Document:

EX-10.3

PHANTOM SHARE ACCOUNT AGREEMENT

Performance

(Germany)

THIS AGREEMENT made in Cincinnati, Ohio this      day of February, 2005, between Milacron Inc., a
Delaware corporation (hereinafter called the “Company”) and
     , a regular salaried employee of the Company or one
of its Subsidiaries (hereinafter called the “Employee”).

WITNESSETH:

Whereas, the Company desires to grant to the Employee phantom shares of Milacron Inc. common stock,
as hereinafter provided, in acknowledgement of the Employee’s value to the Company and to further
enable the Employee to participate in the long term growth and financial success of the Company.

NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth herein and
hereinafter in the attached Exhibit “A”, the terms of which are fully incorporated herein, and for
other good and valuable consideration, the Company and the Employee do hereby agree as follows:

The Company and Employee hereby agree that, as a matter of separate agreement and not in lieu of
other compensation for services, the Company shall establish in Employee’s name a cash account
equivalent to the fair market value of the number of shares of Company common stock stated below on
the date of this Agreement, subject to the terms and conditions set forth in Exhibit A.

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed and the Employee has
hereunto set his or her hand, all as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	No of Shares:
	 	 	—	 	 	 	 	 
	      MILACRON INC.

By:      

EMPLOYEE ACKNOWLEDGES AND AGREES THAT THE RIGHT TO RECEIVE PAYMENTS PURSUANT TO THIS AGREEMENT IS
CONDITIONED UPON THE EMPLOYEE’S FUTURE PERFORMANCE OF SERVICES AND THE OTHER TERMS AND CONDITIONS
OF THIS AGREEMENT (NOT THROUGH THE ACT OF BEING HIRED OR BEING GRANTED THIS AWARD). EMPLOYEE
FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT SHALL CONFER UPON EMPLOYEE ANY RIGHT
WITH RESPECT TO CONTINUATION OF EMPLOYMENT OR OTHER ENGAGEMENT BY THE COMPANY OR ITS SUBSIDIARIES,
NOR SHALL IT INTERFERE IN ANY WAY WITH HIS OR HER RIGHT OR THE COMPANY’S (OR ANY OF ITS
SUBSIDIARY’S) RIGHT TO TERMINATE HIS OR HER EMPLOYMENT AT ANY TIME, WITH OR WITHOUT CAUSE.

EMPLOYEE:      

1

EXHIBIT A

PHANTOM SHARE ACCOUNT AGREEMENT

Performance

(Germany)

	 	1.	 	The Company shall establish an account (the “Account”) on its books in Employee’s name in the
amount of the fair market value of the number of shares stated on the Phantom Share Account
Agreement (the “Agreement”). Fair market value on a given date means the average of the high
and low prices of the Company’s common stock on the date on which it is to be valued
hereunder, as reported for New York Stock Exchange-Composite Transactions, or if there were no
sales of common stock on that day, the next preceding day on which there were sales.

	 	2.	 	The entire Account or a portion of the Account shall be forfeited to the Company if the
Company does not meet or exceed certain Management Objectives established by the Personnel and
Compensation Committee of the Company’s Board of Directors which are set forth in Schedule A
hereto (“Management Objectives”) applicable to the period January 1, 2005 through December 31,
2007 (“Performance Period”).

	 	3.	 	The value of the Account shall fluctuate with the fair market value of shares. Upon the
payment of any cash dividend on the Company’s shares, an amount equal to the aggregate amount
of dividends that would be paid on the shares then-credited to the Account if such shares were
issued and outstanding shall be deemed to be used to purchase, on the dividend payment date,
an additional number of shares (whether whole or fractional shares), which additional number
of shares shall be determined by dividing the aggregate amount of such dividends by the
then-fair market value of one share, and such additional number of shares (whether whole or
fractional shares) shall then be credited to the Account. If, after equating the dividends to
whole common shares, there is any remaining cash, such shall remain in the Account as cash
only until the next dividend date to be added to new dividend related amounts then added to
the Account as whole shares to the extent possible.

