Document:

Exhibit 10.8 Form of Performance-Based Restricted Stock Agreement

Exhibit 10.8

FORM OF PERFORMANCE-BASED RESTRICTED STOCK AGREEMENT

THIS PERFORMANCE-BASED RESTRICTED STOCK AGREEMENT (this “Agreement”) is made as of the effective date set forth on the attached notice of grant (the “Grant Notice”), between GROUP 1 AUTOMOTIVE, INC., a Delaware corporation (the “Company”), and the employee set forth on the Grant Notice (“Employee”). 

1.    Award.  Pursuant to the GROUP 1 AUTOMOTIVE, INC. 2014 LONG TERM INCENTIVE PLAN (the “Plan”), the number of shares (the “Restricted Shares”) of the Company’s common stock set forth in the Grant Notice shall be issued as hereinafter provided in Employee’s name, subject to certain restrictions thereon.  The Restricted Shares shall be issued upon acceptance hereof by Employee (which shall be demonstrated by Employee’s execution of the Grant Notice) and upon satisfaction of the conditions of this Agreement and the Grant Notice. Employee acknowledges receipt of a copy of the Plan, and agrees that this award of Restricted Shares shall be subject to all of the terms and provisions of the Plan, including future amendments thereto, if any, pursuant to the terms thereof.  In the event of any conflict between the terms of this Agreement and the Plan, the Plan shall control.  The Plan and the Grant Notice are incorporated herein by reference as a part of this Agreement. Capitalized terms used but not defined herein shall have the meanings attributed to such terms in the Plan.  

2.    Restricted Shares.  Employee hereby accepts the Restricted Shares when issued and agrees with respect thereto as follows: 

(a)    Forfeiture Restrictions.  The Restricted Shares may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of to the extent then subject to the Forfeiture Restrictions (as hereinafter defined), and in the event of termination of Employee’s employment with the Company for any reason other than death or Disability (as hereinafter defined), Employee shall, for no consideration, forfeit to the Company all Restricted Shares to the extent then subject to the Forfeiture Restrictions.  The prohibition against transfer and the obligation to forfeit and surrender Restricted Shares to the Company upon termination of employment are herein referred to as the “Forfeiture Restrictions.”  For purposes of this Agreement, the term “Disability” shall mean that Employee has become disabled within the meaning of section 409A(a)(2)(C) of the Code and applicable administrative authority thereunder.

(b)    Lapse of Forfeiture Restrictions.  With respect to each Performance Period (as defined on Exhibit A hereto, which Exhibit is fully incorporated herein by this reference), the Forfeiture Restrictions shall lapse as to the Restricted Shares in accordance with the performance-based vesting schedule set forth on Exhibit A (the “Vesting Schedule”), provided that Employee has been continuously employed by the Company from the date of this Agreement through the date that the Committee certifies the results for such Performance Period.  To the extent that performance target(s) are not achieved in a particular Performance Period, if they are determined by the Committee to be achieved on a cumulative basis with respect to such Performance Period during any subsequent Performance Period during the Term, in accordance with the provisions of Exhibit A, then the Forfeiture Restrictions shall 

Exhibit 10.8

lapse as to the corresponding percentage of Restricted Shares set forth with respect to such Performance Period on the Vesting Schedule.  To the extent that the performance target(s) with respect to any Performance Period(s) are not achieved during the Term of this Agreement in accordance with the requirements of Exhibit A, the corresponding percentage of Restricted Shares as set forth on the Vesting Schedule with respect to such Performance Period(s) shall be forfeited to the Company.  The Company shall not issue fractional shares and shall round to the nearest whole share when calculating vesting and lapsing of the Forfeiture Restrictions.  Notwithstanding the foregoing, the Forfeiture Restrictions shall lapse as to all of the Restricted Shares then subject to the Forfeiture Restrictions on the date Employee’s employment with the Company is terminated by reason of death or Disability.  

(c)    Certificates.  A certificate evidencing the Restricted Shares shall be issued by the Company in Employee’s name, pursuant to which Employee shall have all of the rights of a stockholder of the Company with respect to the Restricted Shares, including, without limitation, voting rights and the right to receive dividends (provided, however, that dividends paid in shares of the Company’s stock (“Stock Dividends”) shall be subject to the Forfeiture Restrictions). Employee may not sell, transfer, pledge, exchange, hypothecate or otherwise dispose of the Restricted Shares and any Stock Dividends thereon until the Forfeiture Restrictions have expired and a breach of the terms of this Agreement shall cause a forfeiture of the Restricted Shares and any Stock Dividends thereon. The certificate shall be delivered upon issuance to the Secretary of the Company or to such other depository as may be designated by the Committee as a depository for safekeeping until the forfeiture of such Restricted Shares and any Stock Dividends thereon occurs or the Forfeiture Restrictions lapse pursuant to the terms of the Plan and this award. On the date of this Agreement, Employee shall deliver to the Company a stock power, endorsed in blank, relating to the Restricted Shares and any Stock Dividends thereon. As soon as practicable following the lapse of the Forfeiture Restrictions without forfeiture as to any portion of the Restricted Shares and any Stock Dividends thereon, the Company shall cause a new certificate or certificates to be issued without legend (except for any legend required pursuant to applicable securities laws or any other agreement to which Employee is a party) in the name of Employee in exchange for the certificate evidencing the Restricted Shares and any Stock Dividends thereon.  However, the Company, in its sole discretion, may elect to deliver the certificate either in certificate form or electronically to a brokerage account established for Employee’s benefit at a brokerage/financial institution selected by the Company.  Employee agrees to complete and sign any documents and take additional action that the Company may request to enable it to deliver the shares on Employee’s behalf.

(d)    Corporate Acts.  The existence of the Restricted Shares shall not affect in any way the right or power of the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any issue of debt or equity securities, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate act or proceeding. The prohibitions of Section 2(a) hereof shall not apply to the transfer of Restricted Shares pursuant to a plan of reorganization of the Company, but the stock, 

    
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Exhibit 10.8

securities or other property received in exchange therefor shall also become subject to the Forfeiture Restrictions and provisions governing the lapsing of such Forfeiture Restrictions applicable to the original Restricted Shares for all purposes of this Agreement and the certificates representing such stock, securities or other property shall be legended to show such restrictions.  

