Document:

Exhibit

    
EXHBIT 10.36
CONFIDENTIAL Separation, RESIGNATION 
 AND General RELEASE AGREEMENT

THIS CONFIDENTIAL SEPARATION, RESIGNATION AND GENERAL RELEASE AGREEMENT (hereinafter referred to as the “Agreement”) is entered into by and between Gregory J. Tobias (“Mr. Tobias”) Tejon Ranch Co. (the “Company”) All benefits and rights provided to Tejon Ranch Co. in this Agreement shall also inure to the benefit of Tejon Ranchcorp..
RECITALS:
WHEREAS, Mr. Tobias has been employed by the Company as its Vice President, General Counsel since November, 2011.
WHEREAS, Mr. Tobias and the Company wish to voluntarily terminate Mr. Tobias’ employment with the Company effective October 15, 2015 (the “Separation Date”). 
WHEREAS, Mr. Tobias and the Company also wish to enter into this Agreement in order to fully, finally and forever resolve, compromise, and settle any and all claims, charges, disputes, grievances, and complaints, suspected and unsuspected, known and unknown, that Mr. Tobias may have against the Company including, but not limited to, all acts and omissions related to Mr. Tobias’ employment with, and separation of employment from the Company. 
NOW, THEREFORE, based on the above recitals and in consideration of the promises and releases set forth herein, the parties hereby incorporate the foregoing recitals as part of this Agreement, and further agree as follows: 
AGREEMENT:
1.Consideration.
(a)Payment of Wages.  On the Separation Date, the Company will pay Mr. Tobias all wages and other compensation, including all accrued but unused vacation pay and paid personal leave, less applicable withholdings and authorized deductions, which he has earned through the Separation Date (the “Wages”). Upon receipt of the Wages, Mr. Tobias acknowledges and agrees that he has received all compensation to which he is entitled for work performed by him up to and including the Separation Date. It is expressly understood that at no time after the Separation Date will Mr. Tobias accrue vacation pay or paid personal leave.
(b)Additional Consideration. Following the Separation Date and in consideration for his execution of this Agreement, continued cooperation with the Company as described in Section 6, and provided he has not revoked the Agreement pursuant to Section 10, below: 
(i)Severance Payments.  The Company will pay to Mr. Tobias the following severance payments: (a)  three (3) months’ salary at his current base rate of pay, less applicable withholdings and authorized deductions, paid through normal Company payroll over the course of the three (3) months running from October 16, 2015, through January 15, 2016; and (b) six months’ salary at his current base salary in the gross amount of $127,006.08, less applicable withholdings and deductions, payable in a lump sum on April 18, 2016.  The payment of the six months’ severance on April 18, 2016 is payment of the amounts set forth in a prior agreement between Mr. Tobias and the Company dated May 29, 2013, the “Letter Agreement”. The Letter Agreement anticipated that the severance payments due thereunder would begin 

upon his separation.  However, the Parties have mutually elected to delay payment until April 18, 2016, which is more than six months following the Separation Date.  
(ii)Bonus for Calendar Year 2015. On March 1, 2016, Mr. Tobias will receive from the Company a cash or stock bonus for the calendar year 2015, less Federal and State withholding as instructed by Mr. Tobias, and based on achievement at a “Target” level of performance under the bonus plan.  The amount of this bonus at Target level is approximately 60% of his annual salary for 2015. 
(iii)Incentive Stock. Within 5 days of the Separation Date, the Company shall transfer to Mr. Tobias the following “incentive” shares of Company stock, less Federal and State withholding as instructed by Mr. Tobias:

2,500 shares of the incentive stock, which would have vested by November 11, 2015, granted in the Restricted Stock Unit Agreement between the Company and Mr. Tobias dated December 11, 2011;
 948 shares of the incentive stock, which would have vested by March 31, 2016, granted in the Restricted Stock Unit Agreement between the Company and Mr. Tobias dated December 12, 2013; 
500 shares of the incentive stock, which would have vested by March 31, 2016, granted in the Restricted Stock Unit Agreement between the Company and Mr. Tobias dated March 28, 2014; 
842 shares of the incentive stock, which would have vested by March 31, 2016, granted in the Restricted Stock Unit Agreement between the Company and Mr. Tobias dated June 4, 2015; 
681 shares of the incentive stock, which would have vested by March 31, 2016, granted in the Restricted Stock Unit Agreement between the Company and Mr. Tobias dated June 4, 2015;  
843 shares of Company stock, which would have vested on March 12, 2017, granted in the Restricted Stock Unit Agreement between the Company and Mr. Tobias dated June 4, 2015; 
681 shares of Company stock, which would have vested on March 12, 2017, granted in the Restricted Stock Unit Agreement between the Company and Mr. Tobias dated June 4, 2015; and
500 shares of Company stock, which would have vested on March 28, 2017, granted in the Restricted Stock Unit Agreement between the Company and Mr. Tobias dated March 28, 2014.
The transfer of these shares represents the agreed upon amount of incentive stock granted to Mr. Tobias in the various Restricted Stock Agreements between the Company and Mr. Tobias, including the Agreements dated December 11, 2011, December 12, 2013, March 28, 2014, and June 4, 2015.   Mr. Tobias agrees that he is not entitled to any additional stock under any of his agreements with the Company.
(iv) Performance Stock. The parties acknowledge that Mr. Tobias has been granted certain “performance” stock units in Restricted Stock Unit Agreement dated March 12, 2013; 

