Document:

EX-10.1

Exhibit 10.1

FIRST AMENDMENT TO

COOPER CAMERON CORPORATION

2005 EQUITY INCENTIVE PLAN

WHEREAS, COOPER CAMERON CORPORATION (the “Company”) has heretofore adopted the 2005 EQUITY
INCENTIVE PLAN (the EQIP Plan); and

WHEREAS, the Company desires to amend the 2005 Equity Incentive Plan in certain respects;

NOW, THEREFORE, the 2005 Equity Incentive Plan shall be amended as follows, effective as of
February 15, 2006:

	 	1.	 	Section 7.4 of the 2005 Equity Incentive Plan be and hereby is
amended by adding, in the seventh line thereof following the word
“employer,” the following words:	 

“(so long as the cumulative total of any such grants does
not exceed five percent (5%) of the total number of
 shares subject to the Plan)”

	 	2.	 	As amended hereby, the Plan is specifically ratified and affirmed.	 

APPROVED:

/s/ William C. Lemmer

     

William C. Lemmer

Vice President, General Counsel

and Secretary

Date: February 15, 2006EX-10.2

Exhibit 10.2

SECOND AMENDMENT TO THE

COOPER CAMERON CORPORATION

2005 EQUITY INCENTIVE PLAN

WHEREAS, COOPER CAMERON CORPORATION (the “Company”) has heretofore adopted the 2005 EQUITY
INCENTIVE PLAN (the “EQIP Plan”); and

WHEREAS, the Company desires to amend the 2005 Equity Incentive Plan in certain respects;

NOW, THEREFORE, the 2005 Equity Incentive Plan shall be amended as follows, effective as of
March 15, 2006:

	 	1.	 	Section 3.1(a) shall be amended so that the last sentence thereof
shall read in its entirety:	 

Any Shares that are subject to Awards other than Options or Stock Appreciate
Rights shall be counted against this limit as two and three-tenths (2.3)
Shares for every one (1) Share granted.

	 	2.	 	Section 3.1(b) shall be amended and restated in its entirely as
follows:	 

RESOLVED, if any Shares subject to an Award or to an award under the Prior Plans
are forfeited, expire or otherwise terminate without issuance of such Shares, or any
Award or award under the Prior Plans is settled for cash, the Shares shall, to the
extent of such forfeiture, expiration, termination or cash settlement, again be
available for Awards under the Plan, subject to Section 3.1(d) below.
Notwithstanding anything to the contrary contained herein, the following Shares shall
not be added to the Shares authorized for grant under paragraph (a) of this Section:
(i) Shares tendered by the Participant or withheld by the Company in payment of the
purchase price of an Option, (ii) Shares tendered by the Participant or withheld by
the Company to satisfy any tax withholding obligation with respect to an Award, (iii)
Shares repurchased by the Company with Option proceeds, and (iv) Shares subject to a
Stock Appreciation Right that are not issued in connection with the stock settlement
of the Stock Appreciation Right on exercise thereof.

APPROVED:

/s/ William C. Lemmer

     

William C. Lemmer

Vice President, General Counsel and Secretary

Date: March 15, 2006EX-10.1

MILACRON INC.

EXECUTIVE RETENTION/SEPARATION PLAN

ARTICLE I

PURPOSE AND TERM OF PLAN

Section 1.01 Purpose. Milacron Inc. (the “Company”) hereby establishes the Milacron Inc.
Executive Retention/Separation Plan (the “Plan”) to assist the Company in retaining and, where
appropriate, facilitating the separations of Covered Executives and, in certain cases, providing
severance benefits to a Covered Executive. The capitalized terms used in this Plan shall have the
meanings given them in Article II, unless otherwise defined herein.

Section 1.02 Term of the Plan. The Plan, as set forth herein, shall be effective as of the
date of its adoption by the Board of Directors of the Company. The Plan will continue until the
Committee, acting in its reasonable discretion, elects to modify, supersede or terminate the Plan
in accordance with, and subject to, the provisions of Article V.

ARTICLE II

DEFINITIONS

Section 2.01 “Administrator” shall mean the Committee.

Section 2.02 “Benefit” or “Benefits” shall mean the benefits of the type that a Covered
Executive is entitled to receive pursuant to Article III of the Plan.

Section 2.03 “Board” or “Board of Directors” shall mean the Board of Directors of Milacron
Inc.