3.    Withholding of Tax/Tax Election. To the extent that the receipt of the Restricted Shares or the lapse of any Forfeiture Restrictions results in compensation income to Employee for federal or state income tax purposes, Employee shall deliver to the Company at the time of such receipt or lapse, as the case may be, such amount of money as the Company may require to meet its obligation under applicable tax laws or regulations or make such other arrangements to satisfy such withholding obligation as the Company, in its sole discretion, may approve.  In addition, the Company may withhold unrestricted shares of stock of the Company (valued at their fair market value on the date of withholding of such shares) otherwise to be issued upon the lapse of the Forfeiture Restrictions or from any cash compensation otherwise payable to the Employee to satisfy its withholding obligations.  To the extent applicable, if Employee makes the election authorized by section 83(b) of the Code in connection with the award of the Restricted Shares, Employee shall submit to the Company a copy of the statement filed by Employee to make such election.  

4.    Status of Stock.  Employee agrees that the Restricted Shares issued under this Agreement will not be sold or otherwise disposed of in any manner which would constitute a violation of any applicable securities laws, whether federal, state or applicable non-U.S. law, or the Company’s Code of Conduct. Employee also agrees that (a) the certificates representing the Restricted Shares may bear such legend or legends as the Committee deems appropriate in order to reflect the Forfeiture Restrictions and to assure compliance with applicable securities laws, (b) the Company may refuse to register the transfer of the Restricted Shares on the stock transfer records of the Company if such proposed transfer would constitute a violation of the Forfeiture Restrictions or, in the opinion of counsel satisfactory to the Company, of any applicable securities law, and (c) the Company may give related instructions to its transfer agent, if any, to stop registration of the transfer of the Restricted Shares. 

5.    Employment Relationship.  For purposes of this Agreement, Employee shall be considered to be in the employment of the Company as long as Employee remains an employee or a consultant of either the Company, a parent or subsidiary corporation (as defined in section 424 of the Code) of the Company, or any successor corporation.  Nothing in the adoption of the Plan, nor the award of the Restricted Shares thereunder pursuant to this Agreement, shall confer upon Employee the right to continued employment or engagement as a consultant by the Company or affect in any way the right of the Company to terminate such employment or consulting relationship at any time, subject to applicable law. Unless otherwise expressly provided in a written employment or consulting agreement or by applicable law, Employee’s employment or engagement as a consultant by the Company shall be on an at-will basis, and the employment and/or consulting relationship may be terminated at any time by either Employee or the Company for any reason whatsoever, with or without cause, subject to applicable law.  Any question as to whether and when there has been a termination of such employment and/or consulting relationship, and the cause of such termination, shall be determined by the Committee, and its determination shall be final.

    
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Exhibit 10.8

6.    Notices. Any notices or other communications provided for in this Agreement shall be sufficient if in writing.  In the case of Employee, such notices or communications shall be effectively delivered if hand delivered to Employee at his principal place of employment or if sent by registered or certified mail to Employee at the last address Employee has filed with the Company. In the case of the Company, such notices or communications shall be effectively delivered if sent by registered or certified mail to the Company at its principal executive offices.

7.    Entire Agreement; Amendment. This Agreement and the documents incorporated by reference herein replace and merge all previous agreements and discussions relating to the same or similar subject matters between Employee and the Company and constitute the entire agreement between Employee and the Company with respect to the subject matter of this Agreement; provided, however, that the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment, consulting and/or severance agreement between the Company and Employee in effect as of the date a determination is to be made under this Agreement.  Without limiting the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect.  Any modification of this Agreement shall be effective only if it is in writing and signed by both Employee and an authorized officer of the Company. 

8.    Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successors to the Company and all persons lawfully claiming under Employee.

9.    Forfeiture (“Clawback”) Policy.  Notwithstanding any other provision of this Agreement to the contrary, any Restricted Shares granted and/or shares issued hereunder, and/or any amount received with respect to any sale of any such shares, shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of any clawback policy (“Policy”) established by the Company to comply with any provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation, and Employee expressly agrees that the Company may take such actions as are necessary to effectuate the Policy, any similar policy or applicable law without further consent or action being required by Employee. To the extent that the terms of this Agreement and the Policy or any similar policy conflict, then the terms of such policy shall prevail.

10.    Controlling Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of laws principles thereof.

    
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Exhibit 10.8

EXHIBIT A
TO
PERFORMANCE-BASED RESTRICTED STOCK AGREEMENT
VESTING SCHEDULE

Vesting in General:  The term of this Agreement (the “Term”) shall commence on [Insert], and end on [Insert].  With respect to each fiscal year of the Company ending respectively on [Insert] (each, a “Performance Period”), a percentage of the Restricted Shares and any Stock Dividends thereon shall vest according to the Vesting Schedule set forth below based upon the satisfaction of the performance targets described below (the “Performance Targets”) for such Performance Period; provided, however, that if vesting does not occur with respect to the Restricted Shares and any Stock Dividends thereon that are first subject to vesting as a result of the Company’s performance with respect to a particular Performance Target during such Performance Period, such Restricted Shares and any Stock Dividends thereon may become vested upon the satisfaction of such Performance Target on a cumulative basis during multiple consecutive Performance Periods during the Term, as described below.

	
			
	Performance Period End Date
	Performance Target
	Number of Shares
Subject to Vesting

	[Insert]
	[Insert]
	[Insert]

        
For sake of clarity, each [Insert] share increment of the Restricted Shares (and any Stock Dividends thereon) shall vest on the basis of the achievement of a single Performance Target in a particular Performance Period (or cumulatively, in multiple Performance Periods, as described below), without regard to the Company’s performance with respect to the other Performance Targets during such Performance Period.

Performance Targets:  In order to achieve the vesting of the numbers of Restricted Shares and any Stock Dividends thereon for a particular Performance Target in a particular Performance Period as set forth in the Vesting Schedule, the corresponding Performance Target (as described below) must be met for such Performance Period, based upon the results from the Company’s operations as published in the Company’s filings with the Securities Exchange Commission, and certified by the Committee.

		
	[1.
	Gross Margin:  The Company must have a total gross margin of [__]% for such Performance Period.

		
	2.
	Same Store Revenue Growth:  The Company’s same store revenue growth (expressed as a percentage and based on total revenue) for such Performance Period shall be at or above the median same store revenue growth for the Peer Organizations (as may be defined from time to time) for such Performance Period.

		
	3.
	Reduction of SG&A:  The Company must experience a reduction of sales, general and administrative (“SG&A”) expenses, expressed as a percentage of gross profit, during such 

    
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Exhibit 10.8

Performance Period to at least the level corresponding to such Performance Period as set forth in the schedule below:  

	
		
	Calendar Year
	Level of SG&A Expenses

	 
	 

	[Insert]
	[Insert]

Peer Organizations:  “Peer Organizations” for purposes of the Same Store Revenue Growth performance target include publicly traded companies in the automotive retail sector as may be more specifically defined from time to time.]