Restricted Stock Unit Agreement dated March 28, 2014; Performance Stock Unit Agreement March 28, 2014; and Performance Stock Unit Agreement dated June 4, 2015; (collectively “Performance Stock Agreements”). Specifically, the Performance Stock Agreements contemplate stock awards to Mr. Tobias of:
A maximum of 5,773 shares of Company stock based on maximum goal achievement granted in the Restricted Stock Unit Agreement dated March 12, 2013;
A maximum of 4,500 shares of Company stock based on maximum goal achievement granted in the Performance Stock Unit Agreement March 28, 2014;
A maximum of 9,000 shares of Company stock based on maximum goal achievement granted in the Performance Stock Unit Agreement March 28, 2014; and
A maximum of 6,129 shares of Company stock based on maximum goal achievement granted in the Performance Stock Unit Agreement June 4, 2015.
Mr. Tobias and the Company agree that he will receive only the stock award under the March 12, 2013 Restricted Stock Unit Agreement and will not be entitled to any stock awards under the other identified agreements.  Since the March 12, 2013 Stock Unit Agreement relates to financial conditions and milestones which are impossible to determine on the date of this Agreement, Mr. Tobias has agreed to accept a grant of stock under the Restricted Stock Unit Agreement dated March 12, 2013 based on the “Target” level of achievement (as described in that Agreement) regardless of whether the actual level of achievement exceeds that standard. The number of shares due based on the “Target” level of achievement is 3,848.  The 3,848 stock grants shall vest and the shares, less Federal and State withholding as instructed by Mr. Tobias, shall be transferred to Mr. Tobias on March 1, 2016.
(c)Health Insurance.  During the period from October 16, 2015 through July 15, 2016, or until such time as Mr. Tobias obtains full-time employment elsewhere, whichever occurs first, the Company agrees to continue contributing toward the cost of Mr. Tobias’ health insurance coverage at the existing amount as if he were still an employee of the Company. Mr. Tobias is required to pay his normal contribution for the health insurance.  In no event shall such Company contribution continue after July 15, 2016
(d)Relocation Expenses.  The Company agrees to pay the relocation expenses of Mr. Tobias, not to exceed the sum of $10,000.00.  Upon presentation of the invoices for the relocation expenses, the Company will make payment of such expenses.
(e)Contingent on Execution and Expiration of Revocation Period.  All consideration and obligations provided by the Company herein are explicitly contingent upon the execution of this Agreement and the expiration of the revocation period set forth in paragraph 10, without any revocation by Mr. Tobias. Regardless of whether Mr. Tobias signs this Agreement, however, the Company will pay Mr. Tobias the Wages which he has earned through the Separation Date as set forth in Section 1(a) above. 
2.No Claims Pending; Non-Assistance With Other Litigation.  Mr. Tobias represents and warrants that he has not filed or initiated any claim, action, charge, complaint, or suit of any kind against the Company or any Tejon Released Party (as defined herein).  Mr. Tobias further represents that he is not aware of any injuries or damages of any kind that might form the basis of any future claims, actions, charges, complaints or suits of any kind against the Company or any Tejon Released Party.  Mr. Tobias further agrees that he will not encourage any other person to institute any claim or action against the Company or any Tejon Released Party and will not assist, encourage, permit, or authorize any other person to institute a claim or action on his behalf or as part of a class action against the Company, or any Tejon Released Party, that relates in any way to the matters released by Mr. Tobias in this Agreement.

