
provided further, that a Participant who has attained aged 59 1/2 and who participated in the Gumm Plan as of September 30, 1999 may withdraw all or a portion of the amounts held in the Plan credited to such Participant as of September 30, 1999 but not in
excess of his nonforfeitable interest in Gumm Plan as of such date; provided further, that a Participant who has attained aged 59 1/2 and who participated in the W. Canning Plan as of December 31, 1999 may withdraw all or a portion of the amounts held in the Plan credited to such
Participant as of December 31, 1999 but not in excess of his nonforfeitable interest in W. Canning Plan as of such date; provided further, that a Participant who has attained aged 59 1/2 and who participated in the PTI Plan as of January 31, 2000
may withdraw all or a portion of the amounts held in the Plan credited to such Participant as of January 31, 2000 but not in excess of his nonforfeitable interest in PTI Plan as of such date; provided further, that a Participant who has
attained age 59 1/2 and who participated in the MEI
401(k) Plan or the MEI MP Plan as of December 31, 2002 may withdraw all or a portion of the amounts held in the Plan credited to such Participant as of December 31, 2002 but not in excess of his nonforfeitable interest in the


  
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MEI 401(k) Plan or the MEI MP Plan, respectively, as of such date; and provided further, that a Participant who has attained age 59 1/2 and who participated in the Autotype 401(k) Plan as of
December 31, 2005 may withdraw all or a portion of the amounts held in the Plan credited to such Participant as of December 31, 2005 but not in excess of his nonforfeitable interest in the Autotype 401(k) Plan as of such date. A withdrawal
pursuant to this Section shall be made by giving 30 days prior written notice to the Administrator (provided, however that such 30-day notice may be waived in whole or in part by the Administrator, acting in its discretion provided
further that the exercise of such waiver authority may not be arbitrary, capricious or discriminatory) on a form provided by him and shall be effective as soon as is administratively feasible. Such notice when made shall be irrevocable. A
Participant shall be entitled to make a withdrawal at such times and/or with respect to such period(s) as the Administrator may establish on a reasonable and uniform basis. 

7.3 Loans To Participants. Subject to the conditions of this Section 7.3, loans shall be made from the Trust to Participants
upon the written request of the Participant, 
  

	 	(a)	The Administrator shall prescribe such rules and procedures as it deems necessary or appropriate to carry out the purposes of this Section. All such rules and
procedures shall be considered part of the Plan for purposes of Department of Labor Regulation Section 2550.408b-l(d). 

  

	 	(b)	The following limitations shall apply in determining the amount of any loan under the Plan: 


 

	 	(i)	The amount of the loan, together with any other outstanding indebtedness of the Participant under the Plan or any other qualified retirement plans of the Company, shall
not exceed $50,000 reduced by the excess of (A) the highest outstanding loan balance of the Participant from such plans during the one-year period ending on the day prior to the date on which the loan is made, over (B) the
Participant’s outstanding loan balance from such plans immediately prior to the loan. 

  

	 	(ii)	The amount of the loan shall not exceed 50 percent of the Participant’s nonforfeitable interest in his Accounts, excluding his Employer Special Share Account,
determined as of the Valuation Date immediately preceding the date of the loan. 

  

	 	(c)	Each loan shall be evidenced by a note signed by the Participant and shall be secured by 50 percent of his nonforfeitable interest in his Accounts, excluding his
Employer Special Share Account. The loan shall bear interest at an annual percentage interest rate to be determined by the Administrator. In determining the interest rate, the Administrator shall take into consideration interest rates currently
being charged by persons in the business of lending with respect to loans made in similar circumstances. The Administrator shall make such determination through consultation with one or more lending institutions, as the Administrator deems
appropriate. 


  
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	 	(d)	Each loan made to a Participant who is receiving regular payments of Compensation from the Company shall be repayable by payroll deduction. Loans made to Participants
where payroll deduction is not practicable shall be repayable in such manner as the Administrator may from time to time determine. Loan payments shall be made not less frequently than quarterly, over a specified term as determined by the
Administrator, in substantially level payments. Such term shall not exceed five years unless the loan is being applied toward the purchase of a principal residence for the Participant. Loan payments will be suspended to the extent required by
Section 414(u)(4) of the Code. 

  

	 	(e)	If, at the time distribution of benefits is to be made or commence to a Participant or his beneficiary, there remains any unpaid balance of a loan under the Plan, such
unpaid balance shall, to the extent consistent with Department of Labor Regulations, become immediately due and payable in full. Such unpaid balance, together with any accrued but unpaid interest on the loan, shall be deducted from the
Participant’s Accounts subject to the default provisions below, before any distribution of benefits is made. 

