Document:

Amended and Restated Shareholders' Agreement, dated June 30, 2004

 Exhibit 10.23 
 MOZAIC GROUP LTD. 
 AMENDED AND RESTATED 
 SHAREHOLDERS’ AGREEMENT 
 This Mozaic Group Ltd. Amended and Restated
Shareholders’ Agreement dated June 30, 2004 (the “Agreement”) by and among Mozaic Group Ltd., a Missouri corporation (the “Company”), Southern Graphic Systems, Inc., a Kentucky corporation
(“SGS”), those Persons listed on Schedule 1, attached hereto, and those other Persons who hereafter own or acquire shares of capital stock of the Company and become a party to this Agreement and only as expressly
permitted in this Agreement, any Permitted Transferees of any of them (collectively, the “Minority Shareholders”), SGS and the Minority Shareholders are sometimes referred to individually as a “Shareholder” and
collectively as the “Shareholders”. This Agreement amends and restates in full the Shareholders’ Agreement dated August 14, 2003 by and among the Company and Mary Ann Gibson, trustee of Mary Ann Gibson Amended and Restated
Revocable Living Trust u/a/d September 5, 1997, and those who have executed a Supplemental Shareholder’s Agreement. 
 RECITALS

 WHEREAS, the Company has executed the Stock Purchase Agreement (the “Stock Purchase Agreement”) dated June 30,
2004 among SGS, Mary Ann Gibson and Mozaic Group Ltd., pursuant to which SGS will acquire 51% of each of the Voting Common Stock and Non-Voting Common Stock of the Company. 
 WHEREAS, effective upon closing of the acquisition contemplated by the Stock Purchase Agreement the Minority Shareholders will hold 49% of each of the
Voting Common Stock and Non-Voting Common Stock of the Company; 
 WHEREAS, effective upon closing of the acquisition contemplated by the
Stock Purchase Agreement SGS and the Minority Shareholders in the aggregate are holders of all of the issued and outstanding shares of the Company’s Voting Common Stock and Non-Voting Common Stock (for the purpose hereof, such shares, as well
as all shares of Voting Common Stock and Non-Voting Common Stock of the Company hereafter acquired by the Shareholders from the Company or a Shareholder arc referred to as “Shares”); 
 WHEREAS, the effectiveness of this Agreement is conditioned upon the execution of the Stock Purchase Agreement and the consummation of the transaction
thereunder; 
 WHEREAS, certain capitalized terms used in this Agreement that are not defined elsewhere are defined in Section 15.1 of
this Agreement; 
 WHEREAS, the parties desire to provide for certain matters regarding the Shares and the governance of the Company.

  

					
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 NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and obligations set
forth in this Agreement, the parties, intending to be legally bound, agree as follows: 
 TERMS 
  

	1.	Capitalization of the Company. As of the date of this Agreement: 

  

	 	1.1	The authorized capitalization of the Company is 100,000 shares of Class A (voting) common stock, $0.10 par value per share (the “Voting Common Stock”) and
900,000 shares of Class B (non-voting) common stock, $0.10 par value per share (the “Non-Voting Common Stock”). 

  

	 	1.2	The number of shares of capital stock of the Company which are issued and outstanding is 248,965 which consists of 16,795 Voting Common Stock and 232,170 Non-Voting Common Stock.

  

	 	1.3	The issued and outstanding capital stock of the Company is held by the Shareholders as set forth on Schedule 2, attached hereto. 

  

	 	1.4	Except as otherwise provided in this Agreement, each Shareholder represents and warrants that such Shareholder holds the Shares held by it set forth in Section 1.3, free and
clear of any and all liens, pledges or encumbrances. Each Shareholder agrees not to incur, create or subject the Shares to any liens, pledges or encumbrances during the term of this Agreement, or any renewal or extension of it.

  

	 	1.5	For purposes of purchasing a percentage of Shares or the Shares of a Shareholder pursuant to this Agreement, such Shares or percentage of Shares shall be based on the total of all
shares owned by a Shareholder which includes Voting Common Stock and Non-Voting Common Stock. For purposes of corporate governance provisions under this Agreement, including without limitation any voting provisions, the percentage of Shares for
voting shall be based on the total of the Voting Common Stock owned by a Shareholder. 

  

	2.	Management of the Company. 

  

	 	2.1	Election and Removal of Board of Directors Generally. 

  

	 	(a)	 The Shareholders shall vote (or shall consent pursuant to an action by written consent of the Shareholders) all of their Shares to establish and maintain a board of
directors elected in accordance with this Agreement. Except as otherwise required by law, the business and affairs of the Company will be under the direction of its board of directors (the “Board”). For so long as SGS is a
Shareholder, the Company’s Board shall consist of five (5) persons (the “Directors”). Three (3) Directors will be designated for nomination and election by SGS and two (2) Directors will be designated for
nomination and election by 

  

					
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the Minority Shareholders, provided that if the Minority Shareholders do not hold at least 34% of the outstanding Voting Common Stock then the Minority
Shareholders shall only have the right to elect one (1) Director and SGS will have the right to elect four (4) Directors. The Shareholders shall vote all their Shares to elect individuals so nominated to be Directors.

  

	 	(b)	The Company shall provide the Shareholders with twenty (20) days’ prior written notice of any meeting at which Directors are to be elected. Each of SGS and the Minority
Shareholders, if applicable, shall give written notice to the Company, no later than ten (10) days after receipt of such notice, of the persons designated by such Shareholders, if any, pursuant to Section 2.l(a) as its nominee for election
as a Director. If SGS and/or the Minority Shareholders shall fail to give notice to the Company as provided hereinabove, it shall be deemed that the designee, if any, of SGS and/or the Minority Shareholders then serving as the designated Director
shall be its designee for reelection. All Shareholders agree to vote their Shares in a manner to elect the designees of the Minority Shareholders and SGS. 

  

	 	(c)	No Shareholder shall vote to remove a Director designated by another Shareholder, except (i) upon clear and convincing evidence of bad faith or willful misconduct with respect
to the Company, or (ii) if the Shareholder or Shareholders that nominated a Director give written notice to all the other Shareholders that such Shareholder or Shareholders wish to remove that Director, then all Shareholders shall vote their
Shares in favor of removing that Director and replacing such designee. If, for any reason, any Director ceases to hold office, only the Shareholder or Shareholders that are entitled to nominate that Director shall be entitled to promptly nominate an
individual to fill the vacancy so created for the unexpired term and all Shareholders shall vote all their Shares for the individual nominated to fill the vacancy 

  

	 	2.2	Current Board of Directors. Effective upon the execution and delivery of this Agreement, the number of Directors of the Company shall be set at five (5), and the Board shall
consist of: Donna C. Dabney (nominated by SGS), Henry R. Baughman (Chairman) (nominated by SGS), Benjamin F. Harmon, IV (nominated by SGS), Mary Ann Gibson (“MAG”) (nominated by the Minority Shareholders), and William R. Freeman III
(nominated by Minority Shareholders). 

  

	 	2.3	Board of Directors Meeting. The Company shall use its best efforts to ensure that meetings of its Board are held at least four times each year and at least once each quarter.

  

	 	2.4	 Quorum and Action by Directors. The presence of three (3) Directors, in person or by proxy, is required to constitute a quorum and action by at least
three (3) Directors is required to constitute action and approval by the Board; provided, however, that at least one of the Directors appointed by the Minority Shareholders must be present in person or by proxy to constitute a quorum for
purposes of taking action on the 

  

					
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following matters, and such Director together with at least one of the Directors appointed by SGS shall be required to approve any of such matters:

  

	 	(a)	any sale greater than $25,000 of assets outside the ordinary course of business, or a consolidation, merger, liquidation, or dissolution of the Company (subject to ASC’s rights
in the event of a default under the ASC Loan); 

  

	 	(b)	incurrence of debt (other than trade payables in the ordinary course of business) greater than $50,000, subject to ASC’s right to refinance the ASC Loan with a third party;

  

	 	(c)	granting security interests in or mortgages of the Company’s assets involving more than $50,000; 

  

	 	(d)	approving or amending annual business plans (including plans for realizing cross-selling synergies); 

  

	 	(e)	approving or amending annual operating and capital expenditure budgets for Year 3 and beyond; 

  

	 	(f)	transactions between the Company and a Shareholder or Affiliate of a Shareholder, except for the purchase of materials or services from the parties (or their Affiliates) at normal
or standard market prices or terms; 

  

	 	(g)	any change to the operating plans and capital expenditures and related budgets for Year 1 and Year 2, as agreed and attached hereto as Schedule 3 (the “Agreed
Year 1 and Year 2 Plans and Budget”); 

  

	 	(h)	issuance of any stock that would dilute the aggregate ownership interest of the Minority Shareholders; 

  

	 	(i)	any increase or decrease in the fixed amount of five (5) Directors as set forth in Section 2.1 (a) of this Agreement; 

  

	 	(j)	any increase or decrease in the number of authorized shares of Voting and Non-Voting Common Stock; 

  

	 	(k)	creation of any new series or class of stock or creation of any bonds, notes or other obligations convertible into, exchangeable for or using option rights to purchase shares of
stock of the Company; 

  

	 	(l)	issuance of any of the authorized but unissued Voting Common Stock and Non-Voting Common Stock; 

  

	 	(m)	 reclassification, alteration or change of the rights, preferences or privileges of the Voting Common Stock and Non-Voting Common Stock or any other class or 

  

					
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series of shares so as to materially and adversely affect any of the Shares of the Shareholders; or 

  

	 	(n)	any material reorganization of the Company, including the transfer of significant operations or assets into subsidiaries or similar change in operation or structure.

  

	 	2.5	Action by the Shareholders. No action by the Shareholders shall be taken without the vote of the Shareholders holding at least a majority of the Shares of the Voting Common
Stock of the Company; provided, however, that the following matters will require the approval of the Shareholders holding at least 66-2/3% of the Shares of Voting Common Stock: 

  

	 	(a)	any sale greater than $25,000 of assets outside the ordinary course of business, consolidation, merger, liquidation, or dissolution (subject to ASC’s rights in the event of a
default under the ASC Loan); 

  

	 	(b)	incurrence of debt (other than trade payables in the ordinary course of business) greater than $50,000, subject to ASC’s right to refinance the ASC Loan with a third party;

  

	 	(c)	granting security interests in or mortgages of Company’s assets involving more than $50,000; 

  

	 	(d)	approving or amending annual business plans (including plans for realizing cross-selling synergies); 

  

	 	(e)	approving or amending annual operating and capital expenditure budgets for Year 3 and beyond; 

  

	 	(f)	transactions between the Company and a Shareholder or an Affiliate of a Shareholder, except for the purchase of materials or services from the parties (or their Affiliates) at
normal or standard market prices or terms; 

  

	 	(g)	any change to the Agreed Year 1 and Year 2 Plans and Budget; provided, that any such change will require the agreement of the holders of not less than 90% of Voting Common Stock of
the Company if SGS has converted the ASC Loan to equity; 

  

	 	(h)	issuance of any stock that would dilute the aggregate ownership interest of the Minority Shareholders; 

  

	 	(i)	any increase or decrease in the fixed amount of five (5) Directors as set forth in Section 2.1(a) of this Agreement; 

  

					
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	 	(j)	any increase or decrease in the number of authorized shares of Voting and Non-Voting Common Stock; 

  

	 	(k)	creation of any new series or class of stock or creation of any bonds, notes or other obligations convertible into, exchangeable for or using option rights to purchase shares of
stock of the Company; 

  

	 	(l)	issuance of any of the authorized but unissued shares of Voting and Non-Voting Common Stock; or 

  

	 	(m)	reclassification, alteration or change of the rights, preferences or privileges of the Voting and Non-Voting Common Stock or any other class or series of shares so as to materially
and adversely affect any of the Shares of the Shareholders; 

  

	 	(n)	any material reorganization of the Company, including the transfer of significant operations or assets into subsidiaries or similar change in operation or structure.