No company shall be added to, or removed from, such list of Peer Organizations during the term of this Agreement; provided, however, that a company shall be removed from such list of Peer Organizations for a Performance Period if (a) during such period, (i) such company ceases to maintain publicly available statements of operations prepared in accordance with United States generally accepted accounting principles, consistently applied (“GAAP”), (ii) such company is not the surviving entity in any merger, consolidation, or other non-bankruptcy reorganization (or survives only as a subsidiary of an entity other than a previously wholly owned subsidiary of such company), (iii) such company sells, leases, or exchanges all or substantially all of its assets to any other person or entity (other than a previously wholly owned subsidiary of such company), or (iv) such company is dissolved and liquidated, or (b) more than 20% of such company’s revenues (determined on a consolidated basis based on the regularly prepared and publicly available statements of operations of such company prepared in accordance with GAAP) for any fiscal year of such company that ends during such Performance Period are attributable to the operation of businesses other than automotive retail sales and such company does not provide publicly available statements of operations with respect to its automotive retail business that are separate from the statements of operations provided with respect to its other businesses.  Any organization that is removed from such list of Peer Organizations pursuant to the provisions of this paragraph shall not be included in the list of Peer Organizations for any subsequent Performance Period after the Performance Period in which it was so removed.
Calculations of whether the Performance Targets have been achieved under this Agreement shall be based upon the Company’s and the Peer Organizations’ respective financial results as described in their respective regularly prepared and publicly available consolidated statements of operations prepared in accordance with GAAP.  Notwithstanding the foregoing, in the event that an Extraordinary Event (as defined below) occurs during any Performance Period, the Committee shall determine whether the Performance Targets have been met by the Company with respect to such Performance Period by using financial information of the Company and, to the extent publicly available, for the Peer Organizations, that is adjusted to exclude the portion of the Company’s (and, as applicable, the Peer Organizations’) financial results attributable to dealerships located in the geographic area(s) and/or business line(s) impacted by such Extraordinary Event, as applicable.  
For purposes of this Agreement, “Extraordinary Event” shall mean:

    
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Exhibit 10.8

		
	1.
	The occurrence of a natural disaster in a county or parish in which a dealership of the Company is located, if such natural disaster results in the declaration by the federal government that the county or parish has experienced a major disaster or, in the case of a dealership located in the United Kingdom, a declaration is made by the applicable governmental authority that the county or parish in which such dealership is located experienced a disaster that entitles persons in such county to apply for governmental disaster assistance.  

		
	2.
	The discontinuation of the production of new automobiles by an automobile manufacturer that supplies Company dealerships or the loss by the Company or particular dealerships of the Company of franchise rights from such a manufacturer.

Cumulative Vesting Opportunity:  Notwithstanding the foregoing, if in any Performance Period during the Term (other than the Performance Period for the fiscal year ending [Insert]), the Company did not achieve any of the Performance Target set forth above as to such Performance Period, Employee will continue to have the opportunity to satisfy such Performance Target(s) on a cumulative basis.  A Performance Target will be determined by the Committee to have been satisfied with respect to a particular Performance Period on a cumulative basis if, taking into account the average rate of the Company’s performance as to such Performance Target based on all completed Performance Periods during the Term prior to the date of determination, the Company achieved such Performance Target.  
    

    

    
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Exhibit 10.8

GROUP 1 AUTOMOTIVE, INC. 
2014 LONG TERM INCENTIVE PLAN

APPENDIX TO PERFORMANCE BASED 
RESTRICTED STOCK AGREEMENT 

ADDITIONAL TERMS AND CONDITIONS 
FOR INTERNATIONAL EMPLOYEES

TERMS AND CONDITIONS

This Appendix, which is part of the Agreement, contains additional terms and conditions that govern the Restricted Stock granted to the Employee under the Plan if he or she resides outside the United States.  The terms and conditions in Part A apply to all Employees outside the United States.  The country-specific terms and conditions and/or notifications in Part B will also apply to the Employee if he or she resides in one of the countries listed below.  Unless otherwise defined, capitalized terms used but not defined in this Appendix have the meanings set forth in the Plan and/or the Agreement.

NOTIFICATIONS

This Appendix also includes information regarding exchange controls and certain other issues of which the Employee should be aware with respect to participation in the Plan.  The information is based on the exchange control, securities and other laws in effect in the respective countries as of June 2014.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that the Employee not rely on the information in this Appendix as the only source of information relating to the consequences of his or her participation in the Plan because the information may be out of date at the time that the Employee vests in the Restricted Shares or sell shares of common stock acquired under the Plan.

In addition, the information contained herein is general in nature and may not apply to the Employee’s particular situation, and the Company is not in a position to assure the Employee of a particular result.  Accordingly, the Employee is advised to seek appropriate professional advice as to how the relevant laws in his or her country may apply to the Employee’s situation.

Finally, if the Employee is a citizen or resident, or is considered a resident, of a country other than the one in which he or she is currently working, or transferred employment after the Restricted Shares were granted to him or her, the information contained herein may not be applicable.  In addition, the Company shall, in its sole discretion, determine to what extent the additional terms and conditions included herein will apply to you under these circumstances.

ADDITIONAL TERMS AND CONDITIONS FOR INTERNATIONAL EMPLOYEES

Exhibit 10.8

A.    ALL NON-U.S. COUNTRIES ADDITIONAL TERMS AND CONDITIONS

The following additional terms and conditions will apply to the Employee if he or she resides in any country outside the United States.

Responsibility for Taxes.  The following section replaces Section 3 of the Agreement in its entirety: 

The Employee acknowledges that, regardless of any action taken by the Company or, if different, the Employee’s employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Employee’s participation in the Plan and legally applicable to the Employee (“Tax-Related Items”) is and remains the Employee’s responsibility and may exceed the amount actually withheld by the Company or the Employer.  The Employee further acknowledges that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Shares, including, but not limited to, the grant or vesting of the Restricted Shares, the subsequent sale of shares of common stock acquired pursuant to such settlement and the receipt of any dividends; and (2) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Shares to reduce or eliminate the Employee’s liability for Tax-Related Items or achieve any particular tax result.  Further, if the Employee is subject to Tax-Related Items in more than one jurisdiction between the date of grant and the date of any relevant taxable or tax withholding event, as applicable, the Employee acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to any relevant taxable or tax withholding event, as applicable, the Employee agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items.  In this regard, the Employee authorizes the Company and/or the Employer to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following methods: (i) requiring payment by the Employee to the Company, on demand, by cash, check or other method of payment as may be determined acceptable by the Company; (ii) withholding from the Employee’s wages or other cash compensation paid to the Employee by the Company and/or the Employer; (iii) withholding from proceeds of the sale of shares of common stock at vesting of the Restricted Shares either through a voluntary sale or through a mandatory sale arranged by the Company (on the Employee’s behalf pursuant to this authorization) without further consent; or (ii) withholding shares of common stock at vesting of the Restricted Shares.  