Section 2.04 “Bonus” shall mean 100% of the bonus earned by the Covered Executive under the
Milacron Inc. 2002 Short-Term Incentive Plan (“STIP”) or similar successor or substitute annual
incentive plan or program had the Covered Executive remained employed and a participant in the STIP
through the end of the applicable Plan Year. For purposes of Section 3.01(b), Bonus is the sum
of: (i) a Bonus for the Plan Year in which the Qualifying Termination occurs; and (ii) a pro-rated
Bonus for the Plan Year in which the Severance Period ends, such proration to be determined by
multiplying the amount of the Bonus by a fraction, the numerator of which is the number of days in
such Plan Year through the end of the Covered Executive’s Severance Period, and the denominator of
which is 365; and in the case of the President, Chairman or CEO, (iii) a Bonus for the Plan Year
next following such Covered Executive’s Qualifying Termination.

Section 2.05 “Cause” shall mean the Covered Executive’s: (i) fraud on, or misappropriation or
embezzlement of assets, of the Company that causes material harm to the Company; or (ii) willful
and continued failure to substantially perform the Covered Executive’s duties hereunder (other than
any such failure resulting from the Covered Executive’s mental or physical incapacity or mental
illness or any such actual or anticipated failure after the issuance of a written notice of
termination by the Covered Executive to the Company. Provided, however, that Cause shall occur
with respect to subsection (ii) only if such action constituting Cause has not been corrected or
cured by the Covered Executive within 30 days after the Covered Executive has received written
notice from the Company of the Company’s intent to terminate the Covered Executive’s employment for
Cause and specifying in detail the basis for such termination. For purposes of this paragraph, no
act, or failure to act, on the Covered Executive’s part shall be considered “willful” unless done,
or omitted to be done, by the Covered Executive in bad faith and without reasonable belief that the
Covered Executive’s action or omission was in the best interests of the Company.

Section 2.06 “CEO” shall mean the Chief Executive Officer of Milacron Inc., or if there is no
CEO, then the highest ranking officer of the Company.

Section 2.07 “Committee” shall mean the Personnel and Compensation Committee of the Board of
Directors.

Section 2.08 “Company” shall mean Milacron Inc. The term “Company” shall include any
Subsidiary which adopts the Plan or any successor to Milacron Inc., including, but not limited to,
an entity succeeding to the business of Milacron Inc. by merger, consolidation or liquidation, or
purchase of assets or stock or similar transaction.

Section 2.09 “Covered Executive” shall mean each U.S.-based executive who has been appointed
to the position of Chairman, President, CEO or any Vice President of Milacron Inc. and who has at
least 5 years of credited service with the Company. Covered Executive also shall include any other
executive so designated by the Committee or the Board.

Section 2.10 “Disability” shall be as defined under the Company’s long-term disability plan.

Section 2.11 “Employment Termination Date” shall mean the date on which the active employment
relationship between the Covered Executive and the Company is to be, and in fact is, terminated.

Section 2.12 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended.

Section 2.13 “Good Reason” shall mean the occurrence of any of the following without the
Covered Executive’s express prior written consent:

(i) any material diminution of, or the assignment to the Covered Executive of duties
materially inconsistent with, the Covered Executive’s position, duties, responsibilities and
title with the Company, a material adverse change in the Covered Executive’s titles or
offices with Milacron Inc., any removal of the Covered Executive from, or any failure to
reelect the Covered Executive to, any of such positions, except in connection with the
Covered Executive’s termination of employment for Disability or Cause or as a result of the
Covered Executive’s death or by the Covered Executive other than for Good Reason;

Nothwithstanding the foregoing in this subsection (i), a change in the Covered
Executive’s situation as a result of the sale of a business unit, division, or Subsidiary;
the reassignment of a business unit, division, or Subsidiary; or the Company’s
reorganization, shall not be deemed to satisfy any of the criteria of this subsection (i);

(ii) a reduction by the Company in the Covered Executive’s base salary and/or Bonus;

(iii) the Company’s failure to continue any benefit plan or arrangement (including,
without limitation, the Company’s life insurance, post-retirement benefits, and
comprehensive medical plan coverage) in which the Covered Executive participates without
implementing at such time plans or arrangements providing the Covered Executive with
substantially similar benefits (hereinafter referred to as “Benefit Plans”), or any action
by the Company that would adversely affect the Covered Executive’s participation in or
materially reduce the Covered Executive’s benefits under any such Benefit Plan or deprive
the Covered Executive of any material fringe benefit enjoyed by the Covered Executive,
unless such action also applies to other participating employees who are not Covered
Executives under this Plan;