  

	3.	Rights as a Shareholder. Each Shareholder acknowledges that, by becoming a Shareholder in the Company and entering into this Agreement, such Shareholder is not entering into
or forming a partnership relationship with any other Shareholder and that the Shareholders of the Company shall not owe to one another the same or substantially the same fiduciary duties that partners owe to one another. Accordingly, except as
expressly provided in this Agreement or required by law, each Shareholder acknowledges that each such Shareholder shall not, solely by virtue of such Shareholder’s ownership of Shares, be entitled among other things (a) to employment by
the Company; (b) to serve as a director or officer of the Company, (c) to receive dividends or other distributions on such Shareholder’s Shares, except as the same may be declared from time to time by the Board in its sole discretion;
(d) to have such Shareholder’s Shares redeemed by the Company when Shares of other Shareholders are being redeemed if the Board shall have determined in good faith that there exist special circumstances for redeeming the Shares from such
other Shareholders; (e) to participate in or have preemptive rights with respect to any issue of capital stock, or rights to acquire capital stock of the Company, unless the Board shall have determined in its discretion to make such rights
available; or (f) to sell such Shareholder’s Shares when another Shareholder is selling Shares. 

  

	4.	Restrictions of Transfer of Shares; Permitted Transfers. 

  

	 	4.1	Restrictions of Transfer of Shares. Except as expressly provided in this Agreement, no Shareholder may sell, transfer, pledge or otherwise encumber such Shareholder’s
Shares, now owned or hereafter acquired, without the prior written consent of the holders of at least 90% of the Shares of Voting Common Stock. Any purported sale, transfer, encumbrance or disposition in violation of this Agreement shall be void and
shall not operate to transfer any interest or title to the purported transferee. 

  

					
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	 	4.2	Permitted Transfers. In addition to other sales and/or transfers expressly permitted under this Agreement, SGS, DCS Family Investments, LLC, DCS Real Estate, L.L.C. and DCS
Ventures, LLC, upon providing prior written notice to the other, may sell or transfer, including transfer by operation of law, to any Affiliate, its Shares at any time without restriction, other than compliance with applicable securities laws and
the requirement that the transferee agree to be bound by the terms of this Agreement (a “Permitted Transferee”). No transfer may be made by SGS to a Permitted Transferee unless the Permitted Transferee executes and
delivers a written agreement, in form and substance reasonably satisfactory to the Company, agreeing to be bound by the provisions of this Agreement as a “Shareholder”. No transfer may be made by DCS Family Investments, LLC, DCS Real
Estate, L.L.C. and DCS Ventures, LLC to a Permitted Transferee other than under the DCS Ventures, LLC governing documents as of the date hereof unless MAG has controlling ownership interest in the Permitted Transferee and the Permitted Transferee
executes and delivers a proxy granting MAG all voting power with respect to the transferred shares, In addition, no transfer may be made by MAG to a Permitted Transferee unless the Permitted Transferee executes and delivers a written agreement, in
form and substance reasonably satisfactory to the Company, in which the Permitted Transferee, agrees to bound by the provisions of this Agreement as a “Shareholder”; provided, however, that MAG shall remain liable for all obligations and
liabilities under this Agreement. MAG shall not transfer her ownership interest in DCS Family Investments, LLC, DCS Real Estate, L.L.C. and DCS Ventures, LLC or any of their Permitted Transferees that own Shares in the Company.

  

	 	4.3	Representations. In connection with a sale of any of the Shares pursuant to this Agreement, the selling Shareholder shall be required to represent that (a) he, she or it
has title to such Shares, free and clear of all liens and encumbrances except as provided in this Agreement; (b) he, she or it has power and authority to sell such Shares; and (c) the sale does not conflict with any other agreement to
which the Shareholder is a party. 

  

	 	4.4	Legend on Certificates. No Shares shall be transferred on the books of the Company except upon compliance with the restrictions on transfer contained in this Agreement. Each
certificate for Shares shall bear the following legend: 

 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933. THE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF REGISTRATION OR EXEMPTION THEREFROM UNDER SAID ACT OR THE RULES AND REGULATIONS PROMULGATED THEREUNDER. THE SECURITIES REPRESENTED HEREBY ARE FURTHER
RESTRICTED BY THE PROVISIONS OF THE AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT DATED JUNE 30, 2004, AS IT MAY BE AMENDED FROM TIME TO TIME, A COPY OF WHICH IS ON FILE IN THE OFFICES OF THE COMPANY IN THE STATE OF MISSOURI.” 

 

					
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 together with such other legends as may be necessary or appropriate under applicable securities laws and
to reflect the terms of other agreements to which the Shareholders and the Company are party. 
  

	5.	Purchase Option. 

  

	 	5.1	SGS Option to Purchase Remaining Interest. SGS will have the right (the “Purchase Option”), exercisable in its sole discretion during Year 3 to
acquire all outstanding Shares held by the Minority Shareholders (the “Remaining Shares”), and the Minority Shareholders agree to sell the Remaining Shares to SGS upon the terms contained in this Section 5. SGS
may exercise the Purchase Option by providing to each Minority Shareholder sixty (60) days’ prior written notice any time within Year 3 (the “Purchase Option Exercise Notice”). The price to be paid to the
Minority Shareholders for the Remaining Shares pursuant to the Purchase Option shall be an amount expressed and paid in United States Dollars equal to the Purchase Option Exercise Price (defined below). Upon the Minority Shareholders’ receipt
of the Purchase Option Exercise Notice, the Minority Shareholders shall complete the sale of all but not less than all of the Remaining Shares within sixty (60) days from the date of the Purchase Option Exercise Notice. At the closing, each
Minority Shareholder shall deliver to SGS the certificate(s) for all of such Minority Shareholder’s Shares (duly endorsed for transfer or accompanied by appropriate stock powers), against payment by SGS of that portion of the Purchase Option
Exercise Price payable to such Minority Shareholder. 

  

	 	5.2	Purchase Option Exercise Price. The total “Purchase Option Exercise Price” shall be an amount equal to (a) the number of Shares owned by
the Minority Shareholders divided by the total issued and outstanding Shares of the Company, multiplied by (b) 5 times EBITDA for the twelve-month period ending on the last day of the month prior to the date the Purchase Option Exercise Notice
is given. For example, if the Year 2 Projections arc met and the EBITDA for the twelve-month period ending on the last day of the month prior to the date the Purchase Option Exercise Notice is given is $6.7 million, a multiple of 5 will provide for
a total Company valuation of $33.5 million. 49% of said amount is $16,415,000. The Minority Shareholders will be paid their pro rata share of said amount upon the closing of the Purchase Option. 

  

	6.	Non-Performance Exit Right; Right of First Offer; Drag-Along Right. 

  

	 	6.1	Non-Performance Exit Right. In the event that the Company has (a) Sales in Year 2 that are less than $18,750,000 and (b) EBITDA in Year 2 that is less
than $5,011,500, then SGS will have the right (the “Non-Performance Exit Right”), exercisable in its sole discretion during Year 3, to sell all but not less than all of its Shares to a third party, subject to this
Section 6. Subject to the Minority Shareholders’ First Offer Right as set forth in Section 6.2, SGS may exercise the Non-Performance Exit Right by providing to each Minority Shareholder at least ninety (90) days’ prior
written notice any time within Year 3 (“Non-Performance Exit Right Notice”) concerning its intent to sell all of its Shares to a third party. 

  

					
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	 	6.2	Right of First Offer. Upon the Minority Shareholders receipt of the Non-Performance Exit Right Notice, the Minority Shareholders shall collectively have the right to provide
an offer to SGS (the “First Offer Right”) to purchase all but not less than all of SGS’s Shares. All Minority Shareholders are not required to participate, but if one or more of the Minority Shareholders choose to
exercise their First Offer Right then a Minority Shareholder authorized by all of the Minority Shareholders shall deliver, on behalf of all Minority Shareholders, to SGS and the Company, within fifteen (15) days after receiving the
Non-Performance Exit Right Notice, a written notice executed by all Minority Shareholders. The written notice shall state the terms of the offer, which shall be binding on the Minority Shareholders, including the names of the Minority Shareholders
that have elected to participate in the offer, the purchase price and terms pursuant to which the Minority Shareholders are willing to purchase all but not less than all of SGS’s Shares. None of the Minority Shareholders can exercise the First
Offer Right until all Minority Shareholders have agreed and executed the notice delivered to SGS; provided, that those electing not to participate shall so indicate in such notice. Failure of the Minority Shareholders to notify SGS of their offer to
purchase all of SGS’s Shares within such 15-day period, time being of the essence, shall constitute a waiver of the First Offer Right by the Minority Shareholders. If the Minority Shareholders elect to exercise their First Offer Right and SGS
accepts such offer, then each participating Minority Shareholder shall purchase a pro rata portion of SGS’s Shares based on the number of Shares owned by that Minority Shareholder participating in exercising First Offer Right divided by the
total number of Shares owned by all Minority Shareholders participating in exercising the First Offer Right. 

  

	 	6.3	Acceptance/Rejection. SGS, in its sole discretion, shall accept or reject the Minority Shareholders’ offer within fifteen (15) days from the date of SGS’s
receipt of the Minority Shareholders’ offer. In the event that the Minority Shareholders properly exercise their First Offer Right and SGS accepts such offer, the Minority Shareholders must complete the purchase of all of SGS’s Shares
within sixty (60) days from the date of SGS’s acceptance. Notwithstanding the foregoing, the Minority Shareholders’ acquisition of all of SGS’s Shares shall be conditioned upon the repayment of the ASC Loan in full at or before
the closing of such acquisition. At the closing, SGS shall deliver to the Minority Shareholders the certificate(s) for all of SGS’s Shares (duly endorsed for transfer or accompanied by appropriate stock powers), against payment by the Minority
Shareholders of the purchase price therefor. If the Minority Shareholders do not exercise their First Offer Right pursuant to Section 6.2 or SGS rejects the Minority Shareholders* offer, SGS may proceed with a sale of all of its Shares to a
third party, subject to Section 6.4 below. 

  

	 	6.4	Drag Along Right. If SGS intends to accept a third party offer, then SGS shall deliver to each Minority Shareholder a notice of such third party offer (a
“Disposition Notice”), specifying the purchase price and other terms and conditions of such third party offer and SGS’s reasonable determination that the third party offer is more favorable to SGS than any offer
of the Minority Shareholders pursuant to Section 6.2. 

  

					
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 Unless waived by all of the Minority Shareholders, SGS’s determination shall be accompanied by a
list of the terms and factors that SGS compared and its analysis in making its determination that the third party offer is more favorable than the offer of the Minority Shareholders. If the terms of such third party sale are more favorable to SGS
than the offer by the Minority Shareholders, then the Minority Shareholders shall have the right to match the third party offer, notice of which (the “Matching Best Offer Notice”) must be given to SGS within ten
(10) days after receipt of the Disposition Notice. If the Minority Shareholders do not match such third party offer or if the Minority Shareholders did not make an offer to SGS pursuant to Section 6.2, SGS will have the right, at its
option (exercisable by written notice given to each Minority Shareholder within twenty (20) days of the Disposition Notice), to require the Minority Shareholders (the “Drag-Along Right”) to sell all of their
Shares but not less than all of their Shares, to the third party, on the same terms and conditions as the Shares to be sold by SGS, and the Minority Shareholders shall deliver to counsel for SGS (to be held in escrow) at or before closing of the
contemplated sale the certificates representing all Shares owned by them. If, within 120 days after the Disposition Notice, SGS has not completed the sale of all of its Shares (for a reason other than the failure of any Minority Shareholder to
deliver certificates for his or her Shares) in accordance herewith, SGS shall return to the Minority Shareholders the Shares delivered by such shareholder for sale pursuant hereto, and all the restrictions on sale or other disposition contained in
this Agreement shall again be in effect. In the event SGS does not exercise its Drag Along Right during the 20-day period, the Drag Along Right shall be deemed to be waived and SGS shall be permitted to sell its Shares to a third party that is
reasonably acceptable to the Minority Shareholders holding at least a majority of the Voting Common Stock held by the Minority Shareholders, such acceptance not to be unreasonably withheld. The Minority Shareholders shall notify SGS whether the
third party is reasonably acceptable pursuant to this Section 6.4 within thirty (30) days of the Disposition Notice. 
  

