Document:

EXHIBIT 10.11

 Exhibit 10.11 
 EXECUTION VERSION 
 NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS
EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 

WARRANT 

To Purchase Up To 5,940 Shares of Common Stock of 
 DYNACAST INTERNATIONAL INC. 
 THIS WARRANT (the “Warrant”)
certifies that, for value received, Kenner Equity Management, LLC or its registered assigns (the “Holder”), is entitled, upon the terms and subject to the conditions hereinafter set forth, at any time on or after the Initial
Exercise Date and on or prior to the close of business on the seventh (7th) anniversary of the Initial Exercise Date (the “Expiration Date”) to purchase up to 5,940 (as such number may be adjusted, in accordance with the terms
hereof, the “Warrant Shares”) shares of the Common Stock, par value $0.001 (the “Common Stock”), of Dynacast International Inc., a Delaware corporation or any person who succeeds to and assumes the obligations of
Dynacast International Inc. hereunder in accordance with the terms of this Warrant (the “Company”). 

Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in
the Subscription Agreement (as defined below). 
 “Additional Shares of Common Stock” shall mean all shares of
Common Stock issued (or deemed to be issued pursuant to Section 3) by the Company after the Reference Date, other than Permitted Securities. 
 “Alternate Consideration” shall have the meaning set forth in Section 3(e) hereof. 
 “Cash Outflows” means, with respect to a Common Stock Investor, (i) any amounts paid by such Common Stock Investor to purchase any shares of Common Stock or other capital stock of
the Company, (ii) any amounts of debt financing provided by such Common Stock Investor to the Company on or after the Issuance Date, (iii) all reasonable and documented out-of-pocket expenses incurred by such Common Stock Investor in
connection with any transaction with respect to either of (i) and (ii) above, including legal fees, costs and expenses, and (iv) all reasonable and documented out-of-pocket expenses incurred by such Common Stock Investor in connection
with the Company’s acquisition of the Dynacast business previously owned by Melrose PLC and its affiliates, including legal fees, costs and expenses. 
 Warrant 

  

 “Common Stock Investor” means each of Izurium Dynacast Ltd, MIHI LLC, W
Capital Dynacast LLC, Laurel Crown Dynacast Holdings LLC, LLC, Tower Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P., Tower Square Capital Partners III-B, L.P., Kenner Equity Management, LLC and Kenner Dynacast Partners
L.P. “Common Stock Investors” shall mean all of the foregoing collectively. 
 “Convertible
Securities” shall mean any evidences of indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 

“Current Market Value” means, with respect to any security (including shares of Common Stock), the fair market value of
such security as determined as follows: 
 (i) if the security is traded on a securities exchange or the NASDAQ
Stock Market, the value shall be deemed to be the average of the closing prices of the security on such exchange or market over the five (5) trading day period ending three (3) days prior to the date of determination; 

(ii) if the security is actively traded over-the-counter, the value shall be deemed to be the average of the closing bid
prices over the five (5) trading day period ending three (3) days prior to the date of determination; or 
 (iii) if there is no active public market for the security, the value shall be the fair market value thereof, as determined in good faith by the board of directors of the Company (the “Board of
Directors”). 
 “Exercise Price” shall have the meaning set forth in Section 2(b) hereof.

 “Fundamental Transaction” shall have the meaning set forth in Section 3(e) hereof. 

“Initial Exercise Date” shall mean that date upon which a Substantial Liquidity Event (as defined in the Security
Holders Agreement) occurs if, as of such Substantial Liquidity Event, and after giving effect to the exercise of the Warrant, Net Cash Proceeds received by each Common Stock Investor and their permitted transferees as of such date represents both
(A) an IRR equal to at least twenty percent (20%) and (B) at least two times the Cash Outflows of such Common Stock Investor. 
 “IRR” means, on any determination date, the compounded annual internal rate of return that, when used to caculate the net present value of all Cash Outflows and all Net Cash Proceeds as
of the Issuance Date causes the net present value of such Cash Outflows plus the net present value of such Net Cash Proceeds to equal zero. 
 “Issuance Date” means July 19, 2011. 

  
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 “Management Consulting Agreement” shall mean that certain Management
Consulting Agreement by and among Kenner Equity Management, LLC, the other Consultants party thereto and the Company, dated July 19, 2011. 
 “Net Cash Proceeds” means, with respect to a Common Stock Investor, (i) any cash proceeds received by such Common Stock Investor from any sale or other disposition of, or dividend or
other distribution on, any shares of Common Stock or other capital stock of the Company, net of any attorneys’ fees, investment banking fees, placement agent fees, financial advisory fees, underwriting discounts and commissions and other
customary fees, expenses and charges incurred by sellers of securities in connection therewith (other than income taxes payable in respect thereof), (ii) any cash proceeds received by such Common Stock Investor in respect of payments of
interest, principal or other payment with respect to any debt financing provided by such by such Common Stock Investor to Company or any of its subsidiaries, net of any fees, expenses and charges incurred by or in connection therewith and
(ii) any other cash proceeds received by such Common Stock Investor in connection with the Company’s acquisition of the Dynacast business previously owned by Melrose PLC and its affiliates and the ongoing management and operation of the
Dynacast business, including but not limited to, any amounts received by such Common Stock Investor pursuant to the Management Consulting Agreement. 
 “Options” means rights, options or warrants to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities. 

“Permitted Securities” shall mean (i) the Warrants issued pursuant to the Subscription Agreement, (ii) the
shares of Common Stock issuable upon exercise of the Warrants issued pursuant to the Subscription Agreement, (iii) shares of Common Stock and Convertible Securities and Options issued after the Reference Date pursuant to an employee option,
stock purchase or similar plan that is either in effect as of the Reference Date or adopted by the Board of Directors after the date hereof, (iv) shares of Common Stock and Convertible Securities and Options issued in consideration for the
provision of bona fide services or debt financings (including capital leases, bank credit facilities, equipment financing transactions, leasing lines of credit or other collaborative arrangements) to the Company by non-affiliates, (v) shares of
Common Stock and Convertible Securities issued in connection with an acquisition of, or merger with, another company by the Company, at a price per share not less than Current Market Value of the Common Stock, and (vi) shares of Common Stock
issued in a bona fide public offering pursuant to a firm commitment underwriting. 
 “Person” means an
individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Reference Date” means the date hereof. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Security Holders Agreement” means that certain Security Holders Agreement, dated as of July 19, 2011, by and among
the Company, MIHI LLC, Izurium Dynacast Ltd, W Capital Dynacast LLC, Laurel Crown Dynacast Holdings LLC, Tower Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P., Tower Square Capital Partners III-B, L.P., Kenner Equity
Management, LLC and Kenner Dynacast Partners L.P. as amended, restated, modified or supplemented from time to time. 

  
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 “Subscription Agreement” means that certain Subscription Agreement, dated
as of July 19, 2011, by and among the Company, MIHI LLC, Izurium Dynacast Ltd, W Capital Dynacast LLC, Laurel Crown Dynacast Holdings LLC, Tower Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P., Tower Square Capital
Partners III-B, L.P., Kenner Equity Management, LLC and Kenner Dynacast Partners L.P. as amended, restated, modified or supplemented from time to time. 
 “Substantial Liquidity Event” has the meaning set forth in the Security Holders Agreement. 
 Section 2. Exercise. 
 (a) Exercise of Warrant. Exercise
of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Expiration Date by delivery to the Company of a duly executed facsimile copy of the
Notice of Exercise Form annexed hereto (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of such Holder appearing on the books of the Company); and, within five business
days of the date said Notice of Exercise is delivered to the Company, the Company shall have received payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in
full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three business days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder
and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. In the event of any dispute or discrepancy, the records of the Company shall be controlling and determinative in the absence of
manifest error, negligence or willful misconduct. The Holder, by acceptance of this Warrant, acknowledges and agrees that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number
of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 
 In lieu of the payment of the aggregate Exercise Price in cash as provided in the previous paragraph, the Holder may elect a cashless net exercise. In the case of such cashless net exercise, the Holder
shall surrender this Warrant for cancellation and receive in exchange therefor the full number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock as is computed using the following formula: 

X = Y * (A – B) 
 A 

  
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 where: 
  

	 	X =	the number of shares of Common Stock to be issued to the Holder upon cashless exercise of this Warrant; 

 

	 	Y =	the total number of shares Common Stock covered by this Warrant which the Holder has surrendered at such time for cashless exercise (including both shares to be issued
to the Holder upon cashless exercise of this Warrant and shares to be cancelled as payment therefor); 

  

	 	A =	the Current Market Value of a share of Common Stock as of the business day on which the Holder surrenders this Warrant to the Company; and 

 

	 	B =	the Exercise Price then in effect under this Warrant at the time at which the Holder surrenders this Warrant to the Company. 