(iv) any action by the Company that would affect the Covered Executive’s continued
participation under any incentive plan or arrangement (including, without limitation, any
equity-based plan or arrangement) in which the Covered Executive is eligible to participate
(hereinafter referred to as “Incentive Plans”) as provided under the terms of the Incentive
Plans;

(v) the Company’s reduction of the number of paid vacation days to which the Covered
Executive is entitled;

(vi) the Company’s material breach of any provision of this Plan or any material
agreement between the Covered Executive and the Company;

(vii) the Company’s failure to require any successor to the Company, including, but not
limited to, an entity succeeding to the business of Milacron Inc. by merger, consolidation
or liquidation, or purchase of assets or stock or similar transaction, to expressly assume
and agree to perform this Plan and any material agreement between the Covered Executive and
Company; or

(viii) the Company’s purported termination of the Covered Executive without Cause.

Section 2.14 “Long-Term Incentive Plan” shall mean the Milacron Inc. 2004 Long-Term Incentive
Plan approved by the Company’s stockholders and effective April 1, 2004, together with all
predecessor and similar successor or substitute intermediate and/or long-term incentive
compensation plans or programs.

Section 2.15 “Plan” shall mean the Milacron Inc. Executive Retention/Severance Plan, as set
forth herein, as the same may from time to time be amended.

Section 2.16 “Plan Year” shall mean each calendar year.

Section 2.17 “Qualifying Termination” shall mean (i) a termination of the Covered Executive’s
employment by the Company for any reason other than for Cause, Disability, or due to the Covered
Executive’s death, or (ii) the Covered Executive’s termination of employment for Good Reason.
Qualifying Termination does not include the Covered Executive’s voluntary resignation without Good
Reason as defined under this Plan.

Section 2.18 “Salary” shall mean an amount equal to the annual rate of a Covered Executive’s
base salary payable to the Covered Executive in all capacities with the Company for the Plan Year
in which a Covered Executive’s Employment Termination Date occurs.

Section 2.19 “Subsidiary” shall mean any entity of which the Company owns, directly or
indirectly, more than 50% of the voting securities.

ARTICLE III

ENTITLEMENT TO AND DESCRIPTION OF BENEFITS

Section 3.01 Cash Benefits. Upon a Covered Executive’s Qualifying Termination and his
satisfaction of the conditions specified in Section 3.03 of the Plan, the Covered Executive shall
be entitled to receive the following Benefits as well as those referred to under Section 3.02:
(a) a cash severance Benefit equal to 12 months (24 months for the President, Chairman or CEO)
(“Severance Period”) of the Covered Executive’s aggregate Salary to which the Covered Executive
would have been entitled during such period, (b) a Bonus as determined in accordance with Section
2.04, (c) any accrued but unpaid vacation pay, any similar unpaid items that have accrued and to
which the Covered Executive has become entitled as of his Employment Termination Date, including
declared but unpaid Bonuses and unreimbursed employee business expenses, (d) a stipend to cover
miscellaneous transition expenses including one year of appropriate outplacement assistance, one
year of financial and other similar planning, and legal fees (such stipend for legal fees to be an
amount determined by the Committee, in its reasonable discretion, acting on behalf of the Company),
(e) the Covered Executive shall continue to be covered under the Company’s group medical and dental
plan (such coverage and terms thereof shall be identical to that provided to similarly-situated
Company executives then working for the Company and such coverage shall run concurrent with, and
then extend beyond, as applicable, the maximum period of coverage provided under COBRA), long-term
disability plan and life insurance plan for the Severance Period provided above in subsection (a);
and (f) the Severance Periods provided above in subsection (a) will be counted as additional age
and service for vesting and benefit entitlement purposes under all of the Company’s supplemental
pension plans; provided, however, that the amount of Benefits to which the Covered Executive is
entitled under this Plan shall not be included in the calculation of the benefits to which the
Covered Executive is entitled under the Company’s supplemental pension plans.

Section 3.02 Long-Term Incentive Plan Benefits. In addition to the Benefits payable under
Section 3.01, a Covered Executive’s outstanding Long-Term Incentive Plan awards shall be treated as
follows:

(a) The applicable Severance Period provided in Section 3.01(a) will be counted as service for
vesting purposes for all stock options and stock appreciation rights. All stock options and stock
appreciation rights shall otherwise remain in effect for a period of 30 days following the end of
the Severance Period, but not longer than the remainder of their stated term, as set forth in the
agreements and/or plans governing such awards.