	7.	Put/Call Right. 

  

	 	7.1	 Grant of Put/Call Right. In the event that SGS has not exercised the Purchase Option or Non-Performance Exit Right in accordance with Section 5 or 6,
respectively, on or before the last day of Year 3, then either SGS on one hand or all of the Minority Shareholders on the other hand, shall have the right (the “Put/Call Right”), to propose to the other a price at
which such Shareholder would be willing to sell all of its Shares to the other (a “Sale Offer”), or purchase all of the Shares held by the other (a “Purchase Offer”). The Put/Call Right
may be exercised by either SGS or the Minority Shareholders beginning on the first day following the last day of Year 3 by providing to the other and the Company written notice of the Sale Offer or Purchase Offer. If the Minority Shareholders choose
to exercise their Put/Call Right, then a Minority Shareholder authorized by all of the Minority Shareholders shall deliver, on behalf of all Minority Shareholders, to SGS and the Company, a written notice executed by all Minority Shareholders. None
of the Minority Shareholders can exercise the Put/Call Right until all Minority Shareholders have agreed and executed the notice delivered to SGS; provided, however, if the notice is to propose a Purchase 

  

					
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Offer to SGS then not all Minority Shareholders executing the notice have to participate in purchasing the SGS’s Shares; further provided, however, that
if SGS rejects such a Purchase Offer, then all Minority Shareholders would be required to sell their Shares to SGS at the price specified in such Purchase Offer. The written notice delivered by the Minority Shareholders shall state the terms of the
offer, which shall be binding on the Minority Shareholders, including the names of the Minority Shareholders that have elected to participate in the offer, the purchase price and other terms of such offer. Notwithstanding this Section 7.1, a
Sale Offer proposed by the Minority Shareholders requires all Minority Shareholders to offer to sell all but not less than all of their Shares to SGS in accordance with this Section 7.1. If SGS and the Minority Shareholders both deliver written
notice to the Company of its exercise of the Put/Call Right, the notice that was first received by the Company shall be the Put/Call Right that shall be exercised. 

  

	 	7.2	Sale Offer/Purchase Offer. The Party receiving a Sale Offer or Purchase Offer (the “Recipient”) will have thirty (30) days to provide
written notice to the party making the proposal (the “Offeror”) of its acceptance or rejection of such offer. Any acceptance or rejection notice delivered to the Offeror by the Minority Shareholders must be agreed to and executed by
all Minority Shareholders. 

  

	 	(a)	If the Recipient accepts a Sale Offer, the Recipient will complete the purchase of the Offerer’s Shares within sixty (60) days following the date of its notice of
acceptance to the Offeror for the purchase price proposed by the Offeror. If the Recipient rejects a Sale Offer, then the Offeror must purchase all of the Shares held by such Recipient on the same terms contained in the Sale Offer. The Offeror will
complete the purchase of all the Recipient’s Shares within sixty (60) days from the date that the Recipient notifies the Offeror of its rejection. 

  

	 	(b)	If the Recipient accepts a Purchase Offer, the Offeror will complete the purchase within sixty (60) days after the Recipient notifies the Offeror of its acceptance for the
purchase price proposed by the Offeror. If the Recipient rejects a Purchase Offer, then the Recipient must purchase all of the Shares held by such Offeror on the same terms contained in the Purchase Offer. The Recipient will complete the purchase of
all the Offerer’s Shares within sixty (60) days after the Recipient notifies the Offeror of its rejection. 

  

	 	(c)	The acquisition of SGS’s Shares by the Minority Shareholders pursuant to Section 7 is conditioned upon the repayment of the ASC Loan in full at or before the closing of such
acquisition. The acquisition of the Minority Shareholders’ Shares by SGS pursuant to Section 7 is conditioned upon the repayment in full of the MAG Loan and the release of all MAG Guarantees or in lieu of such release an indemnity from SGS
with respect only to the MAG Guarantees and MAG Collateral at or before closing of such acquisition. 

  

	 	(d)	The purchase price for any purchase or sale transaction pursuant to this Section 7 shall be paid in cash at the closing of such transaction. 

  

					
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	8.	Termination of Employment of Management Employees. 

  

	 	8.1	Termination. 

  

	 	(a)	If any Management Employee is terminated by reason of death, disability or termination without Cause (as such terms are defined in such Management Employee’s employment
agreement with the Company, or if there is no such employment agreement, then as Cause is defined in Section 14.3 of this Agreement), then the Minority Shareholders (other than the terminated Management Employee) will have the first right to
purchase the Shares of such terminated Management Employee for the Termination Purchase Price set forth in Section 8.1 (c) (the “Minority First Right”). If they elect to exercise the Minority First Right, the
Minority Shareholders shall do so by providing written notice executed by all Minority Shareholders (other than the terminated Management Employee and whether or not all Minority Shareholders are electing to participate in the offer), within thirty
(30) days following the termination of employment of the Management Employee, to the Company and the terminated Management Employee (or his or her estate or personal representative). The Minority Shareholders’ written notice shall be
delivered by a Minority Shareholder on behalf of all Minority Shareholders (as authorized by all of the Minority Shareholders), to the Company and the terminated Management Employee (or his or her estate or personal representative), including the
names of the Minority Shareholders that have elected to participate in the offer for the Termination Purchase Price set forth in Section 8.1(c). Such offer shall be binding on all of the Minority Shareholders. Closing shall occur on the tenth
day following delivery of such written notice. The Shares of the terminated Management Employee and the obligation to pay the Termination Purchase Price for such Shares shall be allocated among the Minority Shareholders exercising the First Offer
Right based upon a fraction, the numerator of which is the number of Shares owned by each participating Minority Shareholder, and the denominator of which is the number of Shares owned by all of the participating Minority Shareholders. Failure of
the Minority Shareholders to notify the Company and the terminated Management Employee (or his or her estate or personal representative) of the Minority Shareholders’ election to exercise the Minority First Right within the 30-day period, shall
constitute a waiver of such right. Notwithstanding the foregoing, the Minority Shareholders cannot exercise the Minority First Right (a) with respect to Shares held by MAG or her estate or personal representative, (b) if the exercise of
the Minority First Right would dilute MAG’s Shares to less than 34%, or (c) if the exercise of the Minority First Right would increase the Shares held by the Minority Shareholders. If the Minority First Right is exercised by the Minority
Shareholders pursuant to this Section 8.1, neither the Company, SGS, nor Alcoa will have any obligation to make any payment to a terminated employee for his or her Shares. 

  

					
	Confidential	  	Page 12	  	

	 	(b)	In the event the Minority First Right cannot be exercised due to the penultimate sentence of Section 8.1 (a) or the Minority Shareholders do not exercise such right within
thirty (30) days after the Management Employee’s termination pursuant to Section 8.1(a), the Company will purchase the terminated Management Employee’s Shares for the Termination Purchase Price set forth in 8.1(c). The closing of
such purchase by the Company will occur within 30 days after the Management Employee’s termination if the Minority First Right cannot be exercised and within 60 days after such termination if the Minority Shareholders fail to exercise the
Minority First Right. To the extent that the Company is required to purchase Shares under this subsection and the Company is prevented by law from purchasing such Shares, the Company shall notify the Shareholders of that fact as promptly as
practicable under the circumstances and each of the Shareholders other than the terminated Management Employee shall purchase from the terminated Management Employee (or his or her estate or personal representative) and the terminated Management
Employee (or his or her estate or personal representative) shall sell the Shares of the terminated Management Employee for the Termination Purchase Price and upon the other terms required of the Company that number of such unpurchased Shares as
equals the proportion which the number of Shares owned by each such remaining Shareholder at the termination date of the Management Employee’s employment bears to the total number of Shares then owned by all the remaining Shareholders. Each
Shareholder must notify the other Shareholders whether it will participate in such purchase within 15 days following delivery of the notice from the Company referred to above. Any Shareholder who does not deliver such notice shall be deemed to have
declined to participate in such purchase. Closing shall occur within 15 days following delivery of the last notice from all Shareholders to the other Shareholders or 30 days following delivery of the notice from the Company referred to above if any
Shareholder fails to deliver a notice to the other Shareholders. To the extent that any Shareholder does not perform under this subsection, the Shares of the terminated Management Employee and the obligation to pay for those Shares shall be
allocated to those Shareholders who do perform under this subsection, based on a fraction, the numerator of which is the number of Shares owned by each performing Shareholder and the denominator of which is the number of Shares owned by all the
performing Shareholders. 

  

	 	(c)	The purchase price (the “Termination Purchase Price”) will be an amount expressed and paid in cash in United States Dollars equal to the number of
Shares owned by the terminated Management Employee divided by the total issued and outstanding Shares of the Company multiplied by the greater of: (a) 5 times EBITDA for the twelve-month period ending on the last day of the month prior to the
date of termination of the Management Employee, or (b) the total Shareholders’ equity reflected on the Company’s balance sheet on the last day of the month prior to the date of termination of the Management Employee.

  

	 	(d)	 If the terminated Management Employee’s Shares have been purchased pursuant to Section 8.1, the provisions of this subsection will apply to the Company or
the 

  

					
	Confidential	  	Page 13	  	

	 	 
Minority Shareholders, whomever is purchasing the terminated Management Employee’s Shares pursuant to Section 8.1 (the
“Purchaser”), upon the closing of any event described in this subsection (a “True Up Event”),. In the event that the Purchase Option is exercised pursuant to Section 5, the Purchaser, within sixty
(60) days following the exercise of the Purchase Option, will recalculate the Termination Purchase Price for an amount equal to the number of Shares owned by the terminated Management Employee at termination divided by the total issued and
outstanding Shares of the Company at termination multiplied by the greater of: (i) 5 times EBITDA for the twelve-month period ending on the last day of Year 2, or (ii) total Shareholders’ equity on the last day of Year 2 reflected on the
Company’s balance sheet. If the recalculated termination purchase price set forth in the preceding sentence is greater than the Termination Purchase Price actually paid to the terminated Management Employee (or his or her estate or personal
representative), then the Purchaser will pay an additional amount to such terminated Management Employee (or his or her estate or personal representative) equal to the difference between the original Termination Purchase Price and such recalculated
termination purchase price. The Company may use the proceeds of any insurance policy paid for by the Company and payable to the Company with respect to a deceased employee in paying the original Termination Purchase Price and any subsequent amount
payable by the Company as a result of such recalculated termination purchase price. In the event that the Company is sold to a third party before the end of Year 2, the Purchaser will recalculate the Termination Purchase Price for an amount equal to
the number of Shares owned by the terminated Management Employee at termination divided by the total issued and outstanding Shares of the Company at termination multiplied by the greater of: (A) 5 times EBITDA for the twelve-month period ending
on the date of the closing of the sale to the third party, or (B) total Shareholders’ equity as of the date of the closing of the sale reflected on the Company’s balance sheet. In the event that the Company is liquidated before the
end of Year 2, the Purchaser will recalculate the Termination Purchase Price for an amount equal to the number of Shares owned by the terminated Management Employee at termination divided by the total issued and outstanding Shares of the Company at
termination multiplied by the greater of: (a) 5 times EBITDA for the twelve-month period ending on the date of liquidation or (b) total Shareholders’ equity as of the date of liquidation as reflected on the Company’s balance
sheet. 