For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Common Stock issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and the holding period for the Common Stock shall be deemed to have commenced, on the date this Warrant was originally issued. 

(b) Exercise Price. The exercise price per Warrant Share under this Warrant shall be $0.01 as adjusted from time to time pursuant
to Section 3 (the “Exercise Price”). 
 (c) Mechanics of Exercise. 

(i) Authorization of Warrant Shares. The Company covenants that all Warrant Shares which may be issued upon the
exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created
by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
 (ii) Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the transfer agent of the Company, or by the Company in the event that the Company
shall not then have a transfer agent, to the Holder to the address specified by the Holder in the Notice of Exercise within five business days from the delivery to the Company of the Notice of Exercise Form, surrender of this Warrant (if required)
and payment of the aggregate Exercise Price as set forth above (“Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised on the date the Exercise Price is received by the Company. The Warrant Shares shall
be deemed to have been issued, and Holder or any other Person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised by payment to the
Company of the Exercise Price (or delivery of this Warrant to the Company upon any cashless net exercise of this Warrant) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(c)(v) prior to the issuance of such
shares, have been paid. 

  
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 (iii) Delivery of New Warrants Upon Exercise. If this Warrant shall
have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant
evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

(iv) Rescission Rights. If the Company fails to transmit, or fails to cause its transfer agent to transmit, as
applicable, to the Holder a certificate or certificates representing the Warrant Shares pursuant to Section 2(c)(ii) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

(v) Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the
Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such
name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 

(vi) Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the
timely exercise of this Warrant, pursuant to the terms hereof. 
 Section 3. Certain Adjustments. The
Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 3. 
 (a) Stock Dividends and Splits. If the Company shall at any time or from time to time effect a stock split or other subdivision of the outstanding Common Stock, the Exercise Price then in effect
immediately before that stock split or other subdivision shall be proportionately decreased. If the Company shall at any time or from time to time consummate a reverse stock split or otherwise combine the outstanding shares of Common Stock, the
Exercise Price then in effect immediately before the reverse stock split or other combination shall be proportionately increased. Any adjustment under this clause shall become effective at the close of business on the date the stock split, reverse
stock split or other subdivision or combination becomes effective. In the event the Company at any time or from time to time shall make, issue or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or
other distribution payable in additional shares of Common Stock, then and in each such event the Exercise Price then in effect shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the
close of business on such record date, by multiplying the Exercise Price then in effect by a fraction: 
 (i) the
numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and 

  
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 (ii) the denominator of which shall be the total number of shares of Common
Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus the number of shares of Common Stock issuable in payment of such dividend or distribution; 

provided, however, if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made
on the date fixed therefor, the Exercise Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Exercise Price shall be adjusted pursuant to this clause as of the time of actual payment of such
dividends or distributions. In the event the Company at any time or from time to time shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in
securities of the Company other than shares of Common Stock, then and in each such event provision shall be made so that the Holder shall receive upon exercise of this Warrant in addition to the number of shares of Common Stock receivable thereupon,
the amount of securities of the Company that it would have received had this Warrant been exercised into Common Stock on the date of such event and had they thereafter, during the period from the date of such event to and including the exercise
date, retained such securities receivable by them as aforesaid during such period, giving application to all adjustments called for during such period with respect to the rights of the Holder. If any event requiring an adjustment under this
paragraph occurs during the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise Price shall be adjusted appropriately to reflect such event. 

(b) Adjustments to Exercise Price for Certain Dilutive Issuances. 

(i) Deemed Issue of Additional Shares of Common Stock. 

(A) Except for the issuance of Permitted Securities, if the Company at any time or from time to time after the Reference
Date shall issue any Options or Convertible Securities or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum number of shares of Common
Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a subsequent adjustment of such
number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of Common Stock issued as of the
time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date. 

  
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 (B) If the terms of any Option or Convertible Security, the issuance of
which resulted in an adjustment to the Exercise Price pursuant to the terms of clause (ii) below, are revised (either automatically pursuant to the provisions contained therein or as a result of an amendment to such terms) to provide for either
(1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Company
upon such exercise, conversion or exchange, then, effective upon such increase or decrease becoming effective, the Exercise Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date with
respect thereto) shall be readjusted to such Exercise Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no adjustment pursuant
to this clause (B) shall have the effect of increasing the Exercise Price to an amount which exceeds the lower of (i) the Exercise Price on the original adjustment date, or (ii) the Exercise Price that would have resulted from any
issuances of Additional Shares of Common Stock between the original adjustment date and such readjustment date. 

(C) If the terms of any Option or Convertible Security, the issuance of which did not result in an adjustment to the
Exercise Price pursuant to the terms of clause (ii) below (either because the consideration per share of the Additional Shares of Common Stock subject thereto was equal to or greater than the Exercise Price then in effect, or because such
Option or Convertible Security was issued before the Reference Date), are revised after the Reference Date (either automatically pursuant to the provisions contained therein or as a result of an amendment to such terms) to provide for either
(1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the Company
upon such exercise, conversion or exchange, then such Option or Convertible Security, as so amended, and the Additional Shares of Common Stock subject thereto shall be deemed to have been issued effective upon such increase or decrease becoming
effective. 
 (D) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged
Convertible Security which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Exercise Price pursuant to the terms of clause (ii) below, the Exercise Price shall be readjusted to such Exercise
Price as would have obtained had such Option or Convertible Security never been issued. 
 (ii) Adjustment of
Exercise Price Upon Issuance of Additional Shares of Common Stock. In the event the Company shall at any time after the Reference Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued
pursuant to clause (i) above), without consideration or for a consideration per share less than the Current Market Value of a share of Common Stock 

  
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on the date the Company fixes the offering or issuance price of such issuance, then the Exercise Price shall be reduced, concurrently with such issue, to a price (calculated to the nearest
one-hundredth of a cent) determined in accordance with the following formula: 
 

 
 For purposes of the foregoing formula, the following definitions shall apply:

  

	 	“EP2”	 shall mean the Exercise Price in effect immediately after such issue of Additional Shares of Common Stock; 

 

	 	“EP1”	 shall mean the Exercise Price in effect immediately prior to such issue of Additional Shares of Common Stock; 

 

	 	“A”	shall mean the number of shares of Common Stock outstanding and deemed outstanding immediately prior to such issue of Additional Shares of Common Stock (treating for
this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to such issue or upon conversion of Convertible Securities outstanding immediately prior to such issue); 

 

	 	“B”	shall mean the aggregate consideration, if any, received by the Company in respect of the applicable issuance of Additional Shares of Common Stock;

  

	 	“C”	shall mean the number of such Additional Shares of Common Stock issued in such transaction; and 

 

	 	“M”	shall means the Current Market Value per share of Common Stock on the date of issuance of such Additional Shares of Common Stock. 