3.Return of Property and Use of Company Information.  Mr. Tobias acknowledges that he will perform a diligent search for all information and property belonging to the Company (as described in this Section) which may be in his possession and, to the best of his  knowledge, he will return to the Company all such information and property, including and without limitation, any reports, data, plans, projects, files, budgets, financial statements, tax returns, memoranda, records, software, credit cards, cardkey passes, office keys, door and file keys, safe combinations, computer access codes, disks, instructional or personnel manuals, passwords, whether for computer, telephones or otherwise, and including any other physical or personal property which Mr. Tobias received or prepared or helped to prepare in connection with his employment with the Company.  Mr. Tobias represents and agrees that, to the best of his information and belief, he has not retained, and will not retain, any copies, duplicates, reproductions, or excerpts thereof.  The information described in this Section also includes, but is not limited to, (i) confidential information, such as information received by him in his role as General Counsel for which he has an ethical duty as an attorney to keep confidential, information received by the Company under confidential conditions from third parties, including the Company’s employees, clients, or vendors; (ii) other Company or client personnel, technical, engineering, research and development, business, or financial information, the use or disclosure of which might reasonably be construed to be contrary to the interest of the Company, its employees or its clients; and (iii) any other proprietary information or data which Mr. Tobias may have acquired or developed during his  employment with the Company; provided, however, that the protected information set forth in this Section shall not include general employee information, such as summary plan descriptions and benefit plan information. Notwithstanding this Section 3, it is agreed (assuming full execution of this Agreement and the expiration of the revocation period set forth in paragraph 10) that Mr. Tobias shall be entitled to keep the Company issued  iPad, laptop computer, Wi-Fi device, and cellular telephone. On or before the Separation Date, Mr. Tobias agrees to change invoicing for any such devices (e.g., the telephone and data service) to his name and out of the Company name, and agrees to be responsible for any fees, expenses, or penalties associated with such change. It is understood and agreed that these devices shall be searched and/or cleaned by Company IT personnel to ensure that no Company information remains, and Mr. Tobias agrees to allow access for such work.
4.Company Vehicle.  Within a reasonable time after the Separation Date, the Company shall transfer to Mr. Tobias title to the 2012 Jeep Grand Cherokee vehicle (VIN 1C4RJFCT0CC141280) currently being driven by Mr. Tobias free and clear of any liens (“Vehicle”), along with all keys, remote controls, manuals, and anything else relating to the Vehicle. Mr. Tobias will be responsible for any income tax that may be due as a result of this transfer.
5.Ranch House.  No later than November 15, 2015 (“Vacation Date”), Mr. Tobias shall vacate Ranch House #10 located at 4300 Lebec Road (“Ranch House”) in the manner required under the lease agreement Mr. Tobias previously executed for that location. On or before the Vacation Date, Mr. Tobias shall return to the Company the keys to the Ranch House, and any and all remote control devices, or other access materials relating to the Ranch House and/or Company premises that are not identified in this Section 5.  Any future access by Mr. Tobias to Company property will be only as permitted under then-current Company requirements, and as specifically permitted by the Company CFO.
6.Transfer of Duties.  Mr. Tobias agrees that, no later than the Separation Date, he will provide, to the Company’s satisfaction, a written summary of all currently ongoing matters for which he is responsible and that he will fully cooperate with the Company in the orderly transition of his responsibilities to other person(s) designated by the Company.  Mr. Tobias further agrees that, upon reasonable notice, he will make himself available and will reasonably cooperate with the Company with respect to any legal matters or proceedings that relate in any way to his duties, responsibilities, acts or omissions while employed by the Company. 
7.Breach of Agreement.  Mr. Tobias understands that all of the agreements made by him and included in this Agreement are inducements for the making of this Agreement and that, in the event Mr. Tobias materially breaches any of the agreements contained herein and the breach continues for five (5) days 

after written notice and the opportunity to cure, the Company shall be entitled to pursue its legal and equitable remedies, including, without limitation, the right to seek injunctive relief.
8.Waiver of Breach.  Any party may waive or excuse, in writing, the failure of any other party to perform any provision of this Agreement; provided, however, that any such waiver shall not preclude the enforcement of this Agreement upon any subsequent breach, whether or not similar in character.
9.General Release.  Except for the agreements and obligations set forth herein, Mr. Tobias, on behalf of himself and his representatives, heirs, successors, assigns, devisees and executors, does hereby completely release and forever discharge the Tejon Ranch Company and Tejon Ranchcorp., including its/their successors, owners, assigns, related parent(s), subsidiary(s) and/or affiliate corporations, partnerships, or other related business entities, including without limitation its and their present and former respective board members, officers, directors, shareholders, partners, owners, agents, employees, distributors, representatives, attorneys, and insurers (collectively the “Tejon Released Parties”), from all claims, rights, demands, actions, obligations, liabilities, indebtedness, and causes of action, of any and every kind, nature and character whatsoever, which he may now have, has ever had, or may have in the future against the Tejon Released Parties, including but not limited to any and all rights and claims arising out of his employment by the Company and including, but not limited to, any and all rights and claims whether based on tort, contract or any federal, state or local law, statute or regulation (collectively, the “Released Claims”).  By way of example and not in limitation of the foregoing, the Released Claims shall include any claims based upon or related to the Civil Rights Act of 1964, Title VII, as amended, 42 U.S.C. § 2000 et seq., the California Fair Employment and Housing Act, Cal. Gov. Code § 12900 et seq., the Americans With Disabilities Act, 42 U.S.C. § 12101 et seq., and the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., as well as any claims asserting wrongful termination, harassment, breach of contract, breach of the covenant of good faith and fair dealing, fraud, wrongful termination in violation of public policy, retaliation, negligent or intentional infliction of emotional distress, negligent or intentional misrepresentation, negligent or intentional interference with contract, defamation, invasion of privacy, and claims related to disability.  Released Claims shall also include, but not be limited to, claims for severance pay, wages, bonuses, sick leave, vacation pay, life or health insurance, Company shares, incentive stock, or any other fringe benefit not specifically set forth in this Agreement.  Mr. Tobias also releases the Tejon Released Parties from any and all obligations for attorneys’ fees incurred in regard to the above claims or otherwise. 
10.Older Workers Benefit Protection Act.  Pursuant to the Age Discrimination Claims Assistance Amendment of 1990 to the Older Workers Benefit Protection Act, 29 U.S.C. §626(f)(2), Mr. Tobias acknowledges that: (a) he has read and been given ample opportunity to study this Agreement; (b) he has hereby been advised in writing to consult with an attorney prior to signing this Agreement; (c) he is waiving rights he may have under the Age Discrimination in Employment Act (“ADEA”), 29 U.S.C. § 621 et. seq.; (d) he is receiving consideration for this waiver beyond that to which he is otherwise entitled; (e) he is signing this Agreement voluntarily with full knowledge that it is intended, to the maximum extent permitted by law, as a complete and final release and waiver of any and all claims, including, but not limited to, age discrimination claims; (f) he has been provided the opportunity to consider this Agreement for 21 days before signing it and, in the event that he decides to execute this Agreement in fewer than 21 days, he does so with the express understanding that he was given and declined the opportunity to consider this Agreement for 21 days; and (g) for a period of 7 days following the execution of this Agreement, Mr. Tobias may revoke the Agreement and the Agreement shall not become effective or enforceable until the revocation period has expired.  
11.Waiver and Relinquishment of Unknown Claims.  Mr. Tobias understands and agrees that this is a full and final release covering all unknown and unanticipated injuries, debts, claims, or damages which may have arisen, or may arise, in connection with any act or omission by any Tejon Released Party prior to the date of execution of this Agreement.  For that reason, Mr. Tobias hereby waives any and all rights or benefits, which he may have under the terms of Section 1542 of the California Civil Code, which provides as follows:  