	 	4.	 	The Account shall, subject to the terms herein, be maintained by the Company for a period of
three years following the date of the Agreement.

	 	5.	 	No actual common shares of the Company shall reside in the Account and the Employee shall not
have the right to vote or to exercise any other rights, powers and privileges of a holder of
common stock of the Company.

	 	6.	 	If the Employee ceases to be an employee of the Company or its Subsidiaries prior to the end
of the Performance Period as a result of his or her Retirement, Disability, or any other event
specified by the Committee, the the Employee shall be treated as if he or she had remained an
employee of the Company and its Subsidiaries through the Performance Period and the full or
partial value of the Account that would otherwise have become nonforfeitable as of the end of
the Performance Period shall vest as of the end of the Performance Period. For purposes of
this Agreement, “Retirement” shall mean the Grantee’s termination of employment with the
Company and its Subsidiaries (i) after having attained age 55 and at least five years of
Credited Service (as that term is defined in the Milacron Retirement Plan); or, (ii) in
accordance with a temporary early retirement program of the Company or its Subsidiaries. For
purposes of this Agreement, “Disability” shall have the meaning given such term in the
long-term disability plan of the Company in effect for, or applicable to, the Grantee. If the
Employee dies (i) while employed by the Company or its Subsidiaries, or, (ii) while the
Employee is treated as though he had remained an employee pursuant to the preceeding sentence,
and, prior to the end of the Performance Period, then the full value of the Account shall
immediately vest and payment shall be made to the Employee’s estate. In all other
circumstances in which the Employee ceases to be an employee of the Company and its
Subsidiaries during the Performance Period, the Account shall thereupon be forfeited to the
Company and the Employee shall have no right to any benefit thereunder. There shall also be no
payments in lieu of the benefit of the Account in respect of any reasonable notice period at
common law.

	 	7.	 	If the Employee has (i) used for profit or disclosed confidential information or trade
secrets of the Company to unauthorized persons, or (ii) breached any contract with or violated
any legal obligation to the Company, or (iii) failed to make himself available to consult
with, supply information to, or otherwise cooperate with the Company at reasonable times and
upon a reasonable basis, or (iv) engaged in any other activity which would constitute grounds
for his discharge for cause by the Company or a subsidiary of the Company, the Account shall
be forfeited and the Employee shall have no right to any benefit thereunder. There shall also
be no payments in lieu of the benefit of the Account.

	 	8.	 	Subject to the terms herein, upon the third anniversary of the Agreement, the Company shall
transfer, contingent upon achievement of the Management Objectives, the full or partial value
of the Account to the Employee. The transfer shall be in the form of either cash or provided
the Company has as of that date enacted such plans or mechanisms which, in the Company’s
opinion, are necessary and provided all legal requirements applicable to the issuance of such
 shares have been complied with, shares of common stock of the Company, with the value of less
than one share to be paid in cash. The issuance of shares of common stock made to the Employee
hereunder may be conditioned on the Employee’s undertaking in writing to comply with such
restrictions on his or her subsequent disposition of such shares as the Company deems
necessary or advisable as a result of any applicable law, regulation or official
interpretation thereof, and certificates representing such shares may be legended to reflect
any such restrictions.

	 	9.	 	The Company may at the time of disbursement of the Account withhold or deduct any taxes which
the Company is required to withhold or otherwise deduct and pay with respect to such award or
permit the number of shares of common stock to be distributed to be reduced by a number equal
to the value of such taxes required to be withheld, deducted or paid.

	 	10.	 	The Grant herein is discretionary in nature and shall not be construed as constituting an
employment contract or giving the Employee any right to be retained in the employ of the
Company or a subsidiary.

	 	11.	 	No rights or interests of the Employee shall be assignable or transferrable by the Employee
and no right or interest of the Employee in the Account shall be subject to any lien,
obligation or liability of the Employee.

