Document:

EXHIBIT 10.13

 Exhibit 10.13 
 EXECUTION VERSION 
 DYNACAST INTERNATIONAL INC. 

MANAGEMENT SUBSCRIPTION AGREEMENT 
 THIS MANAGEMENT SUBSCRIPTION AGREEMENT, dated as of July 19th, 2011 (this “Agreement”), is made by and among DYNACAST INTERNATIONAL INC., a Delaware corporation (the “Company”),
and [•] (the “Investor”). 
 1. Share Subscriptions. 

(a) The Investor hereby subscribes for the number of [•] shares of the Company’s common stock par value $0.001
per share (the “Common Stock”) at a purchase price of $1,000 per share for an aggregate purchase price of $[•]. 
 (b) The Investor agrees to tender, in cash, the purchase price of the Common Stock being purchased by the Investor on the date hereof in consideration for the issuance of such Common Stock, provided, that
immediately upon the Investor’s tender of such consideration, the Company shall issue the Common Stock subscribed for by the Investor, as set forth in Section 1(a) above. Notwithstanding the foregoing, the Company acknowledges that
the purchase price for the Common Stock shall be paid out of the net proceeds received by the Investor pursuant to the Investor’s change of control bonus that is payable by Melrose PLC upon completion of the Company’s acquisition of
Dynacast and its subsidiaries and affiliates from Melrose PLC, which shall be evidenced through the Investor’s delivery of a letter of direction to Melrose PLC instructing Melrose PLC to pay the applicable portion of such bonus directly to the
Company, on the Investor’s behalf. The Investor, in order to facilitate transactions contemplated by this Agreement, authorizes and appoints the Company or any of the Company’s representatives to direct the transfer of the subscription
consideration from any account that such amounts may be paid into for the benefit of the Investor to any account established for the benefit of the Company. The Investor shall deliver to the Company an IRS Form W-8 or W-9 as applicable. 

(c) This Agreement refers to certain pertinent documents as well as applicable laws and regulations. The Investor
acknowledges that such references are not summaries or complete and are qualified in their entirety by the complete texts of the documents, laws and regulations so summarized. 

(d) The Investor acknowledges to the Company that the Investor has received and has had ample opportunity to ask questions
regarding each of the following documents: (i) the Amended and Restated Certificate of Incorporation and the Amended and Restated By-laws of the Company; (ii) the organizational chart and accompanying summary of capitalization for the
Company and its subsidiaries and (iii) all agreements, instruments and documents set forth in Exhibit A attached hereto (the documents referred to in clauses (i) through (iii), collectively the “Operative
Documents”). 

 2. Investor Representations, Warranties and Covenants. The Investor represents,
warrants and covenants to the Company that: 
 (a) The Investor has the requisite legal capacity, power and
authority to enter into and perform all of its obligations under this Agreement. 
 (b) The execution and
delivery of this Agreement by the Investor has been duly and validly authorized by all necessary action of the Investor. This Agreement has been duly executed and delivered by the Investor and, assuming the due authorization, execution and delivery
by the Company, constitutes a legally valid and binding obligation of the Investor, enforceable against the Investor in accordance with its terms, except to the extent that such enforceability may be limited by bankruptcy, insolvency or other
similar laws or by general equitable principles. 
 (c) The execution and delivery of this Agreement, the
consummation of the transactions contemplated hereby in accordance with the terms of this Agreement, and the performance of the Investor’s obligations hereunder will not conflict with, or result in any violation of or default under, any
Applicable Law to which the Investor is subject or any material agreement (including, without limitation, any non-competition or restrictive agreements or confidentiality agreements or obligations) or other material instrument to which the Investor
is a party or by which the Investor or any of its properties are bound. For purposes of this Agreement, “Applicable Law” means all applicable laws, ordinances, regulations or rules of any governmental, regulatory or administrative
body, agency or authority, any court or judicial authority, or any public, private or industry regulatory authority applicable to the Company and/or the Investor. 

(d) There is no litigation, arbitration or governmental investigation or proceeding pending or, to the knowledge of the
Investor, threatened, against or affecting the Investor on the date hereof that individually or when aggregated with one or more other such litigations, arbitrations or governmental investigations or proceedings has or might reasonably be expected
to have a material adverse effect on the Investor’s ability to execute, deliver and perform this Agreement. 

(e) No consent, waiver, approval or authorization of, or filing, registration or qualification with, or notice to, any
governmental unit or any other person or entity is required to be made, obtained or given by the Investor in connection with the execution and delivery of this Agreement and performance by the Investor of his obligations under this Agreement, other
than those that have been made, obtained or given and those that will be made, obtained or given by the Investor in the ordinary course. 
 (f) The Investor is employed in a managerial or executive position with the Company or one or more of the Company’s subsidiaries and is familiar with the Company’s and its subsidiaries’
operations, financial condition and business prospects and is an “accredited investor,” as such term is defined under Rule 501(a) under the Securities Act of 1933, as amended (the “Securities Act”). 

  
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 (g) The Investor has no pending or threatened claim, complaint, action,
suit, proceeding, hearing or investigation against the Company or any of its subsidiaries for any period prior to the date hereof, nor does the Investor currently intend to bring or file any claim, complaint, action, suit, proceeding, hearing or
investigation against the Company or its subsidiaries for any period prior to the date hereof. 
 (h) The
Investor has performed his own due diligence and business investigations with respect to the Company. The Company has afforded the Investor and the Investor’s advisors, if any, the opportunity to discuss an investment in the Common Stock and to
ask questions of representatives of the Company concerning the terms and conditions of the offering of the Common Stock and the Operative Documents, and such representatives have provided answers to all such questions concerning the offering of the
Common Stock and the Operative Documents. The Investor has consulted its own financial, tax, accounting and legal advisors, if any, as to the Investor’s investment in the Common Stock and with the Operative Documents and the consequences
thereof and risks associated therewith. The Investor and the Investor’s advisors, if any, have examined or have had the opportunity to examine before the date hereof the Operative Documents and all information that the Investor deems to be
material to an understanding of the Company and its subsidiaries, the proposed business of the Company and its subsidiaries, and the offering of the Common Stock. The Investor also acknowledges that, to the Investor’s knowledge, there have been
no general or public solicitations or advertisements or other broadly disseminated disclosures (including, without limitation, any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or
broadcast over television, radio or internet, or any seminar or meeting whose attendees have been invited by any general solicitation or advertising) by or on behalf of the Company regarding an investment in the Common Stock. 

(i) The Investor has given full consideration to, and has had the opportunity to ask questions of, any person authorized
to act on behalf of the Company concerning any aspect of the transactions with affiliates being consummated by the Company in connection with the Operative Documents, including all agreements, obligations, covenants and arrangements contained
therein or contemplated thereby, including all exhibits and schedules thereto. 
 (j) The Investor will not
(i) transfer any Common Stock if such transfer would result in a violation of Applicable Law, (ii) deposit any Common Stock into a voting trust or enter into a voting agreement with respect to any Common Stock or (iii) take any action
that would have the effect of preventing or disabling the Investor from performing his obligations under this Agreement or any of the Operative Documents to which the Investor is a party. The Investor further agrees that the Investor’s ability
to transfer the Common Stock is subject to the limitations, restrictions and conditions contained in this Agreement, the Company’s Amended and Restated Certificate of Incorporation and Amended and Restated By-laws and the other Operative
Documents to which the Investor is a party. 

  
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 3. Company Representations and Warranties. The Company represents and warrants to the
Investor that: 
 (a) The Company is a corporation duly formed, validly existing and in good standing under the
laws of the State of Delaware. The Company was incorporated in the State of Delaware on May 11, 2011. Prior to the date hereof, the Company was a holding company and had no operations and no assets or liabilities (other than with respect to
negotiating the purchase of the Dynacast business from Melrose PLC, Melrose Overseas Holdings Limited and Melrose UK 4 Limited (formerly Dynacast Investments Limited) (collectively, the “Sellers”) pursuant to that certain Share
Purchase Agreement dated on or about the date hereof among the Company and the Sellers and the obligations related to such acquisition). The Company has full power and authority to own and hold its properties and to carry on its business as now
conducted and as proposed to be conducted, to execute, deliver and perform this Agreement and all other documents required to complete the subscription hereunder and to issue, sell and deliver the Common Stock. 

(b) The execution and delivery of this Agreement by the Company has been duly and validly authorized by all necessary
corporate action of the Company. Upon acceptance by the Company, this Agreement shall be duly executed and delivered by the Company and shall constitute the legal, valid and binding obligation of the Company enforceable in accordance with its terms,
except to the extent that such enforceability may be limited by bankruptcy, insolvency or other similar laws or by general equitable principles. Upon issuance, the Common Stock issued hereunder will be duly authorized, validly issued, fully paid and
non-assessable. Exhibit 3(b) attached hereto correctly and fully specifies as to the Company (after giving effect to the transactions contemplated hereby and by the Operative Documents) (i) its authorized and outstanding shares of
capital stock and (ii) the name of each record and beneficial owner of such shares of capital stock, together with the number (and class, if any) of such shares held by each such person. Except as set forth in the Amended and Restated
Certificate of Incorporation, the Amended and Restated By-laws and the Operative Documents (i) there are no outstanding rights, options, warrants or agreements for the purchase from, or sale or issuance by, the Company or any of its
subsidiaries of any of its shares of capital stock; (ii) there are no agreements on the part of the Company or any of its subsidiaries to issue, sell or distribute any of its shares of capital stock, other securities or assets;
(iii) neither the Company nor any of its subsidiaries has any obligation (contingent or otherwise) to purchase, redeem or otherwise acquire any of its shares of capital stock or any interest therein or to pay any dividend or make any
distribution in respect thereof; and (iv) no person is entitled to any rights with respect to the registration of any shares of capital stock of the Company or any of its subsidiaries under the Securities Act (or the securities laws of any
other jurisdiction). 
 (c) The execution and delivery of this Agreement, the consummation of the transactions
contemplated hereby in accordance with the terms of this Agreement, and the performance of the Company’s obligations hereunder will not conflict with, or result in any violation of or default under, any Applicable Law to which the Company is
subject or any agreement (including, without limitation, any non-competition or restrictive agreements or confidentiality agreements or obligations) or other instrument to which the Company is a party or by which the Company or any of its properties
are bound. 
 (d) The issuance, sale or delivery of the Common Stock is not subject to any preemptive or
anti-dilutive right of the equity holders of the Company or any other party or to any right of first refusal or other right in favor of any person that has not been complied with or waived. 

  
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 (e) There is no litigation, arbitration or governmental investigation or
proceeding pending or, to the knowledge of the Company, threatened, against or affecting the Company that individually or when aggregated with one or more other such litigations, arbitrations or governmental investigations or proceedings has or
might reasonably be expected to have a material adverse effect on the Company’s ability to issue, sell or deliver the Common Stock in accordance with this Agreement. 

(f) No consent, waiver, approval or authorization of, or filing, registration or qualification with, or notice to, any
governmental unit or any other person or entity is required to be made, obtained or given by the Company in connection with the execution, delivery and performance of this Agreement. 

4. Risk Factors and Other Considerations. The Investor understands and acknowledges to the Company that: 

(a) (i) The Company’s subsidiaries are the Company’s only material assets, and that the Company and certain of
its subsidiaries have borrowed and will borrow a substantial portion of the funds used to operate their respective businesses; (ii) the Company is not required to accrue or pay any dividend on the Common Stock and it is unlikely that dividends
or distributions will be paid on the Common Stock or the Preferred Stock prior to a liquidation event; (iii) certain of the Operative Documents severely restrict the ability of the Company to make any dividend or distribution or redemption
payments on the Common Stock and Preferred Stock and such payment may be further restricted by future agreements or instruments binding on the Company or its subsidiaries; (iv) if the Investor ceases to be an employee of the Company or one of
its subsidiaries the Investor’s Common Stock may be subject to certain rights of the Company to repurchase such Common Stock under this Agreement or, if applicable, the Investor’s employment agreement and (v) under the repurchase
payment terms, the Investor may not receive full cash payment in return for the Investor’s Common Stock for several years. 
 (b) The Operative Documents and any other agreement or instrument that may restrict the ability of the Company to make any dividend or redemption payments may be created, amended, modified or
supplemented, from time to time, and may be refinanced, extended or substituted, from time to time, without notice to, or the consent or approval of, the Investor unless notice to, or consent or approval of, the Investor is required by the terms of
such Operative Document. 
 (c) The right of the holders of the Common Stock to receive payment or to realize any
investment return upon a liquidation, asset sale, change of control or other event involving the Company or its subsidiaries will be subject to the terms of the applicable Operative Documents and to the Company’s repayment of indebtedness,
obligations and expenses, including any related fees and expenses. The Company is under no obligation to pursue or consummate any liquidation, asset sale, change of control or other revenue generating transaction or event and, if any such
transaction or event is pursued or consummated, there can be no assurances as to the timing, value, investment returns, consideration or terms and conditions associated therewith. The board of directors of the Company has the right, from time to
time, to incur additional indebtedness on such terms as it determines advisable in its sole discretion, and, subject to the terms set forth in the Amended and Restated Certificate of Incorporation, the Company may, from time to time, establish one
or more additional classes of equity Common Stock which may rank senior in right of payment and in other respects to the Common Stock. 

  
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 (d) Any financial, business or operating projections or forecasts with
respect to the Company and its subsidiaries are only forecasts prepared by management, which are subject to many assumptions and factors beyond the Company’s and its subsidiaries’ control, and that there can be no assurances that these
forecasts will be realized. 
 (e) An investment in the Common Stock is a speculative investment which involves a
high risk of loss and that on and after the date hereof, there will be no public market for the Common Stock and the Company does not contemplate that a public market will develop. 

(f) Nothing in this Agreement shall constitute an agreement by, or shall impose any obligation upon, the Company or its
subsidiaries to employ or engage, or to continue to employ or engage, the Investor, or shall constitute an agreement by, or shall impose any obligation upon, the Company or its subsidiaries with respect to the terms and conditions of employment or
engagement of the Investor, and will not limit or restrict, in any manner, the Company’s or its subsidiaries’ right or ability to terminate the employment or engagement of the Investor. 

(g) Certain fees and expenses are payable by the Company to affiliates of the Company in respect of management and
consulting services rendered by Kenner Equity Management, LLC and certain other consultants pursuant to the terms of the Management Consulting Agreement, dated the date hereof by and among Kenner Equity Management, LLC, the other consultants party
thereto and the Company. 
 5. Securities Law and Other Matters. The Investor represents and warrants to the Company
that: 
 (a) (i) The Investor used no “purchaser’s representative” (as that term is used in
Regulation D under the Securities Act) in connection with the transactions contemplated by this Agreement or the Operative Documents; (ii) the Investor has substantial knowledge and experience in financial, investment and business matters,
and specifically in the business of the Company and its subsidiaries, and has the requisite knowledge and experience to evaluate the risks and merits of its investment in the Common Stock and (iii) the decision of the Investor to purchase the
Common Stock hereunder has been made by the Investor independent of any director, officer, employee, representative or agent of the Company and independent of any statements, disclosures or judgments as to the properties, business, prospects or
condition (financial or otherwise) of the Company and its subsidiaries which may have been made or given by any person that is not a director, officer, employee, representative or agent of the Company. 

(b) (i) The Common Stock being purchased by the Investor hereunder has not been registered under the Securities Act on the
ground that the sales of the Common Stock pursuant to this Agreement are exempt under Section 4(2) of the Securities Act as not constituting a distribution, and that the Company’s reliance on such exemption is predicated in part on the
Investor’s representation which the Investor herewith makes that the Common Stock have been acquired solely by and for the account of the Investor for investment purposes only, 

  
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and are not being purchased for subdivision, fractionalization, resale or distribution and other than as expressly set forth in the Operative Documents, the Investor has no contract, undertaking,
agreement or arrangement with any other member of the Company or any one else to sell, transfer or pledge to such other member or anyone else the Common Stock being sold to the Investor (or any part thereof), and the Investor has no present plans or
intentions to enter into any such contract, undertaking, agreement or arrangement; (ii) the Common Stock being sold to the Investor must be held indefinitely unless they are subsequently registered under the Securities Act or a transfer is made
pursuant to an exemption from such registration, including, for example, pursuant to Rule 144 thereunder and that the Company has no agreements in respect of registering the Common Stock under Federal or state law (except for the registration of the
Common Stock issuable upon conversion of the Common Stock, pursuant to the Registration Rights Agreement constituting one of the Operative Documents) and (iii) the Investor’s financial condition is such that the Investor is not under any
current necessity or constraint, and does not foresee in the future any necessity or constraint, to dispose of the Common Stock being sold to the Investor to satisfy any existing or contemplated debt or undertaking. 