Depending on the withholding method, the Company and/or the Employer may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Employee will receive a refund of any over-withheld amount in cash and will have no entitlement to the common stock equivalent.  If the obligation for Tax-Related Items is satisfied by withholding in shares of common stock, for tax purposes, the Employee is deemed to have been issued the full number of shares of common stock subject to the vested Restricted Shares, 

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ADDITIONAL TERMS AND CONDITIONS FOR INTERNATIONAL EMPLOYEES

Exhibit 10.8

notwithstanding that a number of the shares of common stock are held back solely for the purpose of paying the Tax-Related Items.

Finally, the Employee agrees to pay the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Employee’s participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the shares or the proceeds of the sale of shares of common stock, if the Employee fails to comply with the Employee’s obligations in connection with the Tax-Related Items.

Nature of Grant.  The following section is added to Section 5 of the Agreement:
 
In accepting the grant, the Employee acknowledges, understands and agrees that:  (1) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan; (2) all decisions with respect to future Restricted Share or other grants, if any, will be at the sole discretion of the Company; (3) the Employee is voluntarily participating in the Plan; (4) the Restricted Shares are not intended to replace any pension rights or compensation; (5) the future value of the underlying shares of common stock is unknown, indeterminable and cannot be predicted with certainty; (6) no claim or entitlement to compensation or damages shall arise from forfeiture of the Restricted Shares resulting from the termination of the Employee’s employment or other service relationship (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Employee  is employed or the terms of the Employee’s employment agreement, if any), and in consideration of the grant of the Restricted Shares to which the Employee is otherwise not entitled, the Employee irrevocably agrees never to institute any claim against the Company, any of its Subsidiaries or the Employer, waives the Employee’s ability, if any, to bring any such claim, and releases the Company, its Subsidiaries and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Employee shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; (7) for purposes of the Restricted Shares, the Employee’s employment or service relationship will be considered terminated as of the date the Employee is no longer actively providing services to the Company or one of its Subsidiaries (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Employee is employed or providing services or the terms of the Employee’s employment or service agreement, if any) and unless otherwise expressly provided in these Terms and Conditions or determined by the Company, the Employee’s right to vest in the Restricted Shares under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., the Employee’s period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where the Employee is employed or providing services or the terms of the Employee’s employment or service agreement, if any); the Company shall have the exclusive discretion to determine when the Employee is no longer actively providing services for purposes of the Employee’s Restricted Share grant (including whether the Employee may still be 

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ADDITIONAL TERMS AND CONDITIONS FOR INTERNATIONAL EMPLOYEES

Exhibit 10.8

considered to be providing services while on an approved leave of absence); (8) unless otherwise provided in the Plan or by the Company in its discretion, the Restricted Shares and the benefits evidenced by these Terms and Conditions do not create any entitlement to have the Restricted Shares or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Company; (9) the Restricted Shares and the shares of common stock subject to the Restricted Shares, and the income and value of same, are not part of normal or expected compensation for any purpose, including, without limitation, calculating severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments; and (10) the Employee acknowledges and agrees that neither the Company, the Employer nor any subsidiary or affiliate of the Company shall be liable for any foreign exchange rate fluctuation between the Employee’s local currency and the United States Dollar that may affect the value of the Restricted Shares or of any amounts due to the Employee pursuant to the settlement of the Restricted Shares or the subsequent sale of any shares of common stock acquired upon settlement.

No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Employee’s participation in the Plan, or the Employee’s acquisition or sale of the underlying shares of common stock.  The Employee is hereby advised to consult with the Employee’s own personal tax, legal and financial advisors regarding the Employee’s participation in the Plan before taking any action related to the Plan.

Data Privacy.  The Employee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Employee’s personal data as described in the Agreement and any other Restricted Share grant materials (“Data”) by and among, as applicable, the Employer, the Company and its subsidiaries and affiliates for the exclusive purpose of implementing, administering and managing the Employee’s participation in the Plan.

The Employee understands that the Company and the Employer may hold certain personal information about the Employee, including, but not limited to, the Employee’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Restricted Shares or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Employee’s favor, for the exclusive purpose of implementing, administering and managing the Plan.  

The Employee understands that Data will be transferred to a stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan.  The Employee understands that the recipients of the Data may be located in the United States or elsewhere (including outside the EEA), and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Employee’s country.  The Employee understands that the Employee may request a list with the names and addresses of any potential recipients 

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ADDITIONAL TERMS AND CONDITIONS FOR INTERNATIONAL EMPLOYEES

Exhibit 10.8

of the Data by contacting the Employee’s local human resources representative.  The Employee authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Employee’s participation in the Plan.  The Employee understands that Data will be held only as long as is necessary to implement, administer and manage the Employee’s participation in the Plan.  The Employee understands that the Employee may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Employee’s local human resources representative.  Further, the Employee understands that the Employee is providing the consents herein on a purely voluntary basis.  If the Employee does not consent, or if the Employee later seeks to revoke the Employee’s consent, the Employee’s employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing the Employee’s consent is that the Company would not be able to grant the Employee Restricted Shares or other equity awards or administer or maintain such awards. Therefore, the Employee understands that refusing or withdrawing the Employee’s consent may affect the Employee’s ability to participate in the Plan.  For more information on the consequences of the Employee’s refusal to consent or withdrawal of consent, the Employee understands that the Employee may contact the Employee’s local human resources representative.

Language.  If the Employee has received the Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

B.    COUNTRY-SPECIFIC ADDITIONAL TERMS AND CONDITIONS AND NOTIFICATIONS 

BRAZIL 

TERMS AND CONDITIONS
Compliance with Law.  By accepting the Restricted Shares, the Employee acknowledges that he or she agrees to comply with applicable Brazilian laws and pay any and all applicable taxes associated with the vesting of the Restricted Shares, the receipt of any dividends, and the sale of shares of common stock acquired under the Plan.  

NOTIFICATIONS
Exchange Control Information.  If the Employee is resident or domiciled in Brazil, he or she will be required to submit annually a declaration of assets and rights held outside of Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights is equal to or greater than US$100,000.  Assets and rights that must be reported include shares of common stock.

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ADDITIONAL TERMS AND CONDITIONS FOR INTERNATIONAL EMPLOYEES

Exhibit 10.8

 
UNITED KINGDOM

TERMS AND CONDITIONS
U.K. Sub-Plan.   The terms of the U.K. Sub-plan apply to the grant of Restricted Shares.

