Document:

EX-10.3

AMENDMENT TO EXECUTIVE SEVERANCE AGREEMENT

The Executive Severance Agreement between MILACRON INC., a Delaware Corporation (the
“Company”) and [     ] (the “Executive”) dated as of      , 200     (the “Agreement”) is
hereby amended effective as of October 1, 2007.

AMENDMENTS

	1.	 	Section 2 of the Agreement is hereby amended by adding the following new subsection (g) at
the end thereof:

	 	 	 	"(g) Notwithstanding any other provision of this Agreement to the contrary, the
acquisition of a majority of the 6.0% Series B Convertible Preferred Stock of the
Company by Ohio Plastics LLC that may occur after October 1, 2007 and the transactions
consummated in connection therewith (the “2007 Acquisition Transaction”) shall not
constitute a “Change in Control” under the Agreement and, accordingly, the occurrence
of the 2007 Acquisition Transaction shall not result in any circumstances, events or
changes being triggered solely as a result of the 2007 Acquisition Transaction
including, without limitation, any of the following: (i) the immediate vesting of any
equity-based award (including any option, restricted stock, phantom stock and/or
performance share) under Section 3(a) of this Agreement (with respect to equity-based
awards granted to the Executive before the 2007 Acquisition Transaction), (ii) any lump
sum cash payment of the Executive’s annual bonus under Section 3(b) of this Agreement
or (iii) any additional benefits which would otherwise be provided under the Agreement
upon the Executive’s Qualifying Termination.”

	2.	 	A new Section 15 is added to the Agreement to provide as follows:

	 	 	 	“15. To the extent applicable, the parties intend that this Amendment to the
Agreement comply with the provisions of Section 409A of the Code to the extent
consistent with the provisions of this Amendment. This Amendment shall be construed,
administered, and governed in a manner consistent with this intent. If any of the
payments or benefits received, to be received or deemed to be received by the Executive
under the Agreement as a result of this Amendment to the Agreement are subjected to any
additional tax (or penalties or interest thereon) or interest imposed under Section
409A(a) of the Code, the Company shall pay to the Executive within five (5) business
days of the Executive’s written request for payment an additional amount equal to the
amount of such additional tax (including penalties and interest thereon) and interest
plus any federal, state and local income and employment taxes on the payment of such
additional tax (including interest and penalties thereon) and interest. The
Executive’s written request for payment (a) shall be accompanied by such evidence as
the Company may reasonably request to substantiate the Executive’s obligation to pay
such additional tax and to calculate the appropriate amount of the payment provided
herein, and (b) must be made no later than ten (10) business days prior to the end of
the calendar year next following the calendar year in which the Executive remits the
related taxes.”

IN WITNESS WHEREOF, the Company and Executive acknowledge that no amounts are currently earned
but unpaid under Section 3(c) of the Agreement; and the Company has caused this Amendment to the
Agreement to be executed on its behalf by its duly authorized officer and the Executive, for good
and valuable consideration, has consented to and does hereby execute this Amendment as of the date
first specified above.

MILACRON INC.

By:     

EXECUTIVE

     

Date:EX-10.4

MILACRON INC.

NOTICE OF AMENDMENT OF AWARD

(under the Milacron Inc. 1994/1997/2004 Long-Term Incentive Plans)

THIS NOTICE OF AMENDMENT OF AWARD (“Notice of Amendment of Award”) is made as of October 1,
2007 (the “Date of Amendment”) by and between Milacron Inc., a Delaware corporation (the “Company”)
and Ronald D. Brown (the “Grantee”).

WITNESSETH:

WHEREAS, the Company previously granted to the Grantee the awards set forth in Exhibit
A (the “Awards”) pursuant to and subject to the terms of the Milacron Inc. 1994 Long-Term
Incentive Plan, the 1997 Long-Term Incentive Plan and the 2004 Long-Term Incentive Plan (the
“Plans”), as applicable; and

WHEREAS, the Company desires, and the Grantee has consented, to amend the Awards so that the
acquisition of a majority of the 6.0% Series B Convertible Preferred Stock of the Company by Ohio
Plastics, LLC that may occur after October 1, 2007 and the transactions consummated in connection
therewith (the “2007 Acquisition Transaction”) shall not cause the Awards to become vested or
payable thereunder.

NOW, THEREFORE:

1. The Awards are hereby amended to provide that notwithstanding any provision of the Plans to
the contrary, the 2007 Acquisition Transaction shall not constitute a “Change in Control” under the
Plans and, accordingly, the occurrence of the 2007 Acquisition Transaction shall not result in any
circumstances, events or changes being triggered solely as a result of the 2007 Acquisition
Transaction including, without limitation, any of the following: (a) the accelerated vesting,
exerciseability, release, realization or payment of any of the Awards and (b) the deemed
satisfaction of any performance criteria related to such Awards.

2. Consistent with the requirements set forth in Treasury Regulation Section 1.409A-1(d)(1)
for modifying the vesting date of compensation that is subject to a “substantial risk of
forfeiture” (as defined in Treasury Regulation Section 1.409A-1(d)(1)), the per unit value of the
Performance Units granted pursuant to the Performance Unit Award, effective February 22, 2007 (the
“2007 Performance Unit Award”), shall be adjusted from $1.00 per unit to $1.20 per unit. Such
adjustment to the per unit value of the Performance Units granted pursuant to the 2007 Performance
Unit Award is intended to provide the Grantee the opportunity to receive an amount of compensation
that is materially greater, on a present value basis, than the present value of the compensation
the Grantee would otherwise be entitled to elect to receive, without regard to such adjustment in
the per unit value of the Performance Units, within the meaning of Treasury Regulation Section
1.409A-1(d)(1).