(b) Long-term cash, restricted stock, stock units, deferred units and/or performance share
awards shall remain in effect for the restriction period and/or performance period as set forth in
the agreements and/or plans governing such awards and any awards thereunder shall be prorated (in
the case of performance-based awards, only if the Company attains the applicable performance
target(s), determined as and when determined under the applicable award agreement(s)) by
multiplying the award by a fraction, the numerator of which is the number of days between the award
date and the last day of the Severance Period, and the denominator of which is the number of days
of the award restriction and/or performance period.

Section 3.03 Conditions to Entitlement to Benefit. To be eligible to receive any Benefits
under the Plan after the Covered Executive’s Employment Termination Date, a Covered Executive must
(a) continue in his then current office and perform such duties for the Company as are typically
related to the Covered Executive’s position, and cease his employment on the Employment Termination
Date; (b) execute the General Release and discharge the Company, in substantially the form attached
hereto as Appendix A, from any and all claims, demands or causes of action (other than as provided
in Appendix A). No Benefits due hereunder shall be paid to a Covered Executive who has not complied
in all respects with the requirements of this Section 3.03.

Section 3.04 Further Company Obligations. In exchange for the Covered Executive delivering
his executed General Release referred to above, the Company shall deliver its executed General
Release, in substantially the same form attached hereto as Annex 1 to Appendix A.

Section 3.05 Method of Payment. The cash Benefits to which a Covered Executive is entitled, as
determined pursuant to Sections 3.01 and 3.02, as applicable, shall be paid in a lump sum, subject
to all employment and withholding taxes applicable to the type of payments made. For Benefits
payable pursuant to Section 3.01, the Salary portion of the Benefit will be paid within 30 days
from the later of: (i) six months after Covered Executive’s Employment Termination Date; or (ii)
after the expiration of any revocation period for the General Release signed by the Covered
Executive pursuant to Section 3.03 and the Bonus portion of the Benefit will be paid at the same
time as all other STIP payments are paid for the Plan Year in which the Qualifying Termination
occurs (provided such payment is not made any earlier than six months after the Covered Executive’s
Employment Termination Date) and for the Plan Year in which the Severance Period ends
(additionally, with respect to the President, Chairman or CEO, the Plan Year next following such
Covered Executive’s Qualifying Termination). Long-Term Incentive Plan awards, referred to in
Section 3.02(b), will be determined, paid in the form, paid at the time, and paid subject to
applicable withholding, all as provided in the respective award agreement(s); provided however,
that any such payment shall not occur before the payment date specified in the prior sentence.

Section 3.06 Death or Disability. If a Covered Executive incurs Disability or dies before his
Employment Termination Date, no Plan payments or other benefits will be due and owing to the
Covered Executive or, in the case of his death, to his estate or beneficiary.

If the Covered Executive incurs Disability or dies after his Employment Termination Date, the
Committee shall cause any Benefits due under the Plan to be paid to the Covered Executive or, in
the case of his death, to the Covered Executive’s designated beneficiary or to his estate.

A Covered Executive’s beneficiary designation shall be made in the manner, and at the time,
prescribed by the Committee in its reasonable discretion. In the absence of an effective
beneficiary designation hereunder, the Covered Executive’s estate shall be deemed to be the
designated beneficiary.

Section 3.07 Nonduplication of Benefits. In the event of the payment of benefits under the
Executive Severance Agreement, if any, applicable to the Covered Executive, related to the
termination of the Covered Executive, such Agreement shall continue in full force and effect and
the Covered Executive only shall be entitled to the benefits provided thereunder, so that there
shall be no duplication of Benefits provided under this Plan.

ARTICLE IV

ADMINISTRATION

Section 4.01 Authority and Duties. The Committee or its designee shall, on the basis of
information supplied by the Company, determine the entitlement of the Covered Executive to Benefits
under the Plan, calculate the amount of the Benefits payable to each such Covered Executive, and
determine the manner and time of payment of the Benefits consistent with the provisions hereof. If
a dispute with a Covered Executive arises as to such administration, the Committee shall have the
duty to resolve the dispute under Article VII below. The Company shall make such payments as so
determined to be due to the Covered Executive. The Committee shall have the full power and
authority to construe and interpret the Plan, to correct deficiencies therein, and to supply
omissions. All decisions, actions, and interpretations of the Committee shall be final, binding,
and conclusive upon the parties.

Section 4.02 Delegation. The Committee may delegate to any of its members, authority to sign
any documents on its behalf, or to perform ministerial acts, but no person to whom such authority
is delegated under this subsection may perform any act involving the exercise of any discretion
without first obtaining the concurrence of a majority of the members of the Committee, even though
he or she alone may sign any document required by third parties.