(c) In the event that in the future the Company engages in any negotiation or transaction (including a merger or
consolidation or other reorganization by or of the Company) in which Regulation D under the Securities Act may or will be available to the Company, if the Investor is not then an accredited investor, the Investor agrees irrevocably (and with the
knowledge and intention that the other holders of the Company’s equity interests of all classes will rely thereon in making their respective present investment decisions) that the Investor will, within five (5) business days of notice from
the Company, which notice may be given in the sole discretion of the Company, appoint a qualified purchaser’s representative or representatives so that the maximum benefits of Regulation D shall be available to the Company and all of its
stockholders, as applicable. 
 6. Legend. (a) All certificates representing the Common Stock issued to the
Investors shall be endorsed as follows: 
 “THE COMMON STOCK REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR ANY OTHER APPLICABLE COMMON STOCK LAW AND MAY NOT BE TRANSFERRED IN THE ABSENCE OF REGISTRATION THEREUNDER OR AN EXEMPTION THEREFROM.” 
 THE COMPANY IS AUTHORIZED TO ISSUE MULTIPLE CLASSES AND SERIES OF STOCK AND WILL FURNISH TO THE HOLDER, UPON REQUEST AND WITHOUT CHARGE, AT THE PRINCIPAL OFFICE OF THE COMPANY, A STATEMENT OF ALL OF THE
POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS.” 

(b) The Investor acknowledges to the Company that (i) the effect of such legend, among other things, is or may be to
limit or destroy the value of the certificate for purposes of sale or for use as loan collateral and that “stop transfer” instructions may be noted against the Common Stock sold to the Investor hereunder and (ii) any transferee of the
Investor is required to become a party to this Agreement as a condition to acquiring the Common Stock hereunder. 

  
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 7. Repurchase Provisions. 

(a) Call at Cost Upon Termination for Cause at Any Time or Voluntary Termination. If the Investor’s employment
with the Company is terminated, (x) at any time for Cause or (y) at any time pursuant to a Voluntary Termination, then, in each case, the Company may repurchase all or any portion of the Common Stock or other Equity Interests then held by
the Investor (or held by any Permitted Transferee of the Investor) (collectively, “Call Securities”) at a price per share equal to Cost; provided that Call Securities in the form of options, warrants or common stock that was
issued upon exercise of options or warrants may be repurchased by the Company at a price per share equal to $0.01. 
 (b) Call at Fair Market Value Upon Termination For Other Than Cause or Voluntary Termination. If Investor’s employment with the Company is terminated in any circumstances other than those
described in Section 7(a), then the Call Securities may be repurchased by the Company at a price per share equal to Fair Market Value. 
 (c) Expiration of Repurchase Option. If the Company does not deliver to the Investor a written notice (a “Call Notice”) of its intention to exercise the call rights set forth in
Sections 7(a) and 7(b) within six months of termination of employment of the Investor, such call rights will expire. This Section 7 shall terminate upon the earlier of (x) a Qualified Public Offering or
(y) the first date upon which the Stockholders do not own any Common Stock of the Company or any securities convertible into or exercisable or exchangeable for Common Stock of the Company. 

(d) Payments by the Company; Certain Restrictions. The purchase price for the Call Securities to be purchased
pursuant to this Section 7 is payable, at the option of the Company, in cash, Three Year Junior Notes or a combination thereof. Notwithstanding anything to the contrary contained in this Agreement, all repurchases pursuant to this
Section 7, including issuances of and payments by the Company on the Three Year Junior Notes, shall be subject to (i) applicable restrictions contained in any applicable law, (ii) restrictions contained in the Company’s
and its Subsidiaries’ debt and equity financing agreements, including the Credit Agreement, as amended and in effect from time to time and (iii) the availability of cash to make any lump sum cash payments. If any such restrictions or
unavailability prohibit the repurchase of Common Stock, Equity Interests or other shares of the Company hereunder which the Company is otherwise entitled or required to make, the Company may make such repurchases as soon as it is permitted to do so
under such restrictions. 
 (e) Timing Considerations. In the event the Company makes payments in cash
pursuant to the provisions of Section 7, such payments will be made within 10 business days of the date of the call. In the event that the Company makes payments in Three Year Junior Notes, such notes will be executed and delivered
within 10 business days of the date of the call. 

  
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 (f) Determination of Fair Market Value. The determination of fair
market value shall be determined by the Board of Directors of the Company in good faith (the “Fair Market Value”). In case the Investor disputes the Board of Directors’ calculation of Fair Market Value, the Investor may,
within thirty (30) days of the payment contemplated by Section 7(e), appeal such calculation for prompt resolution to a mutually acceptable independent accounting firm (the “Referral Firm”). In resolving any
disputed item, the Referral Firm (i) shall be bound by the provisions of this Agreement, (ii) may not assign a value to any item greater than the greatest value claimed for such item or less than the smallest value for such item claimed by
either the Company or the Investor, (iii) shall limit its decision to such aspects of the calculation of Fair Market Value as are in dispute and (iv) shall make its determination in accordance with the guidelines and procedures set forth
in this Agreement (i.e. not on the basis of independent review). Absent clear error, the decision of the Referral Firm shall be final and binding. 
 (g) Life Insurance. The Company may purchase, at its sole discretion and expense, a life insurance policy, the proceeds of which will be used to purchase the Investor’s Common Stock in the
event of the Investor’s death and the Investor hereby agrees to cooperate with the Company in obtaining such insurance, including, subject to reasonable confidentiality protections, disclosing medical and personal information to insurers.

 8. Transfers of Common Stock. (a) The Investor agrees that the Investor will not, directly or indirectly, whether
by operation of law or otherwise, offer, sell, transfer, assign or otherwise dispose of (or make any exchange, gift, assignment, charge or pledge of) any Common Stock or any rights or interests therein (collectively, a “Transfer”),
except as provided in Section 8(b). In addition to the other restrictions noted in this Section 8, the Investor agrees that it will not, directly or indirectly, Transfer any of its Common Stock except as permitted under the
Securities Act and other applicable securities laws. 
 (b) The provisions of Section 8(a) shall not
apply to any of the following Transfers: 
 (i) From the Investor to any of his Permitted Transferees;
provided that any such transferee shall have joined this Agreement (or a similar agreement satisfactory to the Company) and agreed to be bound by the provisions hereof applicable to the Investor immediately prior to such transfer. 

(ii) Pursuant to a Public Offering or pursuant to Rule 144 under the Securities Act. 

(iii) From the Investor to any Person pursuant to Section 9. 

(iv) From the Investor to any Person pursuant to Section 10. 

(v) From the Investor to the Company. 

(c) Subject to the provisions of Section 9, each Permitted Transferee of the Investor to which Common Stock is
Transferred shall, and the Investor shall cause such Permitted Transferee to, Transfer back to the Investor (or to another Permitted Transferee of the Investor) any Common Stock he owns if such Permitted Transferee ceases to be a Permitted
Transferee of the Investor. 

  
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 (d) Notwithstanding Section 8(b) and Section 8(c),
no Investor will Transfer any Common Stock to any person that competes, directly or indirectly, with the Company or a Subsidiary of the Company. 
 (e) No Investor shall be entitled to Transfer its Common Stock at any time if such Transfer would: 
 (i) violate the Securities Act, or any state (or other applicable) securities or “Blue Sky” laws applicable to the Company or the Common Stock; 

(ii) cause the Company to become subject to the registration requirements of the U.S. Investment Company Act of 1940, as
amended from time to time; or 
 (iii) be a “prohibited transaction” under ERISA or the Code or cause
all or any portion of the assets of the Company to constitute “plan assets” under ERISA or Section 4975 of the Code. 
 (f) Any attempt to Transfer or encumber any Common Stock not in accordance with this Agreement shall be null and void ab initio and neither the Company nor any transfer agent of such securities
shall give any effect to such attempted transfer or encumbrance in its Common Stock records. 
 (g) If the
Company at any time shall register securities for sale in a Public Offering, the Investor shall not sell publicly, make any short sale of, grant any option for the purchase of, or otherwise dispose publicly of, any Common Stock (other than any
Common Stock included in such registration) without the prior written consent of the Company, for a period designated by the Company in writing to the Investor, which period shall not begin more than 10 days prior to the effectiveness of the
registration statement pursuant to which such Public Offering shall be made and shall not last more than (i) 180 days after the effective date of the Company’s initial public offering and (ii) 90 days after the effective
date of any other registration statement 
 9. Drag Along Rights of Stockholders. 

(a) Subject to the terms of this Section 9, if, at any time following the date hereof, the holders of at least
two thirds of the shares of Voting Stock of the Company then issued to the Stockholders (the “Dragging Stockholders”) agree to enter into an agreement (a “Drag-Along Agreement”) to transfer all of the Restricted
Securities at the time held by the Dragging Stockholders to any Person or group of Persons (other than to Affiliates of the Dragging Stockholders), other than to the Stockholders (any such Person, the “Buyer”), then the Dragging
Stockholders may require all, but not less than all, of the Stockholders, the Investor and the other management investors purchasing Common Stock on the date hereof (collectively, the “Remaining Holders”) to sell all (but not less
than all) of the Restricted Securities then owned by (and/or then purchasable by) such Remaining Holders to the Buyer contemporaneously with the sale by the Dragging Stockholders and at the same price per share and on the same terms and conditions
as are applicable to the Restricted Securities to be sold by the Dragging Stockholders; provided that such sale of Restricted Securities shall be subject to 

  
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liquidation preferences, the order of priority and other terms of the particular class or classes of the security being sold as set forth in the Amended and Restated Certificate of Incorporation
and provided further that to the extent any Restricted Securities held by the Remaining Holders include Warrants, options or other convertible securities, then the terms and conditions of the sale shall take into account the exercise price or
conversion price, if any, of such convertible securities. Each Remaining Holder must agree to make to the Buyer the individual representations, warranties, covenants and agreements substantially the same mutatis mutandis as those made by the
Dragging Stockholders in connection with the relevant transaction, and agree to the same conditions to the relevant transactions as the Dragging Stockholders agree, it being understood that all such representations, warranties, covenants and
agreements shall be made by the Dragging Stockholders and each Remaining Holder severally and not jointly; provided, however, the Remaining Holders shall not be obligated to make any representations, warranties or covenants regarding
the business or operations of the Holding Company; provided, further, that, each Stockholder, and the Investor, participating in such proposed transfer shall be obligated to indemnify the proposed transferee or transferees upon the
same terms and conditions as are applicable to the indemnification given by the Dragging Stockholders in connection with such proposed transfer so long as (x) all indemnification obligations are several, and not joint and several, among all
transferors in proportion to the consideration paid to each transferor and (y) except with respect to individual representations, warranties, covenants, indemnities and other agreements of the Stockholder and the Investor as to the unencumbered
title (other than Liens created hereby or Liens of general applicability arising under applicable securities laws) to its Restricted Securities and the power, authority and legal right to transfer such Restricted Securities, the maximum
indemnification obligation of any Stockholder and the Investor shall not exceed the value of the proceeds actually received by it as a result of such transfer. 
 (b) If the Dragging Stockholders wish to exercise the right granted pursuant to Section 9(a), the Dragging Stockholders must give written notice to such effect to each of the Remaining Holders
(a “Drag-Along Notice”) not less than 30 nor more than 60 days prior to the date upon which such sale is scheduled to close. Each Drag-Along Notice shall (i) specify in reasonable detail all of the terms and conditions upon
which such sale is to occur and (ii) make explicit reference to this Section 9 and state that each of the Remaining Holders is obligated to sell all of its Restricted Securities pursuant to such sale. 

(c) Upon request by the Investor, the Dragging Stockholders and the Holding Company shall provide to the Investor copies
of all documents relating to the proposed sale and such other materials and information as the Investor may from time to time reasonably request. 
 (d) The Stockholders are express third party beneficiaries of this Section 9 with all of the rights, remedies, claims, liabilities, reimbursements, causes of action and other rights accorded
the Company. 
 10. Co-Sale Rights. 

(a) Subject to this Section 10, if, at any time following the date hereof, the holders of at least 90% of the
Common Stock of the Company then issued (the “Transferring Stockholders”) determine to transfer all of their Common Stock to any Person, then, as a condition precedent thereto, the Transferring Stockholders shall comply with the
provisions of 

  
 11 

 
this Section 10. Notwithstanding the foregoing, transfers of Common Stock to the Company or any Stockholder (other than a Stockholder who becomes a Stockholder after the date hereof
and prior to the transfer of shares subject to the first sentence of this Section 10(a) primarily for the purpose of avoiding the provisions of the first sentence of this Section 10) shall not trigger the co-sale rights of
the Investor set forth in this Section 10. In addition, for the avoidance of doubt, transfers of Preferred Stock shall not trigger the co-sale rights of the Investor set forth in this Section 10. 

(b) The Transferring Stockholders shall give written notice to the Investor (a “Co-Sale Notice”) not
fewer than 15 nor more than 60 days prior to any proposed transfer of Common Stock. Each such Co-Sale Notice shall: 
 (i) specify in reasonable detail (A) the number of shares of Common Sock that the Transferring Stockholders propose to transfer, (B) the identity of the proposed transferee or transferees of
such Common Stock and (C) the time within which, the price per share at which and the terms and conditions upon which the Transferring Stockholders propose to transfer such Common Stock; 

(ii) make explicit reference to this Section 10 and state that the right of the Investor to participate in
such transfer under this Section 10 shall expire unless exercised within 15 days after receipt of such Co-Sale Notice by delivery of written notice to the Transferring Stockholders of the Investor’s election to participate in such
transfer and exercise his rights pursuant to this Section 10; and 
 (iii) contain an irrevocable
offer by the Transferring Stockholders to the Investor to participate in the proposed transfer to the extent provided in Section 10(c). 
 (c) The Investor shall have the right to transfer to the proposed transferee or transferees any or all of his Common Stock, at the same price per share and on the same terms and conditions (subject to
clause (d) of this Section 10) as are applicable to the proposed transfer by the Transferring Stockholders (and, if and to the extent the Investor shall exercise such right, then the Common Stock to be transferred by the
Transferring Stockholders shall be correspondingly reduced), provided that in order to be entitled to exercise his right pursuant to this Section 10, the Investor shall agree to make to the transferee the individual
representations, warranties, covenants and agreements substantially the same mutatis mutandis as those made by the Transferring Stockholders in connection with the relevant transaction, and agrees to the same conditions to the relevant
transactions as the Transferring Stockholders agree, it being understood that all such representations, warranties, covenants and agreements shall be made by the Investor severally and not jointly; provided, further, that, the Investor
shall be obligated to indemnify the proposed transferee or transferees upon the same terms and conditions as are applicable to the indemnification given by the Transferring Stockholders in connection with such proposed transfer so long as
(x) all indemnification obligations are several, and not joint and several, among all transferors in proportion to the consideration paid to each transferor and (y) except with respect to individual representations, warranties, covenants,
indemnities and other agreements of the Investor as to the unencumbered title (other than Liens created hereby or Liens of general applicability arising under applicable securities laws) to its Common Stock and the power, authority and legal right
to transfer such Common Stock, the maximum indemnification obligation of the Investor shall not exceed the value of the proceeds actually received by him as a result of such transfer. 