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ADDITIONAL TERMS AND CONDITIONS FOR INTERNATIONAL EMPLOYEESEighth Amendment to Credit Agreement

 Exhibit 10.1 

EXECUTION VERSION 
 THIS EIGHTH
AMENDMENT TO CREDIT AGREEMENT (this “Eighth Amendment”) is made and entered into as of the 26th day of September, 2014 and effective in accordance with Section 2 below, by and among MULTI-COLOR CORPORATION, an Ohio
corporation (the “Company”), COLLOTYPE INTERNATIONAL HOLDINGS PTY LIMITED (ACN 007 628 015), an Australian company limited by shares and registered in South Australia (the “Australian Borrower” and, together with
the Company, the “Borrowers”), each lender party hereto (collectively, the “Approving Lenders” and, each individually, an “Approving Lender”), certain Subsidiaries of the Company party hereto, BANK
OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), Swing Line Lender and U.S. L/C Issuer, and WESTPAC BANKING CORPORATION (ACN 007 457 141), as Australian Administrative Agent (in such
capacity, the “Australian Agent” and, together with the Administrative Agent, the “Agents”) and Australian L/C Issuer. 

Recitals: 
 A. The
Borrowers, the Lenders and the Agents are parties to that certain Credit Agreement dated as of February 29, 2008 (as amended by that certain First Amendment to Credit Agreement dated as of June 28, 2010, that certain Second Amendment to
Credit Agreement dated as of March 25, 2011, that certain Third Amendment to Credit Agreement dated as of August 26, 2011, that certain Fourth Amendment to Credit Agreement dated as of September 29, 2011, that certain Fifth Amendment
to Credit Agreement dated as of November 8, 2012, that certain Sixth Amendment to Credit Agreement dated as of November 13, 2013 and that certain Seventh Amendment to Credit Agreement dated as of February 3, 2014, the “Credit
Agreement”), pursuant to which, inter alia, the Lenders agreed, subject to the terms and conditions thereof, to advance Loans (as this and other capitalized terms used herein but not otherwise defined herein are defined in the
Credit Agreement) to the Borrowers. 
 B. Each of the Borrowers desires to enter into certain supply chain financing arrangements with third
party financial institutions pursuant to which the Borrowers would sell certain accounts receivable prior to their stated payment date to such third party financial institutions at a discount to the face amount of such accounts receivable. 

C. The Company has requested, inter alia, that the Lenders (i) permit the sale of accounts receivable from time to time
pursuant to the applicable supply chain financing arrangement, (ii) consent to the release of the Lien of the Lenders on the accounts receivable sold from time to time in connection with the applicable supply chain financing arrangement and
(iii) agree to make certain other changes to the Credit Agreement as described in this Eighth Amendment. 
 D. Subject to the terms and
conditions of this Eighth Amendment, the Approving Lenders have agreed to such requests. 
 Agreements: 

NOW, THEREFORE, in consideration of the foregoing Recitals and the mutual agreements hereinafter set forth, the parties hereto hereby agree as
follows: 
 1. Amendments to Credit Agreement. 

(a) Section 1.01 of the Credit Agreement is hereby amended by: 

 (i) adding the following phrase immediately before the period at the end of the
definition of “Committed Loan Notice”: 
 “or in the case of Committed Loans (other than Australian Revolving
Loans) such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a
Responsible Officer of the Company”; 
 (ii) adding the following phrase immediately before the period at the end of the
first sentence of the definition of “Responsible Officer” 
 “or any other officer or employee of the
applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative Agent”; 

(iii) adding the following phrase immediately before the period to the end of the definition of “Swing Line Loan
Notice”: 
 “or such other form as approved by the Administrative Agent (including any form on an electronic
platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Company”; 

(iv) adding a closed parenthetical just before the semicolon at the end of clause (d) of the definition of
“Indebtedness”; 
 (v) amending and restating the definition of “Sanction” as follows; and 

“Sanctions” means any sanction administered or enforced by the United States Government (including, without
limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury, Commonwealth of Australia or other relevant sanctions authority. 

(vi) adding the following new definitions thereto in appropriate alphabetical order: 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory is the
subject of any Sanction. 
 “Notice of Loan Prepayment” means (a) in the case of a Loan (other than an
Australian Revolving Loan) a notice of prepayment with respect to such Loan, which shall be substantially in the form of Exhibit L or such other form as may be approved by the Administrative Agent (including any form on an electronic platform
or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer and (b) in the case of an 

 
Australian Revolving Loan, a notice of prepayment in form and substance reasonably acceptable to the Australian Administrative Agent. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of Treasury. 

“Subject Receivable” means an account receivable owing to the Company from The Procter & Gamble
Company or the Australian Borrower from Treasury Wine Estates for goods sold or services rendered by the Company or the Australian Borrower, as the case may be, including (a) all of the Company’s or the Australian Borrower’s interest
in any merchandise (including returned merchandise) relating to the sale that gave rise to such account receivable, (b) all security interests or Liens and property subject to such security interests or Liens securing or purporting to secure
payment of such account receivable and all Supporting Obligations relating solely to such Subject Receivables, (c) tax refunds and proceeds of insurance, other agreements or arrangements of whatever character supporting or securing the payment
of such account receivable, (d) all rights and causes of action of the Company or the Australian Borrower against the applicable Account Debtor of such account receivable and (e) all books, records and other information related to such
account receivable or the applicable Account Debtor.” 
 (b) Section 2.05(a) of the Credit Agreement is hereby
amended by adding the phrase “pursuant to delivery to the applicable Agent of a Notice of Loan Prepayment” after the words “applicable Agent” in the first line of such clause. 

(c) Section 2.05(b) of the Credit Agreement is hereby amended by adding the phrase “pursuant to delivery to the Swing
Line Lender of a Notice of Loan Prepayment” after the words “Swing Line Lender” and before the phrase “(with a copy to the Administrative Agent)” in the first line thereof. 

(d) Section 2.07(d) of the Credit Agreement is hereby amended by deleting the phrase “clauses (a), (b), (d), or
(g)” in subclause (A) thereof and inserting the phrase “clauses (a), (b), (d), (g) or (j)” in lieu thereof. 

(e) Section 5.23 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“5.23 Sanctions Concerns and Anti-Corruption Laws. 

(a) No Loan Party, nor any Subsidiary, nor, to the knowledge of the Loan Parties and their Subsidiaries, any director, officer,
employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individual or entity that is (i) currently the subject or target of any Sanctions or (ii) located, organized or
resident in a Designated Jurisdiction. 
 (b) The Loan Parties and their Subsidiaries have conducted their business in
compliance with applicable anti-corruption Laws and have instituted and maintained policies and procedures designed to promote and achieve compliance with such Laws.” 