(c) Determination of Consideration. For purposes of this Section 3, the consideration received by the Company for the
issue of any Additional Shares of Common Stock shall be computed as follows: 
 (A) Cash and Property.
Such consideration shall: 
  

	 	(1)	insofar as it consists of cash, be computed at the aggregate amount of cash received by the Company, excluding amounts paid or payable for accrued interest;

  

	 	(2)	insofar as it consists of securities and the value of such securities is not determinable by reference to a separate agreement, then the value shall be computed based
on the Current Market Value thereof; 

  
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	 	(3)	insofar as it consists of property other than cash or securities, be computed at the fair market value thereof at the time of such issue, as determined in good faith by
the Board of Directors; and 

  

	 	(4)	in the event Additional Shares of Common Stock are issued together with other shares or securities or other assets of the Company for consideration which covers both,
be the proportion of such consideration so received, computed as provided in clauses (1), (2) and (3) above, as determined in good faith by the Board of Directors. 

(B) Options and Convertible Securities. The consideration per share received by the Company for Additional Shares
of Common Stock deemed to have been issued pursuant to this Section 3, relating to Options and Convertible Securities, shall be determined by dividing: 
  

	 	(1)	the total amount, if any, received or receivable by the Company as consideration for the issue of such Options or Convertible Securities, plus the minimum aggregate
amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the Company upon the exercise of such Options or
the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities, by

  

	 	(2)	the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent
adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities. 

 (d) Multiple Closing Dates. In the event the Company shall issue on more than one date Additional Shares of Common Stock that are a part of one transaction or a series of related transactions and
that would result in an adjustment to the Exercise Price pursuant to the terms of this Section 3 then, upon the final such issuance, the Exercise Price shall be readjusted to give effect to all such issuances as if they occurred on the
date of the first such issuance (and without giving effect to any adjustments as a result of any subsequent issuances within such period). 
 (e) Fundamental Transactions. If, at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation of the Company with or into another Person, (B) the
Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (C) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common
Stock are permitted to tender or exchange their shares for other securities, cash or property, or (D) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the

  
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Common Stock is effectively converted into or exchanged for other securities, cash or property (in any such case, a “Fundamental Transaction”), then, upon any subsequent exercise
of this Warrant prior to the expiration of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the
option of the Holder, (a) upon exercise of this Warrant, the number of shares of common stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the
“Alternate Consideration”) receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is
exercisable immediately prior to such event or (b) if the Company is acquired in an all cash transaction, cash equal to the product of (x) the aggregate number of Warrant Shares issuable to the Holder upon the exercise of this Warrant in
full, times (y) the amount of cash per share of Common Stock payable to the holders of Common Stock in connection with such Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be
appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. At least 5 days prior to the consummation of any Fundamental Transaction, the Company shall deliver written
notice to the Holder of such Fundamental Transaction. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the
Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction; provided, that, the Holder shall make such choice prior to the closing of such Fundamental Transaction. To the extent necessary to
effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise
such warrant into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is affected shall include terms requiring any such successor or surviving entity to comply with the provisions of this
Section 3(e) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. 

(f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of
Common Stock. 
 (g) Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this
Section 3, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted
number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment. 

  
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 (h) Voluntary Adjustment By Company. The Company may at any time during the term of
this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors. 
 (i) Notice to Holder. 
 (A) Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to each Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief
statement of the facts requiring such adjustment. 
 (B) Effect of Failure to Give Notice. The failure of
the Company to give any notice required under this section or any inaccuracy or other defect therein shall not affect the determination of the Exercise Price that shall be in effect as provided herein. 

Section 4. Transfer of Warrant. 
 (a) Transferability. Subject to compliance with any applicable securities laws and the terms and conditions of Section 4(d) hereof, this Warrant and all rights hereunder (including,
without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in
the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and
deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not
so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

(b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which
may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. 

(c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 (d) Transfer
Restrictions. This Warrant and the Warrant Shares issuable upon exercise of this Warrant shall be subject to the transfer restrictions set forth in the Security Holders Agreement. Accordingly, this Warrant and the Warrant Shares issuable upon
exercise of this Warrant shall be deemed “Shares” for the purposes of the Security Holders Agreement and shall be subject to the provisions of that Security Holders Agreement as though this Warrant and the Warrant Shares issuable upon
exercise of this Warrant were “Shares” thereunder. 

  
 12 

 Section 5. Miscellaneous. 

(a) No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights as a
shareholder of the Company prior to the exercise hereof. 
 (b) Loss, Theft, Destruction or Mutilation of Warrant. The
Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company
will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 
 (c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a business day, then such
action may be taken or such right may be exercised on the next succeeding business day. 
 (d) Authorized Shares.

 (i) The Company covenants that during the period the Warrant is outstanding, it will reserve from its
authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any stock exchange or Trading Market upon
which the Common Stock may be listed. 
 (ii) Except and to the extent as waived or consented to by the Holder,
the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or
appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (b)

  
 13 

 
take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and
(c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this
Warrant. 
 (iii) Before taking any action which would result in an adjustment in the number of Warrant Shares
for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

 (e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the provisions of the Subscription Agreement. 
 (f) Restrictions. The Holder
acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws. 

(g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate on the Expiration Date. 

(h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Subscription Agreement. 
 (i) Limitation of
Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
 (j) Remedies. Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant.
The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific
performance that a remedy at law would be adequate. 
 (k) Successors and Assigns. Subject to applicable securities laws,
this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for
the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares. 

  
 14 

 (l) Amendment. Any term of this Warrant may be amended, modified or waived only upon
written consent of the Holder and the Company. 
 (m) Severability. Wherever possible, each provision of this Warrant
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition
or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 (n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 * * * * * 

  
 15 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized. 
 Dated: July 19, 2011 

 

			
	DYNACAST INTERNATIONAL INC.
		
	By:	 	 /s/ Jeffrey L. Kenner

	Name:	 	 Jeffrey L. Kenner

	Title:	 	 President

 [Signature Page to the Warrant] 

  

 NOTICE OF EXERCISE 
 TO: DYNACAST INTERNATIONAL INC. 
 (1) The undersigned hereby elects to
purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 

(2) Payment shall take the form of (check applicable box): 

 

	 	 ̈	in lawful money of the United States; or 

  

	 	 ̈	exercise of the cashless net exercise option in accordance with the formula set forth in Section 2(a) pursuant to the cashless net exercise procedure set forth in
Section 2(a). 

 (3) Please issue a certificate or certificates representing said Warrant Shares in the name
of the undersigned or in such other name as is specified below: 
  

					
			
		  	 	  	

 The Warrant Shares shall be delivered by physical delivery of a certificate to: 

 

					
			
		  	 	  	
			
		  	 	  	
			
		  	 	  	

 (4) The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended. 
 [SIGNATURE OF HOLDER] 
 Name of Investing Entity: __________________________________________________________________________________ 
 Signature of Authorized Signatory of Investing Entity: ____________________________________________________________ 
 Name of Authorized Signatory: ______________________________________________________________________________ 
 Title of Authorized Signatory: _______________________________________________________________________________ 
 Date: __________________________________________________________________________________________________ 

 ASSIGNMENT FORM 

(To assign the foregoing warrant, execute 
 this form and supply required information. 
 Do not use this form to exercise the
warrant.) 
 FOR VALUE RECEIVED, [            ] all of or
[                ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

_______________________________________________ whose address is 
 _______________________________________________________________. 