  

	 	8.2	 Voluntary Termination; Termination With Cause. If a Management Employee terminates his or her employment with the Company voluntarily or such employment is
terminated by the Company with Cause (as defined in such Management Employee’s employment agreement with the Company, or if such Management Employee has no employment agreement with the Company, then as defined in Section 14.3 of this
Agreement), the Minority Shareholders (other than the terminated Management Employee) will have the right to exercise their Minority First Right with respect to the Shares held by such terminated employee in accordance with Section 8.1, except
that the purchase price for the terminated Management Employee’s Shares shall be the Alternate Termination Purchase Price (defined below). The Company, 

  

					
	Confidential	  	Page 14	  	

	 	 
SGS or Alcoa will not have any obligation to make any payment to a terminated Management Employee for his or her Shares if the Minority First Right is
exercised. If the Minority First Right cannot be exercised due to Section 8.1(a) or the Minority Shareholders do not exercise such right pursuant to Section 8.1(a), the Company will purchase the terminated Management Employee’s Shares
for a purchase price (the “Alternate Termination Purchase Price”), expressed and paid in United States Dollars, of an amount equal to the number of Shares owned by the terminated Management Employee divided by the total issued and
outstanding Shares of the Company multiplied by the total Shareholders’ equity on the last day of the month prior to the date of the Management Employee’s termination reflected on the Company’s balance sheet. The closing of such
purchase by the Company will occur within 30 days after the Management Employee’s termination if the Minority First Right cannot be exercised and within 60 days after such termination if the Minority Shareholders fail to exercise the Minority
First Right. To the extent that the Company is required to purchase Shares under this subsection and the Company is prevented by law from purchasing such Shares, the Company shall notify the Shareholders of that fact as promptly as practicable under
the circumstances and each of the Shareholders other than the terminated Management Employee shall purchase from the terminated Management Employee (or his or her estate or personal representative) and the terminated Management Employee (or his or
her estate or personal representative) shall sell the Shares of the terminated Management Employee for the Alternate Termination Purchase Price and upon the other terms required of the Company that number of such unpurchased Shares as equals the
proportion which the number of Shares owned by each such remaining Shareholder at the termination date of the Management Employee’s employment bears to the total number of Shares then owned by all the remaining Shareholders. Each Shareholder
must notify the other Shareholders whether it will participate in such purchase within 15 days following delivery of the notice from the Company referred to above. Any Shareholder who does not deliver such notice shall be deemed to have declined to
participate in such purchase. Closing shall occur within 15 days following delivery of the last notice from all Shareholders to the other Shareholders or 30 days following delivery of the notice from the Company referred to above if any Shareholder
fails to deliver a notice to the other Shareholders. To the extent that any Shareholder does not perform under this subsection, the Shares of the terminated Management Employee and the obligation to pay for those Shares shall be allocated to those
Shareholders who do perform under this subsection, based on a fraction, the numerator of which is the number of Shares owned by each performing Shareholder and the denominator of which is the number of Shares owned by all the performing
Shareholders. 

  

	9.	Term; Termination For Breach 

  

	 	9.1	Term of Agreement. This Agreement shall continue in full force and effect as long as any Shares remain issued and outstanding and owned by more than one Shareholder or the
direct or subsequent transferee of a Shareholder. 

  

					
	Confidential	  	Page 15	  	

	 	9.2	Termination for Breach. 

  

	 	(a)	In the event of a material breach of this Agreement, the non-breaching party(ies) must provide written notice pursuant to Section 15.2 to the breaching party identifying and
describing the material breach of this Agreement caused by the breaching party. If the breach is capable of being cured, then the breach must be cured within thirty (30) days following the date of the notice provided by the non-breaching
party(ies). If the material breach has not been cured to the reasonable satisfaction of the non-breaching party(ies) within the 30-day cure period, then the non-breaching party(ies) will have the right to purchase the breaching party’s Shares
by providing written notice within ten (10) days after the 30-day cure period; provided, however, that a non-breaching party(ies) cannot elect to purchase the breaching party’s Shares until the breach is finally determined to be a material
breach by a court having jurisdiction over the parties. The non-breaching party(ies) electing to purchase the breaching party’s Shares shall, on a pro rata basis, purchase the Shares of the breaching party for a purchase price that is the
breaching party’s pro rata share of the greater of: (a) 85% multiplied by 5 times EBITDA for the twelve-month period ending on the last day of the month preceding the material breach by the breaching party, or (b) the total
Shareholders’ equity on the last day of the month prior to the material breach by the breaching party reflected on the Company’s balance sheet. 

  

	 	(b)	A condition to the Minority Shareholders’ acquisition of SGS’s Shares pursuant to Section 9 requires the repayment of the ASC Loan in full at or before the closing of
such acquisition. A condition to SGS’s acquisition of MAG’s Shares requires the repayment of the MAG Loan in full and the release of all MAG Guarantees or in lieu of such release an indemnity from SGS with respect only to the MAG
Guarantees and MAG Collateral in full at or before the closing of such acquisition. For purposes of this Section 9, the term “breaching party” as used with respect to the Minority Shareholders would only refer to the Minority
Shareholder(s) actually in breach under this Agreement, not to all Minority Shareholders as a group. 

  

	10.	Deadlock; Put/Call Right. 

  

	 	10.1	Deadlock. 

  

	 	(a)	 Negotiations. If an operational matter requires the approval of SGS, on the one hand, and the representative of the Minority Shareholders on the Board, on
the other hand, and either SGS or the Minority Shareholders’ fail to provide such approval or does not approve such operational matter then such deadlock (the “Deadlock”) shall be resolved in accordance with this Section. Upon
the occurrence of a Deadlock, the President of SGS (“SGS’s President”) and Mary Ann Gibson (“MAG”), representative of the Minority Shareholders, shall attempt to resolve the Deadlock through good faith
negotiation. If SGS’s President and MAG are unable to resolve the Deadlock within two weeks of the Deadlock, then 

  

					
	Confidential	  	Page 16	  	

	 	 
the Alcoa Group President to whom SGS’s President reports and MAG or her designated representative, shall attempt to resolve the Deadlock through good
faith negotiation. If the Deadlock remains unresolved thirty (30) days from the date that the Deadlock occurred or as otherwise agreed by the parties, then either SGS or the Minority Shareholders may elect to exercise the Put/Call Right
pursuant to Section 10.l(b). Notwithstanding the foregoing, unless otherwise agreed in writing, the parties shall continue to perform their obligations under this Agreement and all other agreements between and among them, including agreements
with ASC or Alcoa, during the pendency of any dispute resolution procedure as specified herein and shall not interfere with, restrict or discourage the continuing performance of this Agreement and all other agreements between and among them and the
business of the Company shall continue as previously conducted. 

  

	 	(b)	Put/Call Right. 

 (i) In the event the Deadlock has
not been resolved pursuant to Section 10.1 (a), either SGS or the Minority Shareholders shall have the right to exercise the Put/Call Right by providing to the other and the Company written notice of the Sale Offer or Purchase Offer. If the
Minority Shareholders choose to exercise their Put/Call Right, then a Minority Shareholder authorized by all of the Minority Shareholders shall deliver, on behalf of all Minority Shareholders, to SGS and the Company, a written notice executed by all
Minority Shareholders. None of the Minority Shareholders can exercise the Put/Call Right until all Minority Shareholders have agreed and executed the notice delivered to SGS; provided, however, if the notice is to propose a Purchase Offer to SGS
then not all Minority Shareholders executing the notice have to participate in purchasing SGS’s Shares; further provided, however, that if SGS rejects such a Purchase Offer, then all Minority Shareholders would be required to sell their Shares
to SGS at the price specified in such Purchase Offer. The written notice delivered by the Minority Shareholders shall state the terms of the offer, which shall be binding on the Minority Shareholders, including the names of the Minority Shareholders
that have elected to participate in the offer, the purchase price and other terms of such offer. Notwithstanding this Section, a Sale Offer proposed by the Minority Shareholders requires all Minority Shareholders to offer to sell all but not less
than all of their Shares to SGS in accordance with this Section. If SGS and the Minority Shareholders both deliver written notice to the Company of its exercise of the Put/Call Right, the notice that was first received by the Company shall be the
Put/Call Right that shall be exercised. 
 (ii) The Purchase and Sale Offer under this Section 10.1(b) shall be conducted pursuant
to the terms and conditions set forth in Section 7.2. 
  

	11.	Financing. Subject to Section 2 of this Agreement, in the event the Company requires funding of more than $3.1 million of the ASC Loan, then one of the following
may occur (but there shall not be any obligation on any of the Minority Shareholders, SGS, ASC or Alcoa): 

  

	 	(a)	If any or all of the Minority Shareholders agree, such Minority Shareholders will either provide personal or third party debt financing for the full amount in excess of the ASC Loan
without requiring any guaranty or security from ASC. Any personal debt financing shall be subordinate to the ASC Loan and any third party debt financing shall be on terms pari passu to the ASC Loan; or 

  

					
	Confidential	  	Page 17	  	

	 	(b)	At SGS’s discretion, if SGS and any or all of the Minority Shareholders agree, SGS and any or all of the Minority Shareholders pro rata shall contribute additional capital to
the Company for the full amount in excess of the ASC Loan in exchange for Shares. If any Minority Shareholder does not contribute additional capital to the Company, then such non-participating Minority Shareholder(s) shall be diluted; or

  

	 	(c)	At SGS’s discretion, if SGS and any or all of the Minority Shareholders agree, any or all of the Minority Shareholders, jointly, and SGS shall provide additional debt
financing, pro rata for the full amount in excess of the ASC Loan subject to Section 11.1(a). 

  

	12.	Dispute Resolution. 

  

	 	12.1	Negotiations. In the event of any controversy, claim or dispute between SGS and any or all of the Minority Shareholders arising or relating to this Agreement, the Shares or
any transaction contemplated by this Agreement (the “Dispute”), SGS’s President and MAG shall attempt to resolve the Dispute through good faith negotiation. If SGS’s President and MAG are unable to resolve the Dispute
within two weeks of the Dispute, then the Alcoa Group President to whom SGS’s President reports and MAG or her designated representative, shall attempt to resolve the Dispute through good faith negotiation. If the Dispute remains unresolved
thirty (30) days from the date that the Dispute occurred or as otherwise agreed by the parties, then the Dispute may be submitted for resolution pursuant to Section 12.2. Notwithstanding the foregoing, unless otherwise agreed in writing,
the parties shall continue to perform their obligations under this Agreement and all other agreements between and among them, including agreements with Alcoa or ASC, during the pendency of any dispute resolution procedure as specified herein and
shall not interfere with, restrict or discourage the continuing performance of this Agreement and all other
agreements between and among them and the business of the Company shall continue as previously conducted. 

  

	 	12.2	Litigation. If the Dispute is not resolved in accordance with Section 12.1, then either SGS or the Minority Shareholders, acting jointly, may initiate litigation to
resolve the unresolved Dispute subject to Section 15.4. 

  

	 	12.3	 Confidentiality. All negotiations conducted pursuant to Section 12.1 shall be confidential, treated as compromise and settlement negotiations under
applicable rules of evidence, and inadmissible in any subsequent proceeding; provided, however, that any evidence proffered in the negotiations that is otherwise 

  

					
	Confidential	  	Page 18	  	

	 	 
admissible or discoverable shall not be rendered inadmissible or non-discoverable as a result of its use under Section 12.1.