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.“ 
12.Confidentiality.  The parties agree that they will not disclose to others the fact or terms of this Agreement, except that he/it may disclose such information to his attorney or accountant in order for them to render services to him. 
13.No Solicitation of Employees.  Mr. Tobias agrees that for a period of twelve (12) months following the Separation Date, he will not, directly or indirectly, solicit, recruit, or induce to leave the employ of the Company any employee, agent, independent contractor or consultant of the Company.
14.No Disparagement.  The parties agree that they will not, directly or indirectly, make any derogatory, disparaging, or negative statements about the other including, The Company, any Tejon Released Party, or any of its or their employees, officers, directors, representatives, or services.
15.Announcement.  The parties have agreed to a form of announcement to Company employees and/or third parties regarding Mr. Tobias’ departure from the Company. This announcement will be issued by September 28, 2015 in the form attached hereto as Exhibit A. 
16.Letter of Recommendation.  The parties have agreed to the letter of recommendation for Mr. Tobias, which has been executed contemporaneously with this Agreement and attached hereto as Exhibit B. 
17.Taxation.  This Agreement shall be interpreted to comply with Section 409A of the Internal Revenue Code of 1986 as amended and the guidance promulgated thereunder to the extent applicable (collectively "Code Section 409A"), and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A.  The Company does not make any representations and is not providing any advice regarding the taxation of the benefits described in this Agreement, including, but not limited to, taxes, interest, and penalties under Code Section 409A and liabilities under state tax laws (together, "Tax Liabilities").  No indemnification or gross-up is payable by the Company with respect to any such Tax Liabilities and Mr. Tobias hereby releases the Company from any and all claims related to such Tax Liabilities and holds the Company harmless in the event of any claims made against him related to such Tax Liabilities.
18.Successor.  This Agreement shall be binding upon and inure to the benefit of the parties hereto, as well as upon their heirs, agents, executors, administrators, and attorneys.
19.Voluntary Agreement.  The undersigned parties acknowledge that they have entered into this Agreement voluntarily, without coercion and based upon their own judgment and not in reliance upon any representation or promise made by any other party other than those contained herein.  The parties have read this Agreement, and they are fully aware of its contents and of its legal effect and all waivers herein are knowing and voluntary.
20.Entire Agreement.  This Agreement constitutes the entire agreement, written, oral and implied, among the parties pertaining to the subject matter herein, and it supersedes and replaces all prior negotiations, proposed agreements and agreements, written, oral and implied.  All prior understandings or agreements not embodied herein are of no force or effect.  It is expressly understood and agreed that this Agreement may not be amended or modified in any respect, except by a writing duly executed by all the parties hereto or their authorized representatives. Mr. Tobias expressly agrees that except for the consideration specifically set forth in this Agreement, no other compensation, money, shares, or any other benefit shall be due his from the Company.
21.Cooperation.  Each of the parties signing this Agreement warrant and represent that he/it shall execute and deliver any and all instruments, agreements, documents or other writings, and shall perform all other acts deemed to be necessary to effect the terms and purposes of this Agreement.