_______________________________________________________________. 

 

	
	Dated: ______________, _______

  

							
		  	Holder’s Signature:	  	 	  	
				
		  	Holder’s Address:	  	 	  	
				
		  		  	 	  	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant,
without alteration or enlargement or any change whatsoever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.EXHIBIT 10.12

 Exhibit 10.12 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated the 19th day of July, 2011, is by and among DYNACAST INTERNATIONAL INC., a
Delaware corporation (the “Holding Company”), MIHI LLC, IZURIUM DYNACAST LTD, W CAPITAL DYNACAST LLC, LAUREL CROWN DYNACAST HOLDINGS LLC, TOWER SQUARE CAPITAL PARTNERS III, L.P., TOWER SQUARE CAPITAL PARTNERS III-A, L.P., TOWER
SQUARE CAPITAL PARTNERS III-B, L.P., KENNER EQUITY MANAGEMENT, LLC (“Kenner Management”) and KENNER DYNACAST PARTNERS L.P. (“Kenner”) (each of the foregoing except the Holding Company, a
“Stockholder” and collectively the “Stockholders”). Certain other terms are defined in section 1. 
 PRELIMINARY STATEMENTS 
 Each of the Stockholders has agreed to acquire
certain securities from the Holding Company. In consideration of the premises and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged by the parties hereto, and in order to induce such parties to acquire
such securities from the Holding Company, the parties hereby agree as follows: 
 1. Certain Definitions. The following
terms have the following respective meanings: 
 “Affiliate” of any Person shall mean any other Person that,
directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with such first-mentioned Person, or any individual, in the case of a Person who is an individual, who has a relationship by blood,
marriage or adoption to such first-mentioned Person not more remote than first cousin, and, without limiting the generality of the foregoing, shall include (a) any Person beneficially owning or holding, directly or indirectly, 5% or more of any
class of Voting Stock or other equity securities of such first-mentioned Person, (b) any Person of which such first-mentioned Person owns or holds, directly or indirectly, 5% or more of any class of Voting Stock or other equity securities,
(c) any Person for which any of the foregoing is an investment manager or investment advisor, (d) any estate, trust, guardianship, custodianship or other fiduciary arrangement for estate planning purposes for the benefit of any one or more
of the foregoing Persons, (e) any trust, family limited partnership, limited liability company or other entity controlled by and substantially all of the interests in which are owned, directly or indirectly, by any one or more Persons named
above, (f) any Person who is a direct or indirect beneficial owner or beneficiary of, the first-mentioned Person or (g) any director or executive officer of such Person. For the purposes of this definition, “control”
(including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the ownership of Voting Stock or other equity securities or by contract or otherwise. 
 “Blue Sky Application” means any blue sky application or other document or any amendment or supplement thereto prepared or executed by the Holding Company (or based upon written
information furnished by or on behalf of the Holding Company expressly for use in such blue sky application or other document or amendment or supplement) filed in any jurisdiction specifically for the purpose of qualifying any or all of the
Registrable Shares under the securities laws of any state or other jurisdiction. 

 “Commission” means the United States Securities and Exchange Commission.

 “Common Stock” means the common stock, par value $0.001 per share, of the Holding Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor law thereto, as well as all
regulations and rules issued pursuant to that Act or any successor law thereto. 
 “Holder” means any
Stockholder that holds any Registrable Shares and any holder of Registrable Shares to whom the registration rights conferred by this Agreement have been transferred in compliance with section 10 hereof. A holder of any Warrant shall, for
purposes hereof, be deemed to hold the Registrable Shares issuable upon exercise of such Warrant; provided that such Warrant must first be exercisable for a holder of any Warrant to be deemed to hold such Registrable Shares. A holder of
Preferred Stock shall, for purposes hereof, be deemed to hold the Registrable Shares issuable upon conversion of the Preferred Stock. 
 “Indemnified Party”, “Indemnified Person” and “Indemnifying Party” shall have the respective meanings specified in section 2.7. 

“Institutional Investors” means MIHI LLC, Izurium Dynacast Ltd, W Capital Dynacast LLC, Laurel Crown Dynacast Holdings
LLC, Tower Square Capital Partners III, L.P., Tower Square Capital Partners III-A, L.P., Tower Square Capital Partners III-B, L.P., Kenner and Kenner Management and includes their respective successors and permitted assigns. 

“Managing Underwriter(s)” shall mean the managing underwriter(s) selected by the Holding Company, which shall be
reasonably acceptable to a majority of the aggregate number of outstanding Registrable Shares. 
 “Person”
shall mean an individual, a corporation, a limited liability company, an association, a joint-stock company, a business trust or other similar organization, a partnership, a joint venture, a trust, an unincorporated organization or a government or
any agency, instrumentality or political subdivision thereof. 
 “Preferred Stock” means the Series A Preferred
Stock and the Series B Preferred Stock. 
 “qualification” or “compliance” mean the
qualification or compliance of all Registrable Shares included in any registration contemplated hereby under all applicable blue sky or other applicable securities laws. 
 “register”, “registered” and “registration” as used herein refer to a registration effected by filing a registration statement in compliance with the
Securities Act to permit the sale and disposition of the Registrable Shares, and any amendment filed or required to be filed to permit any such disposition. 

  
 2 

 “Registrable Shares” means any of the shares of Common Stock owned by the
Stockholders, whether now owned or hereafter acquired, including all shares of Common Stock issued or issuable upon exercise of options or warrants held by a Holder, all shares of Common Stock issued or issuable upon conversion of Preferred Stock
and any Common Stock issued in respect thereof by dividend, upon exchange, replacement or transfer, in connection with any recapitalization or otherwise, except that, as to any particular Registrable Shares, such securities, once issued, will cease
to be Registrable Shares when (a) a registration statement covering such securities has been declared effective and such securities have been disposed of pursuant to such effective registration statement; (b) in the case of any such
securities held by a Person who is not an Affiliate of the Holding Company, such securities are eligible to be, or have been, sold by such Person pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act without any
volume or manner of resale restrictions thereunder and (c) the date on which such securities cease to be outstanding (whether as a result of redemption, repurchase, cancellation or otherwise). 

“Registration Expenses” means all fees, expenses and disbursements related to compliance with the registration
requirements set forth in sections 2.1, 2.2 and 2.3 hereof, including, without limitation, all registration, filing, rating and listing fees, blue sky fees and expenses, printing expenses, fees and disbursements of counsel
(including, without limitation, the reasonable fees, expenses and disbursements of one special counsel for the Holder or Holders), and expenses of any special audits incidental to or required by any registration, except that Registration Expenses
shall not include any Selling Expenses. 
 “Securities Act” means the Securities Act of 1933, as amended, or
any successor law thereto, as well as all regulations and rules issued pursuant to that Act or any successor law thereto. 

“Security Holders Agreement” means the Security Holders Agreement dated the date hereof by and among the Holding Company
and the stockholders party thereto (as amended, restated, supplemented or otherwise modified from time to time). 

“Selling Expenses” means underwriters’ discounts and commissions attributable to any Registrable Shares registered
and sold pursuant to any such registration. 
 “Series A Preferred Stock” means the Series A Convertible
Redeemable Preferred Stock, par value $0.001, of the Holding Company. 
 “Series B Preferred Stock” means the
Series B Redeemable Preferred Stock, par value $0.001, of the Holding Company. 
 “Subsidiary” of any Person at
any date means (a) any other Person a majority (by number of votes) of the Voting Stock of which is owned by such first-mentioned Person and/or by one or more other Subsidiaries of such first-mentioned Person and (b) any other Person with
respect to which such first-mentioned Person and/or any one or more other Subsidiaries of such first-mentioned Person (i) is entitled to more than 50% of such Person’s profits or losses or more than 50% of such Person’s assets on
liquidation or (ii) holds an equity interest in such Person of more than 50%. As used herein, unless the context clearly requires otherwise, the term “Subsidiary” refers to a Subsidiary of the Holding Company. 

  
 3 

 “Subscription Agreement” means that certain Subscription Agreement, dated
July 19, 2011, by and among the Holding Company and each of the Institutional Investors, as amended restated modified or supplemented from time to time. 
 “Shares” of any Person shall include any and all shares of capital stock, partnership interests, limited liability company interests, membership interests, or other shares, interests,
participations or other equivalents (however designated and of any class) in the capital of, or other ownership interests in, such Person. 
 “Stockholder” shall have the meaning specified in the preamble and shall also include any Person who signs a joinder to this Agreement. 