  

	 	(f)	In the event of a default in making any payment of principal or interest when due under the note evidencing any loan under this Section, if such default continues for
more than 14 days after written notice of the default by the Trustee, the unpaid principal balance of the note shall immediately become due and payable in full. Such unpaid principal, together with any accrued but unpaid interest, shall thereupon be
deducted from the Participant’s Accounts, subject to the further provisions of this Section. The amount so deducted shall be treated as distributed to the Participant and applied by him as payment of the unpaid interest and principal (in that
order) under the note evidencing such loan. In no event shall the Administrator apply the Participant’s Accounts to satisfy his repayment obligation, whether or not he is in default, unless the amount so applied could otherwise be distributed
in accordance with the Plan. 

  

	 	(g)	The note evidencing a loan to a Participant shall be an asset of the Trust which is allocated to the Accounts of the Participant and shall for purposes of the Plan be
deemed to have a value at any given time equal to the unpaid principal balance of the note plus the amount of any accrued but unpaid interest. 

  

	 	(h)	For loans granted prior to January 1, 1999, Participant may designate the Account or Accounts from which his loan is to be made. In the absence of such a
designation and for loans granted on or after January 1, 1999, the loan shall be made proportionately from the Participant’s Accounts under the Plan, except as otherwise provided under the Administrator’s rules.


  

	 	(i)	Loans shall be made available under this Section 7.3 to all Participants on a reasonably equivalent basis, except that the Administrator may make reasonable
distinctions based on creditworthiness and financial need. 


  
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	 	(j)	For purposes of this Section 7.3, a former Participant or beneficiary who is a party in interest with respect to the Plan, within the meaning of Section 3(14)
of ERISA, shall be treated as a Participant. 

  

	 	(k)	To the extent, if any, that the Participant’s benefit is subject to Sections 401(a)(ll) and 417 of the Code, the written consent of the Participant’s spouse
to the loan must be obtained in accordance with Section 6.13. 


  
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 ARTICLE VIII 
 Top-Heavy Provisions 
 8.1 Top-Heavy Minimum Contributions.
Notwithstanding any other provision of the Plan, for any Plan Year which is a top-heavy plan year, each Participant who is a Participant on the last day of such Plan Year and who is not a key employee shall be entitled to receive a minimum
contribution under the Plan equal to the lesser of (a) three percent of his total Compensation from the Company for such Plan Year or (b) if the Company or Affiliated Company does not maintain a defined benefit plan required to be
aggregated with the Plan, the largest percentage of Compensation contributed (exclusive of Employee Profit Sharing Contributions) on behalf of a key employee for such Plan Year. Notwithstanding the foregoing, no minimum contribution will be required
with respect to a Participant who is also covered by another top-heavy plan of the Company or an Affiliated Company under which he receives the top-heavy minimum contribution or the top-heavy defined benefit minimum. 

8.2 Top-Heavy Vesting. Notwithstanding any other provision of the Plan, for each Employee who is a Participant at any time during
a top-heavy plan year the nonforfeitable percentage of the Participant’s Employer Contribution Account, Employer Money Purchase Contribution Account and Employer Special Share Account shall be determined in accordance with the following
schedule, provided, however, that in no event shall a Participant’s nonforfeitable percentage of the Participant’s Employer Contribution Account be determined under the following schedule if such percentage is greater if
determined without regard to such schedule: 
  

					
	 If the period of his
 Credit Service is:
	  	The percentage shall be:	 
		
	 Less than 2 years
	  	 	0	% 
	 2 years but less than 3 years
	  	 	20	% 
	 3
“        “    “    “    4    “
	  	 	40	% 
	 4
“        “    “    “    5    “
	  	 	60	% 
	 5 or more years
	  	 	100	% 

 8.3 Adjustment to Limitation on Benefits. For Plan Years beginning before January 1, 2000,
for purposes of the Code Section 415 limits, the definitions of “defined contribution plan fraction” and “defined benefit plan fraction” contained therein shall be modified, for any Plan Year which is a top-heavy plan year,
by applying the special rule set forth in Section 416(h) of the Code unless (a) the Plan and each plan with which the Plan is required to be aggregated for top-heavy purposes satisfies the requirements of Section 416(h)(2)(A) of the
Code, and (b) such Plan year would not be a top-heavy plan year if “90 percent” were substituted for “60 percent” in the definition of a top-heavy plan year. 