 (f) Section 6.03(d) of the Credit Agreement is hereby amended by deleting
the phrase “clause (a), (b), (d), (g) or (h)” therein and inserting the phrase “clause (a), (b), (d), (g), (h) or (j)” in lieu thereof. 

(g) The following new Section 6.16 is hereby added to the Credit Agreement: 

“6.17 Anti-Corruption Laws. Conduct its business in compliance with applicable anti-corruption Laws and maintain
policies and procedures designed to promote and achieve compliance with such Laws.” 
 (h) Section 7.01 of the
Credit Agreement is hereby amended by (i) deleting the word “and” at the end of clause (o) thereof, (ii) replacing the period at the end of clause (p) thereof with “; and” and (iii) adding the following
new clause (q) thereto. 
 “(q) Liens securing Indebtedness permitted under Section 7.03(k);
provided that such Liens do not at any time encumber any property other than the Subject Receivables sold (or intended to be sold) pursuant to a Disposition permitted by Section 7.05(j).” 

(i) Section 7.03 of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of
clause (i) thereof, (ii) replacing the period at the end of clause (j) thereof with “; and” and (iii) adding the following new clause (k) thereto: 

“(k) any transaction permitted under Section 7.05(j), but only so long as (i) such transaction at any
time constitutes Indebtedness, (ii) such transaction was permitted under Section 7.05(j) at the time of the proposed Disposition in connection with such transaction and (iii) the aggregate amount of such Indebtedness in any
fiscal year shall not exceed fifteen percent (15%) of the projected aggregate net revenue of the Company and its Subsidiaries on a consolidated basis for such fiscal year as set forth in the forecasts for such fiscal year delivered to the
Agents and Lenders pursuant to Section 6.01(c).” 
 (j) Section 7.05 of the Credit Agreement is hereby
amended by (i) deleting the word “and” at the end of clause (h) thereof, (ii) adding the word “and” at the end of clause (i) thereof and (iii) adding the following new clause (j) thereto: 

“(j) Dispositions by the Company and the Australian Borrower of Subject Receivables prior to their stated due dates in
connection with supply chain financing or other similar arrangements approved by the applicable Agent; provided that the aggregate book value of the Subject Receivables sold pursuant to this clause (j) in any fiscal year shall not exceed
fifteen percent (15%) of the projected aggregate net revenue of the Company and its Subsidiaries on a consolidated basis for such fiscal year as set forth in the forecasts for such fiscal year delivered to the Agents and Lenders pursuant to
Section 6.01(c);” 
 (k) Section 7.15 of the Credit Agreement is hereby amended and restated in its
entirety as follows: 
 “7.15 Sanctions. Directly or indirectly, use any Credit Extension or the proceeds of any
Credit Extension, or lend, contribute or otherwise make 

 
available such Credit Extension or the proceeds of any Credit Extension to any Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time
of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person (including any Person participating in the transaction, whether as Lender, Joint Lead Arranger, Agent, L/C Issuer, Swing Line Lender,
or otherwise) of Sanctions.” 
 (l) The following new Section 7.16 is hereby added to the Credit Agreement: 

“7.16 Anti-Corruption Laws. Directly or indirectly, use any Credit Extension or the proceeds of any Credit
Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 or other similar legislation in other jurisdictions.” 

(m) Section 10.06 of the Credit Agreement is hereby amended by (i) deleting clause (g) thereof in its entirety
and (ii) inserting “[Reserved]” in lieu thereof. 
 (n) The following new Section 10.24 is
hereby added to the Credit Agreement: 
 “10.24 Electronic Execution of Assignments and Certain Other Documents.
The words “delivery,” “execute,” “execution,” “signed,” “signature,” and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include
electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained
herein to the contrary neither the Administrative Agent, the Australian Administrative Agent, any L/C Issuer, the Swing Line Lender nor any Lender is under any obligation to agree to accept electronic signatures in any form or in any format unless
expressly agreed to by the Administrative Agent, the Australian Administrative Agent, such L/C Issuer, the Swing Line Lender or such Lender pursuant to procedures approved by it and provided further without limiting the foregoing, upon the
request of any party, any electronic signature shall be promptly followed by such manually executed counterpart.” 
 (o)
The list of Exhibits to the Credit Agreement in the introductory pages of the Credit Agreement is hereby amended to add the following: “L Notice of Loan Prepayment” thereto. 

(p) The new Exhibit L to the Credit Agreement (“Notice of Loan Prepayment”) is attached hereto as Exhibit
A. 

 2. Effective Date; Conditions Precedent. Upon the satisfaction or waiver of each of the
following conditions, this Eighth Amendment shall be deemed to be effective: 
 (a) the Administrative Agent shall have
received counterparts of this Eighth Amendment executed by each Agent, Approving Lenders constituting Required Lenders and each Loan Party; 

(b) the Administrative Agent shall have been paid or reimbursed for all reasonable and documented out-of-pocket costs and
expenses incurred by it or its Affiliates in connection with this Eighth Amendment, including, without limitation, the reasonable and documented fees, disbursements and other charges of counsel for the Administrative Agent and its Affiliates; and

 (c) the Administrative Agent shall have received such other documents and certificates as it shall reasonably request.

 3. Other Loan Documents. Any reference to the Credit Agreement in the other Loan Documents executed and delivered pursuant to or in
connection with the Credit Agreement, shall from and after the effective date of the Eighth Amendment, be deemed to refer to the Credit Agreement, as modified by this Eighth Amendment. 

4. Confirmation of Debt; Reaffirmation. Each of the Loan Parties hereby affirms all of its liabilities and obligations to the Agents and
the Lenders under the Credit Agreement, the Notes and the other Loan Documents, as modified hereby or pursuant hereto, and that such liabilities and obligations are owed to the Agents and the Lenders. Each Loan Party further acknowledges and agrees
that as of the date hereof, it has no claims, defenses or set-off rights against any Agent or Lender of any nature whatsoever, whether sounding in tort, contract or otherwise; and there are no claims, defenses or set-offs to the enforcement by the
Agents of the liabilities and obligations of the Borrowers to the Agents and the Lenders under the Credit Agreement, the Notes or the other Loan Documents. In furtherance of the foregoing, each Loan Party (a) agrees that the transactions
contemplated by this Eighth Amendment shall not limit or diminish the obligations of such Person under, or release such Person from any obligations under, the Loan Documents to which it is a party, (b) confirms and reaffirms its obligations
under the Loan Documents to which it is a party and (c) agrees that the Loan Documents to which it is a party remain in full force and effect and are hereby ratified and confirmed. 