  

	 	12.4	Equitable Relief. Notwithstanding SGS and the Minority Shareholders’ agreement to negotiate disputes pursuant to Section 12.1, nothing contained in this Agreement
shall preclude any party from seeking and obtaining specific performance pursuant to Section 15.4. 

  

	13.	[Reserved] 

  

	14.	Covenant Not To Compete; Confidentiality; Termination for Cause 

  

	 	14.1	 Covenant Not To Compete. With respect to each Shareholder who is also an employee of the Company and who has a separate employment agreement and such
employment agreement has a non-compete, the provisions of such employment agreement will prevail over this section. With respect to each Shareholder who does not have a separate employment agreement or who has an employment agreement that does not
contain a non-compete provision the terms of this Section 14.1 shall apply to such Shareholders. In exchange for Ten Dollars ($10.00), and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each
Shareholder covenants and agrees that (i) for as long as he or she owns shares in the Company and/or is an employee of the Company, such individuals will not, without the written consent of the Company, directly or indirectly, for such
Shareholder’s benefit or with any person, firm, or corporation whatsoever, other than the Company, own, manage, operate, control, provide consulting services to, be employed by or participate in the ownership, management, operation, or control
of, or be connected in any manner with, any business of the type and character engaged in and competitive with the Business in North America; and (ii) to the extent the Shareholder is an employee of the Company and ceases to be an employee then
for twelve (12) months after cessation of his or her employment with the Company he or she will not, except with the written consent of the Company, solicit the Company’s employees who are also Shareholders (except that Tom N. Tham and
Jeffrey M. Stein may solicit each other), or the Company’s or Buyer’s customers, except to the extent such individual had a pre-existing relationship with such customer at Closing (as defined in the Stock Purchase Agreement) and such
pre-existing relationship has been identified in Schedule 5 attached hereto. Each Shareholder acknowledges that the territorial, time and scope limitations set forth in this Section are reasonable and necessary to protect the interests
of Buyer, that any violation of this Section will result in irreparable injury to Buyer, and that Buyer shall be entitled to have the provisions of this Section specifically enforced by preliminary and permanent injunctive relief in addition to any
other remedies available to Buyer. In the event that the provisions of this Section shall ever be deemed to exceed the time, geographic, product or other limitations permitted by applicable law, then the provisions shall be deemed reformed to the
maximum extent permitted by law. This Section shall survive for as long as any Shareholder 

  

					
	Confidential	  	Page 19	  	

	 	 
owns shares in the Company and/or is an employee of the Company, and for a period of twelve (12) months after cessation of such Shareholder’s
employment with the Company, as applicable. Notwithstanding anything to the contrary in the foregoing, no Shareholder’s passive investment in no more than 5% of the stock of any publicly held company shall be subject to the provisions of this
Section 14.1. 

  

	 	14.2	Confidentiality. Each Shareholder agrees that such Shareholder will keep confidential and will not, directly or indirectly, disclose, divulge or use for any purpose,
any trade secrets, any confidential information, whether written or oral, of the Company and SGS that is not generally known to the public, any information, whether written or oral, relating to the business or activities of, or belonging to,
controlled or possessed by the Company and SGS, and any information, whether written or oral, that the Company and Shareholders have received from each other in the preparation, negotiation, execution and implementation of this Agreement
(“Confidential Information”), unless such Confidential Information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 14.2), (b) was or is lawfully
obtained by the receiving party from other sources without a breach of any obligation of confidentiality such other source may have to the Company or Shareholders; and (c) is required by law, governmental or court orders or stock exchange
regulations; provided, however, that a Shareholder may disclose Confidential Information to (i) its attorneys, consultants and other professionals to the extent necessary to obtain such third party’s services in connection with
monitoring its investment in the Company as long as such third party agrees to be bound by the provisions of this Section 14.2; (ii) to any prospective investor of any of the shares of the Company in connection with a transaction permitted
hereby as long as such prospective investor agrees to be bound by the provisions of this Section 14.2, or (iii) to any Affiliate of such Shareholder in the ordinary course of business. 

  

	 	14.3	 Termination for Cause. With respect to each Shareholder who is also an employee of the Company and who has a separate employment agreement, the
provisions of such employment agreement will prevail over this section. With respect to each Shareholder who is also an employee of the Company and who does not have a separate employment agreement, such employee’s employment is
“at-will” and for the purposes of termination with Cause, “Cause” shall mean: (i) employee’s conviction of or an admission to the commission of a felony or employee’s conviction of or an
admission to the commission of a violation of another civil or criminal law that materially and adversely affects the reputation or business operations of the Company; (ii) any intentional act of fraud, embezzlement, theft, or violation of law
that materially and adversely affects the reputation or business operations of the Company that occurs during the employment term; (iii) willful misconduct by employee which is demonstrably and materially injurious to the Company, monetarily or
otherwise; or (iv) the 

  

					
	Confidential	  	Page 20	  	

	 	 
willful and continued failure of the employee, after employee has been given written notice of the same, to substantially perform his or her duties for the
Company. For purposes of this paragraph, (a) the failure to meet performance standards and objectives does not by itself constitute “Cause”, and (b) an act, or failure to act, shall not be deemed “willful” or
“intentional” unless it is done, or omitted to be done, by employee in bad faith or without a reasonable belief that his or her action or omission was b the best interest of the Company. 

  

	 	14.4	Severance at Termination. With respect to each Shareholder who is also an employee of the Company at the time this Agreement was entered into and who does not have a
separate employment agreement, if such employee is terminated without Cause, in addition to amounts payable to the terminated employee which have accrued and have not yet been paid, and in exchange for a release and general waiver of rights, such
employee may be considered for the following in the discretion of Henry R. Baughman (or his successor as SGS’s Business Unit President) after consultation with Mary Ann Gibson (or her successor as Chief Executive Officer of the Company):
medical or health care benefits continuation for up to a maximum of six (6) months; and/or a severance payment in the amount of the employee’s base salary, in an amount not to exceed six (6) months pay. 

  

	15.	Miscellaneous. 

  

	 	15.1	Definitions. 

 “AAA” has the
meaning given in Section 10.1(b). 
 “Affiliate” means any Person, directly or indirectly, controlling, controlled by,
or under common control with, a Person. Without limiting the generality of the foregoing, a Person is considered to be in control of or to be controlled by another Person if such Person holds 50% or more of the outstanding voting equity interest in
such other Person or such other Person holds 50% or more of its outstanding voting equity interest. 
 “Agreed Year 1 and Year 2 Plans
and Budget” has the meaning given in Section 2.4 (g). 
 “Alcoa” means Alcoa Inc., a Pennsylvania corporation.

 “ASC” means Alcoa Securities Corporation, a Delaware corporation. 
 “ASC Loan” means the ASC Loan Agreement dated June 30, 2004 between ASC and the Company. 
 “Alternate Termination Purchase Price” means given in Section 8.2. 
  

					
	Confidential	  	Page 21	  	

 “Board” has the meaning given in Section 2.1. 
 “Business” means the business conducted by the Company which includes providing a full-suite of integrated services including brand
architecture, comprehensive design solutions, interactive development, digital photography, imaging, dynamic publishing and workflow tools, large format digital printing, print management and complete outsourced capabilities to execute and produce
direct response TV campaigns. 
 “Buyer” means Southern Graphic Systems, Inc., a Kentucky corporation. 
 “Cause” has the meaning given in Section 14.3. 
 “Company” has the meaning given in the introductory paragraph. 
 “Confidential
Information” has the meaning given in Section 15.2. 
 “Deadlock” has the meaning given in Section 10.1
(a). 
 “Directors” has the meaning given in Section 2.1. 
 “Disability” shall mean, with respect to a Shareholder who is an employee, if his or her physical or mental condition or both are
medically such that he or she personally is unable to perform those duties he or she would otherwise be expected to continue to perform in the employee’s position and his or her nonperformance of such duties can reasonably be expected to
continue or does continue for not less than six months. The final decision on total disability hereunder shall be made by a qualified physician acceptable to both the employee and the Company. In the event of a totally disabling condition, it is
understood that while the employment relationship will continue for at least six months, the duties of the employee may be assumed by another or others. 
 “Disposition Notice” has the meaning given in Section 6.4. 
 “Dispute”
has the meaning given in Section 12.1. 
 “Drag-Along Right” has the meaning given in Section 6.4. 
 “EBITDA” shall mean the total revenue of the Company minus (i) the cost of goods sold and
services provided, (ii) general administrative and selling expenses and (iii) research and development expenses. EBITDA will not include the effects of (i) depreciation and amortization, (ii) income taxes, and (iii) interest
income or interest expense. EBITDA will not include income statement impact of Earnouts (as defined in the Stock Purchase Agreement). The calculation and the amounts of EBlTDA’s components will be determined in accordance with 

  

					
	Confidential	  	Page 22	  	

 
Alcoa’s accounting practices for its operating locations, with such modifications as are reasonably necessary to be consistent with Company’s
Projections. Such modifications shall include, but not be limited to, percentage completion accounting for unbilled revenues pertaining to work-in-process. 
 “First Offer Right” has the meaning given in Section 6.2. 
 “GAAP”
means generally accepted United States accounting principles. 
 “MAG” means Mary Ann Gibson. 
 “MAG’s Collateral” means the collateral pledged by Mary Ann Gibson or an entity controlled by Mary Ann Gibson to secure the MAG
Guarantees. 
 “MAG’s Guarantees” means the personal guarantees given by Mary Ann Gibson or an entity controlled by Mary Ann Gibson for obligations of the
Company. 
 “MAG’s Shares” means those Shares owned by Mary Ann Gibson or an entity controlled by Mary Ann
Gibson. 
 “Management Employees” means those employees of the Company identified on Schedule 4 to this
Agreement. 
 “Minority First Right” has the meaning given in Section 8.1(a). 
 “Minority Shareholders” has the meaning given in the introductory paragraph. 
 “Non-Performance Exit Right” has the meaning given in Section 6.1. 
 “Non-Performance Exit Right Notice” has the meaning given in Section 6.1. 
 “Non-Voting Common Stock” has the meaning given in Section 1.1. 
 “Offeror” has the meaning given in Section 7.2. 
 “Permitted Transferee” has the meaning given in Section 4.1. 
 “Person” means a natural person, a corporation, a partnership, a limited liability company, or any other legal entity. 
 “Projections” have the meaning given in Section 4.8 of the Stock Purchase Agreement. 
 “Purchaser” have the meaning given in Section 8.1(d). 
  

					
	Confidential	  	Page 23	  	

 “Purchase Offer” has the meaning given in Section 7.1. 
 “Purchase Option” has the meaning given in Section 5.1. 
 “Purchase Option Exercise Notice” has the meaning given in Section 5.1. 
 “Put/Call Right” has the meaning given in Section 7.1. 
 “Recipient” has the meaning given in Section 7.2. 
 “Remaining Shares”
has the meaning given in Section 5.1. 
 “Representative” has the meaning given in Section 10.1(a). 
 “Revolving Loan Agreement” has the meaning given in Section 15.2. 
 “Sales” means the total sales of the Company calculated in accordance with Alcoa’s accounting policies, with such modifications as
are reasonably necessary to be consistent with Company’s Projections. 
 “Sale Offer” has the meaning given in
Section 7.1. 
 “SGS” has the meaning given in the introductory paragraph 
 “SGS’s President” has the meaning given in Section 12.1. 
 “Shares” has the meaning given in the third recital paragraph. 
 “Stock Purchase Agreement” has the meaning given in the first recital paragraph. 
 “Termination Purchase Price” has the meaning given in Section 8.1(c). 
 “True Up Event” has the meaning given in Section 8.1(d). 
 “Voting Common Stock” has the meaning given in Section 1.1 
 “Year 1” means the twelve month period beginning July 1, 2004 and ending June 30, 2005. 
 “Year 2” means the twelve month period beginning July 1, 2005 and ending June 30, 2006. 
 “Year 3” means the twelve month period beginning July 1, 2006 and ending June 30, 2007. 
  