  
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 8.4 Definitions. For purposes of these top-heavy provisions, the following terms have
the following meanings: 
  

	 	(a)	“key employee” means any Employee or former Employee (including any deceased employee) who at any time during the Plan Year that includes the determination
date was an officer of the Company having annual Compensation greater than $130,000 (as adjusted under Section 416(i)(l) of the Code for Plan Years beginning after December 31, 2002), a 5-percent owner of the Company, or a 1-percent owner
of the Company having annual Compensation of more than $150,000. For this purpose, annual Compensation means compensation within the meaning of Section 415(c)(3) of the Code. The determination of who is a key employee will be made in accordance
with Section 416(i)(l) of the Code and the applicable regulations and other guidance of general applicability issued thereunder; and 

  

	 	(b)	“top-heavy plan year” means a Plan Year if the sum of the account balances of all key employees under the Plan and each other defined contribution plan (as of
the applicable determination date of each such plan) which is aggregated with the Plan, plus the sum of the present values of the total accrued benefits of all key employees under each defined benefit plan (as of the applicable determination date of
each such plan) which is aggregated with the Plan exceeds 60 percent of the sum of such amounts for all Employees and former Employees (other than former key employees, but including beneficiaries of former Employees) under the Plan and all such
plans. For purposes of these determinations: 

  

	 	(i)	The foregoing determination will be made in accordance with the provisions of Section 416 of the Code and the regulations thereunder, which are specifically
incorporated herein by reference. 

  

	 	(ii)	The term “determination date” means, with respect to the initial plan year of a plan, the last day of such plan year and, with respect to any other plan year
of a plan, the last day of the preceding plan year of such plan. The term “applicable determination date” means, with respect to the Plan, the determination date for the Plan Year of reference and, with respect to any other plan, the
determination date for any plan year of such plan which falls within the same calendar year as the applicable determination date of the Plan. 

  

	 	(iii)	Accrued benefits or account balances under a plan will be determined as of the most recent valuation date of the plan in the 12-month period ending on the applicable
determination date of the plan; provided, however, that in the case of a defined benefit plan such valuation date must be the same date as is employed for minimum funding purposes, and in the case of a defined contribution plan the
value so determined will be adjusted for contributions made after the valuation date to the extent required by applicable regulations. 


  
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	 	(iv)	If any individual has not received any compensation from the Company or an Affiliated Company maintaining a plan (other than benefits under the plan) at any time during
the five-year period ending on the applicable determination date with respect to such plan, any accrued benefit for such individual (and the account of such individual) under such plan shall not be taken into account. 


 

	 	(v)	Each plan of the Company or an Affiliated Company (whether or not terminated) in which a key employee participates, and any other plan of the Company or an Affiliated
Company which enables a plan referred to in the preceding clause to satisfy the requirements of Sections 401(a)(4) and 410 of the Code, shall be aggregated with the Plan. Any plan of the Company or an Affiliated Company not required to be aggregated
with the Plan may nevertheless, at the discretion of the Administrator, be aggregated with the Plan if the benefits and coverage of all aggregated plans would continue to satisfy the requirements of Sections 401(a)(4) and 410 of the Code.


  

	 	(vi)	The determination of the present value of accrued benefits under a defined benefit plan shall be made on the basis of the funding assumptions employed by such plan.


 8.5 Determination of Top Heavy Status. Notwithstanding any provision of this Article VIII to the
contrary, the following shall apply for purposes of determining the account balances of Employees as of the determination date. The present value of accrued benefits and the amounts of account balances of an Employee as of the determination date
shall be increased by the distributions made with respect to the Employee under the Plan and any plan aggregated with the Plan under Section 416(g)(2) of the Code during the 1-year period ending on the determination date. The preceding sentence
shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the Plan under Section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other than
separation from service, death, or disability, this provision shall be applied by substituting “5-year period” for “1-year period.” The accrued benefits and accounts of any individual who has not performed services for the
Company during the 1-year period ending on the determination date shall not be taken into account. 
 8.6 Matching
Contributions. Employer matching contributions, if applicable, shall be taken into account for purposes of satisfying the minimum contribution requirements of Section 416(c)(2) of the Code under the Plan. The preceding sentence shall apply
with respect to employer matching contributions under the Plan or, if the Plan provides that the minimum contribution requirement shall be met in another plan, such other plan. Employer matching contributions that are used to satisfy the minimum
contribution requirements shall be treated as matching contributions for purpose of the actual contribution percentage test and other requirements of Section 401(m) of the Code. 