  
 12 

 (d) To exercise his rights under this Section 10, the Investor
must deliver written notification to the Transferring Stockholders, within 15 days after receipt of the Co-Sale Notice, stating that the Investor desires to accept such offer and to transfer his Common Stock in accordance with this
Section 10, and shall state that the Investor desires to transfer his Common Stock in accordance with clause (c) of this Section 10. Any such notice by the Investor shall constitute his binding agreement to sell
his Common Stock on the same terms and conditions as set forth in the Co-Sale Notice. The failure of the Investor to provide such notice within such 15-day period shall, for the purposes of this Section 10, be deemed to constitute a
waiver by the Investor of his right to transfer his Common Stock in connection with the proposed transfer described in such Co-Sale Notice. If the terms of the proposed transfer change from those set forth in the original Co-Sale Notice, the
Transferring Stockholders shall issue a revised Co-Sale Notice stating such revised terms, and the Investor shall have an additional 15-day period to exercise (in the manner set forth herein) his rights hereunder. The Transferring Stockholders agree
to use their commercially reasonable efforts to obtain the agreement of the prospective purchaser to the participation of the Investor in accordance with this Section 10, to consummate the proposed transactions contemplated by this
Section 10. The Investor agrees to use his commercially reasonable efforts, in good faith and in a timely manner, to take, or cause to be taken, all action and to do, or cause to be done, all things necessary, proper or advisable, under
applicable laws and regulations (including, without limitation, to ensure that all appropriate legal and other requirements are met and all consents of third persons relating to the Investor that are required to include the Investor in the
transaction are obtained), to consummate the proposed transactions contemplated by this Section 10. The Investor shall not be obligated to transfer any Common Stock pursuant to this Section 10 unless the Investor has notified
the Transferring Stockholders of his desire to transfer his Common Stock. Any and all transfers of Common Stock by the Investor pursuant to this Section 10 shall be made concurrently with the transfer of Common Stock by the Transferring
Stockholders. 
 (e) Upon request of the Investor, the Transferring Stockholders and the Company shall provide to
the Investor copies of all documents relating to the proposed transfer described in the Co-Sale Notice and such other materials and information as the Investor may from time to time reasonably request. 

(f) Notwithstanding anything to the contrary contained in this Section 10, the rights of the Investor under
this Section 10 shall not apply to any transfer by a Stockholder (i) to any Affiliate of any such Stockholder; provided that any such transferee shall have joined this Agreement (or a similar agreement satisfactory to the
Company) and agreed to be bound by the provisions hereof applicable to the Investor immediately prior to such transfer, (ii) to the public pursuant to a registration as contemplated by the Registration Rights Agreement constituting one of the
Operative Documents unless more than 90% of the Common Stock then outstanding is to be transferred to the public in such transaction or (iii) in connection with any transaction in which the Investor is required to participate in pursuant to
Section 9 of this Agreement. 

  
 13 

 11. Restrictions On Other Agreements; After Acquired Common Stock and Other
Securities. 
 (a) The Investor shall not grant any proxy or enter into or agree to be bound by any voting
trust with respect to the Common Stock nor shall the Investor enter into any other agreements or arrangements of any kind with any Person with respect to the Common Stock on terms which conflict with the provisions of this Agreement (whether or not
such proxy, voting trust, agreements or arrangements are with other holders of Common Stock that are not parties to this Agreement or otherwise), including but not limited to, agreements or arrangements with respect to the acquisition, disposition
or voting of shares of Common Stock inconsistent herewith. 
 (b) The provisions of Sections 7, 8,
9, 10 and 11 and related definitions of this Agreement shall apply, to the full extent set forth herein with respect to the Common Stock or other Equity Interests of the Company and to any and all equity or debt securities of
the Company or any successor or assign of the Company (whether by merger, amalgamation, consolidation, sale of assets, or otherwise), whether now owned or hereafter acquired, or which may be issued in respect of, in exchange for, or in substitution
of, such equity or debt securities and shall be appropriately adjusted for any share dividends, bonus issues, splits, reverse splits, combinations, subdivisions, reclassifications, recapitalizations, reorganizations and the like occurring after the
date hereof. 
 12. Certain Definitions. The following terms have the following respective meanings: 

“Affiliate” of any Person shall mean any other Person that, directly or indirectly, through one or more intermediaries,
controls or is controlled by or is under common control with such first-mentioned Person, or any individual, in the case of a Person who is an individual, who has a relationship by blood, marriage or adoption to such first-mentioned Person not more
remote than first cousin, and, without limiting the generality of the foregoing, shall include (a) any Person beneficially owning or holding, directly or indirectly, 5% or more of any class of Voting Stock or other equity securities of such
first-mentioned Person, (b) any Person of which such first-mentioned Person owns or holds, directly or indirectly, 5% or more of any class of Voting Stock or other equity securities, (c) any Person for which any of the foregoing is an
investment manager or investment advisor, (d) any estate, trust, guardianship, custodianship or other fiduciary arrangement for estate planning purposes for the benefit of any one or more of the foregoing Persons, (e) any trust, family
limited partnership, limited liability company or other entity controlled by and substantially all of the interests in which are owned, directly or indirectly, by any one or more Persons named above, (f) any Person who is a direct or indirect
beneficial owner or beneficiary of, the first-mentioned Person or (g) any director or executive officer of such Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of Voting Stock or other equity securities or by contract or otherwise. 

“Board” shall mean the Board of Directors of the Company from time to time. 

  
 14 

 “Business Day” shall mean any day other than a Saturday, Sunday or other
day which shall be in New York, New York, a legal holiday or a day on which banking institutions therein are authorized by law to close. 
 “Buyer” shall have the meaning specified in Section 9. 
 “Capital Stock” shall mean any and all shares or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other
than a corporation). 
 “Cause” shall have the meaning set forth in the Employment Agreement. 

“Co-Sale Notice” shall have the meaning specified in Section 10(b). 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

“Cost” means as to the Common Stock, the cost thereof set forth in Section 1(a). 

“Drag-Along Agreement” shall have the meaning specified in Section 9. 

“Drag-Along Notice” shall have the meaning specified in Section 9. 

“Dragging Stockholders” shall have the meaning specified in Section 9. 

“Employment Agreement” shall mean the Employment Agreement between the Company and the Investor, dated the date hereof,
as the same may be amended or modified from time to time. 
 “ERISA” shall mean the Employee Retirement Income
Security Act of 1974, as amended from time to time, and the regulations and rulings thereunder. 
 “Equity
Interests” shall mean Capital Stock or partnership interests or warrants, options or other rights to acquire Capital Stock or partnership interests (including any debt security that is convertible into, or exchangeable for, Capital Stock or
partnership interests). 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder. 
 “Fair Market Value” shall have the meaning
specified in Section 7. 
 “GAAP” shall mean generally accepted accounting principles as in effect
in the United States from time to time, consistently applied. 
 “Lien” shall mean any mortgage, pledge,
hypothecation, collateral assignment, deposit arrangement, lien (statutory or otherwise), preference over assets, priority over assets, security interest, chattel mortgage or other charge or encumbrance of any kind, or any other similar type of
preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property and any lease having substantially the same effect as
any of the foregoing. 

  
 15 

 “Permitted Transferee” means (i) any successor by death or
(ii) any trust, partnership, limited liability company or similar entity solely for the benefit of the Investor or the Investor’s spouse or lineal descendants provided, that the Investor acts as trustee, general partner or managing
member and retains the sole power to direct the voting and disposition of such shares. 
 “Person” shall mean
an individual, a corporation, a limited liability company, an association, a joint-stock company, a business trust or other similar organization, a partnership, a joint venture, a trust, an unincorporated organization or a government or any agency,
instrumentality or political subdivision thereof. 
 “Preferred Stock” shall mean the Series A Preferred Stock
and the Series B Preferred Stock. 
 “Public Offering” shall mean a public offering of common stock of the
Company pursuant to an effective registration statement filed by the Company with the Securities and Exchange Commission. 

“Qualified Public Offering” shall mean an underwritten Public Offering that yields net proceeds to the Company of at
least $150 million, provided that immediately following the consummation of such offering the shares of Common Stock are registered under the Exchange Act and listed and traded on a national securities exchange or national market or trading
system in the United States. 
 “Remaining Holders” shall have the meaning set forth in Section 9.

 “Restricted Securities” shall mean the Common Stock and the Preferred Stock of the Company and all
securities convertible into or exercisable or exchangeable for Shares of the Company, including, without limitation, the Warrants and any other warrants or options, whether now or hereafter issued and outstanding. 

“Series A Preferred Stock” shall mean the Series A Convertible Redeemable Preferred Stock, par value $0.001, of the
Company. 
 “Series B Preferred Stock” shall mean the Series B Redeemable Preferred Stock, par value $0.001, of
the Company. 
 “Shares” of any Person shall include any and all shares of capital stock, partnership
interests, limited liability company interests, membership interests, or other shares, interests, participations or other equivalents (however designated and of any class) in the capital of, or other ownership interests in, such Person. 

“Stockholders” shall have the meaning set forth in the Security Holders Agreement constituting one of the Operative
Documents. 
 “Subsidiary” of any Person at any date shall mean (a) any other Person a majority (by number
of votes) of the Voting Stock of which is owned by such first-mentioned Person and/or by one or more other Subsidiaries of such first-mentioned Person and (b) any other Person with respect to which such first-mentioned Person and/or any one or
more other Subsidiaries of such first-mentioned Person (i) is entitled to more than 50% of such Person’s profits or losses or more than 50% of such Person’s assets on liquidation or (ii) holds an equity interest in such Person of
more than 50%. As used herein, unless the context clearly required otherwise, the term “Subsidiary” refers to a Subsidiary of the Company. 

  
 16 

 “Transfer” shall mean the meaning set forth in Section 8.

 “Three Year Junior Notes” means a promissory note of the Company in the form attached hereto as Exhibit
B. 
 “Transferring Stockholders” shall have the meaning specified in Section 10(a).

 “Voluntary Termination” means a voluntary termination of employment with the Company by the Investor for any
reason other than Good Reason (as defined in the Employment Agreement), expiration of Term (as defined in the Employment Agreement) due to non-renewal by the Company, death or disability. 

“Voting Stock”, when used with reference to any Person, shall mean Shares (however designated) of such Person having
ordinary voting power for the election of a majority of the members of the board of directors of such Person, other than Shares having such power only by reason of the happening of a contingency. 

“Warrants” shall mean the warrants of the Company issued on July 19, 2011 pursuant to the (i) Agreement
evidencing rights to purchase in the aggregate 3,960 shares (subject to adjustment as set forth therein) of Common Stock and (ii) Management Consulting Agreement evidencing rights to purchase in the aggregate 5,940 shares (subject to adjustment
as set forth therein) of Common Stock. 
 13. Unregistered Common Stock. The Investor understands and acknowledges that,
as a consequence of the Common Stock not having been registered under the Securities Act nor any state Common Stock laws, all of the Common Stock must be held indefinitely unless (a) subsequently registered under the Securities Act or other
applicable federal and state Common Stock laws or (b) exemptions from such registration are available at the time of a proposed sale or transfer thereof. Except for the Registration Rights Agreement (as defined in Exhibit A) and as set
forth elsewhere in this Agreement, the Company has no agreements in respect of a registration statement under either federal or state law. 
 14. Revocation. The Investor acknowledges that upon delivery of this Agreement to the Company, the Investor may not cancel, terminate or revoke this Agreement or any agreement of the Investor made
hereunder and that this Agreement shall survive the death or disability of the Investor and shall be binding upon the Investor’s heirs, executors, administrators, legal representatives, successors and assigns. 

15. Governing Law; Jurisdiction. This Agreement, including the validity hereof and the rights and obligations of the parties
hereunder, and all amendments and supplements hereof and all waivers and consents hereunder, shall, with respect to the Investor, be construed in accordance with and governed by the domestic substantive laws of the State of Delaware without giving
effect to any choice of law or conflicts of law provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

  
 17 

 16. Indemnification. 

(a) The Investor recognizes that the offer and sale of the Common Stock to be purchased by and issued to the Investor will
be based on the representations, warranties, covenants and agreements made by the Investor herein. The Investor hereby agrees (severally and not jointly with any other Investor) to defend, indemnify and hold harmless the Company and its officers,
employees, consultants, representatives and agents against and from any and all causes of action, charges, claims, damages, demands, liabilities or losses arising from any material breach by the Investor of the representations, warranties or
covenants made by the Investor herein. 
 (b) The Company agrees to defend, indemnify and hold harmless the
Investor and its officers, employees, consultants, representatives and agents, if any, against and from any and all causes of action, charges, claims, damages, demands, liabilities or losses arising from any material breach by the Company of the
representations, warranties or covenants made by the Company herein. 
 17. Miscellaneous. 

(a) All representations, warranties, understandings, covenants and agreements contained in this Agreement (including,
without limitation, the indemnification provisions hereof) shall survive the acceptance of this Agreement by the Company, the issuance and delivery of the Common Stock to the Investors and the death, disability, liquidation, dissolution or
termination (as applicable) of the Investor. 
 (b) Subject to the conditions of transfer of the Common Stock
hereunder, this Agreement shall be binding upon and shall inure to the benefit of each individual Investor and the Investor’s respective heirs, executors, administrators, assigns and legal representatives and to the Company and its respective
successors and assigns, by way of merger, consolidation or operation of law or otherwise. The Investor may not sell, assign, or transfer any rights or obligations under this Agreement without the prior written consent of the Company in its sole
discretion unless in accordance with the Operative Documents. The Company may not assign or transfer any of its rights and interests in and to this Agreement without the prior written consent of the Investor. 

(c) In connection with this Agreement and the transactions contemplated hereby, and subject to the terms of the Operative
Documents, the Investor shall execute and deliver any additional documents and instruments and perform any additional acts that may be reasonably necessary or appropriate to effect and perform the provisions of this Agreement and those transactions.

 (d) This Agreement and the documents referenced herein constitute the entire agreement among the parties with
respect to the subject matter hereof and supersede all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. Each party to this Agreement agrees that (i) no other party to this
Agreement (including their respective agents and representatives) has made any representation, warranty, covenant or agreement to or with such party relating to this Agreement, the documents 

  
 18 

 
referenced herein, the Company, its subsidiaries or the Common Stock offered hereunder, other than those expressly set forth in the Agreement and the documents referenced herein and
(ii) such party has not relied upon any representation, warranty, covenant or agreement relating to this Agreement, the documents referenced herein, the Company, its subsidiaries or the Common Stock offered hereunder, other than expressly set
forth in the Agreement and the documents referenced herein. No supplement, modification or waiver of this Agreement shall be binding unless executed in writing by each party to be bound thereby. 

(e) Except as otherwise provided in this Agreement, any failure of any of the parties to comply with any obligation,
covenant, agreement or condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance with such
obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. No failure or delay by any party in exercising any right, power or privilege under this Agreement shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

(f) In case any one or more of the provisions or parts of a provision contained in this Agreement shall, for any reason,
be held to be invalid, illegal or unenforceable in any respect in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement or any other jurisdiction, but this
Agreement shall be reformed and construed in any such jurisdiction as if such invalid or illegal or unenforceable provision or part of a provision had never been contained herein and such provision or part shall be reformed so that it would be
valid, legal and enforceable to the maximum extent permitted in such jurisdiction. 
 (g) All personal pronouns
used in this Agreement, whether used in masculine, feminine or neuter gender, shall include all other genders if the context so requires; the singular shall include the plural, and vice versa. 

(h) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, fax copy, or scan/email shall be effective as delivery of a manually executed counterpart of this
Agreement. 
 (i) Any notice, request, instruction, correspondence or other document to be given hereunder by
either party to the other shall be in writing and delivered in person or by courier service requiring acknowledgment of receipt of delivery or mailed by certified mail, postage prepaid and return receipt requested, or by telecopier, as follows:

 To the Company: 
 Dynacast International Inc. 
 c/o Kenner & Company, Inc. 

437 Madison Avenue, Suite 3600 
 New York, New York 10022 
 Attention: Thomas M. Wolf 

  
 19 

 To the Investor: 

c/o Dynacast Inc. 