Section 4.03 Actions. Whenever a determination is required under the Plan, such determination
shall be made at the reasonable discretion of the above-named officer, delegate or Committee, as
applicable. In addition, the exercise of discretion need not be uniformly applied to
similarly-situated Covered Executives and shall be final and binding on each Covered Executive or
beneficiary(ies) to whom the determination is directed.

ARTICLE V

TERM, AMENDMENT AND TERMINATION

The original one-year term of this Plan shall automatically renew for successive one-year
renewal terms unless all Covered Executives are given written notice of the amendment, termination
or suspension of the Plan at least one-year prior to the end of the original or any renewal term.
Subject to the preceding sentence, the Committee retains the right to amend, suspend or terminate
the Plan in whole or in part, for any reason. Notwithstanding the foregoing, no such amendment,
suspension or termination shall (a) give the Company the right to recover any amount paid to a
Covered Executive prior to the date of such action, (b) cause the cessation and discontinuance of
payments of Benefits to any person or persons under the Plan already receiving Benefits, or (c) be
effective to terminate or reduce the Benefits or prospective Benefits of any Covered Executive
whose Employment Termination Date occurs before the date of such amendment, suspension or
termination (unless the express written consent of the Covered Executive has been obtained with
respect thereto).

ARTICLE VI

DUTIES OF THE COMPANY

Section 6.01 Records. The Company shall supply to the Committee all records and information
necessary to the performance of the Committee’s duties.

Section 6.02 Discretion. Any decisions, actions or interpretations to be made under the Plan
by the Board, the Committee, or the Company shall be made in its or their respective sole
discretion, not in any fiduciary capacity and need not be uniformly applied to similarly-situated
individuals and shall be final, binding and conclusive upon all parties.

ARTICLE VII

CLAIMS PROCEDURES

Section 7.01 Application for Benefits. A person who believes that he is being denied a Benefit
to which he is entitled under the Plan (hereinafter referred to as a “Claimant”) may file a written
request with the Administrator setting forth the claim. A notice denying or granting the claim
shall be provided to the Claimant within ninety (90) days after the Administrator’s

receipt of the claim, unless special circumstances require an extension of time for processing the
claim. If such an extension is required, notice of the extension shall be furnished by the
Administrator to the Claimant within the initial 90-day period and in no event shall such extension
exceed a period of ninety (90) days from the end of the initial 90-day period. Any extension notice
shall indicate the special circumstances requiring the extension and the date on

which the Administrator expects to render a decision on the claim.

If the claim is denied in whole or part, the Claimant shall be provided a written or
electronic notice, using language calculated to be understood by the Claimant, setting forth (a)
the specific reason or reasons for such denial and the specific reference to relevant provisions of
the Plan upon which such denial is based, (b) a description of any additional material or
information necessary for the Claimant to perfect his claim and an explanation why such

material or such information is necessary, (c) appropriate information as to the steps to be taken
if the Claimant wishes to submit the claim for review and the time limits for requesting a review,
and (d) the Claimant’s right to bring an action for benefits under ERISA Section 502 following an
adverse benefit determination on review.

Section 7.02 Appeals of Denied Claims for Benefits. Within sixty (60) days after receipt by
the Claimant of the notice described above, the Claimant may request in writing that the
Administrator review the determination. The Claimant or his duly authorized representative may
review, upon request and without charge, copies of all documents, records, and other information
relevant to his claim and submit documents, records, or written comments for consideration by the
Administrator. If the Claimant does not request a review of the initial determination within such
60-day period, the Claimant shall be barred and stopped from challenging the determination.

The decision on review normally shall be made within sixty (60) days of the Administrator’s
receipt of the request for review. If an extension of time is required due to special
circumstances, the Claimant shall be notified by the Administrator prior to the termination of the
initial 60-day period, and in no event shall such extension exceed a period of sixty (60) days from
the end of the initial 60-day period. The extension notice shall indicate the special circumstances
requiring extension of time and the date by which the Administrator expects to render a decision on
the claim. The decision on review shall be given to the Claimant within the applicable time limit
discussed above. All decisions on review shall be final and binding with respect to all concerned
parties. The decision on review shall set forth, in a manner calculated to be understood by the
Claimant (a) the specific reasons for the decision and shall

include references to the relevant Plan provisions upon which the decision is based, (b) the
Claimant’s right to receive, upon request and free of charge, reasonable access to and copies of
all documents, records, and other information, relevant to his benefits, and (c) the Claimant’s
right to bring a civil action under ERISA Section 502(a).