  
 54 









 ARTICLE IX 
 Trustee 
 9.1 Appointment. A Trustee for the Plan shall be appointed
by MacDermid, Incorporated and named in a Trust Agreement executed by MacDermid, Incorporated, and, upon acceptance thereof, the Trustee shall perform the duties and exercise the authority of the Trustee as set forth in the Plan and Trust Agreement.
All cash and other assets of the Plan shall, until disposed of pursuant to the provisions of the Plan, be held in the possession of the Trustee. Such New MacDermid Stock may be registered in the name of the Trustee or in the name of its nominee and
in certificate denominations which the Trustee shall determine. 
 9.2 Removal and Replacement. MacDermid, Incorporated
shall reserve the right to remove the Trustee at any time and to appoint a successor Trustee. 
 9.3 Changes in Trust
Arrangements. The Company may from time to time enter into such further agreements with the Trustee or other parties and make such amendments to trust agreements as it may deem necessary or desirable to carry out the Plan, and it may take such
other steps and execute such other instruments as may be deemed necessary or desirable to put the Plan into effect or to carry it out. 
 9.4 Group or Cordon Trust Funds. The provisions of any group or common trust fund in which any trust under the Plan participates shall be deemed part of the Plan with respect to the Plan assets
invested therein, but only as long as such group or common trust fund remains qualified under Section 401(a), and exempt from taxation under Section 501(a), of the Code. 

  
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 ARTICLE X 
 Administration of Plan 
 10.1 Allocation of Fiduciary
Responsibility. The Fiduciaries under the Plan shall have only those specific powers, duties, responsibilities and obligations as are specifically given them under the Plan or the Trust Agreement. The Company shall have the sole responsibility
for making the contributions provided for under Sections 4.1 and 4.5. The Board of Directors shall have the sole authority (a) to appoint and remove or replace the Trustee, the Administrator, and the Investment Committee, (b) to amend or
terminate, in whole or in part, the Plan or the Trust Agreement, (c) to direct the Trustee as to the investment of all or part of the Trust Fund in a specific manner, including under the management of an Investment Manager pursuant to such
contractual arrangements as it shall specify, (d) to delegate to an Investment Committee appointed by it the authority to so direct investments, and to establish and discontinue such separate investment funds under Section 5.9 as the
Committee shall in its sole discretion from time to time determine. The Administrator shall have the sole responsibility for the administration of the Plan, which responsibility is specifically described in the Plan and the Trust Agreement. The
Trustee shall have the sole responsibility for the administration of the Trust Fund and the management of the assets held under the Trust Agreement, except as otherwise directed by the Board of Directors or the Investment Committee and except for
assets managed by an Investment Manager, all as specifically provided in the Plan and the Trust Agreement. The Investment Committee shall have such authority and responsibility to direct investments and appoint Investment Managers as may be
delegated to it by the Board of Directors. An Investment Manager shall have sole responsibility for the management of Trust Fund assets turned over to it. 
 Any directions given, information furnished, or action taken by a Fiduciary, with respect to the Plan or Trust Fund shall be in accordance with the provisions of the Plan and the Trust Agreement, as the
case may be, authorizing or providing for such direction, information or action. To the extent permitted by law, each Fiduciary may rely upon the direction, information or action of any other Fiduciary as being proper under the Plan and the Trust
Agreement and is not required to inquire into the propriety of any such direction, information or action. It is intended that each Fiduciary shall be responsible for the proper exercise of its powers, duties, responsibilities and obligations under
the Plan and the Trust Agreement and that no Fiduciary shall be responsible for any act or failure to act of another Fiduciary. No Fiduciary guarantees the Trust Fund in any manner against investment loss or depreciation in asset value. 

10.2 Appointment Administrator. The Plan shall be administered by the Administrator who shall be appointed by and serve at the
pleasure of the Board of Directors. All usual and reasonable expenses of the Administrator may be paid in whole or in part by the Company, and any expenses not paid by the Company shall be paid by the Trustee out of the principal or Income of the
Trust Fund. If the Administrator is an Employee he shall not receive compensation with respect to his services as Administrator. The Administrator may also appoint one or more assistant administrators and other persons, who shall serve at his
pleasure, to assist him in the administration of the Plan and may allocate and delegate his fiduciary responsibilities under the Plan by written instrument in accordance with Section 405 of ERISA. 