14045 Ballantyne Corporate Place 
 Suite 300 
 Charlotte, North Carolina 28277 

Notice given by personal delivery, courier service or mail shall be effective upon actual receipt. Notice given by telecopier shall be
effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s next business day after receipt if not received during the recipient’s normal business hours. Any party may
change any address to which written notice is to be given to it by giving written notice as provided above of such change of address. 
 (j) Each party shall be entitled to rely conclusively upon any notice received, or the failure to receive any notice, from any other party with respect to rights and obligations under this Agreement.

 [Signature Pages Follow] 

  
 20 

 IN WITNESS WHEREOF, each of the undersigned has signed this Agreement as of the date first
above written. 
  

			
	DYNACAST INTERNATIONAL INC.
		
	By:	 	 
		 	 Name: Jeffrey L. Kenner

Title: President

  
 [Signature
Page to the Management Subscription Agreement] 

 
			
	INVESTOR
		
		 	 

  
 [Signature
Page to the Management Subscription Agreement] 

 EXHIBIT A 
 OPERATIVE DOCUMENTS 
  

	1.	Share Purchase Agreement, dated as of June 5, 2011, by and among the Company, Melrose PLC, Melrose Overseas Holding Limited and Melrose UK 4 Limited (formerly
Dynacast International Limited), relating to, among other things, the Company’s acquisition of the Target Companies (as defined therein), as amended, restated, supplemented or otherwise modified from time to time. 

 

	2.	Security Holders Agreement, dated the 19th day of July, 2011 by and among the Company, MIHI LLC, Izurium Dynacast Ltd, W Capital Dynacast LLC, Laurel Crown Dynacast
Holdings LLC, Tower Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P., Tower Square Capital Partners III-B, L.P., Kenner Equity Management, LLC and Kenner Dynacast Partners L.P. 

 

	3.	Registration Rights Agreement, dated the 19th day of July, 2011 by and among the Company, MIHI LLC, Izurium Dynacast Ltd, W Capital Dynacast LLC, Laurel Crown Dynacast
Holdings LLC, Tower Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P., Tower Square Capital Partners III-B, L.P., Kenner Equity Management, LLC and Kenner Dynacast Partners L.P. 

 

	4.	Management Consulting Agreement, dated the 19th day of July, 2011 by and among the Company, Kenner Equity Management, LLC, Izurium Dynacast Ltd, MIHI LLC, W Capital
Dynacast LLC, Laurel Crown Dynacast Holdings LLC, Tower Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P. and Tower Square Capital Partners III-B, L.P. 

 

	5.	Letter Agreement, dated June 5, 2011 by and among the Company and Macquarie Capital (USA) Inc. 

 

	6.	Restricted Stock Unit Award Agreements, dated July 19, 2011 by and between the Company and each of Simon Newman, Adrian Murphy, David Angell and Tom Kerscher.

  

	7.	Consent of the Board of Directors of the Company, dated June 5, 2011. 

 

	8.	Certificate of Incorporation of the Company. 

  

	9.	Amended and Restated Certificate of Incorporation of the Company. 

  

	10.	By-laws of the Company. 

  

	11.	Amended and Restated By-laws of the Company. 

  

	12.	Credit Agreement, dated as of July 19, 2011, by and among Dynacast International LLC, as Borrower, the Company, the Other Guarantors party thereto, the Lenders
party thereto, JP Morgan Securities LLC, as Arranger, Bookmanager and Documentation Agent, Macquarie Capital (USA) Inc., as Syndication Agent, and JP Morgan Chase Bank, N.A., as Administrative Agent, Collateral Agent, Issuing Bank and Swingline
Lender (as amended, restated, supplemented, modified, replaced, recapitalized or expanded from time to time). 

	13.	Second Lien Security Agreement dated as of July 19, 2011 made by Dynacast International LLC and Dynacast Finance, Inc., as Issuers, the Guarantors party thereto,
as pledgors, assignors and debtors, in favor of Union Bank, N.A., in its capacity as collateral agent pursuant to the Indenture (as defined therein), as pledgee, assignee and secured party (as amended, amended and restated, supplemented or otherwise
modified from time to time in accordance with the provisions thereof). 

  

	14.	Intercreditor Agreement, dated as of July 19, 2011 among JPMorgan Chase Bank, N.A., as First Lien Collateral Agent, Union Bank, N.A., as Second Lien Collateral
Agent, Dynacast International LLC and each of the other Grantors party thereto. 

  

	15.	Block Account Control Agreement, dated as of July 19, 2011 by and among Dynacast Inc, JPMorgan Chase Bank, N.A. as First Lien Agent and Depositary and Union Bank,
N.A., as Second Lien Agent. 

  

	16.	Purchase Agreement, dated as of July 19, 2011 by and among Dynacast International LLC, Dynacast Finance, Inc., Dynacast International, Inc. and J.P. Morgan
Securities LLC, as Representative of the Initial Purchasers. 

  

	17.	9.25% Senior Secured Second Lien Notes due July 15, 2019. 

  

	18.	Indenture, dated as of July 19, 2011, among Dynacast International LLC, Dynacast Finance Inc., the Guarantors listed on the signature pages thereto and Union Bank,
N.A., as Trustee and as Second Lien Agent. 

  

	19.	Warrants issued to MIHI LLC on July 19, 2011 evidencing the right to purchase, in the aggregate, 3,960 shares of Common Stock of the Company.

  

	20.	Warrants issued to Kenner Equity Management, LLC on July 19, 2011 evidencing the right to purchase 5,940 shares of Common Stock of the Company.

  

	21.	Interim Consortium Agreement, dated June 5, 2011 by and among Kenner & Company, Inc. and the investors party thereto. 

 

	22.	Equity Commitment Letters from each of MIHI LLC, Izurium Capital Advisers Europe LLP, W Capital Dynacast LLC, Laurel Crown Capital, LLC: Series Four-Dynacast, Tower
Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P., Tower Square Capital Partners III-B, L.P., Kenner Equity Management, LLC and Kenner Equities IV, L.P. to the Company, dated June 5, 2011. 

 

	23.	Director Indemnification Agreements, dated as of July 19, 2011 by and among the Company and each of Jeffrey Kenner, Larry Solari, Stephen Wertheimer, Thomas Fort,
Stephen Paul and Simon Newman. 

	24.	Escrow Agreement, dated as of July 14, 2011 by and among the Company, the Investors party thereto and JPMorgan Chase Bank, N.A. 

 

	25.	Subscription Agreement, dated July 19, 2011 by and among the Company and the investors party thereto. 

 EXHIBIT B 
 FORM OF THREE-YEAR JUNIOR NOTE 
 [attached] 

 Form of 3 Year Junior Note 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES LAWS AND ACCORDINGLY
MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR LAWS OR PURSUANT TO AN EXEMPTION THEREFROM. THE PRINCIPAL AMOUNT OF THIS NOTE, AND INTEREST IN RESPECT THEREOF, IS
SUBORDINATED TO THE PAYMENT IN FULL OF ALL SENIOR INDEBTEDNESS AND IS SUBJECT TO SET-OFF, AS DESCRIBED IN THIS NOTE. 
 DYNACAST
INTERNATIONAL INC. 
 NON-NEGOTIABLE THREE YEAR JUNIOR SUBORDINATED NOTE 

DUE _________, _____ 
 New York, New York 

			
	[$ ___________]	  	____ ___, ___

 FOR VALUE RECEIVED, the undersigned, DYNACAST INTERNATIONAL INC., a Delaware corporation (together with
its successors, the “Company”), hereby promises to pay to _______________________ (together with its successors and permitted assigns, the “Holder”), at the Holder’s residence at
__________________________________, the principal amount of _______________________ ($_________) on the Maturity Date. Certain capitalized terms are used in this Note as defined in Section 6. 

Section 1. Payment; Interest. 
 1.1 The outstanding principal amount of this Note shall bear interest (computed on the basis of a 365 day year, as the case may be) accruing daily at a rate equal to five percent (5%) per annum from
(but excluding) the date hereof to (and including) the date on which the principal amount of this Note is paid in full, regardless of the commencement of any bankruptcy or insolvency proceedings against the Company. Accrued and unpaid interest shall
compound annually in arrears on each anniversary of the date hereof. Subject to Section 5 of this Note, such interest shall be payable annually in arrears on each anniversary of the issuance of this Note and on the Maturity Date.

 1.2 Subject to Section 5 of this Note, the Company shall pay one-half of the original principal amount of this
Note to the Holder on the first anniversary of the date of this Note, and all remaining outstanding principal, accrued and unpaid interest, and other amounts due hereunder to the Holder on the Maturity Date. 

1.3 Whenever payment of principal of, or interest on, this Note shall be due on a date that is not a Business Day, the date for payment
thereof shall be the next succeeding Business Day and interest due on the unpaid principal and any other amounts payable hereunder shall accrue during such extension and shall be payable on such succeeding Business Day. 

 Section 2. Optional Prepayment. The Company shall have the right to prepay the
principal amount of this Note in whole or in part at any time, or from time to time, without payment of any premium or penalty whatsoever, together with interest thereon accrued to the date of prepayment; provided, however, that so
long as (a) any Senior Indebtedness remains outstanding and unpaid, (b) any commitment to provide Senior Indebtedness is outstanding, or (c) any other amount is owing to the holders of Senior Indebtedness, this Note may not be
prepaid, in whole or in part, without the consent of, or written waiver of, any relevant prohibitions by the holders of Senior Indebtedness. 
 Section 3. Set-off. The Company shall be entitled to set-off and reduce any amounts payable hereunder for (a) any obligations or liabilities of the Holder to the Company or its Subsidiaries or
(b) any claims by the Company or its Subsidiaries against the Holder under the Management Subscription Agreement, or any other agreement, written or oral, between the Company or its Subsidiaries and the Holder. The Holder, by accepting this
Note, hereby acknowledges and agrees to the foregoing provisions, and any subsequent transferee or successor shall be bound by the foregoing. 
 Section 4. Defaults. 
 4.1 Events of Default. If one or more of the
following events (“Events of Default”) shall have occurred and be continuing: 
 (a) the Company shall fail to
pay within ten (10) Business Days of the due date thereof any principal of this Note or shall fail to pay within ten Business Days of the due date thereof any interest or any other amount payable hereunder and the same shall not have been cured
within forty-five (45) days after written notice thereof has been given by the Holder to the Company; 
 (b) the Company
shall fail to observe or perform any covenant or agreement contained in this Note (other than those covered by clause (a) above) and the same shall not have been cured within sixty (60) days after written notice thereof has been
given by the Holder to the Company; 
 (c) the Company shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official,
or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors; or 

(d) an involuntary case or other proceeding shall be commenced against the Company seeking liquidation, reorganization or other relief
with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official, and such involuntary case or other
proceeding shall remain undismissed and unstayed for a period of sixty (60) days; or an order for relief shall be entered against the Company under the Federal bankruptcy laws as now or hereafter in effect; 

 then, and in every such event, subject to the provisions of Section 5, the
Holder may, by notice to the Company and to the holders of Senior Indebtedness, declare the unpaid principal amount of this Note together with accrued interest thereon, to be, and such portions of this Note (and accrued interest thereon) shall
thereupon become, due and payable immediately following delivery of such notice to the Company and to the holders of Senior Indebtedness without presentment, demand, protest or further notice of any kind, all of which are hereby waived by the
Company; provided, however, that in the case of any of the Events of Default specified in clause (c) or (d) above, such portions of this Note (together with accrued interest thereon) shall, subject to the
provisions of Section 5, immediately (and without notice) become due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived by the Company. 

Section 5. Subordination. 
 5.1 Amounts Payable Subordinated to Senior Indebtedness. Notwithstanding any provision of this Note to the contrary, the Company covenants and agrees, and the Holder by acceptance of this Note
likewise covenants and agrees, that all Amounts Payable shall be subordinated to the extent set forth in this Section 5 to the prior payment in full in cash of all Senior Indebtedness. This Section 5 shall constitute a
continuing offer to and covenant with all persons who become holders of, or continue to hold, Senior Indebtedness (irrespective of whether such Senior Indebtedness was created or acquired before or after the issuance of this Note). The provisions of
this Section 5 are made for the benefit of all present and future holders of Senior Indebtedness (and their successors and assigns), and shall be enforceable by them directly against the Holder. 

5.2 Priority and Payment Over of Proceeds in Certain Events. 

(a) Upon any payment by or on behalf of the Company or distribution of assets of the Company, whether in cash, property, securities or
otherwise, in the event of any dissolution, winding up or total or partial liquidation, reorganization, arrangement, adjustment, protection, relief or composition, or assignment for the benefit of creditors of the Company, whether voluntary or
involuntary or in bankruptcy, insolvency, receivership, reorganization, relief or other proceedings or upon an assignment for the benefit of creditors or any other marshalling of all or part of the assets and liabilities of the Company (the
foregoing events herein collectively referred to as an “Insolvency Event”), all Senior Indebtedness shall first be paid in full in cash before the Holder shall be entitled to receive any payment by or on behalf of the Company or
distribution of assets of the Company relating to any Amounts Payable. Upon any Insolvency Event, any payment by or on behalf of the Company or distribution of assets of the Company, whether in cash, property, securities or otherwise, to which the
Holder would be entitled relating to any Amounts Payable, except for the provisions of this Section 5, shall, until payment in full in cash of all Senior Indebtedness (including from any concurrent payment or distribution to the holders
of such Senior Indebtedness), be made by the Company or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other person making such payment or distribution, directly to the holders of the Senior Indebtedness or their
representatives for application to the payment or prepayment of all such Senior Indebtedness. 

 If the Senior Indebtedness has not been paid in full in cash at a time in which the Company
is subject to an Insolvency Event, (i) the holders of the Senior Indebtedness are hereby irrevocably authorized, but shall have no obligation, to demand, sue for, collect and receive every payment or distribution received on or after the
Insolvency Event or to be received in respect of this Note (regardless of when originally due) in any insolvency proceeding and give acquittance therefor and to file claims and proofs of claim, as their interests may appear, and (ii) the Holder
shall duly and promptly take, for the account of the holders of the Senior Indebtedness, as their interests may appear, such actions as the holders of the Senior Indebtedness may request to collect and receive all amounts payable by the Company in
respect of this Note and to file appropriate claims or proofs of claim in respect of this Note. 
 (b) No payment shall be made
by or on behalf of the Company with respect to any Amounts Payable or to acquire this Note (or any portion hereof) for cash, property, securities or otherwise, and, by virtue of accepting this Note and the benefits hereof, the Holder shall not be
entitled, and will not take any action, including any judicial process, to accelerate, demand payment or enforce any Indebtedness in respect of this Note or any other claim with regard to any Amounts Payable if (i) such payment is prohibited by
the terms of any Senior Indebtedness, (ii) there has occurred and is continuing a default in the payment of all or any portion of any Senior Indebtedness, it being understood that for purposes of this clause (ii), any payment of interest
accrued on any Senior Indebtedness which is paid, in lieu of cash, with the issuance of a payment-in-kind obligation, shall be deemed to continue to be unpaid until such payment-in-kind obligation (and all interest accrued thereon) shall have been
paid in full or (iii) any other default (not involving the non-payment of any Senior Indebtedness) shall have occurred which, including after giving any notice or the passage of time, or both, would allow holders of any Senior Indebtedness to
accelerate or otherwise demand the payment thereof, and in the case of a default described in clause (iii), the holders of the Senior Indebtedness have, to the extent required under the documents evidencing the Senior Indebtedness given
notice of such default to the Company (the date that such notice is received by the Company is the “Notice Date”); provided that such restrictions on actions, including judicial process, to accelerate, demand payment or
enforce any such Indebtedness on claim will cease to be applicable twenty-four (24) months after the occurrence and continuation of an Event of Default of the types referred to in Section 4.1(a) or (b). The Company shall
promptly give written notice to the Holder of any written notice of default under the Senior Indebtedness. 
 (c) In the event
of all or any portion of the principal amount of this Note becoming due before the Maturity Date (whether by declaration or otherwise), no payment shall be made by or on behalf of the Company on or with respect to any Amounts Payable or to acquire
this Note (or any portion thereof) for cash, property, securities or otherwise until all Senior Indebtedness shall first have been paid in full in cash. 
 (d) If, notwithstanding the foregoing provisions of clauses (a) through (c) prohibiting payments or distributions, the Holder shall, on or after the Notice Date or the occurrence
of any Insolvency Event, have received, directly or indirectly, by setoff, redemption, purchase or in any other manner, any payment of, or on account of, any Amounts Payable that was prohibited by

 
this Section 5, before all Senior Indebtedness shall have been paid in full in cash, then and in such event such payments or distributions shall be received and held in trust for the
holders of the Senior Indebtedness and promptly paid over or delivered to the holders of the Senior Indebtedness remaining unpaid to the extent necessary to pay in full in cash such Senior Indebtedness in accordance with its terms after giving
effect to any concurrent payment or distribution to the holders of such Senior Indebtedness, provided that any such payment which is, for any reason, not so paid over or delivered shall be held in trust by the Holder for the holders of Senior
Indebtedness. 
 (e) So long as any Senior Indebtedness remains outstanding, or the commitment to make credit extensions of any
Senior Indebtedness shall not have been terminated, the Holder will not be entitled to take, demand or receive, directly or indirectly, by setoff, redemption, purchase or in any other manner, any voluntary prepayment or other payment of any Amounts
Payable in amounts or in a manner which are in violation of the provisions of this Section 5. 
 (f) Upon any
payment or distribution of assets referred to in clause (a) above, the Holder shall be entitled to rely upon any order or decree of a court of competent jurisdiction in which such dissolution, winding up, liquidation or reorganization
proceedings are pending, and upon a certificate of the receiver, trustee in bankruptcy, liquidating trustee, agent or other person making any such payment or distribution of assets, delivered to the Holder for the purpose of ascertaining the persons
entitled to participate in such distribution of assets, the holders of Senior Indebtedness and other Indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Section 5. 
 5.3 Rights of Holders of Senior Indebtedness Not To Be Impaired, etc.