	 	12.	 	By entering into the Agreement and accepting the Grant, the Employee acknowledges that: (a)
the Grant is a voluntary one-time benefit which does not create any contractual or other right
to receive future grants, or benefits in lieu of future grants, even if such has been granted
repeatedly in the past; (b) all determinations with respect to any such future grants will be
at the sole discretion of the Company; (c) the Employee’s participation is voluntary; (d) the
value of the Grant is an extraordinary item of compensation which is outside the scope of the
Employee’s employment contract, if any; (e) the Grant is not part of normal or expected
compensation for purposes of calculating any severance, resignation, redundancy, end of
service payments, bonuses, long-service awards, post-contractual non-compete compensation,
pension or retirement benefits or similar payments; (f) the future value of the Grant is
unknown and cannot be predicted with certainty; (g) any claims resulting from the Grant shall
be enforceable, if at all, vis-à-vis the Company; there shall be no additional obligations for
any subsidiary employing the Employee as a result of the Grant.

	 	13.	 	The validity and construction of this Agreement shall be governed by the laws of the State of
Ohio.

	 	14.	 	The Company may make or provide for such adjustments in the number or kind of shares credited
to the Account as the Company in its sole discretion may in good faith determine to be
equitably required in order to prevent dilution or enlargement of the rights of the Employee
that would otherwise result from any (a) stock dividend, stock split, combination of shares,
recapitalization or other change in the capital structure of the Company, (b) merger,
consolidation, separation, reorganization, partial or complete liquidation, issuance of rights
or warrants to purchase stock or (c) other corporate transaction or event having an effect
similar to any of the foregoing. If there shall be any change in the shares through merger,
consolidation, reorganization, recapitalization, stock dividend, stock split, combination or
exchange of shares, or the like, the restrictions contained in this Agreement shall apply with
equal force to additional and/or substitute securities, if any, credited to the Account.

	 	15.	 	In the event that one or more of the provisions of this Agreement shall be invalidated for
any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed
to be separable from the other provisions hereof, and the remaining provisions hereof shall
continue to be valid and fully enforceable.

	 	16.	 	This Agreement may be amended from time to time by a writing signed by the Company and the
Employee which makes specific reference to this Agreement. The Company reserves the right to
terminate the Agreement at any time by action. In the event that the Company terminates the
Agreement, the Employee shall have the right to receive the amount then-credited to the
Account.

	 	17.	 	The Company shall be responsible for the general administration of the Agreement and for
carrying out the provisions hereof. The Company shall have all such powers as may be
necessary to carry out the provisions of the Agreement, including the power to (i) resolve all
questions pertaining to claims for benefits and procedures for claim review, (ii) resolve all
other questions arising under the Agreement, including any factual questions and questions of
construction and (iii) take such further action as the Company shall deem advisable in the
administration of the Agreement. The actions taken and the decisions made by the Company
hereunder shall be final and binding upon all interested parties. The Company shall provide a
procedure for handing claims of the Employee, which procedure shall provide adequate written
notice within a reasonable period of time with respect to the denial of any such claim as well
as a reasonable opportunity for a full and fair review by the Company of any such denial.

	 	18.	 	Although the Company may, in its discretion, make such provision as it deems advisable for
funding the payments which may become due to Employee under this Agreement, no assets of the
Company shall be segregated for that purpose or held or deemed held in trust for the benefit
of Employee. It is the intention of Employee and the Company that all conditioned payment
obligations under this Agreement shall constitute at all times the general unsecured
obligation of the Company.

2

SCHEDULE A

2005 PHANTOM SHARE ACCOUNT AGREEMENT

MANAGEMENT OBJECTIVES

1. Management Objectives. The Management Objectives applicable to the Phantom Share
Account Agreement shall be based on the Company’s Consolidated Cash Flow (as defined in the
Certificate of Designation of the 6% Series B Convertible Preferred Stock of Milacron Inc., as
amended from time to time) and excluding certain extraordinary or special items approved by the
Committee (“EBITDA”).