  
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 10.3 Power and Duties. In addition to such powers and duties as may be specified
elsewhere in this instrument, the Administrator shall have the discretionary authority to 
  

	 	(a)	make and enforce such rules as he deems necessary or proper for the administration of the Plan; 


 

	 	(b)	determine all matters relating to the eligibility of persons to become Participants in the Plan and determine whether or not any eligible Employee has become a
Participant in the Plan; 

  

	 	(c)	determine whether and when the employment of any Participant has been terminated and, if material to a determination of the benefits of such Participant, the cause of
such termination; 

  

	 	(d)	decide all questions and disputes which may arise from time to time with respect to the rights under the Plan of Employees, Participants and all other persons who may
be entitled to benefits under the Plan; 

  

	 	(e)	compute, or cause to be computed, the amount of benefits which will be payable to any Participant or other person, to determine the person or persons to whom such
benefits will be paid and to authorize the payment of such benefits; 

  

	 	(f)	from time to time in writing furnish to the Trustee all such information, data and directions as may be required by the Trustee or the terms of this instrument for the
performance by the Trustee of its duties hereunder; 

  

	 	(g)	determine such matters as may from time to time be submitted to him by the Trustee which the Trustee states to be necessary for it properly to discharge its duties,
powers and obligations under this instrument; 

  

	 	(h)	keep, or cause to be kept, such books and records as may be necessary or appropriate for the orderly administration of the Plan, all such books and records to be open
to inspection at any time by the Company; 

  

	 	(i)	execute and file, or cause to be executed and filed, such reports or other documents, and make, of cause to be made, such disclosures, as the Plan or any one acting for
the Plan may be required to execute and file or make by any applicable law or statute now or hereafter enacted, unless otherwise provided by such law or statute; 


 

	 	(j)	interpret and construe any and all of the provisions of this instrument and any and all documents and materials developed, maintained or used in connection with the
administration of the Plan; and 

  

	 	(k)	perform all such other duties and acts as may be required to be performed by the Administrator by the terms of this instrument and the operation of the Plan.



  
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 10.4 Effect of Interpretation or Determination. Any interpretation of the Plan or
other determination with respect to the Plan by the Administrator shall be final and conclusive on all persons in the absence of clear and convincing evidence that the Administrator acted arbitrarily and capriciously. 

10.5 Nondiscriminatory Exercise of Authority. Whenever, in the administration of the Plan, any discretionary action by the
Administrator is required, he shall exercise his authority in a nondiscriminatory manner so that all persons similarly situated will receive substantially the same treatment. 
 10.6 Named Fiduciary. The Administrator will be a “named fiduciary” for purposes of Section 402(a)(1) of ERISA with authority to control and manage the operation and administration
of the Plan, except that he will have no authority over the investment of the assets of the Trust Fund. 
 10.7
Indemnification. The Company agrees to indemnify the Administrator and save him harmless against any and all liability occasioned by or arising out of any action taken, suffered or omitted in good faith by him. 

10.8 Examination of Records. The Administrator will make available to each Participant such of its records as pertain to him, for
examination at reasonable times during normal business hours. 
 10.9 Claims and Review Procedures. 

 

	 	(a)	Claims Procedure. If any person believes he is being denied any rights or benefits under the Plan, such person may file a claim in writing with the
Administrator. If any such claim is wholly or partially denied, the Administrator will notify such person of its decision in writing. Such notification will contain (i) specific reasons for the denial, (ii) specific reference to pertinent
Plan provisions, (iii) a description of any additional material or information necessary for such person to perfect such claim and an explanation of why such material or information is necessary and (iv) information as to the steps to be
taken if the person wishes to submit a request for review. Such notification will be given within 90 days after the claim is received by the Administrator (or within 180 days, if special circumstances require an extension of time for processing the
claim, and if written notice of such extension and circumstances is given to such person within the initial 90-day period). If such notification is not given within such period, the claim will be considered denied as of the last day of such period
and such person may request a review of his claim. 

  

	 	(b)	 Review procedure. Within 60 days after the date on which a person receives a written notice of a denied claim (or, if applicable, within 60 days
after the date on which such denial is considered to have occurred) such person (or his duly authorized representative) may (i) file a written request with the Administrator for a review of his denied claim and of pertinent documents and
(ii) submit written issues and comments to the Administrator. The Administrator will notify such 



  
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person of its decision in writing. Such notification will be written in a manner calculated to be understood by such person and will contain specific reasons for the decision as well as specific
references to pertinent Plan provisions. The decision on review will be made within 60 days after the request for review is received by the Administrator (or within 120 days, if special circumstances require an extension of time for processing the
request, such as an election by the Administrator to hold a hearing, and if written notice of such extension and circumstances is given, to such person within the initial 60-day period). If the decision on review is not made within such period, the
claim will be considered denied. 