ARTICLE VIII

MISCELLANEOUS

Section 8.01 Nonalienation of Benefits. None of the payments, Benefits or rights of any
Covered Executive shall be subject to any claim of any creditor, and, in particular, to the fullest
extent permitted by law, all such payments, Benefits and rights shall be free from attachment,
garnishment, trustee’s process, or any other legal or equitable process available to any creditor
of such Covered Executive. No Covered Executive shall have the right to alienate, anticipate,
commute, pledge, encumber or assign any of the Benefits or payments which he may expect to receive,
contingently or otherwise, under the Plan.

Section 8.02 No Contract of Employment. Neither the establishment of the Plan, nor any
modification thereof, nor the creation of any fund, trust or account, nor the payment of any
Benefits shall be construed as giving any Covered Executive, or any person whosoever, the right to
be retained in the service of the Company, and all Covered Executives shall remain subject to

discharge to the same extent as if the Plan had never been adopted.

Section 8.03 Entire Agreement. Except as may be provided in the Executive Severance Agreement,
if any, between the Covered Executive and the Company, this Plan, as it may be amended by the
Committee, and the documents specifically referenced herein, or in such amendment, shall constitute
the entire agreement between the Company and the Covered Executive with respect to the Benefits
promised hereunder and no other agreements, representations, oral or otherwise, express or implied,
with respect to such Benefits shall be binding on the Company; provided, however, that in the case
of any conflict between the terms of the Plan and the Executive Severance Agreement, if any,
between the Covered Executive and the Company, the provisions of the Executive Severance Agreement
shall control.

Section 8.04 Severability of Provisions. If any provision of the Plan shall be held invalid or
unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof,
and the Plan shall be construed and enforced as if such provisions had not been included.

Section 8.05 Successors, Heirs, Assigns, and Personal Representatives. The Plan shall be
binding upon the heirs, executors, administrators, successors and assigns of the parties, including
each Covered Executive, present and future.

Section 8.06 Headings and Captions. The headings and captions herein are provided for
reference and convenience only, shall not be considered part of the Plan, and shall not be employed
in the construction of the Plan.

Section 8.07 Gender and Number. Except where otherwise clearly indicated by context, the
masculine and the neuter shall include the feminine and the neuter, the singular shall include the
plural, and vice-versa.

Section 8.08 Unfunded Plan. The Plan shall not be funded. The Company may, but shall not be
required to, set aside or earmark an amount necessary to provide the Benefits specified herein
(including the establishment of trusts). In any event, no Covered Executive shall have any right
to, or interest in, any assets of the Company.

Section 8.09 Payments to Incompetent Persons, Etc. Any Benefit payable to or for the Benefit
of a minor, an incompetent person or other person incapable of receipting therefor shall be deemed
paid when paid to such person’s guardian or to the party providing or reasonably appearing to
provide for the care of such person, and such payment shall fully discharge the Company, the
Committee and all other parties with respect thereto.

Section 8.10 Lost Payees. A Benefit shall be deemed forfeited if the Committee is unable to
locate a Covered Executive to whom a Benefit is due. Such Benefit shall be reinstated if
application is made by the Covered Executive for the forfeited Benefit while the Plan is in
operation.

Section 8.11 Controlling Law and Nature of Plan. The Plan shall be construed and enforced
according to the laws of the State of Ohio to the extent not preempted by Federal law. The Plan is
intended to be a nonqualified deferred compensation plan for a select group of management or highly
compensated employees employed by the Company and is intended to be a plan described in Sections
201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”).