5. No Other Modifications; Same Indebtedness. Except as expressly provided in this Eighth Amendment, all of the terms and conditions of
the Credit Agreement, the Notes and the other Loan Documents remain unchanged and in full force and effect. The modifications effected by this Eighth Amendment and by the other instruments contemplated hereby shall not be deemed to provide for or
effect a repayment and re-advance of any of the Loans now outstanding, it being the intention of the Borrowers and the Lenders hereby that the Indebtedness owing under the Credit Agreement and the Notes, as amended by this Eighth Amendment, be and
hereby is the same Indebtedness as that owing under the Credit Agreement and the Notes immediately prior to the effectiveness hereof. This Eighth Amendment shall not be deemed (a) to be a waiver of, consent to, or a modification or amendment of
any term or condition of the Credit Agreement or any other Loan Document not expressly modified or amended hereby, (b) to prejudice any right or rights which either Agent or the Lenders may now have or may have in the future under or in
connection with the Credit Agreement or the other Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended, restated, 

 
supplemented or modified from time to time, (c) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrowers or any of
their respective Subsidiaries or any other Person with respect to any other waiver, amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or either of the
Agents, or any of them, under or with respect to any such documents or (d) to be a waiver of, or consent to, or a modification or amendment of, any other term or condition of any other agreement by and among the Loan Parties, on the one hand,
and either Agent or any other Lender, on the other hand. 
 6. Representations and Warranties. Each Loan Party represents and warrants
that (a) it has the corporate or other organizational power and authority to make, deliver and perform this Eighth Amendment and the transactions contemplated hereby, (b) it has taken all necessary corporate or other action to authorize
the execution, delivery and performance of this Eighth Amendment, (c) this Eighth Amendment has been duly executed and delivered on behalf of such Person, (d) this Eighth Amendment constitutes a legal, valid and binding obligation of such
Person, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and
by general equitable principles (whether enforcement is sought by proceedings in equity or at law), (e) no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other
Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, such Loan Party of this Eighth Amendment other than, to the extent required under applicable law, filing this Eighth Amendment
and/or a summary thereof with the Securities and Exchange Commission on Form 8-K, 10-K or 10-Q, as applicable, (f) each of the representations and warranties made by such Loan Party in or pursuant to the Loan Documents is true and correct in
all material respects (except to the extent that such representation and warranty is subject to a materiality or Material Adverse Effect qualifier, in which case it shall be true and correct in all respects), in each case on and as of the date
hereof as if made on and as of the date hereof, except to the extent that such representations and warranties relate to an earlier date, in which case such representations and warranties are true and correct in all material respects as of such
earlier date (it being understood and agreed that the representations contained in clauses (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to
clauses (a) and (b) respectively of Section 6.01 of the Credit Agreement) and (g) no Default has occurred and is continuing as of the date hereof or would result after giving effect hereto. 

7. Governing Law; Binding Effect. This Eighth Amendment shall be governed by and construed in accordance with the laws of the State of
New York without regard to conflict of laws principles (other than Section 5-1401 of the General Obligations Law of New York) and shall be binding upon and inure to the benefit of the Borrowers, the Agents and the Lenders and their respective
successors and assigns. 
 8. Counterparts. This Eighth Amendment may be executed in separate counterparts, each of which shall be
deemed to be an original, and all of which together shall be deemed a fully executed agreement. Any party hereto may execute and deliver a counterpart of this Eighth Amendment by delivering via facsimile or email transmission a signature page of
this Eighth Amendment signed by such party, and any such facsimile or email signature shall be treated in all respects as having the same effect as an original signature. Any party delivering by facsimile or email transmission a counterpart executed
by it shall promptly thereafter also deliver a manually signed counterpart of this Eighth Amendment. 

 9. Consent to Release. Each of the Approving Lenders and each Agent acknowledges and
agrees that in connection with the transactions described in Section 7.05(j) of the Credit Agreement (as amended hereby) any Liens of the Lenders on the Subject Receivables sold (or purported to be sold) in connection with such transactions
shall be released immediately upon such sale (or purported sale) without further action by any party. By its execution of this Eighth Amendment each Approving Lender hereby reaffirms and confirms the authority of the Agents to release such Liens.
Each Agent shall execute and deliver (at the cost and expense of Borrowers) in accordance with Section 9.10 of the Credit Agreement (as amended hereby) such releases, terminations, documents and other instruments as the Borrowers may reasonably
request in order to evidence such release described in this Section 9. 
 [Signature Pages Follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Eighth Amendment to be duly
executed as of the date first above written. 
  

			
	MULTI-COLOR CORPORATION
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	V.P., Treasurer
	
	 COLLOTYPE INTERNATIONAL HOLDINGS

PTY LIMITED

	
	 /s/ Sharon E. Birkett

	Company Secretary/Director
	
	 Sharon E. Birkett

	Name of Company Secretary/Director (Print)
	
	 /s/ Mary T. Fetch

	Company Secretary/Director
	
	 Mary T. Fetch

	Name of Company Secretary/Director (Print)
	
	 MCC-BATAVIA, LLC
  

MCC-TROY, LLC
  

LASER GRAPHIC SYSTEMS, INCORPORATED
  

MCC-DEC TECH, LLC
  

MCC-WISCONSIN, LLC
  

MCC-NORWAY, LLC
  

MCC-UNIFLEX, LLC
  

MCC-FINANCE LLC
  

MCC-FINANCE 2 LLC
  

COLLOTYPE LABELS USA INC.
  

MULTI-COLOR AUSTRALIA, LLC

		
	By:	 	 /s/ Mary T. Fetch

		 	Mary T. Fetch
		 	Treasurer

  
 Multi-Color
Corporation 
 Eighth Amendment to Credit Agreement 

Signature Page 

 
	
	
	MULTI-COLOR AUSTRALIA HOLDINGS PTY LIMITED (ACN 129 274 719)
	
	MULTI-COLOR AUSTRALIA FINANCE PTY LIMITED (ACN 129 274 979)
	
	MULTI-COLOR AUSTRALIA ACQUISITION PTY LIMITED (ACN 129 275 181)
	
	COLLOTYPE BSM LABELS PTY LIMITED (ACN 007 665 189)
	
	COLLOTYPE IPACK PTY LIMITED (ACN 120 050 160)
	
	MAGNUS DONNERS PTY LIMITED (ACN 008 102 207)
	
	COLLOTYPE LABELS PTY LIMITED (ACN 007 514 856)
	
	COLLOTYPE LABELS BAROSSA PTY LTD (ACN 008 212 539)
	
	COLLOTYPE LABELS GRIFFITH PTY LTD (ACN 115 294 267)
	
	COLLOTYPE LABELS INTERNATIONAL PTY LIMITED (ACN 068 409 478)
	