22.Attorneys’ Fees and Costs.  Except as expressly provided in this Agreement, the parties to this Agreement shall bear their own costs and attorneys’ fees in connection with the preparation and negotiation of this Agreement.
23.Severability.  The parties have attempted to create an Agreement that is lawful and enforceable in all respects.  Should any provision of this Agreement, or any portion thereof, be declared or be determined to be illegal, invalid, void, or otherwise unenforceable, such invalidity shall not affect the enforceability of the remaining terms hereof.  Moreover, in the event that any term hereof is found or deemed to be illegal or otherwise invalid and unenforceable, the parties shall attempt to negotiate a valid new provision concerning the same subject matter.
24.Execution of Counterparts.  This Agreement may be executed in one or more counterparts, or duplicates of originals, all of which, taken together, shall constitute one and the same instrument.  
25.Non-Admission of Liability or Wrongdoing.  It is understood and agreed that the purpose of this Agreement is to fully, finally and forever resolve, compromise, and settle any and all existing or potential claims, charges, disputes, grievances, and complaints, suspected and unsuspected, known and unknown, that Mr. Tobias may have against any Tejon Released Party, including but not limited to all acts and omissions related to Mr. Tobias’ employment with the Company.  It is further agreed and understood that this Agreement shall not in any way be construed as an admission by the Company of any improper or unlawful conduct.  The Company specifically disclaims any wrongdoing or liability to Mr. Tobias for any alleged violation of his rights, or for any alleged violation of any order, law, statute, duty, contract, or public policy.   
26.Advice of Counsel.  Mr. Tobias acknowledges that he has been advised of his right to consult with an attorney and has been encouraged to do so prior to executing this Agreement.  In executing this Agreement, Mr. Tobias acknowledges that he has had the opportunity to consult with an attorney, and that he has executed this Agreement after independent investigation and not due to fraud, duress, or undue influence.  Mr. Tobias acknowledges that he fully understands and accepts all provisions of this Agreement, and has not relied upon any promises or statements other than those contained in this Agreement.
27.Interpretation and Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of California.  The parties agree that this Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any party.  By way of example and not in limitation, this Agreement shall not be construed in favor of the party receiving a benefit nor against the party responsible for any particular language in the Agreement.
28.Mutual Warranties.  Each of the parties to this Agreement represent and warrant that they have the power and authority to enter into this Agreement and that they have not transferred, assigned or hypothecated to any third party any of the rights released in this Agreement.
THE UNDERSIGNED HAVE READ THE FOREGOING AGREEMENT AND ACCEPT AND AGREE TO THE PROVISIONS CONTAINED HEREIN AND HEREBY EXECUTE THIS AGREEMENT VOLUNTARILY AND WITH FULL UNDERSTANDING OF ITS CONSEQUENCES. 

		
	Dated:  September 25, 2015
	/s/ Gregory J. Tobias_________________________

GREGORY J. TOBIAS
TEJON RANCH CO.

		
	Dated:  September 28,  2015
	/s/ Norman J. Metcalfe_______________________

NORMAN J. METCALFE
Chairman of the Board 
                        

		
	Dated:  September 28, 2015
	/s/ Steven Betts_____________________________

STEVEN BETTS
Chairman of the Compensation CommitteeFirst Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 

THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “First Amendment”) is made and entered into as of
the 28th day of October, 2015 and effective in accordance with Section 2 below, by and among, inter alia, MULTI-COLOR CORPORATION, an Ohio corporation (the
“Company”), COLLOTYPE INTERNATIONAL HOLDINGS PTY LIMITED (ACN 007 628 015), an Australian company limited by shares and registered in South Australia (the “Australian Borrower” and, together with the Company, the
“Borrowers”), each lender party hereto (collectively, the “Approving Lenders” and, each individually, an “Approving Lender”), certain Subsidiaries of the Company party hereto and BANK OF AMERICA,
N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), Swing Line Lender and U.S. L/C Issuer. 

Recitals: 
 A. The
Borrowers, the Lenders and the Agents are parties to that certain Amended and Restated Credit Agreement dated as of November 21, 2014 (as previously amended supplemented or otherwise modified, the “Credit Agreement”), pursuant
to which, inter alia, the Lenders agreed, subject to the terms and conditions thereof, to advance Loans (as this and other capitalized terms used herein but not otherwise defined herein are defined in the Credit Agreement) to the
Borrowers. 
 B. The Company has requested that the Lenders make certain amendments to the Credit Agreement as more specifically described
herein and, subject to the terms and conditions of this First Amendment, the Approving Lenders have agreed to such requests. 

Agreements: 
 NOW,
THEREFORE, in consideration of the foregoing Recitals and the mutual agreements hereinafter set forth, the parties hereto hereby agree as follows: 

1. Amendments to Credit Agreement. 

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

(i) deleting the parenthetical at the end of clause (b) of the definition of “Change of Control” in its
entirety; 
 (ii) deleting the following phrase from the definition of “Federal Funds Rate”: 

“arranged by Federal Funds brokers on such day”; and 

(iii) amending and restating the definition of “Subject Receivable” as follows: 

“‘Subject Receivable’ means an account receivable (i) owing to the Company or any of its
Subsidiaries from (A) The Procter & Gamble Company and/or its subsidiaries or affiliates or (B) any other Person approved by the Administrative Agent in its sole discretion (such approval not to be unreasonably withheld or
delayed) or (ii) owing to the Australian Borrower or any of its Subsidiaries from (A) Treasury Wine Estates and/or its subsidiaries or affiliates 