 (a) No right of any present or future holder of any Senior Indebtedness to enforce the subordination and other terms and
conditions provided herein shall at any time in any way be prejudiced or impaired by any act or failure to act by any such holder, or by any noncompliance by the Company with the terms and provisions and covenants herein regardless of any knowledge
thereof any such holder may have or otherwise be charged with. 
 (b) This Section 5 may not be amended without the
written consent of each holder of the Senior Indebtedness and of the Holder, and any purported amendment without such consent shall be void. No holder of Senior Indebtedness shall be prejudiced in such holder’s right to enforce the
subordination and other terms and conditions of this Note by any act or failure to act by the Company or anyone in custody of its assets or property. 
 5.4 Subrogation. Subject to and upon the payment in full in cash of all Senior Indebtedness, the Holder shall be subrogated, to the extent of payments or distributions made to the holders of Senior
Indebtedness pursuant to or by reason of this Section 5, to the rights of the holders of such Senior Indebtedness to receive payments or distributions of assets of the Company made on such Senior Indebtedness until all amounts due under
this Note shall be paid in full; and for the purposes of such subrogation, no payments or distributions to holders of such Senior Indebtedness of any cash, property or securities to which the Holder would be entitled except for the provisions of
this Section 5, and no payment over pursuant to the provisions of this 

 
Section 5 to holders of such Senior Indebtedness by the Holder, shall, as among the Company, its creditors (other than holders of such Senior Indebtedness) and the Holder be deemed to
be a payment by the Company to or on account of such Senior Indebtedness, it being understood that the provisions of this Section 5 are solely for the purpose of defining the relative rights of the holders of such Senior Indebtedness, on
the one hand, and the Holder, on the other hand. 
 5.5 Obligations of the Company Unconditional. Nothing contained in
this Note is intended to or shall impair, as between the Company and the Holder, the obligation of the Company, which is absolute and unconditional, to pay to the Holder all Amounts Payable, as and when the same shall become due and payable in
accordance with their terms, or to affect the relative rights of the Holder and other creditors of the Company (other than the holders of Senior Indebtedness), except as provided in Section 5.2(b). 

5.6 Section 5 Not To Prevent Events of Default. The failure to make a payment of any Amounts Payable by reason of any
provision of this Section 5 shall not be construed as preventing the occurrence or consequences of an Event of Default under Section 4.1 hereof, except as provided in Section 5.2(b). 

5.7 Additional Rights of Holders of Senior Indebtedness. Upon request by the Company, the Holder of this Note shall deliver to the
holders of Senior Indebtedness or parties contemplating becoming holders of Senior Indebtedness a written statement confirming that (a) the provisions (including those of this Section 5) of this Note are in full force and effect;
and (b) such party is or will be entitled to rely upon and enjoy the benefits of the provisions (including those of this Section 5) of this Note as a holder of Senior Indebtedness. 

5.8 Senior Indebtedness Changes. By virtue of accepting this Note and the benefits hereof, the Holder hereby waives any and all
notice of renewal, extension or accrual of any of the Senior Indebtedness, present or future, and agrees and consents that without notice to or consent of the Holder: 
 (a) the obligations and liabilities of the Company or any other party or parties under the Senior Indebtedness may, from time to time, in whole or in part, be renewed, refinanced, replaced, extended,
refunded, modified, amended, accelerated, compromised, supplemented, terminated, increased, decreased, sold, exchanged, waived or released; 
 (b) the holders of Senior Indebtedness and their representatives may exercise or refrain from exercising any right, remedy or power granted by any document creating, evidencing or otherwise related to the
Senior Indebtedness or granted at law, in equity, or otherwise, with respect to the Senior Indebtedness or in connection with any collateral security or lien (legal or equitable) held, given or intended to be given therefor (including, without
limitation, the right to perfect any lien or security interest created in connection therewith); 
 (c) any and all collateral
security and/or liens (legal or equitable) at any time, present or future, held, given or intended to be given for the Senior Indebtedness, and any rights or remedies of the holders of Senior Indebtedness and their representatives in respect
thereof, may, from time to time, in whole or in part, be exchanged, sold, surrendered, released, modified, perfected, unperfected, waived or extended by the Holders and their representatives; 

 (d) any balance or balances of funds with any holder of Senior Indebtedness at any time
standing to the credit of the Company or any guarantor of any of the Senior Indebtedness may, from time to time, in whole or in part, be surrendered or released; all as the holders of Senior Indebtedness, their representatives or any of them may
deem advisable and all without impairing, abridging, diminishing, releasing or affecting the subordination to the Senior Indebtedness provided for herein; and 
 (e) the Company may incur any amount or type of Senior Indebtedness (including Senior Indebtedness owed to Affiliates), or modify, restate, refinance, replace or amend any Senior Indebtedness from time to
time, on terms and conditions acceptable to the Company, without notice to or approval by the Holder. The Company shall deliver written notice to the Holder of all actions by the holders of Senior Indebtedness to accelerate payment of, or to
exercise any other rights, remedies or powers under, the Senior Indebtedness. 
 5.9 Waivers. In the event the holders of
Senior Indebtedness elect to exercise their remedies to liquidate any collateral given to secure the Senior Indebtedness, the Holder hereby waives any right it may have to contest the validity of or the value obtained as a result of the holders of
Senior Indebtedness exercise of their remedies, including, but not limited to, a foreclosure, a sale pursuant to the Uniform Commercial Code or the acceptance by the holders of Senior Indebtedness in lieu of foreclosure. The Holder further waives
any right it may have either in or out of any bankruptcy or similar proceeding to challenge any action taken by the holders of Senior Indebtedness as either a preference or fraudulent conveyance and further agrees not to take any active role in such
a proceeding other than the filing of a claim in any such proceeding, which claim shall be subordinate (to the extent set forth above) to the claims of the holders of Senior Indebtedness. 

Section 6. Definitions. For purposes of this Note, the following terms have the meanings set forth below. 

“Affiliates” of any Person shall mean any other Person that, directly or indirectly, through one or more intermediaries,
controls or is controlled by or is under common control with such first-mentioned Person, or any individual, in the case of a Person who is an individual, who has a relationship by blood, marriage or adoption to such first-mentioned Person not more
remote than first cousin, and, without limiting the generality of the foregoing, shall include (a) any Person beneficially owning or holding, directly or indirectly, 5% or more of any class of Voting Stock or other equity securities of such
first-mentioned Person, (b) any Person of which such first-mentioned Person owns or holds, directly or indirectly, 5% or more of any class of Voting Stock or other equity securities, (c) any Person for which any of the foregoing is an
investment manager or investment advisor, (d) any estate, trust, guardianship, custodianship or other fiduciary arrangement for estate planning purposes for the benefit of any one or more of the foregoing Persons, (e) any trust, family
limited partnership, limited liability company or other entity controlled by and substantially all of the interests in which are owned, directly or indirectly, by any one or more Persons named above, (f) any Person who is a direct or indirect
beneficial owner or beneficiary of, the first-mentioned Person or (g) any director or executive officer of such Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through the ownership of Voting Stock or other equity securities or by contract or otherwise. 

 “Amounts Payable” means all principal of, interest on, premium, if any,
fees, costs, expenses, indemnities or any other amounts due from the Company under this Note, and all claims against or liabilities of the Company in respect of this Note. 
 “Business Day” means any day except a Saturday, Sunday or other days on which commercial banks in New York City are required or authorized by law to close. 

“Capital Stock” shall mean any and all shares or other equivalents (however designated) of capital stock of a
corporation, any and all equivalent ownership interests in a Person (other than a corporation). 
 “Credit
Agreement” shall mean that certain Credit Agreement, dated as of July 19, 2011, by and among Dynacast International LLC, as Borrower, the Company, the Other Guarantors party thereto, the Lenders party thereto, JP Morgan Securities LLC,
as Arranger, Bookmanager and Documentation Agent, Macquarie Capital (USA) Inc., as Syndication Agent, and JP Morgan Chase Bank, N.A., as Administrative Agent, Collateral Agent, Issuing Bank and Swingline Lender (as amended, restated, supplemented,
modified, replaced, recapitalized or expanded from time to time). 
 “Default” means any condition or event
that constitutes an Event of Default or that with notice or lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Equity Interests” shall mean Capital Stock or partnership interests or warrants, options or other rights to acquire Capital Stock or partnership interests (including any debt security
that is convertible into, or exchangeable for, Capital Stock or partnership interests). 
 “Indebtedness” of
any Person shall mean, at any date, all indebtedness, liabilities and other obligations of such Person at such date (other than items of shareholders’ equity) which would, in accordance with GAAP, be classified as liabilities of such Person,
but in any event including (without duplication): 
 (a) all obligations of such Person for borrowed money; 

(b) all guarantees of such Person; 
 (c) all indebtedness, liabilities and other obligations secured by any Lien in respect of property owned by such Person, whether or not such Person has assumed or become liable for the payment of such
obligations, but if such Person has not assumed such obligations, then the amount treated as Indebtedness hereunder will be no more than the value of property subject to such Lien; 

(d) all indebtedness, liabilities and other obligations of such Person arising under any installment purchase, conditional sale or other
title retention agreement, whether or not the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of any related property (other than trade payables and other similar current
liabilities incurred in the ordinary course of business); 

 (e) the amount of the obligation required to be recorded by the lessee in respect of any
Capital Lease under which such Person is lessee; 
 (f) all indebtedness, liabilities and other obligations evidenced by notes,
bonds, indentures, acceptances or instruments, or arising in connection with letters of credit, bankers acceptances or other credit enhancement facilities and Derivative Transactions; 

(g) the principal balance outstanding under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar
off-balance sheet financing product to which such Person is a party, where such transaction is considered borrowed money indebtedness for tax purposes but is classified as an operating lease in accordance with GAAP; and 

(h) all obligations of such Person upon which interest charges are customarily paid or accrued. 

“Indenture” means that certain Indenture, dated as of July 19, 2011, among Dynacast International LLC, Dynacast
Finance Inc., the Guarantors listed on the signature pages thereto and Union Bank, N.A., as Trustee and as Second Lien Agent. 

“Management Subscription Agreement” means the Management Subscription Agreement, dated as of July 19, 2011, among
the Company and the Holder. 
 “Maturity Date” means the second anniversary of the issuance of this Note.

 “Note” means this Non-Negotiable Three Year Junior Subordinated Note. 

“Person” shall mean an individual, a corporation, a limited liability company, an association, a joint-stock company, a
business trust or other similar organization, a partnership, a joint venture, a trust, an unincorporated organization or a government or any agency, instrumentality or political subdivision thereof. 

“Senior Indebtedness” shall mean any Indebtedness incurred under the Credit Agreement or issued pursuant to the
Indenture (including the Senior Notes), including any amendments, restatements, supplements, modifications, replacements, recapitalizations or expansions. 
 “Senior Notes” shall mean those 9.25% Senior Secured Second Lien Notes due July 15, 2019. 
 “Subsidiary” shall mean any entity of which (a) a majority of the Equity Interests are directly or indirectly owned by the Corporation or (b) the Equity Interests entitled to
cast at least a majority of the votes that may be cast by all Equity Interests having ordinary voting power for the election of directors or other governing body of such entity are owned by the Corporation (regardless of whether such Equity
Interests are owned directly by the Corporation or through one or more Subsidiaries). 

 Section 7. Miscellaneous. 

7.1 Notices. All notices, requests and other communications to any party hereunder shall be in writing and shall be delivered
personally, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid, and shall be deemed given when so delivered personally, or sent by facsimile transmission, or if mailed or sent by overnight courier, upon
receipt thereof, as follows: 
 If to the Company: 

c/o Kenner & Company, Inc. 

437 Madison Avenue, Suite 3600 
 New York, New York 10022 
 Attention: Thomas M. Wolf 

with a copy to: 
 Mayer Brown LLP 
 1675 Broadway 

New York, New York 10019 
 Attention: Edward A. Davis 
 Facsimile No.: (212) 849-5663

 If to the Holder, to: 
 ________________________ 
 ________________________ 

________________________ 
 Each party may, by notice given in accordance with this Section to the other party, designate another address or person for receipt of notices hereunder. 

7.2 No Waivers. No failure or delay by the Holder in exercising any right, power or privilege hereunder or under this Note shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not
exclusive of any rights or remedies provided by law. No notice to or demand on the Company in any case shall entitle the Company to any other or further notice or demand in related or similar circumstances requiring such notice. 

7.3 Amendments and Waivers. Except as expressly set forth in this Note (including Section 5.3(b)), any provision of
this Note may be amended or waived if, but only if, such amendment or waiver is in writing, signed by the Company and the Holder. 
 7.4 Rights of Parties. This Note is delivered pursuant to the terms and conditions of the Management Subscription Agreement and is subject to the terms thereof. 

 7.5 Restrictions on Transfer. This Note may not be sold, pledged, distributed,
offered for sale, or otherwise transferred by the Holder to any transferee other than to a Permitted Transferee (as defined in the Management Subscription Agreement). 
 7.6 Binding Effect. The provisions of this Note shall be binding upon and inure to the benefit of the Holder and its respective successors and permitted assigns. 

7.7 Replacement Note. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Note and of a letter of indemnity reasonably satisfactory to the Company from the Holder and upon reimbursement to the Company of all reasonable expenses incident thereto, and upon surrender or cancellation of this Note, if
mutilated, the Company will make and deliver a new Note of like tenor in lieu of such lost, stolen, destroyed or mutilated Note. 
 7.8 Company Obligations. The Holder agrees and acknowledges that this Note and the Company’s obligations hereunder and for all Amounts Payable are solely obligations and liabilities of the
Company. None of the Company’s directors, officers, employees, stockholders, advisors, consultants and affiliates or any other persons shall be obligated or liable in respect of this Note or any Amounts Payable, and the Holder hereby releases
them from any such obligation or liability. 
 7.9 Cross-References; Headings. Unless otherwise specified, references in
this Note to any Section are references to such Section of this Note, and unless otherwise specified, references in any Section to any clause are references to such clause of such Section. The various headings of this Note are inserted for
convenience only and shall not affect the meaning or interpretation of this Note or any provisions hereof. 
 7.10 CHOICE OF
LAW; LITIGATION. (a) THIS NOTE SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. THE CHOICE OF FORUM SET FORTH IN THIS SECTION 7.10 SHALL NOT BE DEEMED TO PRECLUDE
THE ENFORCEMENT OF ANY JUDGMENT OF A NEW YORK FEDERAL OR STATE COURT, OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SUCH A JUDGMENT, IN ANY OTHER APPROPRIATE JURISDICTION. 