2. Vesting of Account. At the end of the Performance Period, the portion, if any, of
the Account that shall become vested and nonforfeitable shall be based on the extent to which the
Company’s cumulative EBITDA for the Performance Period is greater than, less than or equal to the
cumulative EBITDA levels set forth below (if the Company’s cumulative EBITDA falls between two of
the specified amounts set forth below, then the percentage of the Account to be vested shall be
calculated in a linear fashion):

	 	 	 	 	 
	Cumulative EBITDA	 	 
	(US Dollars)	 	% of Account Vested
	***

	 	 	100	%
	 

	 	 	 	 
	 
	 	 	 	 
	***

	 	 	75	%
	 

	 	 	 	 
	 
	 	 	 	 
	***

	 	 	50	%
	 

	 	 	 	 
	 
	 	 	 	 
	***

	 	 	25	%
	 

	 	 	 	 
	 
	 	 	 	 
	***

	 	 	0	%
	 

	 	 	 	 

Notwithstanding the foregoing, if during the Performance Period the Company violates any material
covenant under any major loan agreement or similar instrument or document to which the Company is a
party, which violation is not cured by an amendment or waiver by the parties thereto, then the
Committee may, in its sole discretion, reduce the percentage of the Account to be vested, if any,
by up to 50%.

“***” indicates where text has been omitted pursuant to a request for confidential treatment. The
omitted text has been filed separately with the Securities and Exchange Commission.

3EX-10.4

PHANTOM SHARE ACCOUNT AGREEMENT

(Germany)

THIS AGREEMENT made in Cincinnati, Ohio this      day of February, 2005, between Milacron Inc., a
Delaware corporation (hereinafter called the “Company”) and
     , a regular salaried employee of the Company or one
of its Subsidiaries (hereinafter called the “Employee”).

WITNESSETH:

Whereas, the Company desires to grant to the Employee phantom shares of Milacron Inc. common stock,
as hereinafter provided, in acknowledgement of the Employee’s value to the Company and to further
enable the Employee to participate in the long term growth and financial success of the Company.

NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth herein and
hereinafter in the attached Exhibit “A”, the terms of which are fully incorporated herein, and for
other good and valuable consideration, the Company and the Employee do hereby agree as follows:

The Company and Employee hereby agree that, as a matter of separate agreement and not in lieu of
other compensation for services, the Company shall establish in Employee’s name a cash account
equivalent to the fair market value of the number of shares of Company common stock stated below on
the date of this Agreement, subject to the terms and conditions set forth in Exhibit A.

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed and the Employee has
hereunto set his or her hand, all as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	No of Shares:
	 	 	—	 	 	 	 	 
	      MILACRON INC.

By:      

EMPLOYEE ACKNOWLEDGES AND AGREES THAT THE RIGHT TO RECEIVE PAYMENTS PURSUANT TO THIS AGREEMENT IS
CONDITIONED UPON THE EMPLOYEE’S FUTURE PERFORMANCE OF SERVICES AND THE OTHER TERMS AND CONDITIONS
OF THIS AGREEMENT (NOT THROUGH THE ACT OF BEING HIRED OR BEING GRANTED THIS AWARD). EMPLOYEE
FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT SHALL CONFER UPON EMPLOYEE ANY RIGHT
WITH RESPECT TO CONTINUATION OF EMPLOYMENT OR OTHER ENGAGEMENT BY THE COMPANY OR ITS SUBSIDIARIES,
NOR SHALL IT INTERFERE IN ANY WAY WITH HIS OR HER RIGHT OR THE COMPANY’S (OR ANY OF ITS
SUBSIDIARY’S) RIGHT TO TERMINATE HIS OR HER EMPLOYMENT AT ANY TIME, WITH OR WITHOUT CAUSE.

EMPLOYEE:      

1

EXHIBIT A

TO

PHANTOM SHARE ACCOUNT AGREEMENT

(Germany)

	 	1.	 	The Company shall establish an account (the “Account”) on its books in Employee’s name in the
amount of the fair market value of the number of shares stated on the Phantom Share Account
Agreement (the “Agreement”). Fair market value on a given date means the average of the high
and low prices of the Company’s common stock on the date on which it is to be valued
hereunder, as reported for New York Stock Exchange-Composite Transactions, or if there were no
sales of common stock on that day, the next preceding day on which there were sales.