  
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or (B) from any other Person approved by the Agents in their sole discretion (such approval not to be unreasonably withheld or delayed), in each case for goods sold or services rendered by
the Company or the Australian Borrower or any of their respective Subsidiaries, as the case may be, including (a) all of the Company’s or the Australian Borrower’s or any of their respective Subsidiaries’ interest in any
merchandise (including returned merchandise) relating to the sale that gave rise to such account receivable, (b) all security interests or Liens and property subject to such security interests or Liens securing or purporting to secure payment
of such account receivable and all Supporting Obligations relating solely to such Subject Receivables, (c) tax refunds and proceeds of insurance, other agreements or arrangements of whatever character supporting or securing the payment of such
account receivable, (d) all rights and causes of action of the Company or the Australian Borrower or any of their respective Subsidiaries against the applicable Account Debtor of such account receivable and (e) all books, records and other
information related to such account receivable or the applicable Account Debtor.” 
 (b) Section 5.22 of the Credit
Agreement is hereby amended and restated in its entirety as follows: 
 “5.22 Sanctions Concerns and Anti-Corruption
Laws. 
 (a) No Loan Party, nor any Subsidiary, nor, to the knowledge of the Loan Parties and their Subsidiaries, any
director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included
on OFAC’s List of Specially Designated Nationals, Her Majesty’s Treasury’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced by any other relevant sanctions authority or
(iii) located, organized or resident in a Designated Jurisdiction. 
 (b) The Loan Parties and their Subsidiaries have
conducted their business in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption Laws and have instituted and maintained policies and procedures designed to promote and
achieve compliance with such Laws. 
 (c) Section 7.03(k) of the Credit Agreement is hereby amended and restated in its
entirety as follows: 
 “(k) any transaction permitted under Section 7.05(i), but only so long as
(i) such transaction at any time constitutes Indebtedness, (ii) such transaction was permitted under Section 7.05(i) at the time of the proposed Disposition in connection with such transaction, (iii) the aggregate amount
of such Indebtedness in any fiscal year shall not exceed twenty percent (20%) of the projected aggregate net revenue of the Company and its Subsidiaries on a consolidated basis for such fiscal year as set forth in the forecasts for such fiscal
year delivered to the Agents and Lenders pursuant to Section 6.01(c) and (iv) such Indebtedness is permitted under the documentation for the Senior Notes; and” 

  
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 (d) Section 7.05(i) of the Credit Agreement is hereby amended by deleting
the phrase “fifteen percent (15%)” therein and inserting the phrase “twenty percent (20%)” in lieu thereof. 

(e) Section 7.12 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

“7.12 Capital Expenditures. Make or become legally obligated to make any expenditure in respect of the purchase or
other acquisition of any fixed or capital asset (excluding normal replacements and maintenance which are properly charged to current operations), except for capital expenditures in the ordinary course of business which in the aggregate in any fiscal
year do not exceed seven percent (7%) of the projected aggregate sales revenue of the Company and its Subsidiaries on a consolidated basis for such fiscal year as set forth in the forecasts for such fiscal year delivered to the Agents and
Lenders pursuant to Section 6.01(c), provided, however, that the following shall not be considered capital expenditures for the purposes of this Section 7.12: (a) capital expenditures incurred by any Person
prior to the date on which such Person became a Subsidiary of the Company, and (b) assets purchased by the Company or a Subsidiary thereof pursuant to a Permitted Acquisition.” 

2. Effective Date; Conditions Precedent. Upon the satisfaction of each of the following conditions, this First Amendment shall be
deemed to be effective: 
 (a) the Administrative Agent shall have received counterparts of this First Amendment executed by
the Approving Lenders constituting Required Lenders and each Loan Party; 
 (b) the Administrative Agent shall have been paid
or reimbursed for all reasonable and documented out-of-pocket costs and expenses incurred by it or its Affiliates in connection with this First Amendment, including, without limitation, the reasonable and documented fees, disbursements and other
charges of counsel for the Administrative Agent and its Affiliates; and 
 (c) the Administrative Agent shall have received
such other documents and certificates as it shall reasonably request. 
 3. Other Loan Documents. Any reference to the Credit
Agreement in the other Loan Documents executed and delivered pursuant to or in connection with the Credit Agreement, shall from and after the effective date of the First Amendment, be deemed to refer to the Credit Agreement, as modified by this
First Amendment. 
 4. Confirmation of Debt; Reaffirmation. Each of the Loan Parties hereby affirms all of its liabilities and
obligations to the Agents and the Lenders under the Credit Agreement, the Notes and the other Loan Documents, as modified hereby or pursuant hereto, and that such liabilities and obligations are owed to the Agents and the Lenders. Each Loan Party
further acknowledges and agrees that as of the date hereof, it has no claims, defenses or set-off rights against any Agent or Lender of any nature whatsoever, whether sounding in tort, contract or otherwise; and there are no claims, defenses or
set-offs to the enforcement by the Agents of the liabilities and obligations of the Borrowers to the Agents and the Lenders under the Credit Agreement, the Notes or the other Loan Documents. In furtherance of the foregoing, each Loan