3. To the extent applicable, the parties intend that this Notice of Amendment of Award comply
with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (“Code”) to
the extent consistent with the provisions of this Notice of Amendment of Award. This Notice of
Amendment of Award shall be construed, administered, and governed in a manner consistent with this
intent. If any of the payments or benefits received, to be received or deemed to be received by
the Grantee under the Awards, as a result of this Notice of Amendment of Award, are subjected to
any additional tax (or penalties or interest thereon) or interest imposed under Section 409A(a) of
the Code, the Company shall pay to the Grantee within five (5) business days of the Grantee’s
written request for payment an additional amount equal to the amount of such additional tax
(including penalties and interest thereon) and interest plus any federal, state and local income
and employment taxes on the payment of such additional tax (including interest and penalties
thereon) and interest. The Grantee’s written request for payment (i) shall be accompanied by such
evidence as the Company may reasonably request to substantiate the Grantee’s obligation to pay such
additional tax and to calculate the appropriate amount of the payment provided herein, and (ii)
must be made no later than ten (10) business days prior to the end of the calendar year next
following the calendar year in which the Grantee remits the related taxes; provided
however, that any amount which is payable under this Section 3 to the Grantee shall be the
amount determined under this Section 3 which exceeds the amount (if any) actually paid to the
Grantee, which is attributable to the increase of the Grantee’s 2007 Performance Units over $1.00
in Section 2 (the “additional amount”) after payment of applicable federal, state and local income
and employment taxes on the additional amount.

IN WITNESS WHEREOF, the Company has caused this Notice of Amendment of Award to be executed on
its behalf by its duly authorized officer and the Grantee, for good and valuable consideration, has
consented to and does hereby execute this Notice of Amendment of Award in duplicate as of the day
and year first above written.

MILACRON INC.

By:

Name:

Title:

Grantee

Date:EX-10.5

MILACRON INC.

NOTICE OF AMENDMENT OF AWARD

(under the Milacron Inc. 1994/1997/2004 Long-Term Incentive Plans)

THIS NOTICE OF AMENDMENT OF AWARD (“Notice of Amendment of Award”) is made as of October 1,
2007 (the “Date of Amendment”) by and between Milacron Inc., a Delaware corporation (the “Company”)
and      (the “Grantee”).

WITNESSETH:

WHEREAS, the Company previously granted to the Grantee the awards set forth in Exhibit
A (the “Awards”) pursuant to and subject to the terms of the Milacron Inc. 1994 Long-Term
Incentive Plan, the 1997 Long-Term Incentive Plan and the 2004 Long-Term Incentive Plan (the
“Plans”), as applicable; and

WHEREAS, the Company desires, and the Grantee has consented, to amend the Awards so that the
acquisition of a majority of the 6.0% Series B Convertible Preferred Stock of the Company by Ohio
Plastics, LLC that may occur after October 1, 2007 and the transactions consummated in connection
therewith (the “2007 Acquisition Transaction”) shall not cause the Awards to become vested or
payable thereunder.

NOW, THEREFORE:

1. The Awards are hereby amended to provide that notwithstanding any provision of the Plans to
the contrary, the 2007 Acquisition Transaction shall not constitute a “Change in Control” under the
Plans and, accordingly, the occurrence of the 2007 Acquisition Transaction shall not result in any
circumstances, events or changes being triggered solely as a result of the 2007 Acquisition
Transaction including, without limitation, any of the following: (a) the accelerated vesting,
exerciseability, release, realization or payment of any of the Awards and (b) the deemed
satisfaction of any performance criteria related to such Awards.

2. To the extent applicable, the parties intend that this Notice of Amendment of Award comply
with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (“Code”) to
the extent consistent with the provisions of this Notice of Amendment of Award. This Notice of
Amendment of Award shall be construed, administered, and governed in a manner consistent with this
intent. If any of the payments or benefits received, to be received or deemed to be received by
the Grantee under the Awards, as a result of this Notice of Amendment of Award, are subjected to
any additional tax (or penalties or interest thereon) or interest imposed under Section 409A(a) of
the Code, the Company shall pay to the Grantee within five (5) business days of the Grantee’s
written request for payment an additional amount equal to the amount of such additional tax
(including penalties and interest thereon) and interest plus any federal, state and local income
and employment taxes on the payment of such additional tax (including interest and penalties
thereon) and interest. The Grantee’s written request for payment (i) shall be accompanied by such
evidence as the Company may reasonably request to substantiate the Grantee’s obligation to pay such
additional tax and to calculate the appropriate amount of the payment provided herein, and (ii)
must be made no later than ten (10) business days prior to the end of the calendar year next
following the calendar year in which the Grantee remits the related taxes.

IN WITNESS WHEREOF, the Company has caused this Notice of Amendment of Award to be executed on
its behalf by its duly authorized officer and the Grantee, for good and valuable consideration, has
consented to and does hereby execute this Notice of Amendment of Award in duplicate as of the day
and year first above written.

MILACRON INC.

By:

Name:

Title:

Grantee

Date:

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