	 	2.	 	The value of the Account shall fluctuate with the fair market value of shares. Upon the
payment of any cash dividend on the Company’s shares, an amount equal to the aggregate amount
of dividends that would be paid on the shares then-credited to the Account if such shares were
issued and outstanding shall be deemed to be used to purchase, on the dividend payment date,
an additional number of shares (whether whole or fractional shares), which additional number
of shares shall be determined by dividing the aggregate amount of such dividends by the
then-fair market value of one share, and such additional number of shares (whether whole or
fractional shares) shall then be credited to the Account. If, after equating the dividends to
whole common shares, there is any remaining cash, such shall remain in the Account as cash
only until the next dividend date to be added to new dividend related amounts then added to
the Account as whole shares to the extent possible.

	 	3.	 	The Account shall, subject to the terms herein, be maintained by the Company for a period of
three years following the date of the Agreement (the “Restricted Period”).

	 	4.	 	No actual common shares of the Company shall reside in the Account and the Employee shall not
have the right to vote or to exercise any other rights, powers and privileges of a holder of
common stock of the Company.

	 	5.	 	If the Employee ceases to be an employee of the Company or its Subsidiaries prior to the end
of the Restricted Period as a result of his or her Retirement, Disability, or any other event
specified by the Committee, the the Employee shall be treated as if he or she had remained an
employee of the Company and its Subsidiaries through the Restricted Period and the value of
the Account that would otherwise have become nonforfeitable as of the end of the Restricted
Period shall vest as of the end of the Restricted Period. For purposes of this Agreement,
“Retirement” shall mean the Grantee’s termination of employment with the Company and its
Subsidiaries (i) after having attained age 55 and at least five years of Credited Service (as
that term is defined in the Milacron Retirement Plan); or, (ii) in accordance with a temporary
early retirement program of the Company or its Subsidiaries. For purposes of this Agreement,
“Disability” shall have the meaning given such term in the long-term disability plan of the
Company in effect for, or applicable to, the Grantee. If the Employee dies (i) while employed
by the Company or its Subsidiaries, or, (ii) while the Employee is treated as though he had
remained an employee pursuant to the preceeding sentence, and, prior to the end of the
Restricted Period, then the value of the Account shall immediately vest and payment shall be
made to the Employee’s estate. In all other circumstances in which the Employee ceases to be
an employee of the Company and its Subsidiaries during the Restricted Period, the Account
shall thereupon be forfeited to the Company and the Employee shall have no right to any
benefit thereunder. There shall also be no payments in lieu of the benefit of the Account in
respect of any reasonable notice period at common law.

	 	6.	 	If the Employee has (i) used for profit or disclosed confidential information or trade
secrets of the Company to unauthorized persons, or (ii) breached any contract with or violated
any legal obligation to the Company, or (iii) failed to make himself available to consult
with, supply information to, or otherwise cooperate with the Company at reasonable times and
upon a reasonable basis, or (iv) engaged in any other activity which would constitute grounds
for his discharge for cause by the Company or a subsidiary of the Company, the Account shall
be forfeited and the Employee shall have no right to any benefit thereunder. There shall also
be no payments in lieu of the benefit of the Account.

	 	7.	 	Subject to the terms herein, upon the third anniversary of the Agreement, the Company shall
transfer the value of the Account to the Employee. The transfer shall be in the form of
either cash or provided the Company has as of that date enacted such plans or mechanisms
which, in the Company’s opinion, are necessary and provided all legal requirements applicable
to the issuance of such shares have been complied with, shares of common stock of the Company,
with the value of less than one share to be paid in cash. The issuance of shares of common
stock made to the Employee hereunder may be conditioned on the Employee’s undertaking in
writing to comply with such restrictions on his or her subsequent disposition of such shares
as the Company deems necessary or advisable as a result of any applicable law, regulation or
official interpretation thereof, and certificates representing such shares may be legended to
reflect any such restrictions.