“Super-Majority of the Holders” means, at any date, Holders holding more than two thirds of the aggregate number of
outstanding Registrable Shares then held by or issuable to such Holders. 
 “Voting Stock”, when used with
reference to any Person, shall mean Shares (however designated) of such Person having ordinary voting power for the election of a majority of the members of the board of directors of such Person, other than Shares having such power only by reason of
the happening of a contingency. 
 “Underwriter(s)” shall mean the underwriter(s) selected by the Holding
Company, which shall be reasonably acceptable to a majority of the aggregate number of outstanding Registrable Shares. 

“Warrants” shall mean the Holding Company’s authorized and issued warrants evidencing rights to purchase in the
aggregate 9,990 shares (subject to adjustment) of Common Stock. 
 2. Registration, etc. 

2.1 Registration on Request. (a) Subject to the limitations set forth in this section 2.1, upon written request,
Stockholders holding at least two thirds of the shares of Voting Stock (the “Initiating Holders”) may request that the Holding Company effect the registration under the Securities Act of all or a portion of the Registrable Shares of
such Stockholders. A written request pursuant to this clause (a) shall specify (i) the number of Registrable Shares such Initiating Holders desire to have registered, (ii) the Initiating Holders intending to register their
Registrable Shares, (iii) the respective amount of Registrable Shares intended to be registered by each such Initiating Holder, (iv) the intended method or methods of distribution of all such Registrable Shares by such Initiating Holders
and (v) whether or not such Initiating Holders elect such registration to be an underwritten offering. Upon receipt of such written notice, the Holding Company will: 

(i) promptly give written notice of the requested registration to each Holder that is not an Initiating Holder;

  
 4 

 (ii) as expeditiously as reasonably practicable, prepare and file with the
Commission a registration statement relating to the requested registration; and 
 (iii) use commercially
reasonable efforts to effect such registration as soon as practicable, of (A) the Registrable Shares that the Holding Company has been so requested to register by the Initiating Holders and (B) all other Registrable Shares that the Holding
Company has been requested to register by the other Holders thereof upon written request by such other Holders given to the Holding Company within 30 days after the giving of the written notice by the Holding Company as set forth in subclause
(i) above (which request shall specify the number of Registrable Shares to be included in such registration), all to the extent requisite to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the
Registrable Shares so to be registered. 
 (b) The obligations of the Holding Company under this section 2.1 to effect
any such registration shall be subject to the following qualifications: 
 (i) the Holding Company shall not be
required to effect a registration pursuant to this section 2.1: (A) after the Holding Company has effected one (1) registration pursuant to this section 2.1, and such registration has been declared or ordered effective and
kept effective by the Holding Company as required by section 2.4 of this Agreement; (B) during the period starting with the date sixty (60) days prior to the Holding Company’s good faith estimate of the date of filing of, and
ending on a date one hundred twenty (120) days after the effective date of, a Holding Company-initiated registration; provided that the Holding Company is actively employing in good faith all reasonable efforts to cause such registration
statement to become effective or (C) if the Initiating Holders propose to dispose of Registrable Shares that may be immediately registered on Form S-3 pursuant to a request made pursuant to section 2.3 below; 

(ii) the Holding Company shall not be obligated to effect any registration requested pursuant to this section 2.1
prior to the earlier of (A) the third anniversary of the Completion Date (as defined in that certain Share Purchase Agreement, dated June 5, 2011, by and among the Holding Company, Melrose PLC, Melrose Overseas Holdings Limited and Melrose
UK 4 Limited (formerly Dynacast Investments Limited) and (B) 120 days following the consummation of the Holding Company’s initial public offering; 
 (iii) the Holding Company shall not be obligated to effect any registration requested pursuant to this section 2.1 unless requested to do so in writing by the Holders of at least two thirds of the
shares of Voting Stock; 
 (iv) the Holding Company shall not include in any registration requested pursuant to
this section 2.1 any securities other than Registrable Shares unless: (A) the Managing Underwriter of such offering shall have advised each Holder of Registrable Securities to be covered by such registration in writing that the inclusion
of such other securities would not adversely affect such offering or (B) the Holders of 51% of the Registrable Shares to be included in such registration shall have consented in writing to the inclusion of such other securities; 

  
 5 

 (v) the Holding Company shall pay all Registration Expenses related to any
registration requested pursuant to this section 2.1, and any Selling Expenses related to any registration requested pursuant to this section 2.1 shall be allocated among all Persons on whose behalf securities of the Holding Company are
included in registration, on the basis of the respective amounts of the securities then being registered on their behalf; 
 (vi) in connection with any underwritten offering requested pursuant to this section 2.1, the right of any Holder to include such Holder’s Registrable Shares in such registration shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Shares in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such
underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by the Holding Company; 

(vii) if in connection with any underwritten offering requested pursuant to this section 2.1, the Managing
Underwriter(s) shall impose a limitation on the number or kind of securities that may be included in any such registration because, in its reasonable judgment, such limitation is necessary to effect an orderly public distribution or to prevent an
adverse effect upon such offering, then there shall be included in such registration: 
 (A) first, the
Registrable Shares then requested to be registered by the Holders thereof (and, if not all of such Registrable Shares can be included therein on account of such limitation, then the Registrable Shares to be included in such registration shall be
allocated among the Holders thereof at the time requesting registration in proportion to the aggregate number of Registrable Shares then owned by or issuable to each such Holder), and 

(B) second, if all of the Registrable Shares then requested to be registered have been so included, any other securities
(including, without limitation, those to be issued and sold by the Holding Company) which are to be included in such registration (and, if not all of such securities can be included therein on account of such limitation, then the securities to be
included in such registration pursuant to this subparagraph (B) shall be allocated among the holders thereof at the time requesting registration in proportion to the aggregate number of securities then owned by or issuable to each such holder);
and 
 (viii) if the Holding Company shall furnish to each Holder requesting registration pursuant to this
section 2.1 an Officer’s Certificate certifying that the board of directors of the Holding Company has determined that it is necessary to delay the filing of the registration statement because such a filing at the time requested, or the
offering of securities pursuant thereto, would be seriously detrimental to the Holding Company and its shareholders, the Holding Company shall have the right to delay such filing for a period ending not more than 135 days after the first date upon
which it shall have received a written request for such registration from the Initiating Holders; provided that (A) the Holding Company may not exercise this right to delay the filing of a

  
 6 

 
registration statement on more than one occasion in any twelve-month period, and (B) the Holding Company shall reimburse each Holder for all expenses (but as to fees, expenses and
disbursements of one counsel to the Holders so requesting registration under this section 2.1, only reasonable fees, expenses and disbursements of counsel) incurred in connection with any such registration prior to receipt of any such
Officer’s Certificate. 
 2.2 Incidental Registration. (a) If the Holding Company at any time or from time to
time shall determine to effect the registration of any of its shares of Common Stock (whether in connection with an offering by the Holding Company or others) (but excluding a registration relating solely to employee benefit plans; relating solely
to securities to be issued in a merger, acquisition of the stock or assets of another entity or in a similar transaction, or a registration on a form that does not permit secondary sales), then, in each such case (including the Holding
Company’s initial public offering), the Holding Company will: 
 (i) promptly give written notice to each
Holder of the proposed registration (which shall specify if such registration shall involve an underwritten offering); and 
 (ii) include among the securities that it then intends to register all Registrable Shares specified by any Holder thereof in a written request or requests, made within 30 days after receipt of such
written notice from the Holding Company. 
 (b) The obligations of the Holding Company under this section 2.2 to effect
any such registration are subject to the following qualifications: 
 (i) the Holding Company shall pay all
Registration Expenses related to any registration contemplated by this section 2.2, and any Selling Expenses in connection with any registration under this section 2.2 shall be allocated among all Persons on whose behalf Registrable
Shares are included in such registration, on the basis of the respective amounts of the securities then being registered on their behalf; 
 (ii) if the registration statement under which the Holding Company gives notice under this section 2.2 is for an underwritten offering, the right of any Holder to be included in a registration
pursuant to this section 2.2 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Shares in the underwriting to the extent provided herein. All Holders proposing
to distribute their Registrable Shares through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by the Holding Company; 