  
 3 

 
Party (a) agrees that the transactions contemplated by this First Amendment shall not limit or diminish the obligations of such Person under, or release such Person from any obligations
under, the Loan Documents to which it is a party, (b) confirms and reaffirms its obligations under the Loan Documents to which it is a party and (c) agrees that the Loan Documents to which it is a party remain in full force and effect and
are hereby ratified and confirmed. 
 5. No Other Modifications; Same Indebtedness. Except as expressly provided in this First
Amendment, all of the terms and conditions of the Credit Agreement, the Notes and the other Loan Documents remain unchanged and in full force and effect. The modifications effected by this First Amendment and by the other instruments contemplated
hereby shall not be deemed to provide for or effect a repayment and re-advance of any of the Loans now outstanding, it being the intention of the Borrowers and the Lenders hereby that the Indebtedness owing under the Credit Agreement and the Notes,
as amended by this First Amendment, be and hereby is the same Indebtedness as that owing under the Credit Agreement and the Notes immediately prior to the effectiveness hereof. This First Amendment shall not be deemed (a) to be a waiver of,
consent to, or a modification or amendment of any term or condition of the Credit Agreement or any other Loan Document not expressly modified or amended hereby, (b) to prejudice any right or rights which either Agent or the Lenders may now have
or may have in the future under or in connection with the Credit Agreement or the other Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented or modified from time to time,
(c) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrowers or any of their respective Subsidiaries or any other Person with respect to any other waiver, amendment,
modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or either of the Agents, or any of them, under or with respect to any such documents or (d) to be a waiver
of, or consent to, or a modification or amendment of, any other term or condition of any other agreement by and among the Loan Parties, on the one hand, and either Agent or any other Lender, on the other hand. 

6. Representations and Warranties. Each Loan Party represents and warrants that (a) it has the corporate or other organizational
power and authority to make, deliver and perform this First Amendment and the transactions contemplated hereby, (b) it has taken all necessary corporate or other action to authorize the execution, delivery and performance of this First
Amendment, (c) this First Amendment has been duly executed and delivered on behalf of such Person, (d) this First Amendment constitutes a legal, valid and binding obligation of such Person, enforceable against it in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is
sought by proceedings in equity or at law), (e) no approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the
execution, delivery or performance by, or enforcement against, such Loan Party of this First Amendment other than, to the extent required under applicable law, filing this First Amendment and/or a summary thereof with the Securities and Exchange
Commission on Form 8-K, 10-K or 10-Q, as applicable, (f) each of the representations and warranties made by such Loan Party in or pursuant to the Loan Documents is true and correct in all material respects (except to the extent that such
representation and warranty is subject to a materiality or Material Adverse Effect qualifier, in which case it shall be true and correct in all respects), in each case on and as of the date hereof as if made on and as of the date hereof, except to
the extent that such representations and warranties relate to an earlier date, in which case such representations and warranties are true and correct in all material respects as of such earlier date (it being understood and agreed that the
representations contained in clauses (a)

  
 4 

 
and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to clauses (a) and (b) respectively of
Section 6.01 of the Credit Agreement) and (g) no Default has occurred and is continuing as of the date hereof or would result after giving effect hereto. 

7. Governing Law; Binding Effect. This First Amendment shall be governed by and construed in accordance with the laws of the State of
New York without regard to conflict of laws principles (other than Section 5-1401 of the General Obligations Law of New York) and shall be binding upon and inure to the benefit of the Borrowers, the Agents and the Lenders and their respective
successors and assigns. 
 8. Counterparts. This First Amendment may be executed in separate counterparts, each of which shall be
deemed to be an original, and all of which together shall be deemed a fully executed agreement. Any party hereto may execute and deliver a counterpart of this First Amendment by delivering via facsimile or email transmission a signature page of this
First Amendment signed by such party, and any such facsimile or email signature shall be treated in all respects as having the same effect as an original signature. Any party delivering by facsimile or email transmission a counterpart executed by it
shall promptly thereafter also deliver a manually signed counterpart of this First Amendment. 
 9. Consent to Release. Each of the
Approving Lenders and each Agent acknowledges and agrees that in connection with the transactions described in Section 7.05(i) of the Credit Agreement (as amended hereby) any Liens of the Lenders on the Subject Receivables sold (or purported to
be sold) in connection with such transactions shall be released immediately upon such sale (or purported sale) without further action by any party. By its execution of this First Amendment each Approving Lender hereby reaffirms and confirms the
authority of the Agents to release such Liens. Each Agent shall execute and deliver (at the cost and expense of Borrowers) in accordance with Section 9.10 of the Credit Agreement (as amended hereby) such releases, terminations, documents and
other instruments as the Borrowers may reasonably request in order to evidence such release described in this Section 9. 
 [Signature
Pages Follow] 

  
 5 

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

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

	Name:	 	Mary T. Fetch
	Title:	 	Vice President and Treasurer
	
	COLLOTYPE INTERNATIONAL HOLDINGS PTY LIMITED
		
	By:	 	 /s/ Mary T. Fetch

	Name of Director: Mary T. Fetch
		
	By:	 	 /s/ Sharon E. Birkett

	Name of Director: Sharon E. Birkett

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	MCC-BATAVIA, LLC
	MCC-TROY, LLC
	LASER GRAPHIC SYSTEMS INCORPORATED
	MCC-DEC TECH, LLC
	MCC-WISCONSIN, LLC
	MCC-NORWAY, LLC
	MCC-UNIFLEX, LLC
	MCC-FINANCE LLC
	MCC-FINANCE 2 LLC
	COLLOTYPE LABELS USA INC.
	MULTI-COLOR AUSTRALIA, LLC
	ADHESION INTERMEDIATE HOLDINGS, INC.
	ASHEVILLE ACQUISITION CORPORATION, LLC
	CAMEO SONOMA LIMITED
	INDUSTRIAL LABEL CORPORATION
	LABELCORP HOLDINGS, INC.
	LABELCORP MANAGEMENT, INC.
	LSK LABEL, INC.
	M ACQUISITION, LLC
	PSC ACQUISITION COMPANY, LLC
	SOUTHERN ATLANTIC LABEL CO., INC.
	YORK TAPE & LABEL, LLC
	MCC-MEXICO HOLDINGS 1 LLC
	MCC-MEXICO HOLDINGS 2 LLC
	MCC-NORWOOD LLC
		