	 	8.	 	The Company may at the time of disbursement of the Account withhold or deduct any taxes which
the Company is required to withhold or otherwise deduct and pay with respect to such award or
permit the number of shares of common stock to be distributed to be reduced by a number equal
to the value of such taxes required to be withheld, deducted or paid.

	 	9.	 	The Grant herein is discretionary in nature and shall not be construed as constituting an
employment contract or giving the Employee any right to be retained in the employ of the
Company or a subsidiary.

	 	10.	 	No rights or interests of the Employee shall be assignable or transferrable by the Employee
and no right or interest of the Employee in the Account shall be subject to any lien,
obligation or liability of the Employee.

	 	11.	 	By entering into the Agreement and accepting the Grant, the Employee acknowledges that: (a)
the Grant is a voluntary one-time benefit which does not create any contractual or other right
to receive future grants, or benefits in lieu of future grants, even if such has been granted
repeatedly in the past; (b) all determinations with respect to any such future grants will be
at the sole discretion of the Company; (c) the Employee’s participation is voluntary; (d) the
value of the Grant is an extraordinary item of compensation which is outside the scope of the
Employee’s employment contract, if any; (e) the Grant is not part of normal or expected
compensation for purposes of calculating any severance, resignation, redundancy, end of
service payments, bonuses, long-service awards, post-contractual non-compete compensation,
pension or retirement benefits or similar payments; (f) the future value of the Grant is
unknown and cannot be predicted with certainty; (g) any claims resulting from the Grant shall
be enforceable, if at all, vis-à-vis the Company; there shall be no additional obligations for
any subsidiary employing the Employee as a result of the Grant.

	 	12.	 	The validity and construction of this Agreement shall be governed by the laws of the State of
Ohio.

	 	13.	 	The Company may make or provide for such adjustments in the number or kind of shares credited
to the Account as the Company in its sole discretion may in good faith determine to be
equitably required in order to prevent dilution or enlargement of the rights of the Employee
that would otherwise result from any (a) stock dividend, stock split, combination of shares,
recapitalization or other change in the capital structure of the Company, (b) merger,
consolidation, separation, reorganization, partial or complete liquidation, issuance of rights
or warrants to purchase stock or (c) other corporate transaction or event having an effect
similar to any of the foregoing. If there shall be any change in the shares through merger,
consolidation, reorganization, recapitalization, stock dividend, stock split, combination or
exchange of shares, or the like, the restrictions contained in this Agreement shall apply with
equal force to additional and/or substitute securities, if any, credited to the Account.

	 	14.	 	In the event that one or more of the provisions of this Agreement shall be invalidated for
any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed
to be separable from the other provisions hereof, and the remaining provisions hereof shall
continue to be valid and fully enforceable.

	 	15.	 	This Agreement may be amended from time to time by a writing signed by the Company and the
Employee which makes specific reference to this Agreement. The Company reserves the right to
terminate the Agreement at any time by action. In the event that the Company terminates the
Agreement, the Employee shall have the right to receive the amount then-credited to the
Account.

	 	16.	 	The Company shall be responsible for the general administration of the Agreement and for
carrying out the provisions hereof. The Company shall have all such powers as may be
necessary to carry out the provisions of the Agreement, including the power to (i) resolve all
questions pertaining to claims for benefits and procedures for claim review, (ii) resolve all
other questions arising under the Agreement, including any factual questions and questions of
construction and (iii) take such further action as the Company shall deem advisable in the
administration of the Agreement. The actions taken and the decisions made by the Company
hereunder shall be final and binding upon all interested parties. The Company shall provide a
procedure for handing claims of the Employee, which procedure shall provide adequate written
notice within a reasonable period of time with respect to the denial of any such claim as well
as a reasonable opportunity for a full and fair review by the Company of any such denial.

	 	17.	 	Although the Company may, in its discretion, make such provision as it deems advisable for
funding the payments which may become due to Employee under this Agreement, no assets of the
Company shall be segregated for that purpose or held or deemed held in trust for the benefit
of Employee. It is the intention of Employee and the Company that all conditioned payment
obligations under this Agreement shall constitute at all times the general unsecured
obligation of the Company.

2

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