(iii) notwithstanding any other provision of this Agreement, if, in connection with any underwritten offering pursuant to
this section 2.2, the Managing Underwriter(s) shall impose a limitation on the number or kind of securities that may be included in any such registration for sale by any Person other than the Holding Company because, in its reasonable
judgment, such limitation is necessary to effect an orderly public distribution or to prevent an adverse effect upon such offering, then there shall be included in such registration (A) first, all securities proposed to be issued and
sold by the Holding Company for its own account; (B) second, if all of the securities to be issued and sold by 

  
 7 

 
the Holding Company have been so included, such Registrable Shares (which may be none) of the Holders that are entitled to participate in the registration and that have requested to be included
in such registration pro rata on the basis of the total number of Registrable Shares owned by each such participating Holder that are subject to incidental registration rights pursuant hereto and (C) if all of the securities
described in clauses (A) and (B) have been so included, all other securities of the Holding Company requested to be included by other Persons in such registration on a pro rata basis; 

(iv) in connection with an initial public offering of the Holding Company, the Managing Underwriter(s) may require that
each Holder that has requested participation in the registration pursuant to this section 2.2 shall agree not to sell, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction
with the same economic effect as a sale, any shares of Common Stock held by such Holder (other than those included in the registration) for a period specified by the representative of the Underwriter(s) not to exceed ten (10) days prior to and
one hundred eighty (180) days following the date that such initial public offering is declared effective by the Commission; and 
 (v) the Holding Company shall have the right to delay, terminate or withdraw any registration initiated by it under this section 2.2 at any time prior to the effectiveness of such registration
whether or not any Holder has elected to include Registrable Shares in such registration. The Holding Company shall deliver written notice to each Holder that was eligible to participate in such registration and that requested to be included in such
registration of the Holding Company’s determination to delay or not to effect such registration, and: (i) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Shares in connection
with such registration (but not from its obligation to pay the Registration Expenses in connection therewith) and (ii) in the case of a determination to delay registering, shall be permitted to delay registering any Registrable Shares, for the
same period as the delay in registering such other securities. 
 2.3 S-3 Registration. In addition to the rights under
sections 2.1 and 2.2, so long as the Holding Company is then eligible to file a registration statement on Form S-3 (or any successor form) under the Securities Act, then, upon the written request by any Holder or Holders, the Holding
Company shall use its commercially reasonable efforts to effect the registration (on such Form S-3 (or any successor form)) of all of the Registrable Shares of the Holder or Holders making such request; provided that the Holding Company shall
not be obligated to effect any such registration unless the reasonably anticipated price to the public of the Registrable Shares to be registered and sold pursuant thereto, together with any other securities to be included in such registration,
exceeds $50 million. If so requested by any such holder or holders of Registrable Shares, the Holding Company shall take such steps as are required to register such Registrable Shares for sale on a delayed or continuous basis under Rule 415 under
the Securities Act and to keep such registration effective for such period as is necessary to permit the sale and distribution of the Registrable Shares pursuant thereto. The Holding Company shall not be obligated to effect more than one
registration pursuant to this section 2.3 during any period of six consecutive months. The Holding Company shall pay all Registration Expenses related to each such registration, qualification and compliance

  
 8 

 
contemplated by this section 2.3, and any Selling Expenses in connection with any registration under this section 2.3 shall be allocated among all Persons on whose behalf
Registrable Shares are included in such registration, on the basis of the respective amounts of the securities then being registered on their behalf. 
 2.4 Registration Procedures. In the case of each registration contemplated by this section 2, the Holding Company will keep each Holder that is entitled to participate in the registration
and that has requested to be included in such registration, advised in writing as to the initiation of proceedings for such registration and as to the completion thereof, and will advise each such Holder, upon request, of the progress of such
proceedings (to the extent then known to the Holding Company). In addition, the Holding Company will follow procedures customarily observed by issuers in public offerings, and accord to such Holder all rights (including, without limitation, the
right to perform appropriate “due diligence”) customarily accorded to selling stockholders in secondary distributions and to Managing Underwriters if the transaction in question is or was an underwritten public offering. At the expense of
the party or parties bearing the expenses of such registration, the Holding Company will (a) use commercially reasonable efforts to cause any registration statement filed with the Commission to become effective and thereafter keep such
registration current and effective by such action as may be necessary or appropriate, including, without limitation, the filing of post-effective amendments and supplements to any registration statement or prospectus, for such period as is necessary
to permit the sale and distribution of the Registrable Shares pursuant thereto, provided that such period shall not exceed 180 days, (b) use commercially reasonable efforts to register and qualify the securities covered by such
registration statement any applicable blue sky or other applicable securities law to permit such sale and/or distribution, all as requested by such Holders, provided that the Holding Company shall not be required in any event to so register
or qualify the Registrable Shares in any state or jurisdiction if, solely as a result thereof, the Holding Company must qualify generally to do business therein or consent to general service of process therein, (c) comply with applicable
requirements of all regulatory entities, (d) furnish each such Holder participating in such registration and, if an underwritten offering, to the Underwriters of the securities being registered, such number of registration statements,
prospectuses, supplements, amendments, offering circulars and other documents incidental thereto as such Holder from time to time may reasonably request, (e) list all Registrable Shares on each securities exchange on which securities of the
same class are then listed and (f) use its commercially reasonable efforts, on the date that such Registrable Shares are delivered to the Underwriters for sale, if such securities are being sold through Underwriters, (i) an opinion, dated
as of such date, of counsel representing the Holding Company for purposes of such registration, in form and substance as is customarily given to Underwriters in an underwritten public offering, addressed to the Underwriters and (ii) a letter,
dated as of such date, from the independent certified public accountants of the Holding Company, in form and substance as is customarily given by independent certified public accountants to Underwriters in an underwritten public offering addressed
to the Underwriters. 
 2.5 Cooperation by Holders of Registrable Shares. The Holding Company shall have no obligation to
include in any registration contemplated by this section 2, Registrable Shares of a Holder who has failed to timely furnish such information which, in the opinion of counsel to the Holding Company, is reasonably required in order for the
registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

  
 9 

 2.6 Restrictions on Public Sale by Holders of Registrable Shares. Each Holder who is
included in any registration contemplated by this section 2 agrees not to effect any public sale or distribution of the Registrable Shares during the 90 calendar day period beginning on the date of a prospectus supplement filed with the
Commission with respect to the pricing of an underwritten offering, provided that the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the Underwriters on the Holding
Company or the officers or directors or any other securityholder of the Holding Company on whom a restriction is imposed; provided, however, that the restrictions under this section 2.6 shall not apply to any Holder if such
Holder, along with its Affiliates, beneficially owns (in the aggregate) less than 5% of the outstanding Common Stock. 
 2.7
Indemnification. (a) In the event of any registration of any Registrable Shares under the Securities Act, the Holding Company shall indemnify, defend and hold harmless each Holder of any Registrable Shares that are included in any
registration, qualification and/or compliance contemplated by this section 2, and each Person, if any, who “controls” each such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) (each, an “Indemnified Person”), to the fullest extent enforceable under applicable law, against all claims, losses, damages and liabilities (or actions in respect thereof) including any of the foregoing incurred in settlement
of any litigation, commenced or threatened (collectively, “Losses”) arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement under which Registrable
Securities were registered, any prospectus, prospectus supplement, offering circular or other document, or any amendment or supplement thereto, or any Blue Sky Application, or based on any omission (or alleged omission) to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, or, with respect to any prospectus, necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or
any violation (or alleged violation) of the Securities Act or other applicable securities laws in connection with any such registration, qualification or compliance, and will reimburse each such Indemnified Person for any legal or any other expenses
reasonably incurred in connection with investigating and/or defending (and/or preparing for any investigation or defense of) any such claim, loss, damage, liability, action or violation; provided that the Holding Company will not be liable in
any such case to any such Indemnified Person to the extent that any such Losses, violation or expense arises out of or is based on any untrue statement or alleged untrue statement in or omission or alleged omission in any such registration
statement, prospectus, prospectus supplement, offering circular or other document, or any amendment or supplement thereto in reliance upon and in conformity with written information furnished to the Holding Company by or on behalf of such
Indemnified Person specifically for use therein. Each Holder shall, severally and not jointly, if Registrable Shares held by such Holder are included in a registration, qualification or compliance effected pursuant to this section 2,
indemnify, defend and hold harmless the Holding Company, each of its directors and officers who signs the related registration statement, and each Person, if any, who controls the Holding Company (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act), to the same extent as the foregoing indemnity from the Holding Company to the aforementioned Holders of Registrable Shares, but only with reference to written information relating to such
Holder furnished to the Holding Company by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity, provided that the aggregate liability of such Holder under this section 2.7 (and
otherwise in connection with indemnification and/or contribution obligations) shall be limited to the net sales proceeds actually received by such Holder as a result of the sale by it of securities in such registration. 