 10.10 Membership of Investment Committee. The Investment Committee
shall be comprised of the number of persons determined by the Board of Directors and appointed in writing by MacDermid, Incorporated. Any member of the Committee may at any time be removed from office by MacDermid, Incorporated by notice in writing
delivered or mailed by registered mail, postage prepaid, to such member and to each other member of the Committee. Such removal shall be effective on the date specified therein or, if no date is specified, on the fifth day next following the date of
such notice. Whenever a member of the Committee who is an Employee of the Company shall cease to be such Employee, he shall automatically cease to be a member of the Committee. Any member of the Committee may resign by instrument in writing
delivered or mailed by registered mail, postage prepaid, to the Corporation. Such resignation shall be effective on the date specified therein or, if no date is specified, on the fifth day next following the date of such instrument. Each vacancy in
the Committee, however arising, shall be filled by MacDermid, Incorporated by the appointment in writing of a successor; provided, that if, after the expiration of a period of 30 days following receipt by the Corporation from the remaining
members of the Committee of a written request to fill any such vacancy, MacDermid, Incorporated shall have failed to do so, the remaining members of the Committee shall have the power to fill the same by instrument in writing delivered or mailed by
registered mail, postage prepaid, to the Corporation and to the Trustee. During the existence of a vacancy on the Committee the remaining members thereof shall have and may exercise all the powers and authority of the Committee. 

10.11 Action by Investment Committee. The Committee shall act by a majority (but not less than two) of its members;
provided, that no member of the Committee shall vote or decide upon any matter relating to himself as a Participant, but all such matters shall be voted or decided by the other members of the Committee and in case they do not agree may be
determined by the Trustee, and the vote, decision or determination of such other members or the Trustee, as the case may be, shall be final, binding and conclusive upon the interested member of the Committee. A formal meeting of the Committee need
not be called or held for the purpose of making any decision, but decisions may be made and evidenced by a written document signed by a majority of the Committee. A Committee member who, within a reasonable time after he has knowledge of any action
or failure to act by the majority, registers his dissent in writing with the other members of the Committee and the Corporation shall not be responsible for such action or failure to act. 

10.12 Investment Instructions. The Committee shall have the authority to select the separate investment funds within the Trust
Fund and, to the extent investments are not directed 

  
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by Participants in accordance with Section 5.6, to instruct the Trustee regarding the investment and reinvestment of the Trust Fund and may delegate such authority to the Administrator. All
such instructions to the Trustee shall be in writing and, if such instructions are given by the Committee, shall be signed by a majority of the Committee members. Except to the extent otherwise provided by applicable law, in acting pursuant to
written instructions of the Committee or the Administrator, the Trustee shall not be liable for any loss resulting from following such written instructions. 
 10.13 Nondiscrimination and Standard of Care. In exercising the powers and duties vested in them under this instrument, neither the Administrator nor the Committee shall discriminate among
Participants, each of whom shall be given the same consideration under like circumstances, and all such powers and duties shall be discharged with the care, skill, prudence and diligence under the circumstances that a prudent person acting in a like
capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, and in accordance with the terms of the documents and instruments governing the Plan. 

10.14 Payment of Expenses. All costs and expenses incurred in the administration of the Plan, including fees and expenses of the
Trustee, shall be paid by the Company or, to the extent not paid by the Company, by the Plan. Brokerage commissions, transfer taxes, and other charges and expenses in connection with the purchase and sale of New MacDermid Stock by the Trustee shall
be paid by the Company or, to the extent not paid by the Company, by the Plan. Taxes, if any, upon, or in respect of, any assets held by the Trustee or income therefrom, which are payable by the Trustee, shall be charged against the applicable
Accounts of Participants as the Trustee and the Administrator shall determine. 
 10.15 Compensation and Indentification.
Neither the Administrator nor the Committee shall be entitled to compensation for their services, but the Company agrees to reimburse the Administrator and the Committee for any and all necessary expenses incurred by them. The Company agrees to
indemnify and save harmless each of the Administrator and the members of the Committee against any and all liability occasioned by or arising out of any action taken, suffered or omitted in good faith by him. Any reasonable expenses incurred in
administering the Plan may be paid by the Company, or to the extent not paid by the Company, from the Trust Fund. 