(b) IN THE EVENT ANY PARTY TO THIS AGREEMENT COMMENCES ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO
THIS NOTE, THE HOLDER AND THE COMPANY HEREBY (1) AGREE UNDER ALL CIRCUMSTANCES ABSOLUTELY AND IRREVOCABLY TO INSTITUTE ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN A COURT OF COMPETENT JURISDICTION LOCATED WITHIN THE SOUTHERN DISTRICT OF
NEW YORK, WHETHER A STATE OR FEDERAL COURT; (2) AGREE THAT IN THE EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, THE HOLDER AND THE COMPANY WILL CONSENT AND SUBMIT TO THE PERSONAL JURISDICTION OF ANY SUCH COURT DESCRIBED IN CLAUSE
(1) OF THIS SECTION AND TO SERVICE OF PROCESS UPON THEM IN ACCORDANCE WITH THE RULES AND STATUTES GOVERNING SERVICE OF PROCESS (IT BEING UNDERSTOOD THAT NOTHING IN 

 
THIS SECTION SHALL BE DEEMED TO PREVENT THE HOLDER OR THE COMPANY FROM SEEKING TO REMOVE ANY ACTION TO A FEDERAL COURT IN THE SOUTHERN DISTRICT OF NEW YORK; (3) AGREE TO WAIVE TO THE FULL
EXTENT PERMITTED BY LAW ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN ANY SUCH COURT OR THAT ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS BROUGHT IN ANY INCONVENIENT FORUM;
(4) AGREE, AFTER CONSULTATION WITH COUNSEL, TO WAIVE ANY RIGHTS TO A JURY TRIAL TO RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS NOTE; (5) AGREE TO DESIGNATE, APPOINT AND DIRECT AN AUTHORIZED AGENT TO RECEIVE ON ITS BEHALF SERVICE OF ANY
AND ALL PROCESS AND DOCUMENTS IN ANY LEGAL PROCEEDING IN THE SOUTHERN DISTRICT OF NEW YORK; (6) AGREE TO PROVIDE EACH OTHER WITH THE NAME, ADDRESS AND FACSIMILE NUMBER OF SUCH AGENT; (7) AGREE AS AN ALTERNATIVE METHOD OF SERVICE TO SERVICE
OF PROCESS IN ANY LEGAL PROCEEDING BY MAILING OF COPIES THEREOF TO IT AT ITS ADDRESS SET FORTH HEREIN FOR COMMUNICATIONS TO IT; (8) AGREE THAT ANY SERVICE MADE AS PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND
(9) AGREE THAT NOTHING HEREIN SHALL AFFECT THE RIGHTS OF THE HOLDER OR THE COMPANY TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

 

			
	DYNACAST INTERNATIONAL INC.
		
	By:	 	 
		 	 Name:

Title:

 EXHIBIT 3(b) 
 (i) The authorized capital stock of the Company is 353,000 shares consisting of (A) 300,000 shares of common stock, par value $0.001 per share (the “Common Stock”) and
(B) 53,000 shares of preferred stock, par value $0.001 per share (the “Preferred Stock”), including 26,500 shares of Preferred Stock designated “Series A Convertible Redeemable Preferred Stock” and 26,500
shares of Preferred Stock designated “Series B Redeemable Preferred Stock”. Of such authorized shares, after giving effect to the transactions contemplated hereby and the Operative Documents, (A) 171,500 shares of Common Stock
are outstanding, (B) 26,500 shares of Series A Preferred Stock are outstanding, (C) 26,500 shares of Series B Preferred Stock are outstanding, (D) warrants to purchase 9,900 shares of Common Stock are outstanding and
(E) restricted share units representing 11,752 shares of Common Stock are outstanding. 
 (ii) Please see attached. 

 Dynacast Equity Capitalization 
 $ millions 
  

																																																									
	 	 	Common
Equity	 	 	Shares	 	 	Voting
at close
Common
Percent	 	 	Series A
Convert.
Preferred	 	 	Series A
Convert.
Shares	 	 	Converted
Shares	 	 	Converted
Percent	 	 	Initial
RSU
Grants	 	 	Add’l RSUs
if all Pfd
Shares
Convert	 	 	Add’l RSUs
if Macquarie
Warrant
Exercised	 	 	Warrants
and RSUs	 	 	Warrant/
RSU
Percent	 	 	Fully-
diluted
Shares	 	 	Fully-
diluted
Percent	 
	 Izurium Dynacast Ltd
	 	$	68.00	  	 	 	68,000	  	 	 	39.65	% 	 				 				 	 	68,000	  	 	 	34.34	% 	 				 				 				 				 				 	 	68,000	  	 	 	30.96	% 
	 W Capital Dynacast LLC
	 	$	55.00	  	 	 	55,000	  	 	 	32.07	% 	 				 				 	 	55,000	  	 	 	27.78	% 	 				 				 				 				 				 	 	55,000	  	 	 	25.04	% 
	 Laurel Crown Dynacast Holdings LLC
	 	$	25.00	  	 	 	25,000	  	 	 	14.58	% 	 				 				 	 	25,000	  	 	 	12.63	% 	 				 				 				 				 				 	 	25,000	  	 	 	11.38	% 
	 Tower Square Capital Partners (see below)
	 	$	10.00	  	 	 	10,000	  	 	 	5.83	% 	 				 				 	 	10,000	  	 	 	5.05	% 	 				 				 				 				 				 	 	10,000	  	 	 	4.55	% 
	 Kenner Dynacast Partners, L.P.
	 	$	11.00	  	 	 	11,000	  	 	 	6.41	% 	 				 				 	 	11,000	  	 	 	5.56	% 	 				 				 				 				 				 	 	11,000	  	 	 	5.01	% 
	 Kenner Equity Management LLC
	 				 				 				 				 				 				 				 				 				 				 	 	5,940	  	 	 	3.0	% 	 	 	5,940	  	 	 	2.70	% 
	 Management
	 	$	1.00	  	 	 	1,000	  	 	 	0.58	% 	 				 				 	 	1,000	  	 	 	0.51	% 	 	 	9,982	  	 	 	1,542	  	 	 	230	  	 	 	11,754	  	 	 	5.5	% 	 	 	12,754	  	 	 	5.81	% 
	 Macquarie Capital (USA), Inc.
	 	$	1.50	  	 	 	1,500	  	 	 	0.87	% 	 	 	26.50	  	 	 	26,500	  	 	 	28,000	  	 	 	14.14	% 	 				 				 				 	 	3,960	  	 	 	2.0	% 	 	 	31,960	  	 	 	14.55	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 TOTAL
	 	$	171.5	  	 	 	171,500	  	 	 	100.00	% 	 	 	26.50	  	 	 	26,500	  	 	 	198,000	  	 	 	100.00	% 	 	 	9,982	  	 	 	1,542	  	 	 	230	  	 	 	21,654	  	 	 	10.5	% 	 	 	219,654	  	 	 	100.00	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 

 Notes: 
  

	1)	Shares at closing will be issued at $1,000.00 

	2)	Macquarie is purchasing $26.5mm of Series A Convertible Preferred and $26.5mm of Series B 14% Redeemable Preferred. Macquarie will also be converting $1.5mm of its
$2.5mm M&A fee into common. 

	3)	Tower Square Capital is Babson Capital in three separate entities: TSCP III, LP for $4,545,000, TSCP III-A for $4,906,000 and TSCP III-B $549,000.

	4)	Kenner Dynacast Partners LP will invest all Kenner funds including those from Kenner Equities IV, L.P. 

	5)	Kenner Equity Management LLC warrant is only excersable after a 20% net IRR or 2x investment amount. 

	5)	Management will invest $1 million at closing and receive Restricted Stock Units for 5.5% of the equity. Additional RSUs will be granted if Macquarie converts or
exercises its warrant. 

	6)	Total common equity and preferred equity is $224.5 million.EXHIBIT 10.14

 Exhibit 10.14 
 Execution Copy 
 EMPLOYMENT AGREEMENT 

Dynacast International Inc. 
 437 Madison Avenue, 36th Floor 
 New York, New York 10022 

July 18, 2011 
 Simon James
Newman 
 c/o Dynacast Inc. 
 14045
Ballantyne Corporate Place 
 Suite 300 

Charlotte, NC 28277 
 Dear Simon: 

This Employment Agreement (this “Agreement”) governs the terms of your employment with Dynacast International Inc.
(formerly known as KDI Holdings Inc.) (the “Company”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in Section 5(f). 

As you know, Melrose PLC (“Seller”) and the Company have entered into a Share Purchase Agreement dated June 5, 2011
(the “Purchase Agreement”), pursuant to which, among other things, Seller will sell all of the outstanding shares of Dynacast Holdings Limited to the Company. 
 It is expressly agreed that this Agreement shall be null and void ab initio if the “Completion” (as defined in the Purchase Agreement) does not occur or the Purchase Agreement is
terminated prior to the Completion. You further acknowledge that as a condition to entering into this Agreement you are obligated to purchase for cash, as of the date of the Completion, shares of common stock of the Company having an aggregate value
on the date of purchase of $550,000, based on a per-share purchase price of $1,000. In connection with such acquisition, you shall execute the Management Subscription Agreement and other ancillary documentation required of Company management
shareholders. 
 Accordingly, we agree as follows: 
 1. Duties. Subject to the terms and conditions set forth in this Agreement, effective upon the date of the Completion (provided your employment with Dynacast Inc. (“Dynacast”) has
not terminated by reason of your death, disability, resignation or termination for cause prior to such date) (the “Effective Date”), the Company agrees to employ you as the Company’s President and Chief Executive Officer, and
you agree to be so employed by the Company. You agree to: (a) perform faithfully the duties assigned to you by the Company’s Board of Directors (the “Board”), commensurate with the positions of President and Chief
Executive Officer; (b) devote substantially all of your business time, attention and energies to the businesses of the Company and its Affiliates; (c) promote the best interests of the Company and its Affiliates (and you shall not, except
to the extent provided in the next to last sentence of this Section 1, either during or outside of such business time, directly or indirectly, engage in any activity that is contrary to such best interests); and (d) accept any nomination
or appointment to serve as chief 

 
executive officer, chairman, or director, as the case may be, of any Affiliate, in each case for no additional compensation. You will be subject to and comply with all laws, rules, regulations
and policies as are from time to time applicable to (and generally made available to) employees of the Company or Dynacast. Notwithstanding the foregoing, nothing shall prevent you from: (i) making passive investments (other than in a Competing
Business); or (ii) engaging in activities otherwise prohibited by this Agreement upon obtaining the Board’s prior written approval (which approval may be withheld in the Board’s sole discretion) after submitting a written request that
details the intended activity. During your employment with the Company, you shall serve as a member of the Board. 
 2.
Term. Except as otherwise provided in Section 5, the term of your employment with the Company under this Agreement shall commence as of the Effective Date and end on the third anniversary of the Effective Date or on such later date as is
provided in the next sentence (as in effect from time to time, the “Term”). On the first anniversary of the Effective Date, and on each subsequent anniversary of the Effective Date thereafter, the Term shall be automatically
extended for one additional year (such that it is restored to three years) unless prior to such date you or the Company shall give written notice that the Term will not be so extended; provided, however, that following an IPO (as defined in
Section 3(c)(i), but disregarding for purposes of this Section 2 the minimum net proceeds requirement of such definition) the Term shall not be extended except by mutual written agreement. For purposes of clarity, no extension of the Term
shall occur after any written notice of non-extension is provided by either party, except by mutual written agreement. 
 3.
Compensation. 
 (a) Salary. As compensation for the services provided to the Company by you
pursuant to Section 1, during the Term the Company shall pay you an annual salary in the amount of $650,000 per year. The annual salary shall be subject to annual review for increase by the Board in its sole discretion (as in effect from time
to time, the “Annual Salary”). 
 (b) Bonus. During the Term, you shall be eligible to
receive an annual discretionary incentive bonus payment (the “Annual Bonus”) with a maximum bonus opportunity of 100% of the Annual Salary, upon the attainment of one or more pre-established performance goals, including EBITDA,
established by the Board or its designee each year after consultation with you. The Annual Bonus shall be paid no later than March 15th of the calendar year immediately following the calendar year to which the Annual Bonus relates, provided you
remain employed on the last day of the calendar year (or the last day of the Term, if earlier) to which the Annual Bonus relates. If the Term is not extended pursuant to Section 2 and you remain employed by the Company until completion of the
Term, any Annual Bonus payable for services performed in the partial calendar year that includes the last day of the Term shall be subject to proration. All determinations regarding attainment of Annual Bonus performance goals shall be made in good
faith by the Board. You shall be eligible to receive an Annual Bonus for calendar year 2011 based on your performance with the Company and Dynacast during the entirety of calendar year 2011. 

  
 - 2 -

 (c) Equity Award. 

(i) You shall be granted, on or about the Effective Date, restricted share units providing the right, upon vesting, to
receive shares of common stock of the Company (“RSUs”) representing 2.585% of the number of shares of common stock of the Company outstanding on the Effective Date on a fully diluted basis (excluding for such purpose any outstanding
and unconverted shares of Series A convertible redeemable preferred stock of the Company, the warrant to purchase shares of common stock of the Company held by Macquarie (USA), Inc. or its permitted transferee (the “Macquarie
Warrant”) and the warrant to purchase shares of common stock of the Company held by Kenner Equity Management LLC or its permitted transferee (the “Kenner Warrant”)) (“Initial RSUs”). If within six months
after the Effective Date (the last day of such period, the “Six Month Date”), the Initial RSUs are diluted by the issuance of additional equity as a result of (i) the conversion of Series A convertible redeemable preferred
shares to common stock of the Company or (ii) the investment of additional sums in the equity of the Company, then you shall be entitled to receive an additional grant of RSUs on or about the Six Month Date that, when added to the Initial RSUs
granted on the Effective Date, equals 2.585% of the number of shares of common stock of the Company outstanding on the Six Month Date on a fully diluted basis (excluding for such purpose any outstanding and unconverted shares of Series A convertible
redeemable preferred stock of the Company, the Macquarie Warrant and the Kenner Warrant) (any such RSUs that are granted, the “Additional RSUs,” and together with the Initial RSUs, the “Newman RSUs”). The Newman
RSUs shall vest upon the earliest to occur of (i) the consummation of a Qualified Public Offering (as defined in the Management Subscription Agreement) (an “IPO”) while you remain employed by the Company, (ii) a
Substantial Liquidity Event that is also a “change in control event” as such term is used in Treasury Regulation § 1.409A-3(i)(5)(i) (with the Company as the “corporation”), which results in the Company’s equity holders
receiving net proceeds in an amount equal to the sum of $250 million plus the amount of any additional equity investments in the Company that occur after the Effective Date and prior to such change in control event (a “Change in
Control”), while you remain employed by the Company, or (iii) your termination of employment by the Company without Cause, your termination of employment by the Company for Disability or a Company Reason, your resignation for Good
Reason, or your termination of employment by reason of your death, in each case pursuant to Section 5 (a “Qualifying Termination”). Notwithstanding the foregoing, if any vesting event (as described in clause (i), (ii) or
(iii) of the immediately preceding sentence) occurs prior to the six-month anniversary of the Effective Date, “Six Month Date” as used herein shall instead mean the date of such vesting event. If the Macquarie Warrant is exercised at
a time that Newman RSUs are outstanding (or have been settled by issuance of the underlying shares upon a prior Qualifying Termination), you shall be granted additional RSUs (or common shares, if your RSUs have been settled upon a prior Qualifying
Termination) covering 2.585% of the shares of common stock received upon exercise of the Macquarie Warrant (or, in the event that you previously vested upon a Qualifying Termination, such amount shall be subject to reduction to reflect the
application of the formula set forth in subsection 3(c)(ii), below). Any such RSUs will be vested to the same extent as the outstanding Newman RSUs and subject to the same vesting and settlement terms. 