	By:	 	 /s/ Mary T. Fetch

	Name:	 	Mary T. Fetch
	Title:	 	Vice President and Treasurer

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	MULTI-COLOR AUSTRALIA HOLDINGS PTY LIMITED (ACN 129 274 719)
	
	MULTI-COLOR AUSTRALIA FINANCE PTY LIMITED (ACN 129 274 979)
	
	MULTI-COLOR AUSTRALIA ACQUISITION PTY LIMITED (ACN 129 275 181)
	
	COLLOTYPE BSM LABELS PTY LTD (ACN 007 665 189)
	
	COLLOTYPE IPACK PTY LTD (ACN 120 050 160)
	
	MAGNUS DONNERS PTY LIMITED (ACN 008 102 207)
	
	COLLOTYPE LABELS PTY LIMITED (ACN 007 514 856)
	
	COLLOTYPE LABELS BAROSSA PTY LTD (ACN 008 212 539)
	
	COLLOTYPE LABELS GRIFFITH PTY LTD (ACN 115 294 267)
	
	COLLOTYPE LABELS INTERNATIONAL PTY LTD (ACN 068 409 478)
	
	MULTI-COLOR (QLD) PTY LTD (ACN 003 411 194)
	
	MULTI-COLOR (SA) PTY LTD (ACN 120 050 204)
	
	LABELMAKERS WINE DIVISION PTY LTD (ACN 007 691 483)
	
	 /s/ Mary T. Fetch

	Director
	
	 Mary T. Fetch

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

	Company Secretary/Director
	
	 Sharon E. Birkett

	Name of Company Secretary/Director (Print)

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	ACKNOWLEDGED AND ACCEPTED:
	
	MCC LABELS1 NETHERLANDS B.V.
		
	By:	 	 /s/ Sharon E. Birkett

	Name:	 	Sharon E. Birkett
	Title:	 	Director
	
	MCC LABL2 NETHERLANDS B.V.
		
	By:	 	 /s/ Sharon E. Birkett

	Name:	 	Sharon E. Birkett
	Title:	 	Director

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	BANK OF AMERICA, N.A.,
	as Administrative Agent
		
	By:	 	 /s/ Liliana Claar

	Name:	 	Liliana Claar
	Title:	 	Vice President

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	BANK OF AMERICA, N.A.,
	as a U.S. Sub-facility Lender, U.S. L/C Issuer and Swing Line Lender
		
	By:	 	 /s/ Joseph R. Jackson

	Name:	 	Joseph R. Jackson
	Title:	 	Vice President

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	WESTPAC BANKING CORPORATION,
	as an Australian Sub-facility Lender
		
	By:	 	 /s/ Damian Michael Papps

	Name:	 	Damian Michael Papps
	Title:	 	Tier 3 Attorney

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	JPMORGAN CHASE BANK, N.A.,
	 as a U.S. Sub-facility Lender

		
	By:	 	 /s/ Steven P. Sullivan

	Name:	 	Steven P. Sullivan
	Title:	 	Authorized Officer

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	BMO HARRIS FINANCING, INC.,
	 as a U.S. Sub-facility Lender

		
	By:	 	 /s/ Joshua S. Hovermale

	Name:	 	Joshua S. Hovermale
	Title:	 	Vice President

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	 COÖPERATIEVE CENTRALE RAIFFESEN-

BOERENLEENBANK B.A., “RABOBANK
 NEDERLAND” NEW
YORK BRANCH,

	 as a U.S. Sub-facility Lender

		
	By:	 	 /s/ Erin Thomas-Walker

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

	Name:	 	Peter Duncan
	Title:	 	Managing Director

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	KEYBANK NATIONAL ASSOCIATION,
	 as a U.S. Sub-facility Lender

		
	By:	 	 /s/ Kenneth D. Kramp

	Name:	 	Kenneth D. Kramp
	Title:	 	Vice President

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	PNC BANK, NATIONAL ASSOCIATION,
	 as a U.S. Sub-facility Lender

		
	By:	 	 /s/ Jeffrey P. Fisher

	Name:	 	Jeffrey P. Fisher
	Title:	 	Vice President

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	U.S. BANK NATIONAL ASSOCIATION,
	 as a U.S. Sub-facility Lender

		
	By:	 	 /s/ Shawn M. Masterson

	Name:	 	Shawn M. Masterson
	Title:	 	Vice President

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page 

 
			
	FIFTH THIRD BANK,
	 as a U.S. Sub-facility Lender

		
	By:	 	 /s/ Kelly Wolski

	Name:	 	Kelly Wolski
	Title:	 	Vice President

  
 Multi-Color
Corporation 
 First Amendment to Amended and Restated Credit Agreement 

Signature Page

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