1

MILACRON INC. EXECUTIVE RETENTION/SEPARATION PLAN

APPENDIX A

GENERAL RELEASE

1. I,      (the “Executive”), for and in consideration of (i) certain
severance benefits to be paid and provided to me by Milacron Inc. (the “Company” and/or “Milacron”)
under the Executive Retention/Separation Plan (the “Plan”) and (ii) the Company’s execution of a
release in favor of the Executive, on the date this General Release becomes irrevocable,
substantially in the form attached hereto as Annex 1, and conditioned upon such payments and
provisions, do hereby REMISE, RELEASE, AND FOREVER DISCHARGE Company and each of its past or
present subsidiaries and affiliates, its and their past or present officers, directors,
shareholders, employees and agents, their respective successors and assigns, heirs, executors and
administrators, the pension and employee benefit plans of the Company, or of its past or present
subsidiaries or affiliates, and the past or present trustees, administrators, agents, or employees
of the pension and employee benefit plans (hereinafter collectively referred to herein as
“Releasees” and included within the term the “Company”), acting in any capacity whatsoever, of and
from any and all manner of actions and causes of actions, suits, debts, claims and demands
whatsoever in law or in equity, which I ever had, now have, or hereafter may have, or which my
heirs, executors or administrators hereafter may have, by reason of any matter, cause or thing
whatsoever from the beginning of my employment with the Company to the date of these presents and
particularly, but without limitation of the foregoing general terms, any claims arising from or
relating in any way to my employment relationship and the termination of my employment relationship
with the Company, including but not limited to, any claims which have been asserted, could have
been asserted, or could be asserted now or in the future under any federal, state or local laws,
including any claims under the Ohio Revised Code, the Rehabilitation Act of 1973, 29 USC Sections
701 et seq., as amended, Title VII of the Civil Rights Act of 1964, 42 USC Sections 2000e et seq.,
as amended, the Civil Rights Act of 1991, 2 USC Sections 60/ et seq., as applicable, the Age
Discrimination in Employment Act of 1967, 29 USC Sections 621 et seq., as amended (“ADEA”), the
Americans with Disabilities Act, 29 USC Sections 706 et seq., and the Employee Retirement Income
Security Act of 1974, 29 USC Sections 301 et seq., as amended, any contracts between the Company
and me and any common law claims now or hereafter recognized and all claims for counsel fees and
costs; provided, however, that this Release shall not apply to any entitlements under the terms of
the Plan, any applicable Executive Severance Agreement, or under any other plans or programs of
the Company in which I participated and under which I have accrued and become entitled to a benefit
other than under any Company separation or severance plan or programs.

Notwithstanding the foregoing, I understand that I shall be indemnified by the Company as to
any liability, cost or expense for which I would have been indemnified during employment, in
accordance with the Company’s certificate of incorporation or insurance coverages in force for
employees of the Company serving in executive capacities for actions taken on behalf of the Company
within the scope of my employment by the Company.

2. Subject to the limitations of paragraph 1 above, Executive expressly waives all rights
afforded by any statute which expressly limits the effect of a release with respect to unknown
claims. Executive understands the significance of this release of unknown claims and the waiver of
statutory protection against a release of unknown claims.

3. Executive hereby agrees and recognizes that his employment by the Company was/will be
permanently and irrevocably severed on      , 20     and the Company has no obligation,
contractual or otherwise to him to hire, rehire or reemploy him in the future. Executive
acknowledges that the terms of the Plan provide him with payments and benefits which are in
addition to any amounts to which he otherwise would have been entitled.

4. Executive hereby agrees and acknowledges that the payments and benefits provided by the
Company are to bring about an amicable resolution of his employment arrangements and are not to be
construed as an admission of any violation of any federal, state or local statute or regulation, or
of any duty owed by the Company and that the Plan was, and this Release is, executed voluntarily to
provide an amicable resolution of his employment relationship with the Company.

5. Executive hereby acknowledges that nothing in this Release shall prohibit or restrict him
from: (i) making any disclosure of information required by law; (ii) providing information to, or
testifying or otherwise assisting in any investigation or proceeding brought by, any federal
regulatory or law enforcement agency or legislative body, any self-regulatory organization, or the
Company’s designated legal, compliance or human resources officers; or (iii) filing, testifying,
participating in or otherwise assisting in a proceeding relating to an alleged violation of any
federal, state or municipal law relating to fraud, or any rule or regulation of the Securities and
Exchange Commission or any self-regulatory organization.

6. Executive represents that he has not filed any claims against any of the Releasees with any
local, state, or federal agency, department, or court, and does not claim an interest in any such
Claims. Executive also waives the right to recover any damages or other relief in any Claims
brought by or through the Equal Employment Opportunity Commission or any other local, state, or
federal agency, department, or court.

7. Exclusively as this Agreement pertains to the Executive’s release of Claims under the Age
Discrimination in Employment Act, Executive, pursuant to and in compliance with rights afforded him
under the Older Workers Benefit Protection Act: (i) is advised to consult with an attorney prior to
executing this General Release; (ii) is afforded twenty-one (21) days within which to consider this
General Release; and (iii) is afforded seven (7) days following execution of this General Release
to revoke it. Executive understands that he has the right to revoke this General Release for a
period of seven days following execution by giving written notice to the Company at 2090 Florence
Avenue, Cincinnati, Ohio 45206, Attention: General Counsel. It is agreed that this General Release
shall not become effective and enforceable until the seven (7) day revocation period expires.
Executive’s knowing and voluntary execution of this Agreement is an express acknowledgment and
agreement that he had the opportunity to review this Agreement with his attorney; that Executive
was afforded twenty-one (21) days to consider it before executing it; that Executive agrees this
General Release is written in a manner that enables him to fully understand its content and
meaning; and that Executive is being given seven (7) days to revoke the Agreement.