(ii) If Newman RSUs vest by reason of a Qualifying Termination, the number of Newman RSUs treated as vested shall equal
the product of wxyz where 
 w equals the lesser of (i) the number of complete one-year
periods elapsed from the Effective Date to the employment termination date and (ii) three (3), 

  
 - 3 -

 x equals 0.3333, 

y equals the total number of Newman RSUs granted, and 

z equals, in the case of a termination for Company Reason, by the Company by reason of your Disability, or by
reason of your death, 0.5, and in the case of a termination for Good Reason or without Cause, 1.0. 
 If Newman RSUs vest by reason of a
Qualifying Termination, (i) any Newman RSUs that are not treated as vested by reason of the immediately preceding sentence shall immediately be forfeited for no consideration, (ii) any shares subject to such vested Newman RSUs may be
transferred (A) by you or your estate to an estate planning vehicle, (B) pursuant to a call by the Company under the subscription agreement or applicable RSU Agreement (as defined below), or (C) upon a subsequent IPO or Change in
Control, and (iii) such RSUs and the associated shares shall be subject to forfeiture upon your violation of Section 6 of this Agreement. 
 (iii) The shares underlying vested Newman RSUs shall be issued to you as soon as practicable after vesting, but in no event outside of the short-term deferral period (within the meaning of Treasury
Regulation §1.409A-1(b)(4)). The terms of each Newman RSU shall be set forth in a separate RSU Agreement (each, an “RSU Agreement”). 
 (d) Withholding of Taxes, Etc. Any payments to you pursuant to the terms of this Agreement shall be reduced by such amounts as are required to be withheld with respect thereto under applicable laws
and regulations. 
 (e) Payments. All payments to you of Annual Salary or Annual Bonus will be made in
accordance with the standard payroll policies of the Company and Dynacast. 
 4. Benefits; Automobile; Expense
Reimbursement. 
 (a) During the Term, you shall have the right to participate in any vacation, group
insurance, disability and other employee benefit plans of the Company and Dynacast as may from time to time be in effect and available to the Company’s or Dynacast’s similarly situated employees generally. Without limiting the generality
of (and without duplication of any of) the foregoing, during the Term, (i) to the extent permitted under applicable law and policy terms, the Company shall pay the premiums applicable to life and disability insurance coverage for your benefit
under the policies set forth on Schedule A or comparable coverage, (ii) you shall have the right to use of your current Dynacast-furnished automobile, with the option to replace such automobile during the Term in accordance with Company
policy, and (iii) you shall have the right to be reimbursed (in an amount not to exceed $5,000) by the Company for the net out-of-pocket cost you incur for an annual physical examination, after you submit any such claim for reimbursement under
the Company’s group medical plan. 
 (b) During the Term, you shall have the right to reimbursement, upon
submission of receipts, of reasonable expenses and disbursements incurred by you in the course of the performance of your duties under this Agreement, in accordance with the Company’s policies and procedures for the reimbursement of such
expenses. 

  
 - 4 -

 (c) Within 30 days after the Effective Date, the Company will pay or
reimburse you for all reasonable and documented legal fees and related expenses (not to exceed $25,000) in connection with the drafting, negotiation and execution of this Agreement and any related agreements. For purposes of clarity, this
Section 4(c) shall be the exclusive source of your rights to reimbursement for such legal fees and expenses. 
 5.
Employment Termination. 
 (a) Generally. At any time during the Term, the Company shall have the
right to terminate this Agreement and your employment with the Company under this Agreement. You may terminate your employment under this Agreement for Good Reason. Your employment shall terminate upon your death or termination by the Company by
reason of your Disability. Your employment shall also terminate upon the expiration of the Term. 
 (b)
Consequences of Termination for Cause. If, during the Term, your employment with the Company is terminated by the Company for Cause, then (i) the Company shall pay you, within 60 days after your employment termination date, an amount
equal to all earned but unpaid portions of the Annual Salary and accrued but unused vacation time through the date of such termination and reimburse you for any timely submitted expenses you incurred on behalf of the Company prior to such
termination (provided such expenses would have been eligible for reimbursement if there were no such termination of employment) (the “Accrued Amounts”), (ii) at the same time that the Annual Bonus would have been paid had your
employment continued in accordance with Section 3(b), you shall also be entitled to receive any accrued but unpaid Annual Bonus that is due with respect to services performed in the year preceding the year of employment termination
(“Accrued but Unpaid Bonus”), (iii) you shall receive, without duplication, any benefit continuation and conversion rights to which you are entitled under the Company’s employee benefit plans, and (iv) you shall
receive, without duplication, any vested but not forfeited benefits under the Company’s employee benefit plans in accordance with the terms of such plans as then in effect. Following any such termination, you shall not be entitled to receive
any other compensation or benefits from the Company hereunder except as otherwise required by law. 
 (c)
Consequences of Termination without Cause, without Company Reason, for Good Reason; By reason of Non-Extension. If, during the Term, your employment with the Company is terminated by the Company without Cause (and other than for a Company
Reason), due to your resignation for Good Reason, and other than by reason of your death or Disability, then, subject to your continued compliance with Section 6 of this Agreement and provided that you return to the Company a general release of
claims in a form to be provided by the Company (“Release”), which release becomes irrevocable in accordance with its terms within 60 days after your employment termination date, the Company shall (i) pay you an amount equal to
your Annual Salary through the end of the Term, which amount shall be paid ratably during the remainder of the Term on the Company’s regular payroll dates, except that any such installments that would otherwise have been paid to you during the
first 60 days after your employment termination date shall instead accumulate and be paid to you on the first such regular payroll date occurring at least 60 days after your employment termination date (the “Severance Amount”),
(ii) at the same time and to the same extent that the Annual Bonus would have been paid had your employment continued in accordance with Section 3(b), pay you a pro rata Annual Bonus based on the number of days in the calendar year of
employment termination prior to the 

  
 - 5 -

 
employment termination date (a “Pro Rata Bonus”), (iii) until the end of the COBRA coverage period applicable to you, reimburse you on a monthly basis for payments made by
you for continued coverage under the Company’s medical plan under COBRA to the extent they exceed active-employee rates, and (iv) until the earlier of (x) the end of the Term and (y) the date you accept a subsequent employment or
consulting engagement, (A) provide you with continued use of a Dynacast-furnished automobile, (B) to the extent permitted under the terms of the policies and applicable law, provide coverage under the life and disability insurance policies
described in Section 4(a) on the terms that apply to you at the time of your employment termination, and (C) provide the annual physical examination benefit described in Section 4(a) (the amounts and benefits described in clauses (i),
(iii) and (iv), the “Release Benefits”). The Severance Amount shall be deemed to include any entitlement to the Accrued Amounts (other than any rights you have to reimbursement for timely submitted expenses you incurred on
behalf of the Company prior to such termination, provided such expenses would have been eligible for reimbursement if there were no such termination of employment). If the Release does not become effective in accordance with the foregoing, you shall
receive, within 70 days after your employment termination pursuant to this Section 5(c), the Accrued Amounts (and you shall not receive the Pro Rata Bonus or the Release Benefits). Whether or not the Release becomes effective in accordance with
the foregoing, you shall receive, without duplication (including duplication of any of the Release Benefits), (i) at the same time that the Annual Bonus would have been paid had your employment continued in accordance with Section 3(b),
any Accrued but Unpaid Bonus, (ii) any benefit continuation and conversion rights to which you are entitled under the Company’s employee benefit plans, and (iii) any vested but not forfeited benefits under the Company’s employee
benefit plans in accordance with the terms of such plans as then in effect (the payments and benefits described in this sentence, the “Accrued Benefits”). Following any such termination, you shall not be entitled to receive any
other compensation or benefits from the Company hereunder, except as otherwise required by law. For purposes of clarity, the Company’s election not to extend the Term (or the non-extension of the Term following an IPO) in accordance with
Section 2 shall not constitute a termination of employment without Cause or grounds for a termination for Good Reason; provided, however, that if the Company elects not to extend the Term and you remain employed by the Company until one year
prior to the end of the Term, then, provided you notify the Company in writing of your resignation during the 45-day period ending on the 30th day of the last year of the Term, you may resign from employment 15 days thereafter and, subject to the
effectiveness of the Release and your continued compliance with Section 6, be paid (or receive, as applicable) the Release Benefits until the earlier to occur of (x) the last day that you are entitled to receive them in accordance with
their terms, and (y) the last day of the Term then remaining. 
 (d) Consequences of Termination for
Company Reason; by Reason of Death or Disability. If, during the Term, your employment with the Company is terminated by the Company for a Company Reason, by the Company by reason of your Disability, or by reason of your death, then you or your
estate, conservator or designated beneficiary, as the case may be, shall receive the Severance Amount (or if the Release is not executed by you or your estate, conservator or designated beneficiary, as the case may be, on the terms described in
Section 5(c), the Accrued Amount) and the Accrued Benefits, on the terms and conditions set forth in Section 5(c), except that the Severance Amount shall be payable for only 50% of the Term that remains at the time of your employment
termination. If, during the Term, your employment with the Company is terminated by the Company by reason of your Disability, then, without duplication, (i) until the end of the COBRA coverage period applicable to you, the Company shall
reimburse 

  
 - 6 -

 
you on a monthly basis for payments made by you for continued coverage under the Company’s medical plan under COBRA to the extent they exceed active-employee rates, (ii) until the
earlier of (x) the end of the Term and (y) the date you become eligible for disability benefits thereunder, to the extent permitted under the terms of the policy and applicable law, the Company shall provide coverage under the disability
insurance policy described in Section 4(a) on the terms that apply to you at the time of your employment termination (and, to the extent permitted under the terms of such disability policy and applicable law, after the Company’s
obligations pursuant to this clause (ii) cease, you or your conservator or designated beneficiary, as the case may be, shall be entitled to take ownership of such policy and assume the premium obligations thereunder), and (iii) to the
extent permitted under the terms of the policy and applicable law, you or your conservator or designated beneficiary, as the case may be, shall be entitled to take ownership of any life insurance policy provided pursuant to Section 4(a) and
assume the premium obligations thereunder. 
 (e) Survival. For purposes of clarity, Sections 5(b) –
(d), 6 and 7 of this Agreement shall survive the termination of your employment and remain in full force and effect. Notwithstanding anything to the contrary contained in this Agreement, except as specifically provided in Sections 5(b) – (d),
in no event shall you or any of your beneficiaries be entitled to any payments or benefits under this Agreement following your employment termination for any reason. Upon any termination of your employment with the Company, you shall be deemed to
have resigned from all other positions you then hold as an employee or director or other independent contractor of the Company or any of its Affiliates, unless otherwise agreed by the Company and you. 

(f) Definitions. 
 “Affiliate” means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, is controlled by such Person. 

“Cause” means: (i) your willful misconduct, gross negligence or fraud in the performance of your
obligations under this Agreement or the Management Subscription Agreement; (ii) dishonesty or misappropriation by you relating to the Company, any of its Affiliates, or any of its or their funds, properties or other assets; (iii) any
unauthorized disclosure by you of confidential or proprietary information of the Company or any of its Affiliates that could reasonably be expected to cause material harm to the Company and its Affiliates taken as a whole; (iv) your conviction
(including entry of a guilty or nolo contendere plea) of (A) any crime involving fraud, dishonesty, moral turpitude, or involving a violation of federal or state securities laws, in each case that could reasonably be expected to
materially harm the business or reputation of the Company or any of its Affiliates or render you unfit or unable to perform your services and duties hereunder, or (B) any felony that could reasonably be expected to materially harm the business
or reputation of the Company or any of its Affiliates or render you unfit or unable to perform your services and duties hereunder; (v) inexcusable prolonged absence from work by you (for purposes of clarity, absence by reason of your Disability
shall constitute an excusable absence); or (vi) your failure to follow the lawful written policies and reasonable directives established by the Board or the Company or any of its Affiliates relating to business initiatives or priorities, or
(A) any material breach by you of a provision of this Agreement or the Management Subscription Agreement (it being understood that you shall not be held accountable for such a breach of any agreement referenced in the Management Subscription
Agreement that 

  
 - 7 -

 
you are not party to or that has not been provided to you) or (B) any material breach by you of any fiduciary duty to the Company or any of its Affiliates, which failure or breach is not
cured, to the extent cure is possible, by you within 15 days after written notice thereof from the Company to you. 
 “Company Reason” means, as determined by the Company based on the information then available to it, (i) your repeated misconduct or insubordination in your personal dealings with the
personnel or business relations of the Company or any of its Affiliates, which misconduct is not cured in all material respects, to the extent cure is possible, by you within 60 days after you receive written notice thereof from the Company, or
(ii) the failure of the Company to attain at least 80% of its annual EBITDA target (established by the Board after consultation with you) by reason of your poor performance in the execution of a Company strategy or initiative. For purposes of
the preceding sentence, failure of the Company to attain at least 80% of its annual EBITDA target shall not be deemed to be by reason of your poor performance if (without limitation) the failure to attain the goal is generally attributable to a
downturn in the economy, a disruption in markets, acts of war or any other similar event or circumstance beyond your reasonable control. 
 “Disability” means a physical or mental impairment of a nature that prevents you (with reasonable accommodation), in the judgment of the Company, from performing your principal duties
under this Agreement for a period of at least six consecutive months, or 180 days during any 12-month period. 

“Good Reason” means the occurrence, without your written consent, of: (i) a material diminution by
the Board in your authority, duties or responsibilities as Chief Executive Officer; provided that this provision shall not include a diminution in authority, duties or responsibilities solely by virtue of the Company or any of its Affiliates being
acquired and made part of a larger entity; (ii) relocation of the Company’s chief executive office unless the Company determines in good faith that a material change in circumstances after the date hereof requires such a relocation to
another location within the United States of America in order to realize a significant benefit to the Company and its Affiliates; or (iii) a material breach by the Company of this Agreement; provided you may terminate for Good Reason only if
(A) within 90 days of the initial occurrence of an event of Good Reason, you provide written notice to the Company specifying such event, (B) the Company does not remedy such event within 60 days of such notice and (C) you terminate
your employment within 15 business days of the end of such remediation period. By way of illustration, if a particular division were to be removed from your scope of responsibility during the Term and assigned to another executive, and then a second
division were to be so reassigned at a later date, you would have 90 days after the initial occurrence of each such division reassignment to notify the Company of your desire to terminate employment for Good Reason. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company,
estate, trust, association, organization, joint stock company, estate, company, governmental authority or other entity. 