  
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 ARTICLE XI 
 Amendment and Termination 
 11.1 Amendment. MacDermid, Incorporated
shall have the right, at any time and from time to time, to modify or amend this instrument or any of its provisions by action of the Board of Directors, each such modification or amendment to be by instrument in writing, executed by MacDermid,
Incorporated; provided, that no such modification or amendment shall be such, or shall be so construed, as to; 
  

	 	(a)	cause or permit any assets of the Trust Fund to be diverted to purposes other than the exclusive benefit of Participants and their beneficiaries (as provided in
Section 12.2); 

  

	 	(b)	amend the Plan’s vesting schedule unless the Plan, as amended, provides that each Participant whose nonforfeitable benefit derived from Company contributions is
determined under such schedule and who has completed at least three years of Credited Service may elect during the election period (as hereinafter defined) to have the nonforfeitable portion of his or her benefit derived from Company contributions
determined without regard to such amendment. Notwithstanding the preceding sentence, no election need be provided for any Participant whose nonforfeitable benefit under the Plan, as amended, at any time cannot be less than such nonforfeitable
benefit determined without regard to such amendment. For purposes of this paragraph, the “election period” must begin no later than the date the Plan amendment is adopted and end no earlier than the latest of the following dates:


  

	 	(i)	the date which is 60 days after the day on which the amendment is adopted, 


 

	 	(ii)	the date which is 60 days after the day on which the amendment becomes effective, or 


 

	 	(iii)	(the date which is 60 days after the day on which the Participant is issued written notice of the Plan amendment by the Company or Administrator; or


  

	 	(c)	reduce without his consent the benefits then accrued of any Participant in the Plan; or 


 

	 	(d)	change, without the prior written consent of the Trustee or Administrator, as the case may be, any of the powers, rights, duties or obligations of the Trustee or
Administrator, as the case may be, 

 unless such modification or amendment is necessary or appropriate in order to
qualify the trust hereunder as an exempt trust under the provisions of Section 401(a) and 501 of the Code, or to retain for the trust such qualified status. 

  
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 11.2 Termination. Although MacDermid, Incorporated expects to continue the Plan
indefinitely, it expressly reserves the right to terminate it any time by instrument in writing, such termination to be effective on the date specified in such instrument. From and after the termination date so specified, no further contributions
shall be made by the Company and the Trustee shall forthwith proceed with the liquidation of the Trust Fund and each person who is a Participant in the Plan or entitled to benefits under the Plan on said date shall be entitled to a nonforfeitable
benefit, payable in a single lump sum payment, equal in amount to that proportion of the value (after such liquidation and the payment of the expenses of liquidation and termination) of the Trust Fund which the net credit balance in the accounts
maintained on behalf of such Participant on said termination date bears to the total of all net credit balances in the accounts of all Participants on said termination date. In the event that a partial termination of the Plan shall be deemed to have
occurred, each Participant affected shall be entitled to a nonforfeitable benefit equal in amount to the net credit balance in the accounts maintained on behalf of such Participant as of the date such partial termination is deemed to have occurred.
Although a suspension of Company contributions may occur without being deemed a termination of the Plan, the permanent discontinuance by the Company of further contributions under the Plan shall be deemed to be a termination by the Company of the
Plan as hereinbefore provided. If the Company or an Affiliated Company maintains a defined contribution plan (other than an employee stock ownership plan as defined in Section 4975(e)(7) of the Code), a Participant’s benefit will not be
distributed without the Participant’s consent. In the event a successor plan, as defined for purposes of Section 401(k) of the Code, is established or maintained, distribution shall be made in accordance with the requirements of such
Section. Upon the completion of distributions hereunder, the Trust Fund will terminate and no Participant or other person shall have any claims thereunder, except as required by applicable law. 