  
 10 

 (b) Each party entitled to indemnification under this section 2.7 (the
“Indemnified Party”) shall give written notice to the party or parties required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to
which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of such claim or any litigation resulting therefrom, provided that (i) the failure of any Indemnified Party to give notice as provided herein
shall not relieve the Indemnifying Party of its obligations under this section 2.7, except to the extent of any claim, loss, damage, liability or expense caused solely by such failure or such failure to give notice is materially prejudicial
to an Indemnifying Party’s ability to defend such action, (ii) counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose
approval shall not unreasonably be withheld), (iii) the Indemnified Party may participate in such defense at such party’s expense, (iv) the Indemnified Party shall be entitled to separate counsel at the expense of the Indemnifying
Party if, in the reasonable opinion of counsel to the Indemnified Party, there shall exist any conflict of interest (or potential conflict of interest) between the Indemnified Party and the Indemnifying Party and (v) the Indemnifying Party
shall not assume the defense for matters as to which there is a conflict of interest or there are separate and different defenses. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each
Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of
such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with defense of
such claim and litigation resulting therefrom. 
 (c) If the indemnification provided for in this section 2.7 is held by
a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any claim, loss, damage, liability or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such claim, loss, damage, liability or expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, or
of the Indemnified Party, on the other hand, in connection with the statements or omissions that resulted in such claim, loss, damage, liability or expense, as well as any other relevant equitable considerations; provided, however,
that the total amount paid or payable by a Holder pursuant to this Section 2.7(c) shall be limited to the net sales proceeds actually received by such Holder as a result of sales by it of securities in such registration; provided,
further, that in no event shall a Holder’s liability pursuant to this Section 2.7(c), when combined with the amounts paid or payable by such Holder pursuant to Section 2.7(a), exceed the net proceeds from the
offering received by such Holder. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to
state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission.

  
 11 

 (d) To the extent any provision of this section 2.7 conflicts with the provisions of
any underwriting agreement entered into by the Holding Company, the provisions of the underwriting agreement shall control. 

2.8 Restrictions on Other Agreements. The Holding Company shall not grant any right relating to the registration, qualification or
compliance of its securities if such right is superior to, or the exercise thereof interferes with or is inconsistent with or will delay (or could reasonably be expected to interfere with or be inconsistent with or delay) the exercise and enjoyment
of, any of the rights granted under this section 2, without the written consent of a Super-Majority of the Holders, which consent may be given or withheld in the sole discretion of such holders. The Holding Company will not permit any of its
Subsidiaries to effect, or to grant any right relating to, the registration of its securities. 
 2.9 Rule 144
Information. After the Holding Company has registered any of its Shares, the Holding Company agrees to: 

(i) make and keep current public information about the Holding Company available, as those terms are understood and
defined in Rule 144 (or any similar provisions then in force) under the Securities Act; 
 (ii) use its
commercially reasonable efforts to file with the Commission in a timely manner all reports and other documents required of the Holding Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting
requirements); and 
 (iii) furnish to any Holder upon request, so long as such Holder owns Registrable Shares,
(A) a written statement by the Holding Company as to its compliance with the reporting requirements of Rule 144 (or any similar provisions then in force) under the Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements), (B) a copy of the most recent annual or quarterly report of the Holding Company and (C) such other reports and documents of the Holding Company as such Holder may reasonably request to avail itself of any
similar rule or regulation of the Commission allowing it to sell any such securities without registration. 
 3. Notices.
All communications provided for herein shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such communication by a recognized overnight delivery service (charges prepaid), (b) by a
recognized overnight delivery service (charges prepaid) or (c) by messenger. The respective addresses of the parties hereto for the purposes of this Agreement are set forth on Exhibit A attached hereto. Any party may change its address
(or telecopy number) by notice to each of the other parties in accordance with this section 3. Communications under this Agreement shall be deemed given only when actually received. 

4. Binding Agreement. This Agreement shall be binding on and shall inure to the benefit of each of the parties hereto and their
respective successors and assigns, including subsequent holders of Registrable Shares to the extent permitted herein. 

  
 12 

 5. Amendments and Waivers. This Agreement may not be amended, nor may compliance with
the terms hereof be waived, except by a written instrument signed by the Holding Company and a Super-Majority of the Holders and any vote required by the terms of the Security Holders Agreement; provided that no amendment or waiver may
adversely affect any Holder in a manner different from any other Holder without the written consent of such first-mentioned Holder. No course of dealing between any parties hereto and no delay by any party in exercising its rights hereunder shall
operate as a waiver of any rights of any party. No waiver shall be deemed to be made by any party of its rights hereunder unless the same shall be in writing signed on behalf of such party, and each waiver, if any, shall be a waiver only with
respect to the specific instance involved and shall in no way impair the rights or obligations of any other party in any other respect at any other time. 
 6. Specific Performance. The parties hereto stipulate that the remedies at law of any party hereto in the event of any default or threatened default by any other party hereto in the performance of
or compliance with the terms hereof are not and will not be adequate and that, to the fullest extent permitted by law, such terms may be specifically enforced by a decree for the specific performance thereof, whether by an injunction against
violation thereof or otherwise. 
 7. Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement, including the
validity hereof and the rights and obligations of the parties hereunder, and all amendments and supplements hereof and all waivers and consents hereunder, shall be construed in accordance with and governed by the domestic substantive laws of the
State of New York without giving effect to any choice of law or conflicts of law provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. Each of the parties hereto, to the extent that it may
lawfully do so, hereby consents to service of process, and to being sued, in the State of New York and consents to the jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the
Southern District of New York, as well as to the jurisdiction of all courts to which an appeal may be taken from such courts, for the purpose of any suit, action or other proceeding arising out of any of its obligations hereunder or with respect to
the transactions contemplated hereby, and expressly waives any and all objections it may have as to venue in any such courts. Each of the parties hereto further agrees that a summons and complaint commencing an action or proceeding in any of such
courts shall be properly served and shall confer personal jurisdiction if served personally or by certified mail to it at its address referred to in section 3 or as otherwise provided under the laws of the State of New York. Notwithstanding
the foregoing, each of the parties hereto agrees that nothing contained in this section 7 shall preclude the institution of any such suit, action or other proceeding in any jurisdiction other than the State of New York. EACH OF THE PARTIES
HERETO IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST IT IN RESPECT OF ITS OBLIGATIONS HEREUNDER OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

8. Third Party Beneficiaries. This Agreement is solely for the benefit of the parties hereto and no provision of this Agreement
shall be deemed to confer upon third parties, either express or implied, any remedy, claim, liability, reimbursement, cause of action or other right. 