  
 - 8 -

 “Substantial Liquidity Event” means the occurrence of any
of the following: (a) the sale by the Company or its stockholders of common stock of the Company pursuant to a registration statement (other than a registration statement on Form S-8, or any successor form thereto) that is filed and declared
effective under the Securities Act of 1933, as amended, and provides for an aggregate public offering involving at least $150 million in aggregate price paid by public stockholders; (b) the closing of any merger, combination, consolidation or
similar business transaction involving the Company in which the holders of common stock of the Company immediately prior to such closing are not the holders, directly or indirectly, of a majority of the ordinary voting securities of the surviving
person in such transaction immediately after such closing; (c) the closing of any sale or transfer by the Company of all or substantially all of its assets to an acquiring person in which the holders of common stock of the Company immediately
prior to such closing are not the holders of a majority of the ordinary voting securities of the acquiring person immediately after such closing; or (d) the closing of any sale by the holders of common stock of the Company of an amount of
common stock of the Company that equals or exceeds a majority of the common stock of the Company immediately prior to such closing to a person in which the holders of the common stock of the Company immediately prior to such closing are not the
holders of a majority of the ordinary voting securities of such person immediately after such closing. 
 6. Covenant Not to
Compete, Etc. 
 (a) At all times during your employment with a Company Entity and for the longer of one year
or the balance of the Term thereafter, you will not, and you will cause your affiliates not to, directly or indirectly, in the United States of America, in any of its territories and possessions, or anywhere else in the world, engage or participate
in, or render services to (whether as owner, operator, member, shareholder, trustee, manager, consultant, strategic partner, employee or otherwise), except on behalf of a Company Entity, any zinc or aluminum die-casting business or any other
business of a type conducted by the Company, Dynacast or any of its or their subsidiaries (collectively, “Company Entities”) as of the date of this Agreement or at any time during the Term (a “Competing Business”).
If, at any time, the provisions of this Section 6(a) shall be determined to be invalid or unenforceable, by reason of being vague or unreasonable as to area, duration or scope of activity, this Section 6(a) shall be considered divisible
and shall become and be immediately amended to only such area, duration and scope of activity as shall be determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter; and you agree that this
Section 6(a) as so amended shall be valid and binding as though any invalid or unenforceable provision had not been included herein. 
 (b) At all times during your employment with a Company Entity and for three years thereafter, you will not, and you will cause your affiliates not to, directly or indirectly, (i) solicit for
employment or recruit, (ii) employ or hire, either as an employee or a consultant, any employee, consultant or independent contractor of the Company or any of its Affiliates who was an employee, consultant or independent contractor of the
Company or any of its Affiliates at any time within the 12 months preceding such action, or (iii) solicit any customer or other person with a business relationship with the Company or any of its Affiliates to terminate, curtail or otherwise
limit such business relationship; provided, however, that a general advertisement not specifically targeted at service providers of the Company or any of its Affiliates shall not constitute a violation of clause (i) of this Section 6(b).

  
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 (c) At all times during your employment with a Company Entity and
thereafter, you shall, and you shall cause your affiliates to, keep confidential and not disclose to any Person or use for the benefit of any other Person any information, technology, know-how, trade secrets, product formulas, industrial designs,
franchises, inventions or other industrial and intellectual property in your possession or control regarding the Company, any Affiliate of the Company, or any of their respective businesses (unless and to the extent compelled to disclose by judicial
or administrative process, in which case you shall cooperate with the Company and its Affiliates in obtaining a protective order at the Company’s expense against disclosure by a court of competent jurisdiction). Your obligations under this
Section 6(c) shall not apply to information that is known to the public in substantially similar form, other than as a result of a breach of this Agreement. 

(d) At all times after your termination of employment and during your employment with a Company Entity, you shall not,
directly or indirectly, make or publish any disparaging statements (whether written or oral) regarding the Company, any of its Affiliates, or the directors, officers, agents, principal stockholders or customers of any of them; provided, however,
that such a statement believed by you in good faith to be required by you during your employment in the good faith performance of your duties hereunder shall not constitute a breach of this provision. 

(e) You shall not, at any time, have or claim any right, title or interest in any trade name, patent, trademark,
copyright, trade secret, intellectual property, methodologies, technologies or other similar rights relating to the business of the Company or any of its Affiliates (collectively, “Intellectual Property”) belonging to the Company or
any of its Affiliates and shall not have or claim any right, title or interest in or to any material or matter of any kind prepared for or used in connection with the business or promotion of the Company or any of its Affiliates, whether produced,
prepared or published in whole or in part by you or by the Company or any of its Affiliates. All Intellectual Property that is conceived, devised, made, developed or perfected by you, alone or with others, during your employment that is related to
the business of the Company or any of its Affiliates or is devised, made, developed or perfected utilizing equipment or facilities of the Company or any of its Affiliates shall be promptly disclosed to the Board, are works for hire and shall be the
sole, absolute and exclusive property of the Company. If and to the extent that any of such Intellectual Property should be determined for any reason not to be a work for hire, you hereby assign to the Company all of your right, title and interest
in and to such Intellectual Property. At the reasonable request and expense of the Company but without charge to the Company, whether during or at any time after your employment with the Company, you shall cooperate fully with the Company and its
Affiliates in the securing of any trade name, patent, trademark, copyright or intellectual property protection or other similar rights in the United States and in foreign countries, including without limitation, the execution and delivery of
assignments, patent applications and other documents or papers. 
 (f) You acknowledge and agree that the
restrictions contained in Sections 6(a), (b), (c), (d) and (e) are a reasonable and necessary protection of the immediate interests of the Company, and any violation of these restrictions would cause substantial injury to the Company
and that the Company would not have entered into this Agreement without receiving the protective covenants contained in Sections 6(a), (b), (c), (d) and (e). In the event of a breach or a threatened breach by you or any of your affiliates of
these restrictions, the Company will be entitled to an injunction restraining you or such Affiliate, as applicable, from such breach or threatened breach (without the necessity of proving the inadequacy as a remedy of money damages or the posting of
a bond); provided, however, that the right to injunctive relief will not be construed as prohibiting the Company from pursuing any other available remedies, whether at law or in equity, for such breach or threatened breach. 

  
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 (g) You represent that none of your obligations or restrictions regarding
post-service activities imposed by a prior employer or other Person unrelated to the Company or its Affiliates will restrict your performance of the services contemplated by this Agreement. You represent that you will honor all obligations
concerning confidentiality and nonsolicitation that you have to any such Person, and that you will not intentionally take to the Company any confidential information or trade secrets of any such Person, nor intentionally use or disclose any
confidential information or trade secrets of any such Person while in service to the Company. 
 (h)
Notwithstanding anything to the contrary contained in Section 6(a), you shall be released from your obligations under Section 6(a) if (i) your employment is terminated by the Company without Cause or by you for Good Reason (and other
than by reason of your death or Disability or a Company Reason) and (ii) prior to engaging in any activity restricted by Section 6(a), you provide the company with 15 days’ written notice of your intention to engage in such activity
and your written consent to the termination of any rights you have to the unpaid (or not yet provided) portions of Severance Amount, Pro Rata Bonus and Release Benefits. Upon receipt of such notice, the Company shall terminate any rights you have to
the unpaid (or not yet provided) portions of the Severance Amount, Pro Rata Bonus and Release Benefits under Section 4(c). 

7. Miscellaneous. 
 7.1 Certain Interpretative Matters. The captions of Articles and Sections of this Agreement are for convenience only and shall not control or affect the meaning or construction of any of the
provisions of this Agreement. As used herein, (a) words in the singular shall be held to include the plural and vice versa and words of one gender (or neuter) shall be held to include the other gender (or neuter) as the context requires,
(b) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement,
(c) Section and paragraph references are to the Sections paragraphs to this Agreement unless otherwise specified, and (d) unless the context otherwise requires, the word “or” is not exclusive. Whenever the words
“included,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

7.2 Section 409A. Any payments to you pursuant to this Agreement are intended to be compliant with, or exempt from,
Section 409A, to the maximum extent possible, including as a short-term deferral pursuant to Treasury Regulation §1.409A-1(b)(4) or payment subject to the separation pay exemption under Treasury Regulation §1.409A-1(b)(9)(iii).
Notwithstanding any other provision in this Agreement, if on the date of your “separation from service,” within the meaning of Section 409A (the “Separation Date”), you are a “specified employee,” as defined
in Section 409A, then to the extent any amount payable under this Agreement constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A, that under the terms of this Agreement would be payable after
employment on account of a separation from service but prior to the six-month anniversary of the Separation Date, such payment shall be delayed, accumulated and paid in a lump sum on the earlier to occur of (A) the six-month anniversary of the
Separation Date or (B) the date of your death. A termination of employment 

  
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shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that constitute nonqualified deferred compensation upon
or following a termination of employment unless such termination is also a Section 409A separation from service and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of
employment” or like terms shall mean a separation from service. For purposes of Section 409A, your right to receive any installment payments shall be treated as a right to receive a series of separate and distinct payments. With regard to
any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, (i) the right to payment or reimbursement or in-kind benefits shall not be subject to liquidation or exchange for any other benefit, (ii) the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing
clause (ii) shall not be violated by any lifetime and other annual limits provided under the Company’s health plans and (iii) such payments shall be made on or before the last day of your taxable year following the taxable year in
which the expense occurred. In no event may you, directly or indirectly, designate the calendar year of any payment to be made under this Agreement that is considered nonqualified deferred compensation. Nothing contained herein is intended to
provide a guarantee of, nor shall the Company or its Affiliates have any liability for, your personal tax treatment. 
 7.3
Notices. All notices or other communications required or permitted hereunder shall be given in writing and dispatched by certified or registered mail, return receipt requested, nationally recognized overnight delivery service, such as Federal
Express or facsimile (in the case of any facsimile, a copy thereof shall be sent by a recognized overnight delivery service no later than the business day after the transmission thereof) with confirmation of transmission by the transmitting
equipment or personal delivery against receipt to the party to whom it is given, in each case, at such party’s address or facsimile number set forth below or such other address or facsimile number address as such party may hereafter specify by
notice to the other parties hereto given in accordance herewith. Any such notice or other communication shall be deemed to have been given as of the date so personally delivered or transmitted by facsimile (or, if delivered or transmitted after
normal business hours, on the next business day), on the next business day when sent by overnight delivery service or five days after the date so mailed if by certified or registered mail: 

If to you, to your home address most recently on file with the Company. 

If to the Company: 
 Dynacast International Inc. 
 437 Madison Avenue, 36th Floor 

New York, New York 10022 
 Fax No.: (212) 758-0406 
 Attention: Thomas M. Wolf 

  
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 with a copy to: 
 Hughes Hubbard & Reed LLP 
 One Battery Park Plaza 

New York, NY 10004 
 Fax No.: (212) 422-4726 
 Attention: Kenneth A. Lefkowitz 

7.4 Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective heirs, successors and permitted assigns; provided, however, neither this Agreement nor any of your rights, interests or obligations hereunder may be assigned by you without the prior written consent of the Company. Any
purported assignment or delegation in violation of this Agreement shall be null and void ab initio. 
 7.5 Entire
Agreement. This Agreement embodies the entire agreement and understanding of the parties with respect to the terms of your employment and merges in, supersedes and cancels all prior written or oral commitments, arrangements or understandings
with respect thereto. There are no restrictions, agreements, promises, warranties, covenants or undertakings with respect to this Agreement other than those expressly set forth in this Agreement. This Agreement specifically terminates and supersedes
the employment agreement dated as of March 14, 2006 by and between you and Dynacast (the “Prior Agreement”), and you hereby irrevocably waive, renounce and release any rights to or in respect of any benefits, amounts or
entitlements thereunder. 
 7.6 Modifications, Amendments and Waivers. This Agreement may not be modified or amended
except by an instrument or instruments in writing signed by each party hereto. Any party hereto may, only by an instrument in writing, waive compliance by any other party or parties hereto with any term or provision hereof on the part of such other
party or parties hereto to be performed or complied with. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor will any single or partial exercise of any right or power, or any
abandonment or discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The waiver by any party hereto of a breach of any term or provision hereof shall not
be construed as a waiver of any subsequent breach. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder. 

7.7 Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same
agreement and each of which shall be deemed an original, and will become effective when one or more counterparts have been signed by a party and delivered to the other parties. Copies of executed counterparts transmitted by telecopy, telefax or
other electronic transmission service shall be considered original executed counterparts for purposes of this Section 7.7, provided that receipt of copies of such counterparts is confirmed. 

  
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 7.8 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF
DELAWARE THAT APPLY TO CONTRACTS MADE AND PERFORMED ENTIRELY IN SUCH STATE. 
 7.9 Severability. To the fullest extent
that they may effectively do so under applicable law, the parties hereto hereby waive any provision of law which renders any provision of this Agreement (including, without limitation, any portion of Section 6) invalid, illegal or unenforceable
in any respect. Such parties further agree that any provision of this Agreement which, notwithstanding the preceding sentence, is rendered or held invalid, illegal or unenforceable in any respect in any jurisdiction shall be ineffective, but such
ineffectiveness shall be limited as follows: (a) if such provision is rendered or held invalid, illegal or unenforceable in such jurisdiction only as to a particular Person or Persons or under any particular circumstance or circumstances, such
provision shall be ineffective, but only in such jurisdiction and only with respect to such particular Person or Persons or under such particular circumstance or circumstances, as the case may be; (b) without limitation of clause (a), such
provision shall in any event be ineffective only as to such jurisdiction and only to the extent of such invalidity, illegality or unenforceability, and such invalidity, illegality or unenforceability in such jurisdiction shall not render invalid,
illegal or unenforceable such provision in any other jurisdiction; and (c) without limitation of clause (a) or (b), such ineffectiveness shall not render invalid, illegal or unenforceable this Agreement or any of the remaining provisions
hereof. 
 7.10 Arbitration. Except with respect to the Company’s rights to seek injunctive relief under
Section 6(f), any controversy or claim arising out of or relating to this Agreement or the making, interpretation or breach thereof shall be finally resolved by arbitration administered by the American Arbitration Association in accordance with
its Commercial Arbitration Rules (the “Rules”). The arbitration shall be conducted in Charlotte, North Carolina by an arbitrator appointed in accordance with the Rules, and judgment upon the award rendered by the arbitrator may be
entered in and enforced by any court having jurisdiction thereof. The arbitration will be conducted in accordance with the United States Arbitration Act. The powers of the arbitrator shall include, but not be limited to, the awarding of injunctive
relief and specific performance. The parties to any arbitration proceeding will treat all filings and evidence in the arbitration as confidential and shall not disclose either to any third party except as may be required by law or legal process, or
as may be necessary in connection with any legal proceeding related to the award of the arbitrator. For purposes of clarity, each party to this Agreement hereby irrevocably and unconditionally WAIVES ANY RIGHT HE OR IT MAY HAVE TO A TRIAL BY JURY OF
ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT. Notwithstanding the foregoing, to the extent a dispute arising out of or relating to this Agreement also involves claims arising out of or relating to a written plan or agreement that applies
to other employees or shareholders of the Company, the dispute resolution provisions governing such other written arrangement shall apply in lieu of those set forth in this Section 7.10. 

7.11 Confidentiality. You agree not to disclose the terms, contents or execution of this Agreement, except that: (a) you may
disclose the terms of this Agreement to your immediate family, so long as such family member agrees to be bound by the confidential nature of this Agreement; (b) you may disclose the terms of this Agreement to (i) your financial and tax
advisors so long as such financial and tax advisors agree to be bound by the confidential nature of this Agreement, (ii) as may be required to taxing authorities or (iii) to your legal counsel; and (c) you may disclose the terms of
this Agreement if required by applicable law, pursuant to the 

  
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order of a court or governmental agency of competent jurisdiction or for purposes of securing enforcement of the terms and conditions of this Agreement (in which case you shall cooperate with the
Company and its Affiliates in obtaining a protective order at the Company’s expense against disclosure by a court or governmental agency of competent jurisdiction). 
 7.12 No Presumption. With regard to each and every term and condition of this Agreement, the parties hereto understand and agree that the same have or has been mutually negotiated, prepared and
drafted, and if at any time the parties hereto desire or are required to interpret or construe any such term or condition or any agreement or instrument subject hereto, no consideration shall be given to the issue of which party hereto actually
prepared, drafted or requested any term or condition of this Agreement. 
 7.13 Indemnification. At all times you will be
entitled to indemnification in accordance with the provisions of the Company’s charter and by-laws as then in effect to the same extent as applicable to the Company’s other officers and directors. 

[The next page is the signature page] 

  
 - 15 -

 We are very pleased and excited that you will be on our team. After reviewing the foregoing,
please confirm your acceptance of our offer by signing and returning this letter to us. 
  

			
	DYNACAST INTERNATIONAL INC.
		
	By:	 	/s/ Simon James Newman
		 	Name:
		 	Title:

 Solely in acknowledgement of the termination of the Prior Agreement pursuant to Section 7.5: 

 

			
	DYNACAST INC.
		
	By:	 	/s/ Simon James Newman
		 	Name:
		 	Title:

  

	
	Agreed:
	
	/s/ Simon James Newman
	Simon James Newman

 Schedule A 
 Life Insurance: AXA Equitable Life Insurance Co. Policy No. 108033372 ($1 million death benefit) 
 Disability Insurance: Mass Mutual Financial Group Policy No. 8668829

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