8. Executive shall return to the Company any and all property belonging to the Company or any
of the Releasees (and all copies thereof), including, but not limited to, any credit cards,
computers, other equipment, records, files, customer lists, computer disks, and all other
information developed during or relating to the business of the Company.

9. Executive upon request of the Company shall make himself reasonably available to and
cooperate with the Company or any of the Releasees and its/their counsel in responding to,
preparing for, and testifying, if necessary, in connection with any matter(s) or claim(s) involving
the Company or any of the Releasees.

10. Executive agrees that during the course of his employment with the Company, Confidential
Information belonging to Company and Releasees was provided and/or was available to him. Executive
agrees he will not, at anytime divulge the contents of any such Confidential Information to any
person or entity. Executive further agrees he will not at anytime use the contents of any such
Confidential Information for any purpose whatsoever. “Confidential Information” shall include, but
not be limited to, the identity of the Company or the Releasee’s customers, customer lists,
suppliers, and all materials, documents and facts concerning the methods, techniques, devices and
operations of the Company and the Releasees. Executive acknowledges and agrees that all
Confidential Information and all other proprietary items of the Company and the Releasees are
unique and special assets of the Company and the Releasees, and that he does not have nor can he
acquire any right therein or claim thereto.

11. Should Executive breach any terms of this General Release, the Company may stop making any
payments which still may be due, and Executive shall repay immediately, upon demand of the Company,
all amounts paid to him under the terms of the Plan, in addition to any additional damages above
that amount which the Company can prove.

12. Executive hereby certifies that he has read the terms of this General Release, that he has
been advised by the Company to discuss it with his attorney, that he has received the advice of
counsel and that he understands its terms and effects. Executive acknowledges, further, that he is
executing this General Release of his own volition with a full understanding of its terms and
effects and with the intention of releasing all claims recited herein in exchange for the
consideration described in the Agreement, which he acknowledges is adequate and satisfactory to
him. None of the above-named persons, nor their agents, representatives, or attorneys have made
any representations to the Executive concerning the terms or effects of this General Release other
than those contained herein.

Intending to be legally bound hereby, I execute the foregoing General Release this      day of
     , 20      .

EXECUTIVE

By:

Name:

Printed

MILACRON INC.

By:

Name:

Printed

Title:

2

ANNEX 1

GENERAL RELEASE

1. Milacron Inc. (the “Company”) on its behalf and on behalf of its subsidiaries and
affiliates, their officers, directors, partners, employees and agents, their respective successors
and assigns, heirs, executors and administrators (hereinafter collectively included within the term
“Company”), for and in consideration of      (the “Executive”) executing the
general release of claims against Company dated      (the “Executive’s Release of
Company”), and other good and valuable consideration, does hereby REMISE, RELEASE, AND FOREVER
DISCHARGE the Executive, his assigns, heirs, executors and administrators (hereinafter collectively
included within the term “Executive”), acting in any capacity whatsoever, of and from any and all
manner of actions and causes of actions, suits, debts, claims and demands whatsoever in law or in
equity, which it ever had, now have, or hereafter may have, by reason of any matter, cause or thing
whatsoever from the beginning of the Executive’s employment with Company to the date of this
Release arising from or relating in any way to the Executive’s employment relationship and the
termination of his employment relationship with Company, including but not limited to, any claims
which have been asserted, could have been asserted, or could be asserted now or in the future under
any federal, state or local laws, any contracts between Company and the Executive, other than the
Executive’s Release of Company, and the Proprietary Rights Agreement entered into by the Executive
on      , and any common law claims now or hereafter recognized and all claims for
counsel fees and costs, but in no event shall this release apply to any action attributable to a
criminal act or to an act or conduct that will likely result in material harm to the Company.

2. Subject to the limitations of paragraph 1 above, the Company expressly waives all rights
afforded by any statute which expressly limits the effect of a release with respect to unknown
claims. Company understands the significance of this General Release of unknown claims and the
waiver of statutory protection against a release of unknown claims.

3. Company hereby certifies that it has been advised by counsel in the preparation and review
of this Release.

Intending to be legally bound hereby, Company executes the foregoing Release this      day of
     , 20     .

MILACRON INC.

By:

Name:

Printed

Title:

EXECUTIVE

By:

Name:

Printed

3

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