					
	Confidential	  	Page 24	  	

	 	15.2	Notice. Any notice, request, demand, or other communication given under this Agreement shall be in writing and shall be deemed sufficiently given (i) upon the delivery
date received by the intended recipient if delivered by hand; (ii) on the next Business Day when sent by recognized overnight courier; (iii) upon confirmation of transmission when sent by telex, cable, facsimile, telecopier or other
similar electronic transmission device; or (iv) 3 days after deposit in the United States mails, certified mail, return receipt requested, postage paid, addressed to the party to whom it was sent at the address of such party set forth below or
at such other address as the party shall subsequently designate to the other in writing by notice given in accordance with this Section. 

  

	 	15.3	Expenses. Each party shall bear its own expenses, including the fees of any attorneys, accountants, investment bankers or others engaged by such party, incurred in connection
with this Agreement and the transactions contemplated hereby except as otherwise expressly provided herein. 

  

	 	15.4	Specific Performance. In addition to any and all other remedies that may be available at law in the event of any breach of this Agreement, each Shareholder shall be entitled
to specific performance of the agreements and obligations of the Company and the Shareholders hereunder and to such other injunctive or other equitable relief as may be granted by a court of competent jurisdiction. 

  

	 	15.5	Severability. The provisions of this Agreement are severable, so that the invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or
enforceability of any other term or provisions of this Agreement, which shall remain in full force and effect. 

  

	 	15.6	Waivers. No waiver by a party hereto of a breach of any provision of this Agreement shall be deemed to be a waiver of any preceding or subsequent breach of the same or any
other provision hereof. 

  

	 	15.7	Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware without regard to its principles of
conflict of laws. 

  

	 	15.8	Entire Agreement; Amendments. This Agreement sets forth the entire agreement among the parties concerning the subject matter hereof and supersedes all prior agreements and
understandings relating to the subject matter hereof; and any amendment or modification hereof will be effective only if in writing and signed by the parties affected thereby. 

  

	 	15.9	Assignment. This Agreement shall bind and benefit the parties hereto and their respective successors and legal representatives and permitted assigns. This Agreement may not
be assigned without the prior written consent of the parties, except as otherwise permitted under this Agreement. 

  

					
	Confidential	  	Page 25	  	

	 	15.10	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall constitute one Agreement binding on all the parties hereto.

  

	 	15.11	Construction. As used in this Agreement, unless the context otherwise requires: (a) references to “Section” are to a section of this Agreement; (b) all
“Exhibits” referred to in this Agreement by reference and made a part of this Agreement; (c) ‘include,” “includes” and including are deemed to be followed by “without limitation” whether or not they are
in fact followed by such words or words of like import; and (d) the headings of the various sections and other subdivisions of this Agreement are for convenience of reference only and shall not modify, define or limit any of the terms or
provisions of this Agreement. 

  

	 	15.12	ASC Loan. Each Shareholder agrees and acknowledges that he, she or it is bound to the terms of the Revolving Loan Agreement dated June     , 2004
between Alcoa Securities Corporation and Mozaic Group Ltd. (the “Revolving Loan Agreement”), including without limitation Section 15 of Revolving Loan Agreement, and each Shareholders agrees to take any and all actions that ASC
may reasonably request in order to implement Section 15 of the Revolving Loan Agreement and to enforce the terms of the Revolving Loan Agreement. 

  

	 	15.13	Action by Shareholder Group. Except as otherwise expressly set forth in this Agreement, any determinations, consents or other action to be taken under or with respect to this
Agreement by the Minority Shareholders, may be made, granted or taken by those Shareholders who own a majority in interest of the Shares of Voting Common Stock owned by the Minority Shareholders and such determination, consent or other action shall
be binding upon all members of that group. 

 [Signatures on following 3 pages] 
  

					
	Confidential	  	Page 26	  	

 SIGNATURE PAGE TO 
 MOZAIC GROUP LTD. SHAREHOLDERS’ AGREEMENT 
 (page 1 of 3) 
 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the date first above written. 
 

 
  

					
	Confidential	  	Page 27	  	

 AMENDED AND RESTATED 
 SHAREHOLDERS’ AGREEMENT 
 OF 
 MOZAIC GROUP LTD. 
 SPOUSAL CONSENT 
 The undersigned, being die spouse of William J. Irvine III hereby states and acknowledges as follows: 
 CONSENT 
 1 have read the Amended and
Restated Shareholders’ Agreement and understand its terms. I irrevocably consent to my spouse’s entering into the Amended and Restated Shareholders’ Agreement and I irrevocably consent to its terms, provisions and operation. I waive
any marital interest I may have or any requirement that my consent be obtained with respect to any conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’ Agreement. 
 Dated this 28th day
of June, 2004. 
 

 
  

 AMENDED AND RESTATED 
 SHAREHOLDERS’ AGREEMENT 
 OF 
 MOZAIC GROUP LTD. 
 SPOUSAL CONSENT 
 The undersigned, being the spouse of Patrick Bradley, hereby states and acknowledges as follows: 
 CONSENT 
 I have read the Amended and Restated Shareholders’ Agreement and
understand its terms. I irrevocably consent to my spouse’s entering into the Amended and Restated Shareholders’ Agreement and I irrevocably consent to its terms, provisions and operation. I waive any marital interest I may have or any
requirement that my consent be obtained with respect to any conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’ Agreement. 
 Dated this 27th day
of June, 2004. 
 

 
  

 AMENDED AND RESTATED 
 SHAREHOLDERS’ AGREEMENT 
 OF 
 MOZAIC GROUP LTD. 
 SPOUSAL CONSENT 
 The undersigned, being the spouse of William Freeman, hereby states and acknowledges as follows: 
 CONSENT 
 I have read the Amended and Restated Shareholders’ Agreement and
understand its terms. I irrevocably consent to my spouse’s entering into the Amended and Restated Shareholders’ Agreement and I irrevocably consent to its terms, provisions and operation. I waive any marital interest I may have or any
requirement that my consent be obtained with respect to any conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’ Agreement. 
 Dated this 26 day of June, 2004. 
 

 
  

 AMENDED AND RESTATED 
 SHAREHOLDERS’ AGREEMENT 
 OF 
 MOZAIC GROUP LTD. 
 SPOUSAL CONSENT 
 The undersigned, being the spouse of Tom N. Tham, hereby states and acknowledges as follows: 
 CONSENT 
 I have read the Amended and
Restated Shareholders’ Agreement and understand its terms. I irrevocably consent to my spouse’s entering into the Amended and Restated Shareholders’ Agreement and I irrevocably consent to its terms, provisions and operation. I waive
any marital interest I may have or any requirement that my consent be obtained with respect to any conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’ Agreement. 
 Dated this 28th day
of June, 2004. 
 

 

 AMENDED AND RESTATED 
 SHAREHOLDERS’ AGREEMENT 
 OF 
 MOZAIC GROUP LTD. 
 SPOUSAL CONSENT 
 The undersigned, being the spouse of Raymond E. Earlewine, hereby states and acknowledges as follows: 
 CONSENT 
 I have read the Amended and
Restated Shareholders’ Agreement and understand its terms. I irrevocably consent to my spouse’s entering into the Amended and Restated Shareholders’ Agreement and I irrevocably consent to its terms, provisions and operation. I waive
any marital interest I may have or any requirement that my consent be obtained with respect to any conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’ Agreement. 
 Dated this 30 day of June, 2004. 
 

 

 AMENDED AND RESTATED 
 SHAREHOLDERS’ AGREEMENT 
 OF 
 MOZAIC GROUP LTD. 
 SPOUSAL CONSENT 
 The undersigned, being the spouse of Kenneth W. Reece, hereby states and acknowledges as follows: 
 CONSENT 
 I have read the Amended and
Restated Shareholders’ Agreement and understand its terms. I irrevocably consent to my spouse’s entering into the Amended and Restated Shareholders’ Agreement and I irrevocably consent to its terms, provisions and operation. I waive
any marital interest I may have or any requirement that my consent be obtained with respect to any conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’ Agreement. 
 Dated this 23 day of June, 2004. 
 

 

 SIGNATURE PAGE TO 
 MOZAIC GROUP LTD. SHAREHOLDERS’ AGREEMENT 
 (continued, page 2 of 3) 
 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the date first above written. 
 

 
  

					
	Confidential	  	Page 28	  	

 SIGNATURE PAGE TO 
 MOZAIC GROUP LTD. SHAREHOLDERS’ AGREEMENT 
 (continued, page 3 of 3) 
 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the date first above written. 
 

 
  

					
	Confidential	  	Page 29	  	

 SCHEDULE 1 
 Persons signing Shareholders’ Agreement 
 in Addition to Southern Graphic Systems, Inc.

 Patrick J. Bradley 
 Raymond E. Earlewine 
 DCS Family Investments, LLC 
 DCS Ventures, LLC 
 DCS Real Estate, L.L.C. 
 William J. Irvine III 
 Kenneth W. Reece 
 Jeffrey M. Stein 
 Tom N. Tham 
  

					
	Confidential	  	Page 30	  	

 SCHEDULE 2 
 Issued and Outstanding Capital Stock 
 (see attached spreadsheet) 
  

					
	Confidential	  	Page 31	  	

							
	 Shareholder
	  	Number of Shares	  	 
	  	Class A	  	Class B	  	Total Shares
	 DCS Real Estate, L.L.C.
	  	0	  	8,000	  	8,000
	 DCS Ventures, LLC
	  	1	  	25,499	  	25,500
	 DCS Family Investments, LLC
	  	8,223	  	63,001	  	71,224
	 Southern Graphic Systems, Inc.
	  	8,565	  	118,400	  	126,965
	 Raymond E. Earlewine
	  	1	  	2,999	  	3,000
	 Jeffrey M. Stein
	  	1	  	2,789	  	2,790
	 Tom N. Tham
	  	1	  	2,769	  	2,770
	 Partick J. Bradley
	  	1	  	2,943	  	2,944
	 William J. Irvine, III
	  	1	  	2,947	  	2,948
	 Kenneth W. Reece
	  	1	  	2,823	  	2,824
	 TOTAL:
	  	16,795	  	232,170	  	248,965

 SCHEDULE 3 
 Year 1 Plans and Budgets 
 And 
 Year 2 Plans and Budgets 
 (see spreadsheets attached to the Stock Purchase
Agreement) 
  

					
	Confidential	  	Page 32	  	

 SCHEDULE 4 
 Management Employees 
 Patrick J. Bradley 
 Raymond E. Earlewine 
 William R. Freeman III 
 Mary Ann Gibson 
 William J. Irvine III 
 Kenneth W. Reece 
 Jeffrey M. Stein 
 Tom N. Tham

  

					
	Confidential	  	Page 33	  	

 SCHEDULE 5 
 Pre-Existing Customer Relationships of Shareholders 
  

					
	 List of Attached Schedules:
	  		  	
	Schedule 5 (A) Patrick J. Bradley	  	)	  	
	Schedule 5 (B) Raymond E. Earlewine	  	)	  	
	Schedule 5 (C) William J. Irvine III	  	)	  	SEE ATTACHED LISTS
	Schedule 5 (D) Kenneth W. Reece	  	)	  	
	Schedule 5 (E) Jeffrey M. Stein	  	)	  	
	Schedule 5 (F) Tom N. Tham	  	)	  	

  

					
	Confidential	  	Page 34	  	

 Schedule 5(A) 
 Pre-Existing Customer Relationships of Patrick J.Bradley 
 Anheuser-Busch, Inc.