11.3 Termination in Event of Certain Changes in Ownership of the Company. In the event that at anytime the Company shall have a
“Principal Stockholder,” as hereinafter defined, then notwithstanding anything to the contrary contained herein, unless a majority of the “Continuing Directors”, as hereinafter defined, shall have, on or before the date of
termination hereinafter specified, voted to continue the Plan, the Plan shall terminate as of the twenty-first day next following the date on which the Board of Directors becomes aware that it has a Principal Stockholder. Thereupon, the Accounts of
all Participants shall become fully vested and nonforfeitable and all amounts then held in the Participants’ Accounts shall be immediately distributed to such Participants in the manner provided in Section 11.2, subject to a prior
favorable determination by the Internal Revenue Service with respect to the Plan termination, which shall be promptly applied for. 
 For purposes of this Section 11.3, (a) the term “Principal Stockholder” shall mean any corporation, person, or other entity (“person”) owning beneficially, directly or
indirectly, shares of the capital stock of the Company entitled to cast 25 percent or more of the votes at the time entitled to be cast generally in the election of Directors by all of the outstanding shares of all classes of capital stock of the
Company (other than any such shares held by any qualified employee benefit plan maintained by the Company), considered for purposes of this Section 11.3 as one class; (b) in determining such ownership, a person shall be deemed to be the
beneficial owner of any shares of capital stock of the Company which are beneficially owned, directly or indirectly, by any other person (i) with which it or its “affiliate” or “associate,” as hereinafter defined, has any
agreement, arrangement or understanding for the purpose of acquiring, holding, 

  
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voting or disposing of capital stock of the Company or (ii) which is its “affiliate” or “associate”; (c) the term “Continuing Director” shall mean a person
who was a member of the Board of Directors of the Company elected by the public stockholders prior to the time that the Company had a Principal Stockholder, or a person recommended to succeed a Continuing Director by a majority of Continuing
Directors; (d) a person shall be deemed to be an “affiliate” of, or affiliated with, a specified person if such person directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, the person specified; and (e) the term “associate” used to indicate a relationship with any person shall mean (i) any corporation or organization (other than the Company or any subsidiary of the Company) of which
such person is an officer or partner or is, directly or indirectly, the beneficial owner of 10 percent or more of any class of equity security, (ii) any trust or other estate in which such person has a substantial beneficial interest or as to
which such person serves as trustee or in a similar fiduciary capacity, and (iii) any relative or spouse of such person, or any relative of such spouse, who has the same home as such person. 

11.4 Notices with Respect to Termination. No payment of benefits or distribution of assets shall be made by the Trustee hereunder
until receipt by it of written confirmation from the Company that it has given all notices and prepared and filed all reports which may be required by law. 

  
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 ARTICLE XII 
 Miscellaneous Provisions 
 12.1 Participant and Employee Rights.
This instrument and the Plan embodied herein and established hereby shall not be deemed to give any Participant or any Employee the right to be retained in the employ of the Company or an Affiliated Company, or confer on or create in any Participant
or any Employee any rights of any name or nature, legal or equitable, except such as are expressly set forth herein. Neither anything contained in this instrument nor any action taken by the Company hereunder shall in any way prevent the Company or
an Affiliated Company from terminating at any time the employment of any Employee or Participant, present or future, nor subject it to any liability under this instrument for any such termination. 

12.2 Exclusive Benefit. This instrument and the Plan embodied herein and established hereby are for the exclusive benefit of the
Employees of the Company. No part of the assets of the Trust Fund shall be held for purposes other than the exclusive benefit of Participants and their beneficiaries and the payment of expenses of administering the Plan and Trust Fund. Except as
provided in Section 4.9, no funds paid to the Trustee under the Plan and no funds or property at any time held by the Trustee hereunder shall revert or inure to the possession, ownership or control of the Company. 

12.3 Release by Participants. Except to the extent that it relieves the Company, the Administrator or the Trustee from
responsibility or liability for any responsibility, obligation or duty owing to the Plan or any Participant, any payment to any Participant or to any person entitled to a benefit under the Plan, made in accordance with the provisions of this
instrument, shall to the extent thereof be in full satisfaction of all claims against any or all of the Trustee, the Administrator and the Company, any of whom may require such Participant or person, as a condition precedent to such payment, to
execute a receipt and release therefor in such form as shall be determined by the Trustee, the Administrator or the Company, as the case may be. 
 12.4 Merger. In the event of any merger or consolidation of the Plan with any other plan, or in the event of any transfer of assets and liabilities from the Plan to any other plan, the assets of
the Plan applicable to any Participant shall be transferred to such other plan only if the benefit to which such Participant is entitled immediately after the merger, consolidation or transfer (determined as if the plan had then terminated) is equal
to or greater than the benefit which he would have been entitled to receive if the Plan had terminated immediately prior to such merger, consolidation or transfer. 
 12.5 Governing Law. This instrument shall be construed, and the rights and liabilities of all persons hereunder shall be determined, in accordance with the laws of the State of Connecticut, to the
extent not preempted by ERISA. 

  
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