	MULTI-COLOR (QLD) PTY LIMITED (ACN 003 411 194)
	
	MULTI-COLOR (SA) PTY LIMITED (ACN 120 050 204)
	
	 /s/ Mary T. Fetch

	Director
	
	 Mary T. Fetch

	Name of Director (Print)
	
	 /s/ Sharon E. Birkett

	Company Secretary/Director
	
	 Sharon E. Birkett

	Name of Company Secretary/Director (Print)
	
	

  
 Multi-Color
Corporation 
 Eighth Amendment to Credit Agreement 

Signature Page 

 
			
	ACKNOWLEDGED AND ACCEPTED:
	
	ADHESION INTERMEDIATE HOLDINGS, INC.
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	ASHEVILLE ACQUISITION CORPORATION, LLC
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	CAMEO SONOMA LIMITED
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	INDUSTRIAL LABEL CORPORATION
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	LABELCORP HOLDINGS, INC.
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	LABELCORP MANAGEMENT, INC.
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	LSK LABEL, INC.
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	M ACQUISITION, LLC
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer

  
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	ACKNOWLEDGED AND ACCEPTED (Continued):
	
	MCC LABELS1 NETHERLANDS B.V.
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	MCC LABL2 NETHERLANDS B.V.
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	PSC ACQUISITION COMPANY, LLC
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	SOUTHERN ATLANTIC LABEL CO., INC.
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	YORK TAPE & LABEL, LLC
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	MCC-MEXICO HOLDINGS 1 LLC
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	MCC-MEXICO HOLDINGS 2 LLC
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer
	
	MCC-NORWOOD LLC
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Treasurer

  
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Signature Page 

 
			
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:	 	 /s/ Joseph R. Jackson

	Name:	 	Joseph R. Jackson
	Title:	 	Vice President

  
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	WESTPAC BANKING CORPORATION,
	as Australian Administrative Agent
		
	By:	 	 /s/ Richard Yarnold

	Name:	 	Richard Yarnold
	Title:	 	Senior Relationship Manager
		 	Corporate & Institutional Banking

  
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Signature Page 

 
			
	BANK OF AMERICA, N.A.,
	
as a U.S. Sub-facility Lender, U.S. L/C Issuer and Swing

Line Lender

		
	By:	 	 /s/ Joseph R. Jackson

	Name:	 	Joseph R. Jackson
	Title:	 	Vice President

  
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	 WESTPAC BANKING CORPORATION,

as an Australian Sub-facility Lender

		
	By:	 	 /s/ Richard Yarnold

	Name:	 	Richard Yarnold
	Title:	 	 Senior Relationship Manager

Corporate & Institutional Banking

  
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		 	 BMO Harris Financing, Inc.,
 as a U.S.
Sub-facility Lender

		
	By:	 	 /s/ Mark Piekos

	Name:	 	Mark Piekos
	Title:	 	Managing Director

  
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	FIFTH THIRD BANK, as a U.S. Sub-facility Lender
		
	By:	 	 /s/ Kelly Wolski

	Name:	 	Kelly Wolski
	Title:	 	Vice President

  
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Corporation 
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Signature Page 

 
			
	JPMORGAN CHASE BANK, N.A.,
	        as a U.S. Sub-facility Lender
		
	By:	 	 /s/ Steven P. Sullivan

	Name:	 	Steven P. Sullivan
	Title:	 	Authorized Officer

  
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Corporation 
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Signature Page 

 
			
	KEYBANK NATIONAL ASSOCIATION,
	        as a U.S. Sub-facility Lender
		
	By:	 	 /s/ Kenneth D. Kramp

	Name:	 	Kenneth D. Kramp
	Title:	 	Vice President

  
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Corporation 
 Eighth Amendment to Credit Agreement 

Signature Page 

 
			
	PNC Bank, National Association,
	    as a U.S. Sub-facility Lender
		
	By:	 	 /s/ Jeffrey P. Fisher

	Name:	 	Jeffrey P. Fisher
	Title:	 	Vice President

  
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Signature Page 

 
			
	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH,
	            as a U.S. Sub-facility Lender
		
	By:	 	 /s/ Erin Thomas-Walker

	Name:	 	Erin Thomas-Walker
	Title:	 	Vice President
		
	By:	 	 /s/ Peter Duncan

	Name:	 	Peter Duncan
	Title:	 	Managing Director

  
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Corporation 
 Eighth Amendment to Credit Agreement 

Signature Page 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	            as a U.S. Sub-facility Lender
		
	By:	 	 /s/ Mark Utlaut

	Name:	 	Mark Utlaut
	Title:	 	Senior Vice President

  
 Multi-Color
Corporation 
 Eighth Amendment to Credit Agreement 

Signature Page 

 EXHIBIT A 

Notice of Loan Prepayment 

[ANY PREPAYMENT NOTICE SHOULD BE ON BORROWER’S LETTERHEAD] 

Dated as of:                     

 Bank of America, N.A., as Administrative Agent 
 Ladies and
Gentlemen: 
 This irrevocable Notice of Loan Prepayment is delivered to you pursuant to Section 2.05 of the Credit Agreement,
dated as of February 29, 2008 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among MULTI-COLOR CORPORATION, an Ohio corporation (the “Company”), COLLOTYPE
INTERNATIONAL HOLDINGS PTY LIMITED (ACN 007 628 015), an Australian company limited by shares and registered in South Australia, each lender party thereto, BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and U.S. L/C Issuer, and
WESTPAC BANKING CORPORATION (ACN 007 457 141), as Australian Administrative Agent and Australian L/C Issuer. Capitalized terms used herein and not defined herein shall have the meanings assigned thereto in the Credit Agreement. 

1. The Company hereby provides notice to the Administrative Agent that it shall repay the following [Base Rate Loans] and/or
[Eurocurrency Rate Loans]:                     . (Complete with an amount and Interest Periods (with respect to Eurocurrency
Rate Loans) in accordance with Section 2.05 of the Credit Agreement.) 
 2. The Loan(s) to be prepaid consist of: [check
each applicable box] 
  

	 	 ̈	a Term A Loan in the amount of $                      

 

	 	 ̈	a U.S. Revolving Loan in the amount of $                      

3. The Company shall repay the above-referenced Loans on the following Business Day:
                    . (Complete with a date no earlier than (i) the same Business Day as of the date of this Notice of Loan Prepayment
with respect to any Base Rate Loan and (ii) three (3) Business Days subsequent to date of this Notice of Loan Prepayment with respect to any Eurocurrency Rate Loan.) 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Notice of Loan Prepayment as of the day and
year first written above. 
  

			
	MULTI-COLOR CORPORATION
		
	 By:
	 	 
	 Name:
	 	  

	 Title:

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