 One Busch Place 
 St. Louis, MO 63118 (USA) 
 (All Divisions Except Packaging) 
 Brand Management 
 Busch Entertainment 
 Busch Satellite Network 
 Sales Promotion 
 Retail Creative Services 
 Promotional Products Group 
 Merchandising 
 Advertising Services 
 Graphic Communications 
 Communications Dept. 
 Consumer Awareness & Education 
 Corporate Purchasing 
 National Retail Sales 
 Geographic Marketing 
 Ethnic Marketing 
 Sports Marketing 
 Metal Container Division 
 Albert Screenprint 
 3704 Summit Road 
 Norton, OH 44203 (USA) 
 Advanced Minor & Design 
 4424 East 49th Street 
 Vernon, CA 90058 (USA) 
 Associated Lithographers 
 2614 Choteau 
 St. Louis, MO 63103 (USA) 
 Ad-Sell Printing 
 5001 Southwest Ave. 
 St. Louis, MO 63110 (USA) 
 A & D Label 
 4649 Waldo Industrial Drive 
 High Ridge, MO 63049 (USA) 

 Ad Art 
 1501 Main 
 Buffalo, NY 14209 (USA) 
 Access Imaging 
 1800 Olive 
 St. Louis, MO 63103 (USA) 
 Algiers 
 91-31 Queens Blvd. 
 Sutie 610 
 Elmhurst, NY 11373 (USA) 
 Alvimar 
 51-02 21st Street 
 Long Island City, NY 11101 (USA) 
 ADC 
 1010 Jackson Road 
 Covington, KY 41011 (U SA) 
 Berlin Industries 
 175 Mercedes Drive 
 Carol Stream, IL 60188 (USA) 
 Baird, C.D. 
 5325 West Rogers Avenue 
 West Allis, WI 53219 (USA) 
 Baily, Spiker, Inc. 
 805 E. Germantown Pike 
 Norristown, PA 19401 (USA) 
 Bass Pro Shops, Inc. 
 Sportsman’s Park Center 
 2500 E. Kearney 
 Springfield, MO 65898 (USA) 
 Betallic Balloon 
 2326 Grissom Drive 
 St. Louis, MO 63104 (USA) 
 Binder Graphics 
 1568 Fencorp Drive 
 Fenton, MO 63026 (USA) 

 Bob Bertram Studio 
 837 Pebblefield Terrace 
 Manchester, MO 63012 (USA) 
 BSK 
 1000 Geyer 
 St. Louis, MO 63104 (USA) 
 Beeco Mfg. Co. 
 929 West Exchange Ave. 
 Chicago, IL 60609 (USA) 
 Brand Enterprises 
 18118 Chesterfield North Airport 
 Suite M 
 Chesterfield, MO 63005 (USA) 
 Bradshaw Advertising 
 2920 East Pythian 
 Springfield, MO 65802 (USA) 
 Brothers & Co. 
 Western Financial Center 
 4860 South Lewis 
 Tulsa, OK 74105 (USA) 
 Carey Color 
 6835 Ridge Road 
 Sharon Center 
 Cleveland, OH 44274 (USA) 
 Celestial Seasonings, Inc. 
 4600 Sleepytime Drive 
 Boulder, CO 80301 (USA) 
 Coca-Cola (LARGE FORMAT PRINTING) 
 Atlanta Office (USA) 
 Continental/Franzen 
 952 E. 72nd Street 
 Cleveland, OH 44103
(USA) 
 Color Process 
 4000 Fee Fee Road 
 St. Louis, MO 63044 (USA) 

 Creative Color Display 
 2130 Commerce Drive 
 New Castle, PA 16101 (USA) 
 Creative Network 
 516 Union Avenue 
 Knoxville, TN 37902 (USA) 
 Color Art 
 10300 Watson Road 
 St. Louis, MO 63127 (USA) 
 Chesapeake Display 
 4455 Olympic Blvd. 
 Erlanger, KY 41018-3133 (USA) 
 Cube Design 
 200 S. Hanley – Suite 1070 
 St. Louis, MO 63105 (USA) 
 Cannonball 
 609 E. Lockwood 
 St. Louis, MO 63119 (USA) 
 Cerutti Graphic Design 
 5837 Prince George Court 
 St. Louis, MO 63139 (USA) 
 Colebrook Printing 
 14809 Grantley Drive 
 Chesterfield, MO 63017 (USA) 
 Craftsmen Industries 
 3051 Elm Point Industriel 
 St. Charles, MO 63301 (USA) 
 DNA 
 515 Olive Street – Suite 1800 
 St. Louis, MO 63101 (USA) 
 (also offices in Beverly Hills, CA & NY) 
 Del Rivero Messianu DDB 
 770 South Dixie Highway – Suite 109 
 Coral Gables, FL 33146 (USA) 

 Die Cutting Diversified 
 2233 Delmar 
 St. Louis, MO 63103 (USA) 
 Deco-Sign
Products, Inc. 
 107 Industry Lane 
 Forest Hill, MD 21050 (USA)

 Digital Techniques, Inc. 
 7001 Peachtree Industrial –
Suite 202 
 Norcross, GA 30097 (USA) 
 DDB Needham –
Chicago 
 200 E. Randolph – 42nd Floor 
 Chicago, IL 60601 
 Displays by Martin Paul 
 9307
Interstate 35 
 Denton, TX 76207 (USA) 
 Extreme Graphics
(XG-Ad & Jefferson Studios) 
 2119 Olive 
 St. Louis, MO
63103 (USA) 
 Everbrite, Inc. 
 4949 South 10th Street 
 Greenfield, WI 53220
(USA) 
 Forest Manufacturing 
 1665 Enterprise Parkway

 Twinsburg, OH 44087 (USA) 
 Paul Flum 
 11100 Lin Page Place 
 St. Louis, MO 63132 (USA) 
 Frank, G.B./Chicago Decal Co. 
 101 Tower Drive 
 Burr Ridge, IL 60527 (USA) 
 Garcia LKS 
 719 South Flores 
 San Antonio, TX 78204 (USA) 

 Garlich Printing 
 525 Rudder
Road 
 Fenton, MO 63026 (USA) 
 Gammon, Ragonesi Assoc.

 152 Madison Avenue 
 New York, NY 10016 (USA) 
 GFX 
 333 Banon Blvd. 
 Grayslake, IL 60030 (USA) 
 Graif Design 
 Merchants Field – Suite P 
 165 East Highway CC 
 Nixa, MO 654714 (USA) 
 Grimm Industries 
 7070 West Ridge Road 
 Fairview, PA 16415 (USA) 
 Gray Communications 
 22 Morgan 
 St. Louis, MO 63102 
 Graphic Finishers 
 1000 Biltmore Drive 
 St. Lous, MO 63026 (USA) 
 Head West 
 1829 West El Scgundo Blvd. 
 Compton, CA 90222 (USA) 
 Herzanek Design 
 6395 Gunpark Drive 
 Penthouse Suite G 
 Boulder, CO 80301 
 Inflatable Marketplace 
 1810 Gillespie Way 
 Suite 202 
 El Cajon, CA 92020 (USA) 

 Iowa Rotocast (IRP, Inc.) 
 1712 Moellers Drive 
 Decorah, IA 52101 (USA) 
 Jerome
Graphics 
 2465 Centerline Industrial Drive 
 St. Lous, MO 63043
(USA) 
 Kohler Printing 
 9800 Page 
 St. Louis, MO 63132 (USA) 
 Joyce Meyer Ministries 
 700 Grace Parkway 
 St. Louis, MO 63026 (USA) 
 Kubin-Nicholson 
 5880 N. 60th Street 
 Milwaukee, WI 53218 (USA) 
 Kupper Parker 
 8301 Maryland Avenue 
 St. Louis, MO 63105 (USA) 
 LaSalle Group 
 1310 Papin Street 
 St. Louis, MO 63103 (USA) 
 Language Solutions 
 699 Woodbine 
 St. Louis, MO 63122 (USA) 
 Momentum (All St. Louis Divisions) 
 6677 Delmar 
 St. Louis, MO 63130 (USA) 
 Mabie Vac Form Plastics 
 3640 Weber 
 St. Louis, MO 63125 (USA) 
 Metro Media Technologies 
 4010 S. Morgan Street 
 Chicago, IL 60609 (USA) 
 (also office in CA) 

 Midland Lithography 
 1841
Vemon Street 
 North Kansas City, MO 64116 (USA) 
 Missouri
Mounting 
 1040 Industrial Park Drive 
 Montgomery City, MO 63361
(USA) 
 Mercury Mambo 
 3404 Aldwyche Drive 
 Austin, TX 78704 (USA) 
 David Meyer 
 1621 Del None 
 Richmond Heights, MO 63117 (USA) 
 National Systems 
 56 Worthington 
 St. Louis, MO 63043 (USA) 
 Neustaeder Jewelry 
 St. Louis, MO 
 Nies Artcraft 
 5900 Berthold 
 St. Louis, MO 63110 (USA) 
 Noble & Assoc. 
 Springfield, MO 
 Phoenix 
 611 N. 10th Street 
 St. Louis, MO 63101 (USA) 
 Palmer Promotional Products 
 23001 West Industrial Drive 
 St. Clair Shores, MI 48080 (USA) 
 Performance Printing 
 2929 Stemmons Freeway 
 Dallas, TX 75247 (USA) 
 Primex 
 230 5th Avenue – 12th Floor

 New York, NY 10001 (USA) 

 Pratt Corporation 
 3001 East
30th Street 
 Indianapolis, IN 46218 (USA) 
 Printflex Graphics 
 2201 January 
 St. Louis, MO 63110 (USA) 
 Quest
Graphics 
 2423 Northline Industrial 
 Maryland Heights, MO 63043
(USA) 
 Rand Graphics 
 2820 S. Hoover 
 Wichita, KS 67215 (USA) 
 Rapid Mounting 
 4300 W. 47th Street 
 Chicago, 1L 60632 (USA) 
 Reyhan PGF 
 9300 Blue Gentian Road – Suite 1000 
 Eagan, MN 55125 (USA) 

Rio Creative 
 2130A Marconi 
 St. Louis, MO 63110 (USA) 
 Rodale Press 
 Allentown, PA 
 RTC 
 2800 Golf Road 
 Rolling Meadows, IL 60008 (USA) 
 Schupp Adv. & Mktg. 
 10 South Broadway 
 St. Louis, MO 63102 (USA) 
 Shaw Company 
 5257 Shaw – Suite 201 
 St. Louis, MO 63110 

 Serigraph 
 760 Indiana
Avenue 
 West Bend, WI 53095 (USA) 
 Smith & Associates

 110 Industrial Drive – Suite B 
 Granite City, IL 62040
(USA) 
 Stolze Printing 
 430 Industrial Drive 
 St. Louis, MO 63043 (USA) 
 The Spark Agency 
 1881 Pine 
 St. Louis, MO 63103 (USA) 
 Tracker Marine 
 2500 E. Kearney 
 Springfield, MO 65802 (USA) 
 Type House 
 7412 Manchester 
 St. Louis, MO 63143 (USA) 
 U.S. Tape & Label 
 2092 Westport Center Drive 
 St. Louis, MO 63146 (USA) 
 Unique Ideas 
 7700 Clayton Road 
 Clayton Plaza East – Suite 104 
 St. Louis, MO 63117 (USA) 
 Valcour Printing (Div. of Nies) 
 400 Valley School Drive 
 St. Louis, MO 63088 (USA) 
 Waylon Ad 
 100 S. 4th – 6th Floor