  
 13 

 9. Miscellaneous. The headings in this Agreement are for purposes of reference only
and shall not limit or otherwise affect the meaning hereof. This Agreement embodies the entire agreement and understanding among the parties hereto relating to the subject matter hereof and supersedes all prior agreements and understandings relating
to the subject matter hereof. Each covenant contained herein shall be construed (absent an express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent
such an express contrary provision) be deemed to excuse compliance with any other covenant. If any provision in this Agreement refers to any action taken or to be taken by any Person, or which such Person is prohibited from taking, such provision
shall be applicable, whether such action is taken directly or indirectly by such Person. In case any provision in this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby. This Agreement may be executed in any number of counterparts and by the parties hereto or thereto, as the case may be, on separate counterparts, but all such counterparts shall together constitute one
and the same instrument. The parties hereto have participated jointly in the negotiation and drafting of this Agreement, and if an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by
the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 10. Several Rights and Obligations. The rights and obligations of the Holders hereunder are several, not joint and several, and no Holder shall be liable for any act or omission of any other
Holder. 
 11. Assignment. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors and assigns. In addition, and whether or not any express assignment shall have been made, the provisions of this Agreement that are for the benefit of the Holders shall also be for the benefit of and
enforceable by any subsequent holder of any Registrable Shares, provided that, (a) the Holding Company is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee and identifying
the securities with respect to which such registration rights are being transferred or assigned and (b) each such transferee assumes in writing responsibility for its portion of the obligations of the Holder of the Registrable Shares under this
Agreement. 
 [The remainder of this page is intentionally left blank.] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement under seal as of the
date first above written. 
  

					
	DYNACAST INTERNATIONAL INC.
		
	By:	 	/s/ Jeffrey L. Kenner
		 	Name:	 	Jeffrey L. Kenner
		 	Title:	 	President

  
 [Signature
page to Registration Rights Agreement] 

 
					
	MIHI LLC
		
	By:	 	/s/ Kevin Charlton
		 	Name:	 	Kevin Charlton
		 	Title:	 	Managing Director

  

					
	By:	 	/s/ Evan Leary
		 	Name:	 	Evan Leary
		 	Title:	 	Managing Director

  
 [Signature
page to Registration Rights Agreement] 

 
					
	IZURIUM DYNACAST LTD
		
	By:	 	/s/ Roman Mironchik
		 	Name:	 	Roman Mironchik
		 	Title:	 	Director

  
 [Signature
page to Registration Rights Agreement] 

 
					
	W CAPITAL DYNACAST LLC
		
	By:	 	WCP GP II, LLC
		
	By:	 	/s/ Stephen Wertheimer
		 	Managing Member

  
 [Signature
page to Registration Rights Agreement] 

 
					
	LAUREL CROWN DYNACAST HOLDINGS LLC
		
	By:	 	/s/ Laurence E. Paul
		 	Name:	 	Laurence E. Paul
		 	Title:	 	Managing Director

  

					
	By:	 	/s/ Stephen E. Paul
		 	Name:	 	Stephen E. Paul
		 	Title:	 	Managing Director

  
 [Signature
page to Registration Rights Agreement] 

 
					
	TOWER SQUARE CAPITAL PARTNERS III, L.P.
		
	By:	 	Babson Capital Management LLC, as Investment Manager
		
	By:	 	/s/ Michael L. Klofas
		 	Name:	 	Michael L. Klofas
		 	Title:	 	Managing Director

  

					
	TOWER SQUARE CAPITAL PARTNERS III-A, L.P.
		
	By:	 	Babson Capital Management LLC, as Investment Manager
		
	By:	 	/s/ Michael L. Klofas
		 	Name:	 	Michael L. Klofas
		 	Title:	 	Managing Director

  

					
	TOWER SQUARE CAPITAL PARTNERS III-B, L.P.
		
	By:	 	Babson Capital Management LLC, as Investment Manager
		
	By:	 	/s/ Michael L. Klofas
		 	Name:	 	Michael L. Klofas
		 	Title:	 	Managing Director

  
 [Signature
page to Registration Rights Agreement] 

 
					
	KENNER EQUITY MANAGEMENT, LLC
		
	By:	 	Kenner & Company, Inc., its sole member
		
	By:	 	/s/ Jeffrey L. Kenner
		 	Name:	 	Jeffrey L. Kenner
		 	Title:	 	

  
 [Signature
page to Registration Rights Agreement] 

 
					
	KENNER DYNACAST PARTNERS L.P.
		
	By:	 	Kenner & Company, Inc., its general partner
		
	By:	 	/s/ Jeffrey L. Kenner
		 	Name:	 	Jeffrey L. Kenner
		 	Title:	 	

  
 [Signature
page to Registration Rights Agreement] 

 EXHIBIT A 
  

			
		  	Addresses for Notices
	To the Holding Company:	  	
		
		  	 Dynacast International Inc.

c/o Kenner & Company, Inc.
 437 Madison
Avenue, Suite 3600
 New York, New York 10022
 Attention: Thomas M. Wolf
 Facsimile No.: (212) 758-0406

		
		  	with a copy to:
		
		  	 Mayer Brown LLP
 1675
Broadway
 New York, NY 10019

Attention: James B. Carlson
 Facsimile No.:
(212) 849-5515

		
	To MIHI LLC:	  	
		
		  	 125 West 55th Street

23rd Floor
 New York, New York 10019
 Attention: Kevin Charlton

		
		  	with a copy to:
		
		  	 Jones Day
 901 Lakeside
Avenue
 Cleveland, Ohio 44114

Attention: John M. Saada, Jr.
 Facsimile No.:
(216) 579-0212

		
	To Izurium Dynacast Ltd:	  	
		
		  	 c/o Izurium Capital Advisers Europe LLP
 28 Bolton Street
 London, W1J 8BP
 United Kingdom
 Attention: Roman Mironchik
 Facsimile No.: +44 (0) 20 3159 4168

		
		  	with a copy to:
		
		  	 Monastyrsky Zyuba Stepanov & Partners
 3-1 Novinsky Boulevard
 Moscow 121099, Russia

Attention: Mikhail Motritch
 Facsimile No.:
+7 (495) 231 4223

			
	To W Capital Dynacast LLC:	  	
		
		  	 c/o W Capital Partners
 One
East 52nd Street

New York, NY
 Attention: Simon C.
Harris
 Facsimile No.: (212) 561-5241

		
		  	with a copy to:
		
		  	 Davis Polk & Wardwell LLP
 1600 El Camino Real
 Menlo Park, CA 94025
 Attention: Stephen Salmon
 Facsimile No.: (650) 752-3663

		
	To Laurel Crown Dynacast Holdings LLC:	  	
		
		  	 10940 Wilshire Boulevard

Suite 600
 Los Angeles, California
90024
 Attention: Stephen Paul

Facsimile No.: (310) 443-4259

		
		  	with a copy to:
		
		  	 Squire, Sanders & Dempsey (US) LLP
 4900 Key Tower
 127 Public Square
 Cleveland, Ohio 44114
 Attention: Daniel G. Berick

Facsimile No.: (216) 479-8780

		
	 To Tower Square Capital Partners III, L.P.,
 Tower Square Capital Partners III-A, L.P.,
 and Tower Square Capital
Partners III-B, L.P.:
	  	
		
		  	 c/o Babson Capital Management LLC
 1500 Main Street, Suite 2800
 Springfield, Massachusetts 01115

Attention: Michael L. Klofas and Andrew M.A. Gould

Facsimile No.: (413) 226-2621/(413) 226-3537

			
	 To Kenner Equity Management, LLC and
 Kenner Dynacast Partners L.P.:
	  	
		
		  	 c/o Kenner & Company, Inc.
 437 Madison Avenue, Suite 3600
 New York, New York 10022

Attention: Thomas M. Wolf
 Facsimile No.:
(212) 319-2350

		
		  	with a copy to:
		
		  	 Mayer Brown LLP
 1675
Broadway
 New York, NY 10019

Attention: Edward A. Davis
 Facsimile No.:
(212) 849-5663

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