 St. Louis, MO 63102 (USA) 
 Wilkes Direct 
 3401 Chouteau 
 St. Louis, MO 63103 (USA) 

 Young America 
 701 Lynch

 St. Louis, MO 63118 (USA) 
 (also MN office) 
 Zipatoni 
 555 Washington 
 St. Louis, MO 63101 (USA) 
 1919 
 1608 Menard 
 St. Louis, MO 63104 (USA) 

 Schedule 5(B) 
 Pre-Existing Customer Relationships of Raymond E. Earlewine 
 None 

 Schedule 5(C) 
 Pre-Existing Customer Relationships of William J. Irvine III 
 1. Levi Strauss & Co., SF, CA

 Jonnie DeMartino 
 2. Foote Cone & Belding Agency,
SF, CA 
 Jan Linden 
 Debbie Hiers 
 MB Brayle 
 Eric Riodal 
 Michael Prieve 
 3. Cyclops Agency, NY, NY 
 Mary Jo Kollman 
 Tom Vasquez 
 Mike Jerkavic 
 4. Banana Republic, SF, CA 
 Pam Durand 

 Schedule 5(D) 
 Pre-Existing Customer Relationships of Kenneth W. Reece 
 Federated Department Stores 
 Lands End 
 Tyson Foods 
 Advanced Foods 
 May Department Stores 
 Fleischnians 
 Eastman Kodak 
 Vertis 
 Wal-Mart 
 Bass Pro Shops 
 Metropolitan Museum of Art 
 RR Donnelly 
 Graphic Communications 
 Mettel 
 Dillards Department Stores 
 Vanity Fair 
 Gilardi Foods 
 Vons 
 Brown Creative 
 Black Dot 
 Quad Graphics 
 Gap 
 Pyramid Packaging 
 Calphalon 
 Rubber Maid 
 Gear For Sports 
 Longaberger 
 Kreber 
 Phototype 
 Zacky Farms 

 Schedule 5(E) 
 Pre-Existing Customer Relationships of Jeffrey M. Stein 
 Alberici Construction 
 American Express 
 Anheuser Busch 
 Argosy Casinos 
 BJC 
 Cantisano Foods 
 Caterpillar 
 Case/IH 
 Champion Sporting Goods 
 Contemporary Productions 
 Dana Buchman 
 David Sherman Corporation 
 Domino Sugar 
 Drilling Service Company 
 Express Scripts 
 Francesco Rinaldi 
 Gear for Sports 
 IBM 
 ICON 
 lnsituform 
 IVES Construction 
 Joe Grooming 
 John Deere 
 Joyce Meyer Ministries

 KPC 
 LMS Logistics 
 Liz Claibornc 
 Lucent Technologies 
 Long Elevator 
 Manitowoc 
 Maritz 
 Media Cross 
 Medicine Shoppe 
 Metropolitan Design & Building 
 Momentum 
 Monsanto 
 NCD Tech 
 Orvis 
 Osbourne and Barr 
 Pharmacia/Pfizer 
 Rodgers Townsend 
 RGA 
 Shaw Marconi 

 Skuzio 
 Thunderbolt
Marketing 
 TRG Accessories 
 Zipatoni 

 Schedule 5(F) 
 Pre-Existing Customer Relationships of Tom Tham 
 Alberici Construction 

American Express 
 Anheuser Busch 
 Argosy Casinos 
 BJC 
 Cantisano Foods 
 Caterpillar 
 Case/IH 
 Champion Sporting Goods 
 Contemporary Productions 
 Dana Buchman 
 David Sherman Corporation 
 Domino Sugar 
 Drilling Service Company 
 Express Scripts 
 Francesco Rinaldi 
 Gear for Sports 
 IBM 
 ICON 
 Insituform 
 IVES Construction 
 Joe Grooming 
 John Deere 
 Joyce Meyer Ministries 
 KPC 
 LMS
Logistics 
 Liz Claiborne 
 Lucent Technologies 
 Long Elevator 
 Manitowoc 
 Maritz 
 Media Cross 
 Medicine Shoppe 
 Metropolitan Design & Building 
 Momentum 
 Monsanto 
 NCD Tech 
 Orvis 
 Osbourne and Barr 
 Pharmacia/Pfizer 
 Rodgers Townsend 
 RGA 
 Shaw Marconi 

 Skuzio 
 Thunderbolt Marketing 
 TRG Accessories 
 ZipatoniFirst Amendment to the Amended and Retated Sharholders' Agreement

 Exhibit 10.24 
 FIRST AMENDMENT TO 
 AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 
 THIS FIRST AMENDMENT TO THE MOZAIC GROUP LTD. AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT (this “First Amendment”) is made as of the 18th
day of August 2005 by and among MOZAIC GROUP LTD., a Missouri corporation (“Mozaic”), SOUTHERN GRAPHIC SYSTEMS, INC., a Kentucky corporation (“SGS”), and the Persons listed on pages 2 and 3 of the signature pages attached hereto
(the “Minority Shareholders”). 
 WHEREAS, Mozaic, SGS and the Minority Shareholders are parties to the Mozaic Group Ltd. Amended
and Restated Shareholders’ Agreement dated June 30, 2004 (the “Agreement”); 
 WHEREAS, the parties desire to amend the
Agreement pursuant to this First Amendment; and 
 WHEREAS, this First Amendment is being made in connection with amendments of even date
herewith to the Loan Agreement dated June 30, 2004 between Alcoa Securities Corporation and Mozaic Group Ltd.; the Employment Agreement dated as of June 30, 2004 between Mozaic Group Ltd. and Mary Ann Gibson; and the Stock Purchase
Agreement dated as of June 30, 2004 among Southern Graphic Systems, Inc., Mozaic Group Ltd. and Mary Ann Gibson (collectively, the “Other Amendments”). 
 NOW, THEREFORE, in consideration of the mutual covenants set forth herein and in the Agreement, the Other Amendments, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties acknowledge and agree as follows: 
 1. In Section 5.1 of the Agreement, both references to
“Year 3” are amended to refer to “Year 4”. 
 2. In Section 6.1 of the Agreement: 
 (a) both references to “Year 2” are amended to refer to “Year 3”. 
 (b) both references to “Year 3” are amended to refer to “Year 4”. 
 3. In Section 7.1 of the Agreement, both references to “Year 3” are amended to refer to Tear 4”. 
 4. In Section 8.1(d) of the Agreement, all four references to “Year 2” are amended to refer to “Year 3”.

 5. Section 15.1 of the Agreement is amended to add the following definition: “
‘Year 4’ means the twelve month period beginning July 1, 2007 and ending June 30, 2008.” 
 6.
Capitalized terms used in this First Amendment and not otherwise defined herein shall have the meanings provided in the Agreement. 
 7. Except as expressly amended hereby, all of the terms and conditions of the Agreement shall continue in full force and effect. If there is a conflict between the terms and conditions set forth in this First Amendment and the terms and
conditions set forth in the Agreement, the terms set forth in this First Amendment shall prevail. 
 [Signatures appear on the following
three pages] 
  

 2 

 SIGNATURE PAGE TO FIRST AMENDMENT TO 
 AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 
 (page 1 of 3) 
 IN WITNESS WHEREOF, this First Amendment has been duly executed by the parties hereto as of the day and year first above written. 
 

 

 SIGNATURE PAGE TO FIRST AMENDMENT TO 
 AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 
 (page 2 of 3) 
 IN WITNESS WHEREOF, this First Amendment has been duly executed by the parties hereto as of the day and year first above written. 
 

 

 SIGNATURE PAGE TO FIRST AMENDMENT TO 
 AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 
 (page 3 of 3) 
 IN WITNESS WHEREOF, this First Amendment has been duly executed by the parties hereto as of the day and year first above written. 
 

 
 

 
 

 

 FIRST AMENDMENT TO 
 AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 
 SPOUSAL CONSENT 
 The undersigned, being the spouse of Raymond E. Earlewine hereby states and acknowledges as follows: 
 CONSENT 
 I have read the First
Amendment to Amended and Restated Shareholders’ Agreement and understand its terms. I irrevocably consent to my spouse’s entering into the First Amendment to Amended and Restated Shareholders’ Agreement and I irrevocably consent to
its terms, provisions and operation. I waive any marital interest I may have or any requirement that my consent be obtained with respect to the conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’
Agreement as amended by the First Amendment. 
 Dated this 21 day of August 2005. 
 

 

 FIRST AMENDMENT TO 
 AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 
 SPOUSAL CONSENT 
 The undersigned, being the spouse of Ken Reece, hereby states and acknowledges as follows: 
 CONSENT 
 I have read the First Amendment to Amended and Restated
Shareholders’ Agreement and understand its terms. I irrevocably consent to my spouse’s entering into the First Amendment to Amended and Restated Shareholders’ Agreement and I irrevocably consent to its terms, provisions and operation.
I waive any marital interest I may have or any requirement that my consent be obtained with respect to the conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’ Agreement as amended by the First
Amendment. 
 Dated this 21 day of August 2005. 
 

 

 FIRST AMENDMENT TO 
 AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 
 SPOUSAL CONSENT 
 The undersigned, being the spouse of Patrick Bradley, hereby states and acknowledges as follows: 
 CONSENT 
 I have read the First Amendment to Amended and Restated
Shareholders’ Agreement and understand its terms. I irrevocably consent to my spouse’s entering into the First Amendment to Amended and Restated Shareholders’ Agreement and I irrevocably consent to its terms, provisions and operation.
I waive any marital interest I may have or any requirement that my consent be obtained with respect to the conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’ Agreement as amended by the First
Amendment. 
 Dated this 22 day of August 2005. 
 

 

 FIRST AMENDMENT TO 
 AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 
 SPOUSAL CONSENT 
 The undersigned, being the spouse of William J. Irvine III, hereby states and acknowledges as follows: 
 CONSENT 
 I have read the First
Amendment to Amended and Restated Shareholders’ Agreement and understand its terms. I irrevocably consent to my spouse’s entering into the First Amendment to Amended and Restated Shareholders’ Agreement and I irrevocably consent to
its terms, provisions and operation. I waive any marital interest I may have or any requirement that my consent be obtained with respect to the conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’
Agreement as amended by the First Amendment. 
 Dated this 21 day of August 2005. 
 

 

 FIRST AMENDMENT TO 
 AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 
 SPOUSAL CONSENT 
 The undersigned, being the spouse of Tom Tham, hereby states and acknowledges as follows: 
 CONSENT 
 I have read the First Amendment to Amended and Restated
Shareholders’ Agreement and understand its terms. I irrevocably consent to my spouse’s entering into the First Amendment to Amended and Restated Shareholders’ Agreement and I irrevocably consent to its terms, provisions and operation.
I waive any marital interest I may have or any requirement that my consent be obtained with respect to the conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’ Agreement as amended by the First
Amendment. 
 Dated this 22 day of August 2005. 
 

 

 FIRST AMENDMENT TO 
 AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT 
 SPOUSAL CONSENT 
 The undersigned, being the spouse of Jeff Stein, hereby states and acknowledges as follows: 
 CONSENT 
 I have read the First Amendment to Amended and Restated
Shareholders’ Agreement and understand its terms. I irrevocably consent to my spouse’s entering into the First Amendment to Amended and Restated Shareholders’ Agreement and I irrevocably consent to its terms, provisions and operation.
I waive any marital interest I may have or any requirement that my consent be obtained with respect to the conveyance of my spouse’s Shares in accordance with the Amended and Restated Shareholders’ Agreement as amended by the First
Amendment. 
 Dated this 25 day